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The
1 financial
lirtintrie
VOL. 126.
SATURDAY, APRIL 28 1928.
NO. 3279.
the case, there is no chance of the loss being retrieved. All this finds reflection in the further adPUBLISHED WEEKLY
vances that have taken place, not alone in the price
Terms of Subscription—Payable in Advance
of wheat, but also of other grains, and in particular,
Including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$6.00
$10.00
In Dominion of Canada
Prices of the principal grains
11.50
6.75 corn and oats.
Other foreign countries. U. S. Possessions and territories._ 13.50
7.75
NOTICIL—On account of the fluctuations In the rates of exchange. are ruling 20@30c. a bushel higher than they did at
remittances for turopean subscriptions and advertisements must be made
the corresponding date a year ago, May wheat at
In New York funds.
The following publications are also issued. For the Bank and Quota/ against
1
2
tion Record the subscription price Is $6.00 per year; for all the others is Chicago having closed yesterday at $1.63
$5.00 per year. For any three combined the subscription price is $12 per
$1.37 on the corresponding date in 1927, May corn
year, and for the whole five combined it is $20 per year.
COMPENDIUMS—
MONTHLY PUBLICATIONS—
at $1.0738 against 7178c., and May oats at Chicago
/
/
PUBLIC Urnarr--(semi-annually)
BANE AND QUOTATION RECORD
RAILWAY & I NDUSTRIAL—HHIMI-8,1111•)
MONTHLY EARNINGS RECORD
at 6412c. against 4514c. High prices for the prod/
/
STATE AND MosIcirst--(semi-annually)
ucts of the farm would under ordinary conditions
Terms of Advertising
Transient display matter per agate line
45 cents be an encouraging feature, since they spell prosContract and Card rates
On request
CHICAGO Orrics—In charge of Fred. H. Gray, Western Representative. perity for the agricultural classes,
but in the case of
208 South La Salle Street. Telephone State 0613.
LONDON Orrice—Edwards & Smith, 1 Drapers' Gardens. London. E. C. wheat
at least, there is only too much reason to fear
WILLIAM B. DANA COMPANY, Publishers,
a very substantial reduction in the size of the crop,
Front, Pine and Depeyster Streets, New York
owing to the extent of the winter killing in the winPublished every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert; Business Manager. Wiliam I). Riggs: ter wheat States of large production in the Middle
Treas.. William Dana Seibert: Sec.. Herbert D.f3elbert. Addresses of all. Office of Co.
West (though not so much so in the Southwest),
and this, of course, puts a different aspect on the
The Financial Situation.
situation.
The course of trade and business continues to run
As it happens, too, the general trade of the councounter to the course of prices on the Stock Ex- try continues
to lag, with little indication of any
change, where the speculative spirit still rules unre- change for the better. Trade
and railroad statisstrained, without much regard to earning capacity tics tell the story in that
respect only too plainly.
or industrial conditions, and where prices have not The American Railway
Association has just anyet stopped mounting higher and yet higher in most nounced the freight figures
for the railroads of the
fantastic fashion. This week the developments re- country for the second week of
April, and they leave
lating to the state of trade have nearly all been un- no room for
doubt that traffic is still continuing
favorable. In the first place the weather has been to shrink. The Associati
on reports that the revemost unpropitious. Quite generally, it has been un- nue freight
loading for the week ended on April
seasonably cold, while in many sections also there 14 totaled 912,377 cars,
or 6,919 ears less than in
has been excessive rainfall, which has seriously in- the preceding
week. This decline from the previterfered with farm work. In the South there has ous week might
not by itself signify much, but very
been delay in the seeding of cotton and more or much greater
shrinkages appear when comparison
less damage to the cotton already planted, with the is made
with corresponding week in 1927 and even
result that accounts regarding the new crop are more when comparis
on is with 1926. In other words,
highly unfavorable. Of course there is still time at 912,377 cars
for 1928 there is a decrease of 37,184
enough for recovery from the injury done, should cars in the
revenue freight loading as compared
condition. improve, but for the time being the situ- with the
same week a year ago and a decrease of
ation is as stated, and the crop has undoubtedly no less than
52,417 cars as compared with the corresuffered somewhat of a set-back. The effect is seen sponding
week two years ago.
in the further advance which has occurred in the
price of the staple, middling upland spot cotton here
The diminished demand for coal is perhaps the
in New York being quoted yesterday at 21.85c. best
evidence of all of the lessened activity of the
against 20.45 on Friday of last week and comparing country's
industries as a whole, especially in view
with 15.30c. on April 27 last year.
of the prosperity and revival which the automobile
Accounts regarding the growing winter wheat industry is enjoying
and the stimulating effect that
crop are also far from what could be desired. The this has
had on the steel trade. Doubtless, the mild
condition of the crop on the 1st of April, it may winter, which
seems to have prevailed everywhere
be recalled, was very low, and, under the continued throughou
t the United States in 1928, played its
inclemency of the weather since then, prospects have part in
diminishing the demand for coal, not alone
not improved. On the contrary, there is much of
anthracite but also of bituminous. The falling
ground for fearing that the crop has suffered fur- off in
the demand for coal has been attended, as
ther deterioration. Winter killing of the plants has would
be expected, by a reduction in the amount of
been on a large scale, some of the accounts say on coal mined,
and here the statistics are absolutely
an unprecedented scale. And where that has been conclusive on
the point referred to. Actually less
financial Clxronicle
2544
FINANCIAL CHRONICLE
coal is being mined now than in April last year,
when the miners at all union-controlled mines
throughout the country were out on strike. That
obviously is occasion for great surprise and is a circumstance that cannot be looked upon as being without significance. Prior to April 1 the situation as
to the comparison was different. Then every soft
coal mine was being worked to the top notch in 1927
in preparation for the strike, which had been announced beforehand. With the output on such a
prodigious scale a year ago, it was not to be expected
that the amount mined the present year could come
anywhere near the exceptional figures of 1927, especially with the demand so greatly lessened, and that
explains the great contrast shown in the production for the two years during the month of March.
In March 1928 the aggregate quantity of bituminous
coal mined throughout the United States was only
43,955,000 tons, whereas in March 1927 the aggregate reached no less than 60,147,000 tons, showing
a falling off the present year in this single month
of 16 million tons. We may add that the anthracite output was also smaller than a year ago, though
the decrease was not on the same proportionate
scale, the anthracite product of 5,497,000 for March
1928 comparing with 6,098,000 tons for March 1927.
This shrinkage in the amount of coal mined, both
bituminous and anthracite, should be borne in mind
in interpreting the March returns of railroad earnings which are now coming to hand, especially in
the case of the roads which have a heavy coal traffic.
The great falling off in coal production during
March as compared with a year ago, was to be looked
for, as pointed out, and therefore had in it no element of surprise. But that there should be a decrease also in April when comparison is with the
strike period in 1927, that is something hardly anyone was prepared for. Yet a decrease has been
shown in all the different weeks of April thus far.
According to the United States Bureau of Mines,
the production of soft coal for the week ending
April 7 in 1928 was 7,158,000 tons against 8,255,000
tons in the same week of 1927 and the production
for the week ending April 14, 7,417,000 tons against
8,001,000 tons, while the output for the week ending April 21 is estimated at 7,800,000 tons the present year, against 7,937,000 tons in 1927. In 1926
well above 9,000,000 tons of soft coal were mined in
each and every week of April.
Unfortunately, too, accounts regarding the steel
trade are no longer so rose-colored as they were a
short time ago, even though buying by the automobile concerns, which supplied the original stimulus
to revival of the steel trade, has not relaxed. The
"Iron Age" of this city in its review the present
week remarks that "pressure for steel deliveries is
growing less insistent, and production is commencing to recede from the high rate of March, when
some mills had to work extra turns." This pubiicalion goes on to say that "at Chicago, where the recent buying movement lasted longer than elsewhere,
new bookings have dropped to 50% of shipments for
the first time in many weeks." Worst of all, the
price situation is getting demoralized. Says the
"Age": "Competition for new business has already
become a major factor in the sheet market, causing
a rather general abandonment of the prices announced for this quarter. . . . Irregularity in
wire nail prices is due primarily to willingness of
[VOL. 126.
some mills to accept additional specifications
against first quarter contracts carrying a price 10c.
per keg lower than the second quarter quotation.
In plates, shapes and bars, also, there is a less effective effort to establish the last advance." The
comments of the Cleveland "Iron Trade Review" are
to the same effect, as may be judged from the following: "Consumers of finished steel continue to buy
sparingly, being well protected a short distance
ahead, or inclined toward conservatism for price or
seasonable reasons, and this policy is beginning to
cast its shadow over the production end of the industry. Only a wave of buying in the final days of
the month could have sustained operations at the
high levels that carried over from March. and this
has not developed, nor is in prospect."
To cap the climax, the U. S. Senate Finance Coinmittee in its report on the Tax Reduction measure,
has dealt an unexpected blow at the business interests of the country. It has lowered the tax on the
income of corporations by only 1%, reducing it from
the present 1312% to 12 %.It will be recalled that
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the bill, as passed by the House of Representatives.
provided for a reduction of 2%, the rate being lowered from 13 % to 112 and that Secretary Mel/
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1%,
lon had recommended 12% as the new rate, which
would mean a reduction of 11 2%. The Finance Com/
mittee found it impossible to go as far as the Secretary in reducing the rate, because it insisted in repealing the whole of the automobile tax, yielding a
revenue of $67,000,000, and wanted to keep aggregate tax reduction close to the limit of 200 million
dollars suggested by Mr. Mellon as the maximum
figure beyond which it was not safe to go if a budget
deficit was to be avoided.
The House had provided for cutting the automobile tax in two, but Mr. Mellon had protested against
any cut at all in that tax. The Senate Finance Committee has thus gone beyond even the House and
hence would deliberately throw away $67,000,000 of
revenue for which no justification whatever can be
found. The repeal of this automobile tax is absolutely without warrant or excuse. So much so is
that the case, that we were moved to declare in a
special article devoted to the subject of tax reduction in our issue of last week, it seemed tantamount
to committing a crime. Especially is this true,
when, as a result, remission of the income taxes has
to be curtailed to a corresponding amount. The tax
is only 3% on the selling price of the car, equivalent
to no more than $15 on a car selling for $500 and
to no more than $30 for a car selling at $1,000, and
hence is virtually inconsequential, acting as no deterrent on sales. On the other hand, the automobile
trade is at the moment enjoying unwonted prosperity and activity, as shown by the income statements of nearly all the automobile manufacturersfor
the first quarter of 1928. The automobile industry
is thus in no need of stimulating, while on the 'Contrary the general trade of the country is decidedly
in need of such stimulus, and a reduction of the income taxes by the additional $67,000,000 which the
repeal of the automobile tax will sacrifice, would
go a great way towards supplying the needed stimulus. Finally, it deserves to be pointed out that by
lowering the corporation tax merely from 13 %
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to 12 %, the only concession will be to cancel the
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1% increase in the corporation tax made under the
revenue act of 1926. The raising of the corporation
Ara. 28 1928.]
FINANCIAL CHRONICLE
2545
is $375,082,000 more Rerate at that time, when other taxes were so heavily 27 1927. In short, there
serve credit out now than twelve months ago. This
reduced, constituted one of the anomalies of the ocobviously provides no means for holding an uncasion.
bridled stock speculation under control. It remains
Banks have the only to add that more than the whole of the increase
Some more of the Federal Reserve
present week raised their rediscount rates from 4% in the bill and security holdings of the twelve Rewhich occurred during the week,
/
to 41 2%, though the Federal Reserve Bank of New serve institutions
Bank
York at its board meeting on Thursday did not deem is found at this center, the Federal Reserve
reporting an increase in its holdings
it incumbent to make a similar advance. This week's of New York
returns of the Reserve Banks, however, prove quite during the week of almost $90,000,000, the amount
conclusively that the procedure is of no avail in at $392,516,000 for April 25, comparing with $302,curbing Stock Exchange speculation or checking 883,000 for April 18.
With reference to brokers' loans the figures of the
the growth of brokers' loans or restricting the use
same remark member banks show that the increased borrowing
of Federal Reserve credit. And the
went in part
applies to the sale of U. S. Government securities by of the latter at the Reserve institutions
stock speculation.
of
the Federal Reserve banks by means of which it is at least for the accommodation
to withdraw a corresponding amount of Notwithstanding more or less liquidation on the
intended
these brokers'
funds from the money market. The Reserve banks Stock Exchange during the week,
to a new high peak. For April 25
/% loans have risen
hy the reduction last summer in their rate to 31 2
brokers and dealers
and their huge purchases of Government securities the grand total of the loans to
(secured by stock and bonds) by the 47 reporting
during the summer and autumn started a speculareported at $4,tive conflagration which has now got entirely be- member banks in New York City is
144,386,000, against $4,129,001,000 on April 18.
yond control. The purchases referred to of govthe total still
ernment bonds did put.a huge mass of funds into Having passed the four billion mark,
12 months
the market, thereby supplying fuel to the specula- keeps mounting higher. During the past11/4
billion
by over
tion. And therein the harm consisted. But it is not the grand total has expanded
now for April 25 1928 at $4,possible to undo this harm by selling these Govern- dollars, the amount
ment securities back to the market, with the idea of 144,386,000 comparing with $2,882,994,000 on April
recalling the funds originally placed at the disposal 27 1927.
It must not be supposed, either, that the $4,144,of the market. The reason is that the effect of such
386,000 of brokers' loans represents the whole of
sales is simply to induce the member banks to inas
crease their own borrowing at the Reserve institu- the borrowing at this center on stock and bonds
Re- collateral. The total includes only $1,200,217,000
tions to take the place of the funds which the
serve banks by their sales aim to take away from of brokers' loans made by these 47 reporting member
them. More than that, a point has now been reached banks for their own account. Altogether, however,
where the member banks are again borrowing in a these 47 banks had outstanding $2,634,045,000 of
very liberal way from the Reserve institutions—are loans secured by stocks and bonds. Deducting from
indeed borrowing on a scale far in excess of what the this the $1,200,217,000 of brokers' loans, there remains $1,433,828,000 of other loans secured by stocks
Reserve banks are by their sales taking away.
Thursday's returns of the Federal Reserve banks and bonds.. Adding now this latter to the $4,144,themselves and of the member banks are fully cor- 386,000 of brokers' loans of all kinds shown by the
roborative of all this. Never previously have any 47 banks, we get a grand total of no less than $5,statements been issued w)lich told the story so 578,214,000 of loans of all kinds secured by stocks
•
plainly, and it must be admitted that they are dis- and bonds for the 47 banks.
turbing in that respect. Take first the return of
The stock market this week has distinguished itthe Federal Reserve Banks themselves. A glance
at this statement shows that further sales of U. S. self in much the same way as in other weeks. Early
Government securities were made during the week, in the week the volume of transactions was on a
the total of such holdings on April 25 being down considerably reduced scale, the sales Monday havto $304,755,000 from $340,686,000 April 18. But ing been 3,450,005 shares, Tuesday 2,745,560 shares*
what happened? The member banks obtained near- and Wednesday 3,214,420 shares. On Thursday,
ly $90,000,000 more discounts from the Reserve however, the dealings aggregated 4,003,100 shares,
banks, the total of such discounts held by the twelve and on Friday they reached 4,323,100 shares. HighReserve banks having risen during the week from er money rates have had somewhat of a subduing ef$619,617,000 to $709,073,000. At the same time the fect as far as the trading element on the exchange is
acceptance holdings of the twelve Reserve banks concerned, but the speculation, nevertheless, has
increased from $350,756,000 to $365,841,000. The re- continued unrestrained, especially on the part of
sult altogether has been that total bill and security the outside public whose enthusiasm and buoyancy
holdings increased during the week from $1,312,049,- appears to have no bounds. The market opened on
000 to $1,380,659,000. In other words, the amount Monday after the closing of the Exchange on Saturof Reserve credit employed rose during the week day to permit members to catch up on their arrears of
in amount of $68,610,000 notwithstanding the sale work, somewhat weak, a weakening influence being
during the same period by the Federal Reserve sharp cuts in prices of cigarettes by the different tobanks of $35,931,000 of their holdings of Govern- bacco companies as a result of which big declines occurred in all the different tobacco shares. The marment securities.
it deserves again to be pointed that ket was more or less depressed all along the line
Moreover,
the influence of this adverse development, but,
a vastly greater amount of Reserve credit is now under
employed than was the case a year ago. At as on so many previous occasions, new speculative
being
$1,386,659,000 April 25 1928 total bill and security favorites, previously more or less inactive, were
holdings compare with only $1,005,577,000 on April brought out and rapidly bid up. Del. & Hud. ad.
2546
FINANCIAL CHRONICLE
[VoL. 126.
vanced over 21 points on rumors of some arrangeThe tobacco stocks of course are all lower though
ment with the Pennsylvania R. R. regarding the re- having recove
red part of their early losses. Lorilgrouping of the great East and West trunk lines be- lard closed
yesterday at 33% against 44; American
tween the Mississippi River and the Seaboard and Tobacc
o B at 156% against 168 ; Reynolds B at
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the sale of its holdings of Lehigh Valley and Wa- 131% agains
t 138; Liggett & Myers at 993 against
%
bash R. R. stocks.
115. Some of the former market leaders have
On Tuesday the market recovered all around ex- changed
comparatively little. Gen. Motors closed
cept that the tobacco stocks still continued weak. yesterday at
19114 against 1881 2 the previous Fri/
/
The railroad shares became prominent features at day; U.
S. Steel at 146%, against 145%; Radio
advancing prices, N. Y. Central taking the lead in Corporation
of America at 1811 8 against 172; Gen.
/
this respect. On Wednesday and Thursday the rail- Electric
at 163% against 166; Montgomery Ward
road group dominated the entire situation and not at
1411 2 against 1371 2; Sears Roebuck & Co. at
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much regard was paid either to the tobacco war or 102 agains
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t 9918; Gen. Rwy. Signal at 97 against
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the possibility of an advance in the rediscount rate 88 . The
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oil stocks have shown occasional strength.
of the Federal Reserve Bank of New York, which Standard Oil
of New Jersey closed at 45% against
had been a source of uneasiness among the trading
43/ Pan American Petroleum & Transport at 52
8;
element on the Exchange. New York & Harlem against 481 2;
/ Marland Oil at 431 2 against 41%;
/
stock, which had advanced nearly 100 points on Phillipps Petrol
eum at 43 against 42, and Houston
Monday and Tuesday, enjoyed a further spectacular Oil at 152
/ against 151. The copper stocks were
1
2
advance of 177 points and this had an electrical ef- also features
at times at higher prices. The close
fect on the entire market. All the different eastern yesterday of Anaco
nda Copper was 7118 against
/
trunk line stocks advanced with great rapidity; 661 2 the previo
/
us Friday; Greene-Cananea at 122
then the stocks of Northwestern roads were brought against 1211 8;
/ Kennecott Copper at 85% against
to the front, along with many other railroad groups. 843 and Calumet
4
& Arizona at 99 against 99 .
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As to the New York & Harlem, it was claimed that
The minor motor stocks have also improved in
the minority interest was seeking to break the lease price. Chrysler
closed yesterday at 723/ against
s
to the N. Y. Central, and that in fear of the outcome 7038 on last Friday
/
; Packard Motors at 69%
the Central was conducting negotiations with this against 67%; Hudso
n Motors at 86 against 83%;
minority interest to acquire its holdings; denials Hupp Motors at
5178 against 48% and Studebaker
/
came that any such negotiations were under way, at 6678 against 64
/
/ The rubber stocks are very
1
4
.
but this did not dampen the ardor of the specula- little changed. U.
S. Rubber pref. closed yesterday
tive element. The Central leased the Harlem back at 80 agains
t 8018 and the common stock at 44
/,
in 1873 for 401 years and owns, besides, the vast against 44%;
Goodyear Tire & Rubber closed at 56
preponderating amount of the stock of the Harlem, against 5418
/ and B. F. Goodrich at 88% against
but the minority holders are alleged to have raised 86. Among
the independent steel stocks Bethlethe point that the lease must be held to apply simply hem Steel closed
yesterday at 612 against 6114 the
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to the use of the property for railroad purpos
es, previous Friday and Republic Iron & Steel at 5958
/
while actually the Central has erected office
build- against 60.
ings, hotels and apartment houses on the real
estate
connected with the road. Harlem stock sold
European securities markets displayed great
on
Thursday at 505 against 200 on Monday and
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168 firmness in the past week with a tendency toward
in January. It closed yesterday at 360.
speculative commitments still plainly apparent.
On Friday the market continued its upwar Some
uncertainty was felt at London in the early
d
course and manifested great buoyancy under
the sessions owing to the impending presentation of
two-fold stimulus of the news that the Federa
l Re- the British budget. Doubt over the American money
serve Bank of N. Y. had not joined in the movem
ent situation and the French elections were further subto raise its discount rate and the further news
that duing influences. When the budget was presented
negotiations between the Del. & Hudson and
the Tuesday the City found it more acceptable than had
Pennsylvania had resulted in the sale by the former been genera
lly expected. The French elections also
ato the latter of its holdings of Lehigh Valley and turned out quite
favorably, in the view of the Lon—Wabash stock for $63,000,000. Altogether the result don financial
community, and stocks and bonds
is that the railroad shares have to their credit big presently assumed
a firm and in some issues even
advances in prices all around, even though some a buoyant tone. No
great surprise was occasioned
reaction in the railroad list occurred yesterday af- in London by the
advance in the Federal Reserve
ternoon. Del. & Hud. closed at 216 yesterday against rediscount rate. Londo
n discount rates were firm193 on Friday of last week; New York Central at er; owing, it was though
t, to this action, but at the
185% against 176; Wabash at 843 against 76; same time no immediate
4
action by the Bank of
Reading at 11114 against 10818; Lehigh Valley at England to offset the rise
/
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in American rates was ex103 against 10018; Balt. & Ohio at 117 against pected. British tobacco
/
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shares reacted sharply Tues114; Pennsylvania 701 2 against 68%; Lackawanna day, owing to the American
/
price cutting developat 1451 2 against 141; N. Y. Chic. & St. Louis at 137 ments, but steadied in later
/
sessions. Home rails
against 134; Ches. & Ohio at 201% against 195; New and phonograph stocks
were marked up sharply,
Haven at 65 against 6178; Gt. Northern pfd. at after the presentation of the
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budget and the tone
1023% against 10014; Northern Pacific at 1011 2 of the market as a whole
/
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was very cheerful.
against 971 2; Union Pacific at 200 against 19418;
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The Paris Bourse was somewhat unsettled Mon/
Southern Pacific at 123% against 1201 2; Canadian day despite the excellent results
/
of the Sunday elecPa c:Ific at 215 against 2091 2; Atchison at 1951 2 tions. The triumph of
/
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Premier Poincare had been
against 19018; Texas & Pacific at 140% against 132; effectively discounted in previous tradin
/
g and ruSt. Louis-San Francisco at 1191 8 against 117; and mors of bank action to halt the rampa
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nt speculaSt. Louis Southwest at 853 against 82.
tion forced a decline in many issues. These rumors
4
APR. 28 1928.]
FINANCIAL CHRONICLE
2547
that is looked upon as still further reducing the effective field of the proposed compact. It then reinforces this provision by the assertion that war
should not be prohibited if it involved actions under
the Covenant of the League of Nations,"or any other
treaty registered with the League of Nations." Articles II and III of the French draft treaty provided for the pacific settlement of all disputes or conflicts and for the automatic abrogation of the treaty
in case of contravention by either contracting party.
In Article IV M. Briand reaffirmed his desire for
reservations regarding "prior international agreements." Article V provides that the treaty come
into effect only when it has been generally accepted unless agreement is made that "certain abstemptions" be disregarded.
No formal comment on the French preliminary
draft treaty was made in Washington, but it was
made known, nevertheless, that it was considered
A French plan for a general treaty renouncing "highly ;I nacceptable." Washington officials, acwar as an instrument of national policy was out- cording to a dispatch of April 21 to the New York
lined to the principal powers of the world on April "Herald Tribune," "found it hard to determine ex20. M. Briand, the French Foreign Minister, had actly what this latest French proposition meant, as
previously let it be known that he intended to sub- It is so hedged about with reservations, it was said,
mit a counter proposition to Secretary Kellogg's that it could hardly, in the view of officials here,
draft treaty outlawing war which had been placed amount to a treaty to restrict war." France, it was
before the British, German, Italian and Japanese pointed out, reserves the right to go to war in agreeGovernments on April 13. The negotiations, which ment with any other power, or under the provisions
have been in progress between the French and Amer- of the Covenant of the League of Nations, or under
ican Governments since December 28 last, were first any treaty pact, present or future, which may at any
made formally "multilateral" by the action of Sec- time be registered with the League of Nations. The
retary of State Kellogg, who invited discussion by Washington correspondent of the New York "Times"
London, Berlin, Rome and Tokio. The preliminary said on the same day that the French draft treaty,
draft of the proposed multilateral treaty submitted though considered disappointing by State Departby Mr. Kellogg conformed very closely to the origi- ment officials, is nevertheless welcomed as setting
nal draft treaty which M. Briand submitted to the forth the position of the Poincare Government. "It
United States last June as a possible basis for a is felt," this dispatch said, "that the project places
"Pact of Perpetual Friendship" between the two France definitely in the open in so far as its sysgreat Republics. It provided simply for the renun- tem of alliances in Europe is concerned." It was
ciation of war as an instrument of national policy intimated in Washington that Secretary Kellogg
and for the pacific settlement or solution of all dis- will press his own project in the hope that it will
putes or conflicts of whatever nature or origin aris- receive the assent of the four Governments mening among them. The desire of Mr. Kellogg to con- tioned and in that event that France perhaps may
clude such a convention among the major powers of be induced to modify its stand.
French opinion, according to Paris dispatches of
the world was considered highly laudable by the
French Government, but inadmissible because of April 21, rallied solidly around the Quai d'Orsay's
previous French commitments under the covenant counter draft treaty. A number of considerations
of the League of Nations which, Paris held, might were brought up by observers as contributing to the
necessitate action in contravention to its terms. Ac- French viewpoint. The failure of the United States
cordingly, M. Briand advised the powers on April to join the League of Nations and to conclude the
14 that an alternate French plan would be submit- American-English defensive treaty which was disted for consideration alongside Mr. Kellogg's pro- cussed just after the World War ended, were cited
as causing disappointment in France which has not
posal.
The draft treaty sponsored by M. Briand was put yet passed. It was suggested in a dispatch from
forward by the French Ambassador in Washington Edwin L. James, Paris correspondent of the New
late April 20, identic notes being presented at the York "Times," that "it would be well for Washingsame time to the Governments of Great Britain, ton to realize that there exist in more than one
Germany, Italy and Japan. It was made public in European country grave doubts that the Senate
the capitals of the Governments concerned last Sat- would ratify.the Kellogg treaty as drafted, because
urday and was quickly seen to embody the expressed it is said that it goes much further in curtailing unFrench desire for "reservations." An appropriate fettered nationalism than did the Covenant of the
preamble and five main articles were contained in League, which was rejected by the Senate because
the draft, the first article alone being viewed in it bound us too much." At the same time the prosWashington, a New York "Times" dispatch said, as pect of linking America in a system of treaties
"an extraordinary exhibit in a diplomatic paper." which would circumscribe our right of unfettered
This article, the dispatch added, "not only sets forth national action was said to be so alluring as to "inthe reservations of M. Briand's previous note as to duce Europe to go along with us and see what will
preserving the right of legitimate defense and for become of it." Another dispatch from Leland Stowe,
leaving untouched the framework of existing trea- correspondent of the New York "Herald Tribune,"
ties, but couples these two considerations in a way said a belief is growing in Paris that England is
were dissipated by Wednesday and speculative operations were resumed on a large scale, advances being general throughout the list. Money remained
abundant in Paris and the low rates prevailing were
considered a great aid to speculators for the advance. Stocks in the Berlin market were generally
firm with some shares advancing sharply on precipitate buying by excited speculators. The high
money rates prevailing in Germany have prevented
the speculation from getting out of hand and the
technical position of the Berlin Boerse was considered good, reports said. The financial markets
of Austria continue in a deplorable condition, according to a Vienna dispatch of April 20 to the New
York "Times." There is a virtual absence of activity on the Vienna Bourse and this, observers said,
has caused an increasing number of Austrian speculators to operate at London, Paris and Berlin.
2548
FINANCIAL CHRONICLE
likely to assume the role of intermediary in an effort to bring the American and French views closer.
"In this," the report added, "England would probably make a strong effort because she is eager to
see the United States closer to the League and the
European scene."
Official comment on the French draft treaty was
withheld both in London and Berlin, but it was
made plain in both capitals, nevertheless, that the
American draft was more favorably looked upon
than M. Briand's proposal. London, a special dispatch of April 22 to the New York "Times" said,
believes that "M. Briand's treaty would be a retrograde instead of a forward step, although some
hopes are still entertained that means can be found
to bring the French and American proposals nearer
together, or that France may be forced by the pressure of the opinion of the other great powers to
shift her ground." The British reply, a dispatch of
April 23 to the New York "Herald Tribune" indicated, is likely to take the form of an acceptance of
the American proposal, accompanied by safeguarding phrases in which Britain's most skillful diplomatic and legal draftsmen will seek to maintain her
known obligations, without at the same time whittling the American draft down too far. Berlin was
understood to be definitely in favor of the American
draft "in principle," although pessimistic expressions were general owing to what was considered the
difficulty of reconciling the French and American
viewpoints. Japan also, according to an Associated
Press dispatch from Tokio, displayed great interest
in the proposals and an anxiety to reconcile the
ench and American texts.
Assurances of victory for the Poincare-Briand regime of National Union were seen in the results of
the first day's balloting in the quadrennial elections of France. The election, which occurred last
Sunday, was thoroughly bewildering, even to the
French. The French electorate was called upon to
choose 612 citizens to represent them in the lower
House, the Chamber of Deputies, for the next four
years. No less than 3735 candidates of all stripes
and parties sought these seats to the no small confusion of their countrymen. But the number of candidates, a Paris dispatch to the New York "Times"
said, is only the beginning of the election's complications. "There are scores of constituencies where
it is absolutely impossible for any elector to distinguish between the programs of those who want to
represent him. There are dozens where all extremes seem to be present, and the choice is so varied
that it is all but impossible for anyone to make up
his mind." No general division on party lines occurred, chiefly because Premier Poincare appealed
for the election of those Deputies who had given
their support to the Government of National Union.
At the last moment the problem of peace was injected into the election and the emphasis shifted
to the question of support for Foreign Minister Ariatide Briand, who is conducting the peace treaty negotiations with the United States.
The first vote in the national election gave ample
indication that MM. Poincare and Briand have the
hearty support of the French people. Under French
law a clear majority is required to elect a deputy
on the first ballot. On the second ballot, which will
be held to-morrow, only a plurality is needed. Official figures on last Sunday's voting showed that 176
[vol.. 126.
members of the Chamber were elected, leaving 436
to be chosen in next Sunday's final poll. Of the
176 Deputies elected, more than 140 were Poincarists, according to a Paris dispatch of Monday to
the New York "Herald Tribune." The party alignment, according to the best information available,
was said to be: Republican Union Democrats, 73;
Left Republicans, 41; Radical Socialists, 16; Radical Republicans, 15; Socialists, 14; Conservatives,
13; Republican Socialists, 4; Communists, none.
Be.- ides indicating a sweeping indorsement of Premier Poincare's policy of financial restoration, these
returns were declared to show a general repudiation of Communism in France. In the week just
ended French politicians were busily engaged in effecting combinations and compromises of every kind
in pi eparation for the final balloting to-morrow.
Political experts declared that the result will show
considerable gains in the Left Center and the Middle
Right, with the Chamber as a whole still predominantly Left. At least one member of the Cabinet.
M. Fallieres, Minister of Labor, has been definitely
rejected in the voting, and this, it was said, will
enable the Premier to reform the Government, if lw
so desires.
Two significant changes were noted in the fourth
annual budget which Winston Churchill, the Conservative Chancellor of the Exchequer, presented to
the British House of Commons Tuesday. They were
designed, Mr. Churchill said, to aid the industrial
undertakings of the nation which paid heavy "local
rates" under the previous budget. These taxes to
cover the costs of local government are to he reduced
markedly in the coming fiscal year, while the resulting loss is to be made good by a tax of 4 pence, or
eight cents, a gallon on gasoline. In the course of
a three-hour exposition, Mr. Churchill showed that
the cost of living in Great Britain had declined 10%
since 1925, adding 100,000,000 pounds sterling to the
value of wages, but despite this, unemployment had
remained around the million mark and the textile.
steel and coal trades were stagnant. As unemployment continued, relief by local taxation had swelled
the burden upon business and agriculture.
Mr. Churchill declared that it was time to shift a
large part of this burden to the national treasury
and on to the taxpayers and consumers of the entire nation. In a summary of his plan, contained
in a London dispatch of April 24 to the New York
"Times," it was stated that three quarters of the
rates upon productive industry are to be remitted.
beginning with the payment due in October, 1929.
Farm lands and buildings, excluding residences, will
be completely and permanently relieved of all rates
after the April to June payment in 1929. Railways
are to receive a rating for relief estimated at 4,000,000 pounds sterling annually, to be concentrated
upon heavy traffic with an agreement that the relief
must be passed on to the payers of freight. This
relief was understood to amount to 8% of the rating of the railways. The tax on motor spirits, Mr.
Churchill declared, will make up most of the loss
in revenue on local rates. To insure that the bulk
of this burden will fall on the owners of pleasure
vehicles, a reduction in license rates on taxicabs and
other commercial vehicles was provided for.
The gross revenue of the British Government for
the year ending March 1929 was estimated by the
Chancellor at £812,497,000. Expenditures were
APR. 28 19213.]
FINANCIAL CHRONICLE
2549
mines
placed at £806,195,000, leaving a surplus of £6,302,- anxious to prevent any closing down of the
on the eve of
000. The budget for the year just ended showed a and wholesale dismissal of workmen
surplus of £4,250,000, which is statutorily applica- the national elections. "It is rumored," this diswill obtain perble to the reduction of the national debt, but which patch added, "that the mine owners
mission to raise prices 5% in order to reimburse
Mr. Churchill annexed for his rating reform plan.
exports for
The Chancellor pointed with evident satisfaction to them for- the wage increase." German
progress with the month of March established a new record, goods
the fact that the country has made
debt reduction, although the total deadweight debt to the value of 1,022,000,000 marks being shipped to
according to official statistics
on April 1 amounted to the huge sum of £7,527,000,- foreign countries,
this, the external debt was placed by the made public in Berlin last Saturday. Imports, how000. Of
Chancellor at £1,095,000,000. Continued payments ever, are still far in excess of this sum, the deficit
amounting to 208,000,000 .
on the present scale will extinguish the debt within in the trade balance
Experts predicted, dispatches said, that the
the lifetime of some now living, he said. Repara- marks.
tions and war debt payments to Great Britain were time when the trade balance will be favorable is
placed at £32,000,000 for the coming year, while not far distant.
payments by Britain to America on the debt account
A slight alleviation of unemployment in the three
were computed at £32,845,000. Among the minor
in the budget were a reduction of a farthing chief industrial countries of Europe was reported
changes
week, conper pound in raw sugars and provision for imme- by the several Government agencies last
now been current for a
diate relief in the income taxes of heads of fami- tinuing a trend which has
lies with dependent children. Exemptions from the year or more. The latest percentage of unemployincome tax for children were raised from 36 pounds ment among the 11,800,000 registered British workof
for the first child to 60 pounds, and from 27 pounds people is 9.6, according to a London dispatch
April 20 to the New York "Times." A month ago
for each subsequent child to 50 pounds.
When presenting his proposals, Mr. Churchill, ac- the percentage was 10.4 and a year ago 9.8, the gencording to the "Times" dispatch, first met a storm eral trend being downward from the figure of 14.6
of opposition from the Labor benches. The House, reached in June 1926. A dispatch from Berlin to
it was said, "fairly reeked with skepticism as he the same journal indicated that unemployed workstarted his speech." The Labor members "jeered men in Germany as of April 1 were 1,207,000. This
and heckled him so continuously when he began to compares with 1,344,542 at the same date last year
unfold his scheme of aiding industry by a reform and with 1,942,561 at the beginning of April, 1926.
in local rates that he flashed with wrath and bade French unemployment also continues to decrease,
the Opposition listen so they would know whether the last official report showing 8,846 workingmen
they ought to support or oppose him, and offered to out of employment, a reduction from 9,583 in the
fight them anywhere on the proposition of miracles preceding week and from 13,660 a month before.
versus possibilities." In formal discussions on the French unemployment a year ago was approximatefollowing day the budgetary proposals were severe- ly 70,000.
ly criticized by Philip Snowden, who held the office
A new attempt to socialize agricultural economy
of Chancellor of the Exchequer in the Labor Cabinet, and by David Lloyd George, former Liberal and to depress the Kulaks, or richer peasants, is to
Premier. Mr. Snowden's comment on the scheme be inaugurated in Soviet Russia in accordance
for relieving industries- from the burden of local with a decision taken April 20 by the joint Central
taxation was that "landlords are to be put still fur- Executive Committee. and Council of Nationalities
ther on the dole." Mr. Lloyd George denounced the which constitute the Congress of the Soviet Union.
The attempt will take the form of a new tax, deplan as "thoroughly vicious."
igned to bear heavily on the peasants with larger
The coming elections and the omnipresent labor holdings and to free from all taxation the poorer
disputes were again the chief problems in Germany peasants who form the majority of Russia's agriare past week, the country as a whole, meantime, culturists. The new tax, according to a Moscow
showing distinct improvement according to the re- dispatch to the New York "Times," will bring in
turns of foreign trade. The elections are to be held 25% more revenue than last year, or 400,000,000
on May 20, and already some 9,000 candidates have rubles as compared with 320,000,000 rubles. It
appeared on the official ballots for the Reichstag, was designed, a Kremlin spokesman said, to free the
the Prussian Diet and the provincial elections of the pool est peasants from all taxation and to reduce the
various. Federal States. More than 3,000 candidates proportion paid by the middle peasants from 50%
have presented themselves for election to the Na- of the whole to 38%. The richer peasants, or Kutional Reichstag alone, the number of parties hav- laks, who last year paid half the tax, will now pay
ing increased from twenty-five to thirty. The big- 62%. This action, when coupled with the recent
gest labor dispute in Germany, involving the Ruhr confiscation of the Kulaks' surplus grain under the
coal mines, was submitted to the Reich's Minister elastic "anti-speculation" article of the Penal Code,
of .Labor late last week after the representatives was said to give indisputable assurance that the
of the owners and labor unions had rejected the Kremlin's internal policy is toward the Left rather
awards of a board of arbitration. The men de- than toward the Right, as many observers premanded a 15% increase in pay and the arbitration dicted when the violent faction led by Trotsky was
commission, after considering the claims of both sent to Siberia. The project was said by the Mossides, awarded them an 8% increase. This was re- cow correspondent of the New York "Times" to haVe
jected by the several representatives, but the Labor raised class discrimination against the Kulaks to
Minister declared the decision mandatory, a strike the highest point since the introduction of the NEP,
being thus avoided. The Government, a Berlin dis- or New Economic Policy.
patch of Monday to the New York "Times" said, is
2550
FINANCIAL CHRONICLE
[Vol.. 126.
A series of earth tremors, prevalent in the Balkan this country was again indicated in Washington this
peninsula for more than a week, caused increasing week. Resolutions introduced in the Senate brought
destruction and loss of life as the area of disturb- out the fact on April 17 that the American interance spread southward on April 22 and 23. The vention has cost American taxpayers more than $1,shocks were first noted around the Bulgarian town 500,000. This is the sum that has been expended
of Tchirpan on April 14. They recurred with great- in excess of what the same force of marines would
er violence on April 19, virtually destroying the city have cost if they had remained at home. Three moves
of Philippopolis. The number of dead exceeded to force withdrawal of the marines were made in
100 and the damage was estimated by experts of the the Senate last Wednesday, but were all defeated.
Bulgarian Government at close to $5,000,000. The
work of relief was hastily organized, but was made
Chinese history is repeating itself at present, the
exceedingly difficult by cold drenching rains which situation being essentially similar to that
which exfell for some days. Some 125,000 persons were af- isted last summer. The Nationalist Governme of
nt
fected by the Bulgarian earthquakes and only a few• the south, with headquarters at Nanking on
the
were said to have shelters of any kind. The trem- Yangtze River, began a long delayed advance
toors were felt again last Sunday over a still wider ward the Northern capital of Peking about
two
area, adding to the misery of the sufferers. The weeks ago. Latest reports indicate
that the Natelluric disturbances spread southward Sunday and tionalist troops are approaching the
line of deMonday, rocking much of Greece and the Aegean fense which they reached last year.
They are proIslands. They were most severe between Patras and ceeding through the Province of
Shantung toward
Corinth, the latter city being devastated. Four. Tsinan, their first objective, and the
fall of the
fifths of the houses in Corinth were destroyed, and latter city is considered imminent. American
, Britin the ruins thirty people had perished. It was ish and Japanese nationals are leaving the
affected
estimated that 16,000 people were made homeless in area in great numbers, but some anxiety
is caused
the affected area in Greece and here also continued by the fact that some insist on remaining despite
all
cold rains made the work of relief difficult. The warnings. Tokio, meanwhile, has dispatche
d 5,000
shock was said to be the severest experienced in troops to Shantung for the protection of
her interGreece since 1858 and it appeared to be a question ests in this Japanese sphere of influence.
This acwhether the rebuilding of Corinth would be practi- tion also follows the precedent establishe
d last year
cable. The tremors continued throughout the past when a force of 2,000 Japanese troops
was sent to
week and were reported of exceptional violence at Shantung to guard the railway line.
Moreover, both
Varna on the Black Sea and at Adrianople in Euro- the Southern and Northern Governme
nts in China
pean Turkey.
again sent sharp notes to Tokio protesting against
this action. One American, Dr. Walter F. Seymour,
Renewed activities of the Nicaraguan General, of Paining, was killed as a result
of the civil war,
Augustino Sandino, made mockery, late last week, reports indicating that he was
shot by a Chinese
of the long continued efforts of United States forces soldier. Both sides disclaimed
responsibility for
to pacify the country. American marines have been this unfortunate occurrence, each
trying to blame
vainly seeking General Sandino for months in the the other. Late reports from
Shanghai said there
Segovia-Jinotega region north of the Capital, Ma- was considerable apprehension
there regarding a
nagua. Employing typical guerrilla tactics, San- number of other foreigners who
were trapped in the
dino shifted his base of operations whenever the battle area. Apparently authentic
dispatches said
marines made matters too difficult for him. Know- that the Northerners were in
precipitate retreat,
ing the jungle country intimately, he has taken ad- looting towns and villages and
killing many persons
vantage of every opportunity of harassing the Amer- as they went.
icans and, despite innumerable reports of his death
or imminent capture, always reappeared in a new
There have been no changes this week in discount
region. Reports from Managua early this week in- rates by any of the central
banks of Europe. Rates
dicated that his latest venture is into the Pis Pis continue at 7% in Germany;6%
in Italy and Austria;
mining region north of Puerto Cabezas on the At- 532% in Norway;5% in Denmark
and Madrid;4%
lantic Coast. A number of American-owned gold in London,Belgium and Holland,
and 33'%in France,
mines were seized and looted by the rebels, among Switzerland and Sweden. In
London open market
them the Eden, La Luz y Los Angeles and Bonanza discounts are 3%% for short
and 3 15-16®4% fo
workings. At least one American, George B. Mar- long bills, against 4% for
short and 4®4 1-16% on
shall of New York, was captured by the Sandinistas for long on Friday of last
week. Money on call
and is held prisoner. Some reports indicate that in London was 3% on Wednesda
y, but was quoted
three or four other mining officials also were taken at 3h% yesterday. At Paris,
open market disby the rebel troops, but no confirmation has been counts continue at 2%%, but in
Switzerland have
received.
declined from 3 5-16 to 334%.
The news of Sandino's coup was first given out
The Bank of England's statement for the week
by mine officials in New York. It came, said a ending Apr. 25, shows some
important changes and
Managua dispatch to the New York "Times," "as is very interesting in more
than one respect. Due
a great surprise to the marines and to everybody else to a gain in gold of
£1,847,383 with an increase of
here, and alters the character of the campaign." notes in circulation of only
£84,000, the reserve of
Reinforcements of marines were rushed to the At- gold and notes in the banking
department increased
lantic Coast of Nicaragua by way of the Panama £1,763,000. The ratio of
reserve to liabilities
Canal, but it was understood that it would be some jumped from 37.05%
last to 40.32% this week;
time before their operations against the Sandinis- this is said to be the
highest ratio shown since the
tas could be effective. That there is much opposi- 52.36% reported
on July 22 1914. The Bank's
tion to the United States policy in Nicaragua within gold holdings,
which now total £160,466,753, are
APR. 281928.1
FINANCIAL CHRONICLE
the highest for 1928 to date and are also the highest
since Sept. 29 1925. Public deposits increased
£453,000, while "other" deposits declined £5,596,000.
Loans on Government securities dropped £2,665,000
and loans on other securities, £4,159,000. Notes
in circulation aggregate £134,743,000, which compares with £137,515,400 for the corresponding week
in 1927. The official discount ratio remains at
43/2%, which ratio has prevailed for over a year,
as it was on Apr. 21 1927 that the present rate went
into effect. Below we furnish comparisons of the
various items of the Bank of England returns for
five years.
2551
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
Week.
AD? 23 1928. Apr. 23 1927. Apr. 23 1926.
.
Assets-Reichsmark,. Reichsmarks. Reichsmark:. Reich:marks.
Gold and bullion
Inc. 21,684,000 2,030,915.000 1,850,337,000 1,941,438,000
85,626,000 101,249.000 260,386,000
Of which depos.abr'd_. Unchanged
Ree've in for'n curr__ Dec. 24,738,000 171,330,000 169,054,000 256,376,000
Bills of each. & checks_Dec213,065.000 2,035,597,000 1.674,045,000 1,161,072,000
Silver and other coln Inc. 16,117,000
83,061,000 113,765,000 100,626,000
34,979,000
27,843,000
Notes on 0th. Ger. bks_Inc. 4,643,000
21.740,000
7.567.000
Dec. 3,611,000
35,973,000
Advances
16,035,000
93,993,000
92,890,600
89,022,000
Dec.
11.000
Investments
Other assets
Inc. 14.212.000 542,074.000 548,665,000 1,089,779.000
Liabilities
Notes in circulation
Dec236,439.000 3,760,082,000 3,146,678,000 2,645,936,000
0th.daily matur.oblig.Inc. 57,140,000 671.063.000 791,392,000 1,055.607,000
Other liabilities
Dec. 5,470,000 190,648,000 182,280,000 169,443,000
A relatively high level of rates has again prevailed
in the New York money market during the present
week, reflecting the several steps taken by the
central banks to correct the prevailing tendency
Circulation
b134,743,000 137,515,400 141,097,425 148,386,705 125,616.015 toward speculation in securities on the basis of easy
Public deposits
17.956,000 10,169,641 18,925.367 17,048,096 10,586.588
Other deposits
94,838.000 98,646.864 95.656.654 105,481,216 110,992.284 money. Following the action of the Chicago and
Governm't securities 29,065,000 47,940,477 39,495,328 36,851,892 42,632,755
Other securities_ _ _ 55,931,000 42,154.994 67,822,284 76.245,186 74.345,545 Boston Federal Reserve banks last week, the St.
Reserve notes & coin 45,473,000 36,397,709 25,024,851 27,105,359 22,254,517 Louis, Richmond and Minneapolis institutions also
Coin and bullion_ _.160.463.753 154,163,109 146,372,276 155,742,064 128,120,530
raised their rediscount rates to 432%. This caused
Proportion of reserve
to liabilities
21.83%
22%%
18%%
40.32%
33.45%
a flow of money away from the New York market
Sank rate
4%
4lf%
4
5%
5%
toward the interior. Call money rates, accordingly,
a Includes, beginning with April 29 1925, £27,000,000 gold coin and bullion
Previously held as security for currency notes Issued and which was transferred to the held steady at 5% after opening Monday at 4%%.
Bank of England on the British Government's decision to return to the gold standard.
b Beginning with the statement for April 29 1925 includes £27,000,000 of Bank Calling of $10,000,000 loans by the banks on Tuesday
of England notes issued in return for the same amount of gold coin and bullion
and $25,000,000 Wednesday gave the market a firm
held UD to that time in redemption account of currency note Issue.
undertone in the early sessions. Greater ease was
The Bank of France in its statement as of April 25, noted Thursday, with Street trading reported at
showed a decrease in note circulation of 316,324,000 43/2%. Further withdrawals of $20,000,000 yesterfrancs reducing the total of that item to 59,199,501,- day re-established the firm tone, no concessions
400 francs as against 52,209,954,155 francs a year being made in the outside trading. The determinaago and 52,208,222,995 francs in 1926. Gold hold- of the Federal Reserve Banks to maintain the higher
ings remained unchanged at 5,542,861,850 francs. rates for money was further evidenced by additional
Trade advances dropped 21,815.000 francs and ad- sales of Government securities the past week. The
vances to the State declined 350,000,000 francs, while weekly statement revealed that $36,000,000 more
silver rose 2,000 francs, bills discounted 217,669,000 of such securities had been placed on the market,
francs, treasury deposits 24,392,000 francs, general a corresponding commensurate amount of currency
deposits 764,724,000 francs and divers assets 654,- being withdrawn. Nevertheless Brokers' loans
004,000 francs. Below we furnish a comparison of against stock and bond collateral showed further
the various items of the Bank's return for the past expansion in the weekly statement of the Federal
Reserve Board, issued Thursday. The firgures,
three years:
complied on the basis of returns by the 47 New York
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
reporting member banks, indicated that the total
Apr. 251928. Apr. 27 1927. Apr. 29 1926.
for Week.
had been further increased by $15,385,000, continuGold Molding:
Francs.
Francs.
-Francs.
Francs.
In France
3,678,540.943 3,863,544,443 3,864,088,215 ing the expansion which has now
Unchanged
been going on for
Abroad-available
462,771.4781 1,864,320,907 1,864,320,907
Unchanged
Abroad-non-avail Unchanged
1,401,549,4291
more than a year. A substantial decrease in loans
Total
5,542.861,850 5,547,865.350 5.548,409.122 made for out-of-town banks was shown in the reUnchanged
Silver
342,946,077
Inc.
2.000
341,339,073
333.882,123 port which was interpreted as signifying that higher
Bills discounted-Inc. 217,669,000 1,897,526.914 3,020,933,088 4,189,652,794
Trade advanoes_ __Dec. 21,815,000 1.739,211,102 1,685.574.717 2,412,945,199 rediscount rates elsewhere are effecting their preNote circulation_ _Dec. 316,324,000 59,197,501.400 52,209,954,155 52.208,222,995
sumed purpose by pulling funds away from New
Treasury deposIts_Inc. 24,392,000
194,550,080
116,916.161
36.473.843
General deposits_ _Inc. 764,724.000 9,335,606,838 6,874.140,632 2.790,893,320 York. Gold has continued to flow outward, the net
Advances to State_Dec. 350.000,000 23,850.000,000 29,300,000.000 35,150,000,000
Divers assets
Luc. 754.004,000 28,101,788,728 12,526,219,848 3,352,667.302 loss at New York for the week ending Wednesday
being reported at $14,481,000.
The bank of Germany in its statement for the
Dealing in detail with the rates from day to day
third week of April showed a decrease in note circu- the renewal rate for call loans on Monday was 43 %
4
ation of 236,439,000 marks, reducing the total Of that but after renewals had been effected the rate:advanced
item to 3,760,082,000 marks as against 3,146,678,000 to 5%. The remainder of the week thelrate each
marks last year and 2,645,936,000 marks in 1926. day ruled at 5%,including renewals. Foratime loans
Other daily maturing obligations raise 57,140,000 also the quotation remains unchanged at 5% for all
marks while other liabilities fell 5,470,000 marks. On maturities from 30 days to six months. With the
the asset side reserve in foreign currency declined exception of a few names of very exceptional char4%, the quotation for
24,738,000 marks, bills of exchange and checks 213,- acter, which still pass at 41
065,000 marks, advances 3,611,000 marks, invest- Commercial paper rates in the case of four to sit
ments 11,000 marks. Deposits abroad remained un- months' names of choice character is 43/2%."1 For
4
changed. Gold and bullion increased 21,684,000 names less well known the quotationinow is 43 %.
marks, silver and other coin 16,117,000 marks, notes For New England mill paper the rate is 432%@4%%.
In the market for banks and bankers acceptances
on other German banks 4,643,000 marks and other
Below we furnish a compar- the posted rate of the American Acceptance:Council
assets 14,212,000 marks.
ison of the various items of the Bank's return for for call loans against acceptances has continuediunchanged at 63%. The posted rates of the Accen3 years past.
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1924.
1928.
1927.
1926.
1925.
Apr. 26.
Apr. 27.
Apr. 28.
Apr. 29.
Apr. 30.
2552
FINANCIAL CHRONICLE
tance Council for prime bankers' acceptances eligible
for purchase by the Federal Reserve banks also remain unaltered, being quoted at 3% bid and
3%% asked for bills running 30 days, 4% bid and
3%% asked for bills running 60 days, and also for
90 days, 4%% bid and 4% asked for 120 days and
41
4% bid and 44% asked for 150 and 180 days.
Open market rates likewise remain unchanged as
follows:
[Void. 126.
easier undertone. It cannot be denied that there was
a counterflow of funds to London from this side and
sterling was also in demand at many other centers,for
the lowest rate quoted this week is still a very satisfactory price when it is considered that the par is
4.8665. The underlying position is essentially strong
and there is apparently no prospect of American
balances being withdrawn from London as they are
reported to be now in about normal proportions.
SPOT DELIVERY.
London advices state that the grain and cotton bills
--180 Days-- —150 Days— —120 Days—
and credits have been pretty well liquidated and that
Asked.
Bid.
Asked.
Bid.
Asked.
Rid.
41i
414
4 Vs
4
Prime eligible bills
434
414
no fresh demand for dollars is likely to arise for that
—90 Days— —80 Days— —30 Days—
Asked.
Bid.
Asked.
purpose until toward the end of August. ConseBid.
Asked.
Bid.
4
311
4
37
4
311
334
Prime eligible bills
quently further marked weakness in sterling exFOR DELIVERY WITHIN THIRTY DAYS.
Contrary to
b41( change is hardly likely to develop.
bid
411 bid
le non-member b
b
expectations in foreign exchange and banking
Three of the Federal Reserve Banks-St. Louis, circles, both on this side and in London. the GovernRichmond and Minneapolis—have increased their ment's plans with respect to the amalgamation of the
discount rates during the week from 4 to 4M% on currency were not revealed by the Chancellor
all classes of paper and for all maturities. The new of the Exchequer in introducing the budget. Al)
rate of the St. Louis Federal Reserve Bank, ap- account of the speech on the budget will be found in
proved by the Board Apr. 21, became effective another part of the paper.
This week the Bank of England shows an increase
Apr. 23; the change in the rate of the Richmond
of L$1,867,383 in gold holdings. Delayed cables on
Reserve Bank, as announced Apr. 23, was made
effective Apr. 24, and the advance in the rate of the Friday of last week reported that the Bank of
Minneapolis Reserve Bank, announced b' the England had received £94,000 in sovereigns from
Board Apr. 24, was put into effect Apr. 25. All South America and had released £1,000,000 set aside
three banks earlier in the year had raised their rates for the account of the Bank of South Africa. On
from 332% to 4%. The 4% rate is now in effect Monday the Bank bought £221,000 in gold bars.
at five of the Reserve Banks, the Boston and Chicago On Tuesday the bank bought £110,000 in gold bars
Reserve Banks having increased their rates to that and exported £6,000 in sovereigns to France. On
figure last week, as indicated in these columns a week Wednesday the Bank bought £108,000 in gold bars
ago. The following is schedule of rates now in and exported £5,000 in sovereigns to India. On
effect for the various classes of paper at the dif- Thursday the Bank bought £143,000 in gold bars
and released for the account of Poland £100,000 in
ferent Reserve Banks:
gold sovereigns. On Friday the Bank bought
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASst.t.
AND MATURITIES OF ELIGIBLE PAPER.
£8,000 in gold bars and earmarked £1,000,000 in gold
sovereigns for the account of the Bank of South
Date
Preatout
Rai in Effect
Federal Reserve Bank.
on Apr. 27
Establislaea.
Bate.
Africa. At the Port of New York the gold movement
Boston
434
Apr. 20 1928
4
for the week April 19-25, as reported by the Federal
New York
4
Feb. 3 1928
31$
Philadelphia
4
Feb. 18 1928
334
Reserve Bank of New York, consisted of imports of
Cleveland
4
Mar. 1 1928
334
Richmond
4 li
Apr. 24 1928
4
$3,471,000, of which $3,406,000 came from Greece,
Atlanta
4
1 eb. 11 1928
354
Chicago
4.4
Apr. 20 1928
4
Louis
and the rest chiefly from Latin America. The
St.
434
Apr. 23 1928
4
Minneapolis
454
Apr. 25 1928
4
Kansas City
exports totaled $17,952,000, of which $11,939,000
4
Feb. 10 1928
334
Dallas
4
Feb. 8 1928
854
San Francisco
4
Feb. 4 1928
were shipped to France, $2,000,000 to Argentina,
315
$2,000,000 to Italy, $1,465,000 to England, and
Sterling exchange has been lower this week and was $400,000 to Venezuela. Yesterday the National
under comparative pressure in London and other Bank of Commerce in New York announce that it
centers. In Wednesday's market the rate dropped would ship $3,000,000 in gold to day to the Banco
off 9-32 to 4.87 15-16 for cable transfers. As was the de la Republica Oriental Del Uruguay, Montevideo.
case last week there was more sterling on offer and Another shipment of $12,000,000 earmarked gold for
there was a more conspicuous transfers of funds from France is leaving New York on the "Ile de France"
European centers to the New York market, owing to-day. There was no Canadian movement of gold
to higher money rates here. The range this week has either to or from New York. Montreal funds were
been from 4.87 9-16 to 4.8790 for bankers sight, at a discount of 1-64 of 1% on Monday and Tuesday.
compared with a range of 4.87 23-32 to 4.88 % last then went to a premium, but were at a discount
week. The range for cable transfers has been from again yesterday. The easier tone in Canadian
4.87 15-16 to 4.88 9-32, compared with 4.883/i to exchange in the early part of this week and a week
4.88 7-16 a week ago. For the first time since England ago, which was a deviation from normal seasonal
went on the gold standard, the rate on 90-day bills movements, was due partly to a setback in the
in London was as low as the New York rate. London weather but more largely, it is believed, to a flow of
bills rates declined during the week to 4% for all funds from Canada for investment in the New York
maturities. The rate for 60 and 90-day acceptances collateral loan market.
Referring to day-to-day rates sterling was steady
in the New York market was recently advanced to
4% bid and 33/g% asked. Thirty-clay bills are lower on Saturday last in a dull, half-holiday market.
in London than in New York, but longer maturities Bankers sight was 4.87 13-16@4.8790, and cable
are higher. It is the counteracting influence of this transfers 4.88 3-16@4.88 9-32. On Monday the
flow of foreign funds seeking temporary advantage in market was steady. Bankers sight was 4.87 25-32@
the New York money market,rather than any inherent 4.873/8; cable transfers were 4.88 3-16@4.883.. On
weakness in the sterling position which causes the Tuesday sterling sold off. The range was 4.87 11-16@
r
APR. 28 1928.]
FINANCIAL CHRONICLE
4.87 27-32 for bankers sight and 4.88 1-16@4.88 7-32
for cable transfers. On Wednesday the market continued lower. The range was 4.87 9-16@4.87% for
bankers sight and 4.87 15-16@4.88% for cable
transfers.. On Thursday sterling was in better demand. Bankers sight was 4.87 9-16@4.87 11-16
and cable transfers, 4.87 15-16®4.88 1-16. On
Friday the market was again firmer, the range
being 4.87 21-32@4.87 13-16 for bankers sight, and
4.88 1-32@4.88 5-32 for cable transfers. Closing
quotations yesterday.were 4.87 11-16 for demand and
4.88 1-16 for cable transfers. Commercial sight bills
finished at 4.87 9-16, 60-day bills at 4.83 15-16,
90-day bills at 4.82%, documents for payment (60
days) at 4.83 15-16, and 7-day grain bills at 4.87.
Cotton and grain for payment closed at 4.87 9-16.
The Continental exchanges have been exceedingly
quiet. All the gold units were inclined to show
ease, in sympathetic reaction to the changed relations of sterling-dollar exchange. French exchange
was no exception to the rule despite the success of
Poincare in the elections, for, as is well known, the
French stabilization program has been waiting on
the outcome of the. elections. France continues to
draw down gold from both London and New York.
Although French earmarked gold in London is
supposed to have been almost entirely withdrawn,
the Bank of England shipped £6,000 in sovereigns
to Paris this week. As noted in the above remarks
on sterling exchange, the Federal Reserve Bank of
New York shipped $11,939,000 gold to France this
week from earmarked stock here. Another $12,000,000 is being shipped to-day on the "Ile de France."
The Bank of France in its statement for this week
shows a further accession to its statement for this
week shows a further accession to its sundry assets
(which include its holdings of foreign exchange) of
654,004,000 francs. Money continues abundant and
easy in Paris and there is hardly the slightest possibiity of any substantial variation in the franc.
German marks continue in demand for reasons
connected. with financing and money market operations which have prevailed for more than a year.
The Reichsbank shows an increase in gold holdings
of 21,684,000 marks for the third week of April.
There is every prospect that marks will be in deinand in this market for a long time to come, as
money still continues firm in Berlin and German
industries are borrowing heavily here.
Italian exchange is steady at the stabilization
point. Lire are next in activity to German marks
in this market. Presently the demand for lire will
increase for in addition to immigrant remittances
and transfers for investment in Italian industrial
enterprises the season of tourist traffic is approaching. Of course all the European exchanges will
share in the benefits from this source. This week,
as noted in the remarks on sterling exchange, $2,000,000 gold was shipped from New York to Italy.
Greek exchange is always relatively inactive in New
York. Special interest attaches to the unit this week
because of the shipment of $3,406,000 gold from
Greece to the National Bank of Commerce in New
York for account of the National Bank of Greece.
This is the first gold to be shipped from Greece to
the United States in many years. The gold, it is
stated, was shipped for the purpose of establishing
credit in New York and was a private banking transaction. It is understood that the shipment had
2553
nothing to do with exchange relations, but might
have a bearing on stabilization plans of the Greek
Government. Greek currency has not as yet been
officially stabilized, but has been held at steady
levels for a number of months. The Yugoslavian
dinar is one of the most inactive exchanges quoted
in New York, but interest attaches to the unit this
week owing to the fact that the Yugoslavian cabinet
has approved a stabilization plan which bases the
stabilized currency on the dollar, rather than on
sterling. The dinar will be permanently fixed at
the rate of 100 for $1.76, or $.0176 per dinar. This
exchange has been selling here at practically this level
for two years. It is understood that after the flotation of the proposed international loan to Yugoslavia under the auspices of the League of Nations
the circulation will be covered by gold and foreign
exchange to the extent of 80%.
The London check rate on Paris closed at 124.02
on Friday of this week, against 124.02 on Friday of
last week. In New York sight bills on the French
centre finished at 3.933 against 3.933/2 a week ago;
A
cable transfers at 3.93%, against 3.93%, and commercial sight bills at 3.9338, against 3.93 3-16.
Antwerp belgas finished at 13.96 for checks and at
13.97 for cable transfers, as against 13.96 and 13.97
on Friday of last week. Final quotations for Berlin
marks were 23.91 for checks and at 23.92 for cable
transfers, in comparison with 23.91 and 23.92 a
week earlier. Italian lire closed at 5.27% for bankers'
sight bills and at 5.273 for cable transfers, as against
4
5.27 and 5.27% last week. Austrian schillings have
not changed from 143/s. Exchange on Czechoslovakia finished at 2.9615, against 2.9615; on
Bucharest at 0.623 , against 0.63; on, Poland at
4
11.20, against 11.20, and on Finland at 2.52, against
2.52. Greek exchange closed at 1.299's for checks
and at 1.303. for cable transfers, against 1.313 and
4
1.32 a week ago.
The exchanges of the countries neutral during
the war, like the other Continentals, have been dull.
The gold units have shown a tendency to go off,
partly in sympathy with lower sterling, but in the
case of Holland guilders at least, a further influence
Was the transfers of funds to the new York market
because of higher rates on collateral loans, acceptances and commercial paper. Spanish pesetas have
been under pressure and in Tuesday's trading, though
largely as a result of operations abroad, the pesetas
moved to a new low for 1928 at 16.62, or 15 points
from Monday's best quotation. The trend of pesetas
has been downward for some time owing to continued liquidation of speculative accounts built up
around the end of 1927. Apparently the Spanish
Government has no present intention of stabilizing
the peseta or forcing it back to parity. The
Government's exchange policy appears to be entirely
negative and it seems quite indifferent to foreign
opinion regarding the conduct of its industrial affairs.
It has been estimated recently that foreigners have
nearly 500,000,000 pesetas deposited in Spain for
speculative purposes as the result of expectations
entertained last year that the country would return
to gold. Spain is the only European former neutral
now having a fluctuating currency. The Scandinavian currencies, while showing some weakness in comparison with hitherto prevailing
rates, are firm although dull. The Norwegian unit
is especially firm, as the return to gold is expected
2554
[voL. 126.
FINANCIAL CHRONICLE
to take place in May, or at least within a few months.
Bankers' sight on Amsterdam finished on Friday
at 40.30, against 40.299 on Friday of last week;
cable transfers at 40.32, against 40.31%, and commercial sight bills at 40.25, against 40.26. Swiss
francs closed at 19.26% for bankers' sight bills
and at 19.273/b for cable transfers, in comparison
with 19.27 and 19.27% a week earlier. Copenhagen checks finished at 26.81, and cable transfers
at 26.82, against 26.82 and 26.83. Checks on
Sweden closed at 26.813/ and cable transfers at
26.823, against 26.84 and 26.85, while checks on
Norway finished at 26.75 and cable transfers at 26.76,
against 26.75 and 26.76. Spanish pesetas closed
at 16.65 for checks and at 16.66 for cable transfers,
which compares with 16.76 and 16.77 a week earlier.
The South American exchanges are firm, although
dull. Economic conditions and currency reform
programs have put a strong foundation under all
the Latin American currencies. For a few weeks
it seemed that the gold movement to Argentina
had practically ceased, but this week the Federal
Reserve Bank reports a shipment of $2,000,000 to
that country. As stated further above 3,000,000
gold will also to-day go to Uruguay. Argentine
paper pesos closed yesterday at 42.71 for checks,
as compared with 42.71 on Friday of last week, and
at 42.76 for cable transfers, against 42.76. Brazilian
milreis finished at 12.04 for checks and at 12.05 for
cable tra nsfefs, against 12.04 and 12.05. Chilean
exchange closed at 12.21 fa. checks and at 12.22 for
cable transfers, against 12.17 and 12.18, and Peru
at 4.01 for checks and at 4.02 for cable transfers,
against 4.09 and 4.01.
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANES TO TREASURY UNDER TARIFF ACT OF 1922.
APR. 21 1928 TO APR. 27 1928, INCLUSIVE.
Noon Buying Rate for Cable Transfers to New York,
Value in United States Meng.
Country and Monetary
Apr. 21. Apr. 23. Apr.24. Apr..25. Apr. 26. Apr,27.
EUROPE$
Austria,'chilling
140689
Belgium, belga
.139618
Bulgaria. lev
.007202
Czechoslovakia. krone .029625
Denmark, krone
268210
England, pound litersterling
4.882201
Finland. markka
.025181
France,franc
039368
Germany, reichsmark 239135
Greece, drachma
013119
Holland, guilder
403117
174612
Hungary. Pengo
Italy, lira
052724
Norway, krone
267544
.112145
Poland, slot} __ _
Portugal. escudo__ __ .042450
.006258
Rumania,fru
Spain, Reset,
.167704
268440
Sweden,krona
.192763
Switzerland, franc
.017600
Yugoslavia, dinar
ASIAChina.647708
Chefoo teal
645625
Hankow tadl
32857
Shanghai tadl
666468
Tientsin tael
Hong Kong dollar__ .498321
Mexican dollar_ ___ .457500
Tientsin or Peiyang
457916
dollar
454583
Yuan dollar
.365867
India, rupee
.477186
Japan, yen
NEM:are(S.Sidollar_ .562500
NORTH AMER..999852
Canada, dollar
999112
Cuba. peso
487333
Mellen, Peso
Newfoundland, dollar .997531
SOUTH A MER.MgentIna. peso (gold) .971805
.120300
Brazil, milreis
121875
Dhl1e, peso
1.035968
Uruguay. peso
.982800
DolornhIA nAmil
$
.140667
.139632
.007208
.029624
.268207
$
.140668
.139634
.007195
.029623
.268191
$
.140615
.139639
.007204
.029622
.268161
$
.140623
.139640
.007208
.029627
.268100
$
.140617
.139672
.007193
.029627
.268168
Owing to a marked disinclination on the part of
two or three leading institutions among the New
York Clearing House banks to keep up compiling the
figures for us, we find ourselves obliged to discontinue the publication of the table we have been giving for so many years showing the shipments and
receipts of currency to and from the interior.
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec.6 1920, it is also no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor'at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORE FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday. Monday,
Airs, 21. Ayr. 23.
4.882045
.025174
.039367
.239115
.013123
.403102
.174597
.052713
.267461
.111702
.042102
.006258
.167546
.268460
.192735
.017597
4.881351
.025180
.039358
.239118
.013123
.403033
.174535
.052679
.267473
.111766
.041702
.006249
.166760
.268407
.192739
.017599
4.880218
.025172
.039351
.239145
.013112
.402951
.174597
.052686
.267455
.112080
.041625
.006263
.166752
.268313
.192729
.017597
.648333
.646250
.633214
.665000
.498696
.457750
.651875
.650625
.636875
A71041
.500000
.460000
.651041
.650208
.635892
.670208
.499375
.460000
.651458 .653451
.649791 .652291
.636428 .638839
670416 .672500
.499464 .500446
.460000 .462500
.457916 .460000 .460416
.454583 .456666 .457083
.365782 .365812 .365784
.476781 .475333 .475300
.562500 .562500 .562500
.460416 .462083
.457083 .458750
.365682 .365653
.475175 .474096
.562500 .563333
.999774 .999826
.999237 .999143
.487333 .487333
.997250 .997468
4.879772
.025175
.039345
.239177
.013070
.402922
.174595
.052690
.267502
.112033
.041382
.006268
.166485
.268300
.192683
.017597
.999969 .999986
.999500 .999500
.487333 .487333
.997625 .997625
.880863
.025169
.039355
.23918
.
0
.013048
.403167
.174623
.052710
.267542
.112091
.041385
.006252
.166563
.268341
.192700
.017600
.999895
.999500
.487166
.997500
.971838 .971746 .971828 .971592 .971592
.120336 .120370 .120354 .120281 .120363
.121878 .121995 .121988 .121982 .121991
1.035475 1.034435 1.034718 1.034505 1.035005
.982800 .982800 .982800 .982800 .982800
Tuesday, Weduescry, Thursday. Friday,
Apr. 24. Apr. 25. Apr. 26. Apr. 27.
Aggregate
for Week.
111,000,000 106,000.000
99,000,000 105,000,000 103.000,000 98,000,000 Cr. 622,000,000
-The foregoing heavy credits reflect the huge mass of cheeks which corn:
Note.
to the New York Reserve Bank from all parts of the country in the operation og
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearin
House institutions, as only the items payable in New York City are represented in
the daily balances. The large volume of checks on institutions located outside of
New York are not accounted for in arriving at these balances. as such checks do
not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Apr. 26 1928.
Apr. 28 1927,
Banks ofGold.
The Far Eastern exchanges have been firmer
so far as the Chinese silver units are concerned.
Japanese yen, however, have been under pressure
for the first time in several weeks. In Tuesday's
trading the yen moved down 30 points to 47.36 for
checks. The heaviness is attributed to speculative
liquidation following the Japanese elections to the
new Diet. It would seem that it will not be necessary
to accede to the desire of the opposition party to
remove the embargo on gold exports. These political
factors must be accepted as an explanation of the
lower tone in yen, for the banking and business situation is steadily improving. Closing quotations for
yen checks yesterday were 47 3-8@47%, against
47.68@477 on Friday of last week; Hong Kong
4
closed at 50.15@503i, against 49.90@50%;Shanghai
at 64@,64 3-16, against 63%@63 11-16; Manila at
49 9-16, against 49 9-16; Singapore at 563/2@569.j,
against 563'@56%; Bombay at 363 , against 363 ,
%
A
and Calcutta at 36%, against 36%.
Meer.
Total,
Gold.
Silver.
Total.
£
i
£
5
£
5
England.._ 160,466,753
160,466.753 154,163,109
154,163,109
France a.. 147,141,638 13,717.872 160,859,510 147,300,268 13,680,000060,980,269
Germany b 100,719,1
c994.600101,713,700 87,454,420
994,600 88,449,020
Spain --.r.. 104,319,00027.902,000132.221,000 103.823, II 27,738,000 131,561M1
Italy
49,792,000
49,792,000 45,899,000 4,258,000 50,157,000
Nethland 36,264,000 2,149,0001 38,413.0001 34,918.000 2.300,00 37,218,000
Nat.Belg._ 21,670,000 1,244,00 22.914,0001 18,124,000
19,279,000
Switelsztd, 17,416, II 2,37300 19,789,000 18,390,000 1,150,000 21,212,000
2,822,000
Sweden_ -- 12.909.
_
12,909,000112,349,000
12,349,000
Denmark 10,109.00
.
641,0001 10,750,000 10,712,i,u
812,000 11,524,000
Norway__ 8,180,000
8.180.00
8,180,
8,180.000
Total week 668,986,491 49,021,472 718,007,963641,312,797 53,754,600 695,067,397
Prey. week 685.727,908 49,109.472 714.837.380640,858,641 53,773,600694,630.241
a Gold holdings of the Bank of France are exclusive of go d held
ing the present year to £74,576,836. b Gold holdings of the Bankabroad, amountof Germany are
exclusive of gold held abroad, the amount of which the present year is £4,281,300
c As of Oct. 7 1924.
The New British Budget-Novel Features.
The British Chancellor of the Exchequer, Winston Churchill, has more than once startled Parliament and the country with the novelty or daring of
his proposals, but not many of the plans which he
has championed have been more interesting to the
nation at large than the budget which he laid before
the House of Commons on Tuesday. While the full
report of Mr. Churchill's budget speech has not yet
come to hand, and the details of the scheme remain
to be embodied in bills which in due time will be
presented to the House, the broad intent of the new
budget, apparently, is to lighten the burden of local
taxation by transferring a considerable part of the
weight to the nation, and at the same time to dimin-
APR. 28 1928.]
FINANCIAL CHRONICLE
2555
The primary purpose of the new scheme, as has
ish the tax burden upon production, particularly
upon large industries (which have continued to suf- been said, is to relieve the pressure of local taxation
fer from depression since the war) in the hope of in the case of property used for productive purposes.
"Our object," Mr. Churchill declared, "is to sepathereby aiding British foreign trade.
Mr. Churchill estimates the gross receipts of the rate productive property from other property."
Treasury for the year ending in March, 1929, at There is no doubt that the burden of local taxation
£812,497,000, and the gross expenditures at £806,- in Great Britain, based as it is upon a more or less
195,000, leaving a surplus of £6,302,000. This com- 'arbitrary assessment of the rental value of land
pares with a surplus for the fiscal year which end- instead of upon its capital value, has for years afed last March of £4,250,000. By law the surplus is forded ground for growing complaint. The increase
applicable to debt reduction, but since any reduc- in land taxes has borne heavily upon the farmers,
tion in the revenue derived from local taxes must in- and industries have protested that mounting taxes
crease the demand upon the national Treasury, Mr. have robbed them of their profits. NotwithstandChurchill proposes to use the surplus of the past ing a decline of 10% in the cost of living since 1925,
year and the coming year to aid in carrying through Mr. Churchill had to remind the House of Commons
his proposed reforms in the taxation of productive that about a million unemployed were still dependenterprises. He is enabled to do this because of the ent upon Government doles, that the steel, coal and
fact that the amounts which Great Britain is now textile industries were stagnant, and that local aureceiving from its former Allies and Germany, on thorities had to add to taxes already heavy in order
account of war debts and reparations, very nearly to meet the unemployment situation. It appears to
equal the annual war debt payments due to the be Mr. Churchill's hope that a radical lightening
United States. For the present year, Mr. Church- of the tax burden in the ways proposed will have the
ill stated, the receipts from Germany and the for- effect of giving employment to the larger part of
mer Allies will amount to £32,000,000, while the pay- the present army of unemployed, nine-tenths of
ments to the United States will aggregate £32,845,- whom, he explained, come from the ranks of the
400, leaving only £845,000 to be provided from tax- approximately 10,000,000 industrial workers who
ation. For the reduction of the national debt, the will ultimately be 'affected by the budget prototal of which on April 1 amounted to £7,527,000,- gram.
To what extent Mr. Churchill's scheme will reduce
000, Mr. Churchill proposed a fixed annual charge
of £355,000,000. "We have only to go on paying," the tax burden for the British nation as a whole is
he declared, "the same sort of sums as we are now difficult to say. Mr. Lloyd George, whose budget
paying steadily and punctually and our national proposals of 1909 have been pronounced "the most
debt will be extinguished within the lifetime of revolutionary budget in the history of the country,"
has already denounced the plan as a device for
some of us now living."
The proposed changes in taxation, apparently levying upon the whole people for the benefit of cersomewhat more complicated in their operation than tain great industries, and as going far beyond the
the press summaries of the budget speech show, familiar practice of robbing Peter to pay Paul.
comprise, among other things, an increase in the Mr. Hargreaves Parkinson of the London "Econoincome tax exemption allowed for children from £36 mist," in a cable dispatch to the New York ",Herald
to £60 for the first child and from £27 to £50 for Tribune" on Tuesday, expresses the opinion that
each subsequent child. Beginning in October, 1929, there is clearly "no room for far-reaching remisthree-fourths of the taxes now imposed upon pro- sions of taxation." Mr. Parkinson calls particular
ductive industriets are to be remitted, while the attention to the expenditures for defense. For
taxes on farm land and buildings, except residences, 1927-28 the estimates for the army, navy and air serwill be entirely abolished after the payments of April- vices called for $557,750,000. For 1928-29 the estiJune, 1929. The railways are to be relieved of tax- mates for the same services are $555,325,000, a reation to the amount of £4,000,000 annually, the re- duction of only $2,550,000. In terms of money value
lief to affect heavy traffic and to be passed on, it is the expenditures for defense are still nearly half as
stipulated, to shippers or other payers of freight large again as they were in 1913, "when the councharges. The relief thus afforded to the railways try was engaged in the greatest international armaamounts, it is estimated, to about 8% of their pres- ments race the world has ever seen.' The reduction
ent taxes. A reduction of license taxes on taxicabs in the other so-called supply services, comprising the
and other commercial vehicles is also proposed, with Civil Service, the Revenue Departments and the
a rebate of 20% in the case of omnibuses and trucks. Post Office, is much greater, the estimates of those
Port and dock charges for certain industries are fur- services for 192
47-28 aggregating $1,481,675,000, and
ther to be reduced in a proportion corresponding to for 1928-29 $1,421,050,000, but while Mr. Parkinson
regards this reduction as "welcome," much of it, he
that applied to railway freight charges.
The additional revenue required to offset these thinks, "is automatic in character, and it is in some
reductions in revenue is to be provided mainly, it cases more nominal than real."
The bearing of the new British scheme upon the
would seem, from a duty of 4 pence a gallon on the
Lighter oils, gasoline and kerosene, with a re- problem of taxation in this country is not, of course,
bate on the heavier oils. The weight of this tax, it very direct, the differences of method in the taxing
is believed, will thus fall mainly upon the users of systems of Great Britain and the United States bethe lighter trucks and passenger cars. The import ing such as to make impossible much detailed comduties on raw sugar are to be lowered to the extent parison between the one and the other. The enor-of a farthing per pound on the retail price, but a mous burden which local and State taxation imnew duty of 6 pence is to be imposed upon mechani- poses, in ever increasing volume, upon property, in/%
cal lighters, and a duty of 3313 ad valorem upon dustry and trade in this country is beyond the conbuttons, with a rebate of one-third as a preference trol of the Federal Government, and the warnings
which Mr. Coolidge and others have sounded from
upon buttons of Imperial manufacture.
2556
FINANCIAL CHRONICLE
time to time have had little apparent effect in easing the strain. There is all the more reason, accordingly, why Congress should not only keep down Federal taxation to the lowest point consistent with a
proper conduct of Government affairs, but should
also adjust the burden so as to make it as easy as
practicable for those who must bear it. The fact
that an industry is prosperous is no justification for
overburdening it with taxes or for taxing it in an
improper way, since taxation that is unduly burdensome or unwise merely contributes, in the long run,
to depress the industry upon which it is fastened.
The best system of taxation is that which ,while taking from profits all that may legitimately be demanded for general purposes, is nevertheless so adjusted as to permit industries to grow, to compete
successfully for business in domestic or foreign markets, to give steady and increasing employment to
labor, and to insure a proper reward to the capital
invested. Whether Mr. Churchill, by magnifying
the relief which he proposes to extend to production
at the expense of no special or direct aid to distribution, will accomplish the revival of British industry and trade which he desires, is a question that
can be better answered later, but the first impression of his elaborate scheme seems to mark it as a
bold move in a right direction.
Character and Capital.
"Our theory of society rests on a higher level than
communism. We want the people to be the owners
of their property in their own right. We recognize
that they are all capitalists by nature. We want
them to be all capitalists in fact. That result is being approached rapidly. Our system is demonstrating by practice that it works." . . . "The theories which are advanced to entice the people itnto
handing their private affairs over to the Government do not take into account all the facts. The
fundamental characteristics of humanity are not going to be changed by substituting Government action for private enterprise. The individual who manages the one, with all his imperfections and his selfishness, will have to be employed to manage the
other." . . . "The very essence of business is
the expectation of a profit on the part of those
who conduct it. Government is conducted from an
entirely different motive. When business is in private hands it is expected to be run for the benefit
of the owners. When the Government steps in, the
purchasers, users and beneficiaries of what the Government undertakes to supply insist that the concern should be conducted for their benefit. It does
not eliminate selfishness; it simply transfers it in
part from the seller to the purchaser. Under these
conditions it ceases to be a real business, becomes
lacking in enterprise and initiative, and does not
have any motive to provide improved service."
President Coolidge thus addressing the Daughters of the American Revolution in annual session
at Washington on April 16, only reiterated what he
has often expressed, in other words, on many notable occasions. And as he feels it important to keep
these facts constantly in the minds of the people, it
is worth while to comment on them at this time,
as we approach an election in which one section of
the country is asking that a primal and basic industry be put into the hands of the Government for
tegulation and control, even to the extent of what
will amount to a subsidy if not to actual ownership
[Vol,. 126.
—for an indirect form of ownership is partial ownership of the product though not the property. It
is not for the purpose of indicating this application
to his remarks that we undertake to comment on the
idea a little further. The President is elucidating
the original conception of rights as guaranteed
by a Constitution, which was the result of a revolution. His chief theme is the close union between
local self government and the liberty of the individual. Neither can exist without the other, and no
such union is possible without the private ownership of property. For however we may defend abstract and natural rights their expression is in the
concrete ownership of that which has been obtained
through industry and character.
This does not, therefore, mean that all men may
be known by property or that all men may be known
by character alone. But it does mean that the two
are complementary of each other and together show
forth a man capable of self-government in relation
to a civil service for the benefit of the people al
large. The individual may have property and be
without character—conversely he may have character without ownership of property. Deny him private property and give it all to Government and he
is bereft of the means by which he may express and
maintain character. Government, on the other hand.
if it be servant and not master, can have no power
save that which his character gives to it, and both
must perish by the severance which socialism seeks
to establish.
It follows that freedem is builded upon the combined ownership in and by the individual of character and capital. It is not necessary to show that
capital in this sense begins with the ownership of
the tools for the perpetuity of life, as in the stoneaxe for example; or that character is that which distinguishes the toiler from the thief. No man is
free who must depend for permission to work upon
Government; and no Government can initiate enterprise that has not ownership of the property upon
which and by which it is builded. The individual
is thus supreme—"the master of his fate, the captain of his soul."
We mnst start somewhere. If we start with the
individual we start with freedom. If we start with
government we start with tyranny, despotism. Government that is liberal and free has in itself nothing
to bestow that will invest the individual with character save as that is bestowed by the individual, by
man himself. Back through the ages, with notable
exceptions which failed, these revolutionists had
nothing to look upon but permission to be and do
at the hands of those who claimed to rule by divine right, and as the President so wisely points
out, our forefathers essayed a tremendous task, a
brave endeavor, when they not only asserted their
own rights but undertook to rule themselves. There
was free ground under their feet. There was limitless opportunity to create and own capital.
They recognized the rights of property ownership
and property rights thus came to support natural
rights and remain FO to-day. In this freedom to be
and do and accumulate and acquire, law was erected, justice was defined, and the individual protected. If we shall now relinquish the inalienable
rights, indefeasible save by the will of the invested
owner, we shall not only undermine government and
destroy character, but we shall sacrifice the individual and nothing but despotism can follow!
Am. 28 1928.]
FINANCIAL CHRONICLE
2557
popular sovereignty has became obedient. DemocThe Invisible ControllingYorces in the State. racy has vindicated itself. It is "a form of governWhen a distinguished scholar or an accomplished ment in which the door is thrown open for the free
scientist is found gathering in a few brief pages the play of powerful deterministic factors of a physical
conclusions he has reached, as Benedetto Oroce has and psychological character, acting through the inrecently done in Italy, Einstein and Ludwig in Ger- termediary of the popular will." The more demomany, and Professors Thompson in England, Bur- cratic the government, the more effective is the inton in Chicago, and Osborn in New York, there is fluence of these forces.
Any careful student of history could have predictoccasion for attention to what they have to say.
This is what Professor W. B. Munro of Columbia ed the present world-wide movement. Every great
University has now done in his book The Invisible war has the same attendant phenomena. There are
Government, published by Macmillan. He has writ- laws for them as truly as there are laws for naten many books on the systems and structure of Gov- ture, and as there are seasons, mutations and cycles.
ernments and political problems. He here gives So there are prosperity and depression, conservain half a dozen brief chapters his conclusions on tism and co-ordination, courage and caution, followconditions, not only as they exist to-day, but in their ing one another in fairly measurable regular sepermanent forms, and presents them under the quence. A decade in Latin America, a generation
heads of Fundamentalism in Politics; The Myth of in Continental Europe, or a century in Britain or
Popular Sovereignty; Government by Propaganda; the United States furnishes the same testimony. Is
The Money Power, A Defense; and Our Strengthen- man "free" because he has not discovered the laws
of politics as scientists are learning the laws of naing Sectionalism.
new in its ture? The wind no longer "bloweth where it listEach chapter presents truth that is
connections or is stated in a form so clear as to have eth" in nature, nor is man equally exempt from conthe effect of novelty, and to be creative. He takes trol. Mr. Bryce long ago urged the study of underup, for example, a list of popular political maxims lying factors of government. Geographic environand shows how unjustified, or how obviously only ment, racial characteristics, even restricted food suphalf truths they are. Quoting the saying of Taci- ply, all are permanent influences, as are the occurtus: "The worse the state, the more abundant the rence of strong personalities, single historic events,
laws," he calls attention to the fact that it takes or single institutions; even certain doctrines long
125 printed volumes to cover our biennial output of held have interfered with any real freedom of a
statutes, and that there are 16,000 ordinances which people. The few, and not the many, have always
the New York policeman is supposed to enforce. The led, and they must have authority to make their
wisest maxim of Thomas Jefferson, seldom quoted, leadership effective, and the people have time for
is "The Government of the United States should their own affairs. All that democracy can do is to
always belong to the living generation", and not try to make sure that their leaders are wisely chosen
to generations that are past and gone. We stand and are held to popular accountability. This is the
fast in written constitutions. Traditions and slo- real problem.
"Public opinion," as the source of Government is
gans have a real value. They promote stability and
are a form of ballast for the ship of state; but to largely a manufactured article. So far as it does
be safe, a government must rest on a creed that is. not express merely prejudice, tradition or the inernot too removed from present justification. Jeffer- tia of habit, it is propaganda for parties at interest.
son inherited from John Locke the dogma that all Acceptance of this and similar teachings contributes
men are created equal and wrote it in the to the spoils system and rotation in office, which our
Declaration of Independence, and we embalmed it author calls "two of the most obnoxious weeds in
in the 15th Amendment which would erase all dif- American politics." They justify opposition to the
ferences, whether of race or previous condition of use of experts and to civil service reform as undemoservitude; while every biologist knows that men are cratic and un-American. They help to close eyes to
not created equal in body; every educator knows the fact that only 15% of the people gave the conthat they are not created equal in mind, and they sent of the governed in the Presidential election of
are certainly not equal in their influence on govern- 1920 as reported in the census, and that usually only
ment, never were, and never can be; while we are 10% do this is in ordinary elections; and they are
repeating "The cure for the ills of democracy is effective implements in far fewer hands in the legismore democracy;" "Government rests on the con- latures and in Congress in putting through every
sent of the governed"; "Direct primaries ensure the form of sectional or individually profitable measpeople's choice"; "No taxation without representa- ure, or in blocking imperatively needed ones.
tion," and a dozen other similar convenient phrases.
There is no more vital truth than that free instiWhen it comes to popular sovereignty, he says tutions cannot long be maintained by any people
that while this is one of the earliest and simplest who are not genuinely interested in their own govdefinitions ever framed of democracy it is one of the ernment. To secure this effective interest is the real
worst. It assumes that the form and spirit of gov- problem, and it is far from being solved. Theories
ernment are subject to no forces which are beyond of government may change overnight, but actual
human control. When free people do not like their conditions abide, and every change of the form or
government it is their right to change it. This administration of government is put to the test by
theory does not square with the facts of political them. Rival parties present opposing platforms,
life, past or present Man's unfettered discretion and in taking office face this necessity. The peois not the sole dictator of political evolution. The ple shift their allegiance easily because they know
simultaneous movement of so many nations of late that whosoever is in command this will be the ultiin the effort to secure some sort of stability, nor- mate test; the normal life must go on, and its conmality and order would be unintelligible but for the ditions are known of all. In our great cities, for
influence of some wide constraining forces to which example, democracy is given the right of way and
2558
FINANCIAL CHRONICLE
[Vol.. 126.
time and again efficiency is sacrificed; and when ly effective system of representation which gives
efficiency is sought now and then after flagrant the employee all the power which the labor union
abuse, democracy is put aside, as was done in Ger- gives him." Henry S. Dennison, President of the
many before the war, and is now seen in the Com- Dennison Manufacturing Company of Framingham,
mission government introduced in several American Mass., thought: "The company union was able to
cities.
work constructively for the benefit of employer and
In our national life we are proving the extent to employee because of its intimate contact with conwhich even "Oil" in its simplest form can enter into ditions in the plant; on the other hand, the company
politics and make use of party organizations. A union was defensive and weak, and had nothing of
Presidential election may be the best reformative the defensive strength which enable the nationally
substitute we have yet devised for revolution, as a organized trade union to resist aggressions of the
mobilization of opposing forces with leaders, cam- employer."
paign chests and the like, without actual violence,
Harvey G. Elliott, of the Personnel Department
and as such we hope it will prove a contribution to of ATMour & Co., of Chicago, where a company union
civilization; but it is well to see just what are the has been in operation since 1922, declared that "it
conditions of its permanent worth. It certainly can- had put an end to major labor troubles." Profesnot escape the penalty of ignoring the underlying sor John H. Richardson of Cambridge University,
enduring laws.
now at Columbia, describing the growth of fact-findA decent respect for the opinion of mankind we ing agencies to take up British industrial questions,
must preserve. Sainte Beuve long ago said: "Be- said that it had been found that "when the facts
fore the sea of human opinion, as on the shore of were impartially brought out and canvassed by repthe ocean, I admire the ebb and flow. Who shall resentatives of labor and capital in round-table disdiscover its law?" We can only refer to that prob- cussions the points in dispute usually shrunk in
lem as still with us. Our author introdrces the magnitude until they were obviously not worth
"Law of the Pendulum," and devotes a chaptk to it. fighting about and became easy subjects of agreeIn Italy Mussolini came with its swing; he is ft dic- ment." "Dr. Thomas Reed Powell, Professor of Law
tator, but he has balanced the budget and is hailed at the Harvard Law School, said that judge-made
as a benefactor by the Italians. Kemal may be a law, particularly law made by 5-to-4 decisions, had
despot, but he kept Turkey on the map, and the stripped union labor of the protection with which
Turks accept him. Autocracy follows war, and the the Clayton law was intended to invest it, and
pendulum does not cease to swing; it must return. brought labor so strictly under the control of the
This chapter as well as the other five, will repay injunction process that it was necessary for union
thoughtful reading. The power of propaganda by labor to find new processes and devices to enforce
newspaper, and of both capital and sectional inter- its rights in industrial disputes." T. G. Williams
ests, are as yet but little regarded though they are "denied that injunctions were issued by the courts
continuous. They are here justly appraised and in a wholesale manner" and Morris Hillquit took
in an interesting way. The great fact is that these issue with this.
all are permanent factors in our national life and are
From this scant summary of arguments, and from
wrapped up in our individual well-being, and in the meager account of general conditions therein, we
many ways closely related to our business success. are not justified in drawing any fixed conclusions
We are continually disturbed by evil conditions as to the relative progress of these two forms of
existing in the state or the people about us. Presi- unions. There are few "strikes" of importance in
dent Lowell has said "The normal forces that gov- the country; there •are always some small strikes
ern the ordinary conduct of men in their public re- somewhere—bearing little relation to the general
lations have scarcely received any attention." The conditions in industry. At present, however,it would
same is true with regard to daily life. The sta- appear to be true to the observer, that trade unions
bility and the universality of human nature is the are content to be quiescent in their demands. They
basic fact. The State may do what it can in mat- are for the most part receiving war wages; they
ters that concern all. But as each generation must see the constant increase in machinery and are foreaccept the responsibility for its own action, so each warned of its ultimate effect; they are the benefiindividual must recognize that the same human na- ciaries of the "prosperity," being drawn upward in
ture he finds in himself exists in every man and is the general advance; to inaugurate a series of arbitrary big "strikes" would be a suicidal policy. But
the common ground for all joint advance.
the American Federation of Labor does not show
Company Unions and Trade Unions.
increase in membership that indicates growing popAt the semi-annual meeting of the Academy of ularity. On the other hand, as it appears, company
Political Science held at the Hotel Astor, New York unions are proving satisfactory for the most part,
City, recently, the relative merits of company unions though not growing rapidly in numbers. Capital as
and trade unions were discussed by experts both a whole is at this time on the anxious seat, and is
from universities and industrial plants. Dr. Wil- striving to meet the demands of labor by increased
liam M. Leiserson, Professor of Economics of An- production and saving of waste.
The prominent idea suggested by the meeting, to
tioch College, Ohio, brought out the points, according to the "Times" report, that even if intended orig- our mind, lies in the testimony that there is a closer
inally to be a meek instrument to execut the pur- contact in the company unions than in the trade
poses of the management, company unions often unions, the result of which is greater opportunity
turned out to be quite as powerful, aggressive and for harmony. This will always be true. When this
unmanageable as any other kind of labor union," is backed up by the work of the British "fact findand that "the individual company union will always ing agencies" there is room for belief that the combe in danger of being driven out and replaced by the pany unions will become a fixture. Note this statelabor union, unless the company union is a genuine- ment: "It had been found that when the facts were
APB. 28 1928.]
FINANCIAL CHRONICLE
impartially brought out and canvassed by representatives of labor and capital in round-table discussions the points in dispute usually shrunk in magnitude until they were obviously not worth fighting
about and became easy subjects of agreement." This
can hardly be the effect of agitation by outside
unions where prejudice is fostered and where the
regular meetings are constantly addressed by men
who are often tainted with socialism. Beyond doubt
these abstract discussions tend to separate rather
than unite the two elements.
The round table discussions naturally are confined to practice rather than theory. The "cards"
are on "the table." Obviously no progress could be
made out of theories as to what the relation of
employer and employee ought to be. The relation,
whatever it may be, exists. How can it be made better by both parties acting in conjunction? The abstract may be in the mind of each. But the concrete is the important issue. If it be wages, how can
these be increased or decreased on the conditions as
they exist in the individual plant? If the demand is
based on profits, the profits are easily in evidence.
If the demand is for a share in "management," the
management is there to speak. What do the employees propose, to increase production and profits?
On the facts, and these are in evidence, shall there be
increase or decrease, and why? Both parties are at
hand, both are interested. It is not a question of
abstract "better living conditions"; it is a question of pure business, in which each has a part to
perform.
Honest consideration in this manner must show
the futility of the application of force, either by
means of strike or lock-out. Harmony must be attained; peace must result in harmony. The outside
union is not likely to put the plant in its place in
the,world of competition. The company union must
do so. It must appear that harmony and peace between employer and employee should conform to the
possibilities in existing conditions then and there.
There is room for "give and take" upon a specific
basis. Accord can only follow from understanding.
Capital and labor become "humanized" by contact.
The honesty of intentions, of demands, of good-will,
become apparent. Mutuality is revealed. If the ship
is leaking both must man the pumps. If the voyage
is under full sail in open seas both must work together.
Brokers' Loans Dangerous—Reserve Banks
Largely Responsible for Inflation.
O. M. NV. Sprague in "The Annalist" for April 20 1928.
In articles which have been published in successive quarterly issues of "The Annalist" during the last two years,
I have taken a definite position with regard to the causes
and significance of rising security quotations and the increase in the outstanding volume of brokers' loans. It was
insisted in these articles that the fundamental influence
at work was an abundance of current savings seeking investment that was forcing down the rate of interest, and that
rising security prices in the main merely reflected and discounted this condition. It was further held that in these
circumstances brokers' loans could be readily liquidated in
considerable volume, involving no doubt some, but by no
means catastrophic, declines in the general level of security
quotations.
These views were amplified as recently as March 7 of
this year at hearings on brokers' loans conducted by the
Senate Committee on Banking and Currency, when it was
also urged that, since rates on such loans are normally below those on almost all other classes of bank loans, it was
not reasonable to believe that funds employed in the se-
2559
curity markets were withheld from other and possibly more
desirable uses. And, finally, both in the articles and before
the Senate Committee, though it may be with insufficient
emphasis, it was observed that in a period of abundant savings and declining interest rates there was grave danger
that speculative enthusiasm might carry the market far
beyond limits of safety, and that it was most desirable that
the market be tested from time to time by means of advancing rates on collateral loans, and by some more than
momentary contraction in the amount of credit employed
in the security markets.
On a number of occasions in recent years, notably in the
late Winter of 1926 when a speculative craze seemed in
process of incubation, the danger was removed under the
impact of rising call rates, contraction of brokers' loans,
and a fairly general decline in the level of security quotations. Developments so far in 1928 present a strikingly
different and far from satisfactory picture. Even as late
as the beginning of March it was still possible to anticipate
that the security market was by way of being subjected
to a test of its real condition--a test which would also serve
to restrain unhealthy tendencies. The upward movement of
brokers' loans had been reversed, money rates had advanced
slightly, and a moderate general decline in security quotations had been experienced. The market had behaved
in customary fashion. But the test was of short duration,
and was far from thorough. In 1926, brokers' loans were
reduced by more than 15%, in the course of a period of
several months, and the subsequent advance both :n loans
and in quotations rested upon a solid foundation of easier
money and rising business profits in many industries
The course of events during the last six weeks is an amazing contrast. An insignificant reduction in brokers' loans
has been followed by a rapid increase to a new record peak.
and this in spite of sharply advancing rates; the volume of
dealings on the Stock Exchange and in other security
markets have been of unprecedented proportions; and quotations have generally advanced, often abruptly to fantastic heights calculated to excite mirth as well as astonishment.
There has certainly been no change in the prospective
earnings of business to provide support for recent advances.
And the market has unquestionably much more than discounted any probable immediate decline in the long-term
rate of interest. It is indeed a proper function of security
markets to discount the future, but clearly a market is not
accurately discounting the future when values are being
boosted upon the treacherous foundation of increasing supplies of credit secured at advancing rates. It is a reasonable assumption that it is never wise to depart very far
on borrowed money from the safe haven of a conservative
capitalization of well assured earning power. A stock,
shall we say Radio, may pay huge dividends some years
hence. That does not make it a good purchase on borrowed
money at the current price.
The present security market exhibits all of the familiar
earmarks of inflation and the symptoms of a speculative
craze. It presents a situation altogether analogous with
that in commodity markets throughout the world during
the twelve months preceding the debacle in the spring of
1920, and not unlike the Florida land boom of more recent
memory. In each instance is to be observed the same growing eagerness to buy among widening circles, stimulated
rather than checked by advancing prices, and wholly oblivious to advances in lending rates, always provided that increasing supplies of credit are somehow made available.
A security market that is functioning within reasonably
safe limits is sensitive to change in lending rates. When it
is found to be absorbing constantly increasing amounts of
bank credit at rising rates, the stock market is unquestionably under the controlling influence of a demand that
rests upon no solid foundation of intelligent foresight.
Were the consequences entirely confined to those who are
tempted into speculatiye excess, the course of the market
would not be a matter of general concern. This seems to
be the case with ordinary or moderate fluctuations in the
security markets. The psychological influence unfavorable
to business activity of moderate declines in security prices
is negligible. If business at the time is in good shape, it
goes ahead regardless. On the other hand, an extreme
decline of catastrophic proportions may well be believed to
exert an independent unfavorable influence upon the
course
of trade, even though it does not involve serious loss
to the
lending banks, and must certainly have that effect
if it
does go to that length.
2560
FINANCIAL CHRONICLE
A security market that is impervious to rising rates may
also exert an undesirable influence on business for a time
before the inevitable break. With some qualifications, it
may be said that brokers' loans ordinarily merely absorb
funds that the banks are unable at the moment to employ
otherwise. But when security markets begin to absorb
increasing funds at 5% and upwards, they do attract funds
from other uses and tend to force up rates for those other
uses. In the good old days before the World War, it used
to be said in London that a 7% Bank of England rate would
draw gold from the ground. Similarly, it may be said that
a 5 to 6% call rate in New York will attract funds from
hundreds of banks in every section of the country, tending
to subject borrowers everywhere to a higher range of rates.
In sum, a crazy stock market is objectionable, both during
its final stage of expansion as well as on account of the
consequences of its ultimate collapse.
Responsibility for the present situation in the security
markets is widely diffused, but the reserve banks cannot
escape some considerable share in that responsibility. Stability in the money market has been an avowed policy
of the reserve system, and the achievebent of stability has
been emphasized as one of its notable accomplishments.
But under some conditions the maintenance of stability
may breed a dangerous situation. There are indications
that clever speculators are relying upon the predilection
for stability of the reserve authorities to protect the market
from extreme strain. It is assumed that in no circumstances
will liquidation be allowed to become sudden and violent.
This is a dangerous assumption, not because it may not be
realized but because it removes a restraining influence.
If now we venture upon a look into the future, we are
confronted with two contrasting possibilities in Reserve
Bank policy. A passive, or at least relatively quiescent
position may be taken. Reliance may be placed upon the
gradual tightening of the money market in response to
[VoL. 126.
further gold exports and an increased demand for commercial loans. This is a policy which, unless the stock
market speedily collapses from its own weight, may be
expected to lead to a further advance in discount rates
of the reserve banks in all districts, an advance for which
local business requirements would be In no sense responsible.
The present situation in the security markets might,
however, be subjected to the corrective of sharp and drastic
action. But is the patient now in condition to warrant the
adoption of a surgical operation? At the beginning of the
present movement the risk would certainly have been by no
• means as incalculable. If, for example, in the latter
part of February or early in March the reserve banks had
sold rapidly a hundred or even two hundred millions of
Governments, an immediate advance in call money to 6%
might have been brought about. An abrupt advance of this
extent would have exerted a far greater influence upon
the speculative temper of the community than the gradual
advance that has been experienced. An advance of the
discount rate to 41
/
2
% might further have been advisable
as a means of emphasizing a policy of effective control.
Had measures along these lines been followed, It is reasonable to believe that the situation would now be far
more satisfactory from every standpoint. Brokers' loans
would presumably be well below instead of far above the
February peak, speculation would be in a quiescent stage,
and the community could anticipate a reduction rather
than a prospective advance in discount rates.
Whether the adoption of drastic measures would now
precipitate a spectacular collapse in the security markets
is by no means certain, but were it to have that result, the
consequences might well prove far less damaging than
those which may be anticipated if the market continues
in its present mood until It collapses from its own weakness and excess.
I
Indications of Business Activity
STATKOFiTRADE—COMMERCIAL EPITOME.
Friday Night, April 27 1928.
Again it was a week of retarded trade because of inclement weather conditions over pretty much the whole
country. It is too wet and cold. Some of the temperatures have been remarkably unseasonable. Such conditions
hurt retail trade, to say nothing of jobbing and wholesale
business, in a hundred fields of activity. The automobile industry makes the best showing. Some steel prices
are $1 to $3 lower, with less new business. Pig iron has
been quiet and though without quotable change, seems to
have a downward tendency. Cotton goods advanced in
response to a rise in raw cotton during the week of $7.50
a bale and for the month of $12.50, because of a very
backward season. • There were heavy rains in the central
and eastern cotton belts. To-day there were such temperatures as 28 to 32 in Texas and Oklahoma. Wheat has advanced some 7 to 8 cents a bushel owing to unfavorable
weather in the winter wheat belt. There was no improvement in the Ohio Valley States in this respect. It is said
that a very large acreage there will be ploughed up and
devoted to corn and oats. European markets begin to be
alarmed for the outlook of the American wheat crop, and
Liverpool prices have latterly been rapidly rising. At times
the export sales of wheat, mainly, however, of Manitoba,
have been 1,000,000 to 1,250,000 bushels in a day though
this business includes some American durum wheat. The
planting seasons is so late that there is an active speculation going on in wheat. Corn has advanced 2 to 3 cents,
with a sharp demand both from speculators and other interests. Rye has advanced 5 to 10 cents, with bad crop
reports from the Northwest. It is of some interest that
Poland has withdrawn the import restrictions on grain.
Flour prices have been rapidly rising in consonance with
the advance in wheat. Provisions have advanced in response to higher prices for grain and hogs, which are now
up to $10.65.
Rubber has rallied at times, but in the main is slightly
lower than a week ago with trade dull. The factories are
not inclined to buy freely, fearing that there may be a
further decline ahead. The shoe manufacturing business
is less active, but leather is steady. Good reports are received from the soft wood lumber trade in the North Pa-
cific sections, though they are less favorable than those
of two years ago. There is a good demand for agricultural implements, though it is regretable that the agricultural population of this country is not benefitting as much
as could be wished from the high prices of grain and Cotton which have latterly been ruling. Silk goods and rayon
are in sharp demand. Raw and thrown silks sell somewhat more freely at firmer prices. There is a steady demend for broad silks, especially for printed fabrics, and
the fall trade promises to be good. Woolens and worsteds
have been firmer owing to the firmness of raw wool. The
demand from clothing manufacturers is somewhat better.
There was a rise of 72 to 10 cents a yard in some men's
/
1
wear worsteds compared with the prices current when the
lines were opened. Finished cottons have also met with a
very fair demand for early delivery, but admittedly the
sales are mostly in small lots. Printed goods were more
readily salable, as also were colored cottons. Some mills
report quite a good export business in colored goods. Print
cloths have naturally been firmer owing to the sharp advance in raw cotton. Bag manufacturers have bean buying
sheetings on a fair scale.
The March production of passenger automobiles and
trucks rose to 412,826 units, an increase over the preceding
month of 272 and of a little over 42 as compared with
/
1
%
/
1
%
the sales in March 1927. It was the largest output for any
month since August 1926. Retail business in automobiles
Is said to be larger than a year ago. The sales of building materials also make a better showing in some cases
than at this time in 1927. Coal is in only fair demand.
There is no increase in business in bituminous and as usual
at this time there is some falling off in the vales of anthracite, so that prices on the whole seem to have a downward
tendency. In the furniture trade there is a little more activity, though no large transactions are reported.
Cotton has risen over 12 this week and something like
/
1c.
2
/ this month, owing to cold wet weather delaying the
1
2c.
season one to three weeks and some reports insist even
longer. The speculation has been more active. The outside
public is going into cotton. Some large Wall Street and
Chicago operators are said to be buying. Europe is buying and "seats" at the Exchange here are up to $35,000, an
advance this week of nearly $7,000.
APR. 28 1928.]
2561
FINANCIAL CHRONICLE
1927. Sales of hardware showed an unusually large decline and sales of
Sugar declined somewhat, with 207 May notices issued, women's apparel and diamonds also were much smaller that a year ago.
SeptemStocks of merchandise held by dealers in cotton goods, drugs, and hardand the effect of the selling, especially of July and
shoe stocks were somewhat smaller,
ber, partly perhaps for hedge acount, was plain enough at ware were larger than last year, while little change.
there was
sugar situation is viewed hope- and in other reporting lines
times even if the general
Per cent of
Percentage
Percentage
fully by many with the season of active summer consumpAccounts
Change
Change
tion not far off. Coffee took some 280 May notices very
Outstanding
March 1928
March 1928
Feb. 29 Collected
Compared with
Cornpa ed with
only moderately during
well and prices have given way
in March.
March 1927.
February 1928.
CommodUy.
the week, with Brazilian and Boston interests supposed to
Stock
Stock
1928.
End of
1927.
Net
be buying. The trading has been on only a fair scale, but
End of
Net
Sales. Month. Sales. Month.
to all appearances the Brazilian Defense Committee is still
78.9
77.4
-1.0
+0.9
+0.2
+12.6
Groceries
making itself felt.
44.1
38.9
____
-5.2
____
+2.2
Men's clothing
The stock market has shown the usual irregularity with, Women's dresses
____ -16.8
+7.1
Women's coats and suits
31.5
36.2
-3.8
+8.8
however, no diminution in the extraordinary activity Cotton goods, jobbers_ _
+0.4
-8.1
-6.2
---Cotton goods,
w'hich characterizes these times. At one time to-day the Silk goods commission. +13.7
48.7
48.9
-___
-5.3
---+5.3
34.0
34.0
-6.5
-1.4
-8.8
+70.2
ticker was reported to be 41 minutes behind the trading Shoes
42.5
46.7
+7.9
+1.3
+0.6
+30.7
Drugs
42.5
44.6
+8.9 -13.3 +11.3
+15.0
and the day's total transactions are stated at 4,323,100 Hardware
Machine tools*
shares, incredible as that sounds. It is largely a common- Stationery
81.8
71.1
---+5.0
---_
+11.0
67.3
65.9
0
___---+9.9
place nowadays. The big rise in grain and cotton count Paper
32.2
27.1
0
-4.41 +5.3 (-10.31
Diamonds
+7.01
an extraor- Jewelry
+20.91
for something. And criticism is silenced by
59 9
AS n
-.I R
_i_ 19 1
elinary market with the bank rate here still 4%, though call
money here is firmer at 5%. Nothing seems'able to stop
*Reported by the National Machine Tool Builders' Association.
the rise in prices although to-day the railroad shares did
not come op to expectations.
Moderate Increases in Department Store Trade in
At Fall River, Mass., the mill situation has been greatly
Nearly all Sections of New York Federal Reserve
changed for the better, it is said, in the past few weeks
District in March this Year as Compared with
afoot
by more definite knowledge concerning plans that are
Year Ago.
ther,e to rehabilitate the financial and merchandising
Stating that "sales of reporting department stores in this
Bedford, Mass., wired
branches of the local industry. New
district continued in moderate volume during March" the
that the cotton mill strike had settled down to a game
Federal Reserve Bank of New York in its May 1 Monthly
of waiting, with each side determined to resist all comReview says:
promise efforts, and that attempts of members of the legisunder
For the entire district the increases over last year was slightly
lature to seek a legislative inquiry appear to have been 3%, although, owing to the earlier date of Easter, itis probable that more
given up, at least for the present. Providence, R. I., wired of the Easter business was done in March this year than last year. Nearly
of the district reported moderate increases over March 1927
that more than 200 cotton mill representatives, principally all sections increase in sales of apparel stores continued to be somewhat
sales. The
from New England, discussed means of lowering production larger than in department stores.
Stocks of merchandise on hand in department stores at the end of March
costs by elimination of invisible wastes at the opening sessmaller than a year previous, and the rate of stock turnsion of the spring meeting of the National Association of were somewhat higher than last year. The reat of collections on charge
over continued
Pawtucket, R. I., wired accounts also continued to exceed that of a year previous.
Cotton Manufacturers in that city.
that the Ashton Mill of the Lonsdale Co. at Ashton, will
Per Cent of
Percentage
go on a 54-hour per week schedule. The mill, which emCharge Accounts
Change
Osastandlno
March 1928
ploys 350 operatives, has been on a three-day week schedule
Feb. 29 Collected
Compared with
since last November. The longer period week was made
in March.
March 1927.
Locality.
in the cotton-textile inpossible by improved conditions
Stock on
1928.
Net Sales. Hand End 1927.
dustry. Tire fabric mills are said to be as busy as ever.
of Month.
From South Carolina have come reports that some mills
54.9
48.3
+2.4
-3.1
New York
were going on full time.
55.5
34.6
+2.6
+6.1
Buffalo
38.6
39.1
+4.0
+0.8
Rochester
say that inquiry for cotton goods has Syracuse
Manchester reports
+0.1
+2.4
46.1
47:9
-0.4
+3.2
increased, but great difficulty has been experienced in ar- Newark
-9.2
+5.7
Bridgeport
38.4
+2.5
ranging sales, as most offers were impracticable. An im- Elsewhere
5:9
3
-6.7
+3.4
Northern New York State
portant conference, to be held next Monday, on hours and
+3.3
Central New York State
-4.9
Smith= New York State
wages, may disclose some striking developments. Bombay,
+4.4
Hudson River Valley District
+5.7
India, advices state that the situation growing out of the
Capital District
+10.4
Westchester District
cotton strike Is considered so serious that Governor Sir
50.6
47.1
-2.3
+2.6
All department stores
Leslie Wilson, accompanied by C. Jehangir, has decided to
49.8
46.4
-0.5
Friday from Mahabaleshwar where he Apparel stores
+6.4
return to Bombay
+1.4
Mail order houses
had gone for the hot weather. About 140,000 hands are
Shoes and hosiery were among the departments showing the largest
now idle and unrest has spread to Sholapur, where 8,000
increases in March as compared with a year ago, but sales in other apparel
operatives are striking.
departments appear to have been somewhat irregular. Comparisons of
It has been a cold blustering week here, with rains in sales and stocks in March with thoas of last year are presented for leading
departments in the following table:
parts of the Southwest and also in the South Atlantic States
and Eastern Gulf States, where Alabama is said to have
Stork on Hand
Net Sales
Percentage Change Percentage Change
had rains of 5 to 20 inches in one day. Other Southern
Mar. 31 1928
March 1928
Compared with
Compared with
States had heavy rains. Elvers in Georgia, Florida, MisMar. 31 1927.
March 1927.
sissippi, Arkansas and Tennessee have been over their
+10.7
+15.6
banks and have isolated many villages and towns. On the Shoes and stationer?
-1.5
+12.1
Books
-2.7
+6.8
24th inst. Boston was 48 to 52, Montreal 32 to 36, New York Furniture
+0.1
Hosiery
+6.4
1.8
City 48 to 59, Philadelphia 50 to 64, Portland, Me., 42 to Toilet articles and drugs
+62
Cotton goods
-5.2
+5.4
46, Quebec 32, Chicago 40 to 48, Cincinnati 50 to 52, Cleve- Men's furnishings
8.7
+4.8
-20.1
+4.0
land 38 to 50, Kansas City 60 to 62, Minneapolis 42 to 46, Luggage and other leather goods
Women's ready-to-wear accessories
-7.2
+3.8
+0.3
+2.8
Omaha 54, and St. Louis 58 to 60. On the 25th inst. it was Toys and sporting goods
Women's and misses' ready-to-wear
-7.1
-0.1
40 to 50 degrees here with a wind velocity of 30 miles. Men's and Boy's wear
-4.3
-0.5
Linens and handkerchiefs
-0.6
To-day it has been rainy here, as well as at the South, and Home furnishings
-1.2
Woolen goods
-15.2
-1.3
some other parts of the country. The temperatures here Silverware and jewelry
-1.4
-3.8
Silks and velvets
-7.2
-112
were 42 to 4&
Musical instruments and radio
Miscellaneous
-24.4
-5.0
-33.6
Wholesale Trade in New York Federal Reserve District
During March Below that of Same Month Last Year. Increased Chain Store Sales in New York Federal Reserve District.
The May 1 Monthly Review of Credit and Business Con"Sales in most lines of chain store:business compared more
Federal Reserve Agent at New York has the
ditions by the
ePr" favorably with those of last year in March than in February,"
following to say regarding wholesale trade:
1 Monthly Review of Credit and Business:Consales of reporting wholesale dealers in this district were smaller says the May
Average
In March than a year previous, following moderate increases in January ditions by the Federal Reserve Agent at New York. Espee-"
and February. Machine tool orders continued much larger than last year ially large increases" the Bank states, "were reported by
of drugs, stationary and
and moderate increases were reported also in sales
stores, probably due in part to the earlier
ewelry, but salon in all other reporting lines were smaller than in March shoe and variety
2562
FINANCIAL CHRONICLE
[Vol,. 126.
date of Easter this year, and increases in grocery, ten cent
Since the first of January new building projects and
store, and candy chains also were somewhat larger than alterations for which official permits have been granted in
in February." It adds:
the city and zone have reached the total of $377,435,450.
The March increases in sales per store were unusually large in several During the first quarter last year the amount swas $325,types of stores, and the decline in average sales of candy stores was the 455,364. Thus
the entire zone is more than $50,000,000
smallest in 5 months. A comparison of the number of stores operated.
ahead of the first quarter of 1927.
total sales, and sales per store is presented in the following table:
The building growth, say S. W. Straus & Co., is gaining
Percentage Change
March 1928 from March 1927. force in about the same proportion throughout the suburban
Type or Store.
section as it is in the five boroughs. March figures for the
Number
Total
Sales per
Stores.
Sales.
Store.
63 zone centers ourside the city were $35,305,541, a gain
Grocery
+19.9
+2.4
+17.0
of 9% over March 1927.
Ten Cent
+13.7
+9.3
+4.0
Drug
Newark lei the zone for the month with $6,387,091,
+3.6
+5.4
+1.8
Tobacco
-3.4
+0.5
-4.0
while Yonkers, with $5,022,337, was a good second. NewShoe
,
+11.6
+22.3
+9.6
Virefete
+16.2
+32.0
+13.5
ark's gain from last March was $1,600,000 while Yonkers
Candy
+8.8
. +3.7
-4.6
was $2,000,000. In the S. W. Straus & Co. reports of
Total
+15.7
+4.6
+10.7
25 leading cities of the country in building volume in March
Newark ranked seventh and Yonkers tenth. No city in
New York Factory Employment During March and First the country the size of Yonkers, it is pointed out, has shown
Quarter-Payrolls Lowest for Any Three Months as great and consistent growth over a protracted period as
the Westchester metropolis, while Newark has consistently
since 1922.
Throughout the first quarter of the year 1928, total ranked in building operations with Los Angeles, Boston,
weekly payrolls in factories of New York State were lower Pittsburgh, Cleveland, St. Louis and Baltimore, all of which
than during the first three months of any year since 1922, are larger in point of population.
said Industrial Commissioner James A. Hamilton in a
statement given out for publication today (April 28).
Continuing, he says:
It is true that payrolls have receded less rapidly in the last five years
than has employment. Nevertheless total weekly payrolls in all the
factories of the State were approximately three and one-half million
dollars lower in March, 1928, than in March, 1923, and over two million
dollars lower than in March a year ago. These estimates are based on
monthly reports from a fixed list of 1,650 manufacturing concerns representing various industries and employing more than a third of all the
factory workers in the State.
Average Wages Advance Over Five Year Period.
Total factory payrolls in March were 10% lower than they were five
years ago while the number of workers employed in factories was 20%
lower. The rise in average per capita earnings which these figures indicate has been fairly constant since 1922. It is due partly to a rise in
actual wage rates. It may result also from the dismissal of low paid
workers. In periods of decreasing employment, it often happens that
the lower paid workers are laid off first with the result that the average
wage of those remaining is higher although no one of them is receiving
more than he did before.
No Improvement This Year.
There is some evidence that competition from unemployed workers
may be tending to reduce average earnings at the present time. Certainly there has been no marked rise in earnings within the last year.
The highest point was reached in March, 1927, when average weekly
earnings in the representative factories rose to $29.78. After the midsummer quiet, earnings advanced again in the fall but stopped twentyone cents below the March, 1927, figure. In January, February and
March of this year average weekly earnings have been, in each case,
lower than they were in the corresponding months of last year. In
March they were $29.64.
Payrolls and Purchasing Power.
The decline in per capita earnings is too slight to be alarming in itself. However, it does tend to augment the decline in total factory
payrolls. And factory payrolls make up an important part of the funds
from which manufactured products are purchased. The level of
factory
employment is falling and with it there has been a gradual decline in
factory payrolls. It is going to require a strong offsetting influence
to
absorb the workers who are no longer needed by manufacturing industries and to maintain the purchasing power of these workers.
The productive capacity of our manufacturing industries is great, and
therefore their prosperity is dependent on maintaining the consuming
capacity of the public. A decline of over two million dollars a week in
factory payrolls since last year must affect the consuming power of the
public.
BUILDING PERMITS ISSUED IN 63 LEADING CENTERS
OF METROPOLITAN ZONE.
Mar. 1928. Mar. 1927
Mar. 1928. Mar. 1927.
$6,387,091 $4,754,647 Larchmont _ ___
Newark
265,800
207,410
Yonkers
5,022,337 3,032,841 Asbury Park___
248,150
70,050
New Rochelle
1,523,253 1,731,851 Millburn
245,185
205,240
Tarrytown ____ 1,365,900
309,000 Bayonne
228,585
202,940
Paterson
1,346,488
676,938 Peekskill
211,300
68.830
Mt. Vernon._ 1,231,149 2,085,445 Nutley
203,875
184,950
Rockville ConEastchester
202,485
239,028
1,172,025
tre, L. I
665,510 Orange
201,379
703,174
Jersey City_ .... 1,161,350 1,464,606 Teaneck
194,400
Mamaroneck
New Brunswick
192.530
300,259
1,011,000
Town
288,000 Mamaroneck
Irvington
787,375 1,331,220 Village
184,863
150,775
Clifton
357,635 Harrison
679,160
184,000
457,000
Garden City,
Belleville
181,755
250,125
L. I
623,954
633,718 Westfield
179,020
221.550
Ridgewood ____
294,499 Portchester._
588,646
172,761
198,480
White Plains__
574,775 1,038,128 Great Neck EsHempstead,L.I.
561,985
512,795 fates, L. E _ _
152,000
85,000
West Orange___
551,666
275,785 West New York
133,343
137,000
Elizabeth
541,575
661,025 Hillside
123,640
232,705
Passaic
495,234
487,165 Bellmore. L.I.
120,000
Stamford
486,480 1,455,564 Perth Amboy__
107,360
211,330
Scarsdale
461,653
271,700 Freeport, L. I._
102,600
314,500
Kearny
447,076
408,280 Garfield
100,900
154,600
Hackensack____
447,073
867,124 Floral Park,L.I.
92,250
191,180
Long Beach,L.I.
422,065 Pelham
425.760
84,000
127,750
Greenwich
401,685
410,825 Hoboken
73,975
37,537
Rye
394,380
185,500 Cedarhurst, L.I.
56,000
40,000
Englewood ____
364,840
193,600 Tuckahoe
53,150
41,882
East Orange_ _
364,059 1,168.451 Amityville, L.I.
.
48,200
220,860
BronxvillefP.F.]
330.300
152,000 Pompton Lakes.
44,550
77,950
Norwalk
300,23.5
374,665 Plandome
13,000
Montclair
298,652
438,802 Roslyn Estates
6,000
Plainfield
289,439
612,082
Bloomfield
278.990
728,042 Totals
$35,304,541 $33.640,613
W. W.Putnam of Union Trust Co., Detroit, Finds Business
Improving-Industrial and Employment Conditions in
Michigan.
According to Wayne W. Putnam, Assistant Vice-President of the Union Trust Company, Detroit, business is improving. "Betterment," he says, "is more pronounced in
sonic lines than in others but, in the main, there is moderate expansion. More confidence in the underlying situation
exists now than at any time this year." He adds:
The enlargement in operations in the steel and automobile industries has been more than seasonal. Steel ingot production for the first
quarter was larger than it was for the same period in 1927. Although
steel production usually tapers off after March, it has given no indication of doing so this year. Operations for the entire industry are now
Building in Metropolitan Zone Shows $50,000,000 Gain at 84'A% of capacity. Automobiles manufactnred during the first
three months of this year amounted to 1,000,892 vehicles, a gain of
For First Three Months of 1928.
5,575 units compared with the corresponding months a year ago. Buildthe Metropolitan zone are again ing contracts awarded in March brought the total for the first quarter
New York City
of the year up to $1,485,067,000
--the highest first quarter ever
recorded and a gain of 6% compared with the same quarter in 1927.
The high rate of activity in these three fundamental industries com•
bined with the improved agricultural situation assure a good volume
of business in the aggregate throughout 1928.
There are additional favorable factors. Car loadings of revenue
freight for the week ended March 31st showed a smaller decrease
compared with the weeks immediately preceding. According to esti•
is
mates prepared by the Shippers' Regional Advisory Boards railroad
cars required by the entire country during April, May and June will
exceed the number for the corresponding months last year by
3.7%.
For the Great Lakes region it is estimated that shipments for the
quarter will be 8.1% greater, automobiles accounting for 28.5% of
this gain. Furtkr reductions are being
63 leading cities and towns of the Outdoor work is opening up and is made in crude oil production.
reducing the labor surplus.
metropolitan zone totaled $142,875,666, a gain of 9% over Commodity prices remain firm. Inventories are light.
March 1927 when the combined records of these places was
Regarding conditions in Michigan, Mr. Putnam says:
Michigan's industries generally are expanding and constitute one
$130,699,263. This rapid pick-up in the local building
situation contrasts with a loss of 4% in the 570 leading of the brightest spots in the nation's economic situation. Manufacturing activity for the state as a whole is higher than it was a year nen.
cities and towns in the 48 states.
More overtime is reported than at this
which
last month.
It is of interest to local observers to note that the urban have been running on low schedules time climbing backPlants
to normal.
are
building of the entire country outside the metropolitan zone Automobile factories and plants producing automobile parts and ac•
in March was $254,109,053, an amount less than twice the cessories are operating at a high level. Agricultural implement and
cereal factories are entering their busy season. Numerous iron
$142,875,666 recorded locally for the came period.
foundries are finding business brisker. Paper mills are fairly. active.
and
riding the crest of a great building movement, comparable
with the peak conditions of 1926, according to reports given
out by S. W. Straus & Co. on Apr. 21. It is pointed out,
moreover, that the rising tide of building activity rapidly
gaining momentum in New York and immediate vicinity,
of greater significance now than was the case two years
ago for then the entire country was in the midst of unprecented building growth while to-day throughout the
country as a whole conditions are in somewhat of a slump.
In March, the record of building permits and plans filed
in New York City and the
APR. 28 1928.]
FINANCIAL CHRONICLE
The copper industry continues to improve and is the best it has
been in recent years. Several iron mines are closed, but the opening
of navigation on the Great Lakes is expected to restore conditions to
normal. Lumber mills are running full time.
March output for the entire automotive industry is estimated at
approximately 425,000 cars and trucks compared with 417,686 units
for the same month last year. Combined production of all manufacturers, except Ford, for the month of March reached a new high
record. Daily production of passenger cars in Michigan during the
first week in April was approximately as follows: Buick, 805; Cadillac.
LaSalle, 165; Chevrolet, 5,000; Chrysler, 1,100; Dodge, 1,500; Ford,
1.900; GrahamPaige, 365; Hudson-Essex, 1,550; Hupmobile, 300:
Oakland-Pontiac, 1,000; Oldsmobile, 410; Packard, 190; Reo, 250;
Schedules generally will be maintained close to
Studebaker, 650.
present levels for the next month or six weeks. Ford production is
expected to reach 5,000 units daily by July first.
Employment in Michigan is larger than at any time in 1927. The
Employers' Association of Detroit, reported 247,441 at work April 10th,
of the city's working population, reported 247,441 at work April 10th,
a gain of 42,585 workers since January first and an increase of 22,787
compared with the same week a year ago. Employment is also on the
increase in Adrian, Albion, Battle Creek, Bay City, Benton Harbor,
Bessemer, Cadillac, Charlevoix, Charlotte, Coldwater, Flint, Frankfort,
Grand Rapids, Hastings, Ionia, Jackson, Kalamazoo, Kalkaska, Lake
City, Lansing, Lapeer, Ludington, Manistee, Menominee, Mio, Monroe,
Mt. Pleasant, Niles, Pontiac, Rogers City, Saginaw, St. Joseph, Standish and Three Rivers. Farm work, building and public improvements,
and resumption of navigation will soon absorb many workers. Much
unskilled labor from over the country has been attracted to automobile centers by reports of increased activity.
New building and engineering work in Michigan is on a level well
above that of a year ago. The outlook for this industry is good. Construction costs of buildings for which permits were issued in Detroit
during March were 50% greater than they were for the same month
in 1927.
Wholesale and retail trade has not responded as yet to employment
increases. Sales are reported fair to good. Bad roads have had a
retarding influence. Shoes, furniture and credit jewelry are rather
slow. Collections are fair.
Sales of Ordinary Life Insurance Gains in March and
First Quarter of 1928.
Sales of ordinary life insurance during the first three
months of 1928 show production 3% higher than sales (luring the same period last year. This, it is observed, tends
to disprove the statement that the year of the presidential
election is one of uncertainty and of poor business conditions, which would necessarily be reflected in smaller life
Insurance sales. The Life Insurance Sales Research Bureau
states that from an investigation covering a twenty-five
year period it was found that, while the average yearly
gain was 9%, during election years sales increased 12%
on the average for United States life insurance companies.
Sales recorded during March by 81 companies reporting to
the Research Bureau are about $100,000,000 greater than
the volume recorded in February. This total of $832,250,000
Is approximately $5,000,000 less than business produced in
March 1927, which is the second highest month on record.
This month's total ranks fourth in volume of business produced, says the Bureau which furnishes the following
summary of sales in the various sections of the country:
2563
both periods with a monthly increase of 6% and a year-to-date volume
2% better than last year's record. Production for this twelve-month
period is 1% higher in the section than that of the corresponding period
last year.
Sales of Ordinary Life Insurance in Canada Gain in March
-All Provinces Gain for Year to Date.
A total of $44,823,000 of ordinary life insurance was purchased in Canada during the month of March-a gain of
5% over sales last March. The fact that 60% of contributing companies share in the above gain indicates general prosperity. These figures are furnished by the Life
Insurance Sales Research Bureau and represent the experience of companies having in force 84% of the total legal
reserve ordinary life insurance outstanding in the Dominion
of Canada. The Bureau's advices state:
The monthly gain is well distributed throughout the Dominion, most
Substantial increases are
provinces sharing the country's gain.
recorded ranging from 3% in Newfoundland to 14% in Alberta and
Nova Scotia. Slight losses were recorded in Manitoba, New Brunswick, and Saskatchewan.
For the first three months of 1928, production shows a 15% gain
over the 1927 record. All provinces share this increase showing substantial gains. Newfoundland gained 33% over the first three months
last year while New Brunswick and Manitoba increased 19% and 17%
respectively.
The record for the twelve months just ended amounts to an increase of 9% over the preceding twelve months. Saskatchewan and
Newfoundland show slight losses for this period but gains are noted
in all the other. provinces. Quebec and Alberta lead with 12% increases while other provinces report substantial increases
Among the reporting cities, Montreal and Winnipeg lead with gains
of 19% over March, 1927. Hamilton follows with an increase of
17%. For the first three months of this year, Montreal and Hamilton
lead with gains of 29% and 21% respectively. Ottawa and Vancouver
show the only losses.
Railroad Revenue Freight Loading Still on the Decline.
Revenue freight loading for the week ended on April 14
totaled 912,377.cars, the Car Service Division of the American Railway Association announced on April 24. Compared
with the preceding week, this was a decrease of 6,919 cars,
with decreases being reported in the loading of all commodities except Live Stock, Coal and Coke, which showed slight
increases. The total for the week of April 14 was a decrease
of 37,184 cars below the same week in 1927 and a decrease of
52,417 cars compared with the corresponding week two years
ago. Other details are furnished as follows:
Miscellaneous freight loading for the week totaled 370,000 cars, a decrease
of 10,429 cars under the corresponding week last year but 4,628 cars above
the some week in 1926.
Coal loading totaled 140,672 cars, a decrease of 11,979 cars below the same
week in 1927 and 26,587 cars below the same period two years ago.
Grain and grain products loading amounted to 36,920 cars, an increase of
2,523 cars over the same week last year but 814 cars below the same week in
1926. In the western districts alone, grain and grain products loading
totaled 25,017 cars, an increase of 4,354 cars above the same week in 1927.
Live stock loading amounted to 24,561 cars, a decrease of 1,083 cars under
the same week last year and 2,742 cars under the same week in 1926. In the
western districts alone, live stock loading totaled 18,840 cars, a decrease of
426 compared with the same week in 1927.
The New England States record monthly sales almost identical with
Loading of merchandise less than carload lot freight totaled 259,210 cars.
production last March. Maine continues to lead the section with a a decrease of 4,935 cars below the same week in 1927 and 5,709 cars under
10% gain for the month. For the quarter just ended, Maine and New the corresponding week two years ago.
Hampshire lead with increases of 20% and 18% respectively. The
Forest Products loading amounted to 62,441 cars, 5,452 cars below the
section's average gain is 7% for the year to date and 1% for the same week last year and 13,250 cars under the same week in 1926.
twelve months ended in March.
Ore loading totaled 8,665 cars, 4,122 cars under the same week last year
Sales in the Middle Atlantic States show a loss over last March's and 5,338 cars below the same week two years ago.
very high record. The gain for the first three months of this year is
Coke loading amounted to 9,908 cars, 1.707 cars below the same meek in
1% for the section with the high gain of 5% in New Jersey. Sales 1927 and 2,605 cars below the corresponding week in 1926.
for the twelve months just ended are practically identical with the
All districts except the Centralwestern & Southwestern reported derecords of the preceding twelve months.
creases in the total loading of all commodities as compared with the same
The East North Central section gained 1% over business sold last week last year, while all districts reported decreases compared with two years
March-all states but Michigan increasing. Sales for the year to date ago.
Loading of revenue freight in 1928 compared with the two previous years
and for the twelve-month period ending March 31, 1928, both gained
follows:
3% over corresponding periods last year.
1926
1927
1928
West North Central gain is 1% for the month and 5% for this
The
3,447,723 3,756,660 3.686.696
quarter. North Dakota's records are high for this section with a Four weeks In January_
3,589,694 3,801,918 3,677.332
monthly gain of 44% and a year to date increase of 23%. The sec- Four weeks in February_
4,982,547 4,805,700
4.752,031
tion's sales for the twelve-month period are practically identical with Five weeks in March
929.343
953.907
919.296
Week ended April 7
last year's record.
964.794
949,561
912,377
in the South Atlantic States is 5% better than the volume, Week ended April 14
Business
reported last March. Delaware and South Carolina lead with gains
13,621,121 14,444,593 14,063.865
Total
Delaware also is high for the year
of 53% and 23%, respectively.
to date with a 42% increase. The section as a whole gained 3% for
the first three months and 2% for the twelve-month period just ended.
Unseasonably Gold Weather Delays Canadian Farming AcThe East South Central section shows a 6% gain during March
-Spring Trade Favorable.
cording to Bank of Montreal
with the high gain of 22% in Mississippi. This section's increase of
9%, for the quarter is the best in the country and is equaled only by
Farming operations in Canada have been delayed
similar improvement in the West South Central States. The twelveowing to continued cold weather throughout the Dominion,
month record is about the same as that for the preceding period.
The West South Central States lead the country with a 1% according to advices received ly the Bank of Montreal.
monthly gain for the section. Arkansas alone shows any loss either In spite of variable weather, the advent of spring has
for the month or the quarter. A sljght loss is recorded by the section
stimulated retail trade and given manufacturers larger
for the twelve months just ended but the year-to-date gain is 9% for
orders. The bank states that in every department of prothe section.
The Mountain States are led by Nevada with production more than duction there has been more activity and prospects
point
double that of last March. New Mexico follows with a monthly gain
to satisfactory conditions throughout the Summer. Imof 23% although the section as a whole reports a slight loss. The
yeae-to-date increase is 3% for the section. Sales in the twelve- migration will be as large as last year and of a desirable
month period just ended are practically identical with the production class. Building construction continues on a
large scale.
in the corresponding period last year.
The outlook for shipping is evcellent. Tourists traffic
The Pacific Coast section reports production somewhat under last
year's records, both for March and for the quarter. Oregon leads for promises to be in excess of last year.
Wholesale prices
have been firm, as a whole somewhat higher than in the
last month and it is worthy to note that such increases
as have occurred relate to farm production. Car loadings
are in excess of any previous year and gross railway earnings are also higher. Foreign trade of Canada during
March showed expanding commerce. The excess of imports continues to increase, however. In March exports
totaled $105,004,000 or $600,000 less than in March, 1927,
while imports rose in value from $110,617,000 to $120,320,000. The balance of trade while still in favor of Canada is
diminishing. The increased price of wheat has contributed
to the larger export total and the export of newsprint has
been promoted by sustained consumption in the United
States. Production of newsprint in Canada in March,
equalled 197,976 tons compared with 174,094 tons in March,
1927. However, Canadian mills are now operating at only
80% of capacity as contrasted with 86% a year ago.
High Level of Industrial Activity in Canada Which
March 1927 Still Maintained According to Bank
of Nova Scotia-Employment Conditions.
The April number of the Monthly Review of the Bank
of Nova Scotia, in surveying business conditions in the
Dominion, says:
Regarding the Dominion as a whole, it may be said that no pronounced
change has occurred,either for better or worse,in the quarter just completed.
The high level of industrial activity which characterized the greater part of
1927 has been well maintained, and prospects are bright for the season just
beginning.
There is an unusually large amount of wheat awaiting export, and the
movement should be heavy when navigation opens. The purchasing power
of wheat has risen slightly during the past month, and now stands about
1234% above the five year average.
The Bank's indices of employment for the Dominion as a whole and for
the principal geographic areas havefluctuated as follows since the New Year:
FLUCTUATIONS OF EMPLOYMENT,ADJUSTED FOR SEASONAL VARIATIONS. AND EXPRESSED AS A PERCENTAGE OF THE FIVE-YEAR
AVERAGE 1922-26.
Jan. 1. Feb. I. Mar. I.
114.5
113.4
113.2
Canada-General industrial employment
115.3
114.1
113.5
Employment In manufactures
135.4
151.0
151.0
Employment In building construction
103.5
103.9
102.1
Maritime Provinces-General
120.0
120.2
116.5
Province of Quebec-General
113.0
113.1
115.4
Province of Ontario-General
115.3
119.5
117.0
Prairie Provinces-General
111.6
112.5
113.3
British Columbia-General
contraction of employment in general,
Although there has been a slight
and of employment In factories also, neither of these need be regarded as
significant. By comparison with conditions now prevailing in the United
States, Canadians may hold themselves fortunate indeed.
PUBLIC
-UTILITY POWER COMPANIES IN THE UNITED STATES AND
CAPACITY OF GENERATORS, JAN. 1 1927-1928.
1927.
Output of Electricity by Public Utility Power Plants in
United States in 1927 Reached New High Levels.
The output of electricity by public utility power plants in
the United States in 1927 was 80,205,474,000 kilowatt hours,
according to the revised figures of the Department of the
Interior, just published by the Geological Survey. This
compares with 73,791,000,000 kilowatt hours produced in
1926. The increase in output from 1926 to 1927 was about
9%. The amount produced by water power in 1927 was
about 37% of the total, as against 353% in 1926.
The net importation of electricity from Canada in 1927
was 1,629,000,000 kilowatt hours. The total amount of
electricity from public utility sources utilized in the United
States was therefore 81,834,000,000 kilowatt hours. This
is equivalent to 690 kilowatt hours per capita. The corresponding figure for Canada in 1927 was 1,320 kilowatt hours
per capita, and that for Norway in 1925 was 2,400 kilowatt
hours per capita. Norway, Canada and the United States
lead the world in the per capita consumption of electricity.
The total output in the three countries in 1925, in billions of
kilowatt hours, was as follows: Norway, 6.7; Canada, 9.8;
United States, 65.9.
The Survey further shows:
-UTILITY POWER
PRODUCTION OF ELECTRIC POWER BY PUBLIC
PLANTS IN THE UNITED STATES IN 1927 (IN KILOWATT HOURS).
By Fuel
By Water
Total
Power.
Power.
Power.
Division-1,989,388,000 3,481,170,000
5,470,556,000
New England
21.716,770.000 6,216,326,000 15,500,444,000
Middle Atlantic
18,843,349,000 2,409,740.000 16,433,609,000
East North Central
1,650,173,000 3,191,280,000
4,841,453.000
West North Central
8,768,076.000 2,998,728,000 5,769,848,000
South Atlantic
1,196.100,000
3,407,700,000 2,211,600,000
East South Central
66,737,000 3,248,645,000
3,315,382,000
West South Central
486,359,000
3,520,047,000 3.033.688,000
Mountain
Pacific
10,322,141,000 9,298,630,000 1,023,511,000
80,205,474,000
73,791,000,000
65,870,000,000
59,014,000.000
55 665.000.000
47,654,000,000
40,975.000,000
43,555.000,000
38,921,000,000
29,875,008,000
26,189,000,000
22.356,000,000
19,969.000,000
19,343,000,000
17,207,000,000
14,970,000,000
16,150,000,000
14,606,000,000
50,330,466,000
47,602,000,000
43,514,000,000
39,044,000.000
36,322,000,000
30,447.000.000
26,005.000,000
27,405,000,000
24.315,000.000
1928.
OperatCapacity °pawl
Capacity
frig
of
of
Inv
Corn- Plants. Generators Com- Plants Generators
Ponies.
(Kilowatts.)
(Kilowatts.) panies.
Division.
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
185
256
414
422
253
110
176
151
91
338
468
786
706
412
196
339
277
281
2,358,939
6,646,142
5,925,149
1,886,186
2,835.074
1,221.372
910,056
877,911
2,737,556
168
214
361
387
223
104
142
139
82
330
436
735
682
429
200
385
274
269
2,466.705
7,113,361
6,311,870
2,008,224
3,475,795
1,330,756
1,079,940
975,419
2,928,821
Total United States_ _ _
2,058 3,805 25,398.385 1,820 3,740 27,690,891
The information in the above tables Is a summary of the reports of the
monthly production of electr city and consumption ef fuels in 1927 by
public utility power plants published regularly by the Department of the
Interior through the Geological Survey. For most States the revisions were
comparatively small and the sum of previously published figures of monthly
output generally agrees closely with the figures in the annual summary.
The Geological Survey's monthly reports of the production of electricity
and consumption of fuel are based on reports of the operation of about 3,800
electric public utility power plants of 100 kilowatt eapacity or more. These
reports include the output of central stations, municipal plants, electric
railway plants, plants or crated by steam railroads generating electricity for
traction, and Bureau of Reclamation plants and that part of the production
of electricity by manufacturing plants which is sold for public use. In
1927 the capacity of the generators and the output of electricity of plants
of the two last-named types was about 1 3 % of the total generator capacity
and output of all public utility power plants. The figures re/ resent the
output of all plants listed as having a capacity of 100 kilowatts or more, as
the output of those plants which do not submit reports is estimated. Beginning with August 1927, all plants wete requested to report net output
(station use deducted). Prior to that time all plants were supposed to
report gross output, but probably many companies had been reporting net
output for some time.
For table showing exports of electricity from the United
States to Canada and the imports from Canada to the United
States in 1926 and 1927, see "Chronicle" of April 7 192$,
pages 2063 and 2064.
Report on Wholesale and Retail Trade in Philadelphia
Federal Reserve District.
Statistics covering wholesale and retail trade in the Philadelphia Federal Reserve District during Maroh as compared
with the previous month and March 1927 are made available
as follows by the Federal Reserve Bank of Philadelphia:
ADVANCE REPORT ON WHOLESALE TRADE IN THE PHILADELPHIA
FEDERAL RESERVE DISTRICT FOR THE MONTH OF MARCH 1928.
(Compiled by the Department of Statistics and Research o the Federal Reserve
Bank of Philadelphia.)
Net Sales During Month.
Trade.
United States total in 1927
do
do
in 1926
do
do
in 1925
do
do
in 1924
do
do
in 1923
do
do
in 1922
de
do
in 1921
do
do
in 1920
do
do
in 1919
[VOL. 126.
FINANCIAL CHRONICLE
2564
Boots and shoes_ _ _
Drugs
Dry goods
Electrical supplies_ _
Groceries
Hardware
Jewelry
Paper
Stocks at End of Mo.
Index Numbers
Compared Compared Compared Compared
(P. C. of 1923-1925
with
with
with
with
Monthly Average) Precious
Same
Previous
Same
Month. Month. Month. Month
*Feb. '28. Mar. '28
Last Year.
Last Year.
56.4%
102.3
59.4
93.6
86.9
69.2
60.8
93.3
113.9% +102.0% +1.0%
117.1
+14.5
+0.3
-1.0
+0.1
69.7
+17.3
-22.8
-1.5
+0.6
90.1
-3.7
+17.6
+0.9
-12.3
90.2 . +3.8
-4.2
+0.6
+4.7
90.0
+30.1
-10.9
+1.2
+4.6
67.4
+10.8
-21.2
+0.1
-26.3
105.3
+12.9
-1.5
+1.8
-3.7
Accts Outstanding at End of Mo.Collet, During Mo.
Compared Compared Ratio to Compared Compared
with
with
Net Sates
with
with
Previous
Same
During Previous
Same
Month
Month
Month
Month
Month
Last Year
Last Year
Boots and shoes
+5.9% -1.6% 314.4% +2.9% -8.7%
Drugs
+2.0
-1.8
141.1
+14.4
4-0.8
Dry goods
+3.9
-6.6
285.5
+0.7
-17.6
Electrical supplies
-23.3
+13.9
135.0
+7.9
+55.3
Groceries
-1.1
+0.6
122.2
+8.5
-1.5
Hardware
+8.0
-9.7
200.9
+5.1
-7.7
Jewelry
-1.4
+0.2
490.4
-9.2
-7.0
Paper
+6.2
-1.8
137.3
-0.0
-5.4
*Revised.
ADVANCE REPORT ON RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT FOR THE MONTH OF MARCH 1928.
butes
Na Sales.
Numbers
Of Sales Mar.1928
(% of '23 Compared Jan. 1
Monthly
with
Afar. 31
Average). Mar.1927
1928
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Apparel stores
Men's apparel stores
In Philadelphia
Outside Philadelphia
Women's apparel stores
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores in:
Philadelphia
Allentown, Bethlehem and Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Williamsport
Wilmington
All other cities
98.0
95.2
115.3
93.4
119.6
143.0
90.3
101.3
109.6
95.2
92.4
67.4
138.4
91.1
93.4
89.4
92.3
102.5
107.5
+1.9
+0.7
+1.0
+0.2
+3.6
+7.3
+2.0
+15.5
+2.2
+1.2
+8.9
+14.7
+13.0
-2.9
-3.6
-1.2
+0.8
-1.6
-5.2
+3.6
+1.8
+1.3
+5.9
+10.7
-3.4
+2.0
-4.6
-11.1
+7.7
-11.2
+18.3
+8.5
+2.6
+2.0
--1.4
+18.9
+10.8
+1.8
-2.7
-2.7
-7.6
+1.6
-11.0
+9.6
+3.4
-1.4
+0.8
+3.9
+7.1
+3.5
-5.0
APR. 28 1928.]
FINANCIAL CHRONICLE
2565
number of names on factory payrolls. The heaviest losses appear in
the reports of the meat packing industry in which 125 fewer workers are
employed than was the case in February, during which a decline was
also reported by packers. The metal industry shows some improvement,
although no large differences appear in the statements of any of the re+2.7
+5.2
porting establishments. The Free Employment Office reports some im0.77
0.78
-6.3
All reporting stores- +6.8
+0.7
---0.75
. 0.75
-6.8
Department stores_ +5.6
provements in its ratio, showing that the number of applicants per 100
+5.9
---0.78
0.79
-9.0
In Philadelphia_ _ +5.5
jobs in this office has declined from 123 to 112. Last March the ratio
+0.6
+6.9
0.68
0.66
-1.6
Outside Phila__ +5.8
was 140.
+14.0
+15.4
1.18
1.19
+3.3
+18.9
Apparel stores
+9.4
+13.1 i
0.69
0.71
-3.4
Men's appl stores +9.8
Joliet.
-Reports received by the Bureau of Labor Statistics indicate that
0.77
0.80
+0.4
In Philadelphia +6.9
there are now more people employed in the Joliet steel industry than at
0.57
0.61
-7.4
Outside Phlla- _ +13.4
any time since September, 1926. The upward movement in employment
+14.8
+15.9
1.71
1.64
+10.0
' Women's app'l st. +28.2
+15.7
+15.9
1.83
1.77
+9.5
of 6.7% during March indicates that the greatest improvement during
' In Philadelphia +30.4
+10.0
1.08
1.02
+12.6
---Outside Phila._ +18.1
any March of the last five years has taken place during the past SO days.
-10.5
+6.4
0.59
0.66
-2.5
+14.0
Shoe stores
The volume of unemployment as indicated by the Free Employment Office
0.66
+1.5
+0.0
0.59
+5.7 -15.9
Credit stores
ratio is less than it was a month ago, although there are almost two apStores in:
+9.2
+10.6
-8.2
0.82
0.84
+7.0
Philadelphia
plications for every jab at the office.
l• Iasi
Allentown, Beth-Employment in the Moline-Rock Island locality
Moline-Rock Island.
+1.2
+2.5
+3.9
0.68
0.59
lehem & Easton +4.6
+7.1
has become better during the last 30 days. Farm implement factories,
+14.7
0.63
-1.1
0.70
+2.0
Altoona
+1.8
+5.2
0.59
0.65
-8.1
Harrisburg
+9.0
automotive manufacturing establishments and other lines in the metals
0.63
0.64
-17.1
Johnstown
+2.8
field reported that increased business made it necessary for than to hire
0.71
+2.9
0.71
+1.5
Lancaster
more workers. Printing and food establishments also indicated upward
4-77:1
+21:1
0.70
0.66
+18.6
+10.3
Reading
-2.7
-1.4
0.65
0.68
-11.3
Scranton
+8.0
movements in employment. According to the Free Employment Office,
+0.0
+10.0
-4.3
0.77
0.80
+8.0
Trenton
conditions of unemployment have improved, the ratio of applicants per
-9.2
-6.4
0.61
0.66
+0.9
+10.7
Wilkes-Barre
100 jobs declining from 160 in February to 150 in March. The present
Williamsport--------1-- 9.i
1- 0
---I.E•
Wilmington
+1-4.il
ii.ia
- :ii
+8.1
ratio is higher than in the two previous comparable periods.
0.0
-1.5
0.53
0.53
-7.8
All other cities_ _ +5.0
.
Peoria.
-Due principally to the metals establishments, employment in
Peoria scored a gain of 1.7% during March The volume of unemployment as indicated by the Free Employment Office ratio has declined from
- 321 to 238. The improvement is largely seasonal in nature, although the
IndustrialIConditions in Illinois During March
general level of manufacturing activity in this community, as in many
Analysis by Cities.
other Illinois centers, is less than it was during the comparable period of
The fact that the volume of employment in Illinois gained 1927. The demand for mechanics and farm hands is reported to be more
0.7% during March, according to advices made public by than it was last March, however.
Quincy.-Employrneat in factories has shown very little change exceptthe Bureau of Labor Statistics of the Illinois Department
ing in the leather products group, in which heavy reductions have been
of Labor, was noted in these columns April 21, page 2398. reported. The experience of the Free Employment Office indicates genSince then the analysis by cities has been made available eral improvement, which is slight in industrial lines, but considerably
greater in outside activities. One hundred seventy-two more calls for
as follows by the Bureau:
than last month.
Aurora.
-Fewer people were employed in nineteen leading Aurora fac- help were received at the Free Employment Office
-Factory employment has followed its usual upward March
Rockford.
tories during March than was the case in February and 5.5% less money
with a gain of 1.4%, most of which is due to increased producwas paid in wages. Outdoor employment conditions are improving, espe- movement
machincially in building and transportation lines, which have been adding to tion schedules of metal establishments in the farm implements and
The
their working forces. Building prospects are good and railroad shops are ery lines. Furniture factories reports indicates a mixed movement.
gradually becoming more active. Good weather conditions have also conditions of unemployment as indicated by the Free Employment Office
stimulated the demand for farm workers in this community, although it ratio show some improvement, which may be attributed almost entirely
is reported that the supply of available workers continues to exceed the to factories. Building, as indicated by permits, is less active than it was
demand. The present decline in Aurora factory employment follows a year ago; and the demand for farm help is less than it was in the
last year's downward movement, which was the first March reduction in spring of 1927.
Springfield.
-The volume of employment in reporting establishments
the preceding five years. The present Free Employment ratio of 180.0
applicants per every 100 jobs is higher than any ratio following in Springhield has remained practically unchanged during March. In
none of the reporting industries were significant changes reported. Un1921.
Bloomington.
-All available information indicates that employment con- employment conditions are also comparable with a month ago. The agriditions have improved in Bloomington, both for the job-seekers and for cultural situation is fair, although indications are less favorable than
the employed workers. Three and nine-tenths per cent, more workers are is usually the case in March. The pending shut-down of the mines in
reported by eight leading manufacturers who have also increased their this locality makes the outlook for the employment situation in this
working schedules. Outside work is becoming more plentiful, although community rather pessimistic for the immediate future.
Sterling-Rock Falls.
-A further gain of 1.1% in the total volume of
it is not as promising as in former years. Railroad shops are placing
more workers on their payrolls, which, according to all available infor- factory employment is indicated in the reports of fourteen factories in
which has led all other Illinois centers in the 1928 industrial
mation, contain fewer names than in recent years. Farmers are requiring this locality
fewer men than is usually the case in March. Total building construc- pick-up. The gain was slight and due principally to the paper industry,
tion during the first quarter of 1928, as indicated by permits, is more other lines remaining on the same schedules as in February.
than in 1927, and building has shown an upward tendency during
March.
Business in Indiana During March Above level
-Reports from the Free Employment Office indicate that
Chicago.
the ratio of applicants per 100 jobs has declined from 237 in February to
of Year Ago.
185 during March. The volume of factory employment has declined 0.6%,
General business in Indiana during March was 3.5%
due largely to reductions in the clothing, meat packing, printing and electrical products industries. The improved condition of the job seeker is above the level of March, 1927, according to the Indiana
attributable to the opening of outdoor activities which have been stimulated Business Review which is prepared by the Indiana Busiby very favorable weather conditions in this locality. The present movement, both in the Free Employment ratio and in volume of factory em- ness Review which is prepared by the Indiana University
ployment, is a usual March experience, although in each case conditions Bureau of Business Research and published monthly by
are less favorable than in the preceding year. A March reduction is usu- the Fletcher American National Bank, of Indianapolis.
ally followed by further declines in April and May, after which an upward movement is customary. These changes are not necessarily indica- Charles F. Benzel, Manager of the Indianapolis Division
tive of changes in the extent of unemployment, which is influenced to a of the Bureau, prepares the report. The review says:
considerable degree by conditions in neighboring communities and by
"Large increases of 10% or more over a year ago were made by
fluctuations in other industrial non-manufacturing groups, notably agri- the following lines of business: stone production, automobile accesculture and transportation, all of which are adding to their working forces sories production, life insurance sales, gasoline sales, grain receipts,
according to trade and press bulletins.
livestock receipts, flour production at Indianapolis freight carloadings
Cicero.
-Employment in a single metal establishment carried the vol- at Indianapolis, and deposits of correspondent banks. Other lines
ume of employment in reporting establishments 35.4% above its Febru- which had increases of satisfactory proportions are pig iron production,
ary level. Other industries also reported an upward movement which is electricity production, bank debits, department store sales at Evansreflected in the Free Employment Office reports, stating that 185 more ville, chain drug store sales, savings deposits, and employment at
placements have been made than in February. The improvement is Fort Wayne metal trades shops."
largely seasonal in nature, although there are indications that It also
The Business Review shows that the first signs of the
marks the beginning of an upward cyclical movement
Dantritte.-During March, employment conditions have improved in Spring improvement in Indiana general business are acDanville, particularly in the brick industry which customarily employs companied by a gratifying increase of 11% over the prehundreds of workers in this community. No decided change is noticeable
February. Exceptionally heavy gains
in the reports of manufacturers in other lines of activity, whose payroll ceding month of
statements indicate that the February schedules of production have been during March over February, it is stated, were made by
followed in March. The coal mines of this district are working full ca- building, coal production, pig iron production, automobile
pacity and are looking forward to a continuation of their present volume
accessories production, bank debits,
of production. The Free Employment Office reports that agreements production, automobile
between the operators and the miners have been reached in this locality, new car sales, life insurance sales, flour production at
so that there are no prospects of immediate labor difficulties in this Indianapolis, advertising space, Indianapolis freight carcommunity. Bad weather has held up farmers, who have shown less inloadings and Fort Wayne metal trades employment.
terest in the labor market than is usually the case during March.
Decatur.
-An upward swing of industrial activity in this locality has
resulted in considerable improvement for the unemployed worker. In
Building Industry Form Home Modernizing
the nineteen reporting establishments, 3.3% more workers had jobs Interests in
than in February, most of whom were placed in metal products factories. ,Bureau to Stimulate Building and Home Ownership.
Construction work has also been more plentiful than in the preceding
A concerted movement on the part of construction intermonth and increased demand for farm labor is reported. During March
in the formal launching
the ratio of applicants per 100 jobs has dropped from 296 to 220 at the ests in the United States resulted
present time. This ratio is higher than in either of the three preceding in Chicago on April 11 of a new organization named the
years.
Home Modernizing Bureau of the National Building IndusEast St. bouir.-The usual March pick-up of industrial employment in
Louis has been reversed this year by a decline of 1.4% in the tries. The meeting was attended by 131 executives of 44 •
East St.
Stocks Accounts Collection
Stocks at Stocks at Stocks
End of Turnover Turnover Recoil,. at Dur'pMo.
End of
Jan. 1- EndofMo. Compared
Corn- Jan. 1
Mo. Corn- Mo.
with
pared with pared with Mar. 31. Mar.31- Corn. with
1927. Year Apo. Year Apo.
Mo. Apo. Year Apo. 1928.
:fit -F9:4
I
2566
FINANCIAL CHRONICLE
associations, corporations and other factors in the buildin
g
field.
Necessary funds to get the organization under way
were
secured, it is stated, and the meeting voted to incorpo
rate
non-profit organization, elected officers, engaged a secrea
tary, and empowered a committee to open headquarters
and
to begin work on the job of modernizing the more than
20 million existing homes In the United States. While
the
Immediate objective is the stimulation for this volume
of
remodeling work, speakers expressed the opinion
that the
following results also would be accomplished:
I. Stimulation of new building.
2. Stimulation of home-ownership.
3. Modernization of all other types of structures
besides homes.
4. Persuasion of public bodies to undertake necessary
public works
programs.
3. Preservation of property-values in many communit
ies.
6. Stabilization of prosperity in the building field.
7. Relief of the unemployment situation in the
building trades and
contribution to general prosperity.
8. Improvement of social conditions.
9. Provision of a basis for future united
action on the part of all
factors in the building situation looking toward their
common interests
and prosperity.
[VOL. 126.
Plumbing and Heating Industries Bureau:
Walter G. Kohler, governor;
Russell G. Creviston, Evansville, Ind., alternate
.
Sanitary Pottery: J. IV. Oliver, vice-pres
ident Standard Sanitary Manufacturing Company, governor.
Heat by Radiator: Charles Foster, vice-pres
ident American Radiator
Company, governor; W. M. Scudder, vice-pres
ident American Radiator
Company, alternate.
Plumbing Industry: H. IV. Seymour, vice-pres
ident Crane Co., governor.
National Association of Heating and Piping
Contractors: Harry If.
Hart, President, alternate.
National Association of Master Plumbers
: Thomas F. Nola, President,
governor.
National Pipe and Supplies Association:
W. E. Clow, ir., Chicago,
governor.
Building and Loan Movement: Otto T. Salick,
president, U. S. League
of Building and Loan Associations, governor
; Charles J. Ohuron, alternate.
Commendation from two national cabinet
officers was
voiced at the meeting. Mr. Kohler read
excerpts from a
letter from Secretary of Commerce Hoover
, endorsing the
principles of the movement and stating:
"If there is any helpful information which
our division of building
and housing, or any other branch of this
Department, can furnish at any
time, I hope you will feel free to call upon
us."
Secretary of Labor Davis wrote:
Walter J. Kohler, Kohler, Wis., representing
"A co-operative campaign for remodeli
the Plumbng old homes impresses me as
ing and Heating Industries Bureau, who was
being a
Chairman of industrie good move on the part of the building and building materials
s, and also a move which would have many
the acting Executive Committee which sent out
advantages for the
the call for people. For the most part these old
homes were better constructed
the meeting, was elected President and Chairm
an of the originally than many of the new ones, and if their value could
be preExecutive Committee. Other officers were
chosen as fol- served by remodeling and modernizing them it would be a move in the
right direction."
lows:
First Vice-President, A. Trieschmann, Chicago
, National
Lumber Business Continues Active.
Lumber Manufacturers' Association.
The lumber industry is maintaining the high plane estabSecond Vice-President, Oscar W. Rosenthal,
Chicago, Na- lished
during the first quarter of the year, according to the
tional Association of Building Trades Employers
and Asso- weekly
analysis of the National Lumber Manufacturer
ciated General Contractors of America.
s
Association, based on telegraphic advices received from
Third Vice-President, Otto T. Salick,
743
Milwaukee, Wis., of the country
's leading softwood and hardwood mills.
President of the U. S. League of Building
and Loan Asso- Production for
the week ended April 21, with 316,621,000
ciations.
feet, reached a new high for the year, and the new business
Members of the executive committee (beside
s the offi- amounting to
34,152,000 feet, was about 16,500,000 feet
cers): C. E. Stedman, Chicago, Vice
-President, Celotex under the
previous peak order week of March 24. While
Company, representing insulation; Willard
E. Maston, Chi- shipme
nts exceeded production by a slight margin, they
cago, Save-the-Surface Committee of the
paint and varnish were approxi
mately 5,500,000 feet under those for the preindustries; Wilbur Fisk, Logan, 0., Preside
nt, American ceding
week.
Face Brick Association; Frank A. Hofheins,
North TonaThe increased activity in the softwood brach of the industry
wanda, N. Y., President, Weatherbest Stained
Shingle Co., was respons
ible for the advances both in production and orrepresenting stained wood shingles; Harry
S. Knox, Chi- ders.
The 366 currently reporting softwood mills showed an
cago, President, Wholesale Sash and
Door Association. increas
e of 11,055,687 feet in production, 8,340,017 feet
George E. Piper, of Chicago, formerly with
Household Mag- in orders
and a decrease of 11,580,242 feet in shipments as
azine, was named Secretary by the executi
ve committee at
compared with the corresponding figures for 364 mills the
its organization meeting. Messrs. Stedma
n, Rosenthal and
week before. Compared with the same week of last year, the
Maston were appointed a committee to
supervise opening
current figures represent an increase of 48% in production,
offices and starting actual operations.
21% in shipments and 40% in orders.
Other executive committee members are to
be elected, folAside from shipments, which increased about 6,000,000
lowing confirmation of the personnel of
the board of govfeet, there was a slight recession in the hardwood group.
ernors representing various branches of
the industry.
The 377 units reporting for the week under review showed
As constituted at present, the Board
of Governors, to
a drop of about 3,800,000 feet in production and
which other members will be added, consist
2,800,000
s of the folfeet in orders, as compared with the corresponding items
lowing:
for
Lumber Group: A. Trieschmann, Chicago,
vice-chairman National Lumber Manufacturers' Association, governor;
W. F. Shaw, Chicago, manager
central division National Lumber Manufactu
rers' Association, alternate.
Oak Flooring group: George A. Houston,
governor; W. L. Claffey,
Chicago, secretary Oak Flooring Bureau,
alternate.
National Retail Lumber Dealers' Association:
A. W. Pfund, Chicago,
alternate.
Wholesale Lumber: W. W. Sehupner, New York
City, National American
Wholesale Lumber Association, governor.
National Building Supply Association: Walter
Jahncke, New Orleans,
La., governor.
Prepared Roofing: .1. F. Bryant, New York
City, secretary Asphalt
Shingle and Roofing Association, governor.
Paint and Varnish group: Willard E. Masten,
Chicago, governor; R. M.
Newman, alternate.
Oil Burner group: John S. Coonley, Jr., temporar
y alternate.
Lumber Fabricators, sash and door: P. A. Richards
on, governor; N. L.
Godfrey, National Door Manufacturers' Associati
on, alternate.
Copper and Brass: A. R. Waterman, Kenosha, Wis.,
temporary governor.
Wholesale Sash and Doors: Harry L. Knox,
governor; S. F. D. Meffley,
Sash and Door Association, alternate.
Mill Work Cost Bureau: E. J. Curtis, Curtis Company
, Inc., governor;
D. L. Appleton, alternate.
Fir Door Manufacturers: George J. Osgood, governor;
W. L. Brown,
alternate.
Sheet Steel: C. I,. Patterson, Pittsburgh, Sheet Steel
Trade Extension
Committee, acting governor.
Sheet Metal Contractors: Paul L. Biersach, Chicago, President
National
Association of Sheet Metal Contractors, governor.
Cement industry: George Warren, Chicago, secretary Portland
Cement
Association, temporary altrenate.
Insttlants: C. E. Stedman, Chicago, governor; C. D. Freeze,
alternate.
Face Brick: Wilbur C. Fisk, Logan, 0., president American•Face
Brick
Association, governor; R. D. T. Hollowell. Chicago, secretary
of the association, alternate.
Weatherstrips: Willard D. Smith, St. Louis, director of sales
Monarch
Metal Weatherstrip Company, governor; Robert M. Burns, alternate.
' Architects: W. H. Olmsted, temporary alternate.
374 mills the week before, continues the National Associa
tion's report, adding:
Unfilled Orders.
The unfilled orders of 206 Southern Pine and West
Coast mills at the
end of last week amounted to 757,405,186 feet, as against
728,641,356 feet
for 215 mills the previous week. The 102 identical Southern
Pine mills in
the group showed unfilled orders of 245,014,063 feet last
week, as against
250.085,318 feet for the week before. For the 104
West, Coast mills the
unfilled orders were 512,391.123ifeet, as against
478,556, 038 feet for 215
mills a week earlier.
Altogether the 366 reporting softwood mills had
shipments 101%,and
orders 108%, of actual production. For the Southern
Pine mills these
percentages were respectively 113 and 105; and for
the West Coast mills
92 and 117.
Of the reporting mills, the 366 with an establish
ed normal production
for the week of 251.053,780 feet, gave actual producti
on 106%, shipments
105% and orders 116% thereof.
The following table compares the lumber movemen
t, as reflected by the
reporting mills of eight softwood, and two hardwoo
d, regional associations,
or the three weeks indicated; 000's ommitted:
• a.
Past Week.
Softwood. Hardwood
Corresponding
Week 1927.
Preceding Week 1928
(Revised).
Softwood. Hardwood. Softwood, Hardwood.
111
Mills or
368
377
312
158
364
374
Production_ 288.180.000 50.441,000 179.011,0
00 14,804,00
Shipments _ 262,343,000 58,010,000 216,242,000 20,040.000 255,124,000 54,272,000
0 273,923,0
Orders
290.066.000 53,086.000 207,426,000 21,019,000 281,726,000 49,976,000
00 55.854,000
*A unit is 35,000 feet of daily production capacity
West Coast Movement
The West Coast Lumbermen's Association wires from Seattle
that new
business for the 104 mills reporting for the week
ended April 21 was 17%
above production, and shipments were 8% below producti
on, which was
127,028,099 feet, as compared with a normal production for the week
of
111.058.042. Of all new business taken during the week 55%
was for future
water delivery, amounting to 81,989,130 feet, of which 51,162,4
15 feet
APR. 28 1928.]
FINANCIAL CHRONICLE
2567
was for domestic cargo delivery, and 30,826,715 feet export. New business than in January and February and well above any average month of
by rail amounted to 61.830,601 feet. or 41% of the week's now business. recent years
April production schedules indicated only a slight falling off from
Forty-five per cent of the week's shipments moved by water, amounting
to 52,432,731 feet, of which 36,985,082 feet moved coastwise and inter- March and orders on hand promised no more than an orderly seasonal
coastal, and 15,447,649 feet export. Rail shipments totaled 59,004,372 decline until mid-year.
Original equipment shipments in March of a large, representative
feet, or 50% of the week's shipments, and local deliveries 5,394,213 feet.
Unshipped domestic cargo orders totaled 182,451,076 feet, foreign 158,- group of M. & A. M. A. members aggregated 231% of the base index
figure, that is, total shipments of the same companies in January, 1925.
364,408 feet, and rail trade 171,575,639 feet.
This compared with 187% in February, 195% in March last year and
Southern Pine Reports.
214% in October, 1925, the previous peak month. Much of this equipThe Southern Pine Association reports from New Orleans that for 102 ment probably went into cars and trucks
manufactured in April. Theremills reporting, shipments were 13.28% above production and orders were fore, with expected seasonal curtailment of
vehicle output in May, unit
5.42% above production and 6.93% below shipments. New business parts makers' schedules for April were slightly
under March and further
taken during the week amounted to 68,058,312 feet, (previous week 73,declines were anticipated in May and June. In a confidential survey
121,048); shipments 73,129,567 (previous week 67,216,864);and production
of original equipment makers, however, the M. & A. M. A. learned that
64,559,112 feet, (previous week 63,910,121). The normal production
the second quarter's curtailment would apparently be so slight that, with
(three-Year average) of these mills is 67,582,338 feet. Of the 100 mills
reporting running time, 73 operated full time, 9 of the latter overtime. a record first quarter, the half year would surpass any previous similar
period. '
One mill was shut down, and the rest operated from two to six days.
Replacement parts makers selling through the wholesale trade also had
The Western Pine Manufacturers Association of Portland. Ore., reports
production from 26 mills as 22,218,000 feet. as compared with a noramal a busy March, their shipments aggregating 136% of January, 1925, as
production for the week of 23.525,000. Twenty-five mills the previous compared with 128% in February and 120% in March last year. A
week reported production as 21,806,000 feet. Shipments last week were number of representative service parts makers have predicted a record
half year and, according to present indications, the greatest year this
about the same, with a nominal increase in new business.
The California White and Sugar Pine Manufacturers Association of division of the industry ever had.
Accessory sales through the trade, which have not been up to previous
San Francisco, reports production from 22 mills as 24,334,000 feet (65%
of the total out of the California pine region) as compared with a normal years' levels because of greater adoption of standard equipment acfigure for the week of 18,815,000. Sixteen mills the week earlier reported cessories, aggregated 113% of January, 1925, as compared with 91%
production as 12,020,000 feet. There were considerable increases in ship- in February and 135% in March last year.
Garage machinery and tools in March continued the gain begun in
ment and new business last week.
The California Redwood Association of San Francisco reports production January. Aggregate shipments were 174% of January, 1925, as comfrom 14 mills as 7,508,000 feet, compared with a normal figure of 8,227,000. pared with 158% in February and 210% in March last year. This
Thirteen mills the preceding week reported production as 6,581,000 feet. division of the business has not advanced as rapidly as it did a year
Shipments decreased slightly last week, and there was a good gain in new ago, when Ford dealers, who were then selling new cars in considerable
business.
quantities, were substantial buyers of service equipment.
The North Carolina Pine Association of Norfolk, Va., reports production
With original equipment business setting a new record and trade sales
from 55 mills as 10,408,000 feet, against a normal production for the week at substantially high levels, the grand index of all March shipments of
Thirty-seven mills the week before reported production reporting M. & A. M. A. members was 207% of January, 1925, as comof 11,460,000.
as 5,198.133. There were heavy increases in shipments and new business pared with 171% in February and 181% in March last year. The
last week, due to the increase in the number of mills reporting.
previous high grand index of M. & A. M. A. reports was 188% in
The Northern Pine Manufacturers Association of Minneapolis. Minn., October, 1925.
reports production from 8 mills as 7,357,200 feet, as compared with a normal figure for the week of 7,796,400. Seven mills the week earlier reported
production as 7,198,400 feet. Shipments increased slightly last week and Production and Shipments of Tires in February Higher
orders showed a good gain.
Than in Same Month Last Year—February Output
The Northern Hemlock and Hardwood Manufacturers Association of
Also Highest in All Time,the Previous High Having
Oshkosh, Wis., (In its softwood production) reports production from 24
mills as 2,768,000 feet, as compared with a normal production for the week
Been Reached in April 1927—Inventory Higher.
of 2,590,000. Seventeen mills the preceding week reported production
According to statistics compiled by the Rubber Associaas 2.093.000 feet. Shipments were larger last week and orders the same as
the previous week.
tion of America, Inc., from figures estimated to represent
Hardwood Reports.
75% of the industry, a total of 4,772,276 pneumatic casings
'rho Northern Hemlock and Hardwood Manufacturers Association of
as com- —balloons, cords and fabrics—and 36,328 solid and cushion
Oshkosh, Wis., reports production from 24 mills as 7,680,000 feet,
pared with a normal figure for the week of 7,210,000. Seventeen mills tires were produced in February 1928, compared with
the week earlier reported production as 4,486,000 feet. There were marked 4,118,267 pneumatic casings and 36,279 solid and
cushion
increases in shipments and new business.
The Hardwood Manufacturers Institute of Memphis. Tenn., reports tires in the preceding month and 3,821,978 pneumatic casings
production from 353 units as 42,761,000 feet, as against a normal production and 43,767 solid and eushing tires in the month of February
for the week of 74,089,000. Three hundred and fifty-seven units the week 1927 and also compares with the
previous high record output
before reported production as 49,786,000 feet. There was a substantial
in April 1927, in which month a total of 4,724,748 pneumatic
Increase in shipments lastweek and some reduction in orders.
West Coast Lumbermen's Association Weekly Report.
One hundred thirteen mills reporting to the West Coast
Lumbermen's Association for the week ended April 14 1928
manufactured 123,070,070 feet, sold 144,230,286 feet and,
shipped 132,030,128 feet. New Business was 21,160,216
feet more than production and shipments 8,960,058 feet
more than production.
casings and 62,126 solid and cushion tires were produced.
Shipments in the month of February of this year amounted
to 3,773,544 pneumatic casings and 38,715 solid and cushion
tires as compared with 4,045,842 pneumatic casings and
33,797 solid and cushion tires in the preceding month and
3,344 071 pneumatic casings and 45,889 solid and cushion
:
tires in February 1927.
Inventory at Feb. 29 1928 showed 8,790,709 pneumatic
casings—balloons, cords and fabrics—as compared with
7,461,923 at Jan. 31 1928 and 8,281,317 on Feb. 28 1927
Inventory of both balloon and high pressure inner tubes a
Feb. 29 1928 amounted to 10,987,647 as against 9,736,306
on Jan. 31 1928 and 12,056,747 on Feb. 28 1927.
The Association in its bulletin dated April 19 1928 gave
the following statistics:
COMPARATIVE TABLE SIIOWING PRODUCTION, NEW BUSINESS,
SHIPMENTS AND UNFILLED ORDERS.
April 14.
AprU 7.
Week Ended—
March 31.
March 24.
113
112
113
114
Number of mills reporting
123,070,070 125,750,822 125,617.068 127,858,388
Production (feet)
144.230,286 143,572,064 109,048,885 151,073,765
New business (feet)
132,030,128 138,339,600 112,518,989 123,040,137
Shipments ((eet)
Unshipped Business—
Month of February—
165,820,778 166,308,189 169,930,876
174,612,806
Rail (feet)
Tires:
188.705,926 167,979.174 167,199,529 174,178.100
Domestoc cargo (feet)
144,029,334 131,157,712 123,469,936 126,130,150 Balloons
Export (feet)
Cords
478.558,038 465.444,075 460,600,141 474.921,058 Fabrics
Total (feet)
1928.
1927.
1926.
1925.
First 15 Weeks of—
Total pneumatics
119
113
78
103
Average number of mills_
1,704,941,285 1,105,713,757 1,424,841,968 1,487.555,653 Solid and cushion tires
Production (feet)
1 830,472,591 1,182.047,201 1,541,489,205 1,468,152.015
New business (feet)
Total
1 662.007,121 1.097,394,373 1,471.113,222 1,493,943,714
Shipments(met)
Inner Tubes:
Low pressure
High pressure
1928
1927
Productuin. Shipments. Production. Shipments.
3,021,548 2,500,013 2,017,711 1,886.975
1.697,498 1,244.812 1,696,973 1,377,080
53,230
28,719
107,294
80,016
4,772,276
36,238
3,773,544
38,715
3,821,978
43,767
3,344,071
45.889
4,808,604
3,812,259
3.865.745
3,389.960
3,221.756
1,949,539
2,602,362
1,470,668
2,251,634
1,992,539
2,012,852
1,827,342
March a Record Month in Automotive Parts and AccesTotal
5,171,295 4,073,030 4,244,173 3.840,194
First 2 Months—
1928
1927
sory Industry—Outlook Favorable for Half Year.
Tires—
Production. Shipments. Production. Shipments.
Balloons
5,398,847 4,989,404 3,811.489 3,681,598
The automotive parts and accessory industry had in Cords
3.382,248 2.740,859 3,482,877 3,121,549
March the biggest mouth in its history and has excellent Fabrics
00,000
00,000
•
00,000
00.000
rhances of making the first half of 1928 a record six
Total pneumatics
8,790,543 7,719,386 7,545.868 7,043,193
72.607
72,512
86,460
86.969
months. Makers of motors, bodies, and other parts and Solid and cushion tires
Total
0,000,000 0,000,000 -,000,000 0,000,000
accessories for original equipment of cars and trucks reInner Tubes:
5,632,880 5,141,897 4,092,600 3,978.004
ported shipments in March far ahead of February and Low pressure
High pressure
3.619,433 3.485,412 4,154,139 4,374,463
of March last year and exceeding the pace of October,
Total
9,252,313 8,627,309 8,248.739 8,352.487
1925, which had held the record, according to compilations
The Association also released the following figures, estiof the Motor and Accessory Manufacturers' Association.
In stating this, the Association, under date of April mated to represent 75% of the industry:
CONSUMPTION OF COTTON FABRIC AND CRUDE RUBBER IN
22, adds:
THE PRODUCTION OF CASINGS, TUBES,
The heavy volume of original equipment business, prompted by the
extensive operations of car and truck makers, was supported by a large
March distribution through the wholesale trade of parts, accessories
mid garage machinery and tools. The three latter classifications did not
establish new records in March but business was substantially greater
SOLID AND CUSH-
ION TIRES.
f_ " 1928.
Feb.
Period—
Fri
Cotton fabrics (lbs.) _ _
Crude rubber (lbe.)
—Calendar Years—
Jan. 1928.
1927.
1926.
16,923,607 16,039,819 177,979,818
46,468,050 43,709,438 463,661,466 165,963,182
518.043.062
2568
FINANCIAL CHRONICLE
Statistics, representing 100% of the following respective
industries, were also issued:
During the month of February there were 918,540,000 gallons of gasoline
consumed, compared with 879,438,000 gallons in January.
The number of passenger vars and trucks produced in the month of
February amounted to 301.145 and 34,727, respectively. These figures
compare with 212,248 cars and 27,882 trucks produced in the preceding
month and 3.085,738 cars and 487,585 trucks turned out in the full year
1927,and include Canadian production and cars assembled abroad the parts
of which were manufactured in the United States.
New Models and Prices of Automobiles.
The Moon Motor Car has introduced a new 6-72 collapsible custom-built cabriolet adaptable to all seasons
and conditions of weather. A modern design permits a
quick change with little effort from, an open roadster to
the snugness of closed-car comfort.
A four-passenger Victory Six coupe in attractive color
combinations has been announced by Dodge Brothers, Inc.
Completely equipped, the car is priced at $1,170. The interior is finished in mohair and designed with seating arrangement that provides ample room for all passengers.
The company has also added a two-passenger coupe to the
Senior Six line listing at $1,495. The model is also available in sport type at $1,650, standard equipment including
six wire wheels.
A new Studebaker delivery car is mounted on the chassis
of the new American edition of the Erskine six half-ton
delivery car and is offered in two body styles, screen body
and panel body.
Automobile Production Increasing.
-Mich production (factory sales) of motor vehicles in the
United States, as reported to the Department of Commerce, was 412,825 of which 371,408 were passenger cars
and 41,417 were trucks, as compared with 323,514 passenger
cars and trucks in February and 394,443 in March 1927.
In March 1926 the production was 434,470 oars. For the
first quarter of 1928 the output reached 968,032 cars against
938,133 cars in 1927.
The table below is based on figures received from 160
manufacturers in the United States for recent months, 49
making passenger cars and 129 making trucks (18 making
both passenger cars and trucks). Figures for passenger
cars include taxicabs and those for trucks include ambulances, funeral ears, fire apparatus, street sweepers and
busses. Canadian figures have been supplied by the Dominion Bureau of Statistics.
AUTOMOBILE PRODUCTION.
(Number of machines.)
Canada (a)
United States.
Total.
Passenger
Cars.
Trucks.
Total.
Pass.
Cars.
Trucks
York. One of the rules relates to the delivery of rubber
on dock and another rule to floor brokerages earned by
officers of corporations. The third rule, relating to contingencies which may prevent relivery of rubber, which is
the most important, follows:
"Whenever through any exceptional contingency not provided for
in the By-Laws and Rules, deliveries are not possible, and an extraordinary situation arises wherein a rigid enforcement of contracts generally would be grossly at variance with just and equitable principles of
trade, or the public interest, then upon application of any member, and
after investigation, the Board of Governors, by a two-thirds vote of
the whole board, may accord relief in such manner as in their judgment the emergency may demand, with due regard, however, to upholding the rights of both buyer and seller and the fulfillment Of their just
obligations and to the best interests of the Exchange."
Members of the Exchange adopted on April 20 seventeen
amendments and additions to the by-laws. One of the most
important relates to liens on memberships and another increases the fee on transfer of memberships from $100 to
$300. The one covering liens on memberships states in
part:
"A member who has a claim against another member arising out of
an Exchange contract, shall have a lien upon the membership of the
debtor member for the amount of such indebtedness. Co
-partnerships
and corporation enjoying privileges under Sections 89 and 90 respecively of the By-Laws."
Activity in the Cotton Spinning Industry for Mar. 1928.
The Department of Commerce announced on April 20,
that according to preliminary figures compiled by the
Bureau of the Census, 36,012,262 cotton spinning spindles
were in place in the United States on March 31 1928, of
which 31,412,820 were operated at some time during the
month, compared with 31,687,012 for February, 31,697,876
for January,31,715,388for December,32,269,478 for November, 32,497,504 for October, and 32,920,466 for March 1927.
The aggregate number of active spindle hours reported for
the month was 8,312,305,109. During March the normal
time of operation was 27 days, compared with 24 2-3 for
February, 2534 for January, 26 for December, 25X for
November, and 253 for October. Based on an activity
%
of 8.83 hours per day the average number of spindles operated
during March was 34,865,589 or 96.8% capacity on a
single shift basis. This percentage compares with 101.2 for
February, 101.5 for January, 94.3 for December, 107.2 for
November, 105.3 for October, and 109.8 for March 1927.
The average number of active spindle hours per spindle in
place for the month was 231. The total number of cotton
spinning spindles in place, the number active, the number
of active spindle hours and the average spindle hours per
spindle in place, by states, are shown in the following
statement:
State.
309.544
364.180
434,470
277.831
325,122
387,570
1.108,194
990,523
441.307
421,184
387,900
359.275
426,606
395,687
334,421
256.301
167,927
Total (3 mos.)
389,833
375.317
343,708
319.688
382.651
352,202
292.562
222,419
139,850
April
May
June
July
August
September
October
November
December
4,298,802 3,808,753
Total(year)
1927.
238,927
304,763
*394,443
199,650
264.171
345,911
938,133
809.732
*404,759
*404.106
*331,960
*268,476
*308,814
•260.382
*219,712
•134,411
•133,561
357,009
357,150
278,729
236.868
274,381
226,443
183,042
109,758
*106,080
January
February
Mareh
Total(3 mos.)
April
May
June
July
August
September
October
November
December
Total (year)
•
*3,394,288 *2,939,192
1928.
31.713 15.479 11,781
39,058 18,838 14,761
46,900 22.374 17,989
3,698
4,077
4,385
117,671 56,691 44,531 12,160
51.474
45.867
44,192
39,587
43,955
43,485
41.859
33,882
28.077
21,502
24,934
21,751
15.208
15,261
16,953
14.670
9,828
7,752
17.929
21,429
18.818
12,953
12,778
13.347
10,595
6,774
6.052
3.573
3.505
2.933
2,255
2,483
3,606
4,075
3,054
1,700
490,049 204,550 165,206 39,344
39.277 15,376 11.745
40,592 18.655 14.826
*48.532 23.250 19,723
3,631
3,829
3.527
128,401 57,281 46,294 10.978
*47,750
*46,965
*43,238
*31,617
*34,438
*33,914
*36.677
*24.658
*27,499
24,611
25.708
19,208
10.987
12,526
11,262
7,791
6,617
3,435
20,890
21,991
16,470
8,719
10,139
8,681
6,236
5,173
2,277
3,721
3,717
2.738
2,268
2,387
2,581
1,555
1,444
1,158
*455,194 179,426 146,870 32,556
*26,150 8,463 6.705
*32.638 12,504 10.315
41.417 9.724 7.478
1,758
2,189
2,246
100,250 30,691 24,498
867,782
Total (3 mon)
988.032
a Reported by Dominion Bureau of Statistics.
•Revised.
6.193
January
February
March
*231,693
*323,514
412,825
205,543
290,831
371,408
New Rules of New York Rubber Exchange Affecting NonDelivery Through Exceptional Contingencies-Amendment to By-Laws Relating to Liens on Memberships.
Three new rules, adopted by the Board of Governors,
went into effect April 21 on the Rubber Exchange of New
Spinning Spindler.
Active Spindle flours for Mar.
In Place
Mar.31.
Active during
March.
Total.
United States
36,012,262
31.412,820
8,312,305,109
231
Cotton Growing States_
New England States_
All other States
18,456,362
15.928,464
1,627,436
17,830,552
12,216,306
1,365,962
5,508,055,878
2.511,842,649
292,406.582
298
158
180
1.595,620
1,125,412
3,070,688
1.123,268
9,773,322
175.402
1,415,694
378,936
860,280
6,201,576
2,345,960
5,475,498
604,116
276,736
710,952
878.802
1,539.006
1,031,488
3,953,626
885.102
7,349,966
159,334
1,033.944
371,328
653,262
5.954,196
1,778,918
5,392,376
585.284
248,890
685.518
770,582
452,240,872
228,945,309
940.362,764
169.694.890
1,506,313,241
51.978,982
233,351,148
73,652,709
148,107,338
1,866,229,650
346,692,232
1.725,938,586
188,288,849
89,508,908
130,169,666
180.829.945
283
203
306
151
154
296
165
194
172
301
148
315
312
251
183
205
1926.
January
February
March
[VOL. 126.
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire_
New Jersey
New York
North Carolina
Rhode Island
South Carolina
Tennessee
Texas
Virginia
All Other States
Aver. per 80,11&gin Place.
Report of Finishers of Cotton Fabrics-March Survey
Made Public by Federal Reserve Board.
The National Association of Finishers of Cotton Fabrics,
at the request of the Federal Reserve Board, has arranged
for a monthly survey within the industry, and the results
of the inquiries are herewith presented in tabular form. The
Secretary of the Association makes the following statement
concerning the tabulation:
The figures on the attached memorandum are Compiled
from the reports
of 28 plants, most of which are representative plants doing a variety of
work, and we believe it is well within the facts to state that these figures
represent a cross section of the industry.
Note.
-(1) Many plants were unable to give details under the respective
headings of white goods, dyed goods and printed goods, and reported their
totals only; therefore the column headed "Total" does
not always represent
the total of the subdivisions, but is a correct total for the district.
(2) Owing to the changing character of business and the necessary changes
in equipment at various finishing plants, it is impracticable to give average
percentage of capacity operated in respect to white goods as distinguished
from dyed goods. Many of the machines used in a finishing plant are
APR. 28 1928.]
FINANCIAL CHRONICLE
available for both conversions, therefore the percentage of capacity operated and the work ahead is shown for white goods and dyed goods combined.
PRODUCTION AND SHIPMENTS OF FINISHED corm FABRICS.
,
:
February 1928.
While
Goods.
Dyed
Goods.
Printed
Goods.
Total.
Total finished yards billed during
month
District 1
8.366,494 16,033,666 12,109,757 40,678,620
2
4,951,562
819,087 3,328.700 17,193.025
3
7.081.177 4,204,171
11.285,348
5
5,892,199 1,255391
7,147,690
8
2,483,694
2,483,694
Total
28.775,126 22,312,415 15.438,457 78,788.377
Total grey yardage o finishing orders
received
District 1
9,239,213 17,131.990 12,281.998 41,203,604
2
6,659,311 5,366.320 1,800,682 17,456,584
3
7,848,527 3,362,588
11,211,115
5
5.478,120 1,764.856
7,242,976
8
2,069,725
2,069,725
Total
31.294,896 27,625,754 14,082.678 79,184,004
Number of cases finished goodsshipped
to customers
District 1
4,232
5,429
22,905
3,153
2
3.496
1,045
13,448
3
4,464
7,233
2,769
5
2,005
4,238
8
1,211
1,211
Total
Number of cases of finished goods held
in storage at end of month
District 1
2
3
5
Total
Total average % of capacity operated:
District 1
2
3
5
8
Average for all districts
Total average work ahead at end o
month,expressed in days
District 1
2
3
5
8
15,408
9,243
3,153
49.035
2,789
4,869
1,072
80
449
3,453
1,728
2.277
15,967
13,795
5,804
2,683
449
9,259
5.181
White and Dyed.
Combined.
62
66
73
64
108
2,277
38.698
106
88
67
71
73
64
108
65
99
69
3.0
3.3
4.0
3.9
11.4
19.8
2.1
5.6
4.7
4.0
3.9
11.4
3.4
19.8
5.2
Average for all districts
While
Goods.
March 1928.
Total finished yds. billed dur, month
District 1
2
3
5
8
Dyed
Goods.
Printed
Goods.
Total.
9.190.988 20,174,457 13,213,687 47,598,407
5,305,061 1,428,567 3,466,567 19,415,790
12,888.484
7,955,303 4,933,161
7,921,123
6,376,834 1,544,289
1,915,640
1,915,640
Total
30,743,824 28,078,474 16,680.254 89,739,514
Total grey yardage of finishing orders
received
District 1
9,476,252 16.741,769 13,122,523 42,000,683
2
6,765.430 5,288,327 1,610,198 17,755,691
3
8.310,785 3,972,363
12,283.148
5
6,117.682 1,527,146
7,644,828
8
1.643,588
1,643,588
Total
32.313.737 27,529,605 14.732,721 81.327,938
Number of cases finished goods shipped
to customers
District 1
4,280
5,536
24.984
3,551
2
4,428
1.378
14.328
3
4,272
2,580
6,852
5
1,822
4,327
8
1,004
1,004
Total
Number of eases of fin1shed goods held
In storage at end of month
District 1
2
3
5
8
Total
Total average % of capacity operated:
District 1
2
3
5
8
Average for all districts
Total average work ahead at end of
month, expressed in days
Maria 1
2
3
5
8
Average for all districts
Distribution
15.806
9.494
3.551
51.495
2,711
4,899
1,079
3,851
1,658
2,549
16,385
14,127
5,941
2,903
431
9,185
5,509
White and Dyed
Combined.
60
64
80
62
83
2,549
39.787
115
93
67
71
8.5
431
so
62
83
64
107
69
2.7
2.8
4.1
4.3
8.5
19.0
16.8
8.0
4.0
4.1
4.3
8.5
3.3
18.6
4.8
Committee Named By
Institute, Inc.
Cotton-Textile
The appointment of a Distribution Committee to consider
specific problems in the distribution of cotton textiles was
announced on April 19 by Walker D. Hines, President of the
Cotton-Textile Institute, Inc. The announcement says:
This committee has been selected by the organizations representing
manufacturers, selling agents, converters, finishers, wholesales and retail
merchants as a result of the General Distribution Conference of those
Interests held under the auspices of The Cotton-Textile Institute last
fall. Matters already referred to it by the General Conference deal with
the effects of hand-to-niouth buying on the costs of manufacture and distribution of cotton goods. and with the manufacturing policies in selling to
2569
wholesalers, retail merchants, mail order houses, chain stores and other
buying organizations. The Committee will report back to the General
Conference.
Members of the Committee are:
Former Senator Henry F. Lippitt, Chairman of the Board, ManvilleJenckes Co., Providnece, R. I.
II. P. Kendall, Treasurer, Kendall Mills, Inc., Boston, Mass., representing the Cotton-Textile Institute, Inc.
Bertram 11. Borden of M. C. D. Borden it Sons, Inc., New York City.
Benjamin F. Meffert of Amory, Browne & Co., New York City, representing the Association of Cotton Textile Merchants of New York.
Albert Mannheirner of Standard Cloth Co., New York City.
M. J. Warner, President, Converters Association, of H. J. Warner Co.
representing the Converters Association.
Albert R. White, Mt. Hope Finishing Co., New York City,
H. R. Gessner, Millville Mfg. Co., Philadelphia, Pa., representing the
National Association of Finishers of Cotton Fabrics.
W. J. D. Bell, President Wholesale Dry Goods Association of the U. S.,
of Quinn Marshall Co., Lynchburg, Va.
S. M. Bond, President, Root and McBride Co., Cleveland, Ohio, representing the Wholesale Dry Goods Association of the U. S.
Ralph C. Hudson, President, National Retail Dry Goods Association, of
O'Neill & Co., Baltimore, Md.
Edgar S. Bamberger of L. Bomberger St Co., Newark, N. J., represent-
ing the National Retail Dry Goods Association.
Cut in Price of Cigarettes Results in Break In Stock Market Prices-Report of British Interests Invading
American Field.
Reductions in the wholesale price of cigarettes,
which
had its effect on shares of tobacco stocks on the New
York Stock Exchange was among the incidents in course
of industrial movements during the week; one report as
to the motive for the price cuts stated that it was designed to discourage British interests from proposed invasion of the American field. The "Wall Street News" of
April 23 (the day the reduction in prices was announced)
stated:
Representatives of tobacco companies in New York
disclaim
reduction in cigarette prices can be interpreted as presaging a that
trade
war. However, those who have been in close touch with the
trade
situation maintain that the step is primarily aimed to discourage threatened competition on the part of the British interests as it has been
apparent for some time Imperial Tobacco Co. through its subsidiary
British-American Tobacco Co. has been planning to invade the American field with a popular priced cigarette. The first step in this
direction was the acquisition of the Brown & Williamson Tobacco Co.,
an American concern.
While there has been no official announcement on the part of the
British interests it has been known for months that through Brown
&
Williamson Co. acquired last year, British-American was planning to
introduce a popular priced cigarette in this country and conduct
a
large advertsing campaign.
Brown & Williamson was acquired nearly a year ago by British.
American which then took over operation of its two plants at WinstonSalem and Reisville, N. C. At that time it was estimated that
the
British interests were prepared to spend upward of $10,000,000 to flood
the American market with cigaretttes manufactured in plants in this
country.
On the other hand American manufacturers have been active abroad
and an instance of this is seen in the fact that last October American
Tobacco Co. acquired a 51% controlling interest in J. Wix & Sons,
English cigarette manufacturers In addition it is pointed out in the
trade that Union Tobacco Co. recently organized now has under contract from British interests the rights given by W. D. & H. 0. Wills,
English cigarette manufacturers, to sell in the United States "Three
Castles" cigarettes. This cigarette is one of the leading brands in the
United Kingdom, but the product sold here under the British
trade
name is manufactured in this country.
From the New York "Times" of April 24 we take the
following relative to the reductions announced on April 23,
and the effect on Stock Exchange prices.
A drastic reduction in the wholesale price of leading brands of
cigarettes that threatens to involve four of the largest American companies in a price war with British tobacco interests rocked the stock
market violently as trading was resumed on the New York Stock
Exchange yesterday morning after a two-day suspension. Stocks of
the American manufacturers affected broke from 334 to more than 12
points, causing acute unsettlement in other parts of the market.
The R. J. Reynolds Tobacco Company, which manufactures Camel
cigaretts, started the price reduction over the week-end, and the American Tobacco Company, manufacturer of Lucky Strike and other cigarettes, and the Ligget & Myers Tobacco Company, whose specialties
include Chesterfields, Fatitnas and Piedmonts, quickly followed suit.
The Lorillard Company, which is the other member of the so-called
"Big Four" in the American cigarette field and which has spent million of dollars in pushing Old Golds, did not meet the price cut but
is expected to do so.
To Sell at $6 a Thousand.
Under the new price list the leading brands of blended cigarettes
will sell at $6 a thousand wholesale, with the usual discounts. This
represents a reduction of 45 cents a thousand in the case of Lucky
Strikes and of 40 cents on Chesterfields and Camels. These three
brands and Old Golds are the ones chiefly affected.
The United Cigar Stores Company and the Schulte Stores Corporation are the principal marketers. Officials of these organizations indicated yesterday that their prices might not be lowered.
The Great Atlantic and Pacific Tea Company has been selling
Camels, Chesterfields and Lucky Strikes at two packages for a quarter.
against 15 cents a package straight at the United and Schulte stores.
Many other smaller organizations and individual shops have also been
selling at two for a quarter or less. Yesterday the so-called cut-rate
stores were selling the popular brands at 11 cents straight. It was reported in trade circles that the Atlantic and Pacific stores would shortly
begin selling them two for 23 cents.
The impression in Wall Street and in the tobacco trade yesterday
was, however, that the price reduction was designed to embarrass
the
Z570
FINANCIAL CHRONICLE
efforts of British manufacturers that are preparing to invade the American market. It was said that the Union Tobacco Company, in which the
United Cigar and Schulte interests are dominant, now has an agreement with W. D. & H. 0. Wills, English cigarette manufacturers, to
manufacture Three Castles cigarettes in this country. United and
Schulte have been selling these cigarettes at two packages for a quarter,
apparently to meet the competition from the cut-rate shops on the
popular American Brands.
The Imperial Tobacco Company of England, through its affiliation,
the British-American Tobacco Company, has been making plans for
some time to introduce in this country a popular-priced cigarette to
compete with Chesterfields, Camels, Lucky Strikes, Old Golds and
others, according to information in trade and financial circles.
Package to Cost 10.58 Cents.
It was calculated that tobacco jobbers and large retailers dealing
directly with the manufacturers will pay, under the new price schedule,
about $5.29 a thousand for their cigarettes after taking advantage of
the trade discounts. This would put the cost of a package of cigarettes
to such purchasers at close to 10.58 cents. A thousand cigarettes cost
jobbers and large retailers $5.64 net, or about 11.29 cents a package,
under the old prices. Small retailers, it is understood, have been paying a trifle more, but the practice was to throw in certain amounts of
book matches.
The present price reduction is the first ordered by the principal
manufacturers since Oct. 31, 1922. It is also the first since the death
of James B. Duke, who organized the old American Tobacco Company.
Strongly opposed to price-cutting, he was able, through his influence in
the industry, to prevent a disorganization of the price situation, it was
recalled in Wall Street.
George W. Hill, President of the American Tobacco Company, said
in part:
"Our increase for the first quarter of this year on Lucky Strike
cigarettes, as compared with last year, has been in excess of 56%. This
increase in volume, despite the reduction in price, gives us a gross
available dollars and cents profit in excess of our gross available for
the first quarter of last year. It is undoubtedly true that the lower
price of cigarettees will have a tendency to increase the volume, and
:ye deem it but natural that under these circumstances the volume of
Lucky Strike cigarettes should show even greater increases during the
first quarter."
President B. L. Belt of the Lorillard Company, which is the one
company of the four concerned that has not met the price reduction,
said lie had no comment to make. Officials of the Reynolds and
Liggett & Myers companies also were silent.
All of the companies are in a strong financial position. Their net
working capital as shown in balance sheets at the end of 1927 was as
follows: Reynolds. $124.467.286; American Tobacco, $95,403,628;
Liggett & Myers, $111,213,283; Lorillard, $55,893,128.
The Declines Feature Market.
The severe decline in the stocks of tobacco companies was the outstanding feature of yesterday's stock market. Lorillard opened at
38%, off 534 from Friday's close. It then recovered to 4054, only to
sell off again in the afternoon, touching 35% and closing at 3534, with
a net loss of 854 points. American Tobacco B, which closed Friday
at 16854, opened yesterday at 156, then recovered to 161% and closed
at 159%, showing a net loss of 954. Reynolds B opened at 135, or 3
points below Friday's close. It later rallied to 135% and closed at
1345/u, off 354 points on the day. Liggett & Myers opened at 10554,
off 934 from Friday's close. After rallying to 107% it fell back to
105% at the close, showing a net loss of 95/u points.
Selling in other parts of the list was ascribed to the weakness in the
tobacco stocks and to uneasiness over the possibility of an increase in
the New York Federal Reserve Bank's rediscount rate on Thursday.
The market had a period of strength in the middle of the day, however,
but it turned heavy again in the last hour. Final quotations showed a
net loss of 434 for General Motors, 20 for Chrysler, 35/s for American International, 234 for American Republics Corporation, 10 for
Baldwin Locomotive, 4 for Collins & Aikman, 534 for Electric Auto
Lite, 2 for Ludlum Steel and 3 for Union Carbon and Carbide.
The same paper, in its issue of April 27, indicated as
follows the action taken by Lorillard & Co. on April 26 in
meeting the price cuts of April 23:
P. Lorillard & Co., manufacturer of Old Gold cigarettes, met yesterday the reduction in wholesale price announced last Saturday by
the American Tobacco Company, manufacturer of Lucky Strikes; the
Liggett & Myers Tobacco Company, which makes Chesterfields, and
the R. J. Reynolds Tobacco Company, maker of camels. The price
reduction has not been passed on by the retailers, however, except
yesterat certain cut-rate shops. The principal marketers continued
package.
day to retail the four brands at 15 cents a
The Lorillard company's new price is $6.10 a thousand, before
competitors reduced their price
the usual trade discounts. Its three
discounts. The prices of the four are
to $6 a thousand, minus the
now about on a parity.
price-cutting has been regarded as a
In trade circles the recent
blow at the Lorillard Company.
.
.
.
one of the objects of the priceWall Street has the impression that
competition from British cigarette
cutting is to discourage possible
manufacturers.
from London April 25 to the
A Central News cablegram
stated that leading manufacturers
New York News Bureau
they would make no reducof cigarettes announced that
the result of the cuts made on cigarettes
tions In prices as
week.
in the United State searlier in the
During March.
Increase in Output of Cigarettes
cigarettes in March amounted to
The output of small
8,026,095,850 in March of
8,470,466,373 as compared with
to the data made available by the
last year, according
off in the output
Bureau of Internal Revenue. A falling
cirgarettes and large and small cigars is shown
of both large
of April 18
n the following information issued under date
'by the Bureau.
The following comparative data of tax-paid products
indicated by monthly sales of stamps are obtained from the
statement of Internal Revenue collections for the month
of March 1928:
[Vol... 126.
ProductsDistilled spirits (non-beverage)
Spirits or wines, rectified
March 1927.
772.675
10,493
March 1928.
810,571
6,029
No_ 259,995,125
No.. 63,398,030
No. 192,151.734
NO. 11.301.132
NO.
1,851,543
262,193,185
52,753,403
169,936,320
11.068.684
1,952,690
528,697,564
497,904.282
NO. 43,826.267
No.
1,021,707
No.8,026,095,850
lbs_
3,701,229
lbs_ 31.646,241
lbs_
1,193.730
lbs_ 26,040,198
packs
4,950,982
35,258,107
770,556
8,470,466.373
3,765,245
29,817,238
1.158,213
26,269,152
5,626,506
gals_
gals_
Cigars (large)
Class A
Class B
Class C
Class I)
Class E
Total
Cigars (small)
Cigarettes (large)
Cigarettes (small)
Snuff, manufactured
Tobacco, manufactured
Oleomargarine, colored
Oleomargarine, uncolored
Playing cards
-The above statement does not include tax-paid products from Porte Rico
Note.
and the Philippine Islands. This information is shown in the supplemental statement.
SUPPI.EMENTAL STATEMENT.
Tax Paid Products from Porto Rie0 for the Month of March.
ProductsMarch 1927,
March 1928
Cigars (large):
Class A
No..
8,817,475
10,535,250
Class 13
No.
1,032,550
133.200
Class C
No.
2,646.900
1.078.300
Total
12,496,925
11,746,750
Cigars (small)
No.
900.000
960.000
Cigarettes (large)
No.
300,000
628.000
Cigarettes (small)
No.
42.400
80,740
Tax-Paid Products from the Philippine Islands for the Month of March.
ProductsMarch 1927.
March 1928
Cigars (large):
Class A
No. 16,281,100
15.856,690
Class B
No.
297,200
294,923
No.
Class C
158,628
267,648
Class D
No.
302
1,011
Class E
Ne.
126
30
Total
16,737,356
10,420,302
No.
Cigarettes (large)
500
No.
Cigarettes (small)
140,467
22,600
Tobacco, manufactured
lbs.
59
34
Note -Quantities of tax-paid products shown in above statement are Indicated
by stamp sales for the month.
Increase in Production of Linseed Oil During Quarter
Ending March 31.
The Department of Commerce in announcing on March
21 that the Census Bureau has received returns from all of
the mills in the United States engaged in crushing flaxseed
for the quarter ending March 31, says:
The more prompt cooperation on the part of the crushers of flaxseed
makes possible the issuance of this preliminary statement in advance
of the publication of the quarterly report on Animal and Vegetable
Fats and Oils. It is hoped that the crushers of flaxseed will furnish
the statistics still more promptly in the future, thus enabling the issuance of a similar statement at an earlier date.
There were 31 mills which crushed flaxseed during the quarter, reporting a crush of 322,777 tons of flaxseed and a production of 223,750,569 pounds of linseed oil. These figures compare with 309,042
tons of seed crushed and 202,162,304 pounds of oil produced for the
corresponding quarter in 1927, 298,231 tons of seed and 194,607,038
pounds of oil in 926, and 350,445 tons of seed and 229,544,407 pounds
of oil in 1925. Stocks of flaxseed at the mills on March 31, 1928,
amounted to 119,304 tons compared with 86,426 tons for the same
date in 1927, with 97,227 tons in 1926, and with 112,410 tons in 1925.
During the quarter imports of linseed oil amounted to 82,212 pounds
compared with 338,750 in 1927, 4,272,062 in 1926 and 5,182,515 in
1925. The imports of flaxseed during the quarter amounted to 115,253
tons in 1928, 158,525 tons in 1927, 165,038 tons in 1926„and, 89,646
tons in 1925.
World Stocks of Slab Zinc Increase 1,800 Short Tons
Total on April 1 Estimated at 62,900 Tons.
A. J. M. Sharpe, honorary foreign correspondent of the
American Zinz Institute, Inc., estimates world stocks of
slab zinc April 1, at 62,900 metric tons of 2,204.6 pounds
each compared with 61,100 tons on March 1, an increase of
1,800 tons. The following table gives in metric tons Mr.
Sharpe's estimate of zinc stocks in the various countries:
United States _
Canada
Australia_ x _ _ _
Germany and
Poland
Belgium
Great Britain
Scandinavia_ ._
Far East
Elsewhere
Apr. 1 '27. Mar. 1 '28. Feb. 1 '28. Jan. 1 '28. July 1 '27. Jan. 1 '27.
37.500
37,700
38,200
37,000
39.871
19,800
4,000
3.000
2,500
2,400
2,600
3,200
3,500
3,300
2,800
2,800
2,800
2,400
6.600
5.600
1,300
200
800
y3,200
6,400
5,800
900
200
800
y3,200
5,800
4,400
1,600
200
600
1,700
6,100
4,200
1,100
200
600
1,700
6,800
3,300
1,500
200
500
2,800
Total
$62,900 $61.100 $57.1300 $56,100 $60,371
Including unsold shipments afloat. 9 Includes 1,200 tons in France.
9,500
4,000
1,000
200
500
3,000
$43,600
Mr. Sharpe, in reviewing world conditions of zinc, says
in part:
During 1927 consumption lagged behind production, the latter figuring
out at 1,332,200 metric tons and consumption at 1,319.700 metric tons.
Now, in the three months just ended, world stocks of relined zinc have
risen from 56,100 tons on Jan. 11928. to 62,900 metric tons on Mar.311028.
There has been no retrogression in world consumption, RO that it is necessary
to concede that production is continuing to slightly outstrip the world's
consumptive needs.
Granted that consumption in the first three months equaled the average
quarterly deliveries in 1927, then it is clear that there is plenty of time for
the situation to gather strength before the year ends. Rectification can
best be provided by voluntary curtailment of output; thus it is decidedly
encouraging to note the reduction in retorts in operation in the United
States from 77,084 at Jan. 11928. to 71,262 at the end of the first quarter.
APR. 281928.]
FINANCIAL CHRONICLE
2571
In Europe, on the other hand, production continues to expand, albeit very I
The estimated daily average gross production of the Mid-Continent field
slowly.
including Oklahoma, Kansas,Panhandle, North, West Central, West Texas,
The real key to the situation is ore supply, in respect to which there has East Central and Southwest
Texas, North Louisiana and Arkansas, for the
been a superabundance for over a year past. The,question of supplies of week ended April 21 was
1,477,500 barrels, as compared with 1.471.750
both lead and zinc ores has completely somersaulted in the past two years. barrels for the preceding week,
an increase of 5.750 barrels. The MidEuropean smelters have become so independent as to be able to raise their Continent
production excluding Smackover. Arkansas heavy oil was 1,413,returning charges with irritating frequency and at the present time offer 700 barrels as
compared with 1,407,600 barrels, an increase of 6,100 barrels.
terms more onerous than at any period since the war. The expansion in
The production figures of certain pools in the
ore supply coincided with the world-wide adoption of the selective flotation current week compared with the previous week various districts for the
follow (figures in barrels
method of treating lead-zinc ores. In our judgment the zenith of extra ore of 42 gallons):
supply from this cause will be reached in the present year, so after 1928
-Week Ended-Week Ended
any greater expansion must be dependent upon existing and fresh ore
OklahomaApr.21 Apr.14.
North LouisianaApr.21. Apr.14.
deposits reaching the production stage. As to that, there has been no North Braman
2,950
2,750 HayneevIlle
6,350
6,350
South Braman
1,800
1,750 Urania
dearth of discovery of new deposits carrying zinc combined with other Tonkawa
7,350 7,400
14,550 14,500
metals. In Canada alone there promises to be a substantial annual increase Garber
8,600
Arkansas
8,800
Burbank
the output of zinc ore.
In
37,750 38,550 Smackover.light ......_ 8.150
8,200
There has been a noticeable resistance to the price of slab zinc in Europe Bristow Slick
24,300 24,400 Sma...kover.heavy_
63,800 64,150
9,900 9,900
remaining at under £25 a ton, consequently this figure has rightly or wrongly Cromwell.
Wewok a
7,650
Coastal Texas
7,650
come to be accepted as low-water mark. It is the European ore producer Seminole
55,500 55,100 West Columbia
9,000
8,250
and not the European smelter who is suffering today, as the returning charge Bowlegs
73,350 75,700 Blue Ridge
5,700 5,750
quoted by smelters covers a very fair profit. Hence the prospects for an Seartght
16.350 16,750 Pierce Junction
10,300 12,400
Little River
41,750 40,550 Hull
advance in the selling price of zinc are more dependent upon the course of Earisboro
11,200 11,300
93,450 95,250 SpIndletop
33,400 36,000
the market in lead, copper and tin than on any other cause. In the second
Panhandle resetsOrange County
4,800
4,800
of the year we confidently look for a rise in the price of lead, and this HatchInean County.... 41,700 41.700
half
Carson County
7,400
Wyorninp7,100
should bring about a sympathetic improvement in the zinc market.
Gray County
19,000 21,800 Salt Creek
40,800 36,150
The average gain in world consumption of zinc in the past four years has Wheeler County
950
900
Writ Cvntral Tents
been 90,000 metric tons annually. Assuming this to be a normal yearly
Montana
increase In consumption, it would mean that the world would call for a Brown County
12,300 12,150 Sunburst
10,000 10,000
Sehaekeitord County__ 10,000 9,300
production of no less than 1,750,000 metric tons by 1932.
West Terns
California
The popularity of high grade zinc is a progressive feature of the Industry Reason County
Santa Fe Springs
19,100
37,000 37,000
so far as Europe is concerned. and the brass makers in particular have Pecos County
51,900 50,600 Long Beach
158,500 149,000
swung over to its use in increasing numbers. It is hardly surprising in the Crane& Upton Countlea. 75.300 76,750 Huntington Beach
55.500 56.000
212,350 203,150 Torrance
circumstances that the supply has frequently fallen behind the demand, with Winkler
18,500 18.500
East Central Texas
Doiningues
12,500 12,500
a resultant heavy premium for spot delivery. Generally the differential Corsicana Powell
11,900 11,900 Roscerans
6,500 6,800
between the selling prices of prime western and electrolytic zinc guaranteed Nigger Creek
1,350
1,350 Inglewood
29,500 29,500
Southwest Tezas90,9% purity has ranged either side of £2 per long ton.
Midway-Sunset
73,500 73.500
Luling
13,450
Laredo District
Crude Oil Prices Remain Unchanged-Some Advances
in Gasoline Prices.
No changes of any importance were made in the crude
oil prices throughout the country during the week just
ended. Gasoline prices, however, continued to be revised
upward In a number of instances. In Richmond, Va., on
April 23, gasoline prices were advanced 2 cents a gallon,
both wholesale and retail. Prices have been lower there
than at nearby centers. Standard Oil prices are now 16
cents tank wagon, or 21 cents with the 5 cents state road
tax, and 24 cents retail.
The Acewood Petroleum Co. has advanced the price of
California gasoline in New York harbor 14 cent to 10 cents
/
a gallon.
On April 25 the Standard Oil Co. of New Jersey advanced tank-car gasoline % cent a gallon to 9% cents at
New York, Norfolk and Baltimore and 9 cents at Charles/
1
2
ton, S. C. The Sinclair Refining Co. has followed advance
of % cent a gallon in tank car gasoline prices, making its
price schedule as follows: 9% cents at New York,
Philadelphia and Portsmouth, 10 cents at Tiverton,
R. I., 9%
cents at Charleston, S. C., 934 cents at Jacksonvi
lle and
Tampa, Fla., and 8% cents at Houston and New
Orleans.
Wholesale prices in the Chicago market on
April 26
were: Motor grade gasoline, 6% to 0% cents;
kerosene,
41-43 water white, 5 to 5% cents; fuel oil, 24-26
gravity,
kCi to 90 cents.
Increase Reported in Crude Oil
Production.
An increase of 11,150 barrels in the daily crude oil
output
during the week of Apr. 21 brought the total up
up to the
level of two weeks ago, according to figures set forth
by the
American Petroleum Institute. In this summary
, it is estimated that the daily average gross crude oil
production in
the United States for the week ended April 21 1928
was
2,393,750 barrels as compared with 2,382,6(X)
barrels for
the preceding week. Compared with the output of 2,478,10
0
barrels produced in the corresponding week of 1927,
the
current output falls short by 84,350 barrels per day.
The
current average production east of California was
1,781,250
barrels, as compared with 1,772,800 the previous week,
an
increase of 8,450 barrels. The following are estimates of
daily average gross production by districts for the
weeks
indicated:
(In Barrels.)
Oklahoma
Kansas
Panhandle Texas
North Texas
West Central TOXII8
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
coastal
Louisiana
Eastern
WyonlitiR
Montana
Colorado
New Mexico
California
Total
DAILY AVERAGE PRODUCTION.
Apr. 21 '28. Apr. 14 '28. Apr. 7 '28,
Apr. 23'27.
620,550
624,800
0
721,850
111,350
112,350
114,500
115,850
69,250
71,700
72,950
124,700
69,450
65,400
66,150
90.750
54.850
64,250
54,350
82,100
371,800
361,650
369,450
103,900
23,700
23,900
23,050
41,150
23,600
23,550
24,000
36,550
47,750
48,850
45,050
49,850
85,200
85,300
84,700
108,500
100,600
104,150
107,050
138.700
16,450
14,950
16,350
21,000
107,500
106,000
104,500
109.000
58.750
55,050
.55,250
62,000
11,900
11.950
11,950
15,050
6,350
6,850
7,450
9,950
2.200
2,100
2,350
6,400
612,500
609,800
603,400
641,000
2 393,750
2,382,600
2,395,250
2.478,100
6,400
13,300 Ventura Ave
6,450 Seal Beach
51,000 52,500
39,000 39.500
Mexican Petroleum Exports Increase.
Unoffical figures show an increase in petroleum exports
from Mexico during the month of March as compared with
February totals. Exports in March are estimated at 3,693,655 barrels as compared with 3,475,128 barrels in February,
an increase of 218,527 barrels.
The Huasteca Petroleum Co. leading the list of exporters,
also showed the largest increase. The Panuco Boston made
one shipment in March although it had shipped nothing in
February, and the Texas Co. of Mexico, which shipped
70,134 barrels in February, n ade no shipment in March.
The comparative figures on shipments for the two months
are:
Companies-
Huasteea
Agulla
Mexican Sinclair
Transcontinental
Empire
Corona
Penn-Mex
Mexican Gulf
Pierce
Panueo Boston
Texas
Totals
Oil
March.
1,706,889
690,187
449,340
203.591
154,492
133.857
133,908
115,621
54,591
61,179
February.
1,252,275
1,018,210
232,709
287,809
190.100
103.167
150.031
63.065
107,627
3,893,855
3,475,128
70,134
Situation According to Fenner &
Beane Healthier
Than a Year Ago-Increases in Gasoline Prices
Looked For.
With the outlook for even, greater consumption
of gasoline, based on the increased number of cars registere
d on
the first of this year compared with a year
ago, recordbreaking production of new cars so far this year,
and
Ford's gigantic output still to come, further increases in
gasoline prices are to be expected before the end of the
year, according to Fenner & Beane, in an analysis of the
oil industry, just issued. It is noted that at the end of
1927, for the first time in four years, stocks of gasoline
on
hand were actually lower than at the end of
the previous
year. These stocks are being slowly built up again
in
preparation for the exceptional demand of the coming
summer, the analysis points out, but based on
a 10% increase in gasoline consumption for 1928,
as against 1927,
in which year consumption increased 12%
over 1926, stocks
on hand are expected to be reduced still further.
This, it
Is stated, will greatly increase the strategic
importance of
gasoline from the crude oil and make it possible
to use the
heavier grades of crude. Last year there was
an excessive
supply of light, the decreasing output of the
Seminole
field and the increasing demand for gasoline,
light crude
oil is selling at an increased premium over
heavy and sour
(sulphur containing) oil. The companies whose
main production is in light crude should benefit by this
development,
according to Fenner & Beane, in their analysis.
The new
fields from which the greatest increase in
new production
Is coining, including West Texas, California
and Venezuela,
are predominantly heavy oil fields. The
refiner and distributor are said to hold the whip-hand over
the market as
against the producer, due to the fact that
in crude oil,
the
2572
FINANCIAL CHRONICLE
present and potential supply is greater than demand, while
In gasoline, and to a lesser extent in lubricating oil, demand is greater than supply. Since much of the production of oil in America is in the hands of small companies
and individuals, incapable of organizing or taking a long
range viewpoint, which demands powerful financial backing to be successful, and since many producers are hampered in their policy by obligations arising from the fact
that they hold their oil lands under leasehold and not outright, refiners and marketers, who are, generally speaking,
large corporations able to plan far ahead and execute their
projects, should be in better position to carry through a
thorough-going stabilization of the industry. The firm goes
on to say:
"The end of the depression has apparently been ushered in by
refiners and distributors marking up certain grades of crude prices
in preparation for an advance in gasoline prices, which has since
been realized, based on actual consumers' demand. There is no
question that the situation as of April, 1928, is infinitely healthier
than that of April, 1927."
Oil Output in Venezuela Reached New High Record
in March-Shipments Increased Over 100% as
Compared With Same Month Last Year.
According to statisticsgiven in the Aprilissue of "O'Shaughnessy's South American Oil Reports," and published in the
"Wall Street Journal" of April 17. Venezuelan oil production in March totaled 7,600,708 barrels, a new high record,
averaging 245,184 barrels daily, compared with 6,798,838
barrels, or 234,443 barrels daily in February and 4,704,362
barrels, or 151,754 barrels daily in March 1927. The
previous record output was 7,304,597 barrels an average of
235,632 barrels daily, in Dec. 1927.
March shipments totaled 7,387,473 barrels, an average
of 238,305 barrels daily, against February total of 6,759,663
barrels, or 233,089 barrels daily, and 3,530,882 barrels, or
113,900 barrels, daily, in March 1927.
Venezuelan oil production in the first three months of
this year totaled 21,392,849 barrels, as compared with
13,985,798 barrels in the corresponding period in 1927.
Shipments in the first quarter totaled 20,983,996 barrels,
against 10,815,631 in the same period last year.
PRODUCTION BY COMPANIES.
(As Estimated by O'Shaughnessy's South American 011 Reports.)
Mar 1928. Daily Am.Feb. 1928. Daily Arm Mar.1927.
(In Barrels)86,502 2,330,636
80,367 1,898,909
2,681,571
V. 0. C
66,793 1,925,604
66,400
908,900
2,070,568
Lag°
63,200
Lago-Maxud
791,373
1,024,282
33,041
27.289
415,500
-Creole
Gulf
305,560
10,537
278,760
252,058
8,131
Gulf
452.500
15.603
557,000
17,968
267,000
Gulf-Ven.Petroleum
795,556
27,433
819,609
26,439
593.900
Carib.Petroleum_ _ _
167,609
234,903
164,120
5,294
5,780
B. C.0., Ltd
1,016
30,000
1,034
43,200
31,500
Gen.Asphalt
7,800,708
245,184 6,798,838
234,443 4,704,362
SHIPMENTS BY COMPANIES.
Mar. 1928. Daily Ange. Feb. 1928. Daily Awe. Mar.1927.
(ha Barrels)90,562 2,359,427
81,359 1,348,200
2,807,420
V.O.C
1,873,173
60,425 1,780,544
61,398
816,682
Lag°
30,936
959,025
818,500
28.223
268,300
-Creole
Gulf
6,513
327,400
201,900
11,289
202,400
Gulf
521,575
16,825
491,100
16,934
-yen.Petroleum
Gulf
200,300
786,476
838,580
27,051
27,120
448,600
Carib.Petroleum__ 4,977
166,216
5,732
154.300
230,200
B.C.0., Ltd
1,016
1,034
30,000
31,500
43,200
Gen. Asphalt
Totals
Totals
7,387,473
238,305
6,769,663
233.089
3,530,882
Steel Operations Ease a Trifle as Pressure For Deliveries
Recedes
-Iron is Steady.
deliveries is growing less insistent, and
Pressure for steel
production is commencing to recede from the high rate of
March, when some mills had to work extra turns, observes
the "Iron Age" in its survey of the steel and iron markets
issued Apr. 26. Steel Corporation subsidiaries continue to
operate at 90% of capacity, but in the Greater Pittsburgh
district average output for all mills has declined to 80% from
a recent maximum of 85%.
The volume of specifications shows a natural shrinkage
following the heavy releases prior to the last price advances.
The extent to which specifying at that time covered consumers'requirements in this quarter is not yet clear, but there
are indications that many buyers are protected until July 1.
These commitments are the main support of present mill
operations, but meanwhile backlogs are being reduced, and
there is growing concern over new business, which, as yet, is
of small proportions. At Chicago where the recent buying
movement lasted longer than elsewhere, new bookings have
dropped to 50% of shipments for the first time in many
weeks. Shipping orders, however, continue to equal mill output, so that the operating rate in the Chicago district remains
above 95% reports the "Age," adding:
Competition for new business has already become a major factor in the
sheet market,causing a rather general abandonment of the prices announced
[VoL. 126.
for this quarter. Blue annealed sheets have declined $2 a ton to 2c., Pittsburgh, and width differentials have been waived. Black sheets are more
generally quoted at 2.75c., Pittsburgh, a drop of $3 a ton from the last advance. On wide hot-rolled strip 1.85c., Pittsburgh, a decline of $1_a ton, is
an increasingly common quotation.
Irregularity in wire nail prices is due primarily to the willingness of some
mills to accept additional specifications against first quarter contracts carrying a price 10c. per keg lower than the second quarter quotation.
A.4
In plates, shapes and bars also there is a less effective effort to establish
the last advance. For some time 1.90c., Pittsburgh. was obtainable on orders not covered by contracts, but recently mills have been accepting such
business at 1.85c. Leading producers, however, have not given up their
purpose to raise the market to 1.90c., and say that they will adhere rigidly
to that figure on third quarter contracts.
fie Wadi
Tin plate specifications for July shipment are due in the next three weeks,
and during that period the price for the last half of the year will probably be
announced. It is commonly expected that the present quotation of $5.25
per base box. Pittsburgh. will be reaffirmed.
01011114
Automobile manufacture, which remains a leading outlet for current:steel
production, shows no signs of a seasonal recession. The steady increase in
Ford operations is expected to offset curtailment by other motor car builders.
Adoption by the Ford company of a plan under which it will supply,steel
bars to forge shops with which it has placed contracts is expected to have
a far reaching effect on the steel industry.
Railroad buying is featured by purchases of 31 locomotives, of which 20
were placed by the Texas & Pacific, and orders for 220 passenger train
cars,of which 120 will be built for the New York Central. Builders offreight
equipment have few definite inquiries before them, but liberal purchases in
July or August, possibly totaling 30,000 to 40.000 cars, are said to be in
prospect.
Bridge construction continues to bulk large in structural steel lettings.
The Cooper River bridge at Charleston. S. C., taking 12,000 tons, has been
awarded to two fabricators, while a highway bridge in Missouri, now being
figured, calls for 8000 tons.
Basic pig iron, which is quoted by producers in the Valleys at $17,furnace,
has been sold at $17,delivered, to an Ohio consumer, but apparently not by
a Valley maker. Deducting the freight ratefrom Valley furnaces to the point
of delivery, the f.o.b. furnace quotation, on this basis, would have been
315.87, which is lower than the average price for Valley basic for any month
since November. 1915.
New England and other Eastern delivered prices on pig iron probably will
be lower because of drastic reductions in rail freight rates from the Troy.'
N. Y., furnace to New England points and through the completion of arrangements for more wide-spread delivery of iron from Buffalo by barge or
barge and rail. The New England rate cuts place Troy shipments on a
mileage basis, with savings to consumers ranging from 41c. to $1.13 a ton.
The scrap market shows conflicting movements, with a decline of 25c. a
ton on heavy melting steel at Pittsburgh and an advance of 50c. a ton on the
same grade at Chicago and at St. Louis. In eastern Pennsylvania, prices on
heavy melting steel have remained stationary for months. These divergences
emphasize the fact that scrap is.more largely influenced by purely local conditions than at any time in years, and definite price trends are no longer in
evidence over any considerable period.
Welsh tin plate mills have reached a record for unfilled orders, with heavy
buying even from France, but otherwise the British steel market is quiet.
The "Iron Age" composite price for finished steel has dropped to 2.355c.
a lb.,from 2.362c.last week. The pig iron composite price remains at $17.67
a gross ton, as the appended tables indicate:
Finished Steel.
Pin Iron.
AM.24 1928. 2.355o. a Lb.
Apr. 24 1928, 317.67 a Gross Ton.
One week ago
2.362e. One week ago
117.67
One month ago
2.357o. One month ago
17.67
One year ago
2.339c. One year ago
19.21
10-year pre-war average
1.689c. 10-year pre-war average
15.72
Based on steel bars, beams,tank plates, Based on average of basic iron at Valley
plain wire, open-hearth rails, blans pipe furnace and foundry irons at Chicago.
and black sheets. constituting 86% of the Philadelphia, Buffalo, Valley and BirUnited States output of finished steel.
mingham.
High.
Law.
High,
Lag.
1928..2.364r. Feb. 14 2.314e. Jan. 3 1928__ 17.75 Feb. 14 17.54 Jan. 3
19272.453e, Jan. 4 2.293e. Oct. 28 1927__ 19.71 Jan. 4 17.54 Nov. 1
1926_2.453o. Jan. 5 2.403e. May 18 1926._ 21.54 Jan. 5 19.46 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 2.460e. Oct. 14 1924_ 22.88 Feb. 26 19.21 Nov. 3
1923__2.824e. Apr. 24 3.446e. Jan. 2 1923_ 30.86 mar.20 20.77 Nov.20
Consumers of finished steel continue to buy sparingly,
being well protected a short distance ahead or inclined toward
conservatism for price or seasonal reasons, and this policy is
beginning tocast its shadow over the production end of the
industry says the "Iron Trade Review" in its review of conditions affecting the iron and steel markets thisweek. Only a
wave of buying in the final days of the month could have sustained operations at the high levels that carried over from
March, and this has not developed nor is in prospect.
A checkered situation is in the making, as one result.
Pittsburgh district ingot production has slipped from 85 to
80%. Chicago holds at 95%, but the blowing-in of a steelworks blast furnace stack there is meaningless because one is
being dropped this week. Finishing mill operations in the
Mahoning valley have risen co-incident with curtailed ingot
output. Buffalo, at 85%, is off slightly. Steel Corporation
subsidiaries are unchanged at 88 to 90%, continues the
"Review" in its Apr. 26 issue from which we add:
When current activity is measured against last April and the tendency of
the second quarter to ease off is considered, the factors of strength are
dominant. More pig iron and finished steel apparently are being produced
and shipped this month than a year ago, prices are higher than in last April
despite the present unsettlement, and order books of most producers are
heavier than at this time last year.
Automotive production ebbs and flows according to individual manufacturers but continues the chief outlet for iron and steel. Ford business is
broadening, without yet having materially affected demand from competing
makers. Railroad pressure for speedy delivery of track material is unabated,
and in the past week car buying has been fair. Farm implement interests
have not yet dropped into the lull between the tillage and harvesting equipment periods. Building steel awards are at the seasonal average, with large
inquiry promising important gains.
Basic iron, nominally $17. Valley, has succumbed to the first real test in
weeks. For 3000 to 4000 tons for its Alliance, 0., plant the American Steel
Foundries is reported to have paid $17, delivered, to an Ohio producer, indicating a $16. Valley, market. Considerably buying of pipe iron is Im-
:tea. 28 1928.]
FINANCIAL CHRONICLE
minent in eastern Pennsylvania. Heavy shIpmekits feature the Chicago and
Cleveland markets. Inquiry is expanding at Buffalo. Less than $2.75 has
been quoted on standard furnace coke without arousing consumer Interest
and as low as $2.60 is done on spot material.
, Steel bar, plate and shape orders and specifications at Chicago and Pittsburgh contrast with shipments. in the case of bars at Chicago being not over
half. Consumption, however, has not tapered off to this extent. Southwestern oil country demand for plates as expressed chiefly in storage tanks
has subsided this week. Fabricators in most districts have not received
awards warranting heavier taking of plain material. Heavy steel has settled
to 1.85c. at Pittsburgh. while at Chicago the mills seek to hold at 2.000.
Sheet mill operations in the Mahoning valley have been increased from 75
to 83% this week in response to heavier specifying while at Pittsburgh some
capacity has been taken off. Buying at Chicago and in the East is light
The sheet price situation is spotty, tending toward weakness. Tonnage
buyers are shading 2.000., Pittsburgh. on.blue annealed. 2.75c. on black
and 3.65c. on galvanized.
Pittsburgh district makers of hot and cold-rolled strip note a gentle recession in specifications from automotive uses. Concessions have developed
at Chicago on the wider sizes of hot rolled. Cold bar finishers also have
less business from the automotive industry.
The Southern Pacific It. R. has closed on 250 automobile cars. the New
York Central on 120 coaches and the Illinois Central on 20 suburban cars
and trailers. The Erie intends buying 1000 frieght and 25 passenger cars.
Fifty coaches and as many refrigerator cars comprise the week's new inquiry. The Pennsylvania has distributed large track fastening requirements.
All year steel ingot production has been expanding more rapidly than has
pig iron. indicating the charging of a larger percentage of scrap In the open
hearth furnaces. Now the scrap market is reflecting this condition. Consumers in many districts want heavier shipments of scrap against their contracts and dealers encounter a stiffer market in trying to cover.
Cast Iron pipe prices,' which have been strengthening, have stood a severe
test at Detroit, where 11,980 tons is being bought. Against a foreign bid of
$29.08, domestic prices ranged from $30 to $30.75, base, Birmingham, holdlog at what is considered to-day's market.
Minor price fluctuations have neutralized themselves this week, leaving
the "Iron Trade Review" composite of fourteen leading iron and steel yrolucts unchanged at $35.56. Last month this barometer stood at $35.81 and
a year ago at $36.73.
American Iron and Steel Institute's Survey of Annual
Capacities of Pig Iron, Ingots and Castings.
The survey of capacities which is made annually by the
American Iron and Steel Institute has now been completed
Sud shows the following results:
Pig Iron
Steel Ingots
Steel Castings
Annual Capacities as of December 31 1927.
49,808.320 gram tens
59,435,766 gross tons
2,029,334 gross tons
Production of Coal by States During the Month of
March.
Below are shown the first estimates of production of
bituminous coal, by States for the month of March as
compiled by the United States Bureau of Mines. The distribution of the tonnage is based in part on figures of loadings by railroad divisions, and in part on the reports of waterway shipments.
The total production of bituminous coal for the country
as a whole in March is estimated at 43,955,000 net tons,
in comparison with 41,351,000 tons in February. In March
1927 production was 60,147,000 net tons or 16,192,000 tons
greater than the current figure. The average daily rate
of output in March was 1,628,000 tons, a decrease of 2%
from the average rate of 1,661,000 tons for February. '
Anthracite production in the month of March amounted
to 5,497,000 net tons, as compared with 5,582,000 tons in
February, and with 6,098,000 net tons in March a year ago.
The current figures thus remains 601,000 net tons short
of the output in the corresponding month of 1927. The
average daily rate of output in March was 204,000 tons,
a decrease of 10.5% from the average rate of 228,000 tons
for February, reports the Bureau adding:
2573
Bituminous Coal and Anthracite Show Small Increase
in Output.
Bituminous eoal output rose from 7,158,000 tons in the
week of April 7 to 7,417,000 tons in that of the 14th, a gain
of 259,000 net tons, according to statistics compiled by the
United States Bureau of Mines. When compared to the
output of 8,001,000 net tons in the corresponding week of
1927, current output is 584,000 net tons less than that
figure. Anthracite output also shows a gain in the week of
April 14, tonnage being reported at 1,596,000 tons against 1,503,000 tons in the week of April 7. In the corresponding
week of 1927, the output was 1,762,000 net tons, or 166,000
net tens larger than the present year. Coke production,
remains about the same at around 91,000 tons per week,
according to the Bureau's compilations from which we quote
the following:
BITUMINOUS COAL.
The total production of soft coal during the week ended April 14, including lignite and coal coked at the mines. Is estimated at 7,417,000 net
tons. Compared with the output in the preceding week, this is an increase
of 259.000 tons. or 3.6%. Production during the corresponding week in
1927 amounted to 8,001.000 tons.
Estimated United States Production of Bituminous Coal (Nes Tens). Incl. Coal Coked.
1927
1928
Cal. Year '
Cal. Year
to Date.a
Week.
to Date.
Week.
11,054.000 169,810.000
Mar. 31
9,309,000 129.514,000
2.208.000
1,939,000
1,678,000
1,552,000
Daily average
8.255.000 178.065,000
7,158,000 136,672,000
April 7 b
2.148.000
1,376,000
1,649,000
Daily average
1,258,000
8.001,000 186,066,000
7,417.000 144,089,000
April 14 c
1,334,000
2.093.000
1,621.000
Dolly average
1,236,000
a Minus one ay's production first week in January to equalise number of darn
-10th.of &workin the two years. b Revised since last report. April 2 counted as7
ing day. c Subject to revision.
The total production of bituminous coal during the present calendar
year to April 14 (approximately 89 working days) amounts to 144,089,000
net tons. Figures for corresponding periods in other recent years are
given below:
155,280,000 net tons
186,066,000 net tons 1924
1927
164,765.000 net tons
163,520,000 net tons 1923
1926
141,5E14,000 net tons
1925
141,443,000 net tons 1922
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended April 7 Is
estimated at 7.158,000 net tons. Compared with the output In the preceding week, this is a decrease of 2,151,000 tons, or 23.1%.
The following table apportions the tonnage by States and gives comparable figures for other recent years.
Estimated Weekly Production of Coal by Stales (Net Tons).
Week Ended
April
Mar. 31
April 9
April 10
April 7
Average
1928.b1926.
State—
1928.
1923.a
325,000
325,000
348.000
383.000
Alabama
412,000
26,000
26,000
22.000
17,000
Arkansas
21,000
131,000 145,000
137,000
204.000
Colorado
184,000
205,000 1,666,000
106.000 1,236,000 1,471,000
Illinois
436,000
150,000
34.000
Indiana
437,000
514.000
79,000
24.000
9,000
Iowa
88,000
100,000
62,000
40,000
13.000
Kansas
76,000
79,000
735,000 1.006.000
712.000
808.000
Kentucky—Eastern
620.000
370.000
'327.000
411.000
245,000
Western
183,000
48,000
45,000
57,000
49.000
Maryland
52.000
14,000
12,000
14,000
Michigan
16.000
22.000
40,000
64.000
17,000
Missouri
53,000
59,000
34.000
52,000
Montana
57.000
54,000
42,000
63,000
54,000
New meneo
57,000
52,000
59.000
17,000
25,000
North Dakota
19,000
21.000
16,000
164,000
Ohio
185.000
110,000
455,000
766.000
24,000
28,000
Oklahoma
50,000
54.000
49,000
2,191,000 2,267,000 2,414.000 2.380.000 3.531,000
Pennsylvania
107,000
102,000
111,000
107,000
Tennessee
121,000
12.000
15.000
Texas
20.000
16.000
20.000
70,000
73,000
73,000
Utah
73.000
70.000
195.000
212,000
Virginia
272.000
242.000
249,000
34,000
33,000
47.000
45,000
Washington
35,000
West Virginia—Southern c 1.460.000 1.535,000 1,962,000 1,575,000 1.293,000
660.000
664.000
Northern d
782.000
526.000
741,000
92,000
107,000
Wyoming
92.000
122,000
116.000
1.000
1,000
Other States
3,000
5.000
6.000
Total bituminous
7,158,000 9.309,000 8,255,000 9,344,000 10.836,000
Pennsylvania anthracite_ - 1,503,000 1.308.000 1,651,000 1.781,000 1.974,000
Total all coal
8,661,000 10,617,000 9.906,000 11,125.000 12.810.000
• Average rate maintained during the entire month. b Revised. c Includes
operations on the N.& W.; C.& O. Virginian; K.& M., and Charleston division of
PRODUCTION OF COAL BY STATES IN MARCH the B. & 0. d Rest of State, IncludIng Panhandle.
ESTIMATED
(NET TONS)..
ANTHRACITE.
Mar.1928. Feb.1928. Mar.1927. Mar.1926. Mar.1823.
sou
The total production of anthracite during the week ended April 14 is
1,432.000 1,392.000 2,027,000 1,750,000 1,902,000
Alabama
193,000
100,000
111.000 e130.000
100.000 estimated at 1,598.000 net tons. Compared with the output in the preArkansas
848,000 1,013,000
795,000
ceding week, this shows an increase of 93,000 tons, or 6.2%. Production
748.000
Colorado
5,868,000 7,576r0 In the week of 1927 corresponding with that of April 14 amounted to 1,762.7,260,000 5,766,000
illInois
2,062,000 1.634,000 3,029,000 2,010,000 2.586.000
Indiana
572,000
315,000
354.000
384.000
551,000 000 tons.
Iowa
381,000
327.000
Estimated Untied States Production of Anthracite (Net Toss).
262.000 e267,000
379,000
Kansas
1928-1927
—
3,723,000 3,731.000 4,375.000 3,790,000 2,524,000
Kentucky—Eastern
Cal. Year
Cal. Year
1,716,000 1,470,000 1,811,000 1,271,000
964,000
Western
to Date..
Week.
269,000
to Date.
240,000
237,000
Weak.
Week Ended—
234,000
235.000
Maryland
1,127.000 18,408.000
53,000
65.000
74.000
1,308,000 16,769,000
66,000
144.000 Mar. 31
Michigan
307,000
231,000
1,651,000 20.059.000
1,503,000 18,272,000
290.000 e268,000
271,090 April 7
Missouri
13,000
1,762,000 21,821,000
261,000
1,596,000 19,863,000
309.0
200 April 14 b
265,000
Montana
275,000
253,000
223.000
239,000
263,000
New Mellon
194,000
104,000
124,000
• Minus one day's production first week in January to equalize number of day
153,000
135,000
North Dakota
778,000 3,200.000 2,355,000 3,329.000 In the two years, b Subject to revision.
829.000
Ohio
208,000
25.5.000
247,000
172,000 e224,000
BEEHIVE 001/.
Oklahoma
10,656.000 10,256,000 15,082.000 12.419.000 14,620,000
pennaylvams(Bit)
Beehive coke production remained practically unchanged in the Week of
590,000
492,000
132,000
484,000
498.000
Tennessee
70,000
106,000
87,000 April 14, as the table shows:
75,000
72,000
Texas
381,000
370.000
276,000
306.000
335,000
Estimated Production of Beehive Coke (Net Tone?.
Utah
987,000 1,207,000 1,157,000 1,035,00)
983,000
Week Ended
1928
1927
Virginia
197,000 212,000
333,00.)
174.000
to
Apr. 14 Apr. 7 Apr. 16
to
Washington
Date.
1928.b 1928.c
1927
WestYlrgInia—Southemb 7.797,000 7.655.000 9,682.000 7.845,000 5.414.WO
Date..
2.970,000 2,975.000 4,434,000 2,770,000 3,087.000 Pennsylvania and Ohio
69.000 70,000 139,000
991.000 2,270.000
Northern_c
532.000
535,000
713,000
611,000 Wen Virginia
542,000
8.000 16.000
10.000
197,000
251.000
Wyoming
6,000
19,000
7,000
21,000
33.090 Ala.. Ky., Tenn. & Georgia
5.000
3.000
5.000
69.000
86.000
Other Stated _d
Virginia
6.000
8.000
5.000
72,000
108.000
43,955,000 41,351,000 60,147,000 45.744,000 48.446,000 Colorado and New Mexico
2,000
2,000
4.000
33.000
Total bituminoue
60,000
5.582.000 6,098.000 8.732,000 9.175.000 Washington and Utah
2,000
penimoyaniaanthrutte__ 5,497.009
2.000
4.000
63.000
32.000
United States total
49,2,000 46,933,000 66,245,000 54,476,000 57,621.000
91.000 92.000 176.000 1,399.000 2.828.000
45
Total all ooal
15.000 15,000 29,000
Daily average
only are final. b Includes operation on the N.&
16.000
$2,000
a Figures for 1926 and 1923 B. C. & G., and Charleston division of the B. & O.
O. a O., Virginian, K a at..
a Minus one day's production first week in January to equalize number et days le
State, including Panhandle. d This group Is not strictly comparable in
c Best of
the two years. b Subject to revision. c Revised einee last report
the @avers' year. 0 Revised.
[VOL. 126.
FINANCIAL CHRONICLE
2574
workers and in the amount of payrolls occurred between
January and March. Payrolls in the latter month
were 10.6% smaller than in January, but only 3.4%
below last year's level. Index numbers furnished by the
Bank in the accompanying table show the trend of employment and wages in the industry during the past 15
Survey of Anthracite Employment and Wages Prepared months.
1923-25 Average equals 100.
by Federal Reserve Bank of Philadelphia.
Employment. Wages.
Employment. Wages.
1927
1927Employment and wages in reporting anthracite collieries January
112.4 September
119.6
118.7
112.0
105.9 October
119.2
119.8
109.4
were smaller in March than in the month preceding or in the February
91.3 November
March
114.3
116.6
116.2
93.0 December
same month last year. Index numbers prepared by the April
115.5
119.7
98.1
120.1
1928
119.0
May
Federal Reserve Bank of Philadelphia on the basis of re- June
126.6 January
118.7
*120.2
*98.7
118.9
86.3 February
*96.0
*113.6
ports of operators to the Anthracite Bureau of Information July
117.1
90.5 March
107.5
88.2
August
show that an appreciable decline in the number of •Revised to Include 3additional firms.
According to the weekly estimate of bituminous coal production, prepared by the National Coal Association from
Preliminary shipping reports, the total output of soft coal
during the week ended April 21 was about 7,800,000 net tons.
Current Events and Discussions
The Week with the Federal Reserve Banks..
The consolidated statement of condition of the Federal
Reserve banks on April 25, made public by the Federal
Reserve Board, and which deals with the results for the
12 Reserve banks combined, shows increases for the week
of $89,500,000 in holdings of discounted bills, of $15,100,000
in bills bought in open market, and of $25,000,000 in member bank reserve deposits, and decreases of $35,900,000 in
holdings of Government securities and of $9,400,000 in
Federal Reserve note circulation. Total bills and securities
were $68,600,000 above the amount held on April 18. After
noting these facts, the Federal Reserve Board proceeds as
follows:
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York-47 Banks.
Apr.25 1928. Apr. 18 1928. Apr. 27 1927.
Loans and investments-total
7,375,682,000 7,351,046.000 6.442,888,000
Loans and discounts-total
5,437,409,000 5,402,623,000 4,571,437,000
Secured by U. S. Govt. obligations_ 61,951,000
66,894,000
61,790.000
Secured by stocks and bonds
2,634,045,000 2,556,591,000 2,113.968,0(N)
All other loans and discounts
2 741,413,000 2,779,338,000 2,395,679,000
Investments-total
1 938,273,000 1,948.423,000 1,871,451.000
U. S. Government securities
1,048,299.000 1,059,320,000
Other bonds, stocks and securities. 889,974,000
889,103,000
Reserve with F. R. Bank
Cash in vault
781,134,000
50,694,000
Net demand deposits
5 559,005,000
1,138,060,000
The principal changes in holdings of discounted bills during the week Time deposits
34,781,000
$89,600,000 at the Federal Reserve Bank of New York, Government deposits
were increases of
$23,200,000 at Chicago. and $5,000,000 at Atlanta, and decreases of Due from banks
117,105,000
1 219,859,000
$15,100.000 at Boston, $6,800,000 at St. Louis and about $4,000,000 each Due to banks
at Philadelphia and Kansas City. The System's holdings of bills bought
Borrowings from F. It. Bank-total
171,572,000
while holdings of United States
in open market increased $15,100,000,
bonds decreased $1.300.000, of Treasury notes $15.600,000, and of certifiSecured by U. S. Govt. obligations_ 120,135,000
All other
cates of indebtedness $19,000,000.
51,437,000
Federal Reserve note circulation decreased $9,400.000 during the week,
banks Loans to brokers and dealers (securedApr. 25 1928.
smaller circulation figures being reported by all Federal Reserve
$
except Cleveland.
by stocks and bonds):
For own account
1,200,217,000
The statement in full, in comparison with the preceding
For account of out-of-town banks _ 1,813.840,000
For account of others
1,330,529,000
week and with the corresponding date last year, will be
-namely 2607 to 2608. A
found on subsequent pages
summary of changes in the principal assets and liabilities
of the Reserve banks during the week and the year ending
April 18 1928 is as follows:
Total
757,562.000
49,049,000
948,310,000
025,132,000
708,476,000
58,554,000
5,625,960,000 5,106,543,000
1,117,365,000
949.629,000
50,163,000
47,863,000
131,000,000
109.751,000
1,252,834,000 1,110,512.000
91,491,000
77,027,000
62,155,000
29,336,000
51.600,000
25,427,000
Apr. 18 1928. Apr. 27 1927.
$
1,163,530,000
935,588,000
1,702,908,000 1,143.294,000
1,262,563,000
804,112,000
4,144,388,000 4,129,001,000 2,882,994,000
On demand
On time
3,169,953,000 3,173,886,000 2.181,875,000
974.433.000
955,115,000
701,119,000
Chicago
-43 Banks.
Loans and investments-total
2 014,942,000 2,025,728.000 1,857,444,000
Total reserves
Gold reserves
Increase (+) or Decrease (-)
During
Week.
Year.
+81.300.000 -3321,500,000
+3,800.000 -317,600,000
Total bills and securities
Bills discounted, total
Secured by U.S. Govt. obligations
Other bills discounted
+68,600,000
+89.500,000
+71,200,000
+18,300,000
+375,100,000
+265,500,000
+206.200,000
+59.300,000
Bills bought in open market.
+15,100,000
+123,900.000
U. S. Government securities, total
Bonds
Treasury notes
Certificates of indebtedness
-35,900,000
-1,300,000
-15,600,000
-19,000,000
-13,600,000
-15,400,000
+18,200,000
-16,400,000
-9,400,000
-145,000,000
Borrowings from F. R. Bank-total._
45.634,000
30,097,000
26,928,000
+51,400,000
+25,000,000
+27,300,000
+160,800,000
-147,900,000
+9,400,000
Secured by U. S. Govt. obligations_
All other
38,180,000
7,454,000
23,408,000
6,689,000
20,433,000
6.495,000
Federal Reserve notes in circulation
Total deposits
Members'reserve deposits
Government deposits
1,492,736,000 1,504,478,000 1.404,301.000
Secured by U. S. Govt. obligations_ 14,133,000
Secured by stocks and bonds
761,972,000
All other loans and discounts
716,631,000
13,332,000
773,576,000
717,570,000
16,071,000
695,238,000
692,992,000
522,206,000
521,250,000
453,143.000
U. S. Government securities
227,801,000
Other bonds, stocks and securities_ 294,405,000
228,262,000
292,988,000
190,511,000
262,632,000
177,710,000
16,971,000
180,165,000
20,501,000
Investments-total
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 last, the Federal
Reserve Board also began to give out the figures of the
member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until
the following Monday, before which time the statistics cover-now 645
ing the entire body of reporting member banks
cannot be got ready.
The following is the statement for the New York member
banks and that for the Chicago member banks thus issued
in advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of the reporting member banks, which this week, for
the fourth time in as many weeks, again established a new
high record, the grand aggregate of these loans on April 25
being $4,144,386,000, a gain of $15,385,000 over last week's
total ($4,129,001,000)..
Loans and discounts-total
Reserve with F. R. Bank
Cash in vault
Net demand deposits
Time deposits_ -„
Government deposits
Due from banks
Due to banks
192,125,000
16,948,000
1 252,204,000 1,256,591,000 1.210,447.000
692,030,000
690,042,000
576,950.000
8,983,000
12.946.000
10,328,000
157.522,000
367.333,000
161,578.000
381,071.000
148,376,000
355,819,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements :for the New York and
Chicago member banks are now given out on Thursdays,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks, now
645, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of reporting member banks of the Federal Reserve System for
the week ending with the close of business April 18:
Condition of 4
-ember Banks in Leading Cities.
The Federal Reserve Board's condition statement of645 reporting nember
banks In leading cities as of April 18 shows increases for the week of$27.000,000 in investments, of $4,000,000 in loans and discounts, and of 817,000.000
in time deposits, and decreases of $15,000,000 in net demand deposits and
of 866,000,000 in Government deposits.
Loans on stocks and bonds, including United States Government obligations were $45,000,000 above the April 11 total at all reporting banks,
increases; of $48,000.000 being shown for the New York district and of
$7,000,000 for the San Francisco district, and a decline of $7,000,000 for the
Boston district. "All other" loans and discounts declined $42,000,000 at
APR. 28
FINANCIAL CHRONICLE
1928.]
all reporting banks and $29,000,000 in the New York district, and increased
$6.000.000 in the Boston district.
Holdings of United States Government securities, which at all reporting
banks were $21,000,000 above the April 11 total, increased $14,000.000 and
$7,000,000, respectively, in the Boston and Chicago districts. holdings of
other bonds, stocks and securities were $6,000,000 above the April 11 total.
Net demand deposits increased $21,000,000 in the New York district and
declined $10,000.000 in the St. Louis district, $8,000.000 each in the Kansas
City and Chicago districts, and $15,000,000 at all reporting banks. Time
deposits were $17.000,000 higher than a week ago at all reporting banks, and
$9.000,000 higher at reporting banks in the New York district. Government deposits declined in all districts, the total decline being $66,000,600.
A reduction of $54,000,000 in borrowings at the New York bank and of
$7.000.000 each at the Philadelphia and Cleveland Reserve banks was offset
by increases of 815,000,000 at the Federal Reserve bank of San Francisco.
$14,000,000 each at St. Louis and Atlanta, $10,000,000 at Boston, and
$15,000,000 at the other reserve banks.
A summary of the principal assets and liabilities of 645 reporting member
banks, together with changes during the week and the year ending April 18
1928, follows:
Increase (+) or Decrease (—)
April 18
During
Year.
Week.
1928.
Loans and Investments—Total
Loans and discounts—Total
22,381,264,000 +30,613,000 +2,099.089,000
_ _15,762,979,000
-1-3,924,000 +1,399,172.000
Secured by U.S. Govt. obligations_ 144,220,000 +2,258,000
—15.612,000
Secured by stocks and bonds
6,692,701,000 +43,282,000 +1,010.169,000
All other loans and discounts
8,926,058,000 —41,616.000 +404,615,000
Investments—Total
6,618,285,000 +26,689,000
Due from banks
Due to banks
Borrowings from F. R. banks—Total_
Secured by U. S. Govt. obligations_
All other
+114,439.000
—19,838,000
+832,609,000
+749,785,000
—7.613,000
1,188,482,000 —2,593,009
3,424,726,000 —44,713,000
Net demand deposits
Time deposits
Government deposits
+440,280.090
+259,717.000
13,889,932,000 —15,249,000
6.840,772,000 +16,608,000
168,566,000 —66,259,000
Reserve with F. R.banks
Cash In vault
+699,917,000
2,996,996,000 +21,021,000
3,621.289,000 +5,658,000
1.766,793,000 —40,481.000
240.851.000 —9,237.000
U. S. Government securities
Other bonds, stocks and securities
+25,774.000
+215,679,000
—.189,000
+206,506.000
315,231,000 —•1,008,000
+819,000
154.234,000
+130,670,000
+75.836,000
469,465.000
• April 11 figures revised.
Summary of Conditions in World's Martiet According to
Cablegrams and Other Reports to the Department of
Commerce.
The Department of Commerce at Washington releases for
publication to-day (April 28) the following summary of
conditions abroad, based on advices by cable and other
means of communication:
ARGENTINA.
Business throughout the week was normal and the weather favorable.
Exports, especially corn, are increasing.
The city of Tucuman has
floated a loan of 8,000,000 paper pesos on the New York market. Railwayreceipts were higher than during the corresponding week of the
previous year. During the first three months of this year, frigorifico
slaughterings amounted to 789,000 cattle, 981,000 sheep, and 40,000
hogs, the figures for the corresponding period of 1927 being 958,000,
814,000, and 35,000 respectively.
AUSTRALIA.
Australian trade and industry continue dull, though further rainfall
is improving the agricultural outlook. Money is slightly easier at the
moment, owing to recent curtailment of imports and to good prices received at early wool sales. Little company financing is reported, however, and no improvement in this direction is anticipated before the
new wool clip reaches the market. Easter trade was reported slow in all
large manufacturing centers. Many industries are working on a part
time basis and as a consequence little expansion is taking place. Building operations continue to decline and unemployment to increase slightly.
Waterfront workers are again restive and some inter-state vessels are
being held up, though the situation is not considered serious. Generally
speaking, losses from strikes throughout the Commonwealth are lower
than normal.
AUSTRIA.
Developments during the current months showed further progress in
Austrian industry and trade. Practically all the principal industries
have been favorably affected by the recent improvement. The money
market is easy but somewhat increased credit demands reflect greater
industrial activity. Unseasonably cold weather has hindered the spring
crop sowing and the development of winter seeding, consequently, the
present prospects are less favorable than a year ago. The volume of
savings deposits continues to increase and the current financial position
February imports
of the Government is developing satisfactorily.
amounted to $37,00,000, and exports $28,000,000, a gain of $2,500,000
exports.
in imports and $7,600,000 in
BELGIUM.
Economic conditions in Belgium during March remained generally
Financial and industrial operations were on a stable
satisfactory.
basis and it is expected that steady progress will be made. Exhibitors
at the Brussels commercial fair which opened on April 12 are more
numerous than last year and American firms are well represented. The
metallurgical market is stronger and French competition is less keen.
Steel orders from British and Japanese sources are available, but at
prices lower than producers are willing to meet. The coal market
continues sluggish and despite less competition from German and
British sources conditions in the Belgian mines are unsatisfactory.
'Buying orders are large and it is probable that production will
be increased. In the plate glass industry there is no change from
the very satisfactory conditions that have existed for several months.
The cement mills are working at full capacity and are enjoying a
strong domestic and export demand. Textile factories are in general
well occupied, here has been a sharp decline in imports of Russian
flax with a corresponding extension of Belgian flax growing. Depart-
2575
ment store sales have been stimulated by the Easter season, but the
general domestic demand for wearing apparel is relatively weak. The
excellent demand for automobiles has been maintained and a banner year
is predicted for American medium priced cars. The demand for leather
and shoes has shown a good investment. During March the consumption
of Chilean nitrates was very heavy and even higher deliveries are forecast for April. The wheat market is calm, but other cereals are more
active. Prices received for live stock are unremunerative and heavy
price competition is reported in sales of frozen meat.
BRITISH INDIA.
All major lines of business in India, including import and export
oprations and domestic business generally, are moderately active. Considerable anxiety, however, is resulting from labor troubles at Bombay
cotton mills and in Calcutta engineering works. Twelve mills, employing 20,000 workers, have shut down at Bombay, but settlement appears
to be near and the situation is improving. The Tata Iron and Steel
Company has announced to its employees a bonus scheme which is based
on production and is expected to approximate five weeks pay per annum.
The protection plea of Indian oil companies is receiving little support
in Indian and European business communities.
BRITISH MALAYA.
The British Malayan rubber market is at a standstill, with prices
nominal and shares declining. Money is tight and banks are curtailing
credits, which is affecting all lines of business. There has been, however, a very small number of business failures and although trade
opinions are divided as to the future, new business is being done in
many lines. Construction work is active and many rubber estates are
operating at full production. Foreign trade of March was 8% under
February, due almost entirely to lower exports as the result of decreased rubber prices. Over the period of the first three months of
the year, imports showed an increase compared with the first quarter
of 1927.
CANADA.
Wholesale trade is most active in Montreal, Toronto and Calgary and
is reported to be fair to good in other centers. In most ctiies the volume of Easter sales compared favorably with that of a year ago. Collections are fairly good in Eastern Canada and improving in the West.
The volume of business in general hardware has been improving since
the beginning of April. In connection with the building program in
Ontario, the demand for pipe fittings is increasing and new discounts on
cast iron and malleable fittings have been announced. Prospects for increasing business in galvanized sheets is bright. Innovations in Canadian merchandising include the sale of alarm clocks and cutlery by cigar
stores; cigarettes, paints, lacquers, razor blades and washing machines
by chain groceries; and chinaware and crockery by hardware stores.
Canadian dealers are said to have placed orders for large quantities of
ready mixed paints and paint materials.
CIIINA.
The spring exodus of Chinese farmers from Shantung and Chihli
provinces is greater this year than for the same period last year, and
there seems a possibility that a million and a half immigrants from
these regions will enter Manchuria this year. The Manchurian Railways and various Chinese organizations are making special provisions
for this last immigration by opening up new lands for cultivation. The
Chinese authorities in Manchuria are planning on the improvement of
Newchwang as a Chinese port, in connection with the proposed
new
Manchurian railway developments. It is anticipated that the railway
construction program under consideration will offer opportunities for
considerable sales of foreign railway equipment. The American Consul
at Tientsin reports that declared exports from that port to the United
States for March totaled $5,000,000, compared with $4,800,000
for
March of last year. The principal items were hides and furs,
$2,000,000, and sheep's wool, $2,000,000.
COLOMBIA
The President of Colombia has convoked Congress in
extra session
from May 2 to 31, at the request of a majority of the
assemblies of the
Departments to consider the possible financial effects on
departmental
revenues of the coming into force of Article 12 of the anti-alcoholic
Law No. 88 of 1923. It is reported that this extra session
of Congress
will also consider the petroleum situation and such other
matters as
may be submitted.
FRANCE.
There has been exceptional activity in the security market, a
feature
of which has been heavy purchases for foreign account.
Despite profit
taking and temporary recessions, the definite upward
tendency of
prices has been maintained. A favorable outcome of the
general elections and the possibility of a subsequent business revival
are being discounted. Total tax returns for the first quarter of the year
under the
general budget amounted to 8,790,000,000 francs, of which
8,640,000,000
francs were from permanent and normal sources.
Independent receipts
of the autonomous office for debt amortization
totaled 1,500,000,000
francs.
HAWAII.
Retail trade and collections have been slower in
the past month and
the volume of wholesale business has been only
moderate. The current
sugar crop was 48.5% harvested on April 1,
according to estimates.
Cane yields are attaining new records, but the juice
and sugar content
are below normal. Pineapple companies are
winding up the last of the
winter pack. Distribution of pineapple products
is healthy, and it is
likely that no surplus will be left when the summer
pack commences in
June. Unforeseen delays in shipping schedules
have caused congestion of sugar and molasses at ports of shipment.
NETHERLANDS EAST INDIES.
Netherland East Indian business continues fairly
active despite the
present situation in the rubber market. Textile
trade, though seasonally
quiet, is satisfactory and increased retail sales are
anticipated after
the harvest of Java's large rice crop. Automotive
business is good,
dealers reporting old models well disposed of and new
models are appearing. The 1928 sugar crop is estimated locally at
2,567,000 long tons
and the market's undertone is quiet.
Pepper prices continue high.
Rubber is dull, dealers assuming a waiting attitude.
NETHERLANDS.
Notwithstanding the Easter holidays, business in the various commodity markets has been good. Rubber prices declined sharply, but
some confidence is shown in future business. Interest in the stock exchange has shifted from colonials to domestic industrials. The index
figure regarding prices of agricultural products was 145 in January,
141 in February, and 144 in March. The general index of wholesale
2576
prices in March rose two points to 152. For foodstuffs only it was
three points higher at 161. Total imports during March were valued
at 247,000,000 florins, a good increase over imports in March, 1927;
imports valued at 173,000,000 florins were also higher.
PANAMA.
General conditions in the Republic of Panama are fair. The tourist
season, which is responsible for a considerable portion of Panama's
trade, is slackening. There are few complaints from wholesale and
retail raerchants and the coming presidential elections have affected
btssiness but little. Collections have been fair with some indication of
slowing down. Land sales throughout the Republic show considerable
gmprovement over last year, especially in the Province of Veraguas,
where new coffee lands are being opened. Development work in the
Novince of. Chiriqui is progressing favorably and Merchants there are
buying merchandise. Building and construction continue active. It is
reported that an ice cream plant and an orange crush plant are to be
established in Panama City. The Equitable Trust Company's bid has
been accepted by the Panaman government for the $12,000,000 loan.
•
PHILIPPINE ISLANDS.
General inactivity continues in the Philippines. Except for the automotive trade, practically all import business was quiet in March. All
Uses of automobiles, however, showed improvement in sales and regulations. Tire sales were also good. Textile trade continued poor, with
slow retail demand and difficult collections.
Keen competition kept
prices very low. The fall in abaca prices was checked and the undertone of the market was •slightly firmer. Copra supplies continued very
light. The sugar grinding season is now over and the market is quiet.
PORTO RICO.
Business in general continues dull in Porto Rico and no improvement
has been shown in collections which are still slow. Reports from the
tobacco areas are considered to indicate that the preliminary local estimate for a yield of 24,000,000 pounds of leaf will be reduced by several
million pounds. As the tobacco crop is of good quality, local buyers
are reported to be advancing funds to the tobacco planters on the
basis of prices ranging from $0.24 to $0.28 per pound, as a result of
which some acceleration has occurred in business in the tobacco areas.
Sugar shipments for the first quarter of 1928 amounted to 223,292 short
tons as compared with 217,000 in the same period of 1927, and the
local estimates for shipments during April are for the movement of
from 85,000 to 100,000 tons. San Juan bank clearings for the elapsed
part of April amounted to $14,158,000 as compared with $15,349,000 in
the corresponding period of 1927. Sales of motor vehicles continue
brisk.
SPAIN.
The Improvement which was manifest in Spanish business conditions during February showed further development in March, with the
industrial and financial situation favorable and the general purchasing
power enhanced. Bank clearings in Madrid at 4,018,000,000 pesetas
were only slightly lower than the 4,185,000,000 pesetas recorded in
February, and Barcelona clearings showed a further advance to 1,233,000,000 pesetas as against 1,184,000,00 pesetas, while Bilbao transactions reached 126,000,000 pesetas as against 186,000,000 pesetas. The
turnover on the Madrid stock exchange at 55,000,000 pesetas was somewhat lower than in February, but quotations advanced notably during
the month and closed firm. Government issues rose several points and
railway advances ranged from 2 to 30 points. Peseta exchange on
the dollar, although slightly weaker, showed no striking change. The
wholesale price index for all of Spain for January was 166, with foodstuffs at 175 and industrial materials at 157. The Madrid retail index
number was 178, and that of Barcelona, 169. Iron ore exports from
Bilbao during March reached 169,000 tons, of which 98,000 tons were
shipped to England and 66,000 tons to the Netherlands. The March
figure represented a very slight advance over February and over
March, 1927. The coal situation in the Asturias improved during the
month as a result of increased domestic demand and government assistance. Fish catches were excellent but the fish packing industry is somewhat pessimistic over the high cost of production and foreign competition. Record breaking shipments of olive oil were sent from Malaga
during the month reaching a total of 8,000 tons, of which 5,700 went
to Italy and 1,400 to the United States. Shipments from Seville, however, were below the level of the same period of last year. Raisin and
almond markets were normal during the month. The textile industry
Maintaind the activity of the previous month with operations at approximately 75% of capacity. Imports of raw cotton at Barcelona
reached 21,000 bales, and stocks on March 31 amounted to 110,000
bales. The continued general improvement in purchasing power throughout Spain was reflected in excellent sales conditions. The automotive
situation was highly favorable with approximately 6,400 new registrations in the first quarter of 1928, as compared with 5,100 in the corresponding period of 1927. American participation in this business was
approximately 55%. Sales of machinery, especially that for heavy
construction, were excellent. Spanish financial circles, consider that
from a general standpoint the past three months have been the best
since 1911 There is some anxiety, however, regarding future effects
of th increasing cost of living and high taxation.
SWEDEN.
Following the acceptance on April 8 of a new wage agreement presented by the official Mediation Commission the wood pulp, lumber and
paper mills resumed full operation without difficulty. The result is lendjag a more optimistic tone to the economical situation. The Mediation
Commission is still working toward a settlement in the labor disputes
involving about 10,000 workers in certain iron ore mines and sugar
mills. The severe setback in production suffered by the major export
branches may be partly corrected by working extra shifts, if conditions warrant. The money market continued easy during March
although the adverse trade balance reduced the net foreign exchange
holdings at the banks. The note circulation increased 10,000,000 crowns
during the month. The gold reserve remained practically unchanged.
Deposits were less than during February. During the early part of
April the stock exchange market had recovered from the uncertainty
which characterized the latter part of March and quotations showed a
rising tendency. The unfavorable trade balance for the month of March
is estimated at over 40,000,000 crowns. The whole index for March
was 145 and cost of living index 171.
UNITED KINGDOM.
- The application for an import duty on cotton and wool hosiery and
latitwear has been disapproved by the Board of Trade committee Bp/Minted under the safeguarding of industries procedure to consider it.
[ Vor.. 126.
FINANCIAL CIIRONICLF:
The provisional minimum price schedule effective under the South
Wales coal marketing plan is at about the previous levels. The per.
manent schedule is still under discussion.
Coal exports in March
amounted to 4,110,000 tons, exceeding the February volume by about
100,000 tons. The average values were slightly higher in March.
Production of Silver in United States, Canada and
Peru in the Month of March Shows Increase-Total
for United States is 6,195,000 Fine Ounces.
According to figures compiled by the American Bureau of
Metal Statistics, the United States in March produced 5,195,000 flne ounces of silver as compared with 4,490,000 fine
ounces in the preceding month and 4,980,000 fine ounces
in January last. The monthly average for the calendar
year 1927 was 4.951,000 fine ounces, while that for the
first three months of this year was 4,888,000 fine ounces,
states the "Wall Street Journal" of April 17, which further
goes on to say:
Canada produced 1,510,000 ounces in March 1928, compared with
1,272,000 ounces in February and 1,432,000 ounces in January, a monthly
average of 1,405,000 ounces for 1928, and compared with a monthly average of 1,730,000 ounces for the full year 1927.
Peru produced 1,458,000 ounces in March, compared with 1,375,000
ounces in February and 1,474,000 ounces in January, a monthly average
of 1,436,000 ounces, compared with a monthly average of 1,567,000 for
the full year 1927.
Australia produced 602,000 ounces in February (the last month available), compared with 748,000 ounces in January and a monthly average
of 775,000 ounces for the full year 1927.
Burma produced 586,000 ounces in February, against 578,000 ounces
In January and a monthly average of 500,000 for the full year 1927.
The largest producer of silver is Mexico, which produced 10,437,000
ounces in December 1927, and an average of 8,715,000 ounces a month
last year, but for which no figures are available so far in 1928.
Stocks of refined silver in the hands of United States producers and
refiners were 460,000 ounces April 1, compared with 170,000 ounces
March 1, 574,000 ounces February 1 and 353,000 ounces Jan. 1 1928.
Stocks of refined silver in the hands of Canadian producers and refiners
April 1 came to 803,000 ounces, compared with 547,000 ounces March 1,
with 1,141,000 ounces February 1, and 608,000 ounces January 1, 1928.
Gold and Silver Imported into and Exported from the
United States by Countries in March.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report, showing the imports and exports of gold
and silver into and from the United States during the month
of March 1928. The gold exports were $97,536,417. The
imports were only $2,683,023, of which $914,185 came from
Canada, and $483,215 came from Mexico. Of the exports
of the metal, $35,799,347 went to France,$21,207,799 went
to Germany and $20,450,000 went to Argentina.
GOLD AND SILVER EXPORTED FROM AND IMPORTED INTO THE
UNITED STATES, BY COUNTRIES
COLD.
Countries.
Total.
SILVER.
Refined Bullion.
Total (Ina. Coln).
Exports. Imports. Exports. Imports. Exports. Imports.
Dollars. Dollars. Ounces. Ounces Dollars Dollars.
France
8,425
35,799,347
1,302
Germany
254,649
21,207.799
146,271
408
Italy
6,000.000
Norway
1,886
1,104
Poland dr Danzig._ 2,999.992
United Kingdom.... 1.019,518
249,810
143,640
Canada
105,189 53,456 151,829 300,903
89.284 914,185
Costa Rica
22,737
885
542
Guatemala
21,370
Honduras
10,532
57,076
Nicaragua
41
24,485
338
Mexico
2,868,311
519,198 483,215
48,5003.860,050
Trinidad dr Tobago_
10,000
15.550
2,220
Other Br. W.Indies
190
Cuba
1,648
41,580
Dominican Republic
8.000
Haiti
1.700
Argentina
6.253
3,664
20,450.000
Bolivia
8,503,880
3,019
159,435
Chile
21,565
195,716
Colombia
546
18,091
165,502
10,584
350
Ecuador
289,483
8,230
Peru
2.944
199,756
381,089
Venezuela
410,080 74,070
British India
6,002,159
3 442,682
China
5,982.822
3,435,197
Java and Madura_ _
140,889
131,000 222,357
83,372
Hong Kong
396,399
Philippine Islands.
181,410
2,079
New Zealand
31
16,624
lg
Belgian Kongo.
7.090
22,801
Brit. South Africa_
17,276
Egypt
19,943
11.392
07 525 /17 9 552 non 12 11411 502 5.057102 741,5 972 a zzu en.
British Have Chance to Save on War Debt
-Believed
to Be Buying Treasury Notes and Certificates for
Next Installment.
From the New York "Times" of April 18 we take the following:
A decline in the prices of short-term notes and certificates of the United
States Treasury, which has been in progress 'several days as a result of
firm money here, has given the British Government an opportunity for
saving on its debt payments to this country, and bond dealers said rm.
terday that this opportunity undoubtedly was being utilised, as it had
been in the past.
APR. 28 1928.]
FINANCIAL CHRONICLE
257
The war-debt agreement between this country and Great Britain stipm Exchequer, Winston Churchill, all productive industry, inlates that payments shall be made either in cash or in United States cluding agriculture (we quote from the New York "World")
Government securities, the latter being accepted at par. Liberty and
is to be made the beneficiary of a new taxation plan deTreasury bonds have long been selling over par, so that they offer no opportunity for British savings, but the short-term securities, which fluc- signed to aid the great basic industries that have been
tuate in sympathy with the day-to-day shifts in money rates, at times depressed since the war, which it is hoped will enable them
go below par. On these occasions British interests usually purchase them,
foreign markets. The World's account
especially it the date of a British payment to this country is approaching. to regain their
The short-term notes oi the Treasury were selling yesterday at a dis- (copyright) of the budget proposals submitted by the
count of three-eighths of 1 per cent. As they may be turned in at face Chancellor, also said :
value in debt instalments, a material saving is possible for Great Britain,
Early in his speech Mr. Churchill announced a surplus for the year
the extent of which is governed by the amount of the securities which she
just ended of £4,500,000. For the coning year he fixes revenue at
is able to obtain in the open market. The next semi-annual payment on
£812,497,000 (over $4,000,000,000) and expenditures of £806,195,000.
the British debt to this country is due in June.
Instead of remission of the petrol tax, Churchill announced a tax
of fourpence a gallon on gasoline, kerosene and other light oils. Be will thus
ambitious new plans. He also anounoed that the
British War Loan Bonds Listed on New York Stock gain funds for his
whole foreign and domestic debt, amounting to over $20,000,000,000,
Exchange.
will be extinguished in fifty years, without any increase in the present
Following the. listing last week on the New York Stock taxation.
But these announcements, important as they were, were almost forgotExchange of the bonds of the United Kingdom of Great
ten by the crowded and fascinated House as Churchill proceeded to outBritain and Northern Ireland 4% funding loan of 1960- line his vast scheme for state aid, which he declared the most important
1990 (referred to in our issue of April 31, page 2412) the measure to be introduced in Parliament "possibly since the great Reform
Bill of 1834."
Exchange on April 25 admitted to the list the £2,088,173,638
He made it clear that the scheme gained Premier Baldwin's approval
United Kingdom of Great Britain and Northern Ireland a year ago, has the whole Cabinet behind it and will be the Tory elec5% war loan of 1929-1947. The New York "Times" of tion platform next year.
Shouts Deft to Loborites.
April 26 with reference thereto said:
At the present rate of exchange the bonds have a face value in
Listened to in silence for the most part, the ChanceHor turned to the
American money of about $10,190,000,000. This is the largest se- Labor back benches when they did interrupt and shouted:
curity issue ever listed on the Stock Exchange, far exceeding in
"What! You mock, do you? Then we will advance against you with
size the largest of the United States Liberty Bond issues.
irresistible power."
• •
The House listened to him in silence for two hours more as he bald
It is considered likely that other British Government bonds will how hereafter English industry will be divided into productive and disbe listed here. The two issues already listed represent more than tributing classes. By a complicated system of legislation productive inone-third of the entire funded debt of Great Britain.
dustry is to receive remission of the bulk of its taxes.
Trading in the British 48 has been fairly active since they were
By October, 1929, all "productive industry employing manual labor"
listed, sufficient interest having been shown to make the listing of will be relieved of three-quarters of its present taxation other than nathe 55 advisable. Trading will start today in the latter. They will tional income tax. All taxation on farmlands, farm buildings and livebe dealt in on the same basis as the 4s. The £100 and £200 bonds stock will be "wiped clean off the slate; it will cease to exist."
will be treated in all respects as if they were $500 and $1,000 bonds
In addition freight rates for agriculture, coal, textile, timber, iron and
respectively. They will be quoted in the same manner as Liberty steel industries are to be reduced 8%. The railroads will be compenbonds, and will be dealt in "and interest," which will be computed sated for this cut by having their local taxation cut to the extent of
at parity of exchange. The British 4s have been traded in on a $20,000,000 the first year. Charges at docks and ports will be corre"sellers 30 basis," which means that thirty days are allowed for spondingly reduced for the favored industries.
delivery of the bonds.
Buildings used for "production by manual labor" will pay only oneThe British 5s were sold in London in January, 1927, and are quarter of the taxation of other buildings.
being traded in on the London Stock Exchange. They will be re"Our object is to separate productive property from other property,"
deemable in 1929 and will be due in 1947.
Churchill explained.
See Listing as Important.
10,000,000 [Yorkers Affected.
Bankers here consider the latest listing highly important, mainly
In order to effect these changes Churchill plans legislation changing
because of the convenience to American investors and to business in- the whole system of local taxation and relieving industry of the burden,
terests in settling trade balances. London remains the primary market which present laws impose upon it indirectly, of providing relief for the
and will continue to fix the price. Banks, it is believed, will lend unemployed.
more readily on the British bonds since they are listed here and
Ten million wage earners are employed in the industries whose taxes
since American investors will have an easier access to them and since and freight rates will be cut. Churchill explained that nine-tenths of
there will exist here an active market for them. It was also said the unemployed also come from their ranks.
that the listing of the bonds should have a stabilizing influence on
The distributing trades, Churchill said, are more prosperous than ever
streling exchange.
and getting more so. Nothing is to he done for them.
The British Ss were listed upon the initiative of the Stock List
Needs Year of Law-Making.
Committee. The listing application has not been completed, it was
said.
An immense political controversy will of course centre upon the budFrom the same paper April 27 was taken the following: get and a year of legislation will be necessary to give it
effect. But
Trading in the United Kingdom 5% war loan, amounting to $10,- the Chancellor said the Government would force through the bills en000,000,000 and the largest issue ever listed on the New York Stock abling the cut in productive industry's taxation by October of next year,
Exchange, began yesterday, but transactions were on a small scale just at the time when a general election will probably be fought.
The bulk of the new taxes are placed on the well-to-do through the
following an initial sale of $30,000 face value of the bonds
•
•
gasolise tax, which is expected to raise the price from 24 to 30 cents a
The price opened at 98 and closed at the same figure, the total gallon. There is a reduction of half a cent a pound in the sugar tax
transactions for the day amounting to $42,000. The 5s are traded and income tax relief is given to poor men with children. Gasoline used
in in fractions of one-eighth of a point, the same basis that now pre- by commercial trucks and fishing boats will not be taxed.
The Chancellor estimated the oil tax will yield $70,000,000 this year
vails for the funding 4s, which were originally introduced to trading
here in variations of one-thirty-second of a point. The fours were and more later, all of which will go to relieve the taxation burden on
inactive yesterday and were quoted 2 points below the level at which producing industry. This year's expenditures are to be about $50,000,they were first traded in here. The price here of the 5s compares 000 less than last year.
From the Copyright advices to the New York "Times"
with one of 103 in London, but this was accounted for by the fact
that they sell ex-interest here and also because of the sterling exchange we take the followingregarding the proposals:
The principal immediate relief to taxpayers is limited to parents only.
rate, which is $4.88 and a fraction as compared with the $5 basis
used in translating the sterling bonds into $500 and $1,000 denomina- Exemptions from the income tax for children are raised from /36
($180) on the first child to £60 ($300) and from £27 ($135) for
tions.
Regarding a ruling on the bonds the "Wall Street Jour- subsequent children to £50 ($250).
nal" of last night (April 27) said:
The Chancellor began his address by pointing out the happy event this
Committee on securities of New York Stock Exchange rules that year of a surplus and propounding the Conservative campaign viewpoint
£200 shall be considered the equivalent of $1,000 principal amount that it was not due merely to good luck and large windfalls in death
of United Kingdom of Great Britain and northern Ireland 5% war duties but principally to drastic economies.
loan bonds. Bonds of the denomination of £100 and £200 are the
The Government had cut down the number of civil officials some 7,000
equivalent of $500 and $1,000 bonds and are a delivery against since it took office and 11,000 more were doomed soon. All these were
ordinary transactions. Bonds of the denomination of less than £100 civil employes, but the Cabinet is discussing hbw to decrease the staffs
must be dealt in specifically as small bonds and bonds of the denomina- of the military services.
tion of more than. E200 must be dealt in specifically as large bonds.
The first financial problem necessary to tackle in the new year, Mr.
Bonds shall be dealt in on "and interest" basis and interest shall Churchill said, was the debt. Ile proposed to establish a fixed debt
be considered on the basis of $4.8665 per pound sterling. Trans- charge of £355,000,000 yearly which, he said, would extinguish the enactions shall be "seller 30 days" unless otherwise specified.
tire debt, external and internal, in fifty years. He declared that the
Information having been received that said bonds will be quoted heaviest burden, meeting the maturities on war loans, was over and the
in London ex-the- June 1 coupon on April 26, 1928, the committee position for dealing with future conversioss greatly improved.
on securities ruled that only bonds without the June 1, 1928, coupons
Refers to Loan Listed Here.
are a delivery; that is settlement of transactions made prior to June
1 1928, there shall be deducted from the contract price an amount
"The recent listing of our 4% funding loan upon the New York Stock
equal to the difference between the value of the coupon of $4.8665 Exchange." he said, "which was entirely upon American initiative, and
per pound sterling and the accrued interest which otherwise would the reception of that stock upon that market are not without significasce
as to the sure position of British credit."
have been paid by the purchaser.
lie announced that an amalgamation of British currency notes with
the Bank of England issue would be made this year and then passed to
Other Proposals Contained in British Budget In- review the revenues and the changes of taxation. There is to be a reducTax and
tion in the duties on imported raw sugar equal to a farthing per pound
troduced by Chancellor Winston Churchill.
in the retail price. A new duty of 6 pence has been placed on imported
budget proposals, announced in the British
Through the
mechanical lighters. A 331-3% ad valorem -duty has been put upon
House of Commons on April 24 by Chancellor of the imported buttons with a preferential rebate of one-third to empire goods.
fun
2578
FINANCIAL CHRONICLE
126,
. The principal change is the one which affects motor vehicles. A duty billion dollars owed to the United States at the present time, the
of 4 pence a gallon is levied on lighter hydro-carbon oils, with a rebate United States and the rest of the world before the war owed Europe
.
for heavier oils, and is effective today. The tax is payable on gasoline, the equivalent of 50 billion dollars in present day values (our share
benzol,-kerosene-aod turpentine. So the bulk of this burden of new tax- being 7% billions). Thirty billion dollars of this debt was owed to
a;ion wili.fall principally on the drivers and owners of pleasure vehicles England alone and most of the remainder to France and Germany.
• •
rather than upon the users of motors in industry.
"There will be a reduction in license duties on taxicabs and other com"Now what happened in the matter of international debt collection
mercial vehicles with rebates of 20% for larger vehicles like omnibuses in these pre-war years? What happened was that every solvent debtor
and trucks.
paid his debts without difficulty to himself or anyone else, and every
•
• •
English investor who held foreign obligations of good credit rating
Three quarters of the rates upon productive industries are to be re- regularly cashed his coupons and duly deposited his collections of
mitted, according to his plan, starting payment is October, 1929. Farm matured principal in a sterling bank account or any other kind of a
lands and buildings, excluding residences, will be completely and per- bank account in which he saw fit to place them. Individually, every
manently relieved of all rates after the April to June payment in 1929. good debt was collected in cash; the aggregate of the foreign lendings,
Railways are to receive a rating for relief estimated at £4,000,000 an- however, never decreased. It increased steadily, other requirements of
nually, to be concentrated upon heavy traffic with an agreement that the the industries of debtor countries taking the place of the obligations
relief must be passed on to the payers of freight. The railroads relief which were paid off. Nothing untoward happened in the realm of
under the Churchill scheme is said to be 8% of their rating.
economic law, and the transfer problem was unheard of.
National funds with which to put this scheme through must come from
•
•
•
surpluses, th.: Chancellor indicated, and proposed to dedicate this year's
"Naturally, by our loans we are building up the productive strength
surplus of £4,239,000 plus next year's estimated £14,502,000 to that
of our competitors. But shall we be frightened by our own prosperity?
purpose.
If we wish to trade and prosper to-day we cannot help benefiting Europe by the rich and fertile overflow of our surplus, even if we
would. And if as a nation we would prevent it if we could, we
Montagu Norman Re-Elected Governor of Bank of should be guilty of the twin stupidities of failing to recognize Europe
as more of a customer than a competitor and of failing to understand
England.
that the healthy activity even of a competitor builds wider markets
Montagu Norman was re-elected Governor of the Bank of everywhere for all.
•
•
•
England by the stockholders on April 19, according to asso"As for the inter-ally debts, it is too late to consider them at all
ciated Press advices from London. Mr. Norman became
in such a significance. If they conserved Europe's basic productivity
Governor of the bank in 1920.
by helping to preserve Europe's liberties that was all done and completed a decade ago when the loans were made. And it would be
ridiculous for us to cancel them for fear of
International Acceptance Bank, Inc., Extends Credit dangers of repayment. It is inconceivable that the hobgoblin labelled
the American people
Placed at Disposal of Gold Discount Bank of Berlin. would be willing to place themselves in history as the butts of such
a colossal hoax. If we decide to reduce the debts further we ought
International Acceptance Bank, Inc., issued the following to do
it on grounds creditable to our intelligence and meriting the
statement on April 20:
respect of the world, as an act of human forbearance, of political
"The International Acceptance Bank, Inc. states that the credit it sagacity and, as I see it, of business sense. I am not here to argue
placed last year at the disposal of the Gold Discount Bank of Berlin in revision of the debt settlements. I should like merely to suggest that
in behalf of an American banking syndicate has been extended for a further the real outlines of the question have so far been obscured by a fog
period, instead of allowing it to terminate on July 1 1928. It was men- of pseudo economic doctrine. When that is cleared away, we shall
tioned that the old credit had never been drawn against and that it was perhaps be able to consider whether it is worth our while in spiritual
not anticipated that the preesnt credit would be used for some time to come. satisfaction to secure the good will of Europe's overburdened taxpayers,
If at all."
and whether an increase in their purchasing power would be profitably
According to an item which appeared in our issue of last reflected in our export trade.• . •
week (page 2412) the amount of the present credit is $50,"Whatever our decisions on this end and other questions related to
000,000. The original credit of $30,000,000 was referred the subject of international debts we might appropriately celebrate our
page 593 and August 6, entry into wider fields of world affairs by declaring our independence
to:in these columns July 30, 1927,
of doctrinaire economics and assigning a somewhat higher value, than
page 720.
is now the fashion, to judgments abased on experience."
Gates W. McGarrah of New York Federal Reserve Bank
Returns From Abroad—Attended Reichsbank Meeting.
Gates W. McGarrah, Federal Reserve Agent of the Federal Reserve Bank of New York, returned from Europe on
the S. S. Berengaria on April 20. Mr. McGarrah attended
the semi-annual meeting of the directors of the Reichsbank.
He is quoted in the "Wall Street Journal" as stating that
"conditions throughout Germany are steadily improving,
and progress appears definitely on the upward trend."
George F. Auld, Discussing "Prospect in Europe" at National Foreign Trade Convention, Finds Dawes Plan
Unqualified Success—Views on Inter-Allied Debts.
In the view of George F. Auld "the record of the Dawes
Plan to date is one of unqualified success." At the National
Foreign Trade Convention at Houston, on April 25, Mr.
Auld went on to say:
Its (the Dawes Plan) prospects, fundamentally, are of the best. It
is •powerfully supported by public opinion, which, as we all know, is
to-day much better informed and far more potent in international
Henry Ford's Visit to Europe.—British Unemployment
Attributed to Low Wages.
Henry Ford, who with Mrs. Ford, sailed for Europe on
March 30, arriving at Southampton, Eng., on April 6, was
reported on April 10 (in copyright advices from London
April 10 to. the "Herald Tribune") as stating that "unemployment in England is caused by not paying enough
wages." At a dinner at which he and Mrs. Ford were the
guests of honor, given on April 11 by the American Society in London, Mr. Ford, in responding to greetings extended to him, confined himself to a very brief reply of 31
words, saying:
"I just want to say Mrs. Ford and I are highly honored to be present
on this occasion, to meet so many distinguished representatives of two great
nations. I thank you."
From the New York "Times" copyright cablegram from
London April 11 in which an account of the gathering is
given, we take the following:
"Economical," Says Lord Mayor.
This [Mr. Ford's response] was adequate, but, as Sir Charles Batho,
affairs than ever before in history. Public opinion is reasonably London's Lord
Mayor, afterward observed, "somewhat economical."
clear, and properly so, that the burden placed on Germany by the Another speaker
Dawes plan is an equitable one, that it is not based on the idea of first occasion in announced, however, that "Mr. Ford tells me this is the
revenge and that it has no reference to the tangled question of re- which was some which he has appeared at any function in this capacity,"
explanation of the shyness of the "uncrowned king of
sponsibility for the war. The burden is laid in the interest of a fair the gasoline age," as
Sir Harry Brittain called him.
distribution of the war losses among all the nations of Europe, no one
Ambassador Houghton in proposing the toast to Mr. Ford based it not
of which would undertake to carry a disproportionate load without in- on the fact that he
had manufactured Innumerable motor ears, but bevolving all of them in the common danger of collapse. The French cause he typified
that
are pinning their hopes of rehabilitation to the Dawes Plan; and the which Americans liked combination of idealism and hard common sense
to regard as typical of their race.
Germans, under the intelligent leadership of men like Marx, Strese"On certain lines he
mann and Luther, are able to recognize the benefits of political stability Ambassador said. "Ile has transformed our methods of thinking," the
has made us see as never before that high wages
and economic reconstruction which the plan confers on Germany itself. are an integral part of
what is called prosperity. He has brought it
Mr. Auld is the former Accountant-General of the Repara- clearly before us that industry must be regarded as a means of service
rather than profits, lie has introduced into industry that scientific
tion Commission, and the Author of "The Dawes Plan and guidance which leads
inevitably to mass production in its true sense.
the New Economics." He is now associated with Haskins Perhaps best of all, he shares with us that splendid vision of what the
and Sells, International Accountants, of New York City. future may hold for the common man."
At the time of his departure for Europe Mr. Ford had
Further extracts from his Houston address, presented
under the title of "The Prospect in Europe," are given here- the following to say regarding his trip:
"Mrs. Ford and I are sailing alone and simply on a pleasure trip. We
with:
expect
to return to the United States by the same vessel on May 7.
"To-day, Europe and the rest of the world owe us on commercial This is my first trip
to England since 1913. We are going to England,
debt about nine billion dollars (net after deducting American obliga- Scotland and
Ireland."
tions owed to abroad); and on inter-ally debt, about seven billion
dollars (representing the real present value of the annuities conAccording to Southampton advices April 6 to the "Times,"
templated by the funding agreements, if capitalized at 4%). The Mr. Ford arrived in England
scoffing genially at stories of
total is 16 billion dollars, the difference in the character of the two
major components of this indebtedness being immaterial, so far as any widespread unemployment in the United States. The mespossible difficulties of transfer are concerned. As against this 16 sage to the "Times" said:
APR. 28 1928.]
FINANCIAL CHRONICLE
and if there
According to Mr. Ford, bread lines do not exist in America,
unemployed do not want to
is any unemployment, it is simply because the
work.
the United States,"
"It is curious that we do not hear these things in
stories of industrial and
said Mr. Ford. "Over there we hear similar
they must have
labor depression in England. If there are bread lines,
sprung up since I left New York six days ago."
toIt was a warm and kindly Henry Ford who came to Southampton
that England exday rather than the personification of machine efficiency
stories
pected. His coming had been heralded for days with newspaper
dodged
of an icy, austere, methodical genius of business, who invariably
as he did
the limelight and would, no doubt, do the same in England
elsewhere.
2579
Japanese Strike Ends—Government Mediates
Walkout of 217 Days.
From the New York "Evening Post" we take the following (Associated Press) from Tokio April 20:
A strike which lasted 217 days, the longest in Japan's industrial
history, ended today in a compromise through Government mediation.
The strikers, who quit Sept. 19, won a promise of reinstatement
of part of their number, and the Noda Soy Company, against which
yen
the walkout was directed, agreed to pay former employees 450,000
(about $20,000). The situation came to a head about a month ago,
direct
when one of the strikers tried to invade the palace and present a
appeal to the Emperor.
Greece Reaches Agreement With Anglo-American Group Representatives of International Committee Complete
for Credit of $10,000,000 for Roads and Drainage.
Survey in Mexico.—Expected to Make Bond PayUnder date of April 20 Associated Press advices from
ment Recommendations.
London stated:
The representatives of the International Committee of
Announcement was made to-day that the Greek Government has
Bankers on Mexico, Messrs. Sterrett and Davis, left Mexreached agreements with an Anglo-American group for a credit of
New York after a visit of more
£1,000,000 and $5,000,000 to finance the beginning of the Vardan ico City on April 16 for
drainage contract and the construction of roads throughout Greece.
than two months in the capital during which they made a
The group includes Hambro's Bank, Erlanger's and M. Samuel & tour of the Republic. A message to the New York "Times"
Co., London, and Speyer & Co. and the National City Bank, New York.
The drainage contract will be handled by the Foundation Company in stating this added:
They have sought to arrive at a reasonable conclusion as to Mexico's
ineconomic capacity for a renewal of interest payments on her foreign
debtedness.
from
During their study of Mexican financial possibilities, the experts
consideration
J. P. Morgan & 0o. have been the recipients of the greatest
closest
from the Ministry of Finance and have been constantly in the
through
touch with Ambassador Morrow. They also have gone extensively
Montes de Oca, head of the Finance Departes to Prompt the country as the guests of other producing centres.
Turkey Penalizes Evasion of Taxes—Rebat
ment, visiting oil, coal and
agents for
Payers.
They should be in a position to propose to the bankers, as
agreement as Mexico has reaA wireless message April 22 from Constantinople to the the holders of Mexican bonds, such new with.
sonable prospect of being able to comply
of New York and the road contract by Maoris & Co. of Greece in conjunction with the Asiatic Petroleum Company of London.
The total amounts of these contracts were stated to be about 16,000,000 each over a period of six to eight years and the credit will provide
sufficient funds for the first year's work.
New York "Times" says:
As a new scheme for getting tax-dodgers, Angora offers a rebate of
5% to all paying their annual taxes in advance instead of in the usual
half-year instalments. Evaders are to be fined 10%. Collectors get a
5% bonus if no taxes remain uncollected in their districts.
Poland's Economic and Financial Status Surveyed by
Charles S. Dewey.
and sound trade are the visible indications,
Sound money
of Poland's remarkable economic achievement during the
past seven years of peace, according to Charles S. Dewey
In an interview in the London "Review of Reviews," issued
during the week of April 21. Mr. Dewey is financial advisor to the Polish Government and director of the Bank of
Poland. He states in part:
"In 1927 Polish coal production was higher than in any post-war year;
production of pig iron and crude steel reached a post-war record; production of zinc came nearly up to the pre-war figures; and output of potash
showed a remarkable increase.
"Up to 1920, Poland had six years of war, and the war destruction was
enormous. Now, building up a country is very much like building a
house. It is relatively quick work to have the walls erected and a roof
put on. The outside may look like a good house already, but it is the
inside which counts most. Into her house so badly shattered during the
war and by now fairly well rebuilt from the outside, Poland has presently
to put in the essentials, the absolutely necessary parts, most of which had
been destroyed by the war.
"In such a situation you have to buy from your neighbors what you
have not got yourself—things you cannot make yourself; or things the
making of which would cost you so much that it will always be sound
business for you to buy them while you yourself are producing other
goods which you know how to snake cheaper and better than your
neighbors."
Mr. Dewey pointed out that the adverse trade balance
In 1927 is an illustration of this. The import surplus
amounted to $42,800,000, but the major proportioa of this
was made up of so-called productive goods needed by Polish
Industry. Comparing this with 1924-25, the last previous
year of an import surplus, there was a decrease of 17% in
the importation of food stuffs and a decrease of as much as
49% in consumption goods other than foods. On the other
hand, imports of raw and semi-manufactured materials increased 28% and imports of machinery by 19%. In his comments he says:
"I am decidedly inclined to call 1927 a year of sound trade for a country
still in reconstruction like Poland. The goods imported are, on the whole,
within the class of goods the country has the strongest reasons to import.
There is a visible increase in productivity which is proving a stimulus
to exports.
"A productive type of imports, an exportable surplus of production
on the increase, q sound money system—these are elements for building
UP a credit position which is the chief means of tiding a country over
even a protruded period of reconstruction and recovery. With these
elements in regular working order, foreign capital is not anxious to
call in credits already given; en the contrary, it is inclined to extend
credits within justifiable limits as long as interest on the investments
Is coming in and sinking funds are built up.
"In 1926 Poland had a balanced budget with a modest surplus, in
1927 quite a substantial budgetary surplus was realized, and there is
every reason to expect that this primary foundation of sound money will
endure. Foreign trade deficiencies, provided they are not excessive and
not the consequences of extravagant living, can be and will be financed
without any risk to the stability of the zloty on its new level of legal
parity. After complete reconstruction and recovery Poland will pay her
way out of her own income."
The survey was undertaken by Joseph E. Sterrett of
Price, Waterhouse & Co. and Dr. Joseph Davis of Leland
Stanford Junior University.
President Calles of Mexico Would Cut Debt.—Favors
Paying Foreign Obligations Above Increasing
Arms, He Says.
Vera Cruz, Mexico, Associated Press cablegrams April 9,
published in the "Evening Post," said:
Cutting of Mexico's debt is favored above an increased navy or army
by President Canes. Inspecting the gunboat Anahuac, he was requested
by Commodore Hernandez to permit the development of the navy either
by loan or public subscription. President Ogles replied that economic
conditions prevented this.
Within ten years, he said, Mexico would have all her debts paid. More
rigid economies were to be effected. The standing army would be cut
from 50,000 men to 35,000.
Mexico to Pay Interest on Land Bonds.
Mexico City Associated Press advices, April 20 stated:
The Deaprtment of the Treasury announced to-day that as a result
of improvement in the financial condition of the Mexican Government it
will begin paying interest on its agrarian bonds. These bonds were issued
by the Government to the owners of land taken for distribution among
the people.
Offering of $5,000,000 6% Bonds of Agricultural Mortgage
Bank of Republic of Colombia—Books Closed—Issue
Oversubscribed.
W. A. Harriman & Co., Inc., and the Elquitable Trust
Co. of New York offered on April 23 a new issue of $5,000,000 Agricultural Mortgage Bank (Banco Agricola Hipotecario) guaranteed twenty-year 6% sinking fund gold
bonds, dated April 15, 1928, and due April 15, 1948. These
bonds were priced at 93% and interest, to yield about
6.59%. The closing of the books was announced April 23,
the bonds, it is stated, having been oversubscribed. The
Republic of Colombia unconditionally guarantees interest
and sinking fund payments by endorsement of each bond.
A cumulative sinking fund is calculated sufficient to retire
the entire issue at or before maturity. The sinking fund,
payable semi-annually beginning Oct. 15, 1928, is to operate by purchase of bonds at not exceeding par and accrued interest, or, if not so obtainable, by redemption
through call by lot on the next interest payment date at par
and accrued interest. The bonds, in coupon form in denomination of $1,000, are registerable as to sprincipal only.
Principal and interest (April 15 and Oct. 15) payable at the
principal office of the Equitable Trust Company of New
York, in New York City, in United States gold coin of or
equal to the present standard of weight and fineness,
without deduction for any present or future taxes levied by
the Republic of Colombia or by any taking authority
thereof or therein. The bonds are redeemable as a whole
at par and accrued interest on any interest date upon
thirty days 'published notice. The Equitable Trust Company of New York is fiscal agent and registrar. It is
2580
FINANCIAL CHRONICLE
[Vor.. 126.
stated that the present funded debt of the Bank, including Brazil or any taxing authority thereof or therein.
this issue, is only $15,542,000.
Official advices state:
Finances.
Dr. Lucas Caballero, Manager of the Agricultural MortDuring the last five fiscal years the revenues of the State have shown
gage Bank, says in part:
a steady increase. In this period the total revenues have averaged
The Agricultural Mortgage Bank of Colombia (Banco Agricola Hipotecario), the only mortgage bank whose bond issues are guaranteed by
the Republic of Colombia, was organized by special law in 1925 to further the development of agriculture by making first mortgage loans on
real estate. A supplementary law, passed in the latter part of 1927, has
authorized the Bank to grant loans for the construction of urban dwelling
houses; also to use a limited amount of its own funds for the construction of workmen's houses for rental and sale.
The authorized capital of the Bank is 5,000,000 Pesos ($4,866,500), of
which on April 1, 1928 the Government owned 4,100,000 Pesos ($3,990,530), or 82%, the Departments and Municipalities 509,000 Pesos ($495,410) and private individuals only 76,300 Pesos ($74,263). The amount
paid in on such capital stock on this date was 2,605,300 Pesos ($2,535,738). The Government has now been authorized to purchase the stock
held by private individuals and is the future the Bank may not sell or
transfer stock to private persons. Two of the five members of the Board
of Directors, including the Minister of Finance, ex officio, are appointed
by the Government.
The Bank may grant loans only against first mortgages on real estate
which may not be in excess of 50% of the appraised value of the property asd are limited to a maximum of 50,000 Pesos ($48,665) to any one
applicant; they are re-payable in gold Pesos and amortized by sinking
fund installments. The Bank enjoys certain special privileges which
facilitate legal action where necessary in the collection of mortgage debts,
and is exempt from certain taxes.
By law, the Bank is required to allocate 20% of its net profits each
year to a reserve fund ustil it amounts to 50% of the authorized capital,
and thereafter such allocation must be 10% of the net profits.
Under existing laws, the Bank may not issue bonds in excess of 25,000,000 Pesos ($24,332,500), or five times its authorized capital. In the
fiscal agency agreement under which these Bonds are issued, the Bank
has covenanted that while any bonds of this issue remain outstanding, it
will always maintain in its possession first mortgages on real estate in
a principal amount equal to all its bonds outstanding.
A previous offering of 5,000,000 bonds of the bank was
referred to in these columns Oct. 15, 1927, page 2062.
Offering of $4,860,000 Bonds of State of Parana (Brazil)
To Be Used in Part to Retire Three Outstanding
French Loans.
For the purpose of retiring three outstanding loans
raised in France between 1905 and 1917, and to complete
the construction of railways, harbor improvements and
other productive public works, the State of Parana,
Brazil, has sold $4,860,000 7% external sinking fund consolidated gold bonds, dated March 15, 1928, and due March
15, 1958. These bonds were offered on April 26 by the
Chase Securities Corporation and Blair & Co., Inc., at 98
and interest to yield about 7.15%. The purpose of the
issue is indicated as follows:
$2,241,766 per annum, as against expenditures, including capital expenditures, averaging $2,229,804 per annum. Revenue for 1927-28 is estimated at $3,192,000. Actual receipts for the first half of the financial
year amount to about $1,800,000, which is in excess of the estimate.
Security.
The Bonds of the present issues will be the direct obligation of the
State of Parana which pledges its good faith and credit for the punctual payment of principal and interest. In addition, the Bonds will be
specifically secured (upon retirement of the French loans hereinafter
mestioned and 8,011 contos of internal bonds) by a first lien or charge
on the whole of the revenues, present and future, of the State, derived
from tariff rates, duties and impositions of whatever nature.
The State reserves the right to issue additional Consolidated Bonds
from time to time which will rank "pari-passu" in point of charge with
the present issues of Bonds; provided that the amount required for service of interest and sinking fund of the Bonds issued, and then to be
issued, shall not exceed one-third of the average annual tax revenues of
the State for the three preceding fiscal years, or one-third of the amount
of such revenues for the fiscal year immediately preceding the date of
issue, whichever be the less.
Offering of $12,000,000 45 Bonds of City of Copenhagen,
Denmark-Books Closed.
Kuhn, Loeb & Co. and the International Acceptance
Bank, Inc., following the purchase of $12,000,000 principal
amount of City of Copenhagen, twenty-five year 41 6% gold
,
bonds, offered the bonds on April 25 for subscription, subject to allotment, at 941 and accrued interest to yield
%
/
2
4.88% to maturity. The proceeds of this issue will be applied to the redemption of the city's municipal external
loan of 1919 twenty-five year 52
/
1
% redeemable sinking
fund gold bonds, due July 1, 1944, which are to be called
for reedmption on July 1, 1928.
The books on the $12,000,000 issue offered this week
were closed the day they were opened. The bonds will
bcome due May 1, 1953. They are redeemable, at the option
of the City, in whole, or in part by lot, on May 1, 1938, or
on any interest date thereafter, at 100% and accrued interest on sixty days' published notice. They will be in
coupon form in denominations of $1,000 and $500. Principal and interest (May 1 and Nov. 1) will be payable in
New York City in United States gold coin of or equal to
the standard of weight and fineness existing May 1, 1928,
without deduction for any Danish Government or municipal or other Danish taxes, imposts, levies or duties, present
or future.
The International Acceptance Trust Company is Fiscal
Agent, J. Schaarup, Director-General of Accounts and
Audits of the City of Copenhagen, in adviees to the bankers, says in part:
Owing to a difference of view as to the currency in which its French
loans of 1905, 1913 and 1917 are payable, the State of Parana has entered into an agreement with the National Association of French Bondholders (Association Nationale des Porteurs Francais de Valeurs
Mobilieres under which the State intends to retire all three loans. A
The City.
sum sufficient to effect the retirement of these three loans in accordance
Copenhagen is the capital of Denmark and one of the leading comwith such agreement will be reserved from the proceeds of the Bonds mercial centers
of Scandinavia.
and held in a special account for such purpose. The balance of the
•
•
•
proceeds of the Bonds not required for redemption of the French loans
Finances.
will be devoted to the construction of railways and roads, the completion
of harbor works at Paranagua and other public works of a productive
For the fiscal year 1927-28, ordinary budget receipts of the City are
kind.
estimated at $27,122,000 and expenditures at $27,845,000. For the past
four years ordinary receipts have exceeded expenditures and during this
The bonds offered this week and E1,000,000 sterling bonns
period the City has made capital
totaling $29,158,000, which
of the same issue in London by Lazard Brothers & Co., were provided for our of cash expenditures the Treasury,
balances In
proceeds of
Ltd., constitute the present authorized amount of the loans and sales of municipal property.
As of March 31, 1928, the total funded debt of the City amounted to
State of Parana Consolidated bonds. Following retire$120,332,000 and there was no floating debt. The asoessed
ment of the French bonds and 8,011 coutos of internal real estate in the City is approximately $843,396,000 and onvaluation of
March 31,
bonds, the securities now offered will be a direct obliga- 1927, the value of city-owned property was estimated at $139,414,000,
of which productive property (tramways, water, gas and electric works,
tion of the State secured by a first lien on all revenueS markets, etc.) to
the estimated value of $101,940,000 yielded a net inpresent and future, derived from taxes and duties. The come of $6,700,000 for the fiscal year 1926-27.
• •
•
bonds in the present offering will not be redeemable exSecurity.
cept for the sinking fund for March 15, 1928. They will be
The Bonds will be the direct obligations of the City of Copenhagen
redeemable in whole or in part on March 15, 1938, or on
and will contain a covenant that if, while any of the Bonds are outany Interest date thereafter at 102 and accrued interest.
standing, it shall create or issue or guarantee any loan or bonds secured
by lien on any of its revenues or assets or assigs any of its revenues
As to the sinking fund provisions it is stated:
The Bonds of both issues will be entitled to the benefit of a semi- or assets as security for any guaranty of any obligation, the present
annual cumulative sinking fund, commencing Sept. 15, 1928, calculated issue of Bonds will be secured equally and ratably with such other loan
to be sufficient to retire both issues by maturity through purchase of or bonds or such guaranty. No loan of the City is specifically secured
Bonds of either or both issues at or below 100 and accrued interest, or, and the City has never defaulted on any of its debt.
Application will be made in due course to list these Bonds on the New
if not so obtainable, through drawings by lot, in equal amounts of each
York Stock Exchange.
accrued interest.
issue, at 100 and .
The dollar bonds will be coupon bearer bonds in denominations of $1,000 and $500. Principal and semi-annual
Interest (Sept. 15 and March 15) will be payable in New
York City in United States gold coin of the present standard of weight and fineness at the principal office of the
Chase National Bank of the City of New York or, at the
option of the holder, in London in sterling, at the fixed
rate of exchange of $4.86 to the pound sterling, at the
offices of Lazard Brothers & Co., Ltd., without deduction
for any present or future taxes of the United States of
Republic of Estonia Bonds Offered by Syndicate Privately
Placed-Issued Under Auspices of League of Nations.
Hallgarten & Co., William R. Compton Co. and S. W.
Straus & Co., Inc., offered on April 25 an issue of Republic
of Estonia (Banking and Currency Reform) 7% loan,
1927, at 94 and interest to yield more than 7.45% to maturity. The bonds, which it is stated have been privately
placed, were issued under the auspices of the League of
Nations, which in Dec., 1928, provided the raising of this
APR. 28 1928.]
FINANCIAL CHRONICLE
loan by Estonia to provide an effective net sum of £1,350,000, of which £1,000,000 has been transferred to the Bank
a Estonia in exchange for long term assets and the balance used for the establishment of a new mortgage institution. The bonds in this week's offering represent, we
understand, nearly all the original offering of $4,000,000
made in this country in June of last year, and referred to
in these columns June 18, 1927, page 3568.
The bonds are dated July 1, 1927, and will become due
1967. A cumulative sinking fund is provided, calJuly
culated to retire the entire issue by maturity, operating
by purchases at or below par or by drawing at par. The
bonds are redeemable in whole or in part on July 1, 1937,
or on any interest payment date thereafter, at par upon
'six months' previous notice. Other details will be found
in our issue of June 18 last year. It is stated that the
internal debt of Estonia amounts to the equivalent of approximately $1,367,292 and apart from the present loan
and the loan of £130,000 of 1926, the only external debts
are those due to the British, United States and Swedish
Governments, which were incurred in connection with supplies of goods by these Governments during the reconstruction period and have been funded at low rates of interest. These debts on Jan. 1, 1928, amounted to the
equivalent of about $21,581,769 but have no specific
security.
2'5811
:
'tveekly luncheon of the American Club of Paris on !April
19. After the luncheon,Mr. Davison delivered an 'address
on the theory of the sterilization of gold reserves in the
United States. In his talk to •a gathering of 350 leading
French and foreign bankers, Mr. Davison indicated that,
contrary to prevalent belief, the enormous gold reserves a
the United States had not been sterilized but had been put
to most efficient 'use. Mr. Davison, who has been in Southern Europe for some time, is visiting the Berlin, Paris and
London offices of his company, before returning to America
next month. His address in part follows:
European finance seems inclined to the view that American banking
policy, especially Federal Reserve policy, has subjected the great • gold
reserves in our banks to some sterilizing process. This implies that we
have been able to impound gold in bank vaults and treat it in some
wonderful way so that even when a substantial portion of this supply
of gold is released into general circulation with other currency, we have
established an immunity from certain effects which such a supply of gold
ought to work. I think that gold in America has not been sterilized. I
think that gold, functioning in the United States as it should function
in any civilized country (namely, as the reserve basis of credit), has
been exerting rather fully the influences which it might be expected to
exert. I think that American banking policy, to the extent that it has
been in restraint of these influences, has been only such a policy as a
capable banking community would form and apply to govern the grant
of credit.
We have been told that the sterilization of geld has been carried so
far and so successfully that it is a question if we are really on a gold
basis. As I understand it, a country is on a gold basis when prices in
its markets are measured in a monetary unit the equivalents of which
(bank checks, paper currency, silver coinage and the like) are convertible at par into gold on demand. I wtould be difficult to prove that
the United States is not strictly on a gold basis so defined. If then it
International Mortgage Bond Firm for Foreign Issues is thought that the United States is not on a gold basis,'it must be because some expected effects of the great increase of the gold supply in
Planned itby ttStraus Officials—Other Houses the United States in the last decade have not been manifested. At home,
but especially abroad, it began to be predicted, after the close of the
Friendly to Project.
great war, that the flood of gold which had come to America and was
Jules L Bogen, writing in the New York "Journal of Com- still pouring in could not fail to inflate prices of commodities, goods and
labor. The fact that it has not worked out that way generated the theory
merce," of April 16, says:
Plans are under way to form an international mortgage banking organ- of a sterilization of gold. I think that the advocates of the theory have
,
iwation under the control of American capital, it is learned in well in- overlooked certain developments in the American economy.
formed mortgage banking circles here. Preparations looking to the forAt the outset of explaining what we have done with our supply of
mation of such a company, according to these sources, were made on a gold, I wish to emphasize a consideration that has for years been upperrecent trip to Europe by officials of S. W. Straus & Co., Inc., leading fac- most in the thought of our bankers; that we could not always retain
the whole of the greatly increased stock of gold which had come to the
tors in the mortgage bond business in this country.
As far as can be learned, the project is still in the development stage, United States; that an economic world in which the United States was
although leading banking institutions have become interested in it. It is the only country on a gold basis was inconceivable; that intelligent selfunderstood that the new company will operate largely through important interest would dictate such a banking administration of affairs as to
existing mortgage banks in foreign countries, buying either an interest in aid in return of other countries to the gold basis; that this in the end
or control of these companies. Arrangements will then be made, it is con- could only come about through the gradual decrease of the American
templated, to issue bonds here secured by mortgages which in turn will stock of gold and the gradual increase of the stock of gold of other counbe purchased from local property owners by these banking subsidi- tries. In other words, our banking policy under the leadership of Federal Reserve policy has regarded the American banktng position as a
aries.
Trusteeship with respect to an indeterminable but Large portion of the
Other /101i968 Sympathetic.
Other mortgage bond companies in this country are closely watching this gold supply in America; and the American banking community, therefore, could not prudently assist an unrestricted expansion of the credit
development and, as far as can be learned, their attitude is sympathetic.
At least one large organization has indicated that it would be willing to which could be built up on our gold basis.
From 1923 to 1927 the monetary stock of gold in the United States
co-operate in the sale of foreign mortgage issues sponsored by the new
increased more than $1,000,000,000. By the end of March this year
international mortgage company if proper terms are offered it.
The principal motive behind this project, it is understood, is the desire the gold reserves of the Federal Reserve System had decreased more
to take advantage of the disparity in interest rates on what are regarded than $300,000,000 from the high figure of 1927. Our gross export of
ax high chew mortgage loans in this country and abroad. Owing to the gold in the six months to the end of March this year was well in excess
large amounts of capital seeking investment in this country, and the of $300,000,000 of which a third was exported in March alone. In 1922
sharp rise in other forms of securities which resulted, the rate on high the ratio of gold reserves to deposits of all American banks was 8.2.
grade mortgage loans baa been declining here. Fewer loans are being In 1927 the ratio was 6.7.
From 1923 to 1927 bank deposits expanded about $14,000,000,000. In
made at 6%, and recently several issues have been put out on as low as
modern banking, such a growth of deposits is largely created by an
a 5% basis.
expansion of loans and investments. The loan increase of all banks in
On the other band, in several countries of central Europe the rate on
mortgage loans of standard security is as high as 8, 10 and 12%. The the five years, 1923 to 1927, was about $10,000,000,000, the bulk of which
shortage of local capital is the chief reason for this disparity, and it represented loans against securities. The total bank investment in seis felt that the issue of mortgage bonds secured by such European and curities increased more than $4,000,000,000 in these five years. It is not
South American real estate mortgages and spousored by strong domestic necessary to tell an assemblage like this that bank loans against it or ininterests long identified with this field would permit American investors vestments in capital securities are pro tanto loans against or investfavoring this form of investment to continue to receive a comparatively ments in capital goods but the point is worth emphasizing.
The average price of 50 representative corporation stocks, listed on
large return.
Mortgage banking has long been practiced in moot foreign countries, the New York Stock Exchange, advanced $108 a share in the five years
both by institutions having some measure of Government backing and by from 1923 to 1927. The average price of 40 listed domestic bonds
others operating on a purely commercial basis. A study has been made advanced $150 a bond in the same five years. In the same period, the
of the experience of these foreign mortgage banking institutions, and it average price of 10 listed foreign government bonds advaaced $100 a
has been found that, outside of those countries where holders of mort- bond. The significance of these price advances is emphasized by the
gage bonds suffered from currency depreciation, the record is as good great lengthening of the list of securities now dealt in and by the great
activity of our markets. Only last month, in IS trading sessions, from
or better than that of the mortgage banking business in this country.
Friday, March 9 to Monday, March 26, over 50,000,000 shares were
Part braes Small.
dealt in on the New York Stock Exchange. From a market value of
cumber of individual issues of European mortgage banks have been about $27,000,000,000 for all listed stocks in January, 1925, there was
put out in this market, but they have generally been of relatively small in increase of $22,700,000,000 to a total market value of $49,700,000,000
amount and sponsored usually by merely one foreign mortgage institution. by January, 1928. During this period the total number of shares listed
One notable exception has been the financing of the German Central Bank increased from 433,000,000 to 655,000,000.
for Agriculture, or Rentenbank, which has issued $80,000,000 of mortgage
In 1922 there was perhaps a half dozen investment trusts in the
bonds secured by farm mortgages here, but this concern is owned by the United States. Today there are probably about 150 companies classed
German Government and its bonds have the sponsorship, although not the as investment trusts with a capitalization estimated at fully $600,000,000.
guarantee, of the Reich. South American cedulas, as mortgage bonds are In the six years, 1922 to 1927, the total of new domestic and foreign
known there, have also long been popular among a small group of in- securities sold in the American market, excluding refunding issues, is
estimated at $34,500,000,000, the annual output running from $4,300,vestors here.
It is felt, however, that these pioneer attempts at introducing foreign 000,000 in 1922 to $7,500,000,000 in 1927. During this period the net
mortgage bonds in this market should give way to a larger and more total of foreign securities estimated to have been sold in the' American
systematic organization of the market, in which the same methods and market was more than $9,000,000,000. The total of American private
investmest in foreign securities is now placed at about $14,500,000,000.
channels shall be utilized as for domestic issues.
In. April, 1922, the total of American bankers' acceptances outstanding
was $416,000,000. At the end of February this year the total outGeorge W.Davison of Central Union Trust Co. of New York standing was $1,056,000,000. All but a small percentage of these totals
represents acceptances against commercial letters of credit issued to
Before American Club of Paris Declares Gold Has Not finance foreign trade.
Sterilized in Bank Reserves of U. S.
The total of bank credit used by companies engaged in financing inBeen
stallment sales has been put at an average annual
George W. Davison, President of Central Union Trust 000,000 oin the last five years. The money value ofamount of $1,500,new building conCompany of New York, was the guest of honor at the struction in the last five years is computed to have been $30,000,044,000.
2582
FINANCIAL CHRONICLE
[VoL. 126.
I could go on giving you further figures such, for example, as would credit that an inordinate amount should not be used and
involve the
exhibit, in terms of money, the growth of our automobile industry, radio danger of a violent contraction of credit
resulting from conditions
industry and electric power industry; but I forbear. I do not want my conducive to the rapid export of gold
in great quantity; or the equal
remarks to be chiefly statistical.
danger of precipitating further large gold importations and widespread
The figures I have given you show that there has been a great expan- unsettlement abroad. It has been
primarily a problem of maintaining
sion of credit in the United States, and this credit expansion must have money market and credit relationships
which would not put obstacles
made its influence felt in various quarters. Some of these directions in the way of a graduated export
of gold such as has been going on
are not hard to find. In one direction credit expansion has helped to lately.
sustain the wages of labor, and I think you may grant that if war-time
Gold has not been sterilized in the bank reserves of the United
factors can be considered to have inflated wages, then some inflationary States, but its use as a basis of
credit has been safeguarded by bankeffect of our great gold supply is manifested in our sustained wage rate. ing policy under Federal
Reserve leadership. As the President of an
But this maintenance of the American wage is in keeping with and American trust company, I like
to interpret this policy in terms of a
partly the result of another process in which credit expansion has been trusteeship of the gold supply
which was turned over to America in
influential.
the last few years. I think we shall render a good account of our
Although during the war there was developed in the United States a trusteeship.
vast equipment to produce and distribute quantities of goods and commodities with tremendous rapidity (and this capacity has been augmented by the concentration of managerial effort on heightened efficiency) James Rattray of Guardian Trust Co. of New Jersey
we have been able to maintain our equipment operating at a fairly
Expects Easy Money Until Third Liberty Loan Is
profitable percentage of capacity because we have been able to maintain
Refunded Next September.
a large volume of consumptive demand. Analysis suggests that consumptive demand has been stimulated by the use of credit and the
While there is a possibility that money rates will continue
attention which has come to be paid to installment buying or "hire firm in
the immediate future one should not overlook the
purchase" indicates a process through which our credit expansion has
perhaps induced a certain proportion of business inflation. The fact fact that the peak of the seasonal spring demand for funds is
that it has been inflation of volume and not inflation of price may have about over, and that during the next three or four
months
served to disguise the fact of inflation.
easier money conditions may reasonably be expected, acIt does not follow that sooner or later iuch inflation must be wholly
undone. America has learned that in the course of time substance is cording to opinion expressed by James Rattray, Vice Presioften imparted to capitalizations which were largely water, and the dent of the Guardian Trust Company of New Jersey. Mr.
same holds true of a good deal of business enterprise which has seemed Rattray
says:
to depend largely on anticipation of the future. Meanwhile, the pro"With call money around 41-f to 4%% there is no indication of stringency,
motion and maintenance of our business volume have, from the standpoint of the income account, helped to make business profitable on nor does the bond market reflect any expectation of higher rates. The marbalance and so to a considerable extent helped to offset falling prices. ket for United States Government bonds has been dull, with some shading of
Also with our industrial and commercial equipment operating at a prices, but such high-grade issues are normally more susceptible than other
fairly profitable percentage of capacity, our prices have probably been bonds to influences like increases in rediscount rates. In this connection it
should be remembered that during the next five months the Treasury Deprevented from falling as fast and as far as they might.
partment must finance the maturity of the Third Liberty Loan bonds, of
Some of the influences exerted in other directions may have been
inflationary, but our credit expansion has assuredly been helpful to which 31.463.683,150 were outstanding as of March 311928.
"With a refunding operation of such magnitude in prospect, it would be
American business through the large engagement of American credit
reasonable to expect close co-operation between the Federal Reserve Ranks
and capital in loans and investments abroad. You must have been
the Treasury Department to maintain easy money conditions, at least
somewhat impressed by the figures of our foreign investments in the and
until refunding has been accomplished. A portion of the Third Liberty
last few years, and much of the total fund denoted by these figures and loan may be provided
for by short term Treasury certificates, but at least
the figures of bankers' acceptances must have been used to purchase our
31.000.000.000 is likely to be refunded into long term bonds if conditions are
goods and commodities. Accordingly, credit processes made possible favorable
for such an issue."
by our gold reserves have, in the direction of our foreign trade, helped
to promote and sustain that demand which has given our commercial
and industrial equipment a fairly profitable volume of business.
The American banking community has had the ability to extend Concern As to Speculative Boom Expressed By Bankers
credit which must find some employment. The American people have
In Attendance At Meeting of Executive Council of
had the ability to furnish a basis for the extension of such credit.
A. B. A.—Business Outlook.
There has been a strong feeling of confidence in our longrun future
which has made lenders willing to lend and borrowers willing to borrow.
Concern in regard to the speculative boom in the stock
It is in the nature of the ability to extend credit that the employment
of credit can be forced even at risks. The American banker has had market but confidence as to the general state of business,
to find employment for his capacity to extend credit, and his problem especially in respect to improving agricultural conditions,
has been to manage his grants of credit so as to avoid excessive risk. I is variously expressed by bankers from all
sections of the'
think that in the main he has been successful.
It does not follow that we shall be able to get through the next few United States present in Augusta, Ga. on April 15 to paryears without inflation spreading to the prices of goods and commodi- ticipate in the annual spring meeting of the Executive Counties and to the wages of labor; committing us to a useless increase of cil of the American Bankers' Association. Brief statements
productive and distributive capacity, of which there is already a reby some of the association officers and representative bankdundancy; and involving a flight from the dollar. Yet it rather looks
as though we would be able to go on along the lines which we have ers made in response to a request for their opinion of the
been following. If we do it will not be long before our gold supplies outlook follow:
will have been sufficiently reduced by exports to obviate the danger
Thomas R. Preston, President Hamilton National Bank,
of general inflation. If we continue to make large grants of credit
annually to foreign borrowers and make large investments of Ameri- Chattanooga, Tennessee, President American Bankers' Ascan capital abroad, we will increase the foreign command of our bank sociation:
balances which are withdrawable in gold. We are issuing large forIt seems that business for 1928 will be about like 1927. 'The presieign calls on our gold supplies every year and, even though it is dential election will not in soy opinion seriously
disturb business. The
graduated and controlled, the export of gold from America must result country is too large and on too firm a foundation
for this to give the
in such a reduction of our gold reserve position as to render it more public any particular anxiety. Speculation in
stocks of course gives conlikely that the United States will go through some secondary period cern to all. The continued advance of securities covers a
longer period
of deflation than revel in the brief ecstasy of a period of general than we have ever had before and the volume of trading
has broken all
inflation.
records, but in view of the fact that the wealth of the country has inAs I have said, I would not have you make too large an attribution creased so rapidly and securities of corporations are now so widely disof resronsibility and skill to the management of the Federal Reserve tributed this is not as serious as it appears, though it is believed that
System nor to the managers of the American banking community at the market will settle down soon to a normal pace. While the loans to
large. Our banking policy has had the assistance of some conditions brokers seem very large, it should be remembered that the total now
which have obstructed the flow of credits into generally inflationary represents only about 8% of the market value of all securities listed upon
directions. Obstruction has certainly been offered by the large over- the stock exchange. Most industries are operating on practically a normal
equipment of our industrial and commercial establishment to produce basis and crop prospects so far as they can be judged at this time seem
and deliver goods and commodities in quantity with rapidity. It is reasonably favorable. Credit conditions continue easy throughout the
only when capacity is working to the limit and confronted with an country.
ever-increasing demand for future deliveries that speculation in inCraig B. HazIewood. Vice-President Union Trust Comventories and prices is encouraged. Again, the world's price level
pany, Chicago, First Vice-President American Bankers' Ashas had an effective influence on our own price level. Also, the
severe lessons of the post-war deflation in 1920-1922 were well taught sociation:
General bwinesz is exhibiting many of the characteristic seasonal tenand, mindful of these lessons, our manufacturers, merchants and consumers have been afraid to buy ahead. In addition, they have seen dencies which may be expected at this time of the year. With generally
no reason buy ahead. They remember how false was the appearance satisfactory conditions in the key industries—steel, building and autoof scarcity in 1919; the falsity of which was disclosed in the liqwida- mobiles, with stable prices, sufficient credit for legitimate business purtion of the next two years when it was manifest that there had been poses, and a high rate of industrial production, there is nothing to indino such tremendous consumptive demand for commodities and goods cate now that business conditions during the balance of the year will differ
as made the high price level of 1919; only a terrific world-wide specula- materially from those during the past few months.
tion in contracts.
W. D. Longyear, Vice-President Security Trust and SavWhile it seems to me that the facts are all against the theory that ings Bank, as
Angeles, Treasurer American Bankers' Asgold reserves in America have been sterilized through some thaumaturgy of banking policy, I repeat that our banking, under the leader- sociation:
National business already shows signs of recovery from the mild depresship of Federal Reserve policy, has been very much concerned with
the potential volume of credit which could be based on our gold re- sion existing at the end of 1927 and the present condition of certain fun.
damental industries holds the promise of further improvement as the year
serves and with the preservation of some working relation between the
volume of credit actually expanded and the change in our gold posi- progresses. One interesting development of the year is likely to be the
tion which time could be counted upon to effect. Federal Reserve strengthening of both purchasing power and saving ability of the people
policy has, in my opinion, expressed an adequate understanding that due to the moderation of the habit of buying through time payments
it is desirable in the interest of the world's trade, the world's economic especially of automobiles. This will tend to place more actual cash in
equilibrium and the world's peace and safety to have a considerable hands of the public. It is hoped they will not throw this money away
redistribution of gold from the American supply. The problem set on the stock market. The present frenzy of speculation if continued much
for the leadership of our new centralized banking system has been to longer will surely bring about its own destruction. Fortunately, however,
maintain such money market regulation of the volume and flow of while numbers of individuals will suffer, a slump in the securities mar-
APR. 28 1928.1
FINANCIAL CHRONICLE
kets will apparently have little effect upon other departments of business provided other conditions remain unchanged.
Melvin A. Traylor, President the First National Bank,
.Association:
Chicago, past president American Bankers'
As far as I awl advised business in the Chicago territory on the whole
has been satisfactory for the first quarter of the year, in fact, in some lines,
somewhat better than was anticipated, especially as far as volume is concerned. We continue, however, to hear considerable camplaint with respect to competition and the difficulty of securing a satisfactory margin
of profit. It is doubtful if there has ever been a time when efficiency
of management has paid a greater premium than at the present time. The
recent performances of the stock market have left the more conservative
element of bankers and business men gasping. The tendency to disregard
intrinsic or liquidating values and especially the theory that stocks should
sell on a minimum of fifteen times their earnings, without regard to assets, may be correct under existing conditions—but there are apparently
a few supposedly sound thinkers whose vision is not nimble enough to
enable them to so largely discount future possibilities. These benighted
old timers have a feeling that some people now operating in the stock
market are due for "the headache of the morning after," to say nothing
of the fact that such performances as have occurred during the last
month or so have about them the inherent weaknesses which in the past
have led to political tinkering if not legislative interference; which
those responsible for the management of such affairs might have avoided
if more attention had been given to certain practices. These same old
timers also believe that the laws of gravity have not been permanently
suspended with ragard to the price of stocks.
Charles A. Rinsch, President Fifth Third Union Trust
Company, Cincinnati, Ohio, past President American Bankers' Association:
The outlook in the Cincinnati territory seems to be particularly good.
Retail merchants all report good trade and our machine tool industries have
more men on their payrolls than for some years. The same is true of
rolling mills in our section—one of which reports they are running at
full capacity. After all, the difference between good times and bad is
largely a state of mind. Beginning with 1928, there was more or less
a pessimistic feeling existing throughout the country, and a good deal
of talk of unemployment Later, when the income tax returns for 1927
were made known, there was a decided feeling of optimism, which has
found expression in the advances in many of the stocks of our leading
industries. Of course, we must bear in mind in certain industries the
competition is very keen and the turnover large, with very little or no
profit. The remedy for this is efficiency. On the whole, I feel optimistic
and believe 1928 will give a good account of itself.
Francis H. Sisson, Vice-President Guaranty Trust Company, New York:
2583
are not unduly large. On the other hand, there has been evidenced a
tendency toward the stiffening of money rates and exports of gold, while
small by comparison with our total supply, still continue.
"Actual business conditions do not appear to bear out
stock market prognostications as far as average or general
prosperity is concerned," the bank continues. "The prospect of increasingly good business is based at the present
time upon four major factors: the abundance of ample
credit, the activity of the automobile industry, the high
level of steel production and the continuing remarkable
activity in building." It adds:
"These appear sufficient to warrant an expectation of continuing good
business, but they are not in and of themselves an assurance of ample
profits in the immediate future in other lines.
"The facts show that the automobile industry, the building trades
and iron and steel, foreshadow continuing good business—but the
prosperity experienced in the three above major fields has not yet been
fully passed on to other industries. While a gain in employment, in
industrial activity and in the general purchasing power of the country,
appears probable during the second quarter of 1928, present price tendencies and the unusually keen competition prevailing today make it
impossible to predict anything more than conservative profits for most
businesses."
W. C. Durant Before Departing for Europe Gives
Viewpoint on Market—Volume of Trading Outgrowth of Changed Conditions and Enormous
Accumulations of Wealth—Dinner in Which Big
Stock Winners Participate.
It is learned from the "Times" of April 21 that William
C. Durant, former carriage manufacturer, later organizer
and President of the General Motors Corporation and in
subsequent years one of the leading "bull" operators in the
stock market, expressed sanguine opinions regarding the
trend of stocks in general as he sailed on the Majestic at 1
o'clock a. in. on April 21 for a vacation abroad, and predicted that the investor in General Motors common would
In a few years receive a 5% return at $280 a share. A statement given to reporters by Mr. Durant, appears as follows
In the paper quoted:
The present situation in the security markets, whether sound or un"A market that will withstand the repeated attacks of selfish interests
sound, contains no direct threat against business in general. The worst working for lower prices, a market that will ignore the silly but persistent
that could happen in this direction would be for a severe break in stock references to Federal bank control of brokers' loans, a market so great in
prices to bring about some increase in the spirit of caution and hesitancy volume as to prevent the ordinary investor from securing reasonable
that already pervades the business community. Some such effect there quotations or service, a continuous market that strains
almost to the
would undoubtedly be, but, in view of the abundance of credit and the ab- breaking point the facilities
of the New York Stock Exchange, certainly
sence of excessive inventories, it appears very doubtful whether the re- justifies the
frequent inquiry: 'What are the causes and who is reaction would be violent or lasting. In so far as the present level of stock
sponsible?'
prices may be interpreted as a reflection of the attitude of business
"As to the causes, my answer is: The changed conditions due to the
leaders as to the probable future trend of trade, its implications are, of wonderful
prosperity of the country; the enormous wealth accumucourse, clearly favorable. Aside from easy money, moderate inventories lated since the
war; the fact that the United States is now the money
and an almost universal conservatism, the outstanding features of the
centre of the world; the confidence in American institutions by almost
business situation are a fairly high level of industrial activity accomevery natiin on earth, who are large buyers of our securities, giving us
panied by a correspondingly active distributive movement, a stable level
an international instead of a national market, and, lastly, and in my opinion
of commodity prices, high wages, a decreasing vottlturbf unemployment
the most important, the purchase of our high-grade securities in tremenand improving conditions abroad. These factors also are conducive to
dous volume by investment companies and investment trusts, many of
optimism regarding the immediate business future.
which are operating most successfully.
W. It. Morehouse, Vice-President Security Trust and Sav"If, as I am led to believe, companies of this character with billions
of dollars of capital are to be created, our choicest securities by reason
ings Bank, Los Angeles:
Business shows signs of improvement over the situation at the close of the demand for this purpose are destined for very much higher
of last year, although recovery is not yet fully under way. The measure prices.
"As to the responsibility, no one man or group of men can or does
of improvement will be found in the extent of increased activity in
basic industries. While the present fever of speculation in securities control. I attribute the responsibility to the viewpoint of our people
must inevitably lead to a reaction it is not likely that a slump on the with respect to the stability and great value of our institutions, which is
market will have any great effect on general business provided other fact- rapidly changing. Less than two years ago when prices were very
ors are favorable. The present prospect appears to be one of gradual much lower the average investor regarded such stocks as American Telebetterment. It is likely that 1928 will be one of the years when a Presi- phone and Telegraph, General Electric, United States Steel, General Motors and American Smelting & Refining Company as selling at about
dential election will cause a minimum disturbance to business.
their true value. The same people to-day have come to realize that
these institutions could not be duplicated at any prices and that consequently the good-will of these institutions is practically priceless, and
View of Union Trust Co., Cleveland, on Stock Market with this
knowledge, regardless of bearish propaganda, the investor is
Activity and Business Conditions.
not as easily frightened as formerly.
"Speaking of General Motors, I predict that the earnings of that gxeat
Unprecedented stock market activity, like that of recent
company in 1932 applicable to the common stock will approximate $400,weeks, carries a threat to business in that a reaction from 000,000. I also predict that time money will be available at 3%. If
extreme speculative enthusiasm might have the effect of I am right in my conjecture and General Motors continues to distribute
impairing general confidence. This is the view of The 60% of its earnings, or practically $14 a share, the investor would receive a 5% return at $280 per share.
Union Trust Company, Cleveland, in its current magazine
"I am not a pessimist."
Trade Wind& The danger is particularly present if "the
On account of a dinner which preceded Mr. Durant's depublic" who are speculating in stocks represent the rank parture, which was in the nature of a "send-off" to him, and
and file of the business and professional men of the coun- also partook of the form of a celebration by those who
try, the bank believes. It says:
have amassed large winnings in the recent unprecedented
Dealings in stocks have assumed such proportions that they have volume of trading, is taken as follows from the "Times" of
become front page news in most of the newspapers. Newspaper ediApril 20:
torial opinion seems to be to the effect that "the public" have been
The men who have "made" this stock market, or at least have Dees
current wave of speculative enthusiasm
caught
up in the
and have gone
for its great activity, and who probably have had
intensively into the stock market. Who "the public" may be remains primarily responsible
situation is of importance from a psychol- more to do with its continued advances than any other group, bought
a matter for conjecture. The
held a general jollification.
ogical rather than a practical business angle. If "the public" who are themselves a dinner last night and
The dinner, held in a private dining room of the Hotel Biltmore, was
speculating in stocks represent the rank and file of the business and
elaborate but entirely informal. Every guest was a millionaire, in some
professional men of the country, there is danger that a reaction followthe stock market. No reporters
ing upon the present enthusiasm may have a psychological effect in the instances by virtue of the good graces of
were permitted to enter the portals and no brokers were present. Every
direction of impairing confidence and therefore slowing up business.
yesterday by the men who attended to
attempt was made in Wall Street
Whether the present speculative situation has gone so far as to conkeep it a secret. Some denied knowing anything about the dinner.
stitute inflation still remains a question for considerable debate. It is
Farewell for Durant.
contended in many quarters that present stock market activity represents merely an index of the vast supply of capital and credit seeking
In reality the affair was a farewell party for William C. Durant, wne
employment in this country, and that by comparison with our total is sailing for Europe tomorrow. But more than that, it was a gathering
reservoir of credit, brokers' loans, even at their present new high levels, of men who are leaders of broad speculative activity in the stock
market
2584
FINANCIAL CHRONICLE
[VOL. 126.
and have all beccene close,friends during the last year or so, all of them
..pother angle to the international repercussion from the stiffening up of
'working in the stock market and many times in the same stocks.
Money 'rates in the United States to the highest point in more than two
Possibly the group of Men who dined together last night at the Bilt- years is the recall from abroad of balances kept by Americans in those
snore included the largest individual winners in the present market. At countries. Such' a movement, however, would not be really effective
least they have been identified with the stocks which have advanced the unless it also led to a reversal in the present gold export tendency. That
furthest and the fastest. Certainly their profits may be measured in tendency,, however, is believed to be largely artificial, and therefore indemillions. Some of the diners are scarcely known outside of Wall Street, pendent of the shifting of international balances. It is interpreted as
.being individuals who would rather sit behind the scenes and conduct 'reflecting ,the desire of central banks abroad to put their currency on a
their operations from that vantage point. All of them shun publicity.
sounder basis. In certain casee it involves the return to the gold standard.
Mr. Durant has been the biggest factor in the recent rise in Anaconda as In France. France is known to intend to withdraw further large
and has ,been a factor of importance in the market for General amounts of gold from this market, while Great Britain is also believed
" Copper
Motors and United States Cast Iron Pipe and in International Nickel. to be planning a substantial increase in the Bank of England gold holdHe has been the most fortunate of the individual operators because his ings preparatory to a reform in the Bank of England note issues.
operations have been on a tremendous scale. Guesses at his profits in the
•-Present market range upward to $100,000,000.
Two Risher Brothers Attend.
• At the dinner were two of the seven Fisher brothers, a close family cornbination which has swept across the market scene in the past year, leaving a trail of badly burned short sellers behind them. They are great
friends of Mr. Durant and- have accepted his advices several times recently
on their market operations. 'Their biggest profits have been amassed
in General Motors and in Radio Corporation, in which they are very
large stockholders. They have taken occasional dips into stocks in other
directions, too, and Wall Street credits them with the "golden touch";
the stocks they buy go up. Frederick and Lawrence Fisher were the two
• of the fortunate seven in the Fisher family who attended the dinner last
night.
Sitting near the head of the table was Arthur W. Outten of Chicago
and his nephew, Ruloff Outten, who handles most if the Western operator's
business here. Mr. Outten has just completed a big deal, by which he
takes over a large block of Armour & Co. stock. , Mr. Cutten has had a
spectacular and meteoric rise as a trader. A few years ago he was unknown outside of the world of grain trading, in which he had been a
big figure. Finding his operations restricted in that market, and sensing
a period of easy money and rising security values, he turned to stocks
has been a factor of importance in almost every one of the big moves
and is known to trade in 200,000 to 300,000 shares a day when he is
"feeling right." He aided the move in General Motors, was a factor in
Radio, in Greene Cananea Copper, in Montana Power, in International
Harvester and several other issues which' have smashed altitude records
during the last few months in history's biggest bull market.
Rediscount Rates of St. Louis, Richmond and Minneapolis Banks Increased From 4 to 4%%.
Following the action taken last week by the Boston and
Chicago Federal Reserve Banks in increasing their rediscount rates from 4 to 43. %, the Federal Reserve Banks of
St. Louis, Richmond and Minneapolis have since similarly
advanced their rediscount rates from 4 to 4 ,
6%, on all
classes of paper, of all maturities. The St. Louis Federal
Reserve Bank announced on April 21 that the Federal
Reserve Board had approved its application to raise its rate,
the change going into effect Monday April 23. The Federal
Reserve Board announced April 23, that the Federal Reserve Bank of Richmond had established a rediscount rate
of 43.%, effective April 24. In the case of the Federal
Reserve Bank of Minneapolis, the Board made known on
April 24 the adoption of the 43.% rate effective April 25.
The change in the rates of the Boston and Chicago Reserve
Banks was noted in these columns last week, page 2418.—
Federal Reserve Board Reports Gold Exports in March
Largest on Record.—Gold Holdings in Central
"Unknown" Operator Guest*.
Banks $9,475,000,000.
Three interesting operators, of whan the public knows very little; but
The Federal Reserve Board in its Bulletin for April rewho have been important in this market, working in their own way from
behind the scenes, who joined the festivities were Duncan Holmes, George ports that gold exports in March were the largest on record;
Breen and Joseph Higgins. They are among the shrewdest and most it also notes that "the actual loss of gold for the period from
skillful stock operators of the day and of great interest because of the
the first of September to the end of March amounted to
fact that they are "unknown" so far as the public is concerned.
Another guest at the party was Matthew C. Brush, who has rehabilitated $283,000,000, of which $74,000,000 represented gold lost
the American International Corporation and who probably leads the world in the first quarter of the current year." The Board likewise
in the number of directonships held, this_ number exceeding fifty at the
present time, most of them. in impottant corporations. Mr. Brush is re- states that "while there was an inflow of $20,000,000 in cur
ported to have been heavily and fortunately engaged in the market in the rency in the first four weeks of March, there was a subsepast few months.
quent outflow of $80,000,000, with the consequence that by
It might be presumed that ticker talk went the rounds of the party's
table last night, but it was said by one of the men who attended that the end of the month both gold exports and currency demand
"shop talk" was to be banned and they had merely assembled for an had come to be factors making for firmness in the current
evening of relaxation and jubilation and to speed Mr. Durant on his way. credit situation, according to the explanation." The Board's
Incidentally, there was not a single bear in the crowd.
observations regarding gold exports are coupled with a reHigh Money Rates Here Attract Funds from Abroad— view of the gold holdings of the Central Banks, and we
quote herewith what it has to say:
Foreign Central Banks Buy $20,272,000 AcceptGold Exports and the Banking Situation.
ances in Week.
During the month of March exports of gold from the United States to
The statement was made in the "Journal of Commerce" foreign countries were larger than for any other month on record, while gold
of April 21 that rising money rates here are attracting Imports were almost negligible In amount. A substantial part of the gold
outflow,
nothing
shipment of
substantial amounts of short term money from other coun-' gold thathowever, represented acquiredmore than the actual and held by
had been previously
by foreign countries
tries, according to several indications now available. Con- them under earmark with the Federal reserve banks. To a considerable
extent, therefore, the recent gold exports Involved no current draft on the
tinuing, the item said:
The most important of -these is the increase of $20,272,000 in the amount
of acceptances held by the Reserve Banks for foreign correspondents, repotted for April 18.
The Reserve Banks act as agents for foreign central banks, and in this
capacity they buy bills upon which they have contingent liability. A small
charge is made for this virtual guaranty of the acceptances. The total of
such acceptances is now at the high point of $282,645,000, having shown
it rising tendency during the last few months coincident with the tightening
up of the acceptance rate in this country.
Buying of Acceptances Larger.
Banks here report that foreign private banks are, in many cases, following the same course as do the central banks. No exact data is available on the volume of acceptances purchased by foreign private banks, but
they are said to have shown a rising trend during the last three weeks.
Foreign central and private banks are credited with holding well over a
third of the bank acceptances outstanding in this market.
The rise in short term money rates in New York has changed this
market abruptly from one of comparatively cheap money to one of the
higher markets of the world. Short term rates here are now very much
higher than in France. Belgium and several other European countries. They
are now tending to be substantialsy higher than in London, a contingency
which hitherto the Reserve Banks have apparently consistently sought to
avoid.
The effect of an inflow of foreign funds upon the domestic market is
generally thought to be small under present conditions. Such an inflow
of funds, it is said, would not be really effective unless accompanied by
an inflow of Jold, and such a development is believed unlikely in view
of the known desires of a number of leading central banks to increase,
rather than deplete, their gold reserves. On the other hand, it is admitted
that in so far as such an inflow of short term money offsets gold exports
which might have taken place, it tends to increase the basis of bank
'edit in this market, and therefore would exercise a loosening effect
Get the money market.
E.peetations that the rise in the rediscount rates in Chicago and Boston
would bring about a flow of funds into the United States from several European nations were responsible for an abrupt drop in sterling after the an4
nouncement was made. Sterling fell a full eighth to $4.88 1 for cables,
with some scattered sales reported below this level late in the afternoon.
The market displayed a somewhat firmer tone yesterday.
banking resources of the United States, but after adjusting the figures
for all factors affecting during March the monetary gold stock of the
United States there was on final reckoning a net loos of gold for the month
approximating $56.000,000. While loss in a single month of an amount
greater than this has occurred several times during recent years, namely,in
November and December of last year and in January and February of 1925,
the loss during March was nevertheless of exceptional volume. Provision
of a given amount of gold for export or earmark tends to de., rive the market
of a like amount of reserve funds, or to cause increased indebtedness of
member banks at the reserve banks, except to the extent that this influence
may be offset by coincident developments of opposite effect, notably purchases of securities by the reserve banks—which did not occur in March—
or an inflow of currency from circulation. While there was an inflow of
$20,000,000 currency in the first four weeks of March, there was a subsequent outflow of $80,000,000, with the consequence that by the end of the
month both gold exports and currency demand had come to be factors making for firmness In the current credit situation.
Gold Stock of the United States.
March was the seventh consecutive month In which gold exports exceeded
gold imports, net exports for the period approximating $262. .
000 000•
This figure does not, however, measure the actual loss of gold for the period.
chiefly because there was at the same time a net increase in gold held under
earmark by the Federal reserve banks for foreign account. Measured by
reduction in the gold stock of the United States, the actual loss of gold for
the period from the first of September to the end of March amounted to
$283,000,000, of which $74,000.000 represented gold lost in the first quarter of the current year. This is in sharp contrast with a gain, indicated by
the chart, (this we omit, Ed.) of more than $100.000,000 during the first
quarter of 1927. The chart also brings out the fact that the loss of gold in
the last four months of 1927, amounting to $209,000,000, represented to
the extent of about one-half the transfer to foreign ownership, by export or
earmark, of gold acquired by the United States during the early months of
year. Notwithstanding the large and continuous loss of gold from last
September to the end of March, the total gold stock of the United States, at
$4,308,000.000, remained at a higher point than had been reached previous
to 1924.
Gold Holdings of Central Institutions.
At the end of 1927, the latest date for which comprehensive figures are
available, the total stock of monetary gold hold by governments, central
banks, and similar institutions throughout the world, either in their own
vaults or under earmark with correspondents, appears to have been not
less than $9,475,000,000 and to have shown an increase for the year of at
least 8300,000,000. While the net increase for the year in monetary holdings of all countries combined, including the United States (which lost
about $100,000.000), is estimated at not less than $300.000,000, the increase for foreign countries as a group was more than $400,000,000. This
increase was considerably greater than that of other recent years, partly
because of smaller takings than usual by India, but also because of the release at London during the year, through action by the Bank of France, of
890,000,000 that had previously been held by the Bank of England as
collateral security for a French debt. This had the effect of adding a sub•
stantial amount to the supply of gold made available during the year by
rimy production from the mines. The new production, approximately
8400,000,000. was about the same as in other recent years.
In estimating the increase of more than 8400,000,000 in the monetary
gold holdings of foreign countries account is taken not only of the increase of
$160,000,000 in gold holdings during the year as actually reported by foreign
central banks and governments, which are shown in detail in a table elsewhere in this Bulletin, but also of the fact that the reported increase in
gold earmarked in the United States and elsewhere for foreign account was
reflected to but limited extent in the gold holdings separately reported by
foreign institutions. The holdings of the Banco de la Nacion of Argentina,
which increased by $54,000,000, are also taken into account.
Gold and Monetary Reconstruction.
Analysis based on the figures of gold holdings actually reported by indicountries indicates that important increases during 1927
vidual foreign
were as follows: Argentina (conversion fund and Banco de la Nacion),
$79,000,000; Brazil, 845,000.000: Poland, 831,000,000: Italy. 818,000,000:
and Belgium, $14,000,000. All of these are among the countries which
have reestablished their eurrencies on a gold basis. within recent years or
were engaged in 1927 in making preparations to do so. While this analysis
does not take into account the full growth of gold "held abroad" by foreign
countries, it indicates nevertheless that in 1927 an important source of the
demand for additional gold was the progressive movement toward the general adoption of the gold standard. This movement began in certain
countries at least as early as 1923. but it is since the end of 1924 that it
has been of special interest and importance. During the three years from
that time to the end of 1927 the net increase in the total monetary holdings
of foreign central banks and governments amounted altogether to not lees
than $675.000,000, while the gold holdings of the United States Treasury
and Federal reserve banks decreased by $113,000,000. When account is
taken of developments since the first of the year, it appears that the increase in the monetary stock of foreign countries since the end of 1924 has
exceeded 8775,000,000 and the decrease in the gold stock of the United
States has been less than $200,000,000. Thus the period in which the
majority of the important foreign currencies that were deranged by the war
have been again brought Into definite relation with gold has been characterized by substantial growth in the gold holdings of foreign countries
without the accompaniment of much reduction in the large holdings of
gold that accumulated in the United States in consequence of the war.
The table showing the gold holdings abroad, referred to
above by the Board is furnished as follows in the April
Bulletin of the Board:
Gold Holdings of Principal Countries at the End of 1927.
A table is presented herewith showing for the end of 1927, with comfigures back to 1913, gold holdings of all the countries for which
parative
satisfactory figures are available. The figures represent actual gold
officially reported as held by central banks and public treasuries, whether
held at home or held abroad. They do not include gold technically known
as "in circulation," that is, gold held by commercial banks, business concerns, and private individuals; no items are included, furthermore, that are
understood to represent, to any extent whatever, holdings of any foreign
assets other than earmarked gold. The exclusion of gold in circulation is
unavoidable for the reason that satisfactory figures for such gold are not
available for any country.a
Reported gold holdings of the 40 countries included in the table amounted
at the end of 1927 to about 89.200,000,000, of which the United States
Treasury and Federal reserve banks held about 43%. Holdings of the
United States Treasury and Federal reserve banks decreased during the
year by 8106,000,000, and reported holdings of foreign countries increased
by 3161.000.000. Changes during 1927 in the holdings of central banks
and governments, as indicated by the reported figures,b are shown in the
table in the adjoining column.
Holdings of Commercial Banks.—At the end of 1927 the gold held by
national banks in the United States, amounted to 817,000,000; by Canadian banks, about 878,000,000; by the commercial banks of Australia
(September 30 1927), 8125,000,000 (including a small amount of silver);
and by Argentine banks, 879,000.000 (of which 868.000,000 was held by
the Banco de la Nacion, or 854,000,000 more than at the end of 1926).
CHANGES IN GOLD HOLDINGS OF CENTRAL BANKS AND
GOVERNMENTS.
(In millions of dollars.)
Holdings ca End of Year.
Country
1928.
1927.
Changes
during
1927.
Countries in which holdings decreased:
84.083,000,000 83.977,000,000 •108,000,000
United States
582,000,000
542,000,000 20,000,000
Japan
79,000.000
Java
72,000,000
7,000,000
56,000,000
Denmark
49.000,000
7.000.000
158,000,000
Canada
152,000,000
6,000,000
188,000,000
Netherlands
181.000,000
5,000,000
887,000,000
879.000,000
6 other countries showing decrease.8.000,000
Total decreases
Countries in which holdings increased:
Brazil
Poland
Argentina
Italy
Belgium
Russia
India
Switzerland
Spain
Germany
England
Austria
28 other countries showing increase—
$159,000,000
856,000,000 $101,000,000 $45,000,000
27,000,000
58.000,000 31,000,000
436,000.000
461.000,000 25,000,000
221,000,000
239,000,000 18,000,000
88.000,000
100,000,000 14,000,000
85,000.000
97,000,000 12,000,000
109,000,000
119,000,000 10,000,000
91.000,000
100.000,000
9.000,000
493,000.000
502,000,000
9,000,000
436,000,000
444,000,000
8,000,000
735.000,000
742,000,000
7,000,000
7.000,000
12,000,000
5,000,000
374.000.000
398,000.000 22,000,000
3214,000,000
Total increases
•The table Includes, for the United States as well as for foreign countries, all
holdings and excludes all classes of paper money (e. g.,
metallic gold In central
gold certificates). See "Bulletin" for April 1927, p. 278.
b Changes occurred also in luldings not separately reported by individual countries; see "Review of the Month." p. 230.
2585
FINANCIAL CHRONICLE
APR. 28 1928.]
Comptroller of Currency McIntosh Finds 20% of Ralik
Failures Due to Mismanagement—Says No Administrative System Can Insure Against Excesses Developed
As Result of Land Speculative Tides.
An address in which he stated that "in the past two years
the percentage of failures of the National banking system
directly traceable to mismanagement was over 20%," wasdelivered by Comptroller of the Currency J. W. McIntosh'
before the Florida Bankers' Association at Tampa, Fla., on'
April 14. Comptroller McIntosh declared that "there is too.
great a tendency on the part of some directors of banks to
act in the capacity of 'figure-head directors'." "Directors,"
he said, "cannot merely select officers of good reputation
for ability and integrity and then leave the affairs of the
or
bank in such officers' hands without any supervision
examination than mere inquiry of Such officers if everything is going along satisfactorily." He also voiced his
disapproval of the director "who knows the business of
banking but who insists upon loading the bank with large
lines of credit to himself, to businesses with which he is
affiliated, and to relatives and friends in a much greater
proportion to the bank's loaning ability thaa is safe."
The Comptroller recalled periods of land speculation since
1812, and stated that "no administrative system, no scheme
of careful control and supervision, can issue insurance
against excesses which develop under the influence of such
speculative tides." The address is given as follows in the
United States Daily:
Consider the wave of land speculation that spread over the country
in the years between the War of 1812 and the panic of 1837. Literally,
it carried everything and everybody before it. It seemed as if there
was a boundless empire of opportunity to be seized, and everybody
went out to get his share and something more. Reaction and disaster
came; the disaster was nation-wide and acute beyond any other experience the country has known. But the country lived through it,.
prosperity returned, the tide of development rolled on, and presently
the panic of 1837 was only an unhappy memory.
Let me suggest a curious parallel, and contrast, that ought to make
appeal to the people of Florida. We all remember the long period,
between the Missouri Compromise of 1820 and the beginning of the
Civil War, when for political reasons there was a tacit understanding
that new States must always be admitted to the Union in pairs: *
Northern and a Southern State invariably coming in arm in arm.
Thus was maintained that balance of power in the Senate, between'
North and South, which in those days was regarded as absolutely
necessary to maintain the country's equilibrium in reference to the
slavery question.
Parallel of States Cited.
One of these sets of two States, brought into the Union together,
was made up of Florida and Iowa; one slave, the other free; one
northern and western, the other southern and eastern. Iowa was
destined to a more rapid immediate development than Florida. The
prairie schooners swept a great population increase across its lovely
prairies, and a great State was quickly established.
Florida's time was not yet. Conditions favored Iowa rather than
her southern twin sister. Two great communities could hardly be
more unlike, in climate, natural resources, the character of the people
attracted to them. After the Civil War these differences were accentuated, and Iowa continued its rapid development whale Florida,
under the burden of oppressing and demoralizing conditions, went
through a difficult epoch.
At length came the World War, and suddenly we found Florida and
Iowa again marching shoulder to shoulder, arm in arm, right int*
the malestrom of a real estate boom. Did it ever occur to yen how
much alike were the underlying factors in the Iowa and Fiziricla inflations and collapses, following the war? Each marked up its values,
each was unalterably confident that the new schedule el and prices
was quiet within reason and justification; each convinced multitudes
of buyers, looking for quick and easy fortunes, that here lay the area
of gilt-edged opportunity.
Same Result in Boils Cases.
The result was essentially the same in both cases. Over-extension;
inflation of valuations, a too great leniency on the part of those
leaders who ought to have urged moderation but too often found it
easier to swim with the current—these were the characteristics in bait
cases; and so Florida and Iowa. like many other States of the agricultural region, were drawn into the speculative vortex, and at last
had to face the inevitable reaction.
Now, these things have always happened, and doubtless will continue in the future. But under the regime of more careful banking,.
of sounder finance, of the Federal Reserve Systent's operations, of
the more careful supervision that both State and National administrations are trying to provide in the realm of banking and Sneeze; with
all these forces at work, we may confidently hope that iature experiences of the ups and downs will be less severe.
The country lived through 1937, and 1873, and 1893, and :1907,
and 1920. Those hard experiences are now only memories to us. But
it will be worth our while to keep them always in our mind and.
thought.
No administrative system, no scheme of careful control and supervision, can issue insurance against excesses which develop under the
influence of such speculative tides. There must be wisdom, sanity
and moderation, among all the elements of the business communio.
That is the ideal we must have constantly before us; the ideal we must
urge upon all the forces in the world of business.
I have used Florida and Iowa for purposes of illustration, sirrqdy
because these two States, so unlike in most things, yet present BO
striking a parallel in some others. Beyond that, I have cited them
because there are no two States in the Union concerning which we
can be more certain that within a few years the balance will be
2586
FINANCIAL CHRONICLE
restored, normalcy regained, prosperity re-established.
The process
is already on its way.
A word will not be amiss at this point concerning the great part
which banks and bankers must play in such affairs. For one thing,
every bank manager and every bank director must at all times be
alive to his full responsibility.
There is too great a tendency on the part of some directors of banks
to act in the capacity of "figure-head directors" to leave the responsibility of seeing that the bank is properly run to another fellow.
While many of these directors are good business men in their own
line and would assume responsibility in their own business, they seem
to not realize what their duties and responsibilities are when they
become directors of a bank.
The director of a bank due to a bank's peculiar relation to the public
is in a quite different position than an ordinary director of a corporation engaged in some other line of endeavor. He is in a nontechnical
sense a trustee, not only for the stockholders but for the depositors
who represent the public. They are usually selected for their standing
in a community and their business ability, and, of course, because of
the belief that their connection with the bank will prove advantageouS to the bank. Holding as they do this position of responsibility
and confidence, they cannot escape the results of their failure to carry
out their duties, which are usually both statutory and common-law.
It is my belief that failures of many banks could have and can be
averted if the directors would give closer attention to the affairs of the
bank. In the past two years the percentage of failures of the national banking system directly traceable to mismanagement was over
20%. As a matter of fact most failures involve mismanagement in
some form.
Directors cannot merely select officers of good reputation for ability
and integrity and then leave the affairs of the bank in such officers'
bands without any other supervision or examination than mere inquiry
of such officers if everything is going along satisfactorily. They must
maintain a supervision of the bank's affairs, have a general knowledge
of the character of the business and the manner in which it is conducted, and to know on what security at least its large lines of credit
are given.
Should Serve Community.
There is also another type of bank director to whom I am bitterly
opposed, and that is the one who knows the business of banking but
who insists upon loading the bank with large lines of credit to himself, to businesses with which he is affiliated and to relatives and
friends in a much greater proportion to the bank's loaning ability, than
is safe, not always safe in the sense that his immediate credit is not
good, but because the concentration is too great for conservative
banking.
This type of director is often inclined to place his name indiscriminately on paper, making his indirect line very large. Banks are not
for the purpose of serving small groups; they are to meet the needs
of the community in legitimate sound loans, and where loans are too
highly concentrated in a few lines, there is a constant danger to the
bank and a loss of helpfulness to the community it attempts to serve.
• I do not mean to say that because a man becomes a director of a
bank he should not be entitled to borrow for his seasonal requirements such sums as his credit justifies within the legal loaning limit
of the bank; but I do want to say to you gentlemen that where we
see constantly limit borrowing by practically all the directors of the
bank, without exception, it is not a good bank and is a dangerous one.
I know that to most of you these counsels of perfection are quite
unnecessary. I am not talking for the benefit of that majority; but
I do urge upon everyone who is conscious of fully and wisely living
up to his obligations, to use every possible influence to make sure that
only men fully alive to their responsibilities, fully equipped to discharge them fairly and impartially, shall be placed on the firing line
of bank management.
• All over the country there is a growing sense of the importance of
these things. Banking systems, both national and State, are being
strengthened and improved as a result of accumulated experience. As
that progress continues, we may be sure it will constantly lessen the
danger of excesses, of over-confidence, of speculative factors coming
in where they ought to be excluded. A banking fabric, covering the
whole country, established on a firm foundation of such ideals as
these, will be the sure and safe first line of defense for that splendid
national prosperity of which we are all so proud and which we so
earnestly wish to perpetuate.
[VOL. 126.
Secretary Mellon Opposes Legal Tender Money Plan Embodied in Campbell Bill as Coistituting Fiat Currency
—Proposal That of J. S. Coxey, Leader of Army of
Unemployed.
Opposition was voiced on April 25 by Secretary of the
Treasury Mellon to a proposal to provide legal tender
money without interest, secured by community non-interestbea ring 25-year bonds for financing public improvements,
home building and other projects. The proposal is embodied in the bill of which (says the New York "Times")
the author is "General" Jacob S. Coxey, and which was
introduced by Representative Guy E. Campbell of Pennsylvania "by request." According to the "Times," the
author of the bill declared that if the measure failed to
become a law at this session he would lead another "army
of unemployment" to Washington.
The paper quoted
says:
Coxey brought such an army here (Washington) during the second
Cleveland Administration and was arrested for "walking on the grass"
of the Capitol grounds.
In a letter to the House Committee on Banking and
Currency regarding the bill Secretary Mellon said:
"On Feb. 29, 1928, the total money in circulation of all kinds in this
country was $4,690,430,100. This amount approximately represents the
country's need for currency.
"A great many people do not realize that at a given time and at a
given price level a country's need for currency is quite a definite thing.
If the currency issued very considerably exceeds that amount, the entire economic adjustment of the country is upset, beginning with inflated
prices, followed by a period of falling prices, with attendant business
depression and other economic ills.
"This bill places practically no limit on the amount of currency which
may be issued under its provisions, thereby giving such currency the
most dangerous characteristics of fiat money, for it is the absence of any
factor operating to limit the issue which constitutes the chief danger of
fiat currency. The currency proposed it to be secured by bonds of states
and their subdivisions, but these bonds are to be issued for the express
purpose of securing such currency. While such bonds are not to be
issued to any amount in excess of one-half of the assessed valuation of
the real property, exclusive of improvements, there is nothing to prevent
the issuance of such bonds by each of such governmental organizations
based on the identical property. In fact, it would be possible for bonds
to he issued equal to two and one-half times the expressed valuation due
to overlapping of the governmental subdivisions."
It. Momand, President of the Pressure Light Company of
New York, who appeared at the concluding session of the
subcommittee considering the bill, said (according to the
United States Daily) that he wished to put in the record
his opinion as to why some of the statements in the Mellon letter were incorrect. The following is from the same
paper:
"Mr. Mellon states," said the witness, that on Feb. 29, 1928, the total
money is circulation was $4,690,430,100. I wish to say that in addition
at that time there were approximately $39,000,000,000 of bank loans
subject to check. Every dollar subject to check was practically money in
circulation, the checks answering the purposes of money in business
transactions. Mr. Mellon's statement that the issuance of money under
this bill would be fiat money is an incorrect statement of the facts
representing the need of money by the people.
Believes Inflation Is Unlikely.
"Mr. Mellon further states that the issuance of currency on the basis
of one-half of the assessed value of real property would permit an Increase in the valuation and result in more money being issued. Any
further issue of money than the four billion in circulation would not be
as inflation of the currency any more than the 39 billion in bankers'
loans is an inflation in the currency. Both the money and the checks
issued answer the same purpose of money. If to have 43 or 44 billions
in circulation is inflation, I should like to call Mr. Mellon's attention to
the fact that we have isflation now."
Mr. Momand said that there is no comparison that can be drawn between the financial program of post-war Europe and its currency inflation, and the proposal in the Campbell bill. The Federal Government,
under/the terms of the bill, he explained, would be limited to the issuance of this money to the States and the subdivisions of the States, he
stated, and certainly the States and their subdivisions can be said to be
the best possible security for this money.
United States Foreign Financing Corporation of New
York Sues Federal Reserve Board for Permit to
Engage in Foreign Business.
A suit to determine the power of the Federal Reserve Board
in granting authority to domestic organizations to engage in
international banking, as contemplated by Section 25-A of
the Federal Reserve act, has been filed in the District Senate Finance Committee Agrees to Tax Reduction Program Proposed by Republican Members—Cut of $203,.
of Columbia Supreme Court by the United States Foreign
Financing Corporation of New York says a Washington dis865,000 Provided For—Estate Tax Retained.
patch April 23 to the New York "Times." The dispatch
On April 26 the Senate Committee on Finance agreed
goes on as follows:
upon a tax reduction program involving a total cut in
is a mandamus action to compel the Reserve Board to issue a
It [the suit]
foreign banking.
taxes of $203,805.000. The proposals agreed to by the
permit empowering the corporation to engage In
by the Reserve
The application of the New York concern was rejected
Committee on April 20 were those which had been decided
experience and business qualifications of the
Board on the ground that the
corporation were not such as to hold promise of a successful upon by the Republican members on April 24; in only one
officers of the
banking field.
particular did the Republican proposals fail of approval,—
conduct of the company's affairs in the international
The position of the Reserve Board is attacked on the ground that the cor- the estate tax which it had proposed to repeal, having
statutory requirements imposed by
poration is able to comply with all
Reserve Board to ap- finally been retained. It is stated in the "Times" that
Section 25 A,and that a duty is laid by law upon the
although the Administration urged abandonment of this
prove the application made.
represented at the hearing of
The Reserve Board, it Is understood, will be
by Newton D. Baker, former tax, it was decided without a record vote to let it remain
the case before the District Court on May 4
upon the statute books. Only one Senator, Mr. Reed, ReSecretary of War.
Among the incorporators of the corporation, nearly all of whom are New publican, of Pennsylvania, spoke for repeal of the tax on
York men, are Charles L. Apfel, lawyer and banker; Bertrand A. Unger.
President and Treasurer of the Bertrand A. Unger Company, brokers in April 20. The same paper says that it was learned that
foreign exchange; Henry Green. who Is engaged in foreign trade and shipping; the Republican decision not to fight for repeal of the estate
Milo Ogden Prank, Vice-Preeddent and general manager of Steinhardt &
tax followed a conference between President Coolidge and
Kelly, Inc.; Edmund J. Horwath, Joseph Sheldon and Henry M.Susawein,
APR.
28 1928.]
FINANCIAL CHRONICLE
Senator Curtis of Kansas, Republican floor leader and a
member of the Finance Committee. The amount of the
tax cut which had been called for in the Republican program was $210,000,000, the loss in revenue through the
proposed repeal of the estate tax having been estimated at
$7,000,000. In the tax bill, as it passed the House last
December, the reductions proposed are estimated at a total
of 8289,765,000.
Secretary Mellon recently presented a
statement to the Senate Committee (given in our issue of
April 7, page 2087) advocating reductions of not more
than $201,115,000.
At a conference of Democratic members of the Senate
Committee on April 25 it was decided to seek a tax cut
of from $300,000,00 Oto $325,000,000. With reference to the
action taken by the Committee on April 26 we quote the
following from the Washington advices to the "Times":
2587
ments on the floor of the Senate designed to reduce the
corporation income tax rate of 11% and will not, in any
case, accept a rate higher than 111%. The same account
/
2
stated:
Changes in Surtax Sought.
With regard to the surtax reductions on incomes from $18,000 to
$70,000, Senator Simmons said, the Democrats are in harmony with
the total reduction of $25,000,000 proposed by the Republicans, but
will propose a different scale of reductions based on a slightly different principle. The details of this scale have not yet been worked
out, Senator Simmons said.
Death of Representative Madden—House and Senate
Adjourn.
Representative Martin B. Madden of Illinois, Chairman
of the House Committee on Appropriations, died suddenly
yesterday (April 27)from a heart attack. His death occured
in the committee room at the capital.
Action Meets House Opinion.
Both the House and Senate adjourned out of respect to
Representative Hawley, Chairman of the House Ways and Means
Committee, and Representative Bacharach, a member of that com- the late Representative.
mittee, both of whom will be House conferees on the Tax bill, informed Senate leaders that the House would under no circumstances
agree to repeal of the inheritance tax. To insist on this point, they H. T. Tate Named as Treasurer of the United States
said, would be to jeopardize the entire Tax bill.
Succeeding Frank White Resigned.
.After today's action, Senator Smoot of Utah, Chairman of the
H. Theodore Tate of Tennessee was nominated Treasurer
Finance Committee, spent nearly an hour at the White House, going
of the United States by President Coolidge on April 24.
over the committee's measure in detail with the President.
On leaving the White House, Mr. Smoot said that he was con- Mr. Tate who has been Assistant Treasurer has been named
fident there would be tax reduction legislation enacted this session
and that he felt confident it would be along the lines of the bill Treasurer to succeed Frank White whose resignation was
noted in our issue of April 21, page 2419.
as framed by the Finance Committee Republicans.
Republicans said after the committee meeting that the total of tax
reduction in the bill might be raised to $210,000,000 before it reaches President Coolidge in Letter to Chairman of Massachusetts
the Senate, it being understood now that this figure would not be
Republican State Committee Requests Discontinuance
objectionable to Secretary Mellon, who had previously held that $201,000,000 was the safety limit.
of Movement to Name Him As Presidential Candidate
Three atempts by Democrats to lower the corporation tax beyond
in State Primaries.
the 124% set by the Republicass were defeated on straight party
The discontinuance of a movement to have his name used
votes at the committee meeting, but the Democrats declared they
would fight on the floor to make the tax at least as low as
as a candidate for President at the Bay State primaries on
or a further revenue decrease of $82,000,000.
April 24 was requested by President Coolidge in a letter
addressed by him on April 20 to Francis Prescott of Boston,
Principal Tax Changes in Bill.
The principal tax changes agreed upon by the Finance Committee Chairman of the Massachusetts Republican State Commitwere:
tee. The President's letter was made public at the White
Reducing corporation tax from 134 to 124%; revenue loss $82,House as follows:
000,000.
The White House,
Readjusting surtaxes on incomes of $18,000 to $70,000; loss $25,000,000.
Washington, April 20, 1928.
Repeal to 3% automobile tax; loss $66,000,000.
My dear Mr. Prescott: Report has come to me that some persons in
Increasing exemptions for small corporations from $2,000 to $3,000; Massachusetts are proposing to write in my name as a candidate for
loss $12,000,000.
President at the primaries on April 24. Such action would be most
Exempting theatre admissions of $3 and under, loss $17,000,000.
embarrassing to me and, while appreciating the compliment that is
Repealing cereal beverage tax; loss $185,000.
intended, I request that it not be done.
Reducing wine taxes; loss $930,000.
My name is being used in other States in a way that is contrary to
The House plan for a graduated tax on corporation income of
my wishes. I have heard that in New York it has gone so far as to
$15,000 and under was beaten. On straight party votes, the taxes
be claimed such use is with my tacit consent.
on club dues, which the House had cut to 5%, were restored too 10%;
In my own State to give any countenance to such a movement would
the tax of 2 cents per $100 on capital stocks transfers was put back
and the tax on produce exchange sales repealed by the House, was tend to compromise me and lend color to the misrepresentations that apparently are being made in other States.
also retained.
I am, therefore, sending you this public declaration of my position
Following the Republicans plan, the Committee agreed to make
and requesting that such attempts be discontinued.
cuts in the surtaxes, retroactive to payments in 1928 on individual
Very truly yours,
incomes derived in 1927, this meaning, it was said, a return of
$25,000,000 to taxpayers. Correspondingly, the committee refused to
CALVIN COOLIDGE.
snake the reduction retroactive on corporation taxes.
Writing to the "Times" from Washington April 20
Democrats to Seek More Cuts.
Richard V. Oulahan says:
While Senator Simmons, ranking Democrat of the committee, and
Aimed at Writing Name on Ballot.
his colleagues insist that they will drive hard to increase the tax
The President's remonstrance to Chairman Prescott is primarily'
reduction to between $300,000,000 and $325,000,000, the belief now
exists that the bill will be passed with an appropriate total of $210,- aimed at a movement in Massachusetts to have the President's name
written in Presidential preference primary ballots in next Tuesday's
000,000.
Republicans count strongly on support from the insurgents of their primary election. An amendment to the Massachusetts Primary law reparty, to whom it is said the bill will he much more acceptable than cently adopted permits this practice and will be tried out Tuesday for
the original Republican plan. The decision to retain the estate tax the first time.
The law does not permit the names of aspirants for the Presidential
was to win the support of the Republican independents in the Senate.
According to their program the nine Finance Committee Democrats preference to be printed on the ballot as in other States which have
worked to reduce the corporation tax respectively to 11, 114 and the Presidential preference system. In Massachusetts the names must
12%, but they were beaten each time by the vote of the eleven Re- be written in by the voters.
publicans. Finally a Republican move to make the tax 124% was
Ommission of Final Rejection.
adopted by the same vote. The tax on insurance company incomes was
As in his previous three declarations on the subject beginning with
also set at 124% as it is in the existing law. Secretary Mellon
his announcement at Rapid City, S. D., on Aug. 2 last, that "I do not
had urged a tax of 12% on corporations.
The Democrats strenuously endeavored to repeal the tax on all choose to run for President in nineteen twenty-eight," the President in
theatre admissions, except the 25% on prize fight admissions above today's letter omits any positive statement that he would not accept a
$5, which the House inserted in its bill. After they were defeated, renomination if it were tendered to him.
In this repeated silence along that line, the "draft Coolidge" boosters
the Democrats accepted the Republican exemption of $3.
some consolation, as they have up to this time for the same
It is expected that the bill as finally approved by the may find
reason, but the letter to Chairman Prescott is likely to be construed by
reported to the Senate on Monday or the generality of politicians as notice of a matured determination on
Committee will be
out of
on Tuesday of next week. The Washington correspondent Mr. Coolidge's part that he must be considered as absolutely
the Kansas City convention.
York "Journal of Commerce" on April 26 consideration by
of the New
Statements made by the President relative to his stand
stated:
renomination have been referred to in
Senator Simmons made public tonight the minority tax program, con- on the question of
.
templating a reduction of $333,850,000. The chief dicerences from our issues of Nov. 26, 1927, page 2891; Dec. 10, page 3153,
the majority program are a 2% cut m the corporation tax, entailing
and March 24, page 1752.
a loss of $164,500,000; graduated tax upon small corporations, $24,000,000; repeal of the admission tax, $18,500,000, and reduction of
taxes on club dues, original issues of corporate stocks and bonds,
Bill Providing For Mississippi Flood Control Passed
transfers of capital stock and sales of produce on exchange, carried
By Senate and House Referred to Conference.
in the House bill, totaling $26,500,000. In other respects the minority'
seeks the same reductions as are provided in the majority plan.
United Press advicee yesterday in the "Wall Street
According to the United State8 Daily, Senator Simmons Journal" stated that Senate leaders abandoned efforts
declared on April 26 that the Democrats will offer amend- rush the Jones-Reid flood control bill through
to
the Senate
2588
FINANCIAL CHRONICLE
and decided to send it to conference. The Jones flood control bill was passed by the Senate on March 28 by a vote
of 70 to 0. Action by the House is indicated in the following
Washington aclvices April 24 to the "Journal of Commerce":
Disregarding the wishes of President Coolidge and Administration
leaders, a coalition of Western Republicans and the entire Democratic
membership forced passage of the Jones-Reid Mississippi River flood
control bill substantially in the form desired by the river States in the
House today. The final vote was 254 to 91.
While the measure estimates an appropriation of 3325.000,000 will be
necessary to carry out the plan, it is admitted by proponents of the bill
that a considerably larger amount will probably be needed. The bill now
goes to conference with the Senate, which is expected to send it to the
President in virtually the form passed by the House.
Practically the entire cost of flood control in the lower Mississippi Valley
I, placed upon the Federal Government, save only about 31,500.000 for
rights of way for minor changes in the levees on the main river. This
amount would be furnished by the local interests.
Following passage of the measure speculation was rife as to whether or
not the President would sign the measure. In the case of a Presidential
veto it was the consensus that such action on the part of Coolidge could
be sustained.
Effort Fails to Recommit Bill.
Representative Tllson of Connecticut, majority floor leader, led the
Administration's stalwarts in a futile attempt to save the Federal Government from acquiring flowage rights on proposed floodways. the House by a
vote of 119 to 67 stipulating that the Government must purchase from
property owners the right to flood their lands in time of high water.
Just before the final vote on the bill Representative Frear, Republican,
of Wisconsin, offered a motion to recommit the Jones-Reid measure to the
Reid committee, with instructions to report back the Tilson proposal
requiring the local levee interests to furnish the land for levees on floodways
providing that the Government buy flowage rights and pay damages.
The motion was lout by a vote of 139 to 206.
Associated Press adviees from Washington on Apr. 17 in
stating that it was disclosed that President Coolidge regarded the Jones measure as the most extortionate passed.
by any br itch of C,ngress during his Administration said:
The President's criticism of the proposed legislation is centered on its
provision to have the Federal Government purchase land needed for floodways in Arkansas. Missouri and Louisiana. The Chief Executive feels
that this purchase by the Federal Government would benefit large corporations and lumber interests in the valley and would raise the cost of
flood control projects from 3200.000.000 to 31.250.000.000.
[Vol,. 126.
more overt acts were performed in furtherance of that conspiracy, then
your verdict must be guilty."
The court said that owing to the illness of Fall, a separate trial was
ordered by the court and the trial of Fall postponed, but, be added,
that does not affect the question of the guilt or innocence of Sinclair.
Justice Bailey, on motion of Daniel Thew Wright, of Sinclair's legal
staff, formally discharged the jury.
Reviewing the course of the court proceedings which developed from the leasing of the Teapot Dome and Elk Hills
naval oil reserves by Albert B. Fall, Secretary of the Interior in the Harding Administration, the Washington
bureau of the "Herald-Tribune" had the following to say
on April 21:
While it has taken about four years for the case just ended to reach
the jury, the naval oil scandal reached back for about six years. Following the lease of Teapot Dome to Sinclair and Elk Hills to E. L.
Doheny, there came in the spring of 1922 a protest in the Senate, the
La Follette resolution, and a prolonged and sensational investigation
and disclosures by the Senate Public Lands Committee. Piece by piece
came out in this investigation the story of the "Little Black Bag," in
which $100,000 was carried frontf4Doheny to Fall, the story of the
$243,000 'Liberty bonds that Sinelair sent to Fall and other remarkable
disclosures.
Against Sinclair and Doheny, along with Fall, the Government directed civil and criminal proceedings. For the last four years there
has been almost endless litigation of one kind and another arising from
the leases which Fall signed and for which he is generally considered
responsible on the official side of the picture.
In the civil proceedings which have been fought out all along the
line, form the District Courts at Cheyenne and Los Angeles to the
Supreme Court of the United States, with a view to invalidating the
naval oil leases and contracts, the Government, through efforts of Owen
J. Roberts and Atlee Pomerene, as special counsel, has been successful.
In the Supreme Court, in blistering opinions, the position of the Government has been sustained. The naval oil leases have been hit by the
highest judicial tribunal on the ground that they are tainted with fraud
and the leases and contracts have been declared invalid. The result has
been the restoration of oil property valued at untold millions to the
Government.
On the criminal side, while the Government has obtained certain
indictments on charges of bribery and other charges, chief interest has
centered in the two great conspiracy oases. In the first of these, Fall
and E. L. Doheny were charged with conspiracy to defraud the Government in connection with the leasing of the Elk Hills reserve in California. In the second, Sinclair and Fall were under indictment for a
like alleged crime regarding Teapot Dome.
After many delays the Fall-Doheny trial was held in the District
Supreme Court about a year ago. It was more prolonged and spectacular than the Sinclair-Fall trial. The elder Doheny, grizzled old
prospector and oil multi-millionaire, appeared in court with his arm in a
sling. The jury returned a verdict of acquittal in the Fall-Doteny conspiracy case.
Then came the Fall-Sinclair trial of last fall. Owing to the charges of
jury shadowing, it was declared a mistrial. Out of it came a contempt
charge which has involved Sinclair, W. J. Burns and others, and which
resulted in a jail sentence for Sinclair, from which he has appealed.
The trial just ended, the second one on the same charge, ends the
conspiracy litigation, with the exception that the Government may or
may not conclude to try Fall on this charge.
Harry F. Sinclair Acquitted of Charge of Conspiracy to
Defraud Government in Teapot Dome Naval Oil Leases.
Harry F. Sinclair, New York oil operator, was acquitted
on April 21, by a jury in the Criminal Division of the District of Columbia Supreme Court, of alleged charges of
conspiring, jointly with Albert B. Fall, former Secretary
of the Interior, to defraud the Government in the leasing
of the Teapot Dome Naval Oil Reserve. The jury's verdict
came in leas than two hours (one hour and fifty-six minutes) after the case went to their hands. The quick action
of the jury, said the Washington correspondent of the Col. Robert W. Stewart, of
Standard Oil Company of In"Herald-Tribune," came as a surprise, even to those of
diana, at Senate Investigation of Naval Oil Reserve
Sinclair's friends who had hoped for acquittal. The acLeases Admits Receiving Bonds of Continental Tradcount of the Jury's findings, as given in that paper, also
ing Company.
said:
The efforts of the Senate Committee, inquiring Into the
Decision On Fall Delayed.
Teapot Dome Naval Oil Reserve lease, to ascertain what
the second trial for Sinclair on the charge of conspiracy, the
This is
first ending in a mistrial growing out of charges of jury shadowing. became of the Liberty Bonds representing profits of the
in the first, Albert B. Fall, former Secretary of the Interior, was Continental Trading Company, Ltd., of
Canada, which
tried with Sinclair. Ita the last one, severance was granted because of figured
in the lease, resulted in the admission on April 24
Fall's illness. Whether Fall will now be brought to trial had not been
by Col. Robert W. Stewart, Chairman of the Board of the
decided to-night by the government.
An indictment for bribery still hangs over Sinclair for his payment Standard Oil Company of Indiana, that he had
received
to Fall of $243,000 in Liberty bonds after Sinclair got the Teapot Dome $759,500 of
the bonds, but that no personal use of them was
lease with Fall's help.
made by him. In its report of Col. Stewart's testimony
Sinclair also is under sentence to serve three months in jail for jury
shadowing in the prior trial and is facing jail for contempt of the Sen- on April 24 we quote the following from
the Washington
ate in refusing to answer questions in the oil inquiry.
dispatch on that date to the "Herald Tribune":
The Sinclair verdict was a great surprise to official Washington and
Colonel Stewart disclosed that $759,500 of the bonds
the $3,080,000 of Continental profits were turned over representing
to him by
H. S. Osier, of Toronto, head of the now defunct
testified that he put the securities into the hands of asompany, and
trustee, Ray
J. Barnett, an official of the Standard Oil
Company of Indiana.
Under the trust agreement, Mr. Barnett was to hold
the bonds and
the interest thereon for the Standard Oil Company of
Indiana and
the Sinclair Crude Oil Purchasing Company,
Bonds Go to Sinclair Concern.
After the Sinclair trial Colonel Stewart, according
No Vote for Conviction.
to his statement, called the directors of the Standard of
Indiana together, the
According to jurors not a single ballot vote for conviction was cast. safe was opened by
Barnett, the bonds produced and the directoss
the first four were undecided, with eight ordered to turn
Three ballots were taken. On
all the bonds over to the Sinclair Crude
Oil Purchasfor acquittal, with two uncertain. Then on the third ballot all lined up ing Company. The original
$759,500 of bonds, plus other bonds
for acquittal. The jury did not look on the evidence brought out by equivalent to such interest
as has been paid thereon, are now in a
the Government as strong enough. Justice Bailey's charge required safety box in the First
National Bank of Chicago, and are the
fifty minutes. The court said the jurors might cansider as to the property of the Sinclair
Crude Oil Purchasing Company,
value of the secrecy of the lease of Teapot Dome and if it were adopted
Barnett Tells Same Story.
whether it was to protect the United States or used as a "cloak to conColonel Stewart's story was borne out by testimony
ceal a crime and guilty persons."
of Kr. Barnett,
"Also you might consider testimony as to the Liberty bond trans- the trustee, who also was on the stand. It practically dears up the
actions, whether the purchase of an interest in the ranch was bona baffling question of the disposition of the bonds of the Continental
fide and separate sad apart from the leasing, or whether it was mere Trading Company. Previously it was known that a fourth of the
bonds approximately went to H. M. Blackmer and James E. O'Neil,
Subterfuge or an attempt to conceal a criminal transaction.
"You might also consider payments in currency instead of checks or who for years have been self-exiled in Europe in order to escape
bank draft and as a whole take all the evidence and determine whether testifying in the oil cases, and also to Harry F. Sinclair. What
became of the other fourth has escaped the ken of a government
these two men entered into a conspiracy.
-"The Government' mist prove guilt beyond a reasonable doubt. If,' counsel and Senators until to-day, when Colonel Stewart gave his
evidence.
after full deliberation, you find such a conspiracy existed and one or,
aroused condemnation as the United Slates Supreme Court had branded
the Sinclair-Fall deals as tainted with bribery, fraud and corruption.
Approximately eleven days were required to try this case. The acquittal of Sinclair follows on the acquittal some months ago of E. L.
Doheny and Fall on a charge of conspiracy regarding the leasing of
the Elk Hills Naval Reserve. The two acquittals, following memorable
trials, constitute a blow to the Government. On the other hand, the
Government has been victorious in the civil proceedings looking to the
annulment of the naval oil leases to Sinclair and Doheny.
APR. 28 1928.]
FINANCIAL CHRONICLE
From the Associated Press advices April 24, as given in
the "Sun," we quote the following account of the testimony
before the Committee:
Stewart was pressed hard by the Comittee after his initial statements, Senator Walsh offering Treasury witnesses to show that some
of the Continental bond coupons were in his account in a Chicago
bank. The oil man would not agree that this had been proved.
The witness agreed that the bond transaction between himself and
Osier was not of the "usual" kind. On Several occasions, he said,
Osier had given him securities, which finally totaled the amount he
mentioned to the committee. This was done, he declared, despite
the fact that he told Osier he did not want to share in the profits
of the Continental.
Purpose of Continental.
The Continental was formed to buy oil from the Humphreys interests
of Denver for $1.50 a barrel. It sold the oil to Sinclair and Stewart
companies for $1.75. Stewart, Harry F. Sinclair, H. M. Blackmer
and James E. O'Neil were mentioned as guarantors of the Continental's contract. Blackmer and O'Neil are in Europe and have
refused to return here to testify in the oil cases.
Stewart is now under indictment for refusing to answer the committee's questions on a former occasion. Senator Walsh, Democrat,
of Montana said the oil man had purged himself of contempt so far
as the Senate was concerned, but that the indictment still stood.
At the end of his testimony, Stewart insisted on replying to the
queries which he had turned a deaf ear to on the former occasion.
He could not recall ever having discussed the transactions with
Sinclair and knew nothing about the bonds except those about which
be had testified.
Should Sewart lose his appeal from the decision of the District of
Columbia Supreme Court here holding him for the Senate he will
be immediately liberated by the Senate sergeant-at-arms.
In explaining his handling of the bonds received from Osier,
Stewart said he turned them over to Roy J. Barnett, a tax expert
for the Standard, who was to act as trustee for the fund.
"Those bonds remained in the vaults of the Standard Oil Company of Indiana until last Saturday," Stewart continued.
"When I got to Chicago that day from Washington I called in the
directors of the company and Mr. Barnett and had the box opened.
2589
"Why were no coupons clipped after December, 19231" he asked.
"To avoid publicity," Stewart replied. "The newspapers were
carrying a lot about this matter."
Stewart said he requested Barnett not to clip the coupons after
1923. That was about the time the Teapot Dome scandal was beginning to be developed by the committee.
"If this was a regular business transaction why did you want to
avoid publicity?" he was asked.
"I don't know, Senator. I may have made a mistake. I don't
know."
"I notice this trust agreement was written by pencil; why didn't
you dictate it to a stenographer and have it written on a typewriter?"
"Because I didn't want a stenographer to know anything about it."
The Salt Creek Field.
Chairman Nye switched the inquiry to the Salt Creek field, investigation of which recently was proposed in the Senate. Stewart refused to concede that the Mid-West Refining Company held control
of the Salt Creek field in 1921, as the Federal trade commission
reported.
Taking the Trade Commission's report and the testimony of H.
Foster Bain, former head of the Bureau of Mines, Senator Nye suggested that the Standard Oil of Indiana had the best claim to Teapot
Dome.
That aroused Stewart.
"Senator, if you say the Standard Oil of Indiana had a right to
Teapot Dome you are crazy," he said.
"Perhaps I am; I've been accused of that before," Nye said.
He added that the report showed that in 1920 the Standard Oil
of Indiana controlled the Mid-West, which controlled the Salt Creek
field.
The Standard Oil official said he did not know when it was announced that Albert B. Fall would become Secretary of the Interior.
Senator Nye said it was on Feb. 4, 1921, and then asked when the
Standard Oil of Indiana bought a half interest in the Sinclair Pipe
Line Company.
"I don't know," Stewart replied.
"Wasn't it in 19211"
"I don't know."
"Was it early in 19211"
"I don't know, but I have that information somewhere and can
furnish it."
Stewart in Emphatic.
Stewart was emphatic in his declaration that the Standard Oil of
Indiana had not profited from the Teapot Dome lease, and he was
equally as emphatic that the Standard Oil of Indiana got its interest
in the Sinclair Pipe Line Company before the Teapot Dome lease.
"Our nominees on the board of directors of the pipe line company
agreed after the Teapot lease that the pipe line company could extend
its line to the Salt Creek and Teapot Dome fields." Stewart said.
Advertising to the trustee contract, Senator Cutting, Republican,
of New Mexico, asked why it was that Osier had told him that he
was to get a part of the profits.
"I do not know," Stewart explained.
"Was this a ustial transaction?"
"Senator, you are trying to argue this with me, and if you want
to argue you will have to do it elsewhere."
Finally, however, Stewart said it was not a usual transaction.
"Why should there have been any profits out of this transaction?"
"I don't know. I think it would have been better if there had
been no profits. That's my hindsight."
"Were you at Secretary Fall's New Mexico ranch in January,
1922?" Chairman Nye asked.
"Absolutely not."
"Mr. Chase so testified," Nye said. (C. C. Chase, Fall's son-in-law.)
"Then he lied," Stewart said. "I never visited Secretary Fall
but once in my life. That was in November, 1922, and I telegraphed
Senator Walsh then telling him I was there on the matter of Salt
Creek royalty oil."
Stewart added that H. M. Blackmer, then president of the MidWest Refining Company, was with him, but that Sinclair was not
there at that time."
Turned Over to Sinclair Crude.
"I explained the whole transaction to the directors and they decided that the bonds should be turned over to the Sinclair Oil Purchasing Company."
The purchasing company is owned jointly by the Standard of
Indiana and the Sinclair Consolidated Oil Company. It bought half
of the oil the Continental obtained from the late A. E. Humphreys
of Denver. This oil was later turned back to the Sinclair and
Standard companies at a profit of 25 cents a barrel, although Stewart
guaranteed the Continental's contract along with Sinclair and others.
Continuing his recital Stewart said that as the coupons fell due
Barnett clipped them and he cashed them, turning over to Barnett
an equal amount of other Liberty bonds.
"I have never had those bonds in my possession," Stewart said.
"I assume they must have been connected with the Continental Trading Company."
"Did you ever receive any evidence of an interest in the Continental
Trading Company?" asked Senator Walsh of Montana.
"Not a thing," Stewart replied.
Handed deposit slips of his account Stewart said they were not
indicative of anything regarding coupons from the Continental bonds.
One deposit slip was for $13,903.75, which was the interest on
$794,000 of bonds.
Had Many Liberty Bonds.
"Did you have any other First Liberty bonds the coupons of which
would have made up the difference?" asked Chairman Nye.
"I had many Liberty bonds," Stewart replied. "I bought some
of every issue, beginning in 1917."
"Did you have any 35,4% Liberty bonds when you made the deposit in December, 19221"
Stewart was unable to recall that. He said the $13,903.75 might
not have been Continental bond coupons.
Nye then called attention that there was a like deposit in DecemTestimony before the Committee by Secretary Mellon to
ber, 1923, and asked an explanation.
"That may have been just an instance that might occur to any the effect that the latter had been offered $.50,000 of the
one," the Standard Oil official replied.
bonds by Will H. Hays, former Chairman of the Repub"I want to advise you that we have the coupons deposited in
to his applying
Continental and Commercial National Bank by you in 1923 and lican National Committee, with a view
the
that some of them are from Continental bonds," Senator Walsh said. them as a contribution toward Republican campaign
Turns Over Bond Numbers.
funds, was referred to in these columns March 17, 1928,
"That may well be," Stewart replied. "I have nothing with page 1604. It was indicated therein that the bonds had
which to refresh my recollection on these matter. Now I want to been returned by Secretary Mellon.
help the Committee all I can in this matter and I have here a list
of the numbers of the bonds that were turned over to the Crude
"On April 26 the Senate, in a resolution adopted without
Oil Purchasing Company."
a dissenting vote, directed United States Attorney Leo A.
Stewart was excused temporarily while W. 0. Woods, Register of
Rover of the District of Columbia to take cognizance of the
the Treasury, was called.
Woods explained bow the coupons passed from the banks to the testimony given by Colonel Stewart before the Senate comFederal Reserve banks and then to the Treasurer and finally to his mittee
(we quote from the "Times") with the view to deteroffice, where they were kept.
Colonel Stewart committed perjury
Mrs. Myrtle Orton of the Treasury Register's office then testified mining whether or not
that a search of the coupons from the Chicago Reserve Bank in before that committee. The "Times" account from WashJune and December, 192, showed that there were coupons from ington April 26 also said in part:
371 $1,000 bonds and three $500 bonds. She said the esarch for
The order of arrest voted against Colonel Stewart, when in February he
the 1923 Continental bonds had not been completed.
committee as to his knowledge of the disposition
Miss Imogen Howell, secretary to Senator Walsh, then identified refused to testify before the
Company profits and which was halted by a
the numbers of the coupons from the Chicago Federal Reserve Bank made of Continental Trading pending on appeal to the District Court of
bonds.
writ of habeas corpus, now
as clipped from Continental
Appeals, was vacated by the Senate. In the matter of the contempt indictStewart Is Recalled.
Instead it passed
ment, however,the Senate refused to reverse its position.
recalled and Senator Walsh asked if he had a resolution which was in effect a mandate to District-Attorney Rover to
Then Stewart was
beard the evidence showing that bonds of the Continental company proceed with the prosecution of that indictment.
Continental & Commercial National Bank.
had been turned in by the
"I've heard no such testimony," Stewart said, "I think you are
proving that. The only evidence you
From Estate and Miscellaneous Federal Taxes
forty rows of apple trees from
Continental Bank is what I've given you." Yield
have about coupons in the
in March and the Nine Months.
took no receipts from Barnett for the bonds.
Stewart said he
Senator, I did not have possession of the bond. I
"Understand,
According to the March statement of the Internal Revenue
which these bonds passed to the trustee."
from the estate tax in March 1928 was
was simply a conduit through
ques- Collector the yield
New Mexico took over the
Senator Bratton, Democrat, of
tioning.
$3,374,132, as compared with $8,293,849 in March 1827
2590
FINANCIAL CHRONICLE
for the first nine months of 1928 the amount yielded through
the estate tax was $46,078,897 as against $81,092,239 in
the first nine months of 1927. We give herewith the statement showing also the collections through admissions and
other miscellaneous sources:
MARCH STATEMENT OF INTERNAL REVENUE COLLECTIONS.
Oafectso
Taxation.
First Nine Months of
Fiscal Year.
March.
1927.
1928.
1927.
1928.
Estates of decedents_ _ _ 8,293,849.11 3,374,132.09 81,092,239.02 46,078.897.26
Admissions to theatres
and other places of
amusement
1.937,467.59 1,346,313.91 13,352.570.92 13,003,838.21
Club dues
717,209.90 755,991.36 7.368.251.66 7.222,052.13
Automobiles and motorcycles
4,483,094.97 5,971,365.94 46,921.222.12 41,046,991.26
Pistols and revolvers_ _
16,409.68
16,115.19
139,482.30
123.926.69
Non-beverage spirits_ _ 1,505,124.52 1,075,777.31 14.705,985.99 10,706,526.77
164,003.53
Cereal beverages
6,435.14
19,601.26
106,204.84
Document'y stamps,&e.
Bonds, capital stock
1,055,662.68 1,131,346.33 9,453,335.63 11,449,604.97
Issues, &c
Capital stock sales or
transfers
1,451,464.06 1.777,823.77 11.065,222.91 15,660,982.88
Sales of produce (fu155,044.15 235,642.00 2.190,025.05 2.963,360.91
ture delivery)
495.098.00 562,650.60 3,674.139.90 3,866,269.80
Playing cards
Tobacco manufactures:
1,883.306.59 1,735,896.47 18,191.068.83 17,590,945.23
Cigars
24.086.083.00 25,417,014.92 203,526.701.64 223,527,248.26
Cigarettes
666,221.25 677.744.13 5,177.555.41 5,690.426.78
Snuff
Tobacco,chewing and
5,696.371.09 5,367,770.94 48,791.831.66 47,003,271.20
smoking
120,153.40
Oleomargarine. colored_
116,317.80
860,239.88
934,046.27
Oleomargarine. uncord
65,100.49
65,672.88
463,779.87
530,066.88
Daylight Saving Time in Effect at 2 A. M. To-morrow
—Announcements by New York and Chicago
Federal Reserve Banks.
Daylight saving time will be put into effect at 2 a. m.
to-morrow (Sunday) morning Apr. 29, at which time the
clocks are to be set ahead one hour. The Federal Reserve
Bank of New York, issues the following notice in the matter:
FEDERAL RESERVE BANK
OF NFW YORK
Circular No. 840
April 23, 1928
Daylight Saving
Opening and Closing Time for Business
To be Advanced One Hour
To all Banks, Trust Companies, Savings Banks, and
Bankers in the Second Federal Reserve District:
During the period beginning Monday, Apr. 30 1928, and ending Saturday, Sept. 29 1928, this bank will open and close for business in accordance
with local time in New York City and in the City of Buffalo, which will
be advanced one hour at 2 o'clock on Sunday morning, Apr. 29, 1928.
Clearings at the New York Clearing House will take place during the
same period at 10 o'clock a. m., local time, which will be the equivalent
of 9 a. m. Eastern Standard Time.
C.earings at the Buffalo Cleairng House will take place duing the same
period at 10 o'clock on week-days and 9.30 o'clock on Saturdays, local
Buffalo tome, which will be the equivalent of9 a. m.and 8.30 a. m. Eastern
Standard Time, respectively.
Very truly yours,
BENJ. STRONG.
Governor.
[VoL. 126.
Miller, who was formerly Representative from Delaware, was convicted in the District Court for the Southern District of New York on
a charge of conspiracy to defraud the United States. Judgment and
conviction were upheld by the United States Circuit Court of Appeals
for the Second Circuit.
Daugherty Escaped Conviction.
Those included in the indictment were Miller, Harry M. Daugherty
and John T. King. King died before trial and Jess W. Smith, named
as a conspirator, died before indictment. Daugherty was not convicted.
The indictment grew out of the seizure by the Alien Property Custodian
of the American Metal Company properties, owned by German interests, and the subsequent handling of claims for this property by the
Alien Property Custodian and the Attorney General.
Miller was convicted March 4, 1927. In February, 1928, the judgment
of conviction was affirmed by the Court of Appeals.
The indictment alleged that in February, 1918, the then Alien Property Custodian, A. Mitchell Palmer, seized under the Trading with the
Enemy act, 15,180 shares of the capital stock of the American Metal
Company, a New York corporation, owned by the Metall Bank nod
Metallurgische Gesellschaft, a German corporation, and 18,180 shares
of capital stock belonging to the Metall Gesellschaft, also a German
corporation; that the shares of stock were sold for nearly $6,000,000 and
the proceeds deposited with the Treasurer of the United States. That
the dividends which had accrued had been invested in Liberty Bonds,
which were also held in the Treasury.
Swiss Firm Claimed Assets.
It was also charged that in September, 1921, the Societe Suisse pour
Valeurs de Metaux, a Swiss corporation, the control of which was in
the German companies, filed with Miller, who had become Alien Property Custodian, claims for the delivery to it of the proceeds of the stock
and of the accrued dividends, alleging that it had succeeded to the
rights of the German companies by oral assignment prior to the entry
of America into the war.
The indictment also alleged that Miller, together with the others, conspired that this claim should be allowed by the Alien Property Custodian and by the Attorney General, "wholly without reference to the
legality or merits" thereof, and without fully examining the records and
papers in the office of the Alien Property Custodian.
The personal gain was alleged to be the division among the alleged
conspirators of $391,000 in Liberty bonds, part of the proceeds of the
seizure, which were in the Treasury of the United States.
Court Calls It Fraud.
Among the overt acts set forth was the alleged payment to King
of
$50,000 on July 26, 1921; the signing by Miller on Sept. 21, 1921, of
two letters to the Attorney General transmitting the claims
and recommending their allowance; the delivery by Miller on Sept.
30, 1921, of
two checks drawn on the Treasurer of the United States in the amount
of the cash proceeds of the seized stock, and the delivery to King on
Oct. 1, 1921, of $391,000 in Liberty Bonds.
The court held to-day that the United States was fraudulently
deprived of the intended function of Miller's office, and by the order made
by his office, whether corrupt or under deception, the United States was
fraudulently deprived of the fund in question, since he had the power
to approve or disapprove allowance or rejection.
Increased Pay For Teachers and Members of Administrative Staff of Columbia University.
Increases in salary affecting "every member of the teaching and administrative staff appointed directly by the Trustees of Columbia University to give full-time service, 450
in number, with the exception of two groups," were
announced by President Nicholas Murray Butler on April S.
The exceptions concern two small groups, for whom provision already has been made, either in the 1928-29 budget
following announcement by the Federal or by
We also quote the
special salary increases. The increases, which have
Reserve Bank of Chicago:
been approved by the Board of Trustees of the University,
The Daylight Savings Ordinance in Chicago will again become effective
are to go into effect July 1. In his annotincement, Presion April 29, and in compliance therewith Chicago Banks will advance
dent Butler said:
their clocks one hour for the period April 29 to September 30, 1928.
There will be no change in banking hours, which are from 9 A.M. to
2 P.M., daily, except Saturday, when they are from 9 A.M. to 12 M.
Daylight Savings Time in Effect in England, France
Belgium and Spain.
Associated Press advices from Paris, April 14, said:
"Summer time" became effective in France at 11 o'clock tonight when
clocks were advanced to midnight. Belgium and Spain also changed their
clocks. Englandladvanced its time on April 22 and Holland will follow
suit on May 15.
Col. Thomas W. Miller, Former Alien Property Custodian,
Begins Prison Sentence.
W. Miller, formerly Alien Property CusCol. Thomas
todian, who was convicted on March 4, 1927, on charges
of conspiracy to defraud the Government of his unbiased
services, left New York on April 23 to begin his sentence
of eighteen months in the Atlanta Penitentiary. He was
also called upon to pay a fine of $5,000, as was noted in
these columns March 19, 1927, page 1619. The U. S. Supreme Coure on April 9 this year declined to review the
conviction which had been affirmed by the Circuit Court
of Appeals. A Washington dispatch April 9 to the New
York "Herald-Tribune" in noting the action of the Supreme Court stated:
"The Trustees of Columbia University have for a century
and threequarters done everything in their power to protect the dignity
and freedom of the academic career.
"Hereafter the full professor in Columbia University will
receive a
normal minimum salary of $7,500 instead of $6,000 as
heretofore, and
there will be three groups—one at $9,000, one at $10,000
and one at
$12,000—to which individual professors of exceptional service or
distinction from time to time may be advanced or appointed. [68
professors, it
Is stated, have been placed in these groups.—Ed.]
"The associate professor will receive a normal minimum salary
of $5,000
instead of $4,500, as heretofore, and there will be a group
at $6,000, to
which individual associate professors of exceptional service
or distinction
may be from time to time advanced or appointed."
Noting that 15 Professors have already been added to
the
latter group, the "Sun" of April 9 indicated as follows
the
further increases announced.
$3,600 for Assistant Professors.
Instead of the previous $3,000, the new normal minimum for
assistant
professors will be $3,600, and similarly in this group, as in
the others,
classifications of $4,000, $4,500 and $5,000 have been set aside
for those
who qualify by distinction or service. Fifty already have
been placed
within these groups.
Instructors, under the new wage schedule, will receive $2,400,
instead
of the heretofore $2,000. In the following years, if
reappointed, merm
bers of these groups may be advanced to $2,700 and $3,000.
Additional
compensation has been provided for fourteen administrative
officers,
seventeen members of the library staff and five members of
business administration.
The new schedule will not apply, it is stated, to services
given during
the summer session or in extension work. The total effect of
the increased
salary schedule on the university budget has not been
learned, as the
summaries 'or the 1928-29 budget have not yet been completed.
By refusing to grant a petition for certiorari, the Supreme Court of
the United States decided the case of Thomas W. Miller, former Alien
Observing that the action of the trustees was in
keeping
Property Custodian, and decreed he should serve eighteen months in
prison. Chief Justice Taft gave the court order, refusing to grant the with a liberal policy of the trustees adopted as far back as
1875, President Butler said:
petition without an opinion.
APR. 28 1928.]
FINANCIAL CHRONICLE
"They have now, through their careful husbanding of the university's
resources, and by reason of recent benefactions, been able to take action
which will add greatly to the satisfaction and material rewards of
academic service at Columbia University. It is greatly hoped that this
action will set an example to be followed at other institutions to the welldeserved advantage and comfort of the great body of American scholars
engaged in the world of university teaching and research."
2591
4
will was filed for probate in the Surrogate's Court, New
York County, on April 18. Besides the outright gift of
$1,000,000 to the University—the largest single bequest in
the will—it is noted in the "Herald-Tribune" that the same
university may reeeive as much as three-twelfths of the
entire residuary estate in time, depending on various other
Quoting President Robinson of City College on the inprovisions concerning individual beneficiaries. The account
creases announced by President Butler, the "Times" of In the
paper quoted in further indicating the provisions of
April 10 said:
Murray Butler is to be congratulated upon the the will said:
President Nicholas
Ths village of Peekskill, where Mr. Depew was born, received $200,achievement of Columbia University in giving salaries to the teaching staff
in keeping with the scales prevailing in the lower schools of large cities 000 in trust for "such educational or other public uses as in the judglike New York and Chicago, Frederick B. Robinson, President of the ment of the trustees of the village from time to time will promote the
College of the City of New York, said yesterday in commenting upon welfare of the community."
All the remainder of the will concerns individuals, including Mrs.
the salary rise voted by the Columbia trustees.
"It is well known that teachers belong to an underpaid profession and May Palmer Depew, the widow; Chauncey M. Depew, Jr., Mr. Depew's
that only in recent years the public and public officials have taken note only child, and many relatives, business associates and friends.
Mrs. May Palmer Depew receives $206,000 'in lieu of dower rights,
of the fact and have insisted on a general increase," he said. "Of course,
no such public action can be taken in the case of a university like Colum- in accordance with their ante-nuptial agreement made December 27,
1901. In addition, however, she is willed $150,006, all the
bia, and Presidents of other endowed institutions may well follow the
family
automobiles, the wedding presents, jewelry, clothing and personid
example set by President Butler."
Substantially the same salary increase that Columbia University will effects, and one-half of the entire residuary estate in trust for life.
This portion of the residuary estate, which, if the present estimates
put into effect in July has been in force at the College of the City of
New York since January of this year, Dr. Robinson said. However, the are correct, will amount to many millions, is to go to the son if he
survives the widow, and to his children, if he has any, on his death.
two scales cannot be closely compared because of "the different significance" of academic titles of the two institutions, he added. At City If neither he nor his children survive the widow one-third in equal
College comparatively few have the title of professor, usually reserved shares of the half of the residuary estate is to go to Mr. Depew's
for the heads of departments. Associate professorships are similarly few. niece, Anne Depew Paulding, and to his nephew, Charles Cook Paulding; one-third in equal shares to his nieces, Martha Depew Townley,
Elsie Strang L'Esperance and May Strang, and the remaining third to
Bureau- of Education, Department of Interior, Recom- Yale University.
Chauncey M. Depew, Jr., who is in his late fifties and is a bachelor,
mends State Salary Schedule to Teachers Adopted
receives the residence at 27 West Fifty-fourth Street, with its contents
to Varying Needs of States.
and the contents of Senator Depew's office. He also receives $200,000
Stating that in the view of the Bureau of Education of in cash; one-fourth of the residuary estate outright and the income on
the Department of the Interior the professional prepara- the remaining one-fourth for the remainder of his life.
If the son leaves no children, the fourth of the estate
trust
tion by teachers has not ben proportionately rewarded by is to be divided as follows: One-third in equal shares to held inDepew
Anne
salary increases, the "United States Daily" of April 3 gives Paulding and Charles Cook Paulding; one-third in equal shares to
Martha Depew Townley, Elsie Strang L'Esperance, and May Stra02,
as follows the recommendations of the Bureau:
The Bureau recommends that State schedules be formulated, upon scien- and one-third to Yale University. If any one of these individuals surtific bases, so as to give more accurate recognition in salary to professional vive the son, that part of the residuary estate to which he or she would
improvement, experience and teaching efficiency. The full text of the have been entitled will go to his or her issue per slimes, or to his br
her sisters or brothers. If neither eons nor daughters nor sisters nor
Bureau's statement follows:
The statement is often made that the salaries paid teachers chiefly brothers survive, the portion of the residuary estate goes to Yale
determine the quality of young people attracted to the profession, the University.
Sister Gets Pelham Home.
quality of professional preparation they receive, and the length of time
Anne Depew Paulding, Mr. Depew's niece, also receives the income
they remain in the service. In States without well planned salary schedules, there will be found little relationship existing between the salaries on $200,000, to be held in trust for her by the United States Trust
paid and the teachers' professional preparation. Teachers with a mini- Company during her life. She is given the right to dispose of this as
mum of professional training are paid nearly as much as those with much she sees fit. If she does not dispose of it, it is to go to her brother,
training, and increases in salaries have come about mostly because of Charle Cook Paulding. If Mr. Paulding at that time is not living, it
length of service. The amount of professional preparation has had ap- is to go to Chauncey M. Depew, Jr.
Mr. Depew's only surviving sister, Mrs. Rate Strang, of Pelham, reparently little influence on the attainment of a maximum salary.
ceives the income on $150,000 for the rest of her life. On her death
Schedule Recommended.
the principal is to be divided into as many shares as are necessary and
To remedy this condition it is recommended that a State salary schedule the income of each share is to be paid to each
of his nieces, Martha
be formulated that is adaptable to the varying needs of the State. Such Depew Townely, Elsie Strang L'Esperanoe and May
Strang, who are
a schedule, scientifically prepared, should make provision for increases in empowered to dispose of their shares.
salaries on the bases of such factors as professional improvement, exMrs. Strang also receives during her lifetime the use of tho house
perience, and teaching efficiency.
and lot at Pelham where she now lives. On her death the property is
According to investigations made by the Bureau of Education of the go to her daughters, Martha Depew
Townley and May Strang. Elsie
United States Department of the Interior, the States that have enacted Strang L'Esperance also
receives $6,000, which, together with adminimum salary schedules are North Dakota and New York. The North vances made to her for the
builffiag of her house, equals the one-third
Dakota law, passed in 1921, provides a minimum amount of training and share of the Pelham
property given to her sisters.
a minimum salary for teachers; and that after August 31, 1923, any
Charles Cook Paulding, Mr.
entering teacher shall, as a minimum requirement, hold a diploma from an (Public Relations) of the New Depew's nephew and vice-president
York Central Lines, receives 050,000
approved four-year high school, or the equivalent, and meet all certifi- outright.
cating requirements as to professional study. That for such preparation
The income on $50,000, to be held in trust, is to go to Adelaide M.
the minimum salary be $810 per year of nine months, and that no less Hegeman, of 56 West Eleventh
Sweet sister of Mr. Depew's first wife,
than $50 per year shall be added for each year of service in the profes- and on her death to her mother, Adelaide
O'Dosineghue Hegeman; the
sion for a period not to exceed five years.
principal to Chauncey M. Depew, jr„ on her death.
The New York State law, which became effective on Aug. 1 1923, proOld Servant, Rememberad.
vides that the salary for teachers of kindergarten and first to eighth year
Other bequests to relatives and old employees and servants follow:
grades shall be $800 the first year, with an annual increment of not
To Hazel Pingree Depew, widow of his nephew, Sherman L Depew,
less than $75, the number of annual increments not less than eight;
and for high-school teachers, $000 for first year, with an annual increment of Detroit, $50,000.
To his niece, Florence Allison, of Detroit, $50,000.
of not less than $75, and the number of increments not less than eight.
Dorothy Teel Reuling, a distant relative, of Bayside, $5,000.
Pay for Men and Women.
Edwardina A. Gleason, a distant relative, of 535 West 112th Street,
The question of equal pay for men and women teachers doing the same Manhattan, $5,000.
work continues to occupy the attention of many boards of education. The
Chauncey Depew de Dressan, of Granville, France, son of his niece,
granting of more pay to men is defended by some boards on the ground $10,000.
that in order to get men teachers they must be paid more than women,
Edward Sundell, for nearly forty years Mr. Depew's literary secrefor women will work for less. Such boards contend that supply and de- tary, $10,000.
mand should regulate the salary.
Archibald Melvin, Mr. Depew's butler, $4,000.
If competent men are to be retained in the profession, any equal pay
Mary Calary, in the service of Mr. Depew for many years, $3,000.
schedule should provide that the salaries of the women be made equal
Each of several other servants who have been in Mr. Depew's employ
to those paid men rather than that there be any averaging of the sal- for more than ten years receives $1,000; !those who have been
.
in his
aries of the two.
employ more than five years, $500, and those who have been in his
A president of a Noroth Dakota normal school thinks that "beginning employ more than one year, $100.
salaries are altogether too high for young, inexperienced, unprepared
Edward L. Rossiter, Treasurer of the New York Central Lines, and
teachers, and ultimate salaries are altogether too low to induce people the United States Trust Company of New
York are named executors,
ability to make adequate preparation, and to remain in teaching until Mr. Rossiter without bond. They
of
are empowesed to borrow money
they become really efficient."
and to sell any of the assets of the estate or principals of the trust
To sum up the whole matter, according to the editor of the American funds and to invest and reinvest securities as they
see fit. Mr.
School Board Journal, "the future, no doubt, will continue toward re- Rossiter long had been a close friend and
business associate of Mr.
finements in the formulation of salary schedules, and discover ways Depew and had acted in an advisory capacity more recently in relation
of measuring and compensating merit more equitably than is now being to Mr. Depew's financial matters.
done. The teacher sells service, the school board buys it. Hence, the pay
The value of the estate is variously estimated as between
roll is a business matter. This is the interpretation which the public
puts upon salary schedules. It is the interpretation that the teaching $5,000,000 and $20,000,000. Mr. Depew's death was noted
In our issue of April 7, page 2083. The will bears date
profession upholds."
Will of Late Chauncey M. Depew Bequeaths $1,000,000 to
Yale University.
The will of the late Chauncey M. Depew, who died April
5, bequeaths to Yale University the sum of $1,000,000. The
Jan. 26, 1928. In observance of the 94th anniversary of
Mr. Depew's birth, April 23, wreaths were placed on hio
statue in Peekskill by former Representative Cornelius A.
Pugsley for the Empire State Society, Sons of the American Revolution, and by Village President Frederick W.
Otte for the village.
2592
FINANCIAL CHRONICLE
G. W. Wickersham Elected Vice-President France-America
Society, Succeeding Late Chauncey M. Depew.
The Vice-Presidency of the France-America Society held
for, nine years by Chauncey M. Depew and left vacant by
his death has been filled by the election to that office of
George W. Wickersham, at a meeting of the Board of Directors of the Society. Colonel George W. Burleigh was
elected Chairman of the Executive Committee and Captain
Twining Tonsley was elected to the Secretaryship.
C. & O. Shopmen Lose Plea for Advances in Wages.
The following is from the "Evening Post" of April 17:
A board of arbitration has denied the request of shepmen of the
Chesapeake & Ohio Railway for increases of $1.50 in the basic daily
wage of journeymen mechanics, apprentices and their helpers and of
$1.66 in the daily pay of car men. Upward readjustment of the wages
of coach cleaners to $4.70 a day was also denied.
Evidence submitted by the employees did not prove their contention
that the wage relationships of shopmen to other classes of railway employees, which were fixed under Government control of the railroads
ten years ago, should be established now, said the board.
Wage Demands of Telegraphers on Central Lines Before
Federal Arbitration Board.
According to the "Evening Post" of April 17 a six-man
board is hearing the request of telegraphers on the New
York Central, Michigan Central and Big Four railroads
for an increase of 15 cents an hour in wages and one day
off in seven, according to the Associated Press. The arbitration board includes Chancellor Charles W. Flint of
Syracuse University, chairman; Dean Charles H. Cooley
of University of Michigan; 0. 0. Robertson, vice-president
of the Order of Railroad Telegraphers; George Ladengood,
general chairman of the Order of the Big Four; Daniel W.
Dinan, general manager of the New York Central lines
east of Buffalo, and J. G. Walber, vice-president of the
New York Central in charge of personnel.
(Vora. 126.
Philadelphia-GirardiNationalfBank, Philadelphia; George
L. Woodward, Treasurer South Norwalk Savings Bank,
South Norwalk, Conn.
Iii presenting the matter at the council meeting at Augusta, Mr. Lucas explained that it was brought up without
recommendation and merely for the purpose of drawing the
Council into discussion regarding the reorganization idea.
Mr. Traylor, who originally proposed the present reorganization movement, spoke in favor of the plan, not as carrying out to the full extent his ideas, but as representing all
that he thought could be obtained at 'resent. He said,
In his opinion, such reorganization would make for more
economical and efficient administration of the Association's affairs.
E. A. Onthank, as President of the National Bank Division, spoke against the reorganization plan, voicing the opposition of his Division Executive Committee, their main
objection being that it would sacrifice the identity of the
Natonal Bank Division and render impossible as effective a
representation of their particular interests as is now possible. He, however, expressed himself as being open-minded
on the subject. Following further discussions on both sides
by a number of other members of the Council, the question was left for further consideration by the Committee.
Resolution on Flood Control.
John G. Lonsdale, Second Vice-President of the Association, presented a resolution urging the passage without
further delay of the Jones Bill for Mississippi flood control
now before Congress. The resolution, expressing the conviction that "the control of the Mississippi is a national
problem, should be solved by the nation promptly, and that
the cost should be borne by the Federal Government" was
unanimously adopted by the Council.
Reports of the Committees and Commissions heard during the last two sesions revealed progress all along the line
In the Association's manifold activities. A statement from
the Association indicates as follows the various reports
PlaniFor Reorganization of American Bankers' Assobrought before the meeting.
ciation Discussed at Spring Meeting of Executive
Burton M. Smith, Chairman Agricultural
/71 Council—President of National Bank Division Dan Otis had attended 46 conferences with Commission, said that Director
agricultural committees in difObjects Inasmuch as Identity of Division Would ferent States, 35 States have adopted the county key banker plan and
there are 1,692 key bankers by whom bankers and farmers are brought
Be Sacrificed—Other Matters Considered.
together in promotion of agricultural economic improvement. In 18
Under agreement not to take any action at the present States 30 short courses for bankers have been held at the agricultural
session of the Executive Council on the question of reorgan- colleges.
Edoaund
izing the American Bankers' Association along functional that amongS. Wolfe, Chairman Federal Legislative Committee, reported
the subjects in charge of his Committee were the question
lines to conform to the major phases of modern banking, a of National Bank taxation now involved in the Norbeck Bill to
amend
tentative reorganization plan was the main topic of discus- Section 5219 United States Revised Statutes; legislation to make State
member banks of the Federal Reserve eligible as public depositaries;
sion at the closing sessions of the meeting held at Augusta,
opposition to the measure designed to extend
Ga., April 16-19. W. S. McLucas, Chairman of the Com- savings system and further inject government the facilities of the postal
into banking;
mittee on Reorganization, presented the tentative plan a bill to favor the extension of boys' and girls' club work support of
by federal
appropriation; revision of the Federal Revenue Act with reduction of
which would leave the Executive Council unchanged and the
the corporation tax, repeal of the Federal Estate Tax and
extension
general elective officers the same as now, but would create of a $300 exemption of income to savings deposits, as
is enjoyed by buildfour functional Divisions—a Commercial Banking Division, ing and loan associations, and support of the Jones Bill for flood control
a Savings Division, a Securities and Investment Division and relief.
The report of the Committee
and a Trust Division to replace the present Divisions of the the Norbeck Bill, opposing this on Federal Taxation dealt chiefly with
measure on the ground that
Association. Sections would remain the same as at present instead of shares of national banks being taxed at no greater under it,
rate than
and the new Divisions would have, as now, an elective other competing moneyed capital, the States would be permitted to tax
such shares at any rate they please provided it were not at
a greater
Executive Committee of twelve members each, including a rate than the tax on State banks,
thus in effect
President and Vice-President. The plan would also limit business, both State and national, for purposes segregating the banking
of taxation. The comDivision Committees to five members each. It also mittee detailed its activities in opposition to this measure.
other
Thornton Cooke, Chairman Committee on State Taxation,
presented a
proposed that the Commercial Banking Division would comprehensive survey of this
subject, stating the situation
have a State Bank Committee and a National Bank Com- 21 States which have sought to 'obtain revenues from the is that either
owners or inmittee. Other general features of the Association would tangible property by preferential rates will have to change their laws
or else Congress will have to change Section 5219. He
said the solution
remain as at present.
of the situation would be to get away from
Mr. McLucas was contained in a which has long been an incitement to evasion the general property tax,
The plan presented by
and a penalty for success,
report of a committee appointed last Fall following the an- toward more modern taxation principles. He recommended making the
State income tax movement
of the ASSOCiaf1011 at Houston, Texas, at mittee proposed to study a general one. He also said that his Comnual convention
budget systems for public expenditures as a
which the proposed reorganization Was suggested by the scientific control of tax gathered money.
The Fiftieth Anniversary Committee's report
retiring President, M. A. Traylor.
stated that all but about
$50,000 of the $500,000 subscribed toward the
The plan for the reorganization proposed by Mr. Traylor tion Educational Endowment Fund has been American Bankers Associaraised, 32 States, as well as
the District of Columbia and the Hawaiian Islands
was referred to in our issue of Feb. 4, page 666.
having returned their
The
The committee appointed to consider the proposal included quotas in full. the remaining amount, the report said, was rapidly being
closed up and
funds will become available for scholarships for the
the'Presidents of the present major subdivisions of the Asso- college year beginning this fall.
Charles Cason, Chairman Public Relations
ciation. The members of the committee are W. S. McLucas,
Commission, described the
rapid progress
Chairman of Board Commerce Trust Co., Kansas City, as a national in developing the American Bankers Association Journal
business, economic and banking publication and of the work
A. Traylor, President First of the Publicity
Missouri, Chairman; Melvin
Department in distributing through the general press
National Bank, Chicago, Vice-Chairman; M. H. Malott, information of public interest regarding banking and the work of
Abilene, Kan.; E. A. Onthank, the Association to render banking more serviceable to the public.
President Citizens Bank,
W. F. Keyser, Chairman
President Safety Fund National Bank, Fitchburg, Mass.; Committee had intensified its Insurance Committee, reported that hie
effort to interest the American insurance
James H.Perkins,President Farmers Loan & Trust Company companies in the importance of broadening and clarifying the tams of
Secretary Texas their blanket coverage and that at last their efforts were beginning to
New York City; W. A. Philpott, Jr.,
receive encouragement.
Bankers Association, Dallas, Texas; P. R. Williams, Vice
John H. Puelicher, Chairman Public Education Commission, described
National Trust and Savings Asso- the active prosecution of the work of furnishing lecturee on banking in
President Bank of Italy
ciation, Los Angeles, Calif.; 0. Howard Wolfe, Cashier, the schools and before civic clubs throughout the country, 40 out of the
pla
APR. 28 1928.1
FINANCIAL CHRONICLE
2593
asked. On the basis of the lower figure, the price of Chase
stock after giving effect to the increase would be $660
per share. On the purchase price of $400, the potential
bonus per share would be $260. There are 100,000 new
shares to be distributed under plan. It is contemplated
that the present annual dividend rate of $18 per share,
which represents 14% on the stock of the bank and $4 per
share from the Securities Corporation will be continued
unchanged after the new stock has been issued. A special
meeting of the shareholders has been called for June 4,
to act on the capital changes. The subscription offer will
be open to stockholders of record at the close of business
June 12, and the subscriptions will be payable in full at
the offices of the Bank on or before July 2.
When asked to comment on the proposed $40,000,000 increase, Mr. Wiggin said that it is in line with the policy
of the bank to preserve a conservative ratio of capital
funds to deposits, and the growth of the bank in recent
years has made frequent capital increases necessary. He
pointed out that the combined capital, surplus and undivided profits of the ten largest New York banks (exclusive
of Chase) as shown by their most recent statements, was
16.08% of their aggregate deposits. Because of recent
growth, the capital fund of The Chase National Bank as
of February 28 were only 12.75% of aggregate deposits.
The proposed increase in capital funds will restore the
bank ratio to the approximate average of other large New
York banks. The expansion of the activities of Chase Securities Corporation has been commonsurate with that of
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
the bank. In its last condition statement, Feb. 28, Chase
New York Produce Exchange regular memberships were National reported combined capital, surplus and undivided
sold this week for $14,200, $15,000 and $16,000 each.
profits of $107,462,411. After giving effect to the proposed
Stock Exchange membership was reported sold increase, the total would be, on this basis, $137,462,411.
A Chicago
this week for $45,000, an advance of $5,000 over the last At the close of 1927, Chase Securities reported combined
capital, surplus and undivided profits of $29,549,352.
preceding sale and a new high record price.
After giving effect to the proposed increase (without
A Chicago Board of Trade membership was reported sold counting profits for 1928 to date for which no figures are
this week for $11,500, an advance of $1,000 over the last available), the total would be $39,549,352. Combined cappreceding sale, and another for $12,000, an advance of $500 ital, surplus and undivided profits of the two institutions
and the highest price on record.
would thus be $177,011,763.
The last prvoision change in the capital structure of the
Market memberships sold to new high
New York Curb
took place last December in connecrecord prices this week when sales were announced at $80,000, Chase National Bank
and $90,000. Each sale has been made at an ad- tion with the acquisition of the Mutual National Bank as
$85,000
vance of $5,000 over the preceding transaction. Under the noted in these columns Dec. 31, page 3587. At that time
new policy adopted the names of the buyer and seller will the capital of the bank was increased from $40,000,000 to
not be made public until after the board of governors have $50,000,000 and the surplus from $25,000,000 to $40,000,000. The original capital of the Chase National Bank
passed on same. This will be some time next week.
when it was founded in 1877 was $300,000. The present
New York Cotton Exchange memberships reached their increase is the ninth which has been made since that time.
highest when the seat of Irvin King was sold to Carrel V. The Chase Securities Corporation was established in 1917
Geran for $35,000. Other memberships sold this week was with an initial capital of $2,500,000.
that of Jerome Lavine to Alvin L. Wachsman for $30,000.
Chase National stock sold up as high as $785 per share
The membership of the estate of Richard Siedenberg to on April 26 under heavy trading. This was an advance
W. W. Cohen and that of the estate of William Ray to of 73 points over the day before. Computed on the basis
Spencer Waters, each for $34,000. The seat of Walter C. of the high figure the rights were worth $64. Wednesday's
Hicks was sold at auction to Malcolm E.Deacon for $28,700, price for the stock was $712, at which figure the rights
who also purchased the second membership of Charles W were worth $52. Simultaneously with the Chase announceShepard for $29,500. Last preceding sale was for $30,000.
ment, Gilbert Eliott & Co. prepared a compilation with
Samuel T. Hubbard, Jr., President of the New York reference to the appreciation in value of Chase stock. It
Cotton Exchange, will sail on the S. S. Baltic to-day (April was pointed out that by the purchase of 100 shares of
the
28) for a visit to England and the Continent. Mr. Hubbard Chase National Ban kstock twent yyears ago, and by
planned to go abroad last month, but deferred his trip in exercise of all subscription rights since granted, involving
order toltestify before the Senate committee on proposed a total investment of $137,500 one would not possess 720
legislation which would affect the cotton business. He shares having a total market value of $565,200. This represents a total appreciation on investment of $427,700,
expects to beaway about six weeks.
equivalent to $21,385 per year. The average annual inAlbert H. Wiggin, Chairman of the Board of The vestment over the period totaled only $45,800, hence the
Chase National Bank of New York, announced on April 25 annual appreciation averaged approximately 47%. Durthat the Directors have voted to recommend to share- ing the 20
-year period the bank paid an average annual
holders an addition of $40,000,000 to the capital funds of dividend of 16%%. In the period, capital funds of the
the bank and Chase Securities Corporation. By the sale bank have increased from $9,991,100 to $107,462,411.
the capital of the bank will
of 100,000 new shares of stock
increased from $50,000,000 to $60,000,000, the surplus
bebe
At a special meeting on April 24 the stockholders of The
from $40,000,000 to $60,000,000, and $10,000,000 will be
the proposal of
$10,000,000willbe Oto$60,990,000,and ,Oro4Omf$,0000 alBbe National City Bank of New York ratified
capital structure of Chase Securities Corpora- the directors to increase the capital of the bank from
added to the
$90,000,000 and to increase the capital of
tion. The new stock will be offered to shareholders at $75,000,000 to
share, on the basis of one new share for each five The National City Company from $25,000,000 to $45,000,$400 per
000 and its surplus from $25,000,000 to $50,000,000. The
shares now held.
pointed out on the basis of bid and asked quotations $60,000,000 new capital will be provided through the issuIt is
stock, April 25, this distribution ance of 150,000 shares of stock of the bank which will be
for Chase National Bank
a bonus of approximately $26,000,000 to Chase offered to stockholders of record at the close of business
represents
in the ratio of one share
stockholders. The quotations that day were 712 bid, 720 April 28, 1928, at $400 a share
or lesser degree. He told
48 States carrying on this work in a greater
cash prizes for essays by
how one State bankers' association was offering
by bankers. In
school children, based on the talks given in the schools
than 600 active speakers,
the State of Missouri, he said there are more
with these talks
while in Ohio 40,000 school children have been reached
and shown the operation of banks at first hand.
Bankers' Association
As Chairman of the Board of Trustees, American
Educational Foundation, Mr. Puelicher also announced that the Foundation
of the various
Is now ready to award scholarships in the selected schools
the operation
States which have completed their quotas. Full details of
of the plan will be announced later.
Clark G. Mitchell, Chairman Membership Committee, reported that
although there had been some falling off in the membership of the Assothere
ciation due to consolidations, failures and liquidations of banks,
at any time
are now fewer non-member banks in the United States than
also pointed out that despite the
in the history of the Association. He
decrease in the number of members there has been an increase in revenues
size of banking institutions.
from them on account of the increase in
William S. Irish, Chairman State Legislation Committee, reviewing important developments in this field, stated that the New York legislature had passed bills enlarging the scope of investments for savings banks
the District of Columbia
and trust funds. He also reported progress in
he
for the uniform fiduciary act and the joint deposit act, and 'Virginia,
banking code embodying four association measures
said, has enacted a new
on general
not formerly in the law. The Committee, he said, is working
State adoption of a law providing that no depositor to whom has been
forwarded a statement of account can claim incorrectness for any cause
after a reasonable time and in no case exceeding five years. The Committee is also working on the draft of a uniform bank collection code.
E. C. Sammons of Portland, Oregon, was recognized by the chair and
told of the failure of certain insurance companies to make good their
obligations under fidelity insurance in connection with a looted bank
it was
in his city, the loss amounting to $450,000. He said he thought
proper that the attitude of such companies, which pay a small claim and
but run out on major losses, should be brought
call it good advertising
was referred to the
to the attention of the bankers of the country. This
Insurance Committee.
2594
FINANCIAL CHRONICLE
for each five shares held. Subscriptions will be payable
in full on or before May 31, 1928, the date when subscription rights and subscription warrants will expire. Eightytwo per cent of the stock was represented at the meeting.
The plans to increase the capital were referred to in these
columns March 24, page 1756, and March 31, page 1926.
[Vox. 126.
Bank of United States, which will be the name of the
merged institution, will have its main office at 535 Fifth
Avenue at the corner of Forty-fourth Street, the quarters
now occupied by the Central Mercantile Bank & Trust
Company. B. K. Marcus will continue as President of
the bank, while C. Stanley Mitchell, who has been President of the Central Mercantile, will become Chairman of
the Board of Directors. Saul Singer will continue as
Executive Vice-President. The following Vice-Presidents
of the Bank of United States will go on the board of the
merged institution: Robert W. Adamson, Joseph Brown
and Henry W. Pollock. The Bank of United States,
which is reported to be considering the acquisition of another bank, will have fifteen branches. Joseph S. Marcus,
father of the present President, organized the Bank of
United States in 1913. The resources have increased from
$2,000,000 to more than $110,000,000 in that time. The
Central Mercantile Bank was organized in 1921. Its resources have grown to $60,000,000. The Bank of United
States has not been involved in a merger prior to this
one. It is stated that the basis of exchange in the merger
of Central Mercantile Bank & Trust Co. by the Bank of
United States will be one share of the latter institution
for each 1Y shares of Mercantile held. The Bank of
2
United States will increase its capital about 23,300 shares,
sufficient to take care of the merger.
The shareholders of The Bank of America N. A. of this
city held a special meeting April 26 and ratified the merger
plans heretofore adopted by the respective Boards of The
Bank of America N. A., the Bowery and East River National Bank, and the Commercial Exchange National
Bank. Items regarding the merger appeared in these columns March 31, page 1925, and April 7, page 2096. The
consolidated institution—The Bank of America N. A.—
will begin business on Monday, April 30, with a capital of
$25,000,000, a surplus of $35,000,000 and undivided profits
of $2,000,000. It will have its head office at 44 Wall Street
.and 26 branches located in various points throughout Manhattan, Brooklyn, Bronx and Staten Island. Dr. A. H.
,Giannini, President of the Bowery and East River National Bank, was elected Chairman of the Board of The
Bank of America some time ago, and will continue in
that office. Edward C. 1Delafield will be President and
John B. Rovensky will be First Vice-President of the con.solidated institution. Lionella Perera, President of the
Commercial Exchange National Bank, becomes Vice-PresiF. Trubee Davison, Assistant Secretary of War for Avident and a member of the Board. The other senior officers
of the merged banks continue with the consolidated in- ation, will be the guest of honor at a luncheon of the
stitution. The terms of the merger name the following Bond Club of New York to be held at the Bankers' Club
Ott Wednesday, May 2, at 12:15, according to an anas directors:
nouncement by William J. Minsch, President of the Club.
Remand Behn, Vice-President of the Internationa
l Tel. & Tel. Company.
Leo V. Belden, Vice-President, Bancitaly Corp.
Walter M. Bennet, New York.
George Blagden, Clark, Dodge & Co.
William H. Coverdale, Coverdale and Colpitts.
Allen Curtis, Curtis & Sanger.
Arthur V. Davis, President. Aluminum Company of America.
Edward C. Delafield, President.
Gayer G. Dominick, Dominick & Dominick.
Archibald Douglas, Douglas, Armitage & McCann.
Charles M. Dutcher, President, Greenwich Savings Bank.
Douglas L. Elliman, Douglas L. Elliman & Co.
G. B. Everitt, President, Montgomery Ward & Co.
Henry J. Fuller, Aldred & Co.
Emanuel Gerli, E. Gerli & Co.
A. H. Giannini, Chairman of the Board.
Otto J. A. Grassi, L. Gandolphi & Co.
Crowell Madden, President, Brooklyn Savings Bank.
George Hewlett, Hewlett & Loe.
Charles W. Higley, President, Hanover Fire Insurance Company.
Robert J. Hillas, President, Fidelity & Casualty Co.
Gilbert H. Johnson, Isaac G. Johnson & Co.
Sam A. Lewisohn, Adolph Lewisohn & Son.
John Hill Morgan, Rumsay & Morgan.
Acosta Nichols, Spencer Trask & Co.
Martin S. Paine, Treasurer, Excelsior Savings Bank.
Lionelle Perera, Vice-President, R. Stuyvesant Pierrepont, New York.
William H. Ramsay, New York.
John E. Rovensky, First Vice-President.
Nicholas E. Schenck, Theatrical Interests.
R. A. C. Smith, Chairman, White Rock Mineral Springs Co.
W. H. Snyder, Vice-President, Bancitaly Corp.
Edwin S. S. Sunderland, of Davis, Polk, Wardwell, Gardner & Reed.
Edwin Thorne, New York.
Louis A. Valente, Justice of State Supreme Court.
Alfred P. Walker, President, Standard Milling Co.
A. W. Austin, formerly assistant cashier of The Bank
of America National Association, has been appointed Assistant Vice-President. Mr. Austin is connected with the
foreign department of the bank. P. J. Hebard has also
become Assistant Vice-President of the Bank of America
National Association; he was formerly assistant cashier
of that institution, and has executive charge of the bank's
promotion work in New York City. Mr. Hebard was born
and educated in New York. For a number of years he
was associated with the Philippine National Bank and the
American Exchange-Irving Trust Company in new business capacities. His association with The Bank of America dates from 1924 and his appointment as assistant
cashier was made in 1927.
The final dinner of the season, conducted by the Rankers'
Forum, American Institute of Banking, was held Thursday, April 20, at the Hotel McAlpin. The following speakers discussed "Investment Trusts":
Edgar Lawrence
Smith, President, Investment Managers Company; Leland
Rex Robinson, President, Second International Securities
Corporation; and Leonard M. 1Valisteiti, Counsel, United
States Shares Corporation. F. W. Gehle, Second VicePresident of the Chase National Bank, presided.
The Emigrant Industrial Savings Bank of this city announced on April 27 a new interest policy, namely,
--the
payment of interest from the day of deposit
to the day of
withdrawal. The bank says:
Under all the other plans, you cas lose from one
to thirty days' interest—if you withdraw before certain dates or
periods. Under the new
Emigrant plan, no matter what day you deposit,
nor what day you withdraw, you can never lose a single day's interest!
Jay D. Rising, Vice-President of the National Park Bank
of New York, returned to his desk last
week after an
extended business trip to the Western and
Pacific Coast
States.
Announcement was made this week that Faris
R. Russell, Vice-President of the National
Bank of Commerce in
New York, will become a partner in the
investment banking
firm of White, Weld & Co. on July
15. White, Weld & Co.
have underwritten many foreign and
domestic loans in
addition to conducting a general investmen
t business, and
are one of the leading investment banking
houses of the
country. Mr. Russell, who is 45 years
old and a director
of Associated Gas & Electric Company,
Geo. P. Ide & Co.,
Inc., Mid-Continent Petroleum Co.,
Munson Steamship
Line, and Missouri-Kansas Texas It.
It. Co., became associated with the National Bank of
Commerce in New
York in 1903 in a clerical capacity, having
previously been
with the Western National Bank of
New York City, which
was merged with the National Bank of
Commerce in New
York in 1903. In May, 1907, Mr.
Russell was appointed
Assistant Cashier, and eight years
ier. He became a Vice-President later he was made Cashin January, 1918. In addition to his work as officer of the
bank, Mr. Russell's
duties have included a contact with the
investment field in
connection with the investment of the bank's funds.
In
his new association he will now
give his entire attention
to investment work.
Announcement was made on April 26 that a consolidation has been arranged of the Bank of United States and
the Central Mercantile Bank & Trust Company of this
city, creating a combined institution with resources of
more than $1••5,000,000, with capital, surplus and undiThe National Bank of Commerce in New York anvided profits of $20,000,000. Directors of both banks have
nounces the election of W. W. Atterbury, President of the
approved the plans for the merger and the stockholders Pennsylva
nia Railroad, as a director of the Bank.
of both will meet May 17 to ratify the transaction. The
-_—•__-
APR. 28 1928.]
FINANCIAL CHRONICLE
2595
The Central Union Trust Company of New York, it is
reported, plans to erect a thirty-six-story building at the
southeast corner of Wall Street and Broadway. In commenting on the report, in its issue of April 16, the "Evening
Post" stated:
This is generally regarded as the most valuable plot of land in the
world. No 1 Wall Street has for years been occupied by "The Chimney,"
a slender eighteen-story structure.
The Central Union Trust Company has recently added considerably
to its real estate holdings and now owns almost the entire block from
Broadway to Exchange Place.
The Central's property extends from 64 to 80 Broadway. The bank's
offices are now at No. 80.
Backing up to-day's report is the fact that tenants in 74 Broadway
have been given notice that the leases will not be renewed. This dooms
Fischers Restaurant, formerly Robins and known as one of the famous
million-dollar bars of the pre-prohibition era. Many of the tenants at
No. 74 have been there for thirty years or more.
Extensive alterations are already going forward at No. 74 and it is
believed the bank will occupy the whole building there pending construction of the larger thirty-six-story affair.
It is assumed that if the present plans go through "The Chimney,"
so long a landmark, will be torn down.
Officers of the Central Union Trust refused to comment to•day on
the report.
of Fort Tompkins in 1814, and the conference in 1776 between Lord Howe and Benjamin Franklin, in which Howe
offered a limited peace, and Franklin replied by refusing
any compromise that did not insure the recognition of the
independence of the colonies. These murals are being
painted by Scott Williams, who designed the stained glass
windows of the Hammerstein Memorial Theatre, the Gilman memorial in the Johns Hopkins University, and the
windows of the library of the University of Illinois.
The Guaranty :Trust Company of New York announces
the appointments of Sanford T. Bennett as an Assistant
A-Pa-President and Edwin S. Graham and George W. McInon as Assistant Treasurers. All three men are members of the Company's Fifth Avenue Office staff.
The stockholders of the F-irst National Bank of Mount
Vernon, N. Y., will meet on May 28 to vote on a proposal
to increase the capital of the bank from $200,000 to $500,000 through a stock dividend of 150%. It is expected that
the increase will be put into effect about June 3.
Word has been received by the American ExchangeIrving Trust Company of the death on April 25 of Mercer
P. Moseley, Vice-President of that institution, at his Winter home, Miami Beach, Fla. Mr. Moseley, who had been
spending his Winter vacation in Florida, contracted a cold
about April 1. Two weeks ago he developed pneumonia
and pleurisy. Funeral services will be held in Miami
Beach and the interment will be in Staten Island, today,
Sn turday morning. Mr. Moseley was born in Pamplin City,
v. Jan 7, 1872. As a young man he engaged in the merca utile and brokerage business and later organized and
was officially connected with lumber manufacturing. He
entered journalistic work in 1901, and was President and
General Manager of the Commercial Newspaper Company,
publisher of The New York "Commercial," until 1917. On
August 28 of that year he became a Vice-President of the
American Exchange National Bank. This position he retained during the consolidation of the American Exchange
National Bank with the Pacific Bank and in the latter
consolidation of the American Exchange-Pacific National
Bank with the Irving Bank and Trust Company. Mr.
Moseley was a Director of the Remington Hand Company,
Inc., The Connecticut Valley Paper and Envelope Company, and several other corporations.
An application to organize the Morris Plains National
Bank of Morris Plains, N. J., was received by the Comptroller of the Currency on April 10. The institution will have
a capital of $50,000 and surplus of $12,500.
Samuel G. Adams was ele- cted a director of the First
National Bank of Brooklyn on April 23 to fill the vacancy
caused by the death of George NV. Baker. Mr. Adams is a
senior member of the investment banking firm of S. G.
Adams & Company, 45 Wall Street. He is also a director
of the Home Bank and Trust Company and the Oak Title
and Mortgage Company, both of Darien, Conn.
the Lafayette National Bank of
The stockholders of Brooklyn on May 22 will vote on a proposal to increase the
capital of the institution from $400,000 to $500,000.
Elliott C. McDougal, Ch-airman of the Board of the
Marine Trust Co. of Buffalo, was the guest of honor at a
banquet at the Statler Hotel on the night of April 19 given by
the Marine Trust Club in celebration of the 50th anniversary
of his entrance into the banking business, according to the
Buffalo "Courier-Express" of April 20. More than 800 employees of the trust company were present. Walter P. Cooke,
Vice-Chairman of the Board of Directors of the bank acted as
toastmaster. Mr. Cooke was introduced by Frank B. Stiles,
President of the Marine Trust Club. Speeches were made by
George F. Rand, Jr., President of the Marine Trust Co. and
Mr. McDougal. A special feature of the evening was the
presentation to Mr. McDougal of a gold watch. At noon on
the same day Mr. McDougal was the guest of honor at a
luncheon given by Mr. Cooke, Edward H. Letchworth,
general counsel of the bank, and Mr. Rand. Following the
luncheon, the distinguished banker was presented with an
automobile, a gift of the directors and officers of the bank.
Among the out of town bankers present at the luncheon were
the following:
George W. Fraker, Vice-President of the National City Bank, New York
The resignation of Colonel Thomas H. Birch as Presi- City; A. E. Phipps, General Manager of the Imperial Bank of Canada.
dent of the Trust Company of North America of this city Toronto; Frank L. Hllton, Vice-President of the Bank of Manhattan Company, New York City; Frank M. Hickok, Vice-President of the Garard
which was presented at the January meeting of the di- Trust Company, Chicago; Henry P. Smith, President of the First Trust
rectors was accepted on April 21 and became effective at Company,Tonawanda, and Samuel M.Johnson, President of the Lockport
Exchange Trust Company, Lockport, N. Y.
the close of business on the same day.
Mr. McDougal began his banking career in 1878, following
his graduation from high school. After serving as a messenger
Lehman Brothers are soon to join the limited group of
for the Marine Bank for a year he became associated with the
large private banking houses which own and occupy their
Bank of Buffalo, and three years later was elected Cashier.
own buildings, the firm having purchased the modern 11In 1896, be was made President of the institution. When in
story banking building at Nos. 1-3 South William Street
1925 the Bank of Buffalo was consolidated with the Marine
and 1-9 William Street. The building directly faces William
Trust Co., Mr. McDougal became Chairman of the Board of
Street and is immediately opposite the firm's present quarenlarged bank. The Buffalo paper stated that while no
ters in The Farmers' Loan & Trust Company Building.
public announcement was made, Mr. McDougal told the
The building has 226 feet of street frontage of which 80
"Courier-Express" that although he would remain for the
feet is on South William Street, 92 feet on William Street
time being as a director of the trust company, he would
and 54 on Stone Street. The purchasers have been identi- carry out his intention, made years ago, of retiring from
fied with many important pieces of new financing, both in routine work at the completion of fifty years of service; "inthe industrial and the state and municipal field. The firm timating his retirement as Chairman of,the Board."
-4--was established by the Lehman family in 1950 in Montgomery, Alabama. Immediately after the close of the
A dispatch from Springfield, Mass., on April 19 to the
Civil War in 1866 a New York office was established, and Boston "Herald" stated that Carlos W. Tyler, Cashier of
the firm has since had its headquarters in the William the American Bank & Trust Co. of St. Petersburg, Fla., and
formerly a Massachusetts bank examiner, has been elected
Street district.
President of the Commercial Trust Co. of Springfield and
Three mural paintings, each representing a scene in the will assume his new duties on May 2. Mr. Tyler succeeds
early history of Staten Island, will adorn the walls of Arthur J. Skinner, who recently resigned, it was said, acthe new Staten Island office of the American Trust Com- cording to an announcement made on April 19 by Raymond
pany, which has been completed at 30 Bay Street, St. M.Seabury, Chairman of the special committee delegated to
George, and which will be formally opened in the near select Mr. Skinner's successor. With the exception of the
future. The paintings represent the purchase of Staten past two years, the dispatch went on to say, Mr. Tyler has
Island from the Indians, by Matthias Nicolls; the building virtually spent his entire banking career in Massachusetts.
2596
FINANCIAL CHRONICLE
where he was born. He was fora number oflyears with the
National Shawmut Bank of Ralc and later with the Alantic
-Tif
14=11Bank of that city. During his service as bank examiner he was under Roy A. Hovey, the present State Bank
Commissioner for Massachusetts.
The First National Corpora- tion of Boston is installing a
special system of accounting to supply a continuous internal audit. The system developed by the Bankers' Development Corporation of 31 Nassau Street and known as
the Adap-Table System of Accural Accounting and Audit
Control will make it possible for the Corporation to know
Its exact conditions at any time on both a cash and
accural basis. The First National Corporation is the first
security organization, it is stated, to adopt the Adap-Tabl
e
System, but it has been in operation for several years
in
the First National Bank of Boston at their home
office
and branches in Boston as well as at their foreign
branches
at Buenos Aires, Argentina, and Havana, Cuba.
The Philadelphia "Record" or April 26 stated that
Horace
G. Polhemus has resigned as a Vice-President of
the Penn
National Bank of that city to become President
of the
Guardian Bank & Trust Co., a new Philadelphia
bank
chartered under the laws of Pennsylvania. The new
Institution, it was said, will start business with an authorized
capital of $300,000 and will occupy a new building now
being completed for its use at the corner of 22d and Market
Streets, where temporary offices were opened on April 26.
Directors of the new bank are as follows: Mr. Polhemus,
J. Lindsey Durnell, Howard E. Betelle, Edward L. Aloe,
William I. Mirkil, Hiram H. Hirsch, Clyde L. Paul, William
H. Ritter, J. Frank Shellenberger, Clarence E. Wunder,
Morton Meyers, M. Z. Bierly, A. T. McAllister and Harry
G. Sundheim.
[Vol,. 126.
ment. They are: Clarence M. Justice, Robert C. Simpson,
Dean E. Ryman and Bert H. Wicking. Mr. Justice resigns as Internal Revenue Agent in charge of the Brooklyn,
New York, Division of the Bureau of Internal Revenue,
Washington, D. C. He will head the Income and Federal
Estate Tax Department and will have charge of all income tax matters involved in the estates and trusts managed by the company. He has taken over the work of Raymond H. Berry, Assistant Vice-President, who resigned recently to become a partner in the law firm of Brewster,
Ivins and Berry, for the practice of tax law in Detroit.
Mr. Justice has been connected with the Bureau of Internal Revenue for the past 19 years, during which time
he has occupied a number of important and responsible
positions in various parts of the country. The other three
men are connected with the Trust Department, where they
handle the work of administering estates that are managed by the company. Mr. Simpson has been connected
with the company for eleven years. Mr. Ryman joined the
company two years ago. He came from Marysville, Mich.,
where he was connected with the legal department of the
Wills Corporation. Mr. Wicking has been with the company for three years.
At recent meetings of the respective directors of the
North-Western Trust & Savings Bank of Chicago, and its
affiliated institution, the North-Western Securities Co.,
Colonel Cedric E. Fauntleroy resigned as Vice-President
and director in each instance, according to the Chicago
"Journal of Commerce" of April 23. At the meeting of
the North-Western Securities Co., it was said, the personnel of the company was reorganized by the election of
the following: William H. Schmidt, President; Edward
J. Prebis and Peter I. Bukowski, Vice-Presidents; August
J. Kowalski, Treasurer; John N. Budzban, Secretary, and
The Girard Trust Co. of Philadelphia yesterday (April 27)
L. A. Murdock, Cashier.
announced that Effingham B. Morris, President of the institution, will retire from that office on May 17 to become
The Milwaukee-Western Bank of Chicago announces that
Chairman of the Board of Managers—a newly created position—and will be succeeded in the Presidency by Albert A. on and after May 1 the institution will be known as the
Jackson, a Vice-President of the company. At the same American Bank & Trust Co. of Chicago. Also that on that
time Effingham B. Morris, Jr., a member of the law firm of date the capital of the institution will be changed from
$200,000 to $300,000 and the surplus from $25,000 to $50,000.
Barnes, Biddle & Morris, will be elected a Vice-President
of The bank's officers remain as heretofore, namely,
John
the Bank. The announcement, as printed in yesterday's
Bain, Chairman of the Board and President; M. R. Baty,
Philadelphia "Ledger" read as follows:
Phil J. Boller, 0. W. Ford and Leo Michael, Vice-Presi"The Board of Managers of the Girard Trust Company
this morning
took the initial steps toiprovide for the creation of a new
office—that of dents ; Robert Bath, Cashier, and S. Van Bernschot and
chariman of the Board of Managers of the company—in
order to accede Lester M. Thielen, Assistant Cashiers.
to the wish of EffinghamIB
. Morrialfor relief from aportion of the work of
executive management.
"Upon May 17. 1928, that being the date when Mr. Morris
will complete
forty-one years srevice as president, he will accordingly retire
from that
office.and become chairman of the board, in which position he will
continue
to be the chief ranking officer of the company. Albert A. Jackson.
at present a vice-president, will become president in charge of executive
detailed
management.
"Effingham B. Morris, Jr., a member of the law firm of Barnes,
Biddle &
Morris, will be elected a vice president. Jonathan M. Steere and
Gilbert
L.Bishop, Jr., at present trust officers of the company,will also become
vice
presidents in particular charge of the rapidly increasing business of its trust
department."
DanielBaird, President of the Sixth National Bank of
Baird,
Philadelphia, died suddenly of heart disease at his office
on April 19. Mr. Baird was born in Philadelphia 73 years
ago and received his education in the public schools of that
city. He entered the employ of the Sixth National Bank
55 years ago as a lad and worked his way up by successive stages to the presidency of the institution to which
office he was elected nine years ago.
An application to organize the Ashland 60th National
Bank of Chicago, Ill., was approved by the Comptroller
of the Currency on April 7. The institution will have a
capital of $200,000 and surplus of $50,000. The stock, in
shares of $100, is being placed at $145 per share. It is
expected that the bank will be ready for business in about
four months.
The St. Louis "Globe-Democrat" in its issue of April
15
stated that the National City Bank of St. Louis (capital
$1,000,000) would occupy its new two-story building at 716
Locust Street on the following day, April 16. The
building, it was said, which was originally constructe
d for
banking purposes, was purchased by the institution
last
October for $300,000 and its interior reconstruc
ted. A safe
deposit department will be added in the new
quarters, it
was said. The institution has enjoyed a steady
growth
since its organization seven years ago, its
deposits having
Increased from $1,500,000 to more than
$14,000,000, B. F.
Edwards, who is well known in banking
circles of the
Middle West, heads the institution, the
other officers being:
E. A. Schmidt and J. A. Lewis, VicePresidents; W. M.
Stone, Vice-President and Cashier, and
V. Jacquemin, Jr.,
Assistant Cashier.
J. G. Geddes, Vice-Preside- nt in charge of the Foreign
Department of The Union Trust Company of Cleveland,
introduced a discussion on commercial and bankers' acceptances at the annual meeting of the Bankers' Association for Foreign Trade held at French Lick April 19 and
20. Mr. Geddes is a member of the board of directors of
this organization. From there he left for Houston, Texas,
to the convention of the National Foreign Trade Council
C. C. Jacobsen, for the past two and a half
years, Deputy
April 25 to 27.
State Superintendent of Banking in Iowa,
on April 10 reMiss Alta B. Claflin, libra- rian of the Federal Reserve signed to become First Vice-President of the Security NaBank of Cleveland, is chairman of the Program Committee tional Bank of Sioux City, Iowa, effective May 1, accordfor the Financial Group of the National Special Libraries ing to the Des Moines "Register" of April 11. The position
Association, which hold its annual meeting in Washing- of First Vice-President of the Sioux City Bank, it was
stated, came to Mr. Jacobsen unsolicited in recognitio
ton May 21-23.
n of
his qualifications based on twenty-six years as a banker in
Four new assistant secret-aries were appointed by the Northwestern Iowa. His
position as President of the First
Detroit Trust Company recently, according to an announce- State Bank of Mapleton,
Iowa, it was said, was unaffected
APR. 28 1928.]
FINANCIAL CHRONICLE
2597
bank's properby his acceptance of the Sioux City offer and he will con- will continue his duties as Manager of the
Reed, Chief Ex- ties department, it was stated.
tinue to head that institution. W. 0.
aminer in the State Banking Department, will succeed
The annual report of Lloyds Bank Limited (head office
Mr. Jacobsen as Deputy State Superintendent of Banking,
London) for the twelve months ended Dec. 31, 1927, preit was stated.
sented to the properties at their 70th original general
meeting on Feb. 3 last, has just been received. After
of the new Franklin-American
The following are the officers
making provisions for rebate, income tax, bad debts and
Trust Co. of St. Louis formed by the consolidation of the
tells us, net profits for the
Bank and the American Trust Co., as given in the contingencies, the statement
Franklin
period amounted to £2,475,674, which when added to £533,St. Louis "Globe-Democrat" of April 18: James L. Ford,
profit and loss brought forJr., (former President of the Franklin Bank) President; C. 992, the balance to credit of
of the American Trust Co.) ward from the preceding twelve months, made the sum
Leroy Sager (former President
First Vice-President; John H. Sills, Banjamin S. Long and of £3,009,666 available for distribution. Out of this total
J.M.Woods(and Trust Officer) Vice-Presidents;J. L.Hauk, the following allocations were made: £1,916,394 to pay
Treasurer; W. C. Unger, Secretary; H. L. Keller and F. W. two interim dividends on the "A" shares at the rate of
Wibbing, Assistant Treasurers; F. E. Goerlich, Assistant 162/3% per annum (less income tax) ; £57,492 to pay two
Secretary; Clarence C. Cowdery, Assistant Trust Officer; interim dividends on the "B" shares at the rate of 5% per
R.I. Gurney Manager of the Savings Department; George P. annum (less income tax); £250,000 written off bank premPotee, Manager of the Safety Deposit Department;John Jay ises, and £300,000 contributed to the staff superannunaJohns, Manager of Public Relations, and C. C. Hammond, tion fund, leaving a balance of £485,780 to be carried forAuditor. The Board of Directors of the new bank is com- ward to the current year's profit and loss account. Total
posed of the former directors of the merged banks. The con- assets of the bank are given in the report as £428,240,912,
solidation of the institutions went into effect April 23. of which cash on hand and with the Bank of England
Reference was made to the porposed merger in our issue of amount to £45,155,865. Current, deposit, and other aclast week, April 21, page 2428.
counts, including provisions for contingencies are shown
at £357,184,897. The bank's paid-up capital is £15,810,252
Mineral Wells, Texas, on April 14 to the and its reserve fund £10,000,000. Within the period covA dispatch from
Dallas "News" reported that the banking house of Cun- ered by the report seventy-three new offices were opened,
ningham Brothers of Palo Pinto, in the State of including twenty-one in the London area. The death of the
Texas, had failed to open on the previous day, April 13. Sir Arthur Francis Pease, Bt., D.L., a member of the
Deposits of the institution, the dispatch said, were reported Board of Directors since 1915, is recorded with deep regret.
at $240,000,$100,000 of which were county and school funds, During the year Sir Guy Granet, G.B.E., was elected a
which latter were protected by several bonds. The banking director. J. W. Beaumont Pease is Chairman of the
house, it was said, was a private concern, the oldest in the Board, and Sir Austin E. Harris, K.B.E., Deputy Chairman.
county, having been organized in 1883 by the late John
Littleton Cunningham to whose family it now belongs.
S. H. Logan, General Manager of The Canadian Bank
The;following atatement, as contained in the dispatch, was of Commerce, announces the appointment of J. P. Bickell
issued by D. W.Cunningham, who has had active charge of and of George A. Morrow,0. B. E. as Directors of the Bank.
the:bank, it was said, since the death of his father:
Mr. Bickell is well known in New York as a member of the
"Circumstances beyond my control have compelled a closing of the bank,
stock brokerage house of Thomson & McKinnon. He is
least temporarily. Steps have been taken by those most heavily interested
at
for the affairs of the bank to be administered by assignees to be appointed by also a mining capitalist of Canada. He is President of
the creditors, and it is my opinion that if the situation is handled in that way McIntyre and Castle-Trethewey Mines, Eastern Theatres
creditors will receive full payment of their claims."
Ltd., Hamilton United Theatres Ltd. and the Blue Diamond
Coal Co., Vice-President of Famous Players Canadian
Directors of the Pacific National Company of Los An- Corporation; Director of St. Mary's Cement Company Ltd.
geles, the holding corporation of the Pacific National Bank and National Cement Company Ltd. Mr. Morrow has
and its affiliated institutions, on April 10 approved a pro- figured prominently in Canadian financial and insurance
posal to increase the capitalization of the company from circles and is President of Imperial Life Assurance Company,
$2,000,000 to $4,000,000, reduce the par value of shares of which he was a Director for many years. He is also
from $100 to $25 a share, and offer subscription rights on Vice-President of Western Assurance Company, British
the new stock to shareholders, according to the Los An- American Assurance Company, Dominion Securities Corporation and Burlington Steel Company and is Vice-Presigeles "Times" of April 11, which went on to say:
Proceeds from the sale of the additional stock will be used to acquire dent and Managing Director of Central Canada Loan and
the assets of the Pacific National Building Corporation, the principal real and Savings Company. During 1917-18 he became a
estate subsidiary of the Pacific National group. After merging the latter
company with the Pacific National Company all of the bonded indebtedness now outstanding on the Pacific National Bank Building, amounting
to $1,290,000, will be retired, Frederick Swensen, President of the
Pacific National Company, announced.
After the merger is completed and the bonds retired the stockholders
will own all real estate free from incumbrance, Mr. Swensen said. As
soon as the new stock is issued it is planned to place the shares on a
4% annual dividend basis, which will be increased as fast as earnings
justify.
Provided the proposal of the directors is approved by the stockholders
rights will be issued to subscribe to the new $25 per value stock at a
price of $30 a share in the proportion of four new shares for each $100
par value share now owned.
Besides owning control of the Pacific National Bank, the Pacific National Compasy is the majority owner of the Pacific National Building
Corporation, owning the Pacific National Bank Building, Florence National Company is the majority owner of the Pacific National Building
Bank of Hermosa Beach and Monterey Park Commercial and Savings
Bank.
After the issuance of the new stock, the combined paid-in capital of
the Pacific National Company and Pacific National Bank will be in excess of $5,000,000, according to Mr. Swensen. Total resources of the
Pacific National Group will be in excess of $20,000,000.
Directors of the Pacific National Company include E. M. Smith,
chairman, president of Emsco Derrick and Equipment Company, and
chairman Pacific National Bank; James E. Long, president, Western
Malleable Castings Company; T. J. Grumpton, chairman, Eureka Casualty Company; Thomas A. Morrissey, president, Pacific National
Bank, and Frederick Swensen, president, Pacific National Company and
executive vice-president, Pacific National Bank.
member of Imperial Munitions Board, in which capacity
he handled all business relating to camps and supplies for
the Royal Air Force of Canada.
THE CURB MARKET.
Curb stocks in the fore part of the week were irregular
and trading listless, but on Wednesday the rapid pace of
the past few weeks was resumed and prices rose to new high
records. Bancitaly Corporation after a loss of some 3 points
to 190 ran up to 210 and closed to-day at 2073/2. American
Rolling Mill corn. eased off from 101% to 993/2, recovered
to 1053 and ends the week at 104. Bohn Aluminum &
Brass after early loss from 763/i to 683 sold up to 76 and at
75% finally. Columbia Graphophone, American depository receipts, was heavily traded in up from 613/i to 74%,
4
the close to-day being at 723 . Adolf Gobel corn. rose from
96% to 110%, reacted to 105 and finished to-day at 108.
Libbey-Owens Sheet Glass advanced from 1153's to 137 and
reacted finally to 131. Mengel Co. was conspicuous for an
advance from 98 to 1153/2. Pittsburgh & Lake Erie RR.
advanced from 1503 to 185 and sold finally at 177. Safeway Stores sold up from 495 to 557 and Sanitary Grocery
from 275 to 355, the latter closing to-day at 340. Many
public utilities made substantial gains. American Gas &
William 11. Harrelson, since Nov. 1 last Manager of Electric corn. gained 8 points to 150 and sold finally at 146.
the properties department of the Bank of Italy National Massachusetts Gas Cos. corn. sold up from 125 to 1463,
Trust & Savings Association of San Francisco, has been and at 146 finally. Northern States Power corn. improved
made a Vice-President of the institution, according to the from 139% to 1493/ and closed to-day at 148. United Gas
San Francisco "Chronicle" of April 20. Mr. Harrleson Improvement moved up from 129 to 1343/i and ends the week
2598
FINANCIAL CHRONICLE
at 1343/ Among oil stocks Chesebrough Mfg. jumped
2
.
from 137 to 161, with the final transaction at 160. Humble
Oil & Ref. rose from 683/2 to 79. Illinois Pipe Line gained
8 points to 210. Gulf Oil improved from 114% to 123.
A complete record of Curb Market transactions for the
week will be found on page 2627.
[VOL. 126.
interest in this group centered around Delaware & Hudson
which raised its top 21 points above Friday's close. Motors
stocks were weak all along the line, General Motors slipping
back 5 points to 1833 ,followed by Hudson, Chrysler and
4
Hupp all of which reached lower levels. Oil stocks displayed
some improvement, Mexican Seaboard reaching a new high
DAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
for 1928. The tobacco stocks were under pressure to the
end, particularly Lorillard, Reynolds and American Tobacco,
*STOCKS (No. Shares).
BONDS (Par Value).
Wed Rnded
owing to the cut in cigarette prices.
April 27.
Ind. &
Foram
MtsceU.
Ott.
Mining. Total.
Domestic. Government.
The feature of trading on Tuesday was the buoyancy of
HOLI DAY
the railroad stocks. New York Central was up nearly 4 points
Monday
435,395 245,740 145,676 826,811 $3,279,000 $1,326,000
Tuesday
410,640 137,800 132,560 681,000 4,177,000
896,000 to 1801%; Balt. & Ohio sold up to 114%, and New York
1
Wednesday
501,130 131,580 128,530 761.240 4.780,000
734,000 Ontario & Western
Thursday
advanced 2 points to 32. Delaware &
456,086 104.075 179,010 739.171 3.396,000
786.000
Friday
494,090 192,100 174,780 860,970 4,548,000
439,000 Hudson again reached new high
ground with an advance
Total
2.297.341 811.295 760,556 3,869,192 820,180,000 $4.181,000 to 221%, though it lost all of its gain
later in the day and
• In addition, rights were sold as follows: Monday. 39,800; Tuesday. 19,500:
closed with a fractional loss. Aeronautical shares also were
Wednesday. 12,200; Thursday. 12,000; Friday. 17.300.
strong, particularly Wright issues which advanced 9 points
Curb Record Concluded from Page 2630.
to 134, followed by Curtiss which was up more than 4 points
Friday
Sales
at the close. Most of the industrial stocks were lower,
Last Fears Range for
Range Since Jan. 1.
Sale
of Prices.
Vest.
Tobacco stocks continued under pressure, Lorillard, ReyBonds (Concluded)
Price. Low. High.
Low.
High.
nolds"B"and American Tobacco all dipping below their preWabash rty 4345 C___1978 95% 9514 9534 20,000 9534 Apr 96
Mar
Warner Bros Pict 634s 1928 11234 11034 11434 21,000 95% Jan 115
an1 ceding level. Mexican Seaboard Oil continued fairly strong
Warner-Quinlan Co 68 1942 10234 10134 103
26,000 98
Feb 10454 Apr
Webster Mills 6548___1933 9934 99
9934 20,000 9554 Jan 9934 Apr and again raised its peak for 1928. In the final hour New
Western Power 534s__1957 101
101 10134 24,000 99% Jan 10134 Mai York & Harlem,
Paramount-Famous and New York Central
Westphalia Lin El Po 6s '53 9234 9254 9234 85,000 92
Mar 9334 Feb
Westvaco Chlorine 534s'37 10351 10334 10.334 4,000 102
Jan 104
Mat were in active demand and closed at higher
levels. United
Wheeling Stee1454s___1953 9334 93
9354 55,000 93
Apr 9334 Aim
Wisconsin Cent Ry 54_1930
9734 9834 31,000 9751 Apr 99
Jam States Leather was strong and General Motors made a gain
of 4 points. Hudson & Manhattan was the outstanding
Foreign Government
and Municipalities.
feature of the utilities for a brief period, but had a sinking
Col
Agricul Mtge Bk Rep of
-year 78 Jan 15 1946
20
6,000 9734 Jan 10234 Apr spell in the closing hour and lost all its
10034 101
gain.
20
-year 78 Jan 15 1947 10034 10031 101
23,000 97
Jan 10134 Apr
The spectacular advance in the railroad stocks was the
Antioquia 7s series D_1945 98
9734 9834 27,000 9734 Mar 9834 Apr
Baden (Germany) 7s1951 99
14,000 9734 Jan 99% Mar outstanding
9834 99
feature of the market on Wednesday and at one
Bank of Prussia Landowners Assn 6% notes_ _1930 9751 9734 9734 29,000 9434 Jon 9734 Apr time or another practically
every active issue participated
Buenos Alres(Prov)7348'47 10354 10234 10334 44,000 10034 Feb 10351 Mar
711
1938
10251 10234 4,000 9834 Jan n103)4 Mat in the general rise. One of the sensational
performers was
7s
1952
Jan 10134 Mar
10034 10131 22,000 98
New York & Harlem, which suddenly moved into the limeCent Bk of German State Ot
1951 9154 91
Prov Banks 65
9134 23,000 90
Jan 9234 Mu light during the
forepart ofthe week. Having closed on TuesBeast 6.5"A1952 9134 9134 9134 4,000 9034 Jan 93
Jan
Danish Cons klunlo 534855 100
100 101
14,000 9834 Jan 102
Api day with a new high at 293 it advanced
by leaps and bounds
534s new
1953 97% 9751 9834 36,000 96
Mar 9934 Api
Danzig P & Wat'way Bd
to 480 with a net gain of 187 points for the day. The wild
External a f 634s-- -1952 89
8834 8954 43,000 88
Fat
Jan n90
Denm'k (Kingd'm)55055 10034 10054 10051 93,000 10054 Feb .10234 Jam upbidding of this stock carried numerous other issues
to
1962
434s
95
95
60,000 95
Apr 95
Api higher levels, notably Central
Estonia (Republic) 78_1967 9451 94
Railroad of New Jersey which
9334 19,000 91
Jan 9434 Api
German Cons Mimic 7s '47 9934 9954 100
39,000 9854 Jan 100
Jam shot upward 20 points to 440,and Hocking
Valley which had
Indus Mtg Bk of Finland
1st mtge coil a I 7e__1944 101
101
101
3,000 10034 Jan 1023.4 Fah an uprun of 20 points to 370. Other strong issues
included
Irish Free State be-.A960 9754 97
9751 284,000 97
Jan 973 Fell
Medellin (Colombia) 7e '51
9734 9834 67,000 9234 Jan 101
Api Lackawanna, Norfolk & Western, Baltimore & Ohio, Union
81
1948 105
105 10551 10,000 10234 Jan 10554 API Pacific, Erie, New
Haven, Southern Railway, Western
Mendoza (Prov) Argentina
1951 100
734
,
9934 10034 101,000 964 Jan 10034 Am
Maryland, Reading and Missouri Pacific. New York Central
Minas Geraes(State) Brazil
Ext 634e
1958 9734 9734 9734 31,000 9754 Apr 9734 Apr
was consistently strong all day and the St.Paul issuesreached
Montevideo (City) 68_1959 9834 9734 9834 14,000 9334 Jan 9831 Api
Mtge Bk of Bogota 76_1947 9454 93 (6)934 84,000 9134 Feb (6)9534 Api their best since the road was organized. Attention
was also
New
9351 9351 9434 82,000 9134 Feb 9554 Api again focused on Del. &
Hud. which moved forward about
Mtge Bank of Chile 6s1931 9834 98% 9834 74,000 96
Feb 99
Mai
Mtge Bk of Denmark 5e'72 9751 9734 9834 39,000 9851 Jan 9954 Api 10 points to 224. Wabash was
in active demand and scored
Mtge Bk of Jugoslav 7s '57 8834 88
8834 79,000 8734 Jan 8834 Api
Mtge Bank of Venetian
a similar advance to 881%, while Lehigh Valley gained 61%
Provinces 7s
1952
94
9534 32.000 94
Apr
Feb 96
Netherlands 6s
1972
10634 10634 6,000 10534 Mar 10834 Fe) points to 108. Local traction stocks,on the other hand, were
Newfoundland 7s
1952
101 10154 16,000 101
Mar 102
Fe) weak, Brooklyn & Manhattan slipping
back 33/ points to
Norway (Kingdom of) Bx
s
External 61
1987 9554 95
9554 69,000 94
723/2 and Interborough 4 points to 54%. Wright AeroMar 9634 Ap
5a
1963 98
98
98 201,000 9754 Mar 9951 Ap
nautical was one of the strong features of the late trading
Prussia(Free State)6%5'51 9774 9734 9834 38,000 9534 Jan 9234 Mal
Extl 68(of'27) Oct 15'52 9234 9251 93 133,000 9134 Jan n94
Mai
and advanced 3 points to above 137. Oil shares continued
Rio de Janeiro 6 Ms_ _.1953 9851 9834 9851 238,000 97
Ma
Feb 99
Rio Grande do Sul (State)
firm, Mexican Seaboard moving briskly to the forefront,
Brazil 75(of '27)-- 1967 99
99
9934 17,000 96
Jan 10051 Ap
Russian Government
followed by Beacon Oil which reached new high ground.
6348
1919
1634 1634 9,000 1434 Jan 30
Ma
Railroad shares were again thecenter of activity on Thursday,
65xs ctla
1919 1551 1534 16 114,000 143j Feb 18
Ms
534,
1921
1534 1534 2,000 1434 Jan 1734 M$
Del. & Hud. leading the upswing with a new high at 226,
5548 etre
1921 1534 1551 1551 1,000 1434 Jan 1734 Ms
Saar Basin Con Counties
though it slipped back to 223 in the recessions of the final
78
1935
10034 10134 12,000 100
Feb 102
Ma
hour. Lehigh Valley sold up to a new top at 116 at its high
Saarbruecken 78
1935 10234 10254 10254 2,000 10034 Apr 10214 AP
Santa Fe (City) Argentine
for the day and then dipped to 107 which was a point below
Republic esti 78......1945 9834 98
934 28,000 9334 Jan 9854 Fel
Santiago (Chile) 7s
1949 10134 101 10151 25,000 100
Feb 10134 Ap
its previous close. Wabash raided its top to above 92 and
Saxon State Mtgelnv 79'45 in% 9951 10054 6,000 99
Jan 101)4 Ma
slid back to 88 where it was off fractionally for the day.
9754 7,000 9534 Jan 9834 Ap
97
1946
6348
Serbs Croats & Slovenes
New York Central moved into new high ground at 188, but
Fe
(King) exit sec 7a Der B'62 9034 8931 n9134 118,000 85M Jan 92
3,000 10034 Apr 10234 Ap
Switzerland Govt 534111929
10031 101
yielded to 185%, and Union Pacific advanced to 202 and
Vienna (City) ext 641_1952 92
9134 9254 151,000 8934 mar 9334 air
T.....- "-T... T.
rasa ROU ROSS R9U 111.000 88
Apr 0054 Ma
closed with a net gain of 4 points at 2003/2. Ches. & Ohio
gained 3 points and Reading crossed 114 at its high for the
THE WEEK ON THE NEW YORK STOCK ECCHANGE day. New York & Harlem was again the sensational
perUnder the leadership of the railroad list, the week on the former and skyrocketed 25 points, reaching a top price at
New York Stock Exchange has been one of steadily 500. Oil shares also attracted considerable speculative ingrowing buoyancy. Railroad issues, local tractions, oil terest, particularly in the low-priced group which moved
shares and numerous industrial stocks have all participated briskly forward to higher levels. Sinclair Oil and Pan
to some extent in the general improvement. Speculative American "B" also closed at higher levels. Copper stocks
activity has centered chiefly around the standard dividend shared in the general improvement, Anaconda assuming the
payers among the railroad issues, but there has also been leadership of the group, followed by Amer. Smelt. & Reconsiderable activity in aeronautical stocks and coppers. fininf, Calumet & Arizona and Greene-Cananea. Local
The outstanding features of the week were the sensational tractions were again in demand, particularly Interborough
rise of New York & Harlem and the increase of $15,385,000 and Brooklyn-Manhattan Transit and public utilities moved
in brokers' loans which have now reached a new top at briskly forward under the guidance of Consolidated Gas of
$4,144,386,000. The trend of prices was toward lower New York. The two market leaders, General Motors and
levels as the market resumed its sessions on Monday, though United States Steel common, moved within a narrow range
fairly sharp rallies characterized the trading for a brief and closed with only a fractional advance. The oustanding
period around midday and in the early afternoon. Rail- strong stocks of the day also included Wright Aeronautical
roadjstocks were moderately strong, though most of the which reached a record high at 144 and Adams Express
2599
FINANCIAL CHRONICLE
APR. 28 1928.]
which had advanced about 18:points:when:it reached its
final at 342.
The market was again strong and active on Friday, with a
total turnover exceeding 4,000,000 shares and the ticker
running from 30 to 40 minutes behind the transactions on
the floor. Oilsharescontinued to attractconsiderable speculativeinterest,though thestrongestdemandfor thesestocks came
in the final hour when Sinclair broke through to a new top
followed by Pan American Petroleum "B," Transcontinental
and Texas Corporation. Railroad stocks were strong and
most of the active issues continued to roll up substantial
gains. One of the strongest features of the group was New
York Central which opened with an initial sale of 13,000
sharesat 189, an over night gain of 3 points and the highest
peak in the history of the road. Pennsylvania also was
strong and sold at its highest since 1909. Chicago & NorthWestern made a new high above 93 and closed at 92 with a
net gain of 13 points. Union Pacific was higher than at
any time since 1910 and Southern Pacific reached a new
high for the year. General Motors made a net gain of 4
points on the day and United States Steel common improved
more than a point. Independent motors also were strong,
Chrysler, Hupp,Packard and Hudson standing out strongly
in the trading. Other noteworthy strong stocks included
American Can, General EleAric and National Tea. The
final tone was good.
have reduced the working ccsts to 19s. a ton as compared with 25s. 8d. the
ton in 1921. As notwithstanding the resources of science, the average
recovery of gold is only 95% of the total gold contents and the unrecovered
portion represents no less than £2,000,000 per annum, the need still exists
for still more stringent methods of refining. The following paragraph is
remarkable:
"Up to date the Rand has produced over 208,000,000 fine ounces of gold,
having an approximate value of £915,000,000, and it is calculated that in
one way and another. 70% (or say £640,000,000) of this vast amount has
been expended in South Africa. This is the paramount feature in the
economic history of South Africa during the past 40 years."
Obviously the possession of the mines has been of supreme domestic
benefit. The brochure is accompanied by a facsimile cheque for E1,358,888
12s. 7d. paid to the Government of the Union of South Africa by the
Government Gold Mining Areas (Modderfontein) Consolidated, Ltd.,
this indicates some of the magnificent revenue derived by the State from
this wonderful industry, which in 1926 celebrated its fortieth birthday.
SILVER.
Owing to the Easter holidays there have been but 3 working days since
our last letter, during which the market has been rather inactive. America
has sold silver and small purchases have been made by China. The Indian
Bazaars have not shown interest save for a few selling orders, which.
however, were operative only at a slight advance in quotations.
The following were the United Kingdom imports and exports of silver
nst:
registered .n the week ended the 4th ,
Exports
Imports£31,750
£63,971 British India
17. S. A
7,282
156,839 Other countries
Mexico
7,046
countries
Other
£39,032
£227.856
INDIAN CURRENCY RETURNS.
Mar. 22. Mar. 31. Apr.7.
(In lines of rupees)
18610
18487
18527
Notes in circulation
10561
10638
10585
Silver coin and bullion in India
Silver coin and bullion outofIndia
2976
2976
2976
Gold coin and bullion in India
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Gold coin and bul ion out of India
579e
5796
3789
DAILY. WEEKLY AND YEARLY.
Securities(Indian Government)
377
377
377
Securities (British Government)
700
900
800
Bills of Exchange
United
Stale,
Railroad,
Stocks.
of about 53,800
Municipal et
States
Number of
&c.,
The stock of sib er in Shanghai on the 7th inst. consisted
Week Ended April 27
Bonds.
Foreign Bonds.
Shares.
Bonds.
000 ounces in sycee, 85,700,000 dollars and 3,800 silver bars, as compared
with about 54,600,000 ounces in sycee, 84,500,000 dollars. and 1,780 silver
HOLI DAY
Saturday
$579.500 bars on the 31st ultimo.
3,450,005 510,715,000
$3,472,000
Monday
1.109,000
10,022,000
3,731,000
2,745,560
Tuesday
Quotations during the week:
3,356,500
371,500
3,214,420
9,454,000
Wednesday
Bar Gold per
-Bar Silty', per On. Std.4,003,100
9,772,200
2,661,000
738,000
Thursday
Oz. Fine.
2 Mos.
Cash.
Quotations4,323.100
10,118,000
2,176,000
342,000 April 5
Friday
84s. 11;id.
263-16d.
2631d.
1
84s. 11;4d.
26 3-16d.
26;id.
10
len min
2'.1
1772R185 250t1R1 2flfl SlA ROA 5f1f1
Total
84s. 11 sid.
2654d.
26 5-16d.
11
84s. 11.56.
26.208d.
26.270d.
Average
Jan. 1 to April 27
Sates at
Weak ended April 27
The silver quotations to-day for cash and two months delivery are
New York Stock
respectively the same as and 1-16 above those fixed a week ago.
1927.
leschange.
1928.
1927.
1928.
Stocks, No. of shares_ _
Bonds.
Government bonds_
State and foreign bonds
Railroad & misc. bonds
Total bonds
17,736.185
12,394,368
253.307,504
176,505,021
$3,140,000
15,396.500
50,081,200
$3,899,900
17,847,800
49,336.750
$63,130,750
300,990,125
763,230,450
$109,095,450
330,575,900
807,720,550
$68,617,700 $71,084,150 $1,127,351.325 $1.247.391,900
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Boston.
Week Ended
April 27 1928
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Philadelphia.
Baltimore.
Shares. Bone!Sales. Shares. Bond Sales.j Shares. Bond Saks
HOLI DAY
*44,833
516,7001
44,1501
*45,508
*54,938
85,250
78,400
*154,862
36,975
48,000
237,116
$272,500
HOLI DAY
a39,714 5109,200
29,100
a41,427
a48,186
24,800
058,954
39.300
10,000
a3I,516
52,459
55.048
56,017
59,242
b9,995
57,624
$29,500
37,200
24.100
32,900
36,000
39,500
$212,400
40,385
$199.200
219,797
Prey. week revised 219,454 $325,300 338,860 $148,600
31,791 $222,300
* In addition, sales of rights were: Monday, 59; Tuesday, 299; Wednesday, 729;
Thursday, 2,149.
a In addition, sales of rights were: Monday, 7,300; Tuesday, 1.700; Wednesday,
11,026; Thursday, 31,530; Friday, 3,400.
S In addition sales of rights were: Saturday, 273; Monday, 1,337; Tuesday, 1,296:
Wednesday, 4.188; Thursday, 1.879; Friday. 1,906.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 11 1923:
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a substantial
increase over 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 28) bank exchanges for all the cities of
the United States from which it is possible to obtain weekly
returns will be 10.0% larger than for the corresponding week
last year. The total stands at $11,349,669,829, against $10,313,454,821 for the same week in 1927. The improvement
follows almost entirely from the expansion at this centre,
where there is a gain for the five days ending Friday of
16.8%. Our comparative summary for the week is as follows:
-Returns by Telegraph.
Clearings
Week Ended April 28.
New York
Chicago
Philadelphia
Boston
Kansas City
St Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1928.
1927.
Per
Cent.
$5,784,000,000
598,500,313
460.000.000
436,000,000
*110,000,000
112,400.000
177,059,000
166,540,000
144.697,473
162,770,335
100,516.198
81,478,465
51,718.082
54,952,000.000
666.158.058
442.000,000
425.000,000
113,059.458
119,500,000
152,411,000
142,445.000
150,313,792
142,214,088
95,266,505
90.242.315
52.746,072
+16.8
-10.2
+4.1
+2.6
-2.7
-5.9
+16.2
+16.9
-3.7
+14.5
+6.5
--9.7
-1.9
54.385.679,866 57,543,356.288 +11.2
Thirteen cities, 5 days
The Bank of Emtland gold reserve against notes amounted to£156,169,815
956.043.735 +12.2
1,072,378.325
Other cities, 5 days
on the 4th inst. (as compared with £157,254,415 on the previ)us Wednes58,499,400.023 +11.3
-when an effective
day), an increase of £2,263,500 since April 29 1925
59.458,058,191
Total all cities,5 days
+4.3
1,814.054,798
1,891,611,638
All cities, 1 day
gold standard was resumed.
Only about E30,000 Gold being available in the open market yesterday,
el 1 RACI Ana 450 210 112 AIM R21 +10.0
r,,t., .11 •1•1-.•
,
gold W3.9 withurawn from the Bank of England to meet the usual Trade
and Eastern demands.
Complete and exact details for the week covered by the
The following movements of gold to and from the Bank of England have
foregoing will appear in our issue of next week. We cannot
been announced:
Apia 7
.
Apr. 5.
Apr. 10.
Apr. 11.
furnish them to-day inasmuch as the week ends to-day
nil
£500,000
nil
nil
Received
nil
nil
Withdrawn
£24,000
£43,000 (Saturday), and the Saturday figures will not be available
The above figures show a net influx of £433,000 during the week under until noon to-day. Accordingly, in the above the last day
review. The receipts of £500,000 on the 5th inst. was in sovereigns released
of the week has in all,cases had to be estimated.
from "set aside account South Africa."
In the elaborate detailed statement, however, which we
The folowing were the United Kingdom imports and exports of gold
registered in the week ended the 4th inst:
present further below, we are able to give final and complete
ExportsImports-the week ended April 21. For
results for the week previous
£208,815 Austria
£1o,370
U.S. A
15,677 Egypt
17,000 that week there is an increase of 27.3%, the 1928 aggregate
Br tish South Africa
389 British India
48,265
Other countries
Other countries
16.442 of clearings for the whole country being $12,962,609,456,
£224,881
£97,077
By the courtesy of the Transvaal Chamber of Mines we have received
brochure entitled "Gold of the Rand. Amid mucn interesting
a copy of a
vitality of the Indust',, which, faced
matte. we notice the extraorOmary
the heavy premium on gold-the result of the war-was able,
by the Ices
returned in May 1925 to a gold basis, to
when the Union of South Africa
against $10,181,513,893 in the same week of 1927. Outside
of this city the clearings show an increase of only 6.6%, the
bank exchanges at this centre recording a gain of 42.2%.
We group the cities now according to the Federal Reserve
districts in which they are located and from this it appears
[VOL. 126.
FINANCIAL CHRONICLE
that in the New York Reserve District (including this city)
there is an improvement of 41.5%, in the BostonReserve
District of 14.2% and in the Philadelphia Reserve District
of 7.1%. The Cleveland ReserzeiDistrict showsla loss of
1.3%, but the Richmond Reserve District has a trifling increase, namely 20.6%, and the Atlanta Reserve District of
171%, the latter, notwithstanding the, lost the Florida
points, Miami showing a decrease of 49.7% and iicksonville
of 21.7%. In the Chicago Reserve District the totals are
larger by 3.9%, in the St. Louis Reserve District by 11.1%
and_ in _ thejMinneapolisfReserveTDistrictiby 8.4%. The
Kansas City ReserveiDistrict records-- gain of 8.0% and
a
the San Francisco Reserve District of 13.4%, while the Dallas
Reserve District shows 2.3% decrease.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
iVeek Ended April 21.
Clearings at
1928.
1927.
1925.
129 cities 12,962,609,458 10,181,513,893 +27.3 10,077,128,824
Total
4,548,387,719 4,265,953,102 +8.6 4,157,451,746
Outside N. Y. City
471.518.399
286.243.911 +64.7
352.663.738
308.948.113
Week Ended April 21.
Clearings at
1928.
First Federal
-Bangor.... _
Me.
Portland
Mass.
-Boston Fall River__ - Lowell
New Bedford _
Springfield. _
Worcester
Conn.
-Hartford
New Haven._
R.I.-Providenc
N. H.
--)Manche'
1927.
Inc. Or
Dec.
$
$
%
-BostonReserve Dist net
535,416
755.767 -29.2
3,805.132
2,947,567 +29.1
517,000,000 456,000,000 + 13.4
1,888,091
2,123,650 -11.1
1,190.293 -0.5
1,183,949
1,156,833
1,104,007 +4.8
5,003,550 +12.8
5,642,805
3,402,315
3,758,968 -9.5
24,422,685
18,414,616 +32.6
9,202,620
7,421,760 +24.0
16,270,400
13,192,600 +23.3
717,006
724,988 -1.1
Total(12 cities
585,227.252
512,637,766 +14.2
Second Fede al Reserve D Istrict-New
N. Y.
-Albany. •
6,128.649
7,208,866
Binghamton_ - •
1,216,662
1,154,869
Buffalo
•
57,449,954
53,153,833
Elmira
1,179,049
945,143
Jamestown_- •
1,324,565
1.440,566
New York_ _ _ 8,414.221,737 5,915,560,791
Rochester
•
14,636,471
13.047,247
Syracuse
6,673,785
5,981,685
Conn.-Stamfor
4,818,690
4,434,652
N. J.-Montela •
1,005,571
1,032,258
Northern N. J
41.708,216
40,177,974
1926.
$
1925.
8
644,670
2,810,452
461,000,000
1,863.827
972,577
1,184,716
4.790,633
3,056,923
14,572,752
6,628,394
11,611,200
496,806
647,208
2,791,497
362,000,000
1,957,297
953,709
1,273,550
5,166,338
3,094,573
11,892,137
6,215,462
12,211,400
512,505
509.632,950
408,715,676
York-15.0
6,545,223
10,516,084
+5.4
1,015,700
994,500
+8.1
55.774,021
51.234,583
+24.7
1,043,815
892,009
-8.1
1,456,445
1,426,962
+42.2 5,919,675,078 5,086,721,339
+12.2
11,377,140
10,252,487
+9.9
5,179,919
4.347,991
+8.7
3,740,785
3,532,519
-2.4
1.974,613
453,387
+3.8
38,223,207
30,075,154
Total(11 cities 8,550,263.349 6,044,137,884 +41.5 6,046,005,946 5,200,447.915
Third Federal Reserve Dist act-PhIlad el phi aPa.
-Altoona.._ •
1,434.092
1,803.839 -20.5
1,650,752
Bethlehem_
4,584.251
3,695.480 +34.0
5,160,963
Chester
1,307,913
1.606,912 -18.6
1,462,328
2,301,649
Lancaster_ -- .
2,209,332 +4.2
2,018,064
Philadelphia__ . 591,000,000 550.000,000 +7.5 553,000,000
Reading
.
4,743,804
4,699,091 + 1.0
3.943,851
Scranton
.
6,292.684
6,325,495 -0.5
6,510,397
4,778.442
Wilkes-Barre_ ,
4,089,137 + 16.9
4.049,087
York
2.379,167 -23.3
1.824,409
1,894,007
N.J.
-Trenton..
5.935.983
6,230,062 -4.7
.
5,491,617
Total(10 cities
624,203,227
583,038,515
1,366,741
4,164,842
1,289,598
2,963,856
565,000,000
3,522,403
5,696,291
4,278,007
1,685,415
5,491,966
585,181,066
595359,119
Fourth Fede r al Reserve D istrict-Clev eland
Ohio-Akron_ __ •
6.102,000 +1.4
6,185,000
Canton
3,906,417
•
4,116,328
+5.4
Cincinnati
79,434,964 +2.0
81,011,233
Cleveland
131,064,103 126,067,084 +4.0
Columbus
16,576,300 +6.7
17,685,100
•
2375,192 +13.9
Mansfield
2,478,492
Youngstown__ .
4.509,590 +18.0
5,320,435
-Pittsburgh
Pa.
188,404,239 203,161,475 -7.3
6,548,000
3,545,228
70.832,916
110,821,112
15,710,600
2,455,468
4,054,875
176,466,931
5,171,000
3,831,449
68.438,866
109.962.789
13,043,400
1,926,256
3,978,744
176,948.667
441,933,022
-1.3
390,435,130
1,414,446
8,108,181
47,193,000
2,159,332
129,901,588
26,192,190
436,264,930
5,926,188
134,200.000
30,931,429
278,616
18,753,598
11,955,358
351,065
1,518,980
224,917,172
203,915,234
Ninth Feder il Reserve Die trict-Minn eapolisMinn.
-Duluth._
7,517,071
7,053.668 +6.6
6.402,455
Minneapolis_ _
82,234,443
73,361,672 + 12.1
73,625,502
St. Paul
_
31,847,917
32,049,037 -0.6
29,381,548
N. D.
-Fargo. _
2,155,732
1,896,373 +13.7
1,922,707
S.D.
-Aberdeen._
1,332,739
1314.018 + 19.6
1,307,322
Mont.
-Billings
.
617,645
509,150 +21.3
484.946
Helena
_
3,116,000
2,842,000 +9.6
2,759,902
8,118,689
71,998,134
28,771,822
1,762,424
1,231,901
508.260
2,591,984
Total (8 MU 0
Total (7 cal I)
234,401.451
128,821,547
210,980,073 +11.1
118.825,918
+8.4
115,884,382
114,983,214
Tenth Feder il Reserve District-Kane as CityNeb.-Fremont._
424.230
298,005 +42.4
321,544
Hastings
466,355
290,113 +60.7
550,711
Lincoln
4,497,005
3,772.245 +19.2
3,852,703
Omaha
..
45,035,827
35,026,594 +26.6
38,305,119
Kan.
-Topeka ..
3,419,429
2,899,281 +17.9
2,727,458
Wichita
9,208.085
7,648,902 +20.4
7,773,685
Mo.-Kan. Cit
139,854,210 134,864,027 +3.7 125,818,917
St. Joseph...
.
6,501,000
5.609,662 +15.9
6,923,225
Okla.
-Okla.Ci 3,
29,887,000
31,302,794 -4.5
27,483,056
Colo.
-Col. Spg9.
1.534,447
1.159,391 +32.3
1,065,126
Dewier
a
...
a
a
a
Pueblo
1,366.643
1,325,194
+3.1
1,186.997
326,313
482,512
4,372.028
37,880,516
3,275,158
7,194.398
125,793,719
6,658,663
25,938,269
1.187,140
a
1,036,374
Total(11 MU 5)
242,194,231
224.196.208
+8.0
216,008,541
214,145,090
Eleventh F le cal Reserve District
-Da has
Texas
-Austin.
1,603,635
1,272.073 +26.1
Dallas
44,788.449
44,123,580 +1.5
Fort Worth.
10.542,134
+2.1
10,330,351
Galveston_ _ _ ._
4,437.000
7.257,000 -38.9
La.-Shrevepo E.
5,681.895
5,619,165 +1.1
1,246,285
40,743,962
10,949,576
7,737,847
4,625,617
1,510,734
40,050,987
9,711.631
6,559,431
4.549,928
65,303,287
62.382,711
Francl sco+ 11.5
50,573,425
+4.7
11,490,000
+5.7
1,266,929
-4.5
39,552,556
-11.8
18,128.085
-13.8
4,424,155
+11.7
7,771,838
+15.5 170,361.000
+3.5
21,457,449
+17.0
6,248,618
+4.5
7,486,053
-4.6
5,898,329
+21.2 180,011,000
+29.2
2,402,301
+34.8
1,595.538
-1.8
2,182,517
-3.5
2,748,300
39,041,932
10,710.000
1,303,755
39,073,500
17,275,497
2,751,268
7,095,633
141,934,000
19,918,982
5,835,564
7,337,654
4,596,120
159,261,000
2,456.092
1,250,296
2,007,603
2,493,500
Total (5 clti a)
67,053.113
68,602,169
Twelfth Fed er al Reserve D istrict-San
Wash.
45,687,656
-Seattle ._
50.933,295
13,251,000
Spokane_ _ _ _ ..
12,655,000
Yakima
_
1,310,471
1,239,703
Ore.
-Portland . _
38,198,918
40,006,244
Utah-S. L. Clty
17,606,456
19,965,073
Calif.-Fresno_ ._
4,456,651
3,840,030
Long Beach.._
7,347,346
8,206,677
Loa Angeles. _ 214,098,000 185,427,000
Oakland_ _ _ _ _
20,415.124
21,129,332
Pasadena.....
7,227,715
8,458,671
Sacramento.,_
6,306,072
6,590,853
San Diego_ ._
6,037,100
5,759,751
San Franclsc ). 237,838,788 196,196,000
San Jose.-_ - _
3,034,393
2,349,153
Santa Barbar i_
1,827,643
1,355,569
Santa Monic 1.
2,345,422
2,302,378
Stockton_ _ _
2,646,100
2,553,900
-2.3
Total(17 MU 8) 636,940,556 561.662.928 +13.4 533,599,093 464,342,396
Grand total (1 19
cities)
_ 12962609.456 10181513.893 +27.3 10077 126,824 8,985,026,014
Outside New Yo rk 4.548.387,7194.265.953,102
+6.6 4,157,451.746 3
,898,404,765
Clearings at
1927.
Inc. or
Dec.
1926.
1925.
Canada8
$
%
Montreal
156,901,777
89,347.327 +75.6
Toronto
153,069,339
90,480,489 +69.2
Winnipeg
51,911.573
39,252,894 +32.2
Vancouver
24,686,196
14.034,607 +75.9
Ottawa
9,889,420
6,900,121 +43.3
Quebec
6,621,247
3.327,929 +99.0
Halifax
3,518,927
2,565,974 +37.1
7,385,274
383,301,171 Hamilton
4,846.453 +52.4
Calgary
13,406,787
5,656,498 +137.2
St. John
3,442,284
2,081,890 +65.3
1,352,073 Victoria
2,762,922
1,846.595 +49.6
8,405,063 London
3,660,590
2,625,846 +39.4
50,142,000 Edmonton
6,320,218
4,115,693 +53.6
2,584,016 Regina
5,306.378
3,061,537 +73.3
103,993.027 Brandon
662,974
502,306 +32.0
24,969,593 Lethbridge
491,164
460,517 +6.7
Saskatoon
2,681,689
1,488,100 +80.2
191,445,772 Moose Jaw
1,357,456
978,517 +39.0
Brantford
1,603,135
1,038.874 +54.3
Fort William_ _
956,776 +2.9
984.365
7,498,007 New Westminster
800,912
620.263 +00.0
3,685,180 Medicine Hat...
679,449
267,803 + 153.7
21,205,572 Peterborough..._
862,425
786,021 +9.7
64,858.248 Sherbrooke
1.065,004
882.784 +20.6
1,803,912 Kitchener
1,572.491
941,497 +67.0
1,434,285 Windsor
6,076,845
3,915,205 +55.2
26,026,675 Prince Albert....
334,723 +52.6
510,745
17,684,532 Moncton
759,821 +24.3
944,559
27,289,846 Kingston
863,796 +3.6
894,770
1,723.945 Chatham
782,206
637,866 +22.6
1,129,000 Sarnia
665,272
667.189 -0.3
299,022
,.................- ... .......,-- ........... ,.,. .. ........-..
52,790,872
197.917.297 196,634,570 *0.6 214,968,737
Total (6 cities
091111
Sixth Federal Reserve Dist Oct-Atlant a9.076,664 +15.8
10,514,995
10,619,423
Tenn.-Chatt ga
.
*3,200,000 -.0.2
3,015,315
*3,000.000
Knoxville
25.209,327 -4.8
23,992,385
21,027,495
Nashville
51,117,524 +13.9
72,887,319
58.208,977
Oa.
-Atlanta.._
1,896,874 +12.2
1,930,980
2,128,373
Augusta
1.951,590 +9.9
1.915,973
2.145,147
Macon
34,919,174
25,413,556 -21.7
19,891,908
16,514.319
6,857,648 -49.7
3352,000
Miami
29,718,729
26,137.541
+9.8
28,690,337
1,712,925
2,044,698 +0.5
2,054,415
Mobile
1,509,000
1,650,917 +33.1
2,197,000
Miss -Jackson.
321,292
275,220 +56.2
429,949
Vicksburg
54393,139
59,342,769
58,801,897 +0.9
La.-NewOrleans
•••••40..w..ssiny
Total(13 cities) 016 (148.245 213.633.458 +1.1 250,585,083 227,329,096
5,610.259
149,500,000
32,024,588
299,095
20,862,165
14,513,543
378,592
1.728,931
1928.
Fifth Federal Reserve Dist net-Riches ond1,177,742 +10.0
I
1,295.774
5,440,132 -5.4
Va.-Norfolk._ _ .
5.146,767
46,879,000 +4.5
48,986.000
Richmond.....
S.C.-Charleate i
.2.500m0 2,446,331 +2.2
Md.-Baltimore. 110,954,179 114,323,922 -2.9
26.367,443 +10.1
D.C.-Washing' 1
29.034.577
Total( 8 cities
918,658,710
Week Ended April 19.
+7.1
- -.
924,605,437
3
88,479,494
88,298,100
01,169,382
15,137,083
6,792,743
5,763,567
3,040,239
4,944,405
4,957,357
2,652,189
2,004,170
2,564.509
4,420,508
3,310,618
602,972
477,066
1,687,296
1.212.358
926,266
895,816
574,372
278,799
833.952
767,048
982,702
3,350,875
309,318
898,702
616,407
1
21 flitted;
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
+3.9
cootway-awww
flanalla
8.985,026,104
3,898,404,765
$
262,878
670,818
172.364.337
6,770.322
2,193,552
2,459,332
14,783,000
2,585,000
5,056,572
34,690,100
2,471,357
11,210.656
7,091,689
1,325,858
1.415,332
643,183,981
1,401,463
4,155,078
2,359,627
2,277.858
Eighth Federa 1 Reserve Dia trict-St. Lo Wsind.-Evanavill .
5,329,052
6,665,008 -20.0
Mo.-St. Louis_ _ 153,500.000 138,700,000 +10.7
Ky.-Loulsville. 38,455,619
35,936.922 +7.0
Owensboro_ _ _ _
312.187
299.772 +4.1
Tenn.-Memph Is
20,943,773
19,424,375 +7.8
Ark.
-Little Rock
14,057,482
8,211.814 +71.2
Ill.-Jacksonvill e.
333,011
380,294 -12.4
Quincy
1,470.327
1,361,888 +8.0
.b7:4.77>O14b-wg.'wEbi.-wM714-co
1926.
Federal Reserve Diets.
$
$
0,
$
8
18t Boston _ _ _ _ 12 cities 585,227,252 512,637.766 +14.2 509,632,950 408,715,676
2nd New York_11 "
8,550,263,349 6,044,137,884 +41.5 6,048,005,948 5,200,447,915
3rd Phlladelphial0 "
624,233,227
583,038,515 +7.1
585,181,066
595,459,119
436,264.930
4th Cleveland-- 8 "
441,933,022 -1.3
390,435,130
383,301,171
5th Richmond _ 6 "
197,917,297
196,634,570 +0.6
214,968,737
191,445,772
6th Atlanta.._..
.13 "
216,048,245
213,633,456 +1.1
250,585,083
227,329,096
7th i Chicago__ _20 "
1,043,274,258 1,005,231.384 +3.9
924,605,437
918,658,710
234,401,451
13thILSt. Louis__ 8 "
210,980,073 +11.1
224,917,172
203,915,234
128,821,547
9th MInneapolla 7 "
118,825,918 +8.4
115,884,382
114,983,214
242,194,231
10th Kansas Clty12 "
224,196,208 +8.0
216,008,541
214,145,099
5 ".
67,663,113
11th Dallas
68,602,169 -2.3
65,303,287
62,382,711
636,940,556
561.662,928 +13.4
-17 "
12th San Fran.
533,599,093
464,342,396
1925.
-
NM0aWOW000,
100.001.43.0..,4001.4..-4
W14W.-.N00,-.0.0...0014N00.W4DOWCO0.aNagoi W0
,
1927.
1928.
Inc.or
Dec.
1926.
8
$
$
%
Seventh Fede r al Reserve D istrict-Chi cagoMich.
-Adrian _ 294,916
254.222 +16.0
263,374
Ann Arbor_ _ _
773,570
873,174 -11.4
880,307
Detroit
144,891,864 186,552.501 -22.3 182,241,916
Grand Rapids
.
8,040,904
8,301,061 -3.1
8,103,996
Lansing
2,636,176
2,262,000 +16.5
2,200,000
Ind.
-Ft. Wayne
3,468,788
3,052,727 +13.7
2,511,195
Indianapolis._ _
23,088.000
21,975,000 +5.1
22,350,000
South Bend._ 3,000,900
2,831,600 +5.9
2,706,000
Terre Haute_ 5,127,821
5,025,007 +2.0
4,616,634
Wis.-Milwauk e
40,280,247
39,675,781
+1.5
39,422,085
Iowa-Ced. Ra ,.
2,841.078
2,297,673 +23.6
2,336,087
Des Moines..- 10,758,946
9,925,998 +8.4
10,491,130
Sioux City_ 6,198,502
5,376,379 +15.3
6,852,037
-.waterlo _
1,218.575
1,671.921 -27.1
1,285,167
I11.-Bloomington
2,228,436
1,586,282 +40.5
1,763,253
Chicago
773,585,586 701,602,689 +10.3 624,659,104
Decatur
1,372,394
1,379,747 -0.1
1,261,740
Peoria
5,632,746
4,444,779 +26.7
4.797,128
Rockford_ .
_
4,745,49
3,648,291 +30.1
3.295,150
Springfield. .
3,089,314
2,494,552 +23.8
2,479,134
Total(20 citi 0 1,043,274,258 1.005,231,384
Week End. Apr.21 1928.
Inc. or
Dec.
CA14CO0.N.10000..
.40A004.04000...01-,0.0.00.0000401-,00.000.000'
2600
•Estimated.
a Manager of Clearing House refuses to report clearings for week ending Saturday.
2601
FINANCIAL CHRONICLE
APR. 281928.]
The visible supply of grain, comprising the stocks in
-PER CABLE.
ENGLISH FINANCIAL MARKETS
granary at principal points of accumulation at lake and
The daily closing quotations for securities, &c., at London, seaboard ports Saturday, April 21, were as follows:
as reported by cable, have been as follows the past week:
Mon.,
Sat.,
Apr. 21. Apr. 23.
26 7-16d.
Silver, per oz__ 2610.
Gold,per fine oz 84s.11 Xd. 846.10d.
564
Consols,2 X
British, 5%-------103
__
9834
British, 4 X
French Rentes
68.30
fr_ ____
(in Parls)_
French War L'n
88.50
an Paris)-0- ----
%- ---%_ __
Thurs.,
Fri.,
Wed.,
Tues.,
Apr. 24. Apr. 25. Apr. 26. Apr. 27.
26 11-16d.
2610.
26 9-16d. 263.0.
848.1131. 84s.11d. 849.11d. 84s.11d.
563x
5634
5634
5634
103
100X
103
z1004
964
x9634
98)1
9831
68.00
67.95
69.75
70.00
88.90
89.95
90.15
90.15
The price of silver in New York on the same days has been:
Silver In N. Y.. per oz. (as.):
Holiday 5734
Foreign
z Ex-interest.
58
574
5734
5731
tscUanellustiews
'
-
gontuverciaI an
-All
Breadstuffs figures brought from page 2687.
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.
Receipts at-
Wheat.
Flour.
Corn.
Oats.
United States
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
Toledo
Detroit
Chicago
afloat
Milwaukee
"
afloat
Duluth
••
afloat
Minneapolis
Sioux City
St Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Canal and River
Rye.
Barley.
.196Ibs bush.60 lbs bush.56 lbs bush. 32 lbs.bush.481bs.bush.561bs.
Ms
17,000
104,000
268,000 1,364,000 1,052.000
229,000
Chicago
233,000
58,000
62,000
326,000
1,068,000
Minneapoli5
95,000
177,000
13,000
16,000
943,000
Duluth
1,000
66,000
82.000
10,000
76,000
38,000
Mi1waukee
1,000
21,000
24.000
18,000
Toledo
4,000
16.000
28,000
48,000
Detroit
326,000
164,000
45,000
Indianapolis
324,000
4,000
1,000
607,000
389,000
130,000
St. Louis
255,000
37,000
27,000
472,000
68,000
Peoria
548,000
514,000
96,000
Kansas CRY
217.000
356,000
144,000
Omaha
113.000
98.000
12,000
St. Joseph.233,000
59,000
4.000
Wichita
25,000
110.000
74,000
Sioux City
465,000
499,000
411,000
Total wk.1928
Same wk.1927
Same wk.1926
4,170,000
3,408,000
3,523,000
3.876,000
1,946,000
3,023,000
2.585.000
2,319,000
3.552,000
555,000
486,000
604,000
GRAIN STOCKS.
Rye,
Oats,
Corn,
Wheat,
bush.
bush.
bush.
bush.
80,000
21,000
3,000
265,000
6.000
4,000
58.000
6,000
67,000
70,000
6,000
189,000
29,000
297,000
35,000
70,000
328,000
254,000
8,000
57,000
586,000
49,000
4,000
193,000
1,387.000
359,000
116.000
567,000
2,101,000
73,000
7,000
23,000
1,359.000
60,000
17,000
63.000
236,000
558,000
3,236.000 14,695.000 4,017,000
132,000
404,000
924,000
18,000
10,000 2,365,000
104,000
657,000
462.000 3,611,000
151,000
22,559,000
376.000
919,000
368,000
19,453,000 1,586,000 4,569,000
142,000
132,000
204.000
210,000
3,000
931,000 1,673.000
63.000
106,000
5,870.000 7,941,000
260,000
1,860,000
414,000
826.000
77,000
72,000
3,000
99,000
204,000 1,320,000
14,000
1,264,000 3,816,000 1,049,000
138,000
259,000
285.000
245,000
Since Aug • 1_... ___.-. _.- _-- --- --- -- -1927
17,966,000281,298,000 175.081,000 113,327.00016,327.00024,875,000
1926
16,951,000282.176,000 184,145,000 182,931,00062,862,00020.383,000
1925
Barley.
bush.
56.000
26,000
4,000
56,000
17,000
137.000
7,000
22,000
133,000
75.000
720,000
200,000
973,000
7,000
77,000
117,000
49,000
Total April 21 1928.-. _63,620,000 37,388,000 12,490.000 5.410.000 2.676,000
Total April 14 1928-__65,150,000 40,059,000 13,576,000 5,439.000 2,817,000
Total April 23 1927____41.977,000 40,171,000 32,779,000 10,747.000 1,752,000
-New York, 19.000 bushels:
Note.
-Bonded grain not included above: Oats
Boston, 6.000; Baltimore, 3,000; total, 28,000 bushels, against 312,000 bushels in:
1927. Barley-New York, 17,000 bushels: Boston, 40,000; Baltimore. 69,000
Buffalo, 21.000: Duluth, 41,000; Canal. 134,000; on Lakes, 395,000: total. 717,000
-New York, 1,099,000 bushels:
bushels, against 1,519,000 bushels in 1927. Wheat
Boston, 382,000; Philadelphia, 550,000; Baltimore, 727.000: Buffalo, 4,300,000;
Duluth. 351,000: on Lakes, 1,813,000; Canal, 309,000: total. 9,432,000 bushels,
against 10,112,000 bushels in 1927.
Canadian
Montreal
3,916,000
Ft. William & Pt. Arthur_58,811,000
•
7,261,000
afloat
Other Canadian
6,785,000
539,000
1,850,000
24,000
439,000
399,000
2,413,000 3,305,000 3,978,000
2.359,000 3.304,000 3,968,000
5.968,000 2.951,000 5,040,000
Total April 21 1028._ _ 76,773,000
Total April 14 1928_ _ _ 77,197,000
Total April 23 1927_ _ 39,076,000
Summary
American
Canadian
192,000
417.000
2,674,000 3,162,000
63.620,000 37,388,000 12,490,000 5,410,000
2,413.000 3,305.000
76,773,000
2.676,000
3,978,000
Total April 21 1928.._140,393,000 37,388.000 14,903,000 8,715,000 6.654.000
Total April 14 1928_ _ _142,347,000 40,059,000 15,935,000 8.743,000 6,785.000
Total April 23 1927._ _ 81,053,000 40,171,000 38,747,000 13,698,000 6,792.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
Total receipts of flour and grain at the seaboard ports for
ending Friday, April 20, and since July 1 1927 and 1926,
the week ended Saturday, April 21, follow:
are shown in the following:
_._
New York_ _ _
Portland, Me_
Philadelphia__
Baltimore_ _ _ _
Newport News
Norfolk
New Orleans.
Galveston__
Montreal
St.John, N.B.
Boston
Wheat.
Flour. I
Receipts at-
Corn.
Oats.
Rye.
Barley.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Barrels.
2,000
9,000
320.000
44,000
511,000
215,000
387.000
1,000
I
18,000
4,000
5,000
18,0001
28,000
1.000
14,000
12.00
32.000
18,000
1,000
2,000
1,000
12.00
3,000
72,001
42,001
1,001
14,000
9,000
162,000
25,000
3,000
84 0001
,
51,000
804,000
43,000
39.0001
16,000
72,000
17,000
25,000
28,000
18.0001
Total wk.1928
146,0001
403,000 1,953,000
Since Jan.1•28 7,661.000 39,357,000 60,325,000
503,000
81,000
97,000
6,294,00I 7,369,000 3.534,000
392,000 3,008,000
Week 1927...
1.
27 0.820.000 83.562.000
Wheat.
Exports.
1927-28.
Week
Apr. 20.
Since
July I.
Corn.
1926-27.
Since
July 1.
1927-28.
Week
Apr. 20.
1926-27.
Since
July 1.
Since
July 1.
I
Bushels.
Bushels.
Bushels,
Bushels.
Bushels,
Bushels.V
North Amer_ 8,769,000401,124,000402,974,000
618.000 13,835,000 4,621,000
I 9,480.00 42,124.000
Black Sea_.
969,000 19,029,
31,684,000
Argentina_ _ 5,344,000 137,491,000 94,493,000 3.799.000271,329.000 200,084,000
Australia _
1,656,000 55,055,000 73,200.000
India
4,416,000
0th. countr's
400:000 26:672:000 19,905,000
398,000 22.941.000 3,232,000
284,00
149,000
201,000
5.357.011010.Mo nnn 4 2/11 nnn
c/........ Inn
170,000
3.552.0014
• Receipts do not include grain passing through New Orleans for foreign ports
on through bIlls of lading.
The exports from the several seaboard ports for the week
ending Saturday, April 21, 1928 are shown in the annexed
statement:
Exports from
New York
Portland, Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
$t. John, N.13
Halifax
Houston
Wheat.
Corn.
881,075
93.000
Oats.
Rye.
221,505
100.155
116,822
424 c22
Exports for Week
Week
and Since
Apr. 21
July 110-''
1928.
Since
July 1.
1927.
Wheal.
Week
Apr. 21.
1928.
Since
July 1.
1927.
213,000
312,364
701 WIA
AOKA,o
Since
July 1.
1927.
Bushels.
Bushels,
Barrels. Barrels.
Bushels, Bushels.
3,258,483 1,129.216
83,000 2,241.895
United Kingdom_ 60,368 4,823,117 1,870,661 67,443,039
135,309
136,923,538 782,075 6,432.390
Continent
351,555
1,000
296,000
236.000
& Cent. Amer. 2,000
So.
421,000
15,000
41.000
16.000
722,000
West Indies
588,793
102,000 1,334.003
Other countries... 8,828
Total 1928
Total 1927
221,505 9,442.948 3.102,877 206.037,580
169,185 10,108,850 2.927.224 239484,801
TRADE OF NEW YORK-MONTHLY
STATEMENT.
Merchandise Movement at New York.
Month.
Imports.
1926.
Customs Receipts
at New York.
Exports.
1927.
1928.
$
July
158,169,597 164,794,382 138,284,513 132,903,105
August_ _ _ 166,332,013 161.973.351 142,661.747 116,821,090
September 172,707,698 182,914.678 126,772.088 151.629,613
October__.175,855,280 177,239,667 137.849,733 123.823.326
November 179.611.688 185,959,035 156,060,057 149.662,955
December_ 157.075.741 178,172,967 157.874.443 150,344.551
1927.
1920.
26,620.038
30.852.625
32,593,222
31,626,401
29.487.858
24,267,557
24,619,552
29,183.549
32.000,997
31,369,820
30,431,506
26,823.969
1928.
1927.
1927.
1928.
1927.
1928.
January __ 168,712,467 176,319.795 148.120,044 155.804,975 25.495,311 24,850,299
154.108.688 135,898,816 129,846,153 25.128,590 23,681,705
February 173,826.482
Total... 13.52490966 1381482563 1143521441 1110835768 226,071,603 222.961 487
Movement of gold and silver for the eight months:
881,075 9,632,285
93,000 4 590 137
Silver-New York.
Gold Movement at New York.
Month.
Imports.
1927.
Corn.
Week
Apr, 21.
1928.
5,784,000 273.134.000239.621,00
Barley.
The destination of these exports for the week and since
July 1 1927 is as below:
Flour.
FOREIGN
1927.
Flour.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,149,877
26,075 109,605
67.822
154,304
387,000
1,000
80,000
2,000
17,000
209,000
83,000
2,000
34,000
368.000 185,000
2,000
125,000
1.000
1,000
2,000
41,000 183,000
25,000
10,000 128,000
386.000
23,000
804,000
43,000
39,000
51,000
16,000
64,000
2,000
17,000
9,000
Total week 1928_ _ 3,102,877
2.927.224
Same week 1927_ _
Total ____ 16,209,000638,134,004637,112,00
1926.
Exports.
1927.
1926.
1.598.540
846,762 1,090,73
662,466
883,618 21,154.974
972.617 24,166,981 21,675.322
523.979 9.147.118 1.013,790
652.888 34,200,361 1,463,905
6.622.900 71,982,903 6,756.464
July
August- - September
October
November
December
5,215.929
6407.889
1,714,313
495,910
727.412
487.049
January -February -
1927.
1928.
1927.
1928.
795,991 17,840.868 50.866,191 14.466,637
5.783,918 14,060,641 24,536,938 2.084.371
Imports.
Exports.
1927.
1927.
8
1,554.118 3,470.003
1.492.026 2,727.989
2,154.705 4,450.040
1.796.403 2,402.526
2.007.420 2 988,534
.
708.777 4.804,479
1929.
2,819.736
1,652,499
1928.
3,913,573
4,325.121
Total.-- 21,308,411 42,183,679216,874,840 70,214,003 14.185,690! 29.082.265
2602
FINANCIAL CHRONICLE
National Banks.—The• fellowing information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
[VoL. 126.
By Wise, Hobbs & Arnold, Boston:
APPLICATIONS TO ORGANIZE RECEIVED.
Capital.
April 18—The Prospect National Bank of Verona, N. J
$100,000
Correspondent. W. Howard Demarest, 505 Orange St.,
Newark. N. J.
April 18—The Wood Ridge National Bank, Wood Ridge, N. J_
50,000
Correspondent, Herbert WuBing, Moonachie Ave. and
Hackensack St.. Wood Ridge, N. J.
April 21—Port Townsend National Dank,Port Townsend, Wash _ _ 25,000
Correspondent, Roy S. Jensen, 313 Walker St., Port
Townsend, Wash.
April 2I—New Amsterdam National Bank in New York, N. Y 2,000,000
Correspondent, Waiter H. Bond, 32 Broadway, New
York, N. Y.
APPLICATIONS TO ORGANIZE APPROVED.
April 2I—The American National Bank of Mobile, Ala
3500,000
Correspondent. S. A. Tonsmeire, Mobile, Ala.
ATril 21—First National Bank in San Leandro, Calif
100,000
Correspondent, George R. Scott, 312 Dowling Blvd.,
San Leandro, Calif.
April 21—The National Bank of Niles Center. III
100,000
Correspondent, Ferdinand C. Baumann, Niles Center,
Illinois.
APPLICATION TO CONVERT APPROVED.
April 21—Beech Creek National Bank, Beech Creek, Pa
$35,000
Conversion of Beech Cheek State Bank, Beech Creek, Pa.
CHARTER ISSUED.
April 17—The Commercial National Bank of Santa Ana. Calif_ _ _ _5200,000
President, E. T. Grua; Cashier, E. Rockhill.
CHANGES OF TITLES.
April 16—The Holston National Bank of Knoxville, Tenn., to
"Holston-Union National Bank of Knoxville."
April 15—The Baxter National Bank of Rutland, Vt., to "The
Central National Bank of Rutland."
April 21—The First National Bank of Cambridge City, Ind., to
"The First National Bank & Trust Co. of Cambridge
City."
April 21—The Lynchburg National Bank, Lynchburg, Va., to
"The Lynchburg National Bank & Trust Co."
VOLUNTARY LIQUIDATIONS.
April 18—The First National Bank of Yuba City, Calif
$50,000
Effective April 3 1928. Liquidating Agent, Edward C.
Aldwell, San Francisco, Calif. Absorbed by Bank of
Italy National Trust & Savings Association, San
Francisco, Calif., No, 13044.
April 19—The First National Bank of Claremore, Okla
$50,000
Effective March 30 1928. Liquidating Agent, F. V.
Askew, Claremore, Okla. Succeeded by Bank of Commerce, Claremore, Okla.
April 2I—The First National Bank of Cuba City, Wis
25,000
Liquidating Committee,
Effective April 17 1928.
Charles H. Bartlett, Charles Eustice, A. J. Eustice,
Cuba City, Wis.. H. J. Kettler, Platteville, Wis. and
Elmer C. May, Dubuque. Iowa.
Shares. Stocks.
$ per share.
10 Boston National Bank
165 ex-div.
5 First National Bank
481
1 Second National Bank
436
25 First National Bank
48134
10 Boston National Bank
160 ex-div.
2 Naumkeag Steam Cotton Co_ _ _154%
12 Arlington Mills
41
1 Franklin Co.(Lewiston, Me.)_ _ _237
8 York Mfg. Co
24
7 Ipswich Mills, pref
15
152
20 Naumkeag Steam Cotton Co__ 1 152%
153
16 Worcester Consol. St. By. lot
pref., par 580
2134
25 Collyer Insulated Wire
155
31 Mass. Bonding & Ins. Co
542
25 Attleboro Steam & Elec. Co.,
v. t. c., par 325
102
50 New Engl. Pow. Assn.6% pref _102
50 Haverhill G. L. Co., par 525._ 64
75 West Boston Gas Co., v. t. c.,
par $25
39-3935
100 New Bedford Gas & Edison 1110%
Light Co., undep., par 525____ 11035
11031
30 Springfield Gas Light Co.. v.t.c.,
par $25
7231
100 Eastern UM Asso., cony. ohs... 1534
30 Boston Woven Hose & Rubber
Co., corn
88
14 Western Mass. Cos
6134
10 No.Bost. Ltg. Prop., corn. v.t.c. 8414
20 New Engl.Pub.Serv. Co., corn. 6435
Shares. Stocks.
$ per share.
10 Fall River Gas Works, par $25,
6831 ex-dtv•
8 units First Peoples Trust
50
10W.Bost. G. Co., undep., par 325 39
3-10 Graton & Knight Co., pfd _80 ex-div.
25 Graton & Knight Co., corn
1655
75 Quincy Market Cold Stor-1691ex-div.
age & Warehouse Co., pref..1701
19 American Mfg. Co., pref
7331
100 Eastern UHL Asso., corn
4431
2 units First People's Trust
50
50 Quincy Market Cold Storage &
Warehouse Co., com
3731
5 Municipal Real Estate Trust. 116 & dlv.
7 Quincy Market Cold Storage &
Warehouse Co., pref
6934 ex-dIv.
11 Fall River Elec. Light Co., undep., par $25
6534-653.1
15 First Nat Stores, Inc., 1st pf_106 & div
50 Fall River Electric Light Co..
V. t. c., par $25
6531
23 U. S. Envelope Co., com_ 264h-2673i
20 Plymouth Cordage Co
79
100 Goldfield Deep Mines, par 5c.;
6 Stevens Duryea, Inc., cl. A: 6
Stevens Duryea, Inc., pref.; 6
Rauch & Lang, Inc., cl. A; 6
Rauch & Lang, Inc., prof
51 lot
Bonds—
Per Cents
36,000 Thompson Spa Bldg.. 1st
635s Mar. 15 1933
10335-10334
85,000 G-B Theatres Corp., deb. 75
March 1946, with warrants
50
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per oh. Shares. Stocks.
3 per oh.
2 Phila. Warehousing & Cold Stor3 Penna. Academy of Fine Arts........ 29
age Co
50
26 Goodwin Company, Inc
6334
15 Lehigh Valley Coal Co
3044 10 Bankers Trust Co., par $50
12854
20 Phila. Bourse, corn., par $50_ _ .._ 34
10 Bankers Trust Co., par $50
128
3 Phila. Bourse, Prof., par 325
26
22 69th St. Term. Title & Trust Co.
6 Fidelity-Phila. Trust Co
929
par 250
13335
1 Fidelity-Phila. Trust Co
92934 2 Provident Trust Co
905
8 Phila. Co. for Guar. Mtges
328
5 Provident Trust Co
904
14 Frankford & So'wark Pass. Ry_ _256% 21 Fern Rock
Trust Co., par $50....105
1 Citizens Passenger By
200
6 Colonial Trust Co., par $50
31434
4 Germantown Pass. Ry
80
37 Colonial Trust Co., par MO.__ _31235
10 Market St. Nat. Bank
615
10 Northeastern Title & Trust Co.,
10
50 Phila. Nat. Bank
803
par $50
150
3 Penn Nat. Bank
770
Broad Street Trust Co., as follows:
3 Corn Exchange Nat. Bank
881
10 at 9734; 10 at 964: 10 at 96;
6 City Nat. Bank & Trust Co
250
25 at 95; 10 at 9431; 35 at 94; 25
2 Drovers & Merchants Nat. Bk.. _185
at 9434; 15 at
23 Drovers & Merchants Nat. 13k_ _180 5 Fidelity-Phila,9434.
Trust Co
930
10 Eighth Nat. Bank of Phila.._ __1260
30 Fairhill Trust Co. par 350
66
1 Overbrook Nat. Bank
102
14 Guarantee Trust .1;Safe Dep, Co.459
5 Union Nat. Bank of Atlantic City,
5 What ton Title & Tr. Co., par SUL 55
N. J
475% 12 Hamilton Trust Co
325
27 Ridley Park Nat. Bank
250 6 Susquehanna Title & Tr.
Co..
180 Darby (Pa.) Bank & Tr. Co._ _15034
par $50
61
46 Darby (Pa.; Bank & Tr. Co._.i50
4 Susquehanna Title & Tr. Co.,
Par
25 Mitten M.& M.Bank & Tr. Co.,
550
60
unstamped
12734 5 Integrity Trust Co., par 350
CONSOLIDATION.
711
4 Mitten M.& M.Bank & Trust Co.,
5 Continental-Equitable Title &
April 21—The Lincoln National Bank of Fort Wayne, Ind
$300,000
stamped
120
Trust Co., par 150
335
and —The Lincoln Trust Co. of Fort Wayne,Ind
500.000 1 Fox Chase Bk.& Tr. Co., par $50_338
18 Liberty Title & Tr. Co., par 350.325
Consolidated under the Act of Nov. 7 1918, as amended
7 Allegheny Title & Tr. Co., par 350 63 4 Real Estate-Land
Title & Tr. Co_722
Feb. 25 1927, under the charter of the Lincoln National
3 Merlon Title & Tr. Co., Ardmore,
3 South Camden (N.J.) Trust Co-300
Bank of Fort Wayne, No. 7725, and under the corporate
Pa
304
334 Broadway Merchants Trust Co..
title of "Lincoln National Bank & Trust Co. of Fort
250 Commonwealth Casualty Co.,
Camden, N. J
372
Wayne," with capital stock of $1,000,000. The consoliPar 510, with rights
26
4 Merchantville (N. J.) Tr. Co.
....190
dated bank has one branch located within the City of
100 Commonwealth Casualty Co.,
10 Security Trust Co.. Harrisburg,
Fort Wayne. Ind.
par $10
2334
Pa
1434
5 The Courier-Post Co., prof
100
9 Belmont Trust Co
BRANCH AUTHORIZED UNDER THE ACT OF FEB. 25 1927.
160
100 Girard Life Ins. Co., Dar $10_ 2934 2 Sixty-third
Street Title & Tr. Co_ 48
April 18—The National City Bank of New York, N. Y.
100 Girard Life Ins. Co
29
5 New Way Laundry Co
10
Location of Branch—Vicinity of 408 Jackson Ave., Long
5 Mine Hill & Schuylkill Haven RR. 5831 20 Constitution
Indemnity Co
am
Island City. Borough of Queens, New York_City.
6 Autocar Co.of Ardmore, Prof.... 71
150 Independence Indemnity Co.
Rights—
$ per ilea.
v. t c
35
200 Fire Assoc. of Philadelphia.— 834
Auction Sales.—Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
DIVIDENDS.
in New York, Boston, Philadelphia and Buffalo on WednesDividends are grouped in two separate tables. In the
day of this week:
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
By Adrian H. Muller & Sons, New York:
Shares. Stocks.
$ per oh, Shares, Stocks.
$ per oh. which we show the dividends previously
announced, but
Cromwell-Arms Corp
125
5,208 Pierce, Butler & Pierce Mfg.
$200 lot
which have not yet been paid.
2 51 Amer. Mexican Remie Co., Inc.,
Corp., com., par $25
N. Y., par $5;50 Brown Portable
61 Public Light & Power Co., com_ 10
The dividends announced this week are:
Conveying Mach'y Co., pref___$20 lot
30 Car Ltg. & Pow.Co.,cum. pref.,
25 Ramanel Realty Co., Inc
5
80 Car Ltg. dr Pow. Co.,
par $25;
com., par $25
$61 lot
By R. L. Day & Co., Boston:
$ Per oh. Shares. Stocks.
$ per sh.
Shares. Stocks.
355
6 Batchelder & Snyder Co., com___ 2535
8 National Shawmut Bank
150 Brockton G. L. Co. v. t. c.. par
15 Webster & Atlas Nat. Bank.... _104
54-544(
326
430
5 Old Colony Trust Co
37 Fitchburg G. & E. Co. v. t. c.,
500
5 American Trust Co
295
Par $50
12634
100 Beacon Trust Co
28
7034 37 Heywood Wakefield Co.. com
1 Newmarket Mfg. Co
1 unit First Peoples Trust
50
18
5 Lancaster Mills, preferred
200 Maas. Utilities Invest. Trust,
20 Naumkeag Steam Cotton Co.,
common
15246-1534i
11%
9934 10 American Glue Co., common... 3131
24 Pepperell Mfg. Co
138 Plymouth Cordage Co-.7941-7934
5 U. S. Worsted Corp., 1st pref.;
77
10 Draper Corp
11
25 U.S. Worsted Corp. com
53
3734 2 Sullivan Machinery Co
6 Eastern Mass. St. Ry. Co.,corn
100 New Eng.Pow. Assn., pref....102Si
25 Guantanamo & Western RR.,
6434
35
a pref.; 25 Guan. & W. RR. com- pref. 50 New Eng.Pub.Ser. Co., corn... 48
Florence Stove Co., common.-17 on
▪ mon
80 50 West Boston Gas Co. v. t. 0.,
10 Plymouth Cordage Co
3934
par 525
1741
5 Saco Lowell Shops, Ist pre(
10 Magee Furanoe Co.7% lst pfd.511 lot
10 Mass. Bonding & Insur. Co....._540
River Gas Works, par $25._ - 6834 20 Attleboro Steam & El. Co., par
4 Fall
10241
525
90
35 Towle Mfg. Co
10 Worcester El. Light Co., par 325 193
50
2 units First Peoples Trust
334
2 special units First Peoples Trust
Per cent.
Bondi—
30 Converse Rubber Shoe Co., pref. 534
10835 21,000 John P. Squire Co. 1st mtge.
10 Westfield Mfg. Co., pref
10246
540, June 1947
20 Thomson Electric Welding Co..
3434 $2,000 Ritz Arlington Trust 6s,
Par $20
9831
Sept. 1946
50 United Electric Coal Co. 8%
10541 31,000 New England Co. 65, May
1st pref
10934
1952
3 units Commercial Finance Corp.
210,000 Internat. Cotton Mills is,
45
6 pref., 3 common
12 flat
Dee. 1929 ctf. deposit
25 Quincy Mkt. Cold Storage &
$420 Northern Texas Electric Co
70
Whse. Co., pre(
76
preferred stock scrip
5634
6 units First Peoples Trust
By A. J. Wright & Co., Buffalo:
$ Per oh,
Stocks. Shares.
5 per oh. Stocks. Shares.
I Buff. Mag.& East. Power, pref.,
2 David Grimes Radio dc Cameo
50e. lot
Record Corp., no Par
28
. Par 325
80.
Peer Oil Corp., no par
50c lot 500 Chaput Hughes, par $1
000 Baldwin Gold Mines, par 51_234c.
.
Name of Company.
Railroads (Steam).
Central RR. of N. J.(quar.)
Delaware & Hudson Co.(quar.)
Hudson & Manhattan, common
Illinois Central, com.(quar.)
Maine Central. com. (quar.)
Preferred (guar.)
New Orleans Texas & Mex.(quar.).
Norfolk & Western, COCO. (quar.)
Pennsylvania RR.(quar.)
Reading Company, 1st pref. (quar.)
Per
IVhert
Cent, Payable,
Books Closed
Days Inclusive.
*2 May 15 *Holders of roe. May] 7
*241 June 20 *Holders of rec. May128
*$1.25 June 1 *Holders of rec. May 16
•134 June 1 *Holders of rec. May 4
*1
July 2 *Holders of rec. June 15
•13, Juno 1 *Holders of rec. May 15
4
•114 June 1 *Holders of tee. May 15
*2
June 10 *Holders of roe. May 31
58735c May 31 *Holders of rec. May 1
*50e. June 14 *Holders of rec. May 24
Public Utilities.
Alabama Pow.$5 pref. (quar.)
31.25 May 1 Holders of roe. Apr. 20
Brooklyn Edison Co., corn.(quar.)
*2
June 1 *Holders of rec. May 11
Community Power & Light,$6 Pf.
(qtr.). $1.50 May 1 Holders of rec. Apr. 20
Conn. Ry.& Ltg., com.& pref.(qu.)
115 May 15 May 1 to May 15
Consolidated Gas of N.Y.,com.(quar,), *21
25 June 15 *Holders of roe. May 8
Los Angeles Gas & Elec., pref.
*135
(guar.)
Louisville G.& El.(Del.) com A&B (qu.) 433-Ic. May 15 *Holders of rec. Apr. 30
June 26 Holders of rec. May 31
Lowell Electric Light (quar.)
62350 May 1 Holders of roe. Apr. 23
Massachusetts Gas Cos., pref
*2
June 1 *Holders of roe. May 15
Milwaukee Elec. By.& Light
-7% prof. issue of 1921 (quar.)
134 June 1 Holders of rec. May 15
6% pref. issue of 1921 (guar.)
135 June 1 Holders of roe. May 15
Mohawk & Hudson Pow. 1st pref.
May 1
of rec.
(qu.)31ontreal Water & Pow., corn.(guar.)._ *$1.75 May 15 *Holders of roe. Apr. 20
Holders
$1
Apr. 30
Preferred (quar.)
131 May 15 Holders of rec. Apr. 30
Nat. Tel.& Tel. corp., cl. A (guar.)... _ 8735c May 1 Holders of rec. Apr. 25
1st preferred (guar.)
$1.75 May 1 Holders of rec. Apr. 25
New England Water, Light & Power
Associates (quar.)(No. I)
$1.50 May 1 Holders of rec. Apr. 21
North American Co., com. (guar.)
/234 July 2 Holders of rec. June 5
Preferred (guar.)
750. July 2 Holders of ree. June 5
North Amer. Util. See., 1st Pref.
(gu.)- $1.50 June 15 Holders of roe. May 31
2nd preferred (guar.)
$1.75 June 15 Holders of rec. May
Northern Ohio Pow.& L.,6% Pr. WO. 1.34 July 2 Holders of rec. June 31
15
7% preferred (guar.)
134 July 2 Holders of rec. June 15
Pacific Gas & Elec., 1st pref. (guar.).
42735c May 15 *Holders of rec. Apr.
Phila. Suburban Water Co., pref.(gu.). 134 June 1 Holders of rem. May 30
Radio Corp. of Amer., pref. A (quar.)_. 8734e. July 1 Holders of rec. June 12a
1
1
Name of Company.
Fire Insurance.
Bankers dr Shippers (quar.)
General Reinsurance Corp.(guar.)
Globe & Rutgers (quar.)
Pacific Fire Insurance (extra)
2603
FINANCIAL CHRONICLE
APR. 281928.]
When
Per
Cent. Payable.
$4.50
$1.25
•Il
$1
Books Closed
Days Inclusive.
May 1 Holders of rec. Apr. 28
May 15 Holders of rec. Apr. 30
Apr. 30 *Holders pf rec. Apr. 23
Apr. 27 Holders of rec. Apr. 26
Miscellaneous.
Name of Company.
Miscellaneous (Concluded).
Union Manufacturing (quar.)
United Eng. & Fdy., com.(quar.)
Common (extra)
Preferred (quar.)
U.S. Bond & mtge. of Mass., pfd. (au.)
U.S. Hoffman Machinery (quar.)
U. S. Steel, com.(qua!'.)
Preferred (quar.)
West Kentucky Coal, pref. (guar.)
Wheatsworth, Inc., pref. (qua!'.)
White (J. G.) dr Co., pref.(quar.)
White (J. G.) Engin'g, pref. (guar.)...
Will & Bauman Candle, corn.(quar.)
Worth, Inc., el. A (quar.)
Wright Aeronautical Co. (quar.)
Per
Whets
Cenl. Payable.
*51.50 May
*40c. May
*20c. May
•1% May
$1.75 Apr.
*31 June
134 June
May
8734e. July
June
2
1% June
134 June
25e. May
*40e. May
*50e. May
134
Books Closed
Days Inclusive.
1 *Holders of rec. Apr. 25
11 *Holders of rec. May 1
11 *Holders of rec. May 1
11 *Holders of rec. May I
30 Holders of rec. Apr. 15
1 *Holders of rec. May 21
29 Holders of rec. May 31a
29 Holders of roe. Apr. 30a
2 Holders of rec. June 5
1 Holders of rec. May 15
1 Holders of rec. May 15
1 Holders of rec. May 15
15 Holders of rec. May 1
1 *Holders of rec. Apr. 20
31 *Holders of rec. May 15
May 1 Holders of rec. Apr. 17
2
Acme Wire, pref. (quar.)
*25c May 1 Holders of rec. Apr. 24
American Brick, corn. (quar.)
*50e May 1 Holders of rec. Apr. 24
Preferred (guar.)
575e. July 1 *Holders of rec. June 15
Amer. Chicle, com. (guar.)
*$1.75 July 1 *Holders of rec: June 15
Prior preferred (quar.)
25e. June 1 Holders of rec. May 14a
Amer. Home Products (monthly)
*75e. June 1 *Holders of rec. May 15
American Metals, com. (quar.)
•1
June 1 *Holders of rec. May 15
7% preferred (quar.)
*134 June 1 *Holders of ree. May 15
6% preferred (quar.) (No. I)
Below we give the dividends announced in previous weeks
$1.25 June 30 Holders of rec. June 16a
Amer. Radiator. com. (quar.)
1% May 15 Holders of rec. May 7a and not yet paid. This list does not include dividends anPreferred (quar.)
(quar.). $2
June 1 Holders of rec. May 10
Amer. Tobacco, corn. & corn. B
nounced this week, these being given in the preceding table.
Amico Trading Corp.(guar.)(No. 1) _
*S4
May 10 *Holders of rec. Apr. 30
*1
Amparo Mining (quar.)
Per
When
Books Closed
May 1 *Holders of rec. Apr. 26
Appleton Co., pref. (quar.)
Cent. Payable.
Days Inclusive.
Name of Company.
1Q, June 15 Holders of rec. May 31
Belding-Corticelli. Ltd., pref. (quar.) _ _
May 15 Holders of rec. Apr. 23
Financial Corp., pref
6234e.
Bell
Railroads (Steam).
Benesch (Isaac) & Sons, Inc., 1st pf.(qu.) *50e. Apr. 30 *Holders of rec. Apr. 20
Atch. Topeka & Santa Fe. com.(quer.). 2)4 June 1 Holders of roe. May 4a
Bessemer, Limestone & Cement (quar.) _
May 1
75c. May 1 Apr. 26 to
$3.50 July 10 Holders of rec. June 15a
Bethlehem Steel, 7% pref. (quar.)_ *1% July 2 *Holders of rec. June 2
Atlantic Coast Line RR., com
31.50 July 10 Holders of rec. June 15a
Common (extra)
*10
Big Lake Oil (guar.)
May 8 •Heiders of rec. May 2
2% July 5 Holders of rec. June 150
Augusta & Savannah
May 1 *Holders of rec. Apr. 25
Bourne Mills (quar.)
31
Q July I Hornets of rec. June 15a
Extra
ErtlII (J. G.) Co., corn. (quar.)
•$1.25 May 1 *Holders of rec. Arr. 28
13.4 June 1 Holders of rec. Apr. 140
•3
.% May 1 *Holders of rec. Apr. 28
Baltimore dr Ohio, com.(qua!')
Preferred (quar.)
I
June 1 Holders of rec. Apr. 140
Bucyrus-Erie Co., corn. (quar.)
Preferred (quar.)
*25c. July 2 *Holders of rec. June 9
*87c. July 1 *Holders of rec. May 31
Convertible preferred (quar.)
Bangor & Aroostook, com.(quar.)
•62%c July 2 *Holders of rec. June 9
*134 July 1 *Holders of rec. May 31
Preferred (qua!'.)
July 2 *Holders of rec. June 9
Pref. (quar.)
*1%
7%
334 July 1 Holders of rec. June 80
Chesapeake & Ohio, pref."A"
Bunker Hill & Sul. Min.& Conctr.$1.50 May 1 Apr. 17 to May 1
Monthly
Ctn. Sandusky & Cleve.. pref
•25e. May 4 *Holders of rec. Apr. 30
Extra
234 May 24 Holders of rec. May 10
Ga. Sou.& Fla. 1st & 2d pref
*50c. May 4 *Holders of rec. Apr. 30
134 May 15 Holders of rec. Apr. 30a
Canadian Vickers, Ltd.. pref. (quar.) _
Internat. Rye, of Cent. Amer., pf (qu.)
1% Apr. 30 Holders of rec. Apr. 15
May 1 *Holders of rec. Apr. 20
•52
Celite Co.. corn. (quar.)
Long Island RR
May 1 Holders of rec. Apr. 25
50c.
Central Investors Corp., el. A (No. 1_ _ _ *37 Mc July 1 Holders of rec. May la Mahoning Coal RR..common(quar.)._ $12.50 May 1 Apr. 12 to May 2
May 1 Holders of rec. Mar. 3041
2
Class A (quar.)
*3734c Oct. 1 *Holders of rec. May la New York Central RR. (qua!'.)
May 19 Holders of rec. Apr. 303
1
Class A (guar.)
.37 Sic Jan2'29 *Holders of rec. May la Norfolk & Western. acli. pref. (quar.)
13.4 May 1 March 14 to Apr. 10
Class B (No. 1)
*7 35e July 1 *Holders of roe. May la Northern Pacific (qua!'.)
134 May 1 Holders of roe. Apr. 130
Chase (A. W.) Co., pref. (quar.)
Pere Marquette, prior pref. (quar.)
May 10 Holders of rec. Apr. 30
2
134 May 1 Holders of rec. Apr. 130
Chelmsford Co., class A (quar.)
Preferred (quar.)
1(1 May 1 Holders of rec. Apr. 17
134 Apr. 30 Apr. 18 to
May 7
Chemical & Dye Corp., let pref. (No.1)_ *51.75 May 1 *Holders of rec. Apr. 20
Pittsburgh dr West Va., com. (quar.)
May 10 Holders of rec. Apr. 12a
$1
Company. corn. (qua!'.)
Chicago Mill& Lumber (quar.)
Reading
May 15 *Holders of rec. May 7
*SI
134 May 1 Holders of rec. Apr. 7a
Childs Co., corn. (quar.)
Preferred (quar.)
60e. June 10 Holders of rec. May 254
Preferred (quar.)
1Q June 10 Holders of rec. May 25a St. Louis-San Francisco let pref. (quar) 134 May 1 Holders of rec. Mar. 16a
134 Aug. 1 Holders of rec. July 14a
Chile Copper Co. (quar.)
Preferred (quar.)
*6234c June 30 *Holders of rec. June 6
134 Nov. 1 Holders of rec. Oct. 15a
Club Aluminum Uten. (extra)
Preferred (quar.)
*25c. May 15 *Holders of rec. May 5
May 1 Holders of rec. Apr. 2a
2
Consolidated Bond & Share pref. (quar.) 1Q May 15 Holders of rec. Apr. 15
Southern Ky., common (qua!'.)
13.4 May 25 Apr. 22 to May 21
Curtis Publishing, corn. (quar.)
Wabash, pref. A (quar.)
•50c. May 2 *Holders of rec. Apr. 20
Deere & Co., corn. (quar.)
*1% July 2 *Holders of rec. June 15
Public Utilities.
Preferred (quar.)
June 1 *Holders of rec. May 15
*1
Dow Chemical, corn. (quar.)
Amer. Commonwealths Power Corp.
31.50 May 15 Holders of rec. May 1
$1.75 May I Holders of rec. Apr. 14
Common (payable in corn. stock)--- 110 May 15 Holders of rec. May 1
First pref. ser. A (quar.)
$1.63 May S Holders of rec. Apr. 14
Preferred (quar.)
$6.50 First preferred (quar.)
1 Q May 15 Holders of rec. May 1
$1.50 May S Holders of rec. Apr. 9
Eisemann Magneto, pref. (quar.)
$1.75 May 1 Holders of rec. Apr. 20
Amer. Gas & Elec. pref.(quar.)
May 1 Apr. 14 to Apr. 26
2
Esmond Mills, pref. (quar.)
Amer. Light & Tree.. common (quar.)
134 May 1 Holders of roe. Apr. 24
134 May 1 Apr. 14 to Apr. 26
Fairbanks, Morse & Co., corn. (quar.)
Preferred (qua!'.)
*75e. June 30 *Holders of rec. June 12
•$1.75 May 1 *Holders of roe. Apr. 20
*134 June 1 *Holders of rec. May 12
Preferred (quar.)
Amer. National Gas, pref.(guar.)
Federal Motor Truck (quar.)
Amer. Superpower Corp.
*20e. July 2 *Holders of rec. June 16
(p) May 1 Holders of rec. Apr. 23a
Stock dividend
Corn. A & B (pay in 36 pref.)
.2% July 5 *Holders of rec. June 16
25e. May 15 Holders of rec. May la
First Nat Pictures, Inc., 2d pfd. A (qu.) 1N4 July 1 Holders of rec. July la Amer. Water NVks.& Elec., com.(qu.)
Fitzsimmons & Connell Dredge & D.(qu) *50c. June 1 *Holders of rec. May 21
Associated Gas & Elec.,class A (guar.).- 150e May 1 Holders of rec. Mar. 31
151.50 June 1 Holders or rec. Apr. 30
Foster & Kleiser Co.. cont. (quar.)
$6 preferred (quar.)
May 15 *Holders of rec. May 1
•25c.
.13 1.62% June 1 Holders of rec. Apr. 30
General Asphalt, pref. (quar.)
$6.50 preferred (quar.)
I Q June 1 Holders of rec. May 160
134 May 1 Holders of rec Apr. 10
Gen. Outdoor Advertising. cl. A (qu.). •11. May 15 *Holders of rec. May 5
Bangor Hydro-Electric.. com. (quar.)__
134 June 1 Holders of rec. Apr. 30
Preferred (quar.)
L. & Pow., com.(qu.)___
Brazilian Tr.,
'1*4 May 15 'Holders of rec. May 5
154 May 1 Holders of rec. Apr. 16
C. G. Spring & Bumper-Dividend pass ed.
Broad River Power, pref.(quar.)
May I Holders of rec. Apr. 2041
3
Glidden Co.. pref. (quar.)
Cape Breton Elec. Co., pref
•1% July 1 *Holders of rec. June 15
*50c May 1 *Holders of rec. Mar. 31
Globe Automatic Sprinkler (quar.)
Central Hud. Gas & Elec.. corn. v.1. e
*6234e May 1 *Holders of rec. Apr. 20
$1.75 May 1 Holders of roe. Apr. 14
Great Lakes Dredge & Dock (guar.)._
Central Pow.& Light. pref.(quar.)
May 15 Holders of rec. May 7
2
$1.75 May 15 Holders of rec. Apr. 300
Greenfield Tap & Die.6% pref.(quar.)Cent & S. W.Utilities, $7 pref.(quar.)
1% July 2 Holders of roe. June 15
$1.75 May 15 Holders of rec. Apr. 30a
Eight per cent pref. (quar.)
Prior lien pref. (quar.)
July 2 Holders of rec. June 15
2
65e. May I Holders of ree. Apr. 170
Gruen Watch. corn. (quar.)
Me. Rapid Transit. pref. A (monthly).
June 1 *Holders of rec. May 18
•50e
650. June 1 Holders of roe. May 1541
Quarterly
Prior preferred A (monthly)
*50e. Sept. 1 *Holders of rec. Aug. 20
60e. May 1 Holders of roe. Apr. 17a
Quarterly
Prior preferred B (montlly)
*50c. Dee. 1 *Holders of rec. Nov. 19
600. June 1 Holders of rec. May 1541
-1i')
(month
Quarterly
*50e. Marl'29 Holders of rec. Feb.15'29
Prior preferred B
Halle Bros., pref. (quar.)
134 June 1 Holders of rec. May 1541
1% Apr. 30 Apr. 25 to Apr. 30
Cleveland Elec. Id.. pref. (qua!'.)
Harmony Mills, pref. (quar.)
May 1 Holders of rec. Apr. 26
Coast Cos. Gas &
134
*51.53 June 25 *Holders of rec. June 14
*1% May 1 *Holders of rec. Apr. 20
Harris-Seybold-potter Co., pref. (qu.)
First and second preferred (quar.)
$1.25 May 15 Holders of rec. Apr. 2041
Hollinger Cons. Gold Mines(monthly)
10c May 19 Holders of rec. May 2
Columbia Gas & Elec., corn.(quar,).
Horn & IIardart of N. Y., pref.(quar.)- •IN June 1 *Holders of rec. May 12
13.4 May 15 Holders of rec. Apr. 2041
pref., ger. A (qua!'.)....
Six per cent
May 1 Holders of rec. Apr. 14a
2
Household Products (quar.)
• 8734e June 1 *Holders of rec. May 15
Commonwealth Edison Mar./
Illinois Pipe Line
6230 May 1 Ilolders of rec. Apr. lla
June 15 *May 15 to June 6
Commonwealth Power, corn. Mar.)
*56
500. May 1 Holders of rec. Apr. lba
Independent Packing, corn. (quar.) --. 32)4c May 1 Holders of rec. Apr. 20
Common (extra)
Preferred (quar.)
13.4 May 1 Holders of rec. Apr. 11
134 May 1 Holders of rec. Apr. 20
Preferred (quar.)
Ingersoll-Rand Co., corn. (qua!'.)
•75e June I *Holders of rec. May 7
Community Pow. & Lt., let pref. (lu.)- *51.75 May 1 *Holders of roe. Apr. 20
Common (extra)
41 June 1 *Holders of rec. May 7
Consolidated Gas(N.Y.) prof.(quar.). $1.25 May 1 Holders of rec. Mar. 300
Inland Steel (quar.)
134 July 2 Holders of rec. June 15
*62 Sic June 1 *Holders of rec. May 15
ConsumersPower,6% pref. (quar.)
1.65 July 2 Holders of rec. June 15
134 June 1 Holders of rec. May 15a
International Silver, corn. (quar.)
6.6% preferred (guar.)
Jones & Laughlin Steel, corn.(quar.)
*1Q June 1 *Holders of rec. May 15
154 July 2 Holders of rec. June 15
7% preferred (qua!'.)
*75c. May 21 *Holders of rec. May 5
Joske Bros. (quar.)
50c. May 1 Holders of rec. Apr. 14
6% preferred (monthly)
Kruskal & Kruskal, Inc. (guar.)
50e. June 1 Holders of rec. May 15
31 Nic. May 15 Ilolders of rec. May 50
6% preferred (monthly)
Lehigh Coal & Nay.(quar.)
$1
May 31 Holders of rec. Apr. 30
50c. July 2 Holders of rec. June 15
6% preferred (monthly)
Laclede-Christy Clay Prod., corn. (qu.)50e. May 1 Holders of roe. Apr. 21
55c. May 1 Holders of rec. Apr. 14
6.6% preferred (monthly)
Lehn & Fink Products, com. (quar.)
75c. June 1 Holders of rec. May 15
550. June 1 Holders of rec. May 15
6.6% preferred (monthly)
Management stock
71.4c. June 1 Holders of rec. May 15
550. July 2 Holders of roe. June 15
6.6% preferred (monthly)
Le Mur Co. (quar.)
25e May 1 Holders of rec. Apr. 20
Cumberland Co. Pow & Lt., pf. (quer.). 134 May 1 Holders of rec. Apr. 14
Liggett & Myers Tobacco Co
13.4* May 1 Holders of rec. Apr. 20
Dallas Pow.& Lt., pref.(quar.)
Common and common B (guar.)
June 1 *Holders of rec. May 15
*51
$1.75 May 1 Holders of rec. Apr. 21
Derby Gas & Elec., $7 pref. (quar.)
Lima Locomotive Works, corn.(guar.) _ $1
June 1 Holders cf rec. Mar .15
$ 1.62)4 May 1 Holders of roe. Apr. 21
$6.50 preferred (quar.)
Loew's Ohio Theatres, let pref. (quar.). 2
May 1 Holders of rge. Apr. 25
Eastern States Power Corp., pf.(qua _- $1.75 May 1 Holders of rec. Apr. 15
Morris Plan Bank (Cleveland)
3
May 1 Holders of rec. Apr. 25
May 1 Holders of rec. Apr. 10
3
Edison Elec. III., Boston (qua!',)
Nashawena Mills-Dividend passed.
Electric Bond & Share, prof. (guar.)---- 134 May 1 Holders of rec. Apr. 16
*1% May 15 *Holders of rec. May 1
National Refining, corn.(quar.)
Electric Investors Inc..$7 pref.(guar.)._ $1.75 May I Holders of rec. Apr. 19
New Amsterdam Casualty
*70e. May 1 *Holders of rec. Apr. 17
$1.50 May 1 Holders of rec. Apr. 19
$6 preferred (quar.)
New England Equity Corp.. corn. (au.)
50e. May 1 Holders of rec. Apr. 16
25e May. 1 Holders of rec. Apr. 140
Electric Power & Light, corn.(No. 1)_
New Orleans Land
May 1 Ilolders of rec. Apr. 24
31
Ni May S Holders of rec. Apr. 1441
Allotment ars.for com.& pr., full paid
50e. May 15 May 1 to
Ohio Seamless Tube (quar.)
May 14
5e. May S Holders of roe. Apr. 14a
Allotment Ws.for corn.& pr.40% pd.
Ontario Biscuit, con). (quar.)
62%c. May 1 Holders of rec. Apr. 15a Electric Pow & Lt., 2d pref. ser A.(qu.) n1.75 May 1 *Holders of roe. Apr. 14
Ontario Steel Prod., corn. (guar.)
• 3734e. May 15 *Holders of rec. May 3
Empire Gas & Fuel, 7% prof.(mthly.).* 58 1-3c May 1 *Holders of rec. Apr. 14
May 15 *Holders of rec. May 3
Preferred (quar.)
• 662-3c May 1 Holders of rec. Apr. 14
8% preferred (monthly)
Pender (D.) Grocery Co., pref. A (quar.) 8734c. June 1 Holders of rec. May 19
75e. May 1 Holders of rec. Apr. 170
Fall River Gas Wks.(quar.)
Plymouth 011 (guar.)
*25c. May 9 *Holders of rec. May 2
154 May 1 Holders of rec. Apr. 14
Ft. Worth Power & Light. pref. (quar.)_
Pressed Steel Car. pref. (quar.)
June 30 Holders of rec. June 1
$1.50 May 1 Holders of rec. Apr. 9
General Pub.Serv..$6 pref.(guar.)
Pro-phy-lac-tic Brush, corn. (extra). _ _ _
50e. May 15 Holders of rec. May 5
1.3734 May 1 Holders of rec. Apr. 9
$5.50 preferred (qua!'.)(No. 1)
1% June 15 Holders of rec. May 31
Preferred (quar.)
$1.75 May 1 Holders of rec. Apr. 9
Convertible pref.(quar.)
Pure Food Stores. 1st & 2d pref.(qua!'.). 1% May 1 Holders of rec. Apr. 26
154 May 1 Holders of rec. Apr. 16
Grand Rapids RR., pref.(qua!'.)
*1234c June 1 *Holders of rec. May 10
Pure 011, corn. (quar.)
234 May 1 Holders of rec. Apr. 200
Hartford Electric Light, corn
Sagamore Mfg. (quar.)
May 3 *Holders of rec. Apr. 25
Havana Elec. dr Util., let pref. (quar.)__ $1.50 May 15 Holders of rec. Apr. 20
(quar.)
•31. June 1 *Holders of rec. May 15
Savage Arms, corn.
$1.25 May 15 Holders of rec. Apr. 20
Cumulative preference (quar.)
*1ti July 2 *Holders of rec.
First preferred (guar.)
154 May 1 Holders of rec. Apr. 14
June 15
Idaho Power Co., 7% pref. (quar.).___
•1% Aug. 15 *Holders of rec. Aug. 1
Second preferred (quar.)
134 May 1 Holders of rec. Apr. 14
56 preferred (quar.)
u34 June 1 *Holders of roe. May 15
Schulte Retail Stores, corn
134 May 1 Holders of rec. Apr. 1441
Illinois Nor. UM.,6% pt. (qua!'.)
1% May 1 Holders of rec. Apr. 23
Scott Paper, sink, fund pref. (quar.)_ _ _
$1.75 May 1 Holders of rec. Apr. 140
Junior prof. (quar.)
25e May I Holders of rec. Apr. 15
Seacrest Laundry, COM.(guar.)
45e. May 10 Holders of rec. Apr. 30
Illuminating dr Pow. Secur., corn. (qu.)
Preferred (quar.)
134 May 1 Holders of rec. Apr. 15
154 May 15 Holders of rec. Apr. 30
Preferred (qua!'.)
24
Sherwin-Williams Co., corn. (quar.) ____ •75c May 15 *Holders of roe. Apr. 30
Indianap. Pow. & Lt., let pref. (quar.)- $1.75 May I *Holders of rec. Apr.
Apr. 200
*12)4c May 15 *Holders of rec. Apr. 30
Common (extra)
International Utilities. $7 pref.(quar.)__ $1.75 May I Holders of roe. APT. 30
35c May 1 Apr. 21 to
*1% June I *Holders of rec. May 15
Preferred (quar.)
Interstate Railways (guar.)
334 May 1 Apr. 12 to May I
75c May 1 Holders of rec. Apr. 25
Skouras Bros., el. A (quar.)
Jamaica Water Supply. pref
*Holders of rec. May I
1% May 1 Holders of roe. Apr. 14
Southern New Engl. Ice.. pref. (quar.)__
Kentucky Utilities, Junior pref. (quar.) .8734c May 19 Holders of rec. May 18
SI June 1
Standard Oil (Ohio). pref. (quar.)
134 June 1 Holders of rec. May 11
Keystone Teleph. of Phila., pref. (quar.)
Holders of rec.
•42c May 20 *Holders of rec. May 4
Standard Sanitary Mfg.. corn. (quar.)
Knoxville Pow.& Lt.. 57 pref.(quer.)-- $1.75 May 1 Holders cf rec. Ain. 20
Apr. 20
$1.50 May 1
Stewart-Warner Speedometer (quar.)_ *31.50 May 15 *Holders of rec. May 5
$6 preferred (qua!'.)
d62c May 1 Holders of rec. Apr. 18
1% June 1 Holders of rec. May 10
Sun Oil, pref. (qua!'.)
Lawrence Gas & Elee (quer.)
*1% June 1 *Holders of rec. May 10
Swan-Finch Oil Corp., pref. (guar.)
Lehigh Power Seeurities. 56 pref.(qu.)-- $1.5 May I Holders of rec. Apr. 21
134
2604
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
[VOL. 126.
Books Closed.
Data Inclusive.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Days Incfuries.
Public Utilities (Cone laded).
Miscellaneous
Long Island Lighting. corn.(guar.).75e. May 1 Holders of reo. Apr. 16' Amer. Sumatra Tob.,(Continued).
•13i June I *Holders of rec. May 15
pref. (guar.)
Massachusetts Gas Cos., corn. (guar.
$1.25 May 1 Holders of reo. Apr. 16
Preferred (guar.)
.1.15‘
I Holders
Mexican Light dr Pow., 7% pref
34 May 2 Holders of reo. Aor. 21
Amer. Thermos Bottle, corn. A.(guar.)_ *25e. Sept. 1 *Holders of rec. Aug. 15
May
second preferred
4%
10o. May 2 Holders of rec. Apr. 21
Amer. Vitrified Prod., Prof. (guar.)_ _ _ - 14 May 1 Holders of rec. Apr. 20
Michigan Gas & Elec.. Pref.(qua:.).. '131 May 1 *Holders of reo. Apr. 15
of rec. Apr. 20a
Anaconda Copper Mining (guar.)
750. May 21 Apr. 15 to May 16
Prior lien (guar.)
*14 May 1 *Holders of reo. Apr. 15
Angle Steel Stool(guar.)
200. July 15 Holders of reo. July 5
Middle West Utilities, corn.(guar.)._ $1.75 May 15 Holders of rec. Apr. 30
Quarterly
20e. Oct. 15 Holders of rec. Oct. 5
Milwaukee Elec. Ry.& Light, pref.(qu.) 131 Apr. 30 Holders of roe. Apr. 20a Archer-Daniels-M
idland, corn.(guar.).75e. May 1 Holders of reo. Apr. 200
Mississippi Valley Utilities
Preferred (guar.)
14 May 1 Holders of rec. Apr. 200
Investment Co. 26 pr. lien pf.
21.50 May 1 Holders of roe. Apr. 14
Artloon3 Corp., pref. (guar.)
14 June 1 Holders of rec. May 15
Montreal L., H.& Pr. Cons.. corn.(gu.) 50.3 Apr. 30 Holders of rec. Mar.31
Associated Dry Goods, COM.(guar.)._
620. May 1 Holders of reo. Apr. 146
National Electric Pow., COM.(qua:.)... 45e. May 1 Holders of rec. Apr. 20
First preferred (guar.)
134 June 1 Holders of roe. May 12a
National Power dr Light, corn. (quar.)_ _
250. June 1 Holders of rec. May 15a
Second preferred (guar.)
131 June 1 Holders of rec. May 12a
26 preferred (guar.)
$1.50 May 1 Holders of rec. Apr. 21
Atlantic Gulf dr West I. S. S. LineeNevada Calif. Elec. Corp.. pref. tguar.)- 14 May 1 Holders of reo. Mar.
.111
Preferred (guar.)
75e. June 30 Holders of rec. June Ila
North American Edison, pref. (guar.)._ $1.50 June 1 Holders of rec. May 80
15a
Preferred (guar.)
75e. Sept.29 Holders of reo. Sept.10a
Northern States Power, corn. A (qu.) - 2
May 1 Holders of reo. Mar.81
Preferred (guar.)
750. Dec. 81 Holders of reo. Doe. Ila
Northwest Utilities, 7% pref. (guar.).- 14 May 15 Holders of roe. Apr. 30
Atlantic Refining, pref. (guar.)
131 May 1 Holders of rec. Apr. 16a
Ohio Edison Co.,6% pref.'guar.)
14 June 1 Holders of roe. May 15
Atlas Powder, pref.(guar.)
131 May 1 Holders of rec. Apr. 20a
8.6% preferred (guar.)
1.65 June 1 Holders of rec. May 15
Auto Fan & Bearing, corn.(No. 1)
*20e. May 1 *Holders of rec. Apr. 20
7% Preferred (guar.)
14 June 1 Holders of rec. May 15
Balaban dr Katz, com.(monthly)
25c. May 1 Holders of roe. Apr. 20e
5% Preferred (guar.)
14 June 1 Holders of reo. May 15
Common (monthly)
25c. June 1 Holders of rec. Mayd2la
6% preferred (monthly)
50o. May 1 Holders of roe. Apr. 16
Common (monthly)
250. July. 1 Holders of roe. June 20a
6% preferred (monthly)
500. June 1 Holders of roe. May 15
Preferred (guar.)
14 July 1 Holders of reo. June 20a
6.6% preferred (monthly)
550. May 1 Holders of rec. Apr. 18
Bamberger(L.)& Co.,pref.(quar.)
144 Juno 1 Holders of roe. May 12a
6.6% Preferred (monthly)
550. June 1 Holders of reo. May 15
Preferred(guar.)
14 Sept. 1 Holders of reo. Aug. ha
Ohio Pub.Serv.7% let pref. A (mthly.)' 58 1-3c May I *Holders of rec. Apr. 14
Preferred(guar.)
131 Deo, 1
6% lot pref. ser. A (monthly)
*50e. May 1 *Holders of rec. Apr. 14
Bancroft (Joseph) & Sons. pref.(qu.)... 134 Apr. 30 Holders of roe. Nov. 10a
Oklahoma Natural Gas, pref. (quar.)
Holders of reo. Apr. 16
*14 May I *Holders of reo. Apr. 20
Bankers Capital Corp.. common
$4
July 16 Holders of roe. June 30
Pacific Power dr Light. pref. ((Nara
14 May 1 Holders of rec. Apr. 18
Preferred (guar.)
July 16 Holders of rec. June 30
Penn-Ohio Edison Co., corn.(guar.).
- 250. May 1 Holders of reo. Apr. 16
Preferred (guar.)
$2
Oct. 15 Holders of rec. Oct.. 1
Penn-Ohio Edison Co.. pr. pref.(guar.). 14 June 1 Holders of rec. May 21
Preferred (guar.)
$2
an15'29 Holders of rec. Dec.j31
Common (one-fiftieth sh, com. stock)_
May 1 Holders of rec. Apr. 16
Barnhart Bros. & Spindler
Penn-Ohio Securities Corp., Corn. (qu.).
180. May 2 Holders of reo. Apr. 16
First and second pref.(guar.)
14 May 1 Holders of rec. Apr. 23a
Pennsylvania-Ohio Pow.& L.26 pf.(gU.) $1.50 May 1 Holders of reo. Apr. 20
Bastian-Blessing Co.. prof. (guar.)
21.75 July 1 Holders of reo. June 20a
7% prof.(guar.)
1
May 1 Holders of roe. Apr. 20
Preferred (guar.)
$1.7.5 Oct. 1 Holders of roe. Sept.20a
7.2% prof.(monthly)
600 May 1 Holders of roe. Apr. 20
Beacon 011, pref. (guar.)
81.874 May 15 Holders of rec. May 1
6.6% pref.(monthly)
55o May 1 Holders of roe. Apr. 20
Belding Henimway Co., corn. (guar.)._
50o. May
Philadelphia Co., corn. (guar.)
21
Apr. 30 Holders of reo. Apr. 20 Benson & Hedges,cony. pref.(No. 1)__ _ *50c. May 1 Holders of rec. Apr. 20a
1
6% preferred
21.50 May 1 Holders of roe. Apr. la Blgelow-Hertf. Carpet, cons. (qua:.)... 21.50 May 1 *Holders of ree. Apr. 20
Holders of rec. Apr. 18
Philadelphia Rap. Trail., corn.(guar.)._ $1
Apr. 30 Holders of rec. Apr. lea
Preferred (guar.)
131 May 1 Holders of reo. Apr. 18
Preferred
$1.75 May 1 Holders of re*. Apr. 2a Birtman Electric, com. (guar.)
50o. May 1 Holders cf rec. Apr. 16a
Portland (Ore.) Gas & Coke, pref.(qu.). 14 May 1 Holders of roe. Apr. 18
Preferred (guar.)
$1.75 May 1 Holders of rec. Apr. 16a
Power & Light Occur. Trust
50o. May 1 Holders of reo. Apr. 15
flaw-Knox Co. (guar.)
75e. May 1
Public Service Co. of Nor. =note
Bloch Brothers Tobacco, oom (guar.).- 37310. May 15 Holders of rec. Apr. 24
May 10 to May 14
Common (2100 par) (guar.)
2
May 1 Holders of reo. Apr. 14a
Common (quar.)
37310. Aug. 15 Aug 10 to
Common (no par) (guar.)
Aug.
May 1 Holders of rec. Apr. 14a
$2
Common (guar.)
3740. Nov.15 Nov. 10 to Nov. 14
6% preferred (guar.)
14 May 1 Holders of rec. Apr. 14a
14
Preferred (guar.)
134 June 30 June 25 to June 29
7% preferred (guar.)
14 May 1 Holders of rec. Apr. Ida
Preferred (guar.)
134 Sept.30 Sept. 25 to Sept. 29
Pub. Serv. Corp. N. J., 6% pf. (m'thly) 50e. Apr. 30 Holders of roe. Apr. 64.
Preferred (qua:.)
Doe. 31 Doe. 28 to Dee. 80
Railway & Light Securities, corn. (qu.). 50c. May 1 Holders of rec. Apr. 200 Bloomingdale Bros., pref. (qua:.)
131 May I Holders of roe. Apr.
Preferred (guar.)
21.50 May 1 Holders of rec. Apr. 20a Bohack (H C) Co., old corn. (guar.).
- *24 May 1 *Holders of rec. Apr. 20a
Rockland Light St Power (guar.)
16
*81.13 May 1 *Holders of rec. Apr. 16
New no par corn. (guar.)
1
.624c Aug. 1 *Holders of reo. July 16
Securities Corp. General corn. (quar.)-- $1
May 1 Holders of reo. Apr. 20
Bon Arai Co., class A (guar.)
Apr. 30 Holders of rec. Apr. 15
21
First preferred (guar.)
$1.75 May 1 Holders of rec. Apr. 20
Bond & Mortgage Co. (guar.)
5
May 15 Holders of rec. May 8
Sierra Pacific Elec. Co., com.(guar.).
- 50c. May 1 Holders of reo. Apr. 16
Borden Company,corn.(guar.)
21.50 June 1 Holders of rec. May 15a
14 May 1 Holders of rec. Apr. 16
Preferred (guar.)
Bright Star Elec., class A (No. 1)
*50e May
Southern Calif. Edison. corn.(qu.)
500. May 15 Holders of rec. Apr. 20a British Columbia Pulp & Paper. pf.(qu.) $1.75 May 1 *Holders of rec. Apr. 15
1 Holders of reo.
Southern Canada Power, com.(qu.).... I
May 15 Holders of roe. Apr. 30
Broadway Dept.Stores, 1st pref.(qu.).. *14 May 1 *Holders of rec. Apr. 16
Apr. 12
Southern Cities Utilities, prof. (qu.)_... 14 May 10 Holders of roe. Apr. 20
Brockway Motor Truck, (guar.)
783. May 1 Holders of rec. Apr. 16a
Southern Colo. Power,com. A (guar.)._
50c. May 25 Holders of reo. Apr. 30
Brooklyn-Lafayette Corp. A (No. 1)____ 374c May 1 Holders of
rec. Apr. 21
Standard Power & Light. Pref.(guar.)
$1.75 May 1 Holders of reo. Apr. 16
Brown Shoe, pref. (guar.)
14 May 1 Holders
Tampa Electric Co.. com. (guar.)
50c. May 15 Holders of reo. Apr. 25a Brunswiek-Balke-Collender, com.(qu.). 75.3. May 15 Holders of rec. Apr. 20a
of rec. May 5
Tennessee Elec. Pow., 6% 1st pf. (qu.)
14 July 2 Holders of rec. June 15
Buckeye Pipe Line (guar.)
$1
June 15 Holders of rec. Apr. 23
7% first preferred (guar.)
14 July 2 Holders of rec. June 15
Extra
June 15 Holders of rec. Apr. 23
$1
7.2% first preferred (guar.)
1.80 July 2 Holders of rec. June 15
Bullock's, Inc., pref. (quiz.)
•144 May 1 *Holders of rec. Apr. 10
6% first preferred (monthly)
50c. May 1 Holders of rec. Apr. 16
Bunte Bros., pref. (guar.)
14 May 1 Holders of reo. Apr. 250
6% first preferred (monthly)
50o. June I Holders of rec. May 15
Burns Bros., common A (guar.)
22
May 15 Holders of reo. May 110
6% first preferred (monthly)
50c. July 2 Holders of rec. June 15
Burroughs Adding Mach.(gum.)
750. June 11 Holders of reo. May 254
7.2% first preferred (monthly)
60e. May 1 Holders of rec. Apr. 16
Bush Terminal. com.(guar.)
500. May 1 Holders of reo. Mar.1100
7.2% first preferred (monthly)
600. June 1 Holders of rec. May 15
Common (payable in corn. Stock).... fl 34 May 1 Holders of
me. Mar.80a
7.2% first preferred (monthly)
600. July 2 Holders of reo. June 15
Butler Bros. (guar.)
50c. May 15 Holders of reo. Apr. 20a
Texas Power & Light pref. (guar.)
14 May 1 Holders of roc Apr. 18
Byers(A. M.) Co.. pref. (gas:4
144 May 1 Holders of rec. Apr. 14a
Toledo Edison Co., 6% pref. (guar.).
- .500. May 1 Holders of rec. Apr. 14
California Packing (guar.)
$1 June 15 Holders of rec. May 31a
7% preferred (guar.)
58 1-30 May 1 Holders of reo. Apr. 14
Campbell, Wyant & Cannon Foundry
United Light & Pow.,com. A (quar.)_
12e. May 1 Holders of reo. Apr. 16
Co. (guar.)
*50c. June 1 Holders of rec. May 15
Common claw B (guar.)
120. May 1 Holders of roe. Apr. 16
Canadian Bronze common (No. 1)
May 1 Holders of rec. Apr. 16
21
United Lt. dr Pr. old com. A & B (c01.)-. 600. May 1 Holders of reo. Apr. 16
Preferred (guar.)
144 May 1 Holders of rec. Apr. 16
Utility Shares Corp., corn. (guar.)
30c. May 1 Holders of rec. Apr. 25
Canadian Converters (guar.)
14 May 15 Holders of rec. Apr. 30
Participating preferred (guar.)
300. June 1 Holders of rec. May 16
Canfield Oil, corn.(guar.)
2
June 30 Holders of rec. June 20
Washington (D. C.) Gas Light (qu.)--90e. May 1 Holders of rec. Apr. 14a
Common (guar.)
2
Sept.30 Holders of rec. Sept. 20
West Penn Elec. Co., 7% pf. (guar.).
- 14 May 15 Holders of rec. Apr. 200
Common (guar.)
Doe, 31 Holders of rec. Dee. 20
2
6% preferred (qua:.)
14 May 15 Holders of rec. Apr. 20a
Preferred (guar.)
14 June 30 Holders of roe. June 20
West Penn Power Co..7% pref.(qua:.). 14 May 1 Holders of rec. Apr. 50
Preferred (guar.)
14 Sept.30 Holders of rec. Sept. 20
6% preferred (guar.)
14 May 1 Holders of rec. Apr. 5a
Preferred (qua:.)
14 Dee. 31 Holders of reo. Dee. 20
York Railways, pref. (guar.)
6240. Apr. 30 Holders of rec. Apr. 20a Castle (A. M.)& Co.(guar.), No. 11
*75.3. May 1 Holders of rec. Apr. 20
CaterpillarTractor (guar.)
4
.550. May 25 Holders of rec. May 15
Banks.
Centrifugal Pipe Corp., (guar.)
15o, May 15 Holders of roe. May 5
Chemical National (bi-monthly)
4
May 1 Apr. 21 to May 2
Century Ribbon Mills, pref.(guar.).
- 14 June 1 Holders of roe. May 19a
Columbus (No. 1)
3
May 1 Holders of rec. Apr. 2
Cerro de Pasco Copper Corp.(guar.)
31
May 1 Holders of reo. Apr. 12a
Corn Exchange (guar.)
5
May 1 Holders of rec. Apr. 30a Charlton Mills (guar.)
*2
May 1 *Holders
Chic. Wllm.& Franklin Coal, pref.(qu ) $1.50 May 1 Holders of rec. Apr. 18
of reo. Apr. 180
Trust Companies.
Chicago Yellow Cab (monthly)
25e. May 1 Holders of roe. Apr. 20a
Farmers' Loan .4 Trust (guar.)
4
May 1 Holders of rec. Apr. 20a
Monthly
25e. June 1 Holders
Kings County (guar.)
*15
May 1 *Holders of rec. Apr. 24
Christie, Brown dr Co.. Ltd., COM.(qu.) 300. May 1 Holders of reo. May 18a
of rec. Apr. 16
Chrysler Corp., pref. (guar.)
2
June 80 Holders of rec. June 16a
Fire Insurance.
Preferred (guar.)
2
Bent.29 Holders of reo. Sept. 17a
American Equitable Assurance Co.
Preferred (qua:.)
2
Jan.2'29 Holders of reo. Dec. 17a
124 May 1 Holders of rec. Apr. 20
of New York, common
Cities Service common (monthly)
)4 May 1 Holders of rec. Apr. 13
Knickerbocker Insurance, common
74 May 1 Holders of rec. Apr. 20
Common (payable in common stock)_
f.4 May 1 Holders of roe. Apr. 13
6
May 1 Holders of rec. Apr. 20
New York Fire Ins., common
Preferred and pref. BB (monthly)....
)4 May 1 Holders of roe. Apr. 13
Preferred B (monthly)
5o May 1 Holders
Miscellaneous.
•34 June 1 *Holders of rec. Apr. 13
Cities Service, common (monthly)
of rec. May 15
Abraham & Straus, Inc.. pref.(qua:.).. 14 May 1 Holders of rect. Apr. 14e
Common (payable in corn. stock).
June 1 *Holders of rec. May 15
Ailed Chem.& Dye Corp., corn.(qu.).. 21.50 May 1 Apr. 4 to Apr. 23
Preferred and pref. B.B.(monthly)._
'Sc. 31 June 1 *Holders of roe. May 15
$1.50 May 15 Holders of reo. Apr. 24a
Allis-Chalmers Mfg., com. (guar.)
Preferred B (monthly)
June 1 *Holders of reo. May 15
Amalgamated Laundries. prof. (mthly.) 68310. May 1 Holders of rec. Apr. laa City Ice & Fuel (Cleve.) (qua:.)
75e. June 1 Holders of rec. May 100
Preferred (monthly)
58310. June 1 Holders of rec. May 15a City Stores, class A (guar.)
87 Mc May 1 Holders of reo. Apr. 14a
500. Apr. 30 Holders of reo. Apr. les
Amerada Corp.(guar.)
Class A (guar.)
874c Aug. 1 Holders of reo. July 14a
800. May 15 Holders of rec. Apr. 80
American Can,common (guar.)
Cleveland Stone(guar.)
50.3. June 1 Holders of reo. May
May 1 Holders of rec. Apr. 14
2
Quarterly
American Cigar, common (guar.)
80o. Sept. 1 Holders of reo. Aug. 15a
15a
1 Apr. 11 to May 1
Clinchfield Coal, pref. (guar.)
American Coal(guar.)
*14 May 1
Cluett, Peabody & Co.. COM.(guar.)._ 21.25 May 1 *Holders of rec. Apr. 25
Amer. European Securities, pref. (.1111.) $1.50 May 15 Holders of rec. Apr. 30
40e. May 1 Holders of reo. Apr. 14
Columbia Investing Corp.. pf.(No. H._ 21.50 May 1 Holders of rec. Apr. 20a
Amer Founders Trust, corn. (guar.).Holders of reo. Apr. 25
Pref.(for period prior to Feb. 1)
Com.(1-140 share common stock).... (f) May 1 Holders of reo. Apr. 14
50o. May 1 Holders of reo. Apr. 25
8740. May 1 Holders of reo. Apr. 14
Columbian Carbon v.i.e.(guar.)
7% first preferred (guar.)
$1
MAY
780 May 1 Holders of roe. Apr. 14
Congoleum-Nairn, Inc., pref.(guar.)... •1, Juno 1 Holders of reo. Apr. 18a
1
6% first preferred (guar.)
Holders of ree. May 100
3734e May 1 Holders of reo. Apr. 14
Consolidated Cigar Corp., pr. pf.(qu.).
6% second preferred (guar.)
14 May I Holders of reo. Apr. 16a
May 1 Holders of reo. Apr. 17
2
Consolidated Laundries, corn
American Glue. pref. (guar.)
May I Holders of reo. Apr. 20
July 1 Holders of reo. June Ida
Preferred (guar.)
$1
American Hardware Corp. (qua:.)
1.874
Oct. 1 Holders of roe. Sept.15a Continental Can, Inc., com.(guar.)._ $1.25 May I Holders of reo. Apr. 20
$1
Quarterly
May 15 Holders of reo. May 50
Jan 1'29 Holders of roe. Dee. 15a Continental Motors Corp.(guar.)
$1
Quarterly
200. Apr. 30 Holders of rec. Apr. 140
250. May 1 Holders of rec. Apr. Ha Croaley Radio (stock dividend)
Amer. Home Products (monthly)
e4
Doe. 81
131 July 2 Holders of reo. June 206 Croaley Radio Corp.(guar.)
Amer.Lindseed. prof.(guar.)
250. July 1 Holders of reo. June 200
1 Holders of rec. Sept.200
Quarterly
Oct.13
Preferred (qua:.)
25o. Oct. 1 Holders of reo. Sept. 20a
Jan2'29 Holders of roe. 1700. 211
Quarterly
Preferred (guar.)
25.3. Jan 1'29 Holders of rec. Doe. 200
50o. May 1 Holders of reo. Apr. 19a Crucible Steel. corn. (guar.)
Amer. Machine & Fdy.. com.(guar.)
14 Apr. 30 Holders of reo. Apr. 16a
80e. May 1 Holders of reo. Apr. 19a Cudahy Packing, 6% pref
Common (extra)
3
May 1 Holders of rec. Apr. 21
14 May 1 Holders of reo. Apr. 19a
Preferred (guar.)
Seven per cent preferred
34 May 1 Holders of reo. Apr. 21
July 1 Holders of reo. June 15a Cuneo Press, pref. (guar.)
American Manufacturing, COM.(guar.). 1
14 June 15 Holders of reo. Junel la
1 Holders of roe. Sept. 15a
Oct.
1
Common (guar.)
Preferred (guar.)
144 Sept. 15 Holders of reo. Sept. la
Dee. 31 Holders of rec. Dee. lba Dairy Dale Co.. class A (guar.)
1
Common (guar.)
*374c May I *Holders of rec. Apr. 15
July 1 Holders of reo. June 15a
Class B (qua:.)
Preferred (guar.)
*1840 May 1 *Holders of roe. Apr. 15
Oct. 1 Holders of roe. Sept. 15a Davega. Inc. (guar.)
Preferred (qua:.)
250. May 1 Holders of me. Apr. 16a
Doe. 31 Holders of reo. Dee. 15a Dula Mills (guar.)
Preferred (guar.)
June 23 *Holders of reo. June 9
American Meter (guar.)
Debenlaam Securities, Ltd., Amer. ahs_ 021
$1.25 Apr. 30 Holders of rec. Apr. 18
$2.18 Apr, 28 Holders of reo. Apr. 23
Amer. Sales Book, pref.(guar.)
14 May 1 Holders of roe. Apr. 16a Decker (Alfred) & Cohn. com.(guar.).50o June 15 Holders of reo. June 50
Amer. Shipbuilding, common (guar.)... 2
May 1 Holders of reo. Apr. 14a
Preferred (guar.)
134 June 1 Holders of reo. May 19d
Preferred (guar.)
May 1 Holders of rec. Apr. 14
Preferred (auar.)
144
1
Amer. Smelt. & Ref:., corn. (guar.)
May 1 Holders of reo. Ayr. 13a Denison Manufacturing. pref. (qua:.).. 14 Sept. 1 Holders of rec. Aug. 200
May
Holders of rec.. Apr. 200
Preferred (guar.)
Holders of rec. May 4a
Debenture stock (guar.)
131 Juno 1
2
May 1 Holders of tee. Apr. 206
Name of Cotillions
$a
$1
131
131
14
14
141
2
may
APR. 28 1928.1
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Boob Closed.
Dap IncWise.
Miscellaneous (Centinued)•
2
June 15 Holders of rec. May 310
Diamond Match (quar.)
660. May 15 Holders of rec. Apr. 30
Dominion Bridge (quar.)
May 1 Holders of roe. Mar.31
Eastern Bankers Corp.. pref.(quar.)
144 Aug. 1 Holders of roe. June 30
Preferred (quar.)
1% Nov. 1 Holders of reo. Sept.30
Preferred (quar.)
144 Febl'29 Holders oi ree. Dee. 31
Preferred (quar.)
East. Theatres,Ltd.(Toronto),com.(qu.) 50c. June 1 Holders of refl. Apr. 30
50o. May 1 Holders of roe. Apr. 15a
Eaton Axle & Spring (quar.)
Educational Pictures, pref. (quar.)---- *2
May 1 *Holders of roe. Apr. 16
6234c May 1 Holders of roe. Apr. 140
Elgin National Watch (Guar.)
Emporium-Capwell Corp.(quar.)
*50c. June 24 *Holders of roe. June 1
144 May 1 Holders of roe. Are. 24
Esmond Mills, corn. (guar.)
$1 May 1 Holders of roe. Apr. 16
Eureka Pipe Line (quiz.)
$1 May 1 Holders of roe. Apr. 20a
Eureka Vacuum Cleaner (Guar.)
37140. Apr. 30 Holders of rec. Apr. 14a
Exchange Buffet Corp. (quar.)
200. May 1 Holders of ree. Apr. 20a
Fair (The). coin.(monthly)
20c. June 1 Holders of roe. May 216
Common (monthly)
20c. July 2 Holders of rec. June 20a
Common (monthly)
114 May 1 Holders of roe. Apr. 20a
Preferred (quar.)
$2.50 May 1 Holders of rec. Apr. 20a
Fajardo Sugar,common (guar.)
Fanny Farmer Candy Shops, corn. (qu.) 25c, July 1
250. July 1
Common (guar.)
25e. Oct. 1
Common (guar.)
250. Jan 1'29
Common (quar.)
60e. May 31 Holders of rec. May 17a
Fashion Park,Inc.,coif:L(11nm.)
500. Aug. 31 Holders of rec. Aug. 170
Common (guar.)
Common (quar.)
50o. Nov.30 Holders of rec. Nov.300
Federal Knitting Mills, corn. (guar.)... 62)4c Mb' 1 Holders of roe. Mu. 150
1234c May 1 Holders of yea. Apr. 15a
Common (extra)
Firestone Tire & Rubber,7% Pref.(q11.)- 144 May 15 Holders of reo. May 1
$1.75 May15 Holders of tee. May 1
First Federal Foreign Invest Trust
2
July 1 Holders of reo. June 130
First National Pictures, lot pf.(qu.)__
151 May 1 Holders of roe. Apr. 166
Fisk Rubber Co., 1st pref.(owe.)
1% May 1 Holders of roe. Apr. 160
First convertible pref. (quiz.)
Second preferred (quar.)
151 June 1 Holders of roe. May 15a
Formica Insulation (qUen)
250. July 1 Holders of roe. June 150
10e. July 1 Holders of roe. June 15a
Extra
Quarterly
25e. Oct. 1 Holders of roe. Sept. 156
100. Oct. I Holdas of roe. Sept. 150
Extra
250. Jan.1'29 Holders of roe. Doe. 15a
Quarterly
10e. Jan.1'29 Holders of reo. Doe. 156
Extra
Franklin (H. IL) Mfg, prof. (guar.).
- 114 May 1 Apr. 21 to Apr. 30
Freeport Texas Co.(quar.)
$1
May 1 Holders of roe. Apr. 14a
750 May I Holders of reo. Apr. 14a
Extra
General Cable Corp., pref
$2 .33 1-3 May 1 Holders of rec. Apr. 106
$1 .66 2-3 June 1 Holders of rec. May 100
Class A
General Cigar, corn.(quar.)
$1
May 1 Holders of rec. Apr. 16a
June 1 Holders of roe. May 216
Preferred (quar.)
134 May 1 Holders of rec. Apr. 7a
General Motors,6% pref.(guar.)
134 May 1 Holders of roe. Apr. 7a
6% deb. stock (quar.)
1% May 1 Holders of rec. Apr. 7a
Seven per cent pref. (guar.)
General Stockyards Corp.. corn. (qu.)._
50c. May 1 Holders of reo. Apr. 166
Convertible. pref. (quar.)
$1.50 May 1 Holders of roe. Apr. 166
General Tire & Rubber. corn.(guar.).
- 75c. May 1 Holders of rec. Apr. 200
75c. Apr. 30 Holders of rec. Apr. 16a
Gilchrist Co. (guar.)
$1.25 June
Gillette Safety Razor (quar.)
Holders of rec. May la
Gimbel Brothers. pref.(quar.)
144 May
Holders of rec. Apr. 14
750. May
Gold Dust Corp., corn.(quar.)
Holders of rec. Apr. 170
madding. McBean & Co.
25c. May 1 Apr. 21 to Apr. 30
Monthly
Monthly
25c. June
May 20 to May 31
Monthly
25o. July
June 21 to June 30
Monthly
25c. Aug.
July 21 to July 31
Monthly
25o. Sept.
Aug. 21 to Aug. 31
Monthly
25c, Oct.
Sept.21 to Sept.30
25e. Nov.
Month!)
,
Oct. 21 to Oct. 31
Monthly
250. Dee.
Nov.21 to Nov.30
*31.50 July
Globe Grain & Milling, corn.
*Holders of rec. June 27
First preferred (quiz.)
*$1.75 July
*Holders of rec. June 27
Second preferred (quar.)
*32 July
*Holders of roe. June 27
Goodrich (B F) Co., corn.(gnu.)
$1
June I Holders of roe. May 100
preferred (guar.)
134 July 2 Holders of rec. June 8a
tiorham Mfg., let pref
$12.25 May 1 Holders of rec. Apr. 16
Gorham Mfg., let pre:.(qmt.)
144 June I Holders of rec. May 15
onward (H. W.) Co.. corn.(monthly).- 331-30 May 2 Holders of rec. Apr. 200
common (monthly)
331-3c June 1 Holders of roe. May 210
Common (monthly)
33 I-3c July 2 Holders of rec. June 200
Preferred (quar.)
1)4 May 1 Holders of rec. Apr. 200
Gotham Silk Hosiery. pref. (quiz.)__
1)4 May I Holders of rec. API% 1641
Granby Cons. M.Sm.& Pr.(quar.)
$I May 1 Holders of rec. Apr. 13a
Grand (F.& M.)540450.Sta., pf.(qu.) $154 May 1 Holders of roe. Apr. 14
Graton & Knight Co., Pt. (qu.)(No. 1)_
154 May 15 Holders of rec. Apr. 160
Great Northern Iron Ore Properties
750. Apr. 80 Holders of roe. Apr. 9a
25o. Apr. 30 Holders of roe. Apr. 20
Hall(W.F.) Printing (quar.)
Hamilton Bridge Co., 614% let pf.(qu) 144 May I Holders of rec. Apr. 16
Hamilton-Brown Shoe (monthly)
1214c May 1 Holders of rec. Apr. 23
Harnmermill Paper, corn.(guar.)
*25o. May 15 *Holders of rec. Apr. 30
Harbison-Walker Refr., corn. (quar.)__
134 June I Holders of rec. May 21a
Hart Schaffner & Marx (guar.)
*2
May 31 *Holders of roe. May 15
Hazeltine Corp.(quiz.)
25e May 24 Hclders of rec. May 4a
*15c. June 15 *Holders of rec. May 15
Hecht Mining (quar.)
Preferred (guar.)
134 July 20 Holders of rec. July 10
Helvetia Copper
200. May 15 Holders of rec. May 1
Hercules Powder, pref.(quar.)
154 May 15 Holders of rec. May 5
Hibbard. Spencer, Bartlett & Co.(mthlY) 350 May 25 Holders of rec. May 18
Monthly
350. June 29 Holders of rec. June 22
Higble Co.. let Prof.(quiz.)
134 May 1 Apr. 21 to May 1
50c. June I Holders of rec. May 19
Hobart hiM., common (quar.)
Hollander(A)& Son. Inc., corn.(quar.)_ 62)4c May lb Holders of rec. May la
1)4 May I Holders of rect. Apr. 18
Holly Sugar Corp., pref. (quiz.)
•
37)40 May 20 *Holders of rec. May 1
Home Service, corn. (quar.)
134 May 1 Apr. 21 to May 1
Hood Rubber Co., pref. (guar.)
Preference stock (quiz.)
1.88 May 1 Apr. 21 to May 1
Hood Rubber Products, pref. (guar.).- - 154 June I May 22 to June 1
*50o May I *Holders of rec. Apr. 16
Hunt Bros. Packing. cl. A (guar.)
35o May 1 Holders of rec. Apr. 140
Hupp Motor Car Corp.(guar.)
12)4 May 1 Holders of roe. Apr. 140
Stock dividend
000. July 14 July 4 to July 15
Illinois Brick (guar.)
Quarterly
60o. Oot. 15 Oct. 4 to Oct. 15
*50o May 1 *Holders of roe. Apr. 20
Illinois Pacific Glass, corn.(quar.)
incorporated Investors(stook dividend) s2
July 10 Holders of rec. June 296
26e. May 7 Holders of roe. Apr. 230
Independent Oil & Gas (guar.)
31
May 15 Holders of roe. Apr. 20
Indiana Pipe Line (quar.)
31
May 15 Holders of rec. Apr. 20
Extra
500 May 1 Holders of rec. Apr. 19
Internat. Cigar Machinery (guar.)
154 June 1 Holders of rec. May ba
Internat. Harvester. pref.(guar.)
1)4 May 1 Holders of rec. Apr. 126
Internat. Nickel, met.(guar)
000. May 15 Holders of rec. May la
Internat. Paper, common (guar.)
500 May 1 Holders of roe. Apr. 15
International Shoe, pref. (monthly)
50c June 1 Holders of rec. May 15a
international Shoe, pref. (monthly)._
(Monthly)
50c July 1 Holders of rec. June 15a
500. Aug. 1 Holders of rec. July 14a
(Monthly)
50c Sept. 1 Holders of rec. Aug. 15a
(Monthly)
500 Oct. 1 Holders of rec. Sept. 15a
(Monthly)
50o Nov. 1 Holders of rec. Oct. 15a
(Monthly)
500 Dec. I Holders of rec. Nov. lba
(Monthly)
Interstate Dept. Stores, pref.(No. 1).... *$1.75 May 1 *Holders of rec. Apr. 20
Interstate Iron & Steel, oom.(guar.)._ _ $1 July 1 Holders of rec. July ba
$1 Oct. 1 Holders of rec. Oct. ba
Common (guar.)
$1 Jan15•2 Holders of rec. Jan.5'29a
Common ((MM.)
154 June
Holders of ree. May 190
Preferred (guar.)
250. May 15 Holders of roe. May la
IntertYPe Corp, eom• (guar.)
62% June
Holders of roe. May 180
Jaeger Machine, corn.(quar.)
$1 July 1 Holders of roe. July 3a
Jewel Tea, coin. (quar.)
144 July
Holders of roe Jane 140
Preferred (quiz.)
*2
Apr. 2 *Holders of rec. Apr. 20
Kaufmann Dept Stores. corn.(au.)
12)4o July
Holders of reo. June 200
Kaynee Co.. common (extra)
Holders of roe. Apr. 16a
Kayser (Julius) & Co., corn. (quar.)____ $1.25 May
HelBey_Hayes Wheel, pref. (quar.)
254 May
Holders of reo. Apr. 20a
Holders of roe. Apr. 18a
Keystone Watch Case Corp., pref. (flu.) 154 May
Kidder Peabody Acceptances, pref. A.._ $2.5 May 1 Holders of rec. Apr. 16
134
151
Name of Company.
2605
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Cont(nued).
Kinney (G. R.) Co.. pref. (guar.)
*2
June 1 *Holders of rec. May 21
Kirby Lumber, corn. (quay.)
144 June 10 Holden of roe. May 31
Common (quar.)
144 Sept.10 Holders of rec. Aug. 31
Common (quar.)
1
Dec. 10 Holders of rec. Nov.30
Kress (S. H.) Co., com.(guar.)
25c. May 1 Holders of rec. Apr. 200
Special preferred (quar.)
15c. May 1 Holders of rec. Apr. 200
Laguna Land & Water(monthly)
1
May 10 Holders of rec. May la
Landay Bros., Inc., class A (quiz').... 75c. May 1 Holders of rec. Apr. 13a
Landers, Frary & Clark (mthly.)
*75e. June 30 *Holders of rec. June 21
Monthly
*750. Sept.30 *Holders of rec. Sept.21
Monthly
*75e. Dec. 31 *Holders of rec. Dec.
Land Title Bldg. Corp.(Phila.)(No.2.) 334 June 30 Holders of roe. June 22
11
Lanston Monotype Machine (guar.).- *M May 31 *Holders of rec. May 21
Undsay Light. pref.(quar.)
144 May 5 Holders of rec. Apr. 25a
Liquid Carbonic Corp.(Qum.)
90o. May 1 Holders of rec. Apr. 20
Loew's Boston Theatres(guar.)
15c. May 1 Holders of roe. Apr. 16a
Loew's. Inc.. pref. (guar.)
31.6234 May 15 Holders of rec. Apr. 28a
Lord dc Taylor, 1st pref.(guar.)
134 June 1 Holders of rec. May 17.
Loose-Wiles Biscuit, corn. (quar.)
40c. May 1 Holders of rec. Apr. 180
Second preferred (guar.)
O114 May 1 *Holders of rec. Apr. 18
Louisiana Oil Refg., 614% Pf.
1M May 15 Holders of rec. May la
Luther Manufacturing (quar.)
*2
May) 1 *Holders of rec. Apr. 18
Macy (II. H.) Co.(quar.)
$1.25 May 15 Holders of rec. Apr. 280
Mark (Louis) Shoes, Inc., pref.(guar.). 114 May 1 Holders of rec. Apr. 200
Massey-Harris Co., Ltd., pref. (qu.)... 134 May 15 Holders of rec. Apr. 28
McCall Corp., (guar.)
75c. May 1 Holders of rec. Apr. 20a
McCord Radiator ez Mfg. B (guar.).
- *50e. May 1 *Holders of rec. Apr. 25
McCrory Stores Corp., pref.(guar.).
- $1.50 May 1 Holders of rec. Apr. 20a
McIntyre Porcupine Mines(Guar.)
25c. June 1 Holders of rec. May 1
McKesson & Robbins(Canada), corn... 2.5c. Mar. 1 Apr. 16 to Apr. 30
Preferred
3M May 1 Apr. 16 to Apr. 30
McKesson & Robbins, Inc., corn. (qu.). 25c. May 10 May 2 to May 9
Common (extra)
25c. May 10 May 2 to May 9
Preferred (quiz.)
114 May 10 May 2 to May 9
Preferred (extra)
14 May 10 May 2 to May 9
McLellan Stores, class A & B (No.2)...
10o. Oct. 1 Holders of roe. Sept.20e
MelvilleShoe, corn. (quar.)
$1 May 1 Holders of rec. Apr. 204
Preferred (guar.)
$2 May 1 Holders of rec. Apr. 20.
Mercantile Stores Co., coin. (quiz.).... $1
May 15 Holders of roe. Apr. 30
Preferred (quiz.)
$1.75 May 15 Holders of rec. Apr. 30
Metropolitan Chain Stores, pref.(quar.) $1.75 May
Holders of rec. Apr. 20.
Miami Copper Co. (quar.)
3714c. May 15 Holders of rec. May la
Mid-Continent Petrol., pref.(quar.)
$1.75 June 1 Holders of rec. May 15a
Minneap-Honeywell Regulator. corn-- $1.250 Aug. 15 Holders of rec. Aug. 4
Preferred (guar.)
134 May 15 Holders of roe. May 4
Preferred (quiz.)
134 Aug. 15 Holders of rec. Aug. 4
Preferred (quar.)
114 Nov.15 Holders of rec. Nov. 3
Mirror (The), prof. (fluor.)
151 May 1 Holders of rec. Apr. 25
Missouri Portland Cement(guar.)
500. May 1 Holders of rec. Apr. 20
Mohawk Mining (quar.)
$1
June 1 Holders of rec. Apr. 30
Moloney Elec. Co., pref. (quar.)
114 May 1 Holders of rec. Apr. 17
Montgomery Ward dr Co., corn.(quay.). $1 May 15 Holders of rec. May 40
Morris (Philip) & Co., Ltd., Inc. (qu.)..
25c. July 16 Holders of rec. July 26
Quarterly
25c. Oct. 15 Holders of roe. Oct. la
Quarterly
25o.Ja n.16'29 Hold. of rec. Jan. 2'29a
Motor Products Corp., corn.(guar.).
- 50c. May 1 Holders of rec. Apr. 20a
Preferred (quar.)
$1.75 May 1 Holders of ree. Apr. 20a
Mt.Diablo Oil, Mm.& Dev.(monthly). •134 May 1 *Holders of rec. Apr. 20
Extra
•114 May 1 *Holders of rec. Apr. 20
Mullins Mfg., pref.(quiz.)
2
May 1 Holders of rec. Apr. 16a
Murphy (0.0.) Co.(guar.)
250. June 1 Holders of roe. May 22
Quarterly
25c. Sept. 1 Holders of rec. Aug. 22
Quarterly
25o, Deo, 1 Holders of rec. Nov. 21
Nash Motors, corn (quiz)
$1
May 1 Holders of roe Apr 200
Common (extra)
500 May 1 Holders of roe Apr 200
National American Co..Inc.(quiz.)....
50c. May 1 Holders of rec. Apr. lea
Quarterly
50c Aug. 1 Holders of rec. July 164
Quarterly
50c Nov. 1 Holders of rec.
National Belles Hess Co.. prof. (guar.). 134 June 1 Holders of rec. Oct. 15a
May 210
National Biscuit, corn. (quar.)
$1.50 July 14 Holders of rec. June 290
Preferred (guar.)
114 May 31 Holders of rec. May 170
National Carbon, pref.(guar.)
2
May 1 Holders of rec. Apr. 20
National Casket, corn
$1.50 May 1 Holders of rec. May 20
Prof. (guar.)
154 June 30 Holders of roe. June 150
Nat. Dept.Stores, let pref.(War.)
$1.75 May 1 Holders
rec.
Nat. Food Products, class A (guar.).--- 6254c.May 1 Holders of rec. Apr. 16a
of
May 4a
National Lead, pref. A (guar.)
1,‘ June 15 Holders of rec. June la
Preferred B (guar.)
134 May
Holders of roe. Apr. 23a
National Radiator Corp., pref.(quiz.).. 134 May
Holders of rec. Apr. 20a
Nat. Recording Pump (guar.)
75e May
Holders of rec. Apr. 20
Extra
25c May
Holders of rec. Apr. 20
National Supply, corn. (quar.)
$1
May 15 Holders of tee. May 5a
National Tea pref. (quar.)
154 May
Holders of rec. Apr. 14
National Tile (guar.)
750 May
Holders of rec. Apr. 18
d National Transit
*$7 June 1
Nelsner Bros., Inc , Dref (quiz)
n$1.7 May
Holders of me Apr 15
Nelson (Herman)Corp.. nook dividend
sl
July
Holders of rec. June 195
Stock dividend
01
Oct. 1 Holders of rec. Sept.18a
Newberry (J. J.) Co.. prof.(guar.)
$1.7 June 1 Holders
Newberry (J. J.) Realty, pref. (guar.)._ *114 May 1 *Holders of rec. May lba
of rec. Apr. 23
New Cornelia Copper (quiz)
50c May
New Jersey Bankers Securities(No. 1)._ *25c May 21 Holders of rec May 40
1 *Holders of rec. Apr. 16
New Jersey Zinc (quar.)
2
May 10 Holders of rec. Apr. 20
New Process Co., pref.(quar.)
154 May 1 Holders of rec. Apr. 28
New River Co.(acct. &mum. div.)
h$1.50 May 1 Holders of rec. Apr. 17
New York Air Brake, common (quar.)_.
75e. May 1
N.Y.& Honduras Rosario Min.(quiz.). 214 Apr, 28 Holders of rec. Apr. 10a
Holders of rec. Apr. 18
Extra
234 Apr, 28 Holders of rec. Apr. 18
N. V. Merchandise, corn. (guar.)
500. May 1 Holders of rec. Apr. 200
Preferred (quiz.)
$1.75 May 1 Holders of rec. Apr. 200
Nineteen Hundred Washer (guar.)
50c. May 15 Holders of rec. May 1
No. Atlantic Oyster Farms, A (guar.).500. June 1 Holders of rec. May 26
North Central Texas Oil (quar.)
15e. June 1 Holders of rec. May
Northern N.J. Bond &Mtge.. pf.(No.1) (s) May 1 Holders of rec. Apr. 10
.
lba
Northwest Engineering. corn.(luar.)
*50c May 1 *Holders of rec. Apr. 15
011 Well Supply, pref.(quar.)
$1.75 May 1 Holders of rec. Apr. 120
Ontario Biscuit pref. (guar.)
50c. May 1 Holders of rec. Apr. lba
Oppenheim, Collins &Co.(quar.)
$1
May 15 Holders of rec. Apr. 270
Oppenheimer (S.) Co.. prof. (guar.).- 2
May 1 Holders of rec. Apr. 24
Otis Elevator, pref.
154 July 16 Holders of rec. June 306
(quar.) (quiz.)Prefd
114 Oct. 15 Holders of rec. Sept. 29a
Outlet Co.. corn. (quay.)
$1
May 1 Holders of rec. Apr. 200
First preferred (quar.)
154 May 1 Holders of rec. Apr. 200
Second preferred (guar.)
134 May 1 Holders of Teo. Apr. 206
Owens Bottle, corn. (quar.)
75e. July 1 Holders of rec. June 15a
Preferred (quar.)
151 July I Holders of rec. June 15a
Pacific Coast Biscuit. corn.(guar.)
.
256 May 1 *Holders of rec. Apr. 13
Preferred (quar.)
'
8754c May 1 *Holders of rec. Apr'. 18
Packard Motor Car Co.(monthly)
250 Apr. 30 Holders of rec. Apr. 140
Monthly
250. May 31 Holder of roe May 15a
Patin° Mines &Enterprises
(o) Apr. 28 Holders of rec. Apr. 21a
Penmans, Limited, corn. (quiz.)
$1
May 15 Holders of rec. May 5
Preferred (quar.)
114 May 1 Holders of rec. Apr. 21
Perfection Stove (monthly)
3714c Apr. 30 Holders of rec. Apr. 200
Monthly
3734c May 31 Holders of rec. May 190
Monthly
3734c June 30 Holders of rec. June 20a
Monthly
8754c July 31 Holders of reo. July 20a
Monthly
8754c Aug. 31 Holders of rec. Aug. 20a
Monthly
37 Mc Sent.30 Holders of rec. Sept.200
Monthly
3734c Oct. 31 Holders of rec. Oct. 20a
Monthly
3734c Nov.30 Holders of roe. Nov. 20a
Monthly
3734t, Dec. 31 Holders of rec. Dec. 20a
Phlllips-Jones Corp., prof.(guar.)
134 May 1 Holders of
Pick (Albert). Barth & Co.. Part. pf.(qu) 4394e .May 15 Holders of reo. Apr. 20a
Piggly Wiggly West States A (quiz.)... *3754c May 1 *Holders of roe. Apr.10.5
rec. Apr. 20
Postum Co. (quar.)
$1.25 May 1 Holders of rec. Apr. 164
Prairie Pipe Line (quar,)
314 Apr. 30 Holders of rec.
Mar.31a
Procter & Gamble Co., corn.(quar.)...- *2
May 15 *Holders of rec. Apr. 254
Prudence Co.. Inc., pref.(per 1226)
334 May 1 Holders of rec. Apr. 20
Preferred (guar.)
134 Jan15'29 Holders of rec. Doe,
31a
Pullman, Inc.. ((War.)
$1
May 15 Holders of rec. Apr. 250
Name of Company.
When
Per
CMS. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Concluded).
1 H May 15 Holders of rec. Apr 300
Pullman Co. (guar.)
May I Apr. 20 to Apr. 30
2
Pyrene Mfg., corn. (guar.)
139 May 31 Holders of rec. May la
Quaker Date. pref. (guar.)
Cold Storage & WareQuincy Market
May 4 *Holders of rec. Apr. 18
house, pref. (guar.)
50e. May 1 Holders of rec. Apr. 21
Reed (C. A.) Co.. class A (guar.)
•50c. May 1 *Holders of rec. Apr. 20
Reo Motor Car, common (quar.)
"$1.25 May 1 *Holders of rec. Apr. 20
Preferred (guar.)
June 1 Holders of rec. May 15
1
Republio Iron & Steel, corn. (quar.)- -•131 July 2 *Holders of rec. June 15
Preferred (guar.)
3739o. May 1 Holders of rec. Apr. 15
Rice-Stix Dry Goods, corn. (guar.)
25e. May 1 Holders of reo. Apr. 5a
Richfield Oil, corn. (guar.)
Common (payable in corn.stook)
26c. May 1 Holders of reo. Apr. 5a
(
1)1 May 1 Holders of rec. Apr. 5a
Preferred (qusx.)
20e. May 15 Holders of rec. May 1
River Raisin Paper (guar.)
8239c May 1 Holders of rec. Apr. 150
Roos Bros..corn (guar.)
1.6239 May 1 Holders of rec. Apr. 15a
Preferred (guar.)
500 June 20 June 10 to June 20
St. Joseph Lead (guar.)
25e June 20 June 10 to June 20
Extra
50e Sept.20 Sept. 9 to Sept.20
Quarterly
25e Sept.20 Sept. 9 to Sept.20
Extra
50e Dec. 20 Dee. 9 to Doe. 20
Quarterly
25e Dec. 20 Dec. 9 to Dec. 20
Extra
St. Lawrence Flour Mills. pref. (guar.). 131 May 1 Holders of rec. Apr. 20
-See Note (I).
Salt Creek Conaol. 0111
75e. May 1 Holders of rec. Apr. 16
Salt Creek Producers Amoo.(guar.).-Savage Arms Corp.and pref.(guar.).-- elf' May 15 "Holders of roe. May 1
$1.50 May 1 Holders of rec. Apr. 14
Savannah Sugar, cont. (guar.)
1H May 1 Holders of rec. Apr. 14
Preferred (guar.)
50c. May 1 Holders of rec. Apr. 20
Scher-Hirst, Inc., class A (guar.)
8734c June 1 Holders of roe. May 150
Schulte Retail Stores. corn.(qua?.)
8734e Sept. 1 Holders of rec. Aug. 150
Common (guar.)
8734c Dec. 1 Holders of rec. Nov. 150
Common (quarj_ _
8239c May 1 Holders of rec. Apr. 14a
Sears, Roebuck & Co.(guar.)
Seeman Brothers, Inc., corn.(guar.)- • 50o May 1 Holders of rec. Apr. 16
e33 1-3 July 1 *Holders of rec. June 15
Sheffield Steel (payable In stock)
75e. July 2 Holders of rec. June 14a
Simmons Company (Einar.)
May 15 Holders of rec. May la
2
Sinclair Consol. Oil, pref. (guar.)
50e. June 15 Holders of rec. May 15a
Skelly Oil (guar.)
.300. May 15 *Holders of rec. May t
Smith (A.0.) Corp., corn.(quar.)
134 May 15 Holders of rec. May 1
Preferred (guar.)
.g 1.3735 May 15 *Holders of rec. Apr. 26
Standard Investing Corp.. prof
- I 31 May 1 Holders of roe. Apr. 70
Steel Co.of Canada,corn.& pref.(qu.)
75e. Apr. 30 Holders or roe. Apr. 18
Steel & Tubes, common (qua?.)
Apr. 30
131 May 1 Apr. 21 to
(guar.)
Stover Mfg. & Eng., pref.
75c. July 2 Holders of rec. June 156
Str000k (S.) & Co.. Inc.(guar.)
25e. Apr. 30 Holders of rec. Apr. 14
Supertest Petrol. Corp., corn
339 Apr. 30 Holders of rec. Apr. 14
Preferred. elms A
Apr. 30 Holders of rec. Apr. 14
3
Preferred, class B
Holders of rec. Apr. 14
20e. May
Telautograph Corp., corn.(guar.)
•90o May 15 *Holders of rec. May 4
Thatcher Mfg., pref. (quar.)30o. May 1 Holders of rec. Apr. 230
Thompson (John R.) Co.(monthly).30e. June 1 Holders of rec. May 236
Monthly
131 May 15 Holders of roe. Apr. 13a
Tide Water Oil, pref. (guar.)
131 May 15 Holders of roe. Apr. 256
class A ((uar.)
Tobacco Products,
206
Troxel Manufacturing, corn.(guar.)- -- 81.50 May I Holders of rec. Apr. 206
131 May 1 Holders or rec. Apr.
Preferred (quar.)
20c. May 1 Holders of rec. Apr. 206
Tung-Sol Lamp Wks. corn. (guar.)
45c. May 1 Holders of rec. Apr. 20a
Class A (guar.)
50e. May 10 Holders of roe. Apr. 18a
Union 011 of Calif.(guar.)
8239c May 10 Holders of rms. May 1
Union Storage (guar.)
62He Aug. 10 Holders of ree. Aug. 1
Quarterly
8234c Nov. 10 Holders of rec. Nov. 1
Quarterly
May 31
400. June 1 May 19 to
United Biscuit, corn. (quar.)
IN May 1 Apr. 27 to Apr. 30
Preferred (quar.)
May I Holders of rec. Apr. 18a
1H
United Cigar Stores, pref. (quar.)
Apr. 16
United Medical & Dental Bldg., PL(Qu.) 87Hc May 1 Holders of rec. June 20a
United Piece Dye Works,834% pf.(qu.) 139 July 2 Holders of rec.
139 Oct. 1 Holders of reo. Sept. 200
634% preferred (guar.)
'29 Holders of rec. Dec. 200
1H Ian 2
834% Preferred (guar.)
Apr. 30 Holders of roe. Mar.310
5
United Profit-Sharing, pref
76e May 1 Holders of rec. Apr. 14
U.S. & British Internat.. $3 pref.(an.).
of rec. Apr. lla
U.S. & Foreign Securities lot pf.(quar.) $1.50 May 1 Holders of rec. June la
U.S. Cast Iron Pipe & Fdy.,eom.(qu.). 239 June 15 Holders
234 *pt.15 Holders of roe. Sept. la
Common (guar.)
239 Deo. 15 Holders of roe. Dec. la
Common (guar.)
131 June 15 Holders of roe. June la
Preferred (guar.)
131 Sept. 15 Holders of rec. Sept. la
Preferred (guar.)
131 Dec. 16 Holders of roe. Dec. la
Preferred ((war.)
May 31 Holders of rec. May 15
U.S. Dairy Products. CIA (au.)(No. I) $I
$1.2f May 1 Holders of rec. Apr. 160
U.S. Industrial Alcohol, corn. (guar.)...
21 to June 30
U. S. Print. & Lith. 2d pref.(guar.).--- 134 July 1 June 21 to Sept.30
134 Oct. 1 Sept.
Second preferred (guar.)
129 Dec. 22 to Dec. 31
139 Jan
Second preferred (guar.)
500 May 1 Holders of rec. Apr. 136
United Verde Extension Mining (quar.)_
May I Holders of rec. Apr. 19a
31
Universal Leaf Tobacco. Inc, corn
1 Holders of rec. Apr. 160
Universal Pipe & Radiator, pf. (qu.)... 131 May 28 Holders of rec. Apr.r14
el00 Apr.
dividend)
Vacuum Oil (stook
750. May 15 Holders of rec. May la
Vanadium Corp.(quar.)
Vapor Car Heating131 June 10 Holders of rec. June la
Preferred (guar.)
131 Sept. 10 Holders of rec. Sept. la
Preferred (guar.)
131 Dec. 10 Holders of rec. Dee. la
(guar.)
Preferred
Sc. May 15 Holders of ree. Apr. 306
Venezuelan Petroleum (guar.)
May 1 Holders of rec. Apr. 18a
$1
Vick Chemical (guar.)
May 1 Holders of roe. Apr. 20
Vieteer alking Mach.corn
131 May 1 Holders of roe. Apr. 20
7% cum. prior pref.(claw.)
$1.50 May 1 Holders of roe. Apr. 20
pref.(guar.)
$8 cum.cony.
June 1 *Holders of rec. May 16
Va.-Carolina Chemical, pr. pf. (guar.).- •131
131 May I Holders of rec. Apr. 206
IfIvaudou (V.), Inc., prof.(guar.)
131 May 1 Holders of roe. Apr. 240
Prof. (qua?.)
Washburn, Crosby Co.,
•75o. June 1 *Holders of rec. May 15
WaYagamack Pulp & Paper (guar.)
131 May 1 Holders of rec. Apr. 180
Weber & Hellbroner, Inc., pref.(qua?.)_
3H July 1 June 21 to June 30
Western Grocer Co.. pref
50e. Apr. 30 Apr. 1 to Apr. 10
Westinghouse Air Brake (guar.)
Apr. 30 Holders of rec. Mar. 300
Westinghouse Elec. Mfg.. corn. (quid%)- $1 May I Holders of rec. Apr. 19a
$1
White Sewing Mach., pref. (guar.)
25e. May 10 Holders of rec. Apr. 14
Oil& Gas(guar.)
Wilcox
$1.25 May 15 Holders of rec. May 1
Winter (Benjamin). Inc., pref.(guar.)
$1.75 July 1 Holders of reo. June 20
Wire Wheel Corp. preferred (qua?.)... $1.75 Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
$1.75 Jan.1'29 Holders of rec. Dee. 26
Preferred (qua?.)
•15c. May 15 *Holders of rec. May 5
Wolverine Portland Cement (quar.)-$1.25 June I Holders of roe. Apr. 28
Woolworth (F. W.) Co.(guar.)
Sc. May I Holders of roe. Apr. 13a
Wright-Hargreaves Mines
25e. May 1 Holders of rec. Apr. 20a
Wrigley (Wm.) Jr. Co.(monthly)
25e. June 1 Holders of rec. May 200
Monthly
25e. July 2 Holders of rec. June 200
Monthly
25e. Aug. 1 Holders of rec. July 206
Monthly
8 2-3e May 1 Apr. 28 to Apr. 30
Yellow & checker Cab, corn. A (mthly) 6 2-3e June 1 May 26 to
May 31
(monthly)
Commonclass A
6 2-3c July 1 June 28 to June 30
Common class A (monthly)
6 2-3e Aug. 1 July 26 to July 31
class A (monthly)
Common
8 2-3e Sept. 1 Aug. 26 to Aug. 31
Common class A (monthly)
Sept. 26 to Sept. 30
2-3e Oct.
Common class A (monthly)
6 2-3e Nov. 1 Oct. 26 to Oct. 31
A (monthly)
Common class
6 2-3c Dec. 1 Nov. 26 to Nov. 30
Common class A (monthly)
.8239c May 1 *Holders of rec. Apr. 20
Zenith Radio, corn.(guar.)
The New York Stock Exchange has ruled that °trek
• From unofficial sources. t
on this date and not until further notice. I The
will not be quoted ex-dividend
has ruled that stock will not be quoted ex.
New York Curb Market Associationfurther notice.
dividend on this date and not until
for this dividend. j Payable in preferred nook.
O Transfer books not closed
!Payable in common etock. Q Payable In
d Correction. e payable in stock. dividends.
scrip. A On account of accumulated
payable either In cash or class A stock
I Associated Gas & Electric dividends share; on $8 pref. 333-100s shares class A
1-40
as follows: on class A stock at rate of class A Mock.
stock: on $8.50 pref. 3 61-100ths share
dividend is one-half share preferred for
m Consolidated Laundries common stock
each 100 shares of common.
[Vol. 126.
FINANCIAL CHRONICLE
2606
n Less any adjustment made on old 7% preferred converted Feb. 24 1928 on any
adjustment due on the new issue of 7% preferred.
o Patine Mines & Enterprises dividend is 4 shillings per share on basis of $4.8665
to the Merlins equivalent to $.9733 per share.
p Amer. Superpower Co. stook dividend is one share $8 pref. for each 5 shares
common A or common B held.
r New York Curb Market rules Vacuum Oil shall not be quoted ex the 100%
stock dividend until April 30.
sr At rate of 7% per annum from date of issuance.
C Salt Creek Consol. 011 dividend payable May reported in previous issue was an
error. No dividend due for this company until July 1.
U Shulte Retail Stores declared 2% in stock, payable 39% quarterly.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31, the New York City Clearing House
Association discontinued giving out all statements previously
issued and now makes only the barest kind of a report. The
new return shows nothing but the deposits, along with
the capital and surplus. We give it below in full:
STATEMENT OF THE MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDING SATURDAY, APR. 21 1928.
,
Clearing House
Members.
*Capital.
•
Surplus & Net Demand
Undivided
Deposits
Profits.
Average.
Time
Deposits
Average.
Bank of N.Y.&'rrust Co_ --Bank of the Manhattan Co.__
Bank of America Nat. Assoc_
National City Bank
Chemical National Bank
National Bank of Commerce_
Chat.Phenix Nat.Bk.&Tr.Co.
Hanover National Bank
Corn Exchange Bank
National Park Bank
Bowery & East River Nat.Bk.
First National Bank
Amer. Exchange Irving Tr.Co
Continental Bank
Chase National Bank
Fifth Avenue Bank
Garfield National Bank
Seaboard National Bank
State Bank & Trust Co
Bankers Trust Co
U. S. Mtge. & Trust Co
Title Guarantee & Trust Co
Guaranty Trust Co
Fidelity Trust Co
Lawyers Trust Co
New York Trust Co
Farmers Loan & Trust Co....
Equitable Trust Co
Colonial Bank
$
6,000,000
12.500,000
6,500,000
75,000,000
5.000,000
25,000,000
13.500,000
5,000.000
11.000,000
10,000,000
4,000.000
10,000,000
32.000,000
1,000,000
50,000.000
500,000
1,000,000
9,000,000
5,000,000
20,000,000
5,000,000
10,000,000
30,000,000
4,000,000
3,000,000
10,000,000
10,000,000
30,000,000
1,400,000
A
12,864,800
19,258,700
5,398,500
70,380,500
19,083,500
45,506,000
14.718,000
26,440,500
17,867,500
25,257,600
7,255,700
84,391,300
31,866.200
1,368,800
57,470,000
3,369,000
1,931,900
14.081.600
6,378,800
42,591.000
6,015,400
21,676,200
37,468,300
3,636,800
3,757.000
23,775.200
21,728,300
25,574,100
3,633,800
$
61,309,000
143,852,000
95,467,000
2880,977,000
132,668,000
339,559,000
168,227,000
128,516,000
178,849,000
135,050,000
49,416,000
246,364,000
388,996,000
7,728,000
6620,686,000
26,890,000
18.331,000
137,187,000
38,183,000
c335,849,000
59,159,000
40,232,000
d534,802,000
44,300,000
20,419,000
148,913,000
el19,776,000
1339,783,000
29,325,000
Clearing Non-Members.
Grace National Bank
Mechanics Tr. Co.. Bayonne_
1,000,000
500,000
2,017,800
739,700
9,425,000
3.479,000
0
4,147.00
5,795,000
AST 40, t))4. evo. ...“.
el.,. en. nnA
Ana onn nnn
$
8,719.000
30,703.000
4,369,000
181,963,000
5,455,000
40,892.000
45,352,000
3,012.000
30,586,000
11,805,000
24,597,000
11,251,000
56,139,000
500.000
50,809,000
2,210,000
365,000
6,989,000
81,427,000
51,667,000
4,301,000
2,011,000
89,014.000
5,092,000
3,910,000
29,931,000
18,918,000
34,800,000
8,886,000
•As per official reports-National. Feb. 28 1928; State, Mar. 2 1928; trust companies. Mar. 2 1928.
Includes deposits in foreign branches:(a) $269,189.000;(b) $14,339,000;(c) $53.000.000:(d) $80,480,000; (e) $1,874,000; (f) $98,248,000.
Boston Clearing House Weekly Returns.
-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Apra 25
1928.
Changesfrom
Previous Week
April 18
1928.
April 11
1928.
A
$
P
$
83,400,000
83,400,000 Unchanged
Capital
83,400,000
96,607,000 Unchanged
96,607,000
Surplus and profits
96,607.000
0
(Meta & investls_ 1.188,008.000 -7,032,000 1,175,040,000 1,164,852,00
Loans.
723,246.000 -1,158,000 724,404,000 711,329,000
Individual deposits
164,004,000
-771,000 184,775,000 164.8.53.000
Due to banks
294,152,000
Time deposits
+461,000 293,691,000 293,405,000
11,145,000 -5,959,000
20,331,000
United States depoeits
17,104,000
30,407.000
33,857,000 -2,467,000
Exchanges for CI's Howse
38,504,000
81,339,000
Due from other banks_.
91,384,000
+152,000
91,212,000
88,215,000
Ree've in legal deposit's
88,154,000
+555,000
87,599,000
9,473.000
9,333,000
Cash in bank
+56,000
9,277,000
1.259.000
Res've excess in F.R.Bk.
978,000
484000
+494.000
Philadelphia Banks.
-The Philadelphia Clearing House
return for the week ending April 21,with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Week Ended April 211928.
Two Ciphers (00)
omitted.
Members of
Trust
P.R.Stotem Companies
1928.
Total.
April 7
1928.
Aprii
1928.
Capital
(12,800.0
53,800,0
9,500,0
63,300.0
62,800.0
Surplus and profits- _ _ 168,317.0
17,914.0 186.231,0 184,415,0 185,704,0
Loans, discle & invest. 1,028,607,0 103,337,0 1,131,949,0 1,125,571.0 1,110.349,0
Each, for Clear. House
44,837,0
95.98.5,0
1,170,0
47,155,0
42,685,0
Due from banks
99,050,0 100,903,0 108,804,0
08,526,0
524,0
Bank deposits
138,194,0
3,413,0 141,607,0 142,170,0 145,244.0
Individual deposits_ _
. 693,599,0
55,182,0 698,731,0 891.490,0 687,183,0
Time deposits
29,189,0 230,201,0 224,518,0 223,499,0
201.012,0
Total deposIta
87,784,0 1,070,539,0 1,058,178,0 1,055,901,0
982,755,0
9,274,0
Res. with legal depots
9,400,0
10,016,0
10,016,0
71,350,0
Res. with F. R. Bank_
71,950,0
72.841,0
72,841,0
12,208,0
Cash in vault•
12,475,0
12,344.0
9,581,0
2,783,0
92,830,0
Total res. & cash held_
93,825,0
95,201,0
82,402,0
12,799,0
80.907,0
81.812,0
82,504,0
Reserve required
71,780,0
10,724,0
Excess reserve and cash
11,923.0
12.013 0
12.697,0
2.075.0
in vault
10.622,0
• Cash in vault not counted as reserve for Federal Reserve members.
FINANCIAL CHRONICLE
Am. 28 19281
2607
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, April 26,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 2574, 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 APRIL 25 1928.
Apr. 23 1928. Apr. 18 1928. Apr. 111928.Apr.4 1928. Mar.281928. Mar.21 1928. Mar. 14 1928 Mar. 7 1928 Apr. 27 1927.
RESOURCES.
s
$
$
$
$
$
$
$
3
1,207,703,000 1,279,070.000 1,287,089,000 1,247.059,000 1,331,263,000 1,393,893,000 1,369,178,000 1,345,440.000 1,628,235,000
3old with Federal Reserve agents
50,671,000
48,560,000
Sold redemption fund with U. S. Treas.
57,383,000
59,090,000
50.652.000
58,841,000
58,576,100
49.778,000
40,618,000
Gold held exclusively agst. F.R. notes 1,266.793.000 1,329.741,000 1,344.472,000 1,305,900,000 1,381,915.000 1.442.453.000 1.427.754,000 1,395.218 000 1,668,853,000
835.001,000 773,029,000 750,575.000 794,067.000 714.989,000 684,561.000 735,014,000 767.300.000 638,802,000
Sold settlement fund with F.R.Board
Sold and gold certificates held by banks. 621,479,000 616,668,000 653,750,000 643,562,000 663,059.000 648.757,000 625,649,000 649,700.000 733,202,000
Total gold reserves
Reeervee other than gold
Total reserves
Ron-reeerve cash
Bills discounted:
Secured by U.8. Govt. obligations.._
Other bills discounted
2,723,273,000 2,719,438,000 2,748,797,000 2,743,529,000 2.759.963,000 2,775,771,000 2.788.417,000 2.812,218.000 3,040,837,000
162.551.000 165,087 000 163,864,000 164,442.000 170,544.000 170,060,000 168,300,000 163.442,000 166,301,000
--2,885,824.000 2,884.525,000 2.912,661,000 2,907.971,000 2,930.507,000 2.945,831,000 2,956,717,000 2,975,660,000 3,207,358,000
67,786.000
65,499,000
68,045,000
67,115,000
67,323,000
61,504.000
70,013,000
70,084,000
65,769,000
462.771,000
246,302.000
391,580,000
228,037,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
709,073,000
365,841,000
Total U. S. Government securities
Other securities (see 001e)
285,253,000
187,041,000
289,784,000
192.324.000
256,588,000
186,963.000
524,096.000
34o.103,040
285.371,000
191,607,000
476,978,000
332.728.000
472,296,000
343,326.000
482,108,000
338,495,000
443,553,000
241,899.000
56,609.000 56,233.000
151,763.000 163,947,000
169,644,000 163,052,000
55.711.000
163.112.000
166,509,000
57,330,000
171,792,000
156,139,000
58,807,000
193,421,000
148.659,000
57.047.000
205,633.000
140.032.000
70,673,000
89,311,000
158,341,000
333,232.000
990,000
385,832.000
990.000
385,261,000
500,000
400,887.000
1,000.010
402.712,000
1.000,000
318,325,000
1,800,000
619,617,000
350,756,000
391.357,000 350,602,000
227,322.000 250,874,000
618.679.000 601,476,000
361,595.000 343,636.000
55.237,000
107,560,000
141,953,000
56,559,000
123,124,000
161.003,000
304.755,000
990.000
340.686.000
990,000
378.016,000
990,000
322,034.000
202.062.000
Total bills and securities (see note)
Gold held abroad
Due from foreign banks (see note)
Uncollected items
Bank premises
All other resources
1,380,659,000 1,312.049.000 1.359.280,000 1,329,334,000 1,257,021,000 1,195,467.000 1.217.509,000 1.224,315.000 1,005.577,000
Total resources
LIABILITIES.
F. R. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
5,035,251,000 5,038,984,000 5,069.594.000 5,042,858,000 4,920.951,000 4,954.469,000 5,060,702,000 4,951,016.000 5,004,664,000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
2,474,619,000 2,423,266,000 2,478,441,000 2,434,987,000 2,404.215.000 2,359.704,000 2,402.926,000 2,410.733,000 2,313,860,000
600,791,000 697,397.000 616.919,000 623,648.000 568,353,000 646,319,000 701,004.000 566,760,000 601,649,000
137,613,000 137,606,000 137,145,000 135.731,000 136,150,000 136,642,000 136,456,000 136,605,000 128,806,000
233.319,000 233.319.000 233,319,000 233,319,000 233,319,000 233,319,000 233,319,010 233,319.000 228,775,000
I
13,857.000
15,382,000
16,207,000
13,199.000
14,163,000
15.001.000
12,883.000
12,224.000
13,317,000
570,000
633.613.000
59,409,000
9,677,000
570,000
755,687,000
59,378,000
0,452,000
570,000
660.197,000
.59,375,000
10,396.000
570,000
674,074,000
59.274,000
10,131.000
570,000
595.975.000
59,263,000
9,826,000
569,000
676,071,000
59.264,000
9.222.000
579,000
744,469,000
59,265.000
12,159,100
660,000
569,000
609.762,000 653,714,000
59,078.000
58,588,000
11,548,000
12.998,000
1,572,612,000 1,582,014,000 1,588.769.000 1,601,010,000 1.567,052,000 1,565,286,000 1,574,114,010 1,591,370.000 1,718,257,000
2,417,377,000 2.392,347,000 2,432,311.000 2,400.808.000 2,357,143,000 2,322.237,000 2,362,424.0002,36l.464.000 2,269,513,000
24.757,000
33,587,000
14,863.000
6,303.000
18,975.000
9,980,000
19,195,000
25,037,000
24,138,000
5,377.000
4,502.000
5,007.000
5,661,000
4.305,000
5,310.000
7,291.000
6.116.000
4,913,000
17.308,000
18,278.000
18,102.000
18,955,000
17,222,C00 18,121,000
18.889,000
19,644,000
15,296,000
Total liabilities
5,035.251.000 5,088,984,000 5,069.594,000 5.042,858,000 4.920.951,000 4,954,469,000 5,060,702.000 4,951,016.000 5,004,664,000
Ratio of gold reserves to deposits and
F. R. note liabilities combined
70.7%
69.5%
67.3%
68.0%
67.8%
67.9%
70.1%
70.3%
75.4%
Ratio of total reserves to deposits and
F. R. note liabilities combined
75.1%
71.3%
73.8%
74.3%
72.1%
71.6%
72.0%
74.4%
79.5%
Contingent liability on bills purchased
for foreign correspondents
261,543,000 262.645,000 242,373,000 242,084.000
243.009 243.975,000 239,660.000 238.553.000 146.943,000
Distribution by Maturities8
1-15 days bills bought In open market. 120,797.000
1-15 days bills discounted
585,962,000
1-15 days U. S. certif. of indebtedness.
4.100.000
1-15 days municipal warrants
16-30 days bills bought in open market.
68,806.000
16-30 days bills discounted
26,741,000
16-30 daye U. S. certif. of indebtedness.
16-30 days municipal warrants
31-80 days bills bought in open market _
83,644,000
31-60 days bills discounted
50,317,000
81-60 days U. S. certif, of Indebtedness_
15,242,000
31-60 days municipal warrants
61-90 days bills bought in open market.
82,147,000
61-90 days bills discounted
31,899,000
61-90 days U. S. certif. of indebtednets.
61-90 days municipal warrants
Over 90 days bills bought In open market
10,447,000
Over 90 days bills discounted
14.154,000
Over 90 days certif. of indebtedness.... 122,616,000
Over 90 days municipal warrants
F. 11. notes received from Comptroller
F. R. notes held by F. R. Agent
Issued to Federal Reserve Banks
How Securers
Ely gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible paper
s
$
$
$
$
s
$
$
128.163.000
504.323.000
5,790,000
163,852,000
515.937,000
3,425,000
150,047,000
507,860 000
940 000
167.981.000
442,928,000
509,000
151,818.000
400,982,000
435,000
142,960,000
399,259,000
10,732.000
124.030,000
405,499.000
14.630.000
121,147,000
351.538,000
60,536,000
27,325,000
61,176,000
23,930,000
75.649,000
23.851,000
77.976,000
18,629,000
79,257,000
17,721.000
89,780.000
18,104,000
91,920,000
18,266,000
68,003,000
21,037,000
68,287,000
47,999,000
23.028,000
58,903.000
40.831,000
57.775,000
36.347,000
58.788,000
32,801,000
64,963,000
32,557,000
75,281,000
31.442.000
92,079,000
31,045,000
38.412,000
36,778,000
50,387,000
86,713,000
28,708,000
73,968.000
27.689,000
1,773,000
54.808.000
23,957,000
2,000
35,457,000
20,294,000
1,892,000
31.771,000
16,911.000
5,820,000
30,661,000
15,152,000
27.230.000
20,479,000
10,815,000
21,561,000
7,057,000
11,262,000
132,185,000
3,696,000
10,242,000
5,357,000
9.461,000
162,110.000
5.901,000
4,919,000
9.244,000
8,807,000
164.108.000 149,884,000
4,644,000
8,339,000
137.927.000
3,236,000
6,819.000
125.402,000
3,522,000
12.639,000
107,954,000
2.705,282.000 2,802,933,000 2,823,286,000 2,812,162,000 2.823,560.000 2,840,840.100 2,850,263.000 2,866,160.000 2,978,801,000
845,835,000 845,875,000 853,334.000 853,110,000 869,300,000 875,450,000
879,465,000 877,040.000 859,783,000
1.949,447,000 1,957,058.000 1.969.952.000 1.959,052.000 1,954.200,000 1,965,350,000 1.970,798,000 1.989,120,000 2,119,018,000
415,242,000
91,083,000
701,378 000
1,024,456,000
413,841,000
99.360,000
765,869,000
917,412.000
413.841,000
95,943,000
777,305,000
928,547,000
414.140,000
100.639.000
732.230.000
910.945,000
414,140,000
09.152.000
817.971,000
839,382,000
414,140,000 414.840,000
88,454,000
91,366,000
888,387,000 865,884.000
780,579.000 778,352,000
414,841.000 409.605,000
90.736,000 101,375,000
839.863,000 1,117,255,000
792.404,000 654,902,000
Total
2.232.159.000 2.196.482 non 2 216 025 nnn 9 155 nru AIM 9 I'M ASS nnn o 5.re 470 AM 0 107 see nnn 9 127 044 nnn 2.283.137.000
NOTE.
-Beginning with the statement of Oct. 7 1925, two new Items were added In
order to show separately the amount of balances held abroad and a mounts due
so foreign correspondents. In addition, the caption. "All other earning assets,' previously
made
"Other securities." and the caption, "Total earning assets" to "Total bills and securities." The up of Foreign Intermediate Credit Bank debentures, was changed to
more accurate description of the total of
She discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of thelatter item was adopted as a it was stated, are the only Items Included
Federal Reserve Act, which,
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 2
FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS APRIL 25 1928.
Two Mphers (00) omitted.
Federal Reserve Bank of
-
Total.
Boston,
New York.
Phila.
I
Cleveland, Richmond Atlanta. Clatcaoo. St. Louts. Minneap. Kan.Ctty. Dallas. San Frau,
s
RESOURCES.
S
$
Gold with Federal Reserve Agents 1,207,703,0 73,822.0
59,090,0 4,676,0
Gold red'n fund with U.S.'Treas.
5
3
S
5
3
3
$
$
$
$
228,393,0 96,307,0 145.631,0 42.713,0 108,416,0 216,010,0 27.334,0 39,749,0 44,259,0 21,805.0 163.264,0
16,294,0 7,261,0 4,645,0 1.866,0 3,261,0 7,721,0 3,607,0 2,590,0 2,759,0 1,443,0 2,962.0
Gold held excl. asst.F.R.notes 1,266.793,0 78,498,0
Gold settle't fund with F.R.13oard 835,001,0 72,217,0
621,479,0 26,809,0
Gold and gold certificates
244,687,0 103,568,0 150,276.0 44,579,0 111,677,0 223,731,0 30.941,0 42,339,0 47,018.0 23,253,0 166,226,0
314,345,0 53,009,0 74,888,0 15,833,0 7,834,0 157,500,0 25,705,0 17.476,0 35,464,0 23,283.0 37.447,0
337,244,0 24,645,0 44,117.0 10.595,0 10,402,0 54,132,0 12,125,0 4,929.0 6,652,0 9.062,0 30.767,0
2,723,273,0 177,524,0
162,551,0 15,172,0
946,276,0 181,222,0 269,281,0 71,007,0 129,913,0 435,363,0 68,771,0 64,744,0 89,134,0 55,598,0 234.440,0
32,966,0 7,491,0 13.528,0 11.238,0 15.652,0 18,769,0 14,929,0 3,550,0 7,363,0 9.319,0 12.074,0
2,885.824,0 192,696,0
Total reserves
65,499,0 5.663,0
son-reserve cash
Bills discounted:
See. by U. B. Govt. obligations 462,771,0 26,422.0
246.302,0 14,895,0
Other bills discounted
979,242.0 188,713,0 282,809,0 82,245,0 145,565,0 454,132.0 83,700,0 68,294,0 96,497,0 65,417,0 246,514.0
19,762.0 2,252,0 4,355,0 5,465,0 4,468,0 7,688.0 4,390.0 1.373,0 2,398,0 '3,243,0 4,442.0
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates of Indebtedness
709.073,0 41,317.0
365,841,0 50,926,0
Total U.8. Gov't securities
304.755.0 13.838.0
242,617,0 44,211,0 56,249.0 36,408,0 47.730,0 97,544,0 34,656,0 13,867,0 19,448,0 9,471,0 65.555.0
05,264,0 32,885,0 33,115,0 15,836,0 18,880,0 41.345,0 3,667,0 18.490,0 14,797,0 14,427,0
26,209,0
1,434,0
535,0
505,0 1.153,0
39,0 19,927,0 7,125,0 4,519,0 11,390,0 7,815,0
38,0
14,742,0 10,529,0 28,777,0 1,160,0 3,550,0 7,239,0 11,710,0 4,743,0 3,850,0 4,532,0
38,459.0 16.325,0 11,204,0 3.381,0 3,51803 20,004,0 6.450,0 4,893,0 9,033,0 8.025.0 13.376,0
10,887,0
54.63.50 27 420 n 412 40a 0 6 ens n 9 107 0 47 17042 2.929.942 14 1560 142720 90 17'> n 's0 ,n.
Total gold reserves
Reserves other than gold
55,237,0
107,560,0
141,958,0
707,0
3,352,0
9,779,0
173,310,0 31,334,0 35,679,0 11,943,0 16,943.0 69,569,0 17,635,0 11,108,0 9,335,0
69.307,0 12.877,0 20,570.0 24,460,0 30,787,0 27.975,0 17,021,0 2,759,0 10,113,0
3,492,0 55,996.0•
5,979,0 9,559,0
[VOL. 126.
FINANCIAL CHRONICLE
2608
RESOURCES (Concluded)
Two ciphers (00) omitted.
Total.
3
990,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected items
Bank premises
All other resources
Boston.
New York.
Phila.
$
$
$
Cleveland. Richmond Atlanta, Chicago. St. Louis. Minneap. Kan.City. Dallas. San Frau.
$
$
$
$
$
990,0
3
3
3
3
A
392.516,0 104,535,0 129,850,0 57,938,0 73,717,0 186,059,0 63,608,0 47,502,0 58,518,0 44,270,0 116,065,0
25,0
217,0
47,0
51,0
21,0
68,0
17,0
21,0
13,0
18,0
35.0
173,644,0 51,204,0 59,188,0 48,302,0 23,807,0 76,631,0 28,776,0 11,828,0 33,894,0 26,351,0 37,296,0
16,548,0 1,756,0 6,865,0 3,272,0 2,829,0 8,720,0 3,891,0 2,202,0 4,308,0 1,817,0 3,377,0
433,0 1,373,0
1.896,0
136,0 1,199,0
847,0
633.0 1,033,0
541,0
427,0 1,094,0
1,380,659,0 106,081,0
37,0
570,0
633,613,0 62,692,0
59,409,0 3,824,0
65,0
9,677,0
5,035,251,0 371,058,0 1,583,825,0 348,643,0 484,317,0 197,680,0 251,780,0 734,145,0 185,019,0 132,245,0 196,174,0 141,542,0 408,823,0
Total resources
LIABILITIES.
P. R. notes to actual circulation_ 1,572,612,0 122,129,0 335,683,0 123,590,0 194,020,0 56,560,0 141,506,0 248,054,0 52,064,0 56,247,0 56,305,0 32,887,0 153,447,0
Deposits:
Member bank-reserve ace't 2,417,377,0 155,072,0 971,935,0 137,888,0 188,893,0 68,039,0 68,867,0 356,343,0 83,387,0 52,275,0 91,341,0 63,311,0 180,026,0
3,970,0 2,735,0 2,218,0 4,696,0 4,413,0 3,171,0 1,449,0
33,587.0 2,537,0
1,437,0
1,612,0 2,628,0 2,721,0
Government
676,0
331,0
273,0
714,0
617,0
903,0
5,377,0
487,0
279,0
175,0
234,0
227,0
461,0
Foreign bank
73,0
995,0
248,0 1,014,0
8,881,0
104,0
18,278,0
278,0
310,0
273,0
26,0 5,542,0
534.0
Other deposits
TotaldeposIts
Deferred availability Items
Capital paid in
Surplus
All other liabilities
985,500,0 141,344,0 192,782,0 73,139,0 73,801,0 361,431,0 85,425.0 54,160,0 93,721,0 66,192,0 188,750,0
152,881,0 47.407,0 57,436,0 48,431,0 20,643,0 70,771,0 30,860,0 10,797,0 32,146,0 29,155,0 38,557.0
42,545,0 13,730,0 14,260,0 6,251,0 5,176,0 18,138,0 5,323,0 3,027,0 4,236,0 4,323,0 10,726,0
63,007,0 21,662,0 24,021.0 12,324,0 9,996,0 32,778,0 10.397,0 7,039,0 9,046,0 8,527,0 16,629,0
975,0
658,0 2,973,0
4,209,0
910,0 1,798,0
950,0
975,0
630,0
458.0
684.0
2,474.619,0 158,374,0
600,791.0 61,707,0
137,613,0 9,878,0
233,319,0 17,893,0
16,297,0 1,077,0
5,035,251,0 371,058,0 1,583,825,0 348,643,0 484,317,0 197,680,0 251,780,0 734,145,0 185,019,0 132,245,0 196,174,0 141,542,0 408,823,0
Totalllabllltlea
Memoranda.
Weil
63.4
67.6
74.5
74.1
71.2
73.1
71.3
68.7
60.9
61.9
64.3
66.0
72.0
Reserve ratio(per cent)
Contingent liability on bills pur72,730,0 24,982,0 27,349,0 13,411,0 11,045,0 36,553,0 11,308,0 7,100.0 0,467,0 9,204,0 18,671,0
chased for foreign correspondle 261,543,0 19,723,0
F. R. notes on hand (notes rec'd
from F. R. Agent loss notes In
376.625.0 25 030 0 115.942.0 31.117.0 24.624.0 19.797.0 29.889.0 45.002.0 11.665.0 5.5200 7 561 n 7 920 n 02 211 (1
Circulation
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF BUSINESS APRII 25 1928.
Boston.
Total.
Federal Reserve Agent at-
New York.
Phila,
Cleveland. Richmond Atlanta. Chicago. St. Louis, Afinneap. Kan.City, Dallas, San Frau.
3
3
Two ciphers (00) emitted.
H.R.notes rec'd from Comptroller 2,795,282,0 226,509,0
PR.notes held by F. R.Agent-- 845,835.0 79,350,0
$
3
$
$
$
$
$
$
3
$
8
736,345,0 174,407,0 256,324,0 102,401.0 233,885,0 431,986,0 81,799,0 80,335,0 100,696,0 62,607,0 307,988,0
284.720,0 19.700,0 37.680,0 26,044,0 62,490.0 138,930,0 18,070,0 18.559,0 36,710,0 22,382,0 101,200.0
F. R. notes issued to F. R. Bank 1,949.447,0 147,159,0
Collateral held as security for
F. R. notes issued to F. It. Bk.
. 415,242,0 35,300,0
Gold and gold certificates_ __
91,083,0 10,522.0
Gold redemption fund
701,378,0 28,000.0
Gold fund-F.R. Board
1,024,456,0 92,243,0
EligiblePaPer
451,625,0 154,7070, 218,644,0 76,357,0 171,395,0 293,056,0 63,729,0 61,776,0 63,986,0 40,225,0 206,788,0
Te•••Ines11
205,150,0
44,000,0 31.021,0 20,001,0
8,300,0 14,167,0
17,303,0 40,000,0
1,534,0 2,582,0 3,399,0 2,502,0 19,823,0
18,243,0 8,330,0 11,631,0 7,192,0 4,315,0 1,010,0
5,000,0 87,977,0 90,000,0 4,500,0 84,100,0 215,000,0 17,500,0 23,000,0 40,860,0 2,000,0 103,441.0
86,478,0 48,776,0 66,197.0 138,765.0 37,088,0 32,235,0 33,948,0 23,743,0 91,570,0
304,713,0 68,700,0
19 992 109 0 166.065.0
1
533.106.0 165.007.0 232.109.0 91.489.0 174.613.0 354.775.0 61.422.0 71 084 n
70 9n7
n
AA AASI A ova WM n
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 645 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 2574,immediately following which
we also give the figures of New York reporting member banksfor a week later.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS APRIL 18 1928 (In thousands of dollars).
Federal Reserve Districi-
Total.
Boston. New York
Phila.
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Kan. City Dallas. San From.
Loans and Investments--total
s
s
s
s
$
22,381,264 1,607,501 8,570,969 1,246,981 2,185,521
692,000
627,186 3,233,279
732,403
381,578
3
682,311
$
3
447,022 1,971,513
Loans and discounts-total
15,762,979 1,114,039 6,154,501
824,567 1.454,598
s
$
s
$
s
517,093
501,906 2,308,895
509,496
251,417
446,453
339,593 1,340,421
144,220
Secured by U. S. Gov't oblige's
6,692,701
Secured by stocks and bonds. _
.
All other loans and discounts_ _ _ 8,926,058
5,740
68,290
443,360 2,947,279
664,939 3,138.932
8,902
456,600
359,065
15,089
660,318
779,191
2,777
170,164
344,152
19,851
5,128
125,776 1,020,790
371,002 1,268,254
4,166
206,069
299,261
2,463
72,012
176,942
3,558
133,238
309,657
3,499
86,738
249,356
4,757
370,357
965,307
6,618,285
493,462 2,416,468
422,414
730,923
174,007
125.280
924,384
222,007
133,161
235,858
107,429
631,092
U. 6. Government securities_ _ _ _ 2,996,996
Other bonds, stocks and securities 3,621,289
192,534 1,164,064
300,928 1,252,404
109,117
313.297
325,626
405,297
75,766
99.141
61,986
63,294
379,832
544,552
86,281
136,626
68,624
64,537
110,159
125,699
77,113
30,316
345,894
285,198
821,401
62,602
84,128
14,575
135,231
28,625
41,498
12,186
41,869
10,713
252,901
40.107
48,050
6,859
28.116
5,678
56,973
11,141
34,224
8,616
118,589
21,192
Investments-total
Reserve balances with F.R. Bank
Cash In vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
1,768,793
240,851
105,813
18,557
13,889,032
8.840.772
168,566
984,979 6,238,367
503,446 1,650,472
55,823
12,442
786,236 1,057,942
296,373 957,924
12,174
9,326
369,444
248.666
5,856
334,912 1,851,390
240,620 1,264,418
12,577
20,826
404,332
247,265
4,234
222,217
134.470
2,036
502,932
177,011
3,996
1,188,482
3,424.726
61,737 178,407
158,990 1,318,792
63,616
197,991
93,729
237,135
51,926
105,869
73,287
117.491
238,319
527,399
53,303
127,287
43,787
96,740
115,330
212,035
59,222
98,372
155,819
226,625
299,786 837,395
120,781 1,001,326
7,152
22,124
Borrowings from F. R. Bank-total
469,465
41,110
123,573
28,969
46,484
18,400
27,871
55,820
28.957
11,978
18,534
6,045
61,724
S
ecured by U.S. Gov't obllga'ne.
All other
315,231
154,234
21.388
19,722
90.301
33,272
22,850
6,119
23,733
22,751
3,027
15,373
11,719
16,152
38,333
17,487
15,904
13,053
10,890
1.088
13,175
5,359
3,857
2,188
60,054
1,670
645
36
80
49
71
66
32
92
30
24
114
411
FA
qmnber of reporting banks
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 April 25 1928, in
comparison with the previous week and the corresponding date last year:
RWOUTCBS
-
Gold with Federal Reserve Agent
Gold redemp.fund with U.S. TreasurY-
Apr. 25 1928. Apr. 18 1928. Apr. 271927.
$
228,393,000 278,477,000 397,309,000
16,294,000
12,994,000
10,488,000
Gold held exclusively eget. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificatee held by bank_
244,687,000
314,345,000
387,244,000
291,471,000
315,437,000
388,444,000
Total gold reserves
Reserves other than gold
946,276,000
32,966,000
905,352.000 1,106,447,000
35,428,000
33,875,000
Total reserves
Non-reserve cash
979,242,000 1,029,227,000 1,141,875,000
15,802,000
20,874.000
19,762,000
Resources (Concl5ede4)Gold held abroad
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
B11.18 discounted
407.797,000
218,658,000
479,992,000
Total resources
173,310,000
69,307,000
107,736,000
45,293,000
79,620,000
36,494,000
242,617,000
95,264,000
153.029,000
82,328,000
116,114,000
55,295,000
1,434,000
14,742,000
38,459,000
1,384,000
18,837,000
47,305,000
7,317,000
12,937,000
35,206,000
Total U.S. Government securities__
54,635,000
67.526,000
55,460,000
Total bill., and securities (See Noted___
392,516,000
302,883,000
226,869,000
Secured by U.S. Govt. obligations-.
Other bills discounted
Total bills discounted
Bills bought in open market
U.S. Government securities-.
Bonds
Treasury notes
• Certificates of indebtedness
Fedi Reserve notes In actual circulation
Deposits
-Member bank, reserve acct_ _
Government
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Fed'I Reify° note liabilities combined.
Contingent liability on bills purchased
for foreign correspondence
Apr. 25 1028. Apr. 18 1928. Apr. 27 1927
3
$
3
217,000
173,644,000
16,548,000
1,896,000
217,000
211,457,000
16,548,000
1,831,000
660,000
171,765,000
16,276,000
2,504,000
1,583,825,000 1,583,037,000 1,575,751,000
335,683,000
338,067,000
409,752,000
971,935.000
3,970,000
714,000
8.881.000
946,080.000
1,311,000
998.000
0,369.000
900,098,000
3,415,000
1,113,000
8,201.000
985,500,000
152,881,000
42,545,000
63,007,000
4,204),(11)0
957,758,000
177,770.000
42,545,000
63,007,000
3,890,000
912,827,000
149,606,000
38,762,000
61,614,000
3,190,000
1,583,825,000 1.583,037,000 1,575,751.000
74.1%
79.4%
86.3%
72,730,000
73,832.000
41,245.000
NOTE.
-Beginning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount of balances held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning assets," previously made up of Federal Intermediate Credit bank debentures, was changed to
rOther securitlea." and the caption "Total earning assets" to "Total bills and securities.- The latter term was adopted as a more accurate description of the total of the
discount acceptances and eecurities acquired Under the provisions of Sections 13 and 1401 the Federal Reserve Act, which,it was stated. are the only Items included therein,
'Vaulters'
New York City Banks and Trust Companies.
azette.
(AU prices dollars per share.)
Wall Street, Friday Night, April 27 1927.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is guven this week on page 2598.
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 Apr. 27.
Sales
for
Week.
2609
FINANCIAL CHRONICLE
APR. 28 1928.]
Range for Week.
Lowest
Highest.
Range Since Jan. 1.
Lowest.
Highest.
Par. Shares $ per share. 1 $ per share. $ per share.$ per share.
RailroadsAtch Top & S Fe rights_ _ 64,800 3% Apr 24 3,91 Apr 25 3g
100 1,300 74 Apr 23 82 Apr 26 58
Boston & Maine
280 74 Apr 23 86 Apr 26 60
Buff Koch & Pitts_..100
20100 Apr 27 101
Apr 26 94
100
Preferred
200 37 Apr 26 40 Apr 26 37
Buff & Susquehanna_100
120 65 Apr 24 6634 Apr 27 6234
Canada Southern_ _ 100
100
50 95)1 Apr 26 9534 Apr 26 94
Car Cl & Ohio
50106)1 Apr 27 10634 Apr 27 1039-4
100
Ctfs stamped
700 300 Apr 25315 Apr 26 300
C CC & St Louis_ _ 100
100
20 119 Apr 24 120 Apr 24 109
Preferred
30 82 Apr 27 82 Apr 27 82
Cleve & Pittsburgh. 100
50
10 4834 Apr 27 4834 Apr 27 4834
Special
100 480 8734 Apr 26 89 Apr 24 84
Cuba RR pref
Havana Elec Hy
*
200 1034 Apr 27 1031 Apr 27 10
Preferred
100
100 66 Apr 24 6694 Apr 25 64
150 350 Apr 24 410 Apr 27 345
Hocking Valley
100
10 85 Apr 25 85 Apr 25 8194
III Cent leased line_ 100
RR sec stk etf
50 813.4 Apr 26 8194 Apr 26 80
100 320 3 Apr 23 534 Apr 27 2
Iowa Central
Minneap di St Louis_100 8,500 334 Apr 24 434 Apr 27 334
Nash Chats & St L _10 1,150 175 Apr 23 19934 Apr 26 1259--S
Nat Rys Mex lst pf _10024,900 7 Apr 27 834 Apr 27 334
160 130 Apr 25 137 Apr 25 125
New On Tex & Mex_ 100
50180 Apr 23240 Apr 25 150
N Y & Harlem pref_ _50
100 1034 Apr 23 1034 Apr 23 734
100
NY State Rys
Preferred
100
100 30% Apr 26 3034 Apr 26 26
Penn RR rights
121300 134 Apr 23 294 Apr 27 134
6016494 Apr 25 164 h Apr 26 16194
Pitts Ft W & Ch pref _100
St Louis San Fran rights_ 12,500 194 Apr 241 2 Apr 23 1%
So Ry M & 0 etfs___100 3,740120 Arr 23144 Apr 26 100
Vicksburg Shrev & P.100
1010534 Apr 26 105 34 Apr 26 10331
Wheeling & L Erie.....100 2,000 67 Apr 241 90 Apr 26 67
Preferred
100
300 77 Apr 26i 8931 Apr 27 70
Feb 334
Feb 82
FebI 86
Ma,101
Apr 43
Jan 6634
Feb 96
Jan 10734
Ap 315
Mar 120
Apr 8434
Ma 4834
M
9231
Mar 13
Ma 69%
Feb 410
Jan 86
Jan 82
Mar 57-4
Feb 434
Ma 100
Feb 8%
Ap 139
Ap 240
Ma 12
Feb 3331
Ap
294
Feb 167
Mar 2%
Jan 15934
Jan 111
Mar 90
Apr 8931
Apr
Apr
Apr
Apr
Jan
Apr
Jan
Mar
Apr
Apr
Feb
Mar
Feb
Feb
Feb
Apr
Apr
Apr
Mar
Mar
Jan
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Banks-N.Y. Bid
America
1288
Amer Union._ 248
Bronx Bore._ 650
Bronx Nat...y500
BryantPark._ 225
Cent Mere Bk
& Trust Co_ 480
Central
1240
750
Chase
Rights
65
Chath Phenix
Nat Bk &Tr 695
Chelsea Exch• 345
Chemical_
1090
Colonial._ _ _ 1100
Commerce... 875
Continental. 540
Corn Exch... 705
Cosmopollt'n• 435
Fifth Avenue_ 2240
First
3950
Garfield
750
325
Grace
1330
Hanover
Ask
Trust Cos. Bid
Ask Banks-N.Y. Bid
New York.
292 Harriman__ 1075 1125
253 Manhattan._ 680 690 Am Ex Iry 'Pr 485
875 National City 8870 880 Bank of N Y
Rights ___ 93
97
& Trust Co 790
825 840 Bankers Trust 1070
- Park
220 230 Bronx Co Tr_ 400
Penn Each
675 750 Central Union 1575
488 Port Morris
650
775 785 County
247 Public
480
845 860 Empire
758 Seaboard
245 255 Equitable Tr.I 500
69 Seventh
895 Farm L & Tr_ 875
State
315 ...„ Fidelity Trust 440
710 Trade'
Fulton
360 United Cap.585
Nat Bk &Tr 415 425 Guaranty Tr- 875
1140
300
i
6i
-.. Yorktown....220 --- Interstate
Lawyers Trust
Brooklyn.
200 250 Manufacturerii3
570 Dewey e
515 530 Murray HIU..I 390
715 First
___ Mutual(West
465 Globe Exch.. 309
chester)___ 310
2310 Mechanics'.. 540 550
505 515 N Y Trust__ 855
Municipal*
500 515 Times Square_ 225
53 Nassau
900 1100 Title Gu & Tr 855
People'S
Li 13 Mtg & Tr 550
1360
United States 3000
*State banks.
New stock.
r Ex-dividend.
Ex-stock dividend
y Ex-rights. I
Ask
492
800
1080
1E6
490
510
895
455
600
885
305
900
410
865
235
875
580
3100
1100
Westchest rTr1°°0
Brooklyl.
Brooklyn_ _ _ _ 1270 1300
Kings Co____ 2800
Midwood__ _ _ 290 315
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c
Maturity.
Int.
Rate.
June 15 1928... 334%
Dec. 15 1928_ 33-4%
Mar. 15 1929._ 354%
Bid.
99"..
9925
.:
Asked.
Matwily.
Int.
Rate.
9922., Sept. 15 1930-32 3%%
9920, Mar. 15 1930-32 3%%
1
9920,, Deo. 15 1930-32 3%%
Bid.
Asked.
991211 9920n
9912,, 9922
.,
9912.1 90 41
,
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty
Loan bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Indus. & Miscell.
Apr 10234 Apr Daily Record of U. S. Bond Prices. Apr. 21 Apr. 23 Apr. 24 Apr. 25 Apr. 26 Apr. 27
Abitibi Pr & Pa pref _100
200 102 Apr 26 102% Apr 25 100
Jan 75
Feb
Alliance Realty
90 70 Apr 24 70 Apr 24 53
•
1012
., 1012,, 1012,1 10112., 101•ss
High
Apr 116% Apr First Liberty Loan
Am Metal pref (6)_ _ _100 1,000 113% Apr 27 115 Apr 23 112
., 1012
..
., 1012
., 1012
1012
., 1012
33.4% bonds of 1923-47_ Low_
Jan 152
Apr
Am Radiator pref_ _ _100
20 151
Apr 26 152 Apr 27 142
Close
101h, 1017,s 101"as 101"ss 101's2
(Pint 394)
Mar 120
Jan
Brown Shoe pref_ __ _100
110 118 Apr 24 11834 Apr 25117
107
12
21
31
3
Total sales in 81,000 units.Apr
Bucyrus-Erie pref(7) 100
300118 Apr 23 117 Apr 26110)1 Mar 117
ig1014,,
Converted 4% bonds orh
100'11094 Apr 23 11034 Apr 23 107
Jan 111
Jan
Cent Alloy Steel pf. _100
_
Low_
1932-47 (First 4s)
Feb 112
Mar
Cert'teed Prod 2d pf _100
100 110 Apr 27 110 Apr 27 110
Close
Christie Brown rights__ 3,200 9 Apr 27 10 Apr 26 9
Apr 10
Apr
Total sales in $1,000 units...
Mar 150
Apr
City Investing
100
50146 Apr 27 50 Apr 23 140
102
102 21
-,
102
Converted 431% bonds]High
102h, 102
Mar 1.02n Apr
Cons Cigar pf(634)_100 1,7001003j Apr 24 10091 Apr 23 99
102
of 1932-47 (First 4%s) Low_
101",, 101",1 101",, 102
Container Corp Cl A_ _2021,100 3094 Apr 24 3394 Apr 23 21% Mar 339-4 Apr
101"20 102
Close
1022., 10120,, 102
Class 13
•21,200 1534 Apr 24 16% Apr 23 10% Mar 17% Apr
214
11
5
22
Total sales is• 81,000 units__
39
Curtiss Aero rights
22,400 8 Apr 23 12% Apr 27 631 Apr 12% Apr
Second converted 434%
---------------lith
Cushman's Sons pt 8% _•
130 11274 Apr 24 113 Apr 23112)1 Feb 116% Mar
bonds of 1932-47 (First Low_
Cutler-Hammer Mfg _100 2,600 5834 Apr 27 60 Apr 26 5834 Apr 60
Apr
Close
Second 4345)
Debenhams Securities
Apr 4931 Apr
4,400 48 Apr 26 4931 Apr 27 48
Total sales in $1,000 units___
Drug Inc
Mar 89% Mar
•11,500 86% Apr 24 87% Apr 26 80
109",, 100"as 10051, 10091, 100",1
Durham Hos Mills p1100
Apr 46% Jan Third Liberty LoanHigh
155 45 Apr 23 45 Apr 23 45
{Low_
1002
., 1002
,
43.4% bonds of 1928
., 1002
., 1008,, 100 ss
34 Mar
u Apr
Du Pont de Nem rights__ 39,600
34 Apr 23 11,, Apr 23
(Third 4Sis)
1002
Close
., 100",s 1009,1 1008,, 100h,
El Pr & Lt etf pf 40% pd
100 127 Apr 24 127 Apr 24 20% Jan 129% Apr
Total sales in $1,000 units_ HOLI38
81
69
52
25
Elk Horn Coal pref__ _50
40 14% Apr 25 15 Apr 27 14
Apr 19
Feb
High DAY 10222
., 10222
., 10222
., 1025
',, 102",
Emerson Brant cl 13_ _ ..* 4,800 274 Apr 23 9 Apr 27 27-4 Apr 9
Apr Fourth Liberty Loan
43.4% bonds of 1933-38_ Low_
.
102n., 102248 10222n 102",, 102"e
Fid-Phen Fire Ins new 10 4,400 89 Apr 26 91% Apr 27 89
Apr 9134 Apr
(Fourth 43(13)
Close
102",1 102'hs 102":2 102 4s 102'h
,
First Nat Pie 1st pf_ _ 100
100406 Apr 25 106 Apr 25 105% Jan 109
Feb
161
Total sales in $1,000 units__
69
353
226
187
Franklin Simon pref _100
60 1123-5 Apr 23 112% Apr 23 111
Jan 113
Feb
____ 114",
IHigh
1152s, 11431,,
____
Treasury
General Gas & El Cl B_ _*1 200 46 Apr 23 46 Apr 23 37
Jan 47
Apr
4S4s. 1947-52
Low_
11422
____ 11422
.
., 114",,____
Gen Ry Signal pref. 1001
10 10634 Apr 23 106% Apr 23 105
Apr 115% Feb
____ 114",
Close
11417,1 114",,
-___
Gen Motors pref (6)_100
Apr
100 112 Apr 26 12 Apr 26 110
Apr 112
21
Total sates in 81,000 units__
36
Deb (6)
300 112 Apr 26 113 Apr 26 112
Mar 113
100
Apr
(High
High
110',,
____
__-_ 109",
110h, 109",,
Graham-Paige ctfs
200 32 Apr 27 • 32% Apr 27 32
Apr 32% Apr
4.s, 1944-1954
Low_
.
____ 10922
109., 10922
.,
____
Gulf States St 1st pf_100
110 108 Apr 27 10934 Apr 27 104
Apr
Jan 110
109",, 1091011 „
.
.....
109ns
Close
Hackensack Water p1.25
20 2991 Apr 26 29% Apr 26 2634 Jan 30
Jan
5411
Total sales in $1,000 units__
Ingersoll Rand pref. 100
20 120% Apr 24 122 Apr 25116
Jan 122
Apr
(High
1072n 10620 106'°,,n
____ 1072
.,
% Apr 23
lot Cement rights
94 Apr
36 9009-4 Apr 24
91 Apr
324s, 1946-1956
,
Low_
107
____ 1072n
106'h, 106'hs
Johns-Manville pref.
_100
100 122 Apr 26 122 Apr 26119)1 Feb 122
Apr
-_-- 107'm
107
106",, 106'h,
Close
Jones Bros Tea Ws_ _ _• 900 31 Apr 26 34 Apr 23 29% Al 34% Apr
11
Total sales in $1,000 units__
____
100
80
65
%
Keith-Albee-Orpheum .• 3,000 1734 Apr 27 18Lkpr 23 17% Ap 21
Mar
____ 102'n
{
High
10222
. 102
102
Preferred
100, 1,200 88 Apr 27 92 Apr 24 88
Apr, 99
Mar
--102',,
39-4 . 1943-1947
101n. 101,. 101202,
22
Low.
Kelvinator Corp
,
•36,100 2034 Apr 26 21% Apr 23 15% Mar 22% Apr
,
---- 102 ,,
102
101", 102
Close
Kuppenheimer & Co_ _ _5
390 529-4 Apr 23 59 Apr 27 45
Feb 59
Apr
1
Tntrd let17.9 Cm 221 (lnfl itz•241.
51
5275
15
Preferred
100
50 110 Apr 25 110 Apr 25 110
Apr,111
Feb
Lehigh Portl Cement _50 2,50 5134 Apr 24 53 Apr 23 5134 Apr 54
Mar
Preferred
100
300 110 Apr 25 110 Apr 25 10834 Apr 110
Apr
Loew's preferred
Note.
• 2,700 105 Apr 23 10734 Apr 26 99
-The above table includes only sales of coupon
Mar 107% Apr
Mexican Petroleum _ _100
7e300 Apr 25 300 Apr 25 250
Mar 360
Jan
National Supply pf...100
5011834 Apr 25119 Apr 27 115
Apr 119
Jan bonds. Transactions in registered bonds were:
.,
1002 to 1002n
Pacific Mills
100
100 30 Apr 26 30 Apr 26 30
Apr 3434 Mar
4 1,1 4,
1002., to 1002 I 6 3d 4345
.,
.,
Pao Tel & Tel pref..100 230 124 Apr 23 12434 Apr 27 115
10222 to 102"rs
Jan 12434 Apr 11 1st 43is
117 4th 4345
101221, to 102
Penik & Ford pref _ _ _ 1001
10 110 Apr 23 110 Apr 23 10334 Jan 115
Mar
100 1091 Apr 26 10% Apr 20 10
Penns Coal & Coke___50
Feb 1434 Jan
900 45 Apr 26 47 Apr 27 38
Phillips Jones Corp__
Apr 5334 Jan
Foreign Exchange.
160 903-4 Apr 24 92 Apr 27 85
Preferred
1
Apr 95
Jan
Reynolds Tob el A _25
100 183 Apr 24 184 Apr 24 16534 Mar 184
To-day's (Friday's) actual rates for sterling exchange were 4.87 21-32@
Apr
Sou Calif Edison rights__ 16,600 2 Apr 23 2% Apr 23 1% Apr 234 Mar 4.87 13-16 for checks and 4.88 j-32©4.88 5-32 for cables. Commercial on
30 10831 Apr 2310994 Apr 27 10434 Jan 111
(The) Fair pref
100
Mar banks, sight, 4.87 7-16®4.87 9-16; sixty days, 4.83 15-1601)4.84%; ninety
120 934 Apr 26 10 Apr 23 5
United Dyewood_ __ _100
Feb, 11
Feb days, 4.82%04.82%, and documents for payment 4.83%04.84. Cotton
United Paperboard. 100 1,300 25 Apr 24 2694 Apr 23 19
Mae 2734 Apr for payment, 4.87, and grain for payment, 4.87.
-16®
1011034 Apr 251103-4 Apr 25 10734 Apr 11434 Apr
Va Elee & Pr pref(7).100
To
-day's (Friday's) actual rates for Paris bankers'francs were 3.93 5
Washburn Crosby p1.100
10 108 Apr 231053.4 Apr 23 1069-4 Jan 10834 Jan 3.93 7-16 for short. Amsterdam bankers' guilders were 40.28@40.3134 for
short.
Exchange at Paris on London, 124.02 francs; week's range, 124.02 franca
Bank, Trust & Insurhigh and 124.02 francs low.
ance Co. Stocks.
190640 Apr 23688 Apr 27 550
Banklot Commerce_ _ 100
Feb 690
The range for foreign exchange for the week follows:
Apr
Cables.
Checks.
150650 Apr 23685 Apr 27 560
Sterling, ActualBantle! Manhattan_100
Feb 700
Apr
4.88 9-32
4.87.90
40,695 Apr 23715 Apr 26 600
Mar 735
Apr High for the week
Corn Each Bank.....100
4.87 1546
4.87 946
100'490 Apr 23 507 Apr 27 410
Jan 520
Equit Tr Co of N Y__100
Apr Low for the week
10800 Apr 23800 Apr 23 688
Paris Bankers' Francs
Farmers Loan & Tr_.100
Feb 845
Apr
3.9334
3.93 9-16
National Park Bank_100 270 735 Apr 23850 Apr 27 842
Jan 850
Apr High for the week
3.93 15-32
3.93 7-32
Low for the week
Amsterdam Bankers' Guilders
•No par value.
40.3134
40.3334
High for the week
40.29
40.25
Low for the week
Germany Bankers' Marks
23.9134
23.9234
High for the week
New York City Realty and Surety Companies.
23.89
23.9034
Low for the week
(AU prices dollars per share.)
Bid
Ask
IILBid
\Mance WIty, Liao'__ Mtge Bond__ 187
340 IN Y Title &
uney surety.'
Band ,s. L(4 G. 485 475 II Mortgage-. 628
Lawyer' Mtge 350 360 Li S Casualty_ 425
Lawyers Thiel
A- (1,,arlants. 385
395
Ask
Bid
197 Realty Assoc'
(Bklyn)coml 335
635
151 pref.__ 97
__.
P --- 94%
Westchester
Title & Tr_ 626
As1
341
...
.....
-The review of the Curb Market is
The Curb Market.
given this week on page 2598.
A complete record of Curb Market transactions for the
week will be found on page 2627.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Seven Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
NIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
Apr. 21.
Monday.
Apr. 23.
Tuesday,
Apr. 24.
1Vednesday, Thursday,
Ayr. 26.
Apr. 25.
Frtaay,
Ayr. 27.
Sales
for
the
'Week.
PER SHARE
Range Since Jan. 1.
&abatis of 100-sharelots
STOCKS
NEW YORK STOCK
EXCHANGE
Lowest
per share $ per share
per share
190 192
1895 19138
8
108 10814 108 108
.18112 192
181 181
1134 1143 113 1143
4
4
83
823 83
4
833
4
71
73
7118 •72
112 11214 •112 113
7513 7712 7414 76
9312 9312
923 94
4
1712 175
4
8 1712 173
5218 524 5214 5214
4
8
2083 2117 2087 2107
8
8
320 320 .312 3173
4
1934 1963 19514 19512
4
63
4 63
4
63
4 714
1114 1114 1118 12
*40
41
*40
41
684 6818 6712 68
1153 1213 12
12
2513 26
25
26
363 394 384 3914
4
4724 4914 485 4912
8
85
85
85
8514
8 per share $ per shore $ per share Shares
Railroads.
Par
1914 193
193 19612 19412 19718 31,100 Atch Topeka & Santa Fe...100
108 10814 1073 108
1074 1077
4
8 2,600 Preferred
100
183 184
181 184
183 1853
4 5,600 Atlantic Coast Line RR_....100
1147 11814 11614 11812 11714 11873 65,200 Baltimore Oc Ohio
3
100
83
83 •122 123
8312 8312 1,300 Preferred
100
74
73
77
75
76
77
3,200 Bangor & Aroostook
50
112 11212 112 11212 111 11278
350 Preferred
100
7218 7518 73
7412 7112 7314 44,300
In-Minh 'Frac v t o_No pa
937 934 923 9314 9312 94
8
4
1,100 Preferred v t o
No pa
173 1818 18
1714 177
4
18
8 3,200 Brunswick Term & Ry Bec_100
.51
53
53
54
563
4 54
100 Buffalo & Bugg pre:
100
2107 2143 2143 2167 21418 21612 55,200 Canadian Pacific
8
8
4
100
8
3247 345
8
343 350
345 350
25,800 Central RR of New Jersey _100
195 19914 199 203
2015 2023 17,600 Chesapeake & Ohio
8
100
4
772
77
8 77
8
77
3 84 28,600 Chicago & Alton
100
114 1312 1312 144 1334 1518 34,800 Preferred
100
41
41
41
422
8 41
424 2,100 Chic & East Illinois RR__ _100
68
693
4 717 7412 71
3
727
8 5,000 Preferred
100
12
1314 1312 147
8 143 15
8
26,600 Chicago Great Western. 100
2614 283
3 283 304 29
4
100
302 33,000 Preferred
3
39
4014 3918 4012 3914 40 3 171,200 Chicago Milw St Paul & Pacific
3
4953 507
8 5018 513
4
8 493 5118 97,800 Preferred new
88
85
885 9212 91
8
2312 84,800 Chicago & North Western_100
.14818 1483 •14814 1483 1483 1483 *148 1491 *148
4
4
4
4
100
4212
100 Preferred
11134 113
11212 11412 11414 1155/ 1153 1163 11512 1167 18.800 Chicago Rock 00 & Pacitio_100
3
4
8
4
10912 10912 •10912 11012 *10912 11012 110 4 1103 111 111
3
400 7% preferred
100
4
1023 10212 10218 10218 .102 103 .102 1023 1024 10218
8
500 6% preferred
100
4
•11212 11712 .1124 118 •118 119
120 12112 •120 1203
600 Colorado & Southern
100
4
•7912
82
82 .80
- .80
- .80
82
30 First preferred
100
82
*77
77
77
79
79 4 77
3
*7612 79
77
280 Second preferred
77
100
70
70
70
7413 7253 7312 7314 7312 6,400 Consol RR of Cuba prof
7112 73
100
19712 2153 208 2213 212 2243 219 226
4
4
2153 226 221,100 Delaware & Hudson
4
3
100
141 143
142 14314 142 149
146 1483 14512 14714 18,200,Delaware Lack & Western- 50
4
60
5912 60
60
6012 6312 63 3 65
6412 647
3
8 7.500 Deny & Rio Or West pref._ i00
•312 33
4 *334 4
700 Duluth So Shore & ALI_ __ _100
4
312 34
414
8
414 43
512 512
*512
512. 1,100 Preferred
53
4 6
63
100
8 65* .6
8 554 553
5512 567
8 585 6012 5918 6012 35,300 Erie
4 5558 587
8
100
5513 5612 555 573
57
57
8
4 58
59
100
59
5912 5,600 First preferred
56 .5213 55
.53
56
5614 563 5712 *5512 5712
500 Second preferred
4
100
100 1007 100 1003 1005 10212 10214 1037 1023 1033 26,600 Great Northern preferred 100
8
3
4
4
4
8
96
977
4
8 973 973
4 9712 993
3
100
4 9912 10012 99 4 1003 18,900 Prof certificates
4
227 2312 223 2314 223 2314 223 227
2212 23
8
4
4
4
8 6,500 Iron Ore Properties...No par
53
5313 54
543
4 543 577
4
8 5712 5914 584 587
3 6,500 Gulf Mobile & Northern 100
*10612 10712 10612 10612 •10613 1073 10712 10712 108 10814
4
900 Preferred
100
6253 685
8 664 7313 68
7212 6653 70 4 68
697 110,500,Hudson & Manhattan
3
100
3
*89 4 92
3
9112 92
93
93
93 12 9312 *9014 93
400 Preferred
100
Stock
139 139
13814 13914 13813 14112 1413 1414 142 144
4
8.000 Illinois Central
100
•1374 145
1374 13714 .137 145 *139 145 .140 145
100 Preferred
100
Exchange
4113 423
40
41
8 43
434 434 433
4418 4,000 lot Rye of Cent America_ _100
4 44
.74
7514 7514 7514 754 7514 7514 7514 *74
75
150 Preferred
100
Closed,
575 60
8
5612 587
8 5418 584 56
5712 553 57
56,200 Interboro Rapid Tran v t 0_100
8
5412 552
2 5412 55
8 5814 6014 16,000 Kansas City Southern
5712 595
543 58
4
100
76
Extra
8
763
3 7612 7612 7612 7673 763 763
4 767 767
1,800; Preferred
4
100
4
9714 1013
4 99 10112 101 1093 107 116
4
101 110
59,600 Lehigh Valley
Holiday. 14812 14912 •149 149 8 14914 15112 15212 15212 154 154
2
1,600 Louisville & Nashville
100
894 894 884 887 .8614 89
3
80 Manhattan Elevated guar_100
8 8818 8813
884 887
5812 6134 574 594 563 5912 5712 607
4
533 21,800 Modified guaranty
4
100
8 58
*412 512 .412 54 .412 512
412 45
8 •413 512
600 Market Street Railway.....100
2412 2412 .21
25 .21
25
*21
25
*21
25
1001 Preferred
100
49
4818 50 .
51
50
505 .48
8
50
51
1,000 Prior preferred
50
100
•1234 17
.1234 17
•10
15
*10
I Second preferred
*10
15
15
100
4318 444 43
4378 4612 4612 47
43
464 463
4 3,100 Minn St Paul & SB Marle_100
*75
•75
79
80
79
8312 83
8012 83
83
6001 Preferred
100
•68
69 •68
69 •68
69
68
68
673 68
3
170 Leased lines
100
36
3612 3614 38
363
4 35
38
s •58
387 36,000 Mo-Kan-Texas RR__ __No par
403
8
1044 10414 104 10418 104 105% 1053* 106
10553 1057
8 0,200 Preferred
100
4918 507
5014 5314 5218 537
3 4913 50
537 35,000 Missouri Pacific
8
100
8 53
110 8'11114 11013 1113 110 4 1153 11312 11612 11412 11573 35,100 Preferred
3
3
4
4
100
334 4
412 43
44 45
8
4
43
47
3 518 19,600 Nat Rye of Mexico 2d pre-100
8 512
1744 17812 176 18014 18112 187
185 1884 185 189 223,7001 New York Central
100
13214 13414 13214 13312 13434 1374 13634 13912 137 1393
8 8,700,N Y Chic & St Louls Co
100
10914 10914 10918 1094 109 109
1093 10938 10914 10912 1,4001 Preferred
3
100
230 300
302 480
450 505
350 448
20012 250
2,860 N Y at Harlem
50
4 6153 6312 634 6414 637 653 74,5001N Y N & Hartford
6118 6178 614 623
8
4
100
8
11653 1163 11612 11612 11612 11612 1165 1163 1165
11614
8
8
8 3.200, Preferred
3
284 30 4 2953 324 333 3512 35
3712 344 367 89.100,N Y Ontario & Western- --10C
3
8
103 113 •10
4
3
3
107 .10
8
10 4 114 10 4 11
107
3
8 2,6001N Y Railways pref otts_No par
45
•4214 45
4514 46
.4214 46
4914 4814 487
100
11 3,900 Norfolk Southern
1873 191
4
189 192
19114 19233 6.8001Norfolk & Western
4
1863 18714 18614 187
100
*873 90 .873 90 .88
4
4
20 .
8734 90
200; Preferred
88
88
100
1004 1017 1014 10212 30,700 Northern Pacific)
9714 9818 a973 987
4
11 984 101
100
3
9512 967
9818 9918 987 993
8 9612 98
8
8 6,500; Certificates
96
.95
100
24 .20
24 .20
24 .20
24
100 Pacific Coast
.20
21
21
100
07012 7212 96,700 Pennsylvania
4 6828 6914 6953 72
683 683
8
684 69
35
367 *343 354 3,600 Peoria & Eastern
323 36
4
4
35
8
30
34 •
100
.30
8
13612 13612 140 1413 142 14273 140 141
1,700 Pere Marquette
136 136
100
*99 100
100 4 1007 .99 100
3
8
4001 Prior preferred
.100 10012 100 100
100
9914 9914 983 983
4
1,900, Preferred
4
4
8
100
.983 9914 9914 993 .983 99
4
7,000 Pittsburgh & West Va
144 1464 14814 15314 153 15478 150 153
145 148
100
112 11412 110 11412 55,000 Reading
8
107 1097 1075 113
3
10718 109
44
.4312 4512
8
8 44
200; First preferred
4412 437 437
60
.4312 45 .43
4612 4612 4712 477
4812 2,300 Second preferred
47
3 48
47 .45
46
.
6813 10,3001Rtitiand RR prof
703
4 68
6153 6712 68
100
5612 6214 6112 6112
8
11918 12028 17,600 St Louis-San Francini).- _100
8
4
8
8
11614 1167 1167 1173 11714 1192 1185 120
3001 Preferred A
10112 10112 102 102 .131 102 .101 102
100
*101 104
8114 843
4 8514 873 23,700,St Louie Boutbweetern
82
4
8 854 883
100
8112 81
80
*21
21
1001 Preferred
92
91
.9014 91
91
100
92 .90
*90
183 195
4
173 19'4
8
8 1884 198 12,800 Seaboard Air Line
100
184 1814 1818 1814
2614 265
3 2,8001 Preferred
8 2614 263
100
3 2418 2412 2412 26
8
247 247
1213 1233 12353 12412 32,000ISouthern Pacific Co
11912 122
4
4
100
11914 12014 119 120
15212 1544 154 1544 28,300,Pouthern Railway
1497 152
8
100
4
14618 1473 14712 149
10112 10112 4,9001 Preferred
4
100
3
10118 1013 10118 10112 10112 10214 1003 101
140 145
4
132 1353 135 141
100
130 131
129 132
8
3
443 331000,Third Avenue
4 427 4514 43
0
4512 4212 453
43
1 0
434 45
1,500 Twin City Rapid Transit_.100
45
4518 45
4 45
4 45 453
45 4 453
3
46
46
10412 101'2
40; Preferred
100
4
1043 1043 105 105 .10412 105 •10413 105
4
8
100
8
3
193 1944 194 195 4 19412 1967 197 20212 200 2033 62,500,Union Pacific
8001 Preferred
8
865 8834 867 867
8
100
8
8
8 865 865 .865 87
8
8
5
865 865
927
8 82
87
100
89'2 205,400 Wabash
787
, 7814 893
783
3 77
76
9912 29
3,4001 Preferred A
29
100
99
9914 99
9812 983 99
98
4
1,000 Preferred B
9712 99
.96 100
100
95
95
95
95 .90
•90
484 5112 4814 5014 61,400 Western Maryland
100
49
3
8 47
4514 477
8 4512 477
8001 Second preferred
493 514 *493 51'2
4
4
100
49
3
49
.4613 50 .47
50
ao
ao
ao
ao
•oit and woken cokes
z Ex-clivIthnd. a Et-dtv & as-rkrhIs.
Highest
PER SHARE
Range for Preston,
Year 1927.
Lowest
HiohesS
$ per share
$ per share $ per share Per *WI
1823
8Mar 2 1974 Apr 27 1815 Jan 200 AUS
4
10212 Jan 5 10812 Apr 9
99 s Jan 1083 Dee
1
4
167 Mar 2 18614 Jan 4 1747 Apr 20512 Aug
8
109 Feb 7 11978 Apr 12 10812 Jan
80 Feb 10 85 Apr 4
734 Jan 183 32::
2
5
69 Jan 5 844 Jan 11
44
Jan 10812 Mal
11014 Feb 20 115 Jan 10 10111 Jan 122 Jtusl
53 1 Jan 17 7712 Apr 23
3
53 Aug 707 Jaa
8
82 Jan 4 94 Apr 11
7818 Oct 88
Jaa
1412 Jan 5 2014 Feb 16
74 Oct 193* Des
60 Feb 3 5934 Apr 26
60 Apr 58 June
198 Feb 7 21137
8Mar 17
2975 Feb 17 350 Apr 26 285 Jan 848 June
4
1857 Feb 20 20514 Jan 6 1511 Jan 21812 001
8
4
48 Jan
6 8 Jan 30
5
84 Apr 27
10 8 June
3
77 Feb 20 1518 Apr 27
712 Jan
1834 July
37 Feb 28 44 Mar 19
3012 Jan 51 July
6218 Feb 24 76 Jan 3
43
Jan 84% Oct
918 Feb 8 15 Apr 27
812 Jan 224 May
2012 Feb 20 308 Apr 26
447 June
8
2214 Mar 5 4012 Apr 26 Des
ii
Jan
37 Mar 2 513 Apr 26 --------37'*1284 Dec
8
e°
7914 Feb 20 9312 Apr 27
78% Jan
Sept
140 Feb 15 1483 Mar 29 12414 Jan 19718 008
4
50
108 Feb 18 1175* Mar 29
884 Jan 118 July
10614 Feb 9 111 Apr 27 102% Jan 1113 Deo
4
100 Feb 24 103 Apr 4
9514 Jan 104 Nov
108 Feb 21 12112 Apr 26
84
Jan 1371 July
*
75 Jan 14 85 Apr 10
70
Jan 78 Deo
724 Jan 3 80 Mar 30
88
Oot
Jan 75
89 Apr 12 75 Feb 16
65 Aug 77 May
1634 Feb 10 226 Apr 26 17118 Jan 230 June
129 Feb 20 150 Apr 9 13018 Oct 173 Mar
5012 Feb 20 65 Apr 26
4118 Jan 87%June
314 AM* 16
61g Jan 5
77 Deo
23, Apr
5 Feb 20
94 Jan 4
4 Mar 1114 Deo
49% Feb 7 6612 Jan 4
8912 Jan 695 Sept
54 Feb 20 6372 Jan 7
523 Jan 8814 Aug
8
524 Feb 17 62 Jan 6
49 Jan 644 Aug
934 Feb 6 1037 Apt 26
8
791 Jan 10372 Sept
9118 Feb 7 1003 Apr 27
854 Mar 101 Sept
2118 Apr 13 25 Jan 24
18 July 2834 Sept
454 Feb 7 8012 Apr 9
854 Jan 76%
10312 Mar 29 10814 Apr 27 105 Jan 11214 /We
Apr
51 Jan 3 7312 Apr 24
4012 Jan 65% May
88 Jan 16 93t2 Apr 26
78 Jan 90', May
181% Jan 11 1443 Jan 27 1214 Jan 1391g 013!
4
13018 Jan 13 144 Jan 27 12078 Jan 140 00:
3612 Mar 18 4418 Apr 27
23 Apr 4218 00!
697 Jan 3 754 Apr 14
8
62 Apr 7414 Oct
29 Jan 5 60 Apt 23
304 Aug 5218 Feb
4914 Feb 7 634 Jan 7
414 Jan
July
70 Feb 8 77 Apr 20
6478 Jan 72311
2
Feb 20 116 Apr 26
8812 Oct 13712 June
14514 Mar 9 155 Jan 11 12838 Jan 15918 Oct
75 Jan 9 92 Apr 20
7814 Dec 90 Feb
40 Jan 10 817 Apr 19
8
k
418 Dec 547 Feb
4
418 Apr 3
43 Nov
5% Jan 17
6 8 June
7
21 Aprn 17 25 Jan 17
18 Feb
45 Mar 27 544 Jan 17
4134 Feb 654'I U;
21 T
9
123 Apr 19 15 Jan 17
1112 Oct 174 June
42 Feb 8 5234 Jan 6
27
Jan 5812 Dec
75 Feb 7 84 Jan 11
50
Apr 8812 Dec
67 Mar 20 7111 Jan 9
8814 Mar 71 Nov
334 Feb 8 4118 J(10 3
JanJan 5612 Juno
134 Apr 19 109 Feb 3
95 41094 Dee
3
3111
417 Feb 7 54 8 Apr 9
3
377 Jan 62 Apr
105 Feb 20 11612 Apr 28
904 Jan 1181, Nov
2 Feb 17
512 Apr 26
14 Aug
314 00
156 Feb 16 189 Apr 27 13714 Jan 17112 00
128 Jan 10 14178 Apr 12 6110 June 24012 Ma7
108 Feb 23 110 Jan 4 102 Max 110 Dee
168 Jan 3 505 Apr 26 167 Dec 185 Apr
595 Jan 16 675 Feb 3
k
14
4134 Jam 63 Dee
11314 Feb 29 1165* Apr 23 110% Oct 1143 Nov
8
24 Feb 20 8712 Apr 26
2314 Jan 41% Sept
514 Jan 24
113 Apr 23
4
434 Dec 1534 Jan
41 Feb 21 494 Jan ii
3718 Jan 641.1 June
1773 Mar 2 19238 Apr 27 156
Jan 202 Nov
7913 Apr 26 88 Mar 29
83 June 90 July
923* Feb 7 10211 Apr 27
78
Jan 1024 Dee
9034 Feb 20 993 Apr 27
8
84 July 997 Dec
2
20 Feb 18 26 Jan 12
1514 Feb 811* Dee
63 Feb 9 7212 Apr 27
583 Jan 68
4
Get
25 Mar 12 36 '8 Apt 26
20
Jan 4634 July
1247 Feb II 146 Apr 11 11412 Jan 14012 May
8
99 Jan 18 10134 Mar 28
93 Jan 9914 Dec
9512Mar 6 100 4Mar 30
3
89114 Jan 974 Dee
12114 Feb 20 161 Apr 9 12212 Jan 174 May
9414 Feb 7 115 Apr 9
94
Jan 12314 June
424 Mar 1 46 Apr 9
4012 Jan 434 Dec
44 Jan 28 4812 Apr 27
43% Jan 50 Feb
50 Feb 21
7034 Apr 26
43
Jan 89 Mar
109 Feb 7 122 Mar 23 10034 Jan 11714 J11180
9912 Apr 5 102 Jan 4
90
Jan 104 July
674 Feb 8 883 Apr 26
Si
Jan 93 June
90 Apr 17 96 Jan 3
784 Jan 945 Deo
4
113 Mar 3 304 Jan 3
8
2818 Mar 4114 Feb
1912 Mar 3 38 Jan 3
324 Apr 45 * JUIY
1
11734 Feb 7 12412 Apr 27 10614 Jan 12678 Dee
1394 Feb 8 1543 Apr 27 119
Jan 149 Dec
9812 Mar 14 1024 Jan 17
94 Mar 10111 1300
994 Jan 3 145 Apr 27
8
537 Jan 1037 Nov
s
284 Jan 10 454 Apr 25
3
2834 Aug 41 Feb
44 Mar 23 64 Feb 15
45 Nov 6514 Feb
1024 Apr 11 107 Feb 10
99 Apr 106 May
1864 Feb 6 2034 Apr 27 15912 Jan 1971* Del
83 Mar 13 8714 Jan 20
534 Dee
77 Mar
51 Feb 18 927 Apr 26
8
4012 Jan 81 Juni
8812 Feb 7 9912 Apr 11
Jan 101 Jun
76
87 Feb 4 99 Apr 28
Jan 98 JUn
65
84 Jan 877 Jun
3134 Feb 8 517 Apr 9
13
8
3
3318 Feb 8 53 Apr 5
23 Jan 6712 Jul
New York Stock Record-Continued-Page 2
2611
For sales during the week of stocks not recorded here, see second page preceding
-PER SHARE. NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
Apr. 21.
Monday,
Apr. 22.
$ per share $ po share
344 35
60 60
Tuesday,
Apr. 23.
Wednesday, Thursday,
Apr. 25.
Apr. 24.
per share $ per share $ Per share
3658 36
35
37
.3412 35
61
6112
59 5912 *5912 60
Friday.
Apr. 27.
PER SHARE
Range Since Jan. 1.
-share lots
On basis of 100
Lowest
Highest
STOCKS
NEW YORK STOCK
EXCHANGE
Sales
for
the
Week.
per share Shares
354 3518 3,800 Western Pacific new
/
1
6012 6112 2,300 Preferred new
100
100
PER SHARE
Range for Previous
Year 1927
Htghesi
Lowest
$ per share $ per share $ per akar&
17ff share
2518 Apr 47% June
2814 Feb 7 374 Jan 13
57% Feb 9 624 Jan 6
56 Apr 76% Feb
Industrial & Miscellaneous.
8.100 Abitibi Pow&Paper new No par 72 Feb 20 85 Apr 62
No par 95 Feb 21 11112 Apr 13
624 Mar 1114 Nov
1,400 Abraham & Straus
100 11012 Mar 8 113 Jan 10 109 Aug 11312 Feb
40 Preferred
100 195 Jan 4 378 Apr Z7 124 Jan 210 Nov
11.300 Adams Express
:
9444 Nov 9618 Dee
100 93 Jan 18 991 Mar 28
1,800 Preferred
100 1112 Feb 8 4238 Apr 26
7 Oct 1534 Feb
/
1
4
89,000 Advance Rumely
644 Apr 26
224 Oct 4534 Nov
100 3414 Jan 1
Advance Rumely pref
42.700
5 4 Mar 20
3
1
284 Jan 17
2% June
618 Sept
8,900 Ahumada Lead
6612 Apr 27
13,200 Air Reduction, Inc newNo par 6013 Apr 1
1434 Jan 24
958 Mar 1
71i Jun. 163* Msz
No par
21,300 Ajax Rubber. Inc
414 Feb 2
1 Jan
1 June
214 Feb
65,800 Alaska Juneau Gold Min__ 10
18 Apr 32 Sept
Albany Pen Wrap Pap-No Par 23 Mar 15 3114 Jan 36
96 June 102 Sept
Preferred
100 984 Jan 1 11134 Mar 14
......
Jan 16914 BMA
157 160 1574 159
15712 1594 15858 160
16012 164 26,000 Allied Chemical & Dye_No par 146 Feb 18 1684 Apr 14 131
*12338 124
12358 12378 124 124 *12312 12412 124 124
400 Allied Chemical& Dye pref _100 122 Mar 1 1251, Feb 14 120 Mar 124 Aug
88 Jan 11814 Des
100 11518 Feb 18 12934 Apr 27
/
1
4
12212 123 2121 12112 121 12114 12112 12213 123 12934 10,900 Allle-Chalmers Mfg
Ilse Nov 244 Feb
1514 1614 1538 16
1538 1638 1514 16
1514 1538 6,600 Amalgamated Leather-No Par 1112 Jan 3 1634 Apr 19
69 Mar 2 90 Apr 19
68 Dec 108 Feb
*85
90 *85 90
8812 8812 *80
100 Preferred
90 *80 90
274 Apr 3734 Feb
No par 2714 Feb 20 3834 Mar 81
3514 368 3513 36
354 364 3513 3612 3614 37 23,000 Amerada Corp
/
1
84 Apr 2112 Dec
19
191 1934 1914 2014 1934 204 6,300 Amer Agricultural Chem_100 154 Feb 20 2174 Jan 9
/
4
198 1834 19
284 Apr 7234 Dee
100 55 Feb 20 7474 Apr 5
54
6818 688 68
6838 683 6912 683 707
4,500 Preferred
4
7012 707
4
41
Jan 98 Nov
10 7454 Jan 17 1034 Apr 27
9713 9712 9612 97
3,300 Amer Bank Note
97
97
*99 100
100 1031
ao 61 Feb 10 8574 Jan 8 51112 Jan 65 Sept
64 64
64% 65 *64 65 *64
85
50 Preferred
65 *64
1518 Oct 233 Mat
4
*1518 1612 *1518 1613 *154 1612 *1518 1612 *1518 161
American Beet Sugar_No par 1475 Feb 15 1712 Jan 11
/
1
100 36 Feb 17 404 Apr 11
35 Dec 6014 Jan
Preferrel
*37
40 *3714 40 *3834 40
1139
40 *39
40
18 Jan 264 Oat
2434 2573 2418 2438 2438 258 2452 2513 244 251 11.200 Amer Bosch Magneto--No Par 15% Feb 18 284 Apr 8
4Mar 5 4918 Jan 27
3511 May 46 July
44 44
44
4418 434 4338 43
4312 44
441
4,300 Am Brake Shoe & F newNo Dar 411
100 12414 Jan 4 127 Mar 20 1174 Feb 128 Mar
*12438 127 *12418 127 *12478 127
12512 1251 *12411 128
100 Preferred
54 Aug 3912 Jan
-No par 104 Apr 27 18 Jan 31
1334 1378 1334 133
4 1312 1373 1318 137
1058 127 12,200 Amer Br wn Booed El
40 Aug 98 Feb
100 4014 Apr 27 63 Jan 3
494 50% 50 50
330 Preferted
*4812 51
46
48% 4014 461
4358 Mar 774 Dec
25 7012 Jan 18 8814 Mar 28
851 117,300 American Can
7912 817
80 8 82
3
8 8034 818 8138 8338
100 13634 Jan 10 14678 Apr 25 128 Jan 14134 Dec
14614 14613 *14614 14638 14638 1468 14638 1467 14614 1461
2,000 Preferred
96 July 111 Dee
104 1044 104 1047 104 10414 3,200 American Car & Fd.i.--NO Par 103 Apr 24 1114 Jan 3
103 104
104 105
100 13058 Feb 20 13712 Mar 31 12434 Oct 13434 June
13738 1373 1363 1363 13714 13714 *13612 1371 13612 13712
8
4
4
400 Preferren.
9812 Dec 103 Sent
100 9914 Mar 7 102 Apr 23
10078 102
101 102
10012 10012 *10038 102 *1004 102
600 American Chain pref
/
1
36 Jan 7414 Nov
69 Jan 12 8458 Apr 11
No pa
7812 80
7814 7812 7934 8018 81
82
8212 8312 3,200 American Chicle
90 Jan 110 Dec
107 Jan 5 11012 Mar 8
No par
*11012 11114 *11012 11114 *11013 11114 *1101± 11114 *11012 11114
Prior preferred
938 Apr 15% Nov
1234 13
1238 13
1234 13
1212 127
* 1213 123 16,900 Amer Druggists Syndicate_ 10 11 Feb 18 1512 Apr 10
4
384 Aug 57% Nov
75 Apr 25
68 68
6734 6918 71
75
72
Amer Encaustic Tiling-NO Par 63 Jan
72
707 7114 8.400
100 169 Jan 10 19634 Apr 27 127 Jan 183 Nov
184 18414 181 18434 1844 18734 18612 112
/
1
1933 1963 22,400'American Express
4
1878 Feb 81 Dee
324 Apr 27
29
2912 30't 30
30'2 2914 30
304 30% 3212 29,300 Amer & For'n Power-No par 2258 Feb 2
/
1
884 Feb 109% Dec
No par 10514 Mar 16 109 Mar 31
*10812 109's 10812 109 *10834 10914 1083 109 *10812 109
1,200 Preferred
4
No par 81 Feb 24 9634 Apr 27
93
931
93
/
1
9234 937
931s 924 9312 9312 9634 8,700 2d preferred
7S, Apr 1274 Oct
154 Feb 1
12% 13
1258 13
1338 14
1338 14
1338 1338 2,300 American Hide & Leather_100 104 Jan
48 Mar 6674 July
3
100 504 Apr 23 67 4 Feb 1
50 4 52
3
531
52
5212 53
/
1
5338 5338 534 5414 2,300 Preferred
303 Jan 71 Nov
4
64
6512 6612 66
6512 66
64i 644 65
6612 6,000 Amer Home Products_No par 59 Feb 18 8838 Apr 5
254 Oct 32 Aug
41 Apr 27
No par 28 Jan 1
3712 384 38
/
1
63,000 American Ice New
39
4012 4018 41
39
3712 383
84 Jan 9612 May
99 Apr 19
*9838 9912 99
100 90 Jan
99
*98
9813 98 98
500 Preferred
99
99
7234 Dec
37 Ma
10134 Mar 31
87
90
92
8938 9012 9214 944 30.200 Amer Internal Corp_ __No par 71 Jan
8638 8812 89
4 June
10 Jan
6114 Jan 27
54 Jan 1
6
6
6
614 614
6
614
618 618
64 3,500 Amer La France & Foamite 10
8018 Dec 9014 Jan
74 Mar 27
100 56 Jan 1
74
Stock
*694 74 *69
*6912 74 *6914 74
100 Preferred
6918 6914
Apr 7212 Nov
4
100 583 Jan 13 11134 Mar 14
American Linseed
9218 9334 9214 943
5 944 964 96 10078 9718 981 23,900
4658 Mar 9212 Nov
100 8612 Jan 1 1054 Apr 27
Exchange 10212 10212 102 10212 10258 10254 103 10434 1047 1051
1,500 Preferred
8
9914 Oct 116 May
1044 1064 1054 106
10512 106
10612 10712 10734 109
6,300 American Locomotive_No par 10412 Apr 23 115 Jan 31
100 12512 Jan 26 134 Mar 24 11912 Fe 127 July
Closed .130 133 *130 133 *130 132
130 130 *128 132
100 Preferred
15512 15512 *157 160
7314 Jan 18811 Dec
15712 158 *157 160 *161 163
300 Amer Machine & Fdy_ _No par 15214 Feb 24 180 Mar 26
11112Mar 1 116 Jan 13
Extra
11314 11314 11314 11314 113 1134 *11234 115 *11234 115
140 Preferred ex-warrants
8 Dec49
,
3131i Nov
4212 4314 427 433
3,100 Amer Metal Co Ltd-No par 39 Mar 13 4612 Jan 3 4312 44
4334 44
8
4 4334 44
100 11012 Jan 11 125 Mar 30 108 Jan 11312 Dee
Holiday
125 125 *12512 ---- *125 ___- *126
40 Preferred
*126 ---20% Dec 6314 June
No par 18 Feb 23 25 Feb 7
•1812 19
American Plano
19
19
*185 19
8
19
*1818 19
700
19
84 Nov 1104 Mar
13658 6658 70 70
140 Preferred
6814 6814 *69
71
70 70100 59% Apr 18 90 Jan 3
54 Jan 731e Oes
7914 82
7934 81
8138 8234 8111 8238 8214 8338 37,100 Am Power at Light. _No Par 6214 Jan 11 3534 Apr 18
25 1304 Jan 18 15234 Mar 20 11011 Jan 147 s Sept
7
14614 148
1444 14612 145 147
1464 14714 146 14712 9,400 American Radiator
/
1
4
100 11012 Jan 4 132 Feb 21
8712 Apr 11614 Nov
131 13234 *128 131
3,500 Amer Railway Expreas
131 132
129 132
13134 1323518 Jan 82% Dee
7218 77
73
75
7212 7534 73
21,000 American Republios___No par 514 Feb 7 85 Apr 12
7514 74
78
42 July 5471 Nov
6014 604 61
61
6112 6212 615 62
4
62
6314 1.700 AnliniCall Batty Rasor_No par 56 Jan 10 6614 Apr 10
387 Oct 51 July
8
No par 3858 Feb 18 434 Mar 30
42
4214 4238 424 4214 4158 42 *41
4134 414 1.300 Am Seating v to
578 Apr 25
24 Oct
Vis Jan 8
414 412
6 4 Jan
3
478 578
514 534
514 554 10,900 Amer Ship & Comm_ No par
4 s 43
5
4
80 Jan 12344 Nov
.
•10414 106
106 108
1044 105
10414 10414 1044 1044
70 American Shipbuilding _ __100 100 Apr 19 119 Jan 6
/
1
/
1
183 18518 18214 184
18312 1841± 184 1871 187 1883 47,100 Amer Smelting & Refining..100 169 Feb 2 1924 Mar 30 132% Jan 18834 Des
4
142 Apr 20 11914 Ma 133 Dee
100 131% Jan
141 14178 14134 1413 14158 14134 14112 14134 *14154 142
1,700 Preferred
4
100 141 Jan
1744 Apr 18 11938 Jan 146% Nov
16834 16834 1663 1663 1664 16584 1657 166
4
1,300 ArneriCILD Snuff
4
4
169 171
*112 1123 112 112 •112 1123 1123 11312 *11212 11312
100 102 Jan
114 Apr 2
4
944 Jan 10611 Oct
190 Preferred
7
414 Apr 7244 Dee
6212 60 61
6018 61
4
61
607 6114 605 617 12,900 Amer Steel Foundrifm_No par 53 8 Feb 1
8
703 Jan 11
8
8
100 112 Mar 27 120 Feb 29 11014 Jul 115 Jan
11214 11212 112 1123 112 1121 1124 11234 1124 1124
710 Preferred
6854 69
6834 69
100 55 Feb 1
6514 No
95 4 May
68 68 4 6812 691
8878 7012 6,600 Amer Sugar Refining
7814 Jan 12
1
3
100 100 Feb 17 1104 Jan 28 104 No 118% MAY
10614 10614 107 1073 •107 108 *107 108
107 107
1,500 Preferred
5812 593
5714 59
59
59
59
No pa
474 Feb 27 6212 Jan 7
4112 Jan 88% 005
6114 60
6012 10,000 Am Bum Tob v t a
2612 2612 2614 264 26
26
26 2614 *26 2634
26 Apr 36% Aug
300 Amer Telegraph & Cable__100 25 Mar 2 32 Jan 17
184 1851 184 1877s 18612 18738 1864 18734 25,200 Amer Telep & Teleg
185 186
100 17612 Feb 20 19014 Apr 18 14914 Jan 1851s OA
15812 164
15318 1581 1574 15834 155 158
1554 1577 16.600 American Tobacco corn_ _ _50 1534 Apr 24 176 Jan 3 120 Jan 189 Nov
156 1617 1544 1593 157 1587 155 15712 15618 15778 61,600 Common Class B
4
50 16418 Apr 24 177 Jan 8 1194 Jan 1813 Nov
126 126 12514 12512 •12518 12514 1,600 Preferred
126 126
126 126
100 11718 Mar 19 126 Apr 20 11018 Jan 120 Ds
°
118 1181± 118 118
118 118 118 1183*1 118 118
Feb
1,300 American Type Founders 100 11538 Feb 10 1264 Jan 3 119% Nov 146
1114 1113 *111 1117 11178 1117 *111 11112 *111 11112
/
1
30 Preferred
100 10758 Jan 7 115 Mar 31 1074 Feb 116 Sent
5912 6118 59 601
6114 62
60
62
46 Aug 721s Sept
61121 61
8,100 Am Wtr Wks & Eic newNo par 5212 Feb 27 64 Apr 19
10412 1041± 10514 1051 10412 10412 *104 10512 *105 106
9974 Off 103% Dee
400 let preferred
1014 Jan 10 106 Apr 13
2213 2134 221
22
2134 2218 2138 223
8334 Jan
164 Jun
224 2218 4,100 American Woolen
100 2018 Jan 3 2434 Feb 14
8012 Jan
*534 54
53
533
8 53
5318 5278 53111 5214 54
464 Jun
1.500 Preferred
100 4974 Jan 3 6214 Feb 14
1312 137
14
14
0 May 2414 Oct
/
1
4
1314 131
1418 15a 1478 16
5,800 Am Writing Paper ctfs_No par 13 Mar 29 1912 Feb 9
434 4313 4312 437
43% 44
5714 Aug
44
4434 45
25 4 AP
3
4614 3,000 Preferred certificates_ _....100 41 Jan 5 483 Mar 1
4
1014 Feb
25
261
244 263
8 2412 267
8 25
26
5 4 Self
3
2514 26
16,400 Amer Zinc. Lead & Smelt
638 Jan 10 3034 Apr 10
25
87
8812 87
91
35 Oct 514 Feb
8912 86
864 873s 87
8914 8,700 Preferred
25 40 Jan 16 98 Apr 11
6011 Dee
6614 687s 664 874 6714 683
4114 Jun
4 687 70% 7018 711 308,500 Anaconda Copper Mining_50 54 Jan 18 7278 Apr 9
/
4
63 Dec
8512 661
6512 6512 653 66
38 Ma
66
6614 6612 67
2,300 Archer. Date's. MIcll'd_No Par 5514 Feb 20 7012 Apr 16
•11312 11514 1134 11312 *11312 11514 *11312 1151 *11312 11514
Jan 11311 Dec
70 Preferred
100 1123 Feb 20 11514 Mar 16 106
4
913 913
4
914 9178 92 92
917 92
79 Oct 9814 Feb
9138 917
3,200 Armour & Co (Del) pref
100 2658 Jan 3 92 Apr 19
1414 1538 1412 1518 15
1514 15
84 May 15% Jan
1538 145 15% 17,200 Armour of Illinois Claw A__25 114 Jan 16 1638 Apr 17
8
912 104
9% Jan
9 8 1012 104 10% 10
7
5 Dec
1038 1018 1073 63,100 Class B
658 Jan 10 11 Apr 18
25
7714 78
60 Apr 8614 Jan
78
7838 784 787
2 787 82
8013 83
12,000 Preferred
100 6718 Jan 12 83 Apr 27
4612 47
Apr 5512 Nov
48
461 47
/
4
21
467
8 46
47
*4612 47
Mar 14 5184 Apr 2
1,400 Arnold Constable Corp_No par 41
3334 3412 337 3438 3212 34
22 Jan 32 June
33
33
3338 3312 3,900 Art Metal Construction
_10 2512 Jan 10 3434 Apr 19
40 4058 407 404 *40
8
4014 4012 4012 *40
4034 Dec 64% Jan
41
700 Artloom Corp
No Par 3934 Apr 10 4438 Mar 30
•11014 112 *11014 111 *11014 111 *11014 114 *11014 111
Mar 19 10912 Nov 114% Nov
100 10914 Mar 6 114
Preferred
4438 445
8 447 453
8
8 4514 453
4 448* 46
45
/
4
301 Feb 63% Nov
4
46
7,600 Assoc Dry Goods
No Par 4114 Mar 1 483 Jan 23
•11112 113 •11113 113 *11113 113 *110 114
97% Mar 112 Dec
113 113
8
100 let preferred
100 108 Feb 18 1137 Apr 3
*114 116 *114 116 *114 116 *112 113 *113 118
Jan 3 11912 Jan 27 105 Mar 114 Dec
2d preferred
100 112
3912 3912 385s 3938 *393 40
4
40
35 Oct 504 Feb
4034 395 407
210 Associated 011
23 3712 Feb 18 43 Apr 17
4118 4334 4338 4514 4418 4638 444 453* 435* 4538 32,800 At 0 & WI S$ Line-No Par 374 Feb 18 4658 Apr 25
30% Mar 43% Nov
,
4614 4612 4618 4838 473 497
4
29% Mar 41% Nov
48% 493
8 4834 49
9,400 Preferred
100 38 Feb 27 56 Mar 12
12414 1287 125 12778 12712 1323* 12912 1337 131 13314 94,100 Atlantic Refining
3
8
100 954 Feb 9 1337 Apr 26 104 Dee 131% Aug
•11512 11712 •11512 11712 *11512 11712 *11512 11712 *11512 11712
11512 Apr 18 1184 Jan 3 1154 Feb 119 Aug
Preferred
100
5812 Mar 70 June
87 *85
87
*85
*85
87
87 87
*85
87
200 Atlas Powder
No Par 63 Jan 8 101 Mar 23
Jan 107 July
8
•1077 1074 1073 1075 *1075 1073 10738 10758 10738 1075
*
4
4
/
1
40 Preferred
100 10213 Jan 20 109 Feb 6 98
8
74 June 1216 Apr
121 12
1212 1212
1212 1213 *1212 13
/
4
/
1
4
13
18 8 Feb 3
7
13
814 Jan
1,000 Atlas Tack
No par
514 512 2,800 Austin. Nichols&Co vtallo par
512 5'
2
514 512 *514 512
414 Mar 104 Jan
6% Apr 12
512 53
4
Ns Jan
*273 35
2312 Dee 81 Jan
*2734 35
*273 34
4
39 Jan 21
*2734 35
100 28 Jan
*273 35
4
Preferred
7214 Dec 8034 Nov
70 *70
74% Jan 24
*70
/ 70 *7082 7312 70
1
4
72
/
1
4
*70
70 Mar 2
72
200 Austrian Credit Anstalt
434 Ma
1258 14
11 Dec
14 Apr 25
1012 104 12
1258 14
10
64 Jan 1
134 137 36,100 Autosales Corp
No Par
3
354 36
/
1
367
4
* 36
324 3312 33
367
35
3514 6,9001 Preferred
ao 30 Jan 2 873 Feb 1 28 May 4214 Dec
487
48
48
4834 4813 4938 4812 4912 7,900;Autostr Sat Rater A ---No Par 43% Jan 1
4912 Apr 10
43 Nov 467 Nov
4
474 49
260 260 *256 280 260 260 260 260
280 272
3
1,100,Baldwin Locomotive Wks_106 242 Feb 1 285 Mar 31 1434 Jan 265 4 Sept
4
Jan 1254 July
*12112 1233 •12112 125 •122 124 *122 123
4
122 122
100 118 Feb 2 1243 Apr 11 116
100, Preferred
4
*10812 110 v10812 1103 10812 10812 10812 109 •10912 1103
300 Bamberger(L) dt Co prat 100 10812 Apr 25 11174 Jan 5 10634 Mar 11074 Dee
4
40 Jan 597 Feb
2712 3,000 Barnett Leather
28
2612 2634 27
257 26
8
26
27
27
No par 25% Apr 13 5212 Feb 1
4
20% Oct 351s Feb
25 2114 Mar 30 2612 Jan 14
244 2512 2412 2478 244 2518 2438 25
2458 253 48,600 Barnsdall Corp class A
4
2434 25
201s Oct 32% Feb
*2414 2512 2435 2438 *24
25 22 Feb 14 2612 Apr 17
*24
25
25
2001 Class B
78
797
7758 7778 7712 78
4
105 106
105 105 .104 105
111 111 •111 11112 *111 11112
2933 295 290 297 297 324
4
4
4 9814 9814 *9812 983
983 983
4
2518 2912 3312 39
2514 27
3
46
48 4 46
597
4
4814 51
4
44
418 434
4
4 14
6418 663
83 644 6258 64
8
1014 1012 10
1018
104 10
358 4
312 4
35
8 34
5
26
264 2518 255
4
4
8 253 263
85
84
81
84%
103 10812 *105 1073
4
11112 11212 •111 11112
327 364
370 378
9834
*9712 983 *98
4
35
4238 354 3712
/
1
53 643
4 5614 593
4
44 4%
4
414
65
65
65
6612
10
1034 104 1012
/
1
334 414
4
4%
26
27
2614 26%
8a78
1
Bid and asked prices: no sales on tills day. s Ex-dividend. a Ika-Vialtin
2612
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT,
Saturday,
Apr. 21.
Monday,
Apr. 23.
$ Per share
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
5 per share
126 127
*108 1087
8
174 1812
78% 788
183 1914
4
*8912 894
6412 6512
6118 6253
12318 12318
36
3612
*10912 111
*875 903
8
8
6853 69
612 612
.38
49
16112 164
*1912 20
2712 293
3% 33,
Tuesday,
Apr, 24.
Wednesday, Thursday,
Apr. 25.
Apr. 26.
Friday.
Apr. 27.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest
Highest
PER SHARE
Range for Prerions
Year 1927
Lowest
Highest
5 per share $ per share S per share 5 per share Shares Indus. & Miscel.(Con.) Par $ per share
$ per share i per share 5 per Share
126 127
126 126
127 127
126 12712 8,400 Bayuk Cigars, Ino
No par 10114 ,Ian 18 14012 Mar 1
4913 Jan 109 Dec
10812 10812 10812 10812 10812 10812 10814 10814
80 First preferred
100 1073 Jan 10 1103 Mar 28 101
8
Jan 110 Aug
1814 20
1812 193
1912 2014
4 1814 1918 196,300 Beacon 011
No par
1214 Mar 16 2014 Apr 25
14
Oct 1814 June
775 797
83% 81
8 80
8 797 807
813 14,000 Beech Nut Packing
4
20 715 Jan 17 8313 Feb 9
4
5014 Apr 741 Nov
183 183
4
4 183 191
4
4 19
194 1914 2,500 Belding Hem'way Co No par
19
1818 Jan 20 22 Jan 12
154 July 2714 JAI]
8912 897
1,700 Belgian Nat Rys part pref____
893 90
4
897 90 .893 90
o
8514 Feb 18 90 Apr
19-644 647 .65
6512 6512 71
8
70
718 19.800 Best & Co
No par 6334 Jan 19 717 Apr 27
8
49% Aug 593 NOV
8
6114 62
8218 6253 6153 6253 6118 624 50,500 Bethlehem Steel Corp
100 5518 Jan 20 6953 Apr 14
43 Jan 6813 Sent
84
12012 122
120 120
120 12012 12012 12012 2,100 Beth Steel Corn Pr (7%) A00 119 Mar 6 125 Apr 13 10414 Jan 120 De0
37
37
36
36
363 3653 37
8
441
3718 1,600 Bloomingdale Broa____No par 35 Mar 2 11112 Jan 5
8
34 June 527 NOT
10912 10912 *10912 111 *10912 111 *10912 III
20 Preferred
100 10912 Jan 11
2 Apr 5 10912 Jan 114 Nov
8
.8753 9053 *8753 9053 .875 89 .8753 89
Blumenthal & Co pref____100 87% Apr 18 9612 Jan 20
44
Jan 95 Dee
88
69
6818 69
69
69
1,900 Bon Anil, class A
6912 70
No par 6514 Jan 3 78 4 Jan 27
8
534 Jan 893 Dec
3
65
6
6
63
618 628 .6
4,000 Booth Fisheries
7
No par
514 Jan 4
83 Apr
8
413 Sept
713 Jan 9
.39
45
*38
46
*38
let preferred
46
*40
48
100 4114 Mar 14 49 Jan 11
36 Sept 6714 May
16212 16212 165 165
164 166
1,800 Borden Co
166 168
50 159 Feb 20 187 Jan 11 16712 Dec 169 Doe
*1912 20
20
20
300 Botany Cons Mills class A 60 1818 Jan 28 23 Jan 4
193 194 .
4
20
2022
18 May 304 Sept
2818 291 1 2812 2912 287 3053 2912 303 65.200 Briggs ManufacturIng_No par 2118 Feb 4 33 Apr 12
8
4
8
1912 Sept 383 Feb
314 314 *3
33
4 *3
312
312 *3
400 British Empire Steel
100
14 Jan 10
12 Apr
2 Des
614 Feb 1
*7
778 *7
714 *7
7
714
7 18 718
7
200 2d preferred
100
214 Jan 5 12 Feb 1
1 Apr
712 Dec
248 25734 247 24912 250 25014 250 256
11,100 Brooklyn Edieon, Inc
100 2068 Jan 10 26814 Apr 13 14813 Feb 225
260 265
4
Dee
.152 155
15234 15234 •152 154
15212 1544 15512 15812 3,300 Bklyn Union Gas
No par 145 Feb 20 15914 Apr 14
8953 Apr 15712 Dec
*515 5212 .51
8
5212 5153 513
5114 527
8 51
800 Brown Shoe Inc
5112
No par 47 Jan 10 5512 Apr 5
3012 Feb 5014 Dee
7
397 41
8
3918 39
3912 40
40, 4018 41
413
8
4 6,100 Brunsw-Balke-Collan'r_No par 2712 Feb 20 48 Mar 30
1
257 July 387i JIM)
3318 36
8 3518 357
8 3418 355
333 353
4
8 3512 361 4 17,900 Bucyrus-Erie Co..
10 2412 Feb 1: 3731 Apr
16-425 444 4318 437
8
44
4412 444 447k 4412 447 13,100 Preferred
10 333 Feb 17 4553 Apr 16
8
103 103 .1023 105
4
105 105
106 10814 103 1093
8 2,700 Burns Bros new clAcomNo par 9312 Feb 17 1093 Apr 27
8
8511 June 12584 Jan
2358 24 .2358 24
24
25
2412 253
4 26
287
8 6,300 New class B com____No par
157 Mar 8 287 Apr 27
8
e
184 Mar 3484 Jan
10012 10312 10012 1034 1027 1028 10218 10218 1013 1013
8
4
4 4,450 Preferred
100 973 Feb 21 10312 Apr 23
4
90 June 100
Jan
15612 15612 15612 158
15912 160
157 157
1,600 Burroughs Add Mach.. No par 139 Jan 14 165 Feb 3 290 Mar 145 Dec
159 160
6512 6612 657 66
8
653 66
4
6,500 Bush Terminer new __No par 5812 Apr 5 674 Apr 13
653 657
657
8
8
8 64
298 Jan 69 Nov
4
11112 1113 1114 112
112 112
4
11118 112
112 11214
100 10714 Jan 4 11214 Apr 27
410 Debenture
9114 Jan 1117 Deo
s
•117 119
11714 11714 11714 1171 1 .117 1183 117 117
4
50 Bush Term Bldgs, pref
100 11418 Feb 15 119 Feb 4 1035 Feb 120 Aug
8
618 613
618
638
618
618 618 614
6
614 4,000 Butte Copper & Zino
5
418 Jan 19
712 Feb 28
518 May
3 Mar
84
59
61
5914 593
5812 5812 585 595
4 5812 59
100 45 Feb 7 6314 Mar 29
8 7.100 Butterick Co
44
Oct 61% Feb
1014 1014 1012 1012 1014 1012 1018 104 1018 1053 1.400 Butte & Superior kilning
10
73 Nov
9 Jan 11 123 Feb 10
8
1184 Jan
*73
75
*74
76
700 By-Products Coke
8 7212 7412 747 747
No par 65 Mar 1
758 757
7614 Apr 18
66
Jan 9212 June
97 1043 101 10412 1047 107% 10318 1063 10312 1073 57,200 Byers & Co(AM)
4
8
8
8
No par 9012 Jan 18 11712 Jan 27
42
Jan 10284 Dec
3
•110 110 4 1103 1103 •110 __ Ill 111 *110
4
4
20 Preferred
100 10853 Apr 13 1124 Jan 14 1053
4May 11212 Dec
74
7353 7414 74
7412 74
75
7512 7514 W3- 3,900 California Packing_ __No par 713
8Mar 3 79 Apr 13
4
34
8014 Apr 79 Dec
3118 314 30
307
8 3012 303
4 29% 297
26 2514 Mar 16 317 Apr 17,
307 308 1.900 California Petroleum
27
2% 3
27
8 3
3
2% 3
3
4
20,000 Callahan Zino-Lead
10
18 Mar 8
4
4 Apr 271
2% Jan
114 Sept
7614 100
96
98
9718 9934 98% 10212 9914 10134 11.300 Calumet Arizona Mining_ 10 89 Feb18 12014 Jan 3
6112 June 12311 Dec
21
207 213
8
21
21
8 203 21
2134 2153 217
4
6.500 Calumet & Heels
25 2018 Jan 10 23 8 Feb 3
7
1414 July 243 Dee
4
67 673
4 6618 6718 6712 68
14,700 Canada Dry Ginger Ale.No par 547 Jan 5 717 Apr 14
6712 6812 69
70
,1
38
Jan 604 Aug
270 270
271 275
276 281
27112 273
5,100 Case Thresh Machlne
282 292
100 247 Jan 21 306 Mar 22 132
Jan 28314 001
•131 134
130 131 .129 134 •129 1293 .129 134
4
100 128 Jan 30 13512Mar 30 111
100 me Thresh Mach prof
Feb 129 Doe
4 3112 32
3114 3218 3118 3112 32
315 323
3314 17,600 Central Alloy Steel____No par 2818 Mar 27 337 Apr 19
24
Apr 33 Apr
1218 1212 113 1214 1234 13
1214 1212 1212 1212 2,900 Century Ribbon MIlls....No par 1112 Feb 18 178 Apr 4
4
1012 Jan
1654 Aug
Preferred
•80 4 813
82
3
4
804 804 •803 83
4 81
100 8014 Feb 21 87 Mar 12
80
80 4 804
3
70
Jan 88% Dee
66
4
6813 Jan 3 7112 Apr 12
6753 664 67% 673 6912 6814 7014 6812 6918 22,500 Cerro de Paso Copper_No par
58 June 7213 Deo
60
613
4 605 817
8
8 6053 6114 6012 61
60
618 15.700 ertaln-Teed Products_No par 544 has 3 031s Apr 19
42
Jan 55 4 May
3
•120 ____ .120 ___ .120 ____ .120
1st preferred
__ .120 ____ ______
100 119 Jan 26 1207
8Mar 1 108 Feb 11834 Dec
74
74
74
74
734 734
*7318 74
7412 74
No par 7112 Apr 5 77 Jan 12
800 Certo Corp
65 Dec 787s Aug
712 712
714
714
7
7
612 67
2,500 Chandler Cleveland MotNo par
3
512 Feb 29
812 68
9 Apr 14
44 Nov
14 Mar
1634 1634 1612 165
4
3,100 Preferred
1612 17
14 Mar 13 183 Apr 12
8 1614 1614 .153 1614
No par
8
13 June 2614 May
Stock
7412 7514 74
763 783
4
8 77
75
7414 78
No par
724 Mar 7 8173 Jan 6
7814 19,700 Chesapeake Corp
644 June 8137 Oct
k
te.wiill
132 132
130 130
131 132
132 132
129 129
800 Chicago Pneumatic rool_100 125 Feb 20 141 14 Jan 30 12012 Jan 13714 Mar
Exchange .3218 3412 337* 3353 3318 3412 34
34
34 12 3412
250 Chicago Yellow Cab___No par 3014 Mar 24 43 Jan 14
38 July 47
Oct
3718 375s 38
14,800 Childs Co
4
1,9111
3853 3818 3912 371 1 3912 373 38
No par 37 Apr 19 521z Jan 7
485 Mar 653 Aug
8
8
Closed
405 417
8
8
8 415 4253 42
423 38,100 Chile Copper
8 405 4112 4114 417
8
8
25 373 Mar 5 427 Jan 7
3318 June 4453 Dec
*105 112 •____ 1047 •____ 100 *____ 100 •____ 100
Christie-Brown tern etfeNo par 85 Jan 4 131 Jan 23
8
3471 Jan 907 Dee
Extra
675 691
8
674 6834 68
4 694 723 240,400 Chrysler Corp
694 6812 693
4
No par 645 Jan 16 7353 Apr 16
3818 Jan 6312 Deo
116% 1167 •11614 117 .116 117
8
11612 11612 .116 117
200 Preferred
8
No par 1135 Jan 9 117 Mar 12 1028 Apr 116 Dee
8
Holiday
.533 54
4
4
*533 54
4
*533 54
4
*533 54 .533 54
4
City Stores clam A__No par 5114 Jan 19 54 Mar 12
4014 Mar 54 Dec
90
91
9114 9214 9214 9212 927* 9212 92
Class 13
No par 62 Jan 5 937 Mar 27
6,500
8
92
4112 Apr 6412 Dee
99
99
9634 9712 974 9818 9712 101
1001 4 1017
4
51 June 8412 Oct
8 5,700 Cluett Peabody dr CoNo par 7712 Jan 10 1093 Apr 5
•120 1213 *12012 1213 *12012 1213 *12012 1213 *12012 1213
4
4
4
Preferred
4
4
100 11815 Mar 21 1243 Mar 19 11114 Jan 12514 Nov
4
7 1587t 1594 14,000 Coca Cola Co
15818 160
153 158
155 159% 159 159
No par 127 Feb 20 165 Apr 17 c964 Apr 1994 Apr
8
8112 8512 815 84
843 87
4
8312 85
27,700 Collins & Alkman new _No par 79 Mar 2 III% Jan 3
8718 91
86 Aug 11353 Dec
103 10334 10353 10312 *104 105
105 105
106 106
100 101 Mar 15 109 Jan 3 1024 Sept 109 4 Dee
700 Preferred
8
7212 74
715 7312 723 737
8
8
8
74
727 737
747 16,300 Colorado Fuel dr Iron
100 6812 Feb 27 8412 Jail 31
425 Jan 9688 July
8
8612 8712 .86
89
873 9014 8812 90
4
10,200 Columbian Carbon v t cNo par 8612 Apr 20 984 Jan 24
91
667 Jan 10114 Nov
39
,
10014 10278 9914 1018, 10058 1017 1015 104
s
8
827s Feb 983 May
10312 1054 36.700 Colum Gas & Elea new_No par 8912 Mar 15 10612 Apr 17
4
.10814 10312 10812 10812 10815 1083 1083 108% 1084 109
2,200 Preferred new
4
4
100 10718 Feb 28 1104 Jan 3
9912 Jan 11018 Dec
78
8012 77
797
8014 8214 81
21,500 Commonwealth Power_No par 6214 Jan 11 86% Apr 19
8212 81
4858 May 7853 Oct
83
2814 2812 2812 29
2938 29
29
2912 2912 293
14 June 244 Deo
4 4,700 Commercial Credit____No par 21 Feb 20 2934 Apr 27
24
24
.2412 243
4 235 2412 243 243 .2412 243
8
4
400 Preferred
17 June 244 Sept
4
25 23 Feb 3 248 Mar 29
4
2418 243
4 2412 243
4 2412 2412 2412 2412 243 25
4
60 Preferred B
25 23 Feb 7 25 Jan 7
187 June 25 Dec
9112 9112 9018 9112 923 9212 9112 9212 *9112 9212
8
230 1st preferred (6).4%)
100 8734 Feb 2 96 Mar 16
69 July 895 Dec
8
723 733
4
8 7212 74
72
4,000 Comm Invest Trust_ No par 55 4Mar 1 74 Apr 17
727
8 705 7218 7112 72
8
4118 May 62 Dee
3
•104
____ •104 109 .104 109 *104 106
104 104
10 7% preferred
100 99 Jan 27 106 Feb 17
9412 Sept 102 Dec
96
98
*96
97
97
97
.913
97
500 Preferred (6)4)
96
97
100 945 Mar 6 97 Feb 15
s
863 July 9814 Dee
16514 169
170 170
16714 170 4 1684 1693 169 170
3
6,600 Commercial Solvents.... No par 15312 Feb 38 18912 Mar 28 145 Nov 203 Sept
4
4918 4912 49
4918 *49
4912 *49
494 *49
400 Conde Nast PublIca___No par 48 Jan 14 52 Feb 6
4912
39 Aug 53 Dee
2934 3034 295 303
8
8 2912 3012 2912 30
295 3018 79,500 Congoleum-Nalrn inc.. No par 233 Feb 8 3112 Apr 17
8
8
1714 Jan 293 Dee
74
76
7414 75
74
7412 75
7414 7314 735
8 3,000 Congress Cigar
47 Mar 8812 Dec
No par 67 Feb 18 817 Jan 3
90
91
835 89 4 8918 9012 8834 9012 89
8
3
9114 6,900 Consolidated Cigar_No par 7912 Jan 20 0512 Apr 17
7414 Oct 8614 July
.105 107 *105 1071 1 .105 10714 .105 10712 .105 10712
Preferred
100 98 Jan 24 10714 Apr 19
697 Aug 106% Aug
1
13
8
112
112
112 15
112
8
112
134
23,000 Consolidated Distrib'erallo par
2 Mar 22
13 Oct
78 Jan 21
13
4 2
211 Feb
14812 15112 1475 150
14914 150
15012 15812 1603 1677 273,700 Consolidated Gail(NY) No par 1193s Jan 10 1677 Apr 27
8
94 Mar 1258 Dec
4
8
4
10414 10414 10418 10418 10418 10418 10418 10414 1044 10414 3.900 Preferred
No par 10118 Feb 16 105 Mar 28
93 Mar 103 Dee
45
47
4
418
4
44
418 43
4
412 43 26,600 Consolidated Textile.....No pur
54 Mar 28
34 Feb 9
4
34 Mar
74 June
29
8
2612 Apr 10 5312 Jan 13
3053 287 3212 307 32
307 3314 3118 33, 30,500 Continental Baking cl ANo par
8
8
3312 Apr 747 Jan
s
414 43
8
418 412
412 43
4
43
No par
6 Jan 13
33 Apr 10
4
.
512
4 May
514
534 56.300 Clam B
,
1014 Jan
78
80
80
7818 81
81
8014 827
8 797 82
8.400 Preferred
100 73 Apr 10 964 Jae.0
72 Apr 978 Nov
10712 1107s 109 10912 1093 11012 10912 11014 109 1097 21,600 Continental Can, InoNo par 8014 Jan 10 1147 Apr 16
4
8
8
585 Apr 8878 Des
•1243 127 .1243 127
4
4
1243 12414 *12812 127 *12612 127
4
20 Preferred
100 123 Jan 5 128 Mar 26 120
Jan 126 June
8212 83% 8253 84
9312 8634 8712 9178 91
9312 49,500 Continental Ins temp ctfs_10 75 Feb 15 u312 Apr 27
4
7411 Dec 938 Dec
1112 1134 1114 115
8 117* 1212 124 12% 1218 123 49,800 Continental Motors___No par
1314 Apr 12
10 Mar 13
4
8% Nov
1384 Jan
7714 783
4 763 773
4
4 7814 80
8
773 788 785 795 20,900 Corn Products Refining____25 648 Jan 3 827 Apr 13
8
4
487 Jan 68 Nov
s
14614 14614 .1463 147 *14612 147
8
1463, 1463 14814 14614
1.300 Preferred
100 13812 Jan 16 1483 Apr 10 128
s
4
Jan 14214 Dec
143 144 .14218 144
145 1463 14618 1483 14618 1477s 2,900 Coty. Inc
4
4
No par 123 Jan 8 15112 Mar 5
58
Jan 123 Dec
854 865
8 86
8612 8612 863
2,700 Crucible Steel of AmerIca_100 8353 Feb 18 93 Feb 7
4 8612 8612 8612 87
764 Oct 96% Mar
.115 120
116 116 .115 120 .115 120
200 Preferred
117 117
100 11212 Mar 16 117 Apr 27 103
Jan 115 Sept
2218 223 *2218 224 2212 2284 2212 223
4
3,400 Cuba Co
4 2214 23
No par 22 Apr 4 2813 Jan 13
1812 Aug 3414 des
47 Oct
4,400 Cuba Cane Sugar
718 714
718 71 4
718 *133
7
4 7
7
7
No par
714 Jan 12
512 Feb 18
108 Jan
4
2512 26
4
2512 254 253 26
2,700: Preferred
254 2553 *2512 26
100 24 Feb 18 323 Jan 12
8
284 Nov 605 Jan
4
2012 2034 2012 2012 2053 203
2,500 Cuban-AmerIcan Sugar
10 194 Feb 18 233 Jan 3
4 2012 2053 2012 205
4
187 Nov 2812 Jan
10214 103 *10214 103 *10214 103
10212 10212 .1023 10412
100 10112 Feb 16 108 Feb 1
200 Preferred
4
974 Nov 107 Aug
•1012 1112 117* 11% •1012 1112 1053 105s *1012 11
200 Cuban Dom'canSug newNo par
1012 Mar 9 12 Jan 4
1012 Nov
18
Jan
63
643
4 63
8312 63
633
4 64
657* 644 654 8,600 Cudahy Packing new
50 54 Jan 3 725 Feb 14
431s Apr 68114 Sept
7612 798 7653 813
8 804 827
9012 76,900 Curtis Aer & Mot Co _No par 5318 Feb 27 92 Apr 3
4518 Nov 6953 Dec
8612
8 82
87
8
8
1427 14314 .1427 143
1427 143 .143
____ *143200 Preferred
8
100 117% Jan 5 14318 Apr 18 111 Nov 118 Dee
175 175
177 180
179 183
18414 18414 .180 4 1181
1,500 Cushman's Sons
No par 1445 Jan 13 18414 Apr 26 103 Apr 152
Oct
*11912 122 .1197* 121 *11912 121 *11912 121 .11912 121
Cushman's Sons pre (7)44100 114 Jan 11 125 Jan 20 107
Apr 126 Dec
1,200 Cuyamel Fruit
52
5214 .5212 55
•5214 5312 .53
524 52
54
No par
51 Jan 3 558 Jan 20
30
4
Apr 551 Oct
:
444 4512 4434 468 465 483
8
8 48
4918 4812 498 66,900 Davison Chemical vi c_No par 343 Feb 18 497 Apr 27
8
2614 Apr 48 2 Dec
,
4
230 Deere & Co pref
12334 1233 12312 1234 .123 1233 12314 124
12114 123
4
100 1154 Feb 1 128 Apt 11 10512 Jan 12512 Nov
18812 18812 18712 188 .1874 188
3,100 Detroit Edison
1893 1893 188 191
4
4
100 1664 Jan 11 19453 Feb 8 13312 Jan 1701a Dec
Devoe & Reynolds A _No par 40 Jan 3 01 Apr 16
5014 5112 51
5.900
5212 5212 55
52
54
53
55
361: Abg 427 Dee
s
4
*11314 1143 11434 1148 11312 1143 11314 11314 113 113
4
160 let preferred
100 108 Jan 9 1153 Jan 18 101
4
Jan 11412 Deo
14912 14912 1494 1493
8
690 Diamond Match
150 15018 15018 1527 14914 151
4
100 13435 Jan 18 181 Feb 2 115 Feb 1478 Sept
4
34,800 Dodge Bros Class A ___ _No par
194 1918 20
197* 19% 19
1912 184 1912 19
17 Feb 18 244 Jan 4
1314 Oct 274 Jan
70
7012 793 701 4 70
4
70
7014 7018 70'2 10,800 Preferred cent!
70
No par 8818 Feb 18 757 Jan 4
5612 Oct 85 Feb
2 6,400 Dome Mines, Ltd
912 97
942
918 912
914
9
97*
4
312 93
No par
812 Apr 23 131: Jan 6
7 June 1414 Dee
8
6314 6612 623 6312 6312 64
64
6514 3,300 Dunhill International_No par 5513 Jan 9 76 Mar 29
64
65
49 Aug 824 Oct
800 Duquesne Light lat pref___100 10434 Apr 12 11612 Mar 3 11414 Mar 1175, Nov
10514 10514 .10514 10512 10518 10514 .105 10512 *105 10512
1654 16814 168 16912 1683 1694 169 169
4
5,400 Eastman Kodak Co
1694 170
No par 183 Feb 20 180 Apr 3 12814 Jan 17614 Sept
20 Preferred
100 125 Mar 7 134 Apr 3 11914 Jan 1314 Oct
•I30 ____ .130 ____ •130 ____ 13014 13014 130 130
8 3514 357
3414 3512 345 353
353
4 8,600 Eaton Axle & Spring. _No par 28 Jan 11 373 Apr 19
34
35
8
36
2114 Oct 2953 June
373 376
7,100 E I du Pont de Nem new.No par 310 Jan 10 395 Mar 26 168
37714 384
4
.
370 3751 370 3743 375 377
Jan 34353 0131
8
100 115 Mar 9 12114 Apr 9 10511 Feb 118 Dee
8
12012 1203 1205 1204 12012 1205 12012 12012 120 12014 4,100 6% non-vot deb
;
• Bid and mixed micas. oo
rale dsv
a Es dividend.
a its-rent,
Ex-warrants.
New York Stock Record-Continued-Page 4
2613
For sales during the week of stocks not recorded here, see fourth page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
APT. 21
.
$ per share
Monday,
Apr. 23.
7'uesday,
Apr. 24.
Wednesday,I Thursday,
Apr. 26.
Apr. 25.
Friday.
Apr. 27.
Sales
for
the
Week.
$ per share $ per share $ per sbare $ per share $ per share
167 1814 1714 173
s
18
4 17 « 1712 173 1712
19
8
15712 160
15214 158
160 162
1564 160
16214 1613
4
8
8
1412 154 145 1514 145 1518 144 15
1412 15
8 41
4158 4014 413
4214 4114 4238 4112 4238
40
10914 10914 109 109
109 10914
10812 109
1083 109
4
STOCKS
NEW YORK STOCK
EXCHANGE
Sheres Indus. & MIscel. Won.) Par
8,600 Etsenlobr de Bros
25
26,400 Electric Autolite
No par
13,300 Electric Boat
No par
80,300 Electric Pow dr Lt
No par
11,900 Preferred
No par
Electric Refrigeration_ _No par
4
"7514 161- 79's 797 -795* 807s -7912 813* -§OF8 8134 15:500 Eleo Storage Battery No par
914 5,500 Elk Horn Coal Corp__ _No par
84 64
612 612 *614 612
63
4 63
4 •7
8
8
8
1238
12
14
13
77
8 77
1458 13,100 Emerson-Brant Class A.No par
s
.303 33 .303 32 .30 4 32 .303 32
4
4
3
.3034 32
4
Emporium Corp
2
82
823
4 823 8212 8212 837
8 8212 83 824 8212 8,600 Endicott-Johnson Corpig_o_ p50
ar
_
•124 125 •12412 125 *12412 125 .12412 125 .12412 125
Preferred
100
8
4014 4012 395 40
3912 40
397 407
8
2 405 4114 7,600 Engineers Public Serv_ _No par
8
8
11052 1103 1105 11052 1105 1105 1103 1103 1103 1103
4
8
8
4
4
4
4 1,400 Preferred
No par
Erie Steam Shovel
5
11-11- *110 113 '111 112 iii- 111 2 iii" 1111- - 1.300 Equitable Office Bldg_ _No par
2
-12
7412 7412 734 75
75
78
7514 773
2 76
773 26,100 Eureka Vacuum Clean_No par
8
20
20
*194 204 *2012 2012 .1958 21
*20
21
200 Exchange Buffet Corp_No par
5118 5238 4818 5118 50
52
50
527
8 523 5352 11,200 Fairbanks Morse
4
No par
10912 10972 10912 10912 10912 110
10912 1093 110 110
4
130 Preferred
100
12418 125 8 124 12814 1273 1303 128 12952 12614 12914 119,500 Famous Playere-Lasky_Ne par
5
4
4
534 533
534 54
5412 55
5534 3,800 Federal Light de Trao
4 5312 5412 54
15
8
4
10714 1087 .1073 109
10758 10734 1073 108
4
320 Preferred
107 107
No par
•120 130 *115 120 •115 130 .115 130
120 120
100 Federal Mining & Smelt'g_100
95
95
95
95
95
95
95
95
*9412 98
400 Preferred
100
2012 213
4 203 21
4
2118 2212 2112 22
214 22
5,100 Federal Motor Truck__No pa
213 213
2123 216
4
215 220
222 2254 226 226
5,600 Fidel Filen Fire Ins of N Y_ 25
.13
*13
1414
14
13
13 .13
14
13
13
80 Fifth Ave Bus
No pa
30
307
8 30 3012 30 304 2912 3018 2912 30 5,300 First Nat'l Stores
No pa
15
154 15
1518 153
1514
8 15
No pa
174 1818 167 52,900 Fisk Rubber
8
*8114 86
*8114 86
*8114 86
lst preferred ,tamped_ _.i00
*8114 86
•8114 86
*9014 943 .9012 92 .904 923
4 923 923 .904 92
hit preferred cony
100
4
100
4
7212 731
73
72
7212 732 727 7312 7352 74
8
36,400 Fleischman Co new____No pa
4712 48'z 4712 48
47
47
47
473 48
4
47
1,100 Foundation Co
No pa
8014 8114 793 82
4
8112 8252 8114 82
19,100 Fox Film Class A
8112 83
No pa
774 791z 72
774 74
764 7514 7812 76
44,800 Freeport Texas Co
79
No pa
1083 1098 109 1097 10912 1094 109 1093 109 10912 3,500 Fuller Co prior pref___ _No pa
4
2
4
1812 1884 1818 183
1812 1712 18
2 18
175 18
8
2,900 Gabriel Snubber A
No pa
1318 134 1314 1372 1318 1338 1312 1334 13
133
4 9,000 Gardner Motor
No pa
7152 7212 7214 7212 7212 73
8
7212 7314 ' 715 73
7,100 Gen Amer Tank Car__ _No pa
.111 112 *111 112 .111 112 .111 112 .111 112
Preferred
100
4
8
2 88
893
855 884 863 887
4 8814 907
8 883 90
8
49.100 General Aephalt
100
130 134 *131 135
13112 13484 1134 137
134 135
2,200 Preferred
10
*13812 139
13812 13812 •13812 139 .13812 139 .13812 139
20 General Baking pref __No pa
*28
29
.27
28
28
28
28
3312 8,700 General Cable
2912 29
No pa
7318 7414 7312 734 7312 74's 7412 75
7412 7812 13,000
Class A
No pa
8818 693
8 6818 683
69
683 084 683 6914 7.600 General Cigar, Inc new _No pa
4 68
8
2
•12812 130 *12812 130 *12818 130 .1284 130
130 130
10 Preferred (7)
100
*5712 573
4 5712 5752 5712 57'2 554 553
2
2 553 57
900 Gen Outdoor Adv A__ _No pa
4212 4414 41
447
2 4312 447
4012 4214 4018 4112 22,600 Trust certlficatee___ _No pa
161 16514 16014 164
161 1633 16112 16412 1633 16612 125,700 General Electric New __No pa
4
113 114 1112 1112 113 11'2 113 1112 114 1112 7,500 General Electric special ____10
2
2
8
4134 42
41
41
42
421
431. 4312 434 44
3,100 General Gas dr Elec A _ _No par
*118
____ *118 125 •118 130 .118 130 .118 130
Gen Gas & Elea of A (7) No par
•137 142 *13514 140 *13514 140 .13714 140 •13514 140
Preferred A (8)
No par
11212 11212 *11214 11312 *11214 11312 .11214 1134 *11214 11312
100 Preferred B (7)
No par
1835 1885 1833 188
8
Stock
8
4
1853 18814 186 188
4
188 1925 611,500 General Motors Corp new._25
8
126 12612 125 125
128 126
126 12614 2,400 7% preferred
126 126
100
Exchouge) 8612 8712 8614 884 8712 923 91 9534 95 4 9714 71,100 Gen Ry Signal new____No par
8
,
65
6612 65
66
66
663
4 644 65
843 653
4
4 5,500 General Refractories_ __No par
10712 1097 10814 10912 10912 11114 1094 1114 1084 1103 30,400 Gillette Safety Rator_No par
Closed
2
4
434 4414 4318 434 4234 4312 4012 4414 4412 4412 7,000 Gimbel Bros
No par
Extra
97 97
97
97
97 97
9718 9718 97
900 Preferred
97
100
2412 25
2414 2412 2412 25 4 2412 253
8 2412 247 48,300 Glidden Co
3
8
No par
99
Holiday
99
*9812 99
99
99
9812 99
99 99
240 Prior preferred
100
89
DO
8818 897
8 8852 903
4 9014 9412 9152 937 30,800'Gold Dust Corp v t o_ __No par
8
8513 8712 8512 863
867
2 86
875
8 873 8914 82,000 Goodrich Co (B F)
2
-___No par
4 86
*114 115 *114 11518 114 114
11452 115
115 115
100
900 Preferred
5312 5412 5212 54
537 5512 5412 554 54
2
19,700 Goodyear T & Rub____ No par
58
95 955
8 94
9412 9414 9912 943 947
4
No par
9512 2,300 lot pref
8 95
884 8914 8814 89
883 894 8812 89
4
89
8912 4,900 Gotham Silk Hosiery_No par
8818 8812 8814 89
8814 89
884 894 884 90
2,100 New
No par
•124 127
124 124 *12512 1273 1125 12612 •124 12612
4
100
100 Preferred New
•110 ____ .110
110 110 1110 112 •110
10 Preferred ex-warrants-- _100
•10
1014
912 912
9 8 10
5
11
111
11
12
3,900 Gould Coupler A
No par
3212 34
3218 333
2 3314 34
3234 333
4
4 333 344 37,400 Graham-Paige Motors_No par
4512 46
3
454 457
8 45 8 4612 46
2
4714 473 4772 15,800 Granby Cons M Sm & Pr_100
325 33
8
3214 33
3214 3214 32
3214 4,500 Great Western SugarnewNo Par
3212 32
11614 11812 117 11712 117 11712 117 117
117 117
480 Preferred
100
116 12212 11514 11812 11614 1203 11512 1203 11918 12214 43,700 Greene Cananea Copper _100
2
8
712 712
712 712
718 7 8
,
73
2 712
714
800 Guantanamo Sugar__ __No par
714
•103 105 .103 105 .103 105 .103 105 •103 105
Preferred
100
63
64
634 8314 6312 64
647 6712 86
8
68
6.700 Gulf States Steel
100
•2418 25
•2418 25
*244 25 .2418 25 .2418 25
Hackensack Water
25
.637 663
8
4 6352 835 .84
8
873 *633 673
4
8
4
40 Hanna 1s8 pref class A.__ _100
4
4 635 633
*25
27
•25
27
*2512 27 .2512 27
.2512 27
Hartman Corp class A_No pa
22 4 2312 227 2352 2214 23
3
2
2252 225
8 2212 2214 5.600 Class B
No pa
115 115 *112 116 *112 114
112 112 •11212 114
800 Helme ((31
25
*13012 131
13012 131 •131
____ .131
•131
20 Preferred
100
59
593
4 593 61
8
6012 8112 61
64
62
6318 12,000 Hershey Chocolate_ _ __No pa
81
8112 804 814 z8012 81
81
8112 80 4 8112 4,800 Preferred
3
No Da
•10412 105 *10412 105 x104 104
104 104
104 104
700 Prior preferred
10
20 20
20
2018 2014 2014 21
21
22
225s 1,600 Hoe(R)& Co
No pa
3352 343
2 34
34
34
344 3412 3412 3412 3412 1,000 Hollander & Son (A)..-No Pa
*73
75
•72
7412 •72
7312 74
74
744
199 Homestake Mining
•72
100
654 6518 .65
67
6512 8512 *653 66
4
2.700 Househ Prod.lno.tem ctfNopa
66
68
4
14712 1533 148 151
15012 15112 150 15152 150 15278 12,400 Houston 011 of Tex tem etfs100
5014 514 50 5012 5038 5113 51 5334 53 534 22,000 Howe Sound
No pa
3
8314 85 4 823 8412 8312 844 83
8
8478 85
87 139,000 Hudson Motor Car
No pa
4618 49's 4512 4712 474 483
4 473 4914 50
4
53 117,600 Hupp Motor Car Corn
1
293
2 285 2914 2852 29
3
z28
2812 2914 2918 294 17,300 Independent Oil& Gaa_No pa
68
58
8
5618 574 557 56
56
60
6214 70
3,500 Indian Motocycle
No Pa
107 107 •10514 110 *10514 110
109 109
110 110
30 Preferred
100
1312 1312 133
13
2 1314 1352 135 1372 1352 147 20,300 Indian Refining
8
8
1
123 1213 124 1212 1212 123
2
4 123 123
2
4
125 1318 8,900 Certificates
8
1
•110 115 .110 11413 •111 11412 .111 115
1123 1123
4
100 Preferred
10
4
97
*9614 98
98
9612 97
9712 9712 97
9712 1,500 Ingersoll Rand new-- _-NO Pa
5412 547
8 547 5512 5412 56
8
547 55
2
5,700 Inland Steel
55
56
No pa
Preferred
100
-211. 21
4
-12 21
.
- -177- -2118 22
2 2
.
.- 6 600 Inspiration Cone Copper _2
4
123
1212 127
4 123 13
12
8 125 13
8
13
1334 9,100 Intercont'l Rubber___ _No pa
•165 167
8
167 18
8
8
1814 1912 1812 20
165 167
8
25.500 Internet Agricul
No par
6613 68', 6618 677
674 72
7,000 Prior preferred
100
127 128
126 12618 12614 127
12612 127
1265 1285
8
8 2,300 Int Business Machines_No Par
4
8 6814 6914 683 6912 69
693 707
2
8914 8872 897
8.000 International Cement_ No par
•11912 11112 *11012 11112 •11012 11112 1107 1107 •11012 Ill
8
8
100
100 Preferred
4
4812 5014 4812 4914 49
2 483 50
483 503
4
507 76,400 Inter Comb Eng Corp. No par
8
104 104 •1037 10412 •1037 10412 •1037 1041
•1037 104
2
2
2
100
100 Preferred
4
24212 2463 243 24412 24212 2444 24314 24672 24672 25312 7,600 International Harvester
100
14812 14614 •1464 14612 14612 14812 14612 14612 1463 1463
100
2
2 1,000 Preferred
43
2 438
414 414
414 43
2
44 412
412 4'x 4,400 Int Mercantile Martne
100
3812 3912 383 4072 3912 4012 394 401e 12,000 Preferred
4
3812 39
100
10618 1077 10612 108
10718 110
10612 1074 10714 1097 25,600 International Match pref.
s
_35
4
843 8614 833 8512 8512 87
8
8712 9112 9018 92 157,800 Internationa Nickel (The)_26
75 787
8 773 7812 774 79
12
2 7518 7714 7612 777
2
22,800 International Paper...No par
.0812 ____ .9814
-- .
9814 -- -- •9814 _ _ _ _ .9814
-Preferred (6%)
100
107 10712 10714 10712 107 1074 3,000 Preferred (7%)
107 10714 107 107
100
56
55
56
56
56
56
56
.55
*55
5612
100
150 International Salt
1593 1593 159 159
4
162 182 .156 161 •152 160
4
100
900 International S Iver
12814 12814 *128 12812
128 128 *128 1284 128 128
50 Preferred
100
4
2
1574 1603 15712 1594 1593 16214 1594 161
16014 1613 15,000 Internet Telep & Teleg
4
100
•IMO and piked prices: no Woes on $hit day, a Ex-dividend. a Ex-risnide
PER SHARE
Rance Since Jan. 1.
On basis of 100-share lots
Lowest
$ per share
1218 Jan 3
98 Jan 3
1218 Mar 2
283 Jan 10
4
10812 Jan 10
1118 Feb 8
69 Feb 20
632 Apr 17
514 Feb 21
3014 Apr 2
753 Jan 10
4
12114 Jan 27
33 Feb 18
107 Jan 2'
3312 Feb 20
9012 Jan 7
89 Feb 20
20 Jan 30
3212 Jan 5
104 Jan 9
11114 Jan 18
42 Jan 10
98 Jan 6
120 Apr 17
9114 Jan 3
1712 NI& 21
18312 Jan 11
1114 Jan 9
28 Apr 4
1412 Mar 14
82 Mar 1
92 Mar 10
86 Feb 20
42 Mar 5
764 Mar 15
655 Feb 20
8
10318 Mar 17
15 Mar 23
1158 Jan 17
6072 Feb 20
110 Jan 9
7114 Feb 20
114 Feb 20
134 Jan 28
21 Feb 4
56 Feb 9
67 Jan 19
128 Mar 19
5518 Apr 9
40 Mar 22
124 Feb 27
1114 Jan 23
3514 Jan 18
10812 Jan 4
12214 Mar 22
1054 Jan 17
130 Jan 10
12312 Jan 26
864 Apr 23
6412 Mar 22
9812 Jan 16
3418 Mar 6
87 Mar 6
203s Jan 27
95 Jan 4
71 Jan 16
7814 Mar 7
10912 Feb 17
504 Mar 15
9212 Mar 16
78 Jan 4
7812 Jan 5
115 8 Jan 16
5
109 Jan 3
73 Apr 18
4
1834 Feb 18
3912 Feb 18
31 Jan 28
11212 Feb 20
113 Feb 18
7 Feb 23
103 Apr 18
51 Jan 9
23 Jan 5
6212 Apr 13
24 Jan 5
194 Jan 4
112 Jan 17
121 Jan 3
3034 Jan 31
7014 Feb 8
10112 Jan 3
20 Apr 18
2912 Jan 10
87 Jan 4
644 Feb 21
127 Feb 27
405 Feb 18
8
75 Jan 18
29 Jan 16
213 Feb 20
4
384 Feb 14
1004 Jan 3
9 Feb 18
812 Jan 18
101 Jan 4
90 Feb 18
46 Mar 3
1154 Jan 6
18 Feb 25
113 Apr 12
4
13 Feb 24
4852 Mar 28
114 Jan 18
58 Jan 3
10813 Jan 4
4514 Feb 20
103 Mar 21
22434 Feb 18
13814 Mar 1
4Mar 28
33
344 Feb 20
9312 Jan 3
735 Feb 24
8
8718 Jan 16
100 Apr 11
Feb 24
4912 Mar 28
158 Feb 21
M 22
Mar
13912 Feb 20
Hiyhest
PER SHARE
Range for Previous
Year 1927
Lowest
Highest
$ per share $ per share $ per sbare
23 Apr 12
104 Nov
1812 Feb
175 Apr 16
6312 Jan 102 Des
184 Apr 19
1312 Mar 224 Aug
4412 Apr 17
1612 Jan 3238 Dee
1104 Mar 8
98
Jan 109 Nov
1712 Mai 19
54 Nov 371 Jan
2
834 Apr 10
834 May 7912 Jan
7 Dec 15 8 May
9 Jan 1
5
1458 Apr 27
3
Oct
13 Apr
33 Mar 1
30 July 374 Mar
85 Apr 17
643 Jan 8114 Dee
4
125 Apr 12 1163 Jan 125 Sept
2
2134 Jan 3952 001
421 2 Mar 23
11034 Apr 18
933 Jan 1083 Dec
4
8
243 Jan 357 Dec
383 Jan 23
4
2
2
843 Sept 9312 Dee
1143 Mar 14
2
4
79 Jan 3
50 Aug 777 Nov
8
22 Jan 28
1512 Jan 23 Dec
54 Apr 19
4312 Maw
304 Nov
110 Mar 19 107 Dec 112 Ma
92 July 115 8 Dee
1303 Apr 25
4
3
56 Apr 19
3712 Jan
417 MaY
9112 Feb 100 Aug
109 Apr 19
60 Feb 187 June
140 Feb 7
754 Jan 97 Mar
98 Feb 10
17 Dec
2314 Apr 16
307 Jan
2
934 Feb 230 Dec
226 Apr 27
10 Nov
15 Jan 18
144 May
1914 May 30 Feb
334 Feb 14
14 4 Oct 20
3
173 Jan 4
4
Apr
81
Jan 100 Sept
9112 Jan 10
9412 July 102 Sept
973 Jan 5
4
484 Feb 7112 Dec
763 Apr 14
2
35 Nov
53 Apr 18
885 Apr
8
50 June 854 Dee
8814 Jan 24
3414 Jan 10612 Dec
1094 Jan 11
1097 Apr 23
8
22
2812 Jan 5 -- - De; - (i- Aug
5
812 Jan
163 Feb 2
4
1512 Dec
48
75 Apr 18
Jan 643 Dec
8
111 12 Apr 10 1063 Mar 11212 Sept
8
65 Aug 983 Mar
9314 Jan 9
4
14014 Jan 7 10714 Aug 14472 Mar
140 Feb 7 11812 Apr 140
Oct
331 2 Apr 27
807 Mar 20 "EI- Dec "Eli )5- i
8
2
e
1
52 Jan 747 Dee
7538 Feb 2
130 Apr 27 118
Jan 136 Sept
587 Jan 31
2
545 Apr 594 Nov
8
8
37
523 Jan 7
Jan 584 Nov
81
1741 2 Apr 16
Jan 14852 Sept
115 Jan 6
8
1158 Jan
11 June
34 Apr 4712 Feb
4478 Apr 14
11312 Mar 2 100
Jan 1104 Oct
144 Apr 18 11314 Mar 12338 Nov
11212 Apr 23
Jan 1054 Dec
98
19912 Apr 13 11314 Aug 141
Oct
12712 Apr 12 11812 Mar 1253 Dec
4
8218 Jan 15314 Bent
1235* Jan 3
82 Jan 3
38
Jan 81
Dec
11212 Apr 13
953 Nov 10912 Oct
4
494 Apr 17
354 Dec 59 Sept
98 Jan 12
91 Nov 1084 July
253 Apr 25
4
14'* May 22 Mar
10114 Apr 13
86 Aug 101 June
1053 Feb 15
8
42 Mar 7834 Dee
994 Jan 4
4214 Jan 9812 Dec
115 Mar 30
95
Jan 11112 Dec
7212 Jan 4
4838 Aug 6938 Dee
994 Jan 13
924 Nov984 Dee
934 Apr 14
574 Jan 85 8 Dee
5
93 Apr 14
58
Jan 8512 Dec
130 Apr 12 104
Jan 122 Sept
11112 Mar 27
1252 Feb 2
4
Oct 111- ii
4 -O4
397 Apr 12
2
5114 Apr 10
31 8 -if-fi iii- idski
-1- i
38 Jan 7
3518 Dec 49 8 Sept
5
120 Jan 3 11612 Feb 123 Sept
18412 Jan 4
2914 Jan 15112 Dec
932 Jan 4
7
Oct 114 May
107 Jan 7
957 Jan 106 Dec
2
68 Apr 27
40
Oct 64 Feb
30 Jan 31
22 Aug 27 July
58
793 Jan 191
4
Jan 724 Dee
275 Feb 3
8
2212 Oct 274 Mar
257 Jan 27
8
1812 Dec 2918 Apr
11812 Feb 20
7812 Jan 125
Oct
131 Apr 24 11814 Jan 130 July
64 Apr 26
347 Dec 4014 Dec
2
82 Apr 16
7014 Dec 7512 Dee
105 Apr 14
995 Dec 103 Dec
8
Jan 6172 July
22
304 Jan 20
367 Apr 13
8
3114 June 404 Oct
Oct
75 Apr 11
Jan 75
60
2
6912 Jan 28
6314 Jan 703 Nov
161 Apr 9
Oct
804 Jan 175
65 Mar 28
343 July 484 Dec
4
997 Mar 18
8
4814 Jan 9112 Aug
61 Mar 28
Oct 3614 Dec
16
3012 Apr 17
1758 May 324 Feb
13 Mar 47 Dee
70 Apr 27
115 Apr 12
92
Jan 1024 Dec
147 Apr 27
8
124 Sept
74 May
1312 Mar 6
74 June 12 Sept
115 Apr 3
)et 112 Mar
99
98 Apr 19
8718 Nov 9811 Apr
41
63 Jan 3
Feb 624 Dec
118 Feb 18 111
Oct
Jan 118
1212 June 2512 Jan
24 Apr 10
11 Nov 25 Nov
213 Jan 4
4
20 Apr 27
818 Apr 164 Dec
79 Apr 26 33 Mar 6812May
1474 Feb 3 5318 Jan 11934 Dec
7278 Mar 21 4514 Jan a 532 May
1107 Apr 26 100
2
Oct 113 Dec
554 Jan 3 404 Oct 64 Mar
10512 Jan 3 101
Oct 10514 Dec
280 Mar 31 135 8 Jan 2554 Dec
3
14612 Apr 25 12614 Jan 139 Dec
53 Jan 9
2
312 Oct
84 May
445 Jan 17 3212 Oct 55 2 May
8
3
120 Mar 16 62 Mar 9512 Deo
993 Jan 27 3814 Jan 8912 Dee
4
8012 Apr 18 03912 May
Nov
107 Apr 12 8514 July 11081Z
8
12
108 Jan 14 9812 Jan
6854 Jan 12 63 Sept 75 Dec
196 Jan 24 13512 Mar 14878 sevt
98 Nov
131 Jan 27 109 Ma 128
Oct
185 Mar 19 12214 Jan
New York Stock Record-Continued-Page 5
2614
For sales during the week of stocks not recorded here,see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday.
Apr. 21.
Monday.
Apr. 23.
Tuesday.
Apr. 24.
Wednesday, Thursday.
Apr. 28.
Apr. 25.
Friday.
Apr. 27.
Sales
for
the
Wee*.
STOCKS
NEW YORK STOCK
EXCHANGE
$ per share 3 per share 3 Pe7 share $ per share $ per share $ per share Shares Indus. & Mlscel.(Con.) Par
1,600 Intertype Corp
*3312 34
3478 34 34
No par
34
4
334 333 *33 34
700 bland Creek Coal
*5334 5512
55
56
1
56
56
58
5612 5611 56
2,500 Jewel Tea. Inc
No par
86
8712 864 87
86
86
8434 8578 85 88
Preferred
100
*122 124 *122 124 *120 124 *120 124 *120 124
No par
126 12738 12712 129 21,100 Johns-Manville
12218 125
12134 12438 125 128
200 Jones & Laugh Steel pre!_100
s
*12212 12338 12212 12212 *1224 1233 12212 1224 *12212 12312
No par
324 3334 3.100 Jones Bros Tea. Ina
3138 32
3378 3478 3212 3213 314 32
No par
113 117
8
8 3,900 Jordan Motor Car
1158 1218 1138 114 1112 1134 1138 12
40 Kan City P&L lst pf ESN° par
11334 1133
*11334 11413 1134 11334 *111 1144 114 114
4
4 7412 7538 15,800 Kayser (J) Coy t o___ _No par
4
7118 72
7113 7234 713 7218 7212 743
9,500 Kelly-Springfield Tire
2214 23
25
2112 2212 2112 23
2132 2212 2134 22
100
100 8% preferred
68
6712 6712 *65
68
.67 684 *67 69 *67
100
1,200 6% preferred
66
67
68
66 66 .65 63 .65 68 *65
8.700 Kelsey Hayes Wheel...-No par
4
3214 313 32
315 3338 314 3238 311 32'4 32
8
4
10 Preferred
100
*10414 10912 *10414 10912 10913 10912+10414 10914 *10414 10914
No par
8 8478 8513 8518 8578 43,100 Kennecott Copper
853
8338 844 8312 844 84
500 Kinney Co
46
No par
*45
46
46
48
*46
47 47
48 48
100
630 Preferred
957 9578 9612 9612
8
97
97
96
99
9838 99
25
13
8 6558 6612 10,700 Kraft Cheese
s 653 663
8 6.512 667
6514 6614 6514 657
10
71
7134 9.800 Kresge (8 8) Co new
7012 7018 71
697 7038 70
8
7018 71
100
10 Preferred
4
4
*11518 11634 *11513 11634 *11512 1163 *11512 1163 116 118
----No par
2018 1,400 Kresge Dept Store.
2078 20
8
2012 2012 2013 20 4 203 2038 20
3
Preferred
100
*63
66
*57 67 *57 67 *63 67 *63 66
No par
600 Kress Co new
10012 102
10013 10012 810014 10234 10214 10214 102 102
8
4 764 7678 764 767 14.300 Kroger Grocery & Bkg_No par
7518 767
8 7533 7612 7552 763
Laclede Gas L (St Louis) _100
*WO 240 noo 2.40 *200 240 *200 240 *200 240
100
90 Preferred
*106 108 10412 106 *104 107 *104 107 *104 107
12,200 Lago 011 & Trausport_No par
4 354 36
3538 3518 353
35
4
34
353
4 343 3.5
No par
8
2
11313 11478 11312 11458 11312 1157 1145 117 22,200 Lambert Co
8
1125 115
No par
8
5
18
1812 1772 18
2058 20 8 217 32,200 Lee Rubber & TIre
181s 1932 19
No par
51
5212 11,200 Lehn & Fink
3
50 517
8 50 50 8 5018 5078 5014 51
No par
3
30 2 30 4 3038 30 4 3034 3034 304 3034 2.700 Life Savers
3
3
3018 31
99 10078 13,500 Liggett & Myers Toba000_25
9818 104
10514 10712 102 10.513 10114 103
25
105 10712 100 10514 10038 10414 We 1017s 99 10138 154.000 Series B
100
4
1463 147 *14612 14634 14614 14612 1,000 Preferred
147 147
147 147
No par
5,100 Lima Loo Wks
8 5712 5814 5918 6114 6018 62
5712 5914 *3312 .583
6912 7012 14,300 Liquid Carbonic eartlfs..No par
4
683 70
6712 72
72
715 7214 71
8
8
7114 723
4 707 73 41,100 Loew's Inoorporated_No par
72
,
8 71
7014 7114 693 707
No par
652 714 15,100 Loft Incorporated
614 63
13
614 614
614 61 1
614 614
200 Long Bell Lumber A......No par
*2818 29
*2814 2812 .812 .812 *2813 2812 *2814 29
573 59 80,000 Loose-Wiles Biscuit new____25
4
/ 5612 59
5378 563
8 543 5512 5518 567
8
100
10 lot preferred
12112 12112 *12112 125
*121 125 *12112 123 1*12112 125
2'
33
3378 258,900 Lorillard
3418 3678 3134 35
3512 4012 3338 37
1h0
800 Preferred
1103 110 4 108 10918
4
3
11212 11212 111 111 *11034 111
1538 1612 1612 173 92,400 Louisiana Oil temp othi-Nr. par
4
1538 1578 1558 16
15
16
93
93 *93 9378 *93 937
_100
160 Preferred
94
941_
8 9378 94
28,000 Louisville GA El A-..No par
3612 3738 3653 3738 3612 37
35
36
34
35
4,373 5134 4978 5012 50
59 40,700 Ludlum Steel _____ __No par
543
8 55
51
54
51
5112 5012 5013 2,500 MaoAndrews & Fc'clee_No par
52
5215 53
5234 51
52
aes
100
8
11814 11914 1183 11912 2.000 Mackay Comps119 119
119 12018 11312 119
100
4
4 4,400 Preferred
4
4 763 763
7614 763
4 763 763
7718 7712 7613 77
No par
8312 85'z 84 834 8412 8614 3513 8712 8512 874 56,500 Mack Trucks, Inc
No par
100 Macy Cr
.304 349 *30:3 349 *303 349 *303 346 x340 340
3O7 3112 16,800 Madiscn Sg Garden-No par
3038 3014 31
30
305
8 3013 3012 30
6,700 Magma Conner
49
4778 4818 48
No par
4812 49
4712 4812 47:3 48
257
4,300 Martinson (H R)& Co-No par
2434 2514 2.334 2412 2434 2434 2478 2612 25
Preferred
9812 *97
100
981 *97
9814
*9614 9734 *9614 9734 *97
Seclek
Manatl Sugar
100
40
30 *34
40 *34
39 .35
*3512 40 *35
Preferred
100
70
70 *62
70 *62
70 *62
70 .69
Exchange *65
4
No par
100 Mandel Bros
*3613 3734 3612 3612 *3612 3734 *3812 373
*3612 38
5314 4,900 Manh Else Supply
No par
5318 554 5313 5414 53
5214 53
52 53
Closed
4,000 Manhattan Shirt
25
8
3812 384 393 40
38
3812 38
38
3812 *38
aw
8
17
194 1818 1914 183 1914 1838 184 1812 187 37,000 Maracaibo 011 Expl___No par
Extra
No par
42
43
4178 43
4158 434 414 43
423 433 74,000 Marland 011
4
4
5312 5412 3,800 Marlin-Rockwell
No par
53 56
Holiday
5258 5312 53 5314 5312 54
No par
8 1612 174 10,900 Martin-Parry Corp
8 1618 171
1612 1878 1714 1778 1712 177
9,000 Mathis/ion Alkali Work8No par
12812 131
127 1273 12734 128
4
126 128
12538 128
110 Preferred
100
130 130
126 126 *128
125 125
*125 130
1,800 May Dept Stores new
25
794 80
794 80
80
80 *7958 80
7913 80
38
40 53,600 Maytag Co
No par
4014 3918 40
8 39
37
3814 3734 387
6712 2.900 McCall Corp
No par
8 66
3
647 66 4 6634 667
8
65 683
4 65 65
60 McCrory Stores clam A.No par
4 84
3
854
8212 *80 83 4 8334 833
*8214 8212 82
No par
2.600 Class B
94
87
8834 88
86 87
844 844 *85 88
100 Preferred
100
*109 11018 *1094 11013 •10912 11018 10912 10912 *10912 11018
400 McIntyre Porcupine Mines.._5
26
2623 26
2612 *26
26
26 *254 2613 *26
700 Metro-Goldwyn Pictures pf..27
26
26
8
2558 2514 2534 2534 *251 27
26
26
333
4 2734 3012 2934 327s 269.000 Mexican Seaboard 011 __No par
29
8
2278 274 285 30
1938 5,200 Miami Copper
5
1914 19
1914 19
1938 19
1918 1938 19
3184 31,600 Mid-Continent Petro__No par
5
30 307
8 3014 3012 3014 30 8 304 3114 31
Mld-Cont Petrol prof
100
*109 114 *109 115 *109 115
*109 114 *109
478 518 71,200 Middle States MCorp
478 5
10
47
8 518
478 5
434 514
312 358 8,700 Certificates
312 34
33
2 312
10
34 312
314 312
3,000 Midland Steel Prod pref_100
4
213 215 210 212 2083 210 20914 215 214 215
2,700 Miller Rubber otfs
No par
21
2112 20
2114 2122 21
2138 2112 *214 22
100
16518 16538 7.100 Montana Power
165 16518 165 165
165 16518 165 165
74,600 Monty Ward & Co Ill corp_10
8
13534 1387 13512 1373 1363 13853 13712 14034 1403 142
4
4
8
818 812 20,200 Moon Motors
No par
512 914
818 812
812
8
8
83
4
312 314 7,400 Mother Lode Coalition-No par
34 34
312 34
34 314
34 314
3,200 Motion Picture
73
No par
812 812
814
83
4 9
814 812
814 814
No par
4 1614 1614 1618 1614 1618 1612 1612 1612 1.400 Motor Meter A
•1618 163
No par
18,800 Motor Wheel
13 355 3614 354 36
8
8 3618 3712 3618 373
3512 377
5,300 Mullins Mfg Co
88
No par
8312 8412 85
85
84
8.5
8513 84
84
10 Preferred
*10712 109 •10712 109 *10712 109 *10712 109 109 109
100
No par
3
4934 50 4 50 50 4 5014 5512 5338 5478 5334 5478 13,400 Munsingwear Inc
3
No par
36
3712 3612 3734 28,500 Murray Body new
37
3412 3434 34
3412 36
No par
8
8
8412 8618 845 854 844 8612 847 8514 8413 8534 45,000 Nash Motors Co
1518 1558 5,800 National Acme stamped-_-10
15
154 164 144 1513 1512 154 15
No par
6918 70'2 2.100 Nat Benito Hew
69 69
69 69
6812 69
70
69
500 Preferred
100
10712 10712 108 109
•106 10712 *107 10712 107 107
26
8
8
168 1694 16718 1687 166 1685 16612 16714 16612 167:4 11,100 National Biscuit
300 Preferred
14714 14714 147 147
100
147 147 .147113 149
*147 148
5812 5938 39,800 Nat Cash Register A w 1No par
587
8 5712 59
56
574 5718 5912 58
8114 82 56.800 Nat Dairy Prod
81
No par
8
8 783 794 79
793
8 7713 787
78
2384 24
700 Nat Department Stores No par
24
4 24
2334 233
24
2414 24
*24
100 1st preferred
8
*9312 9478 947 947k
95
100
9512 *93
9512 *92
*92
4222 9,300 Nat Distill Prod otfs___No par
43 *42
4
4118 423 *42
3
404 413
4 39 4 41
200 Preferred temp etfe_No par
594
573 574 *5714 5914 *5714 5914 *58
8
*573 60
4
2,000 Nat Enam & Stamping
3034 313
30
100
2812 2918 2958 29
3018 28
29
300 Preferred
*93
95
95
100
95 *93
93 *93
93
93
93
128 13112 13012 1:3284 2,300 National Lead
100
126 12614 *125 128
126 127
200 Preferred A
100
147 147 *147 148 *147 14712.147 1471/ *147 1471
100 Preferred B
100
121 *11813 1254 120 120 *11612 119 *120 12022
*11814
8
313
8 314 323 97,800 National Pr & LS otfs-No par
3058 3112 31
305 3224 3004 31
8
304 14,300 National Radlator_.-No par
3214 29
3518 30
3
35
35 4 35 8 3512 29
3
1,200 Preferred
9212 9412 9112 93
No par
95
94
95
95
96
*95
10212 10312 10218 10318 3,400 National Su111:69
10114 102
60
10518 10614 10114 105
2.390 National Surety
4
100
8
3273 32514 3277 32712 32712 33512 342 3433 350
4
323
10,900 National Tea Co.
26412 273
No par
4
236 240 23712 23813 241 2493 25334 264
2018 2018 2012 2012 2078 23.300 Nevada Coneol Copper-No par
204 20
2014 204 20
4514 4614 5,000 N Y Air Brake
4438 45
*4412 45
No par
4473 4518 4478 45
600 New York Dock
*5512 57
57
4
100
5534 553 *55
57
5614 5612 *55
Preferred
92
92 *88
92 .38
100
*87
92
*87
92
*87
4001N Y Steam pre (6)____No par
103 1031
1033 104
4
10313 1037 10312 10312 10312 104
8
1701 First preferred (7)
11318 11338 *113 1131
---No par
.113 1137 11314 11378 114 114
8
799 Niagara Fails Power pf new_25
4
4 273 274 2784 2714
*2758 2734 *274 2714 274 273
8
, 8812 703 46,900 North American Co
673 687
4
10
3
664 6734 673 68
67 68
8001 Preferred
55
8
545 5518 55
55
*54
50
55 55
55
55
800 No Amer Edison pref _No par
8
1037 1037 *10:312 10414
8
104 104
103.8 104
10378 104
25 Northwestern Telegraph
54
53
*5314 54
*5314 54
50
.5314 54 .5314 54
500;Norwalk Tire & Rubber
3
3
8
24 27
a
10
23
4 27
*234 34
3
3
100.Nunnally Co (The)...--No par
93
3 93
3
*812 94 *812 912 *812 912 *812 94
• Bid and asked Mew we NM IS Ms day. •11M-dividand. •1114..igke...
PER SHARE
Range Since Jan. 1.
On basis of 100-share lois
Lowest
HOlost
$ per Share
31 Jan 17
51 Feb 17
774 Mar 1
120 Jan 18
11214 Mar 8
12034 Jan 4
2558 Mar 31
84 Jan 16
11112 Jan 28
6258 Jan 5
15 Feb 17
5514 Feb 17
58 Feb 17
2212 Jan 10
106 Mar 8
8018 Feb 20
3812 Jan 16
8718 Mar 22
53 Mar 31
12
604 Feb 24
11218 Apr 11
1312 Jan 18
514 Feb 1
87 Feb 20
734 Mar 27
200 Jan 10
100 Jan 5
2738 Feb 20
7912 Jan 10
1714 Jan 3
38 Jan 17
304 Apr 23
9818 Apr 26
984 Feb 26
13514 Jan 30
53 Mar 19
6312 Feb 20
57 Jan 10
5 4 Feb 9
3
26 Jan 3
4918 Jan 10
11912Mar 21
3134 Apr 26
108 Apr 27
938 Feb 21
80 Feb 21
28 Feb 7
2558 Jan 11
46 Jan 6
10812Mar 2
684 Jan 13
83 Apr 17
235 Jan 10
2214 Jan 9
4334 Feb 27
16 Jan 20
874 Jan 30
3412 Feb 10
65 Mar 22
36 Mar 2
50 Jan 11
314 Feb 18
1212 Feb 20
33 Feb 17
45 Mar 8
14
1218Mar 12
119 Feb 20
115 Jan 12
78 Feb 17
30 Mar 12
56 Feb 3
77 Feb 18
8012 Mar 14
109 Feb 8
25 4 Mar 21
1
2518 Jan 6
1 8 Jan 19
5
174 Jan 5
2518 Feb 20
10314 Feb 20
23 Jan 3
8
112 Jan 3
199 Feb 18
20 Apr 27
1024 Jan 10
117 Jay 19
54 Feb 6
218 Jan 27
5 Mar 29
13 Mar 22
2513 Jan 12
725 Feb 17
8
104 4 Jan 17
8
463 Mar 5
4
3112 Feb 1
8014 Feb 20
74 Jan 4
41 Jan 3
9014 Jan 3
1624 Jan 19
13713 Feb 29
474 Jan 16
6412 Jan 5
2178 Jan 5
91 Jan 10
3514 Feb 28
55 Feb 28
2314 Mar 26
9018 Mar 28
123 Mar 1
139 Jan 3
11212 Mar 20
2158 Jan 16
29 Apr 25
914 Apr 27
90 Feb 21
298 Feb 7
160 Jan 17
173 Jan 18
4
1212 Mar 10
52 Feb 18
87. Apr 16
9914 Jan 3
102 Jan 30
274 Apr 17
5858 Jan
5314 Jan 3
10212 Feb 15
50 Jan 5
212 Mar 15
8 Mar 8
$ per share
3812 Jan 20
5714 Apr 19
8812 Feb 10
12418 Apr 12
13312 Apr 5
12334 Feb 9
4034 Jan 10
1434 Jan 3
114 Apr 26
7612 Mar 30
2738 Jan 3
84 Jan 6
80 Jan 26
337 Apr 20
8
1104 Jan 5
894 Apr 10
52 Jan 19
100 Apr 11
74 Jan 9
75 Mar 29
118 Apr 27
2714 Feb 29
69 Feb 29
11412 Mar 29
8034 Feb 11
260 Feb 2
12412 Jan 26
36 Apr 17
120 Apr 11
22* Feb 2
5334 Apr 12
368 Feb 7
12212 Jan 3
12312 Jan 3
147 Apr 11
654 Jan 3
774 Jan 13
74 Apr 18
734 Feb 27
3534 Feb 3
59 Apr 26
123 Jan 6
46.8 Apr 19
114 Mar 13
173 Apr 27
4
9412 Apr 27
3738 Apr 25
59 Apr 27
5714 Apr 14
134 Mar 20
84 Mar 19
10778 Jan 3
350 Apr 11
32 Apr 19
564 Jan 4
284 Apr 12
10178 Mar 15
41 Jan 14
88 Jan 17
4012 Jan 24
61 Mar 17
4238 Apr 16
194 Apr 23
4412 Apr 17
57 8 Apr 18
7
1938 Apr 20
l3778 Apr 12
130 Apr 27
8528 Jan 3
4014 ,Apr 25
6978 Apr 19
88 Jars 3
94 Apr 27
111 Jan 10
284 Mar 16
27 Feb 9
334 Apr 25
1978 Apr 10
3174 Apr 17
109 Apr 19
54 Apr 12
4 Apr 12
290 Jan 4
27 Jan 3
16912 Apr 4
15312 Mar 28
11 Apr 13
338 Feb 23
9 Apr 27
234 Jan 12
377 Am 23
944 Apr 13
1104 Jan 9
5512 Apr 25
3958 Apr 12
1014 Jan 3
17 Apt 14
71 Apr 9
109 Apr 27
182 Jan 27
150 Apr 11
62 Apr 13
824 Apr 13
2414 Feb 2
95 Apr 11
5812 Jan 0
7138 Jan 9
3712 Apr 12
93 Mar 31
136 Jan 31
147 Mar 29
12118 Mar 30
334 Apr 19
4018 Jan 9
984 Jan 17
110 Apr 19
355 Jan 3
273 Apr 27
2312 Feb 6
5012 Feb 10
6414 Jan 4
95 Jan 4
105 Apr 13
115 Apr 19
28 4 Feb 17
1
703 Apr 27
8
5518 Apr 26
1057 Feb 7
8
54 Apr 18
4 Jan 3
9 4 Mar 9
1
Pill SHALE
Rance for Prelims,
Year 1927
Lomita
Highs
,
'
5 per share $ per 111111
1912 Jan 3912 June
4812 Mar 67 Sent
534 Jan 86 Deo
11112 July 12512 Mar
117 Feb
1058 Jan
124 July
___ -- -49 Apr
94 Jan
35 Feb
44 Jan
19 Oct
103 July
60 Feb
OA June
56 June
49 June
4518 Jan
11018 Feb
10 June
45 Nov
59 Jan
17334 Jan
96
Jan
2012 Jan
86 Jan
7 Jan
3218 Apr
2014 Sept
*8712 Feb
*8658 Feb
12414 Jan
49 Oct
4.51 Sept
4
4371 ,Jan
5 Oct
254 Dec
1354 July
118 Jan
2312 May
107 June
10 Oct
8514 Dec
233* Jan
20 Oct
43 Nov
105 June
67 Aug
8814 Jan
124 Jan
2012 Aug
2912 Feb
1118 Apr
6634 July
27 Nov
48 Oct
3918 Dec
43 Oct
2414 Jan
12 Oct
31 June
27 Jan
1512 Dec
82 Jan
103 Jan
6684 June
234 Jan
55 Mar
15612 Mar
07 Mar
2412 Mar
2434 Jan
3 Aug
134 June
2513 Oct
97 Apr
158 Jan
118 Jan
106 Apr
1712 Nov
814 Jan
8
608 Feb
6 June
112 Oct
'01 Sept
17 Nov
2014 Jan
10 Jan
80 Jan
354 May
1614 Oct
6014 Apr
5 Feb
3118 Sept
8514 Sept
9414 Jan
130 Jan
3972 Jan
5914 May
2014 June
894 July
17 Feb
43 Mar
1918 Apr
6918 Apr
095 May
1134 June
10478 June
1914 June
3634 Nov
96 Nov
78 May
0218 July
108 Apr
124 June
394 Oot
34 Jan
7218 Feb
934 Feb
105 Jan
2714 Jan
3
45 8 Jan
50 Jan
Ms Jan
471 Jan
4
178 June
84 Dec
123 001
3412 Dec
2212 Jan
---- -654 Dec
324 Nov
102 Sept
9712 tielld
27 July
110 Dec
904 Dee
45 Jan
93 Dee
6278 Feb
774 BMA
118 July
18 Dec
80 Jan
10512 Sept
-26712 June
130 May
3714 Nov
8812 Oot
1812 Dee
43 Nov
344 Dec
128 Sept
128 OM
140 Dee
761s Apr
784 Dec
634 Mar
758 Jan
43 Mar
5714 Dee
123 Nye
4782 July
11812 Jan
12 Aug
97 Feb
3012 Dee
3314 Mar
584 Dec
134 Anil
74 AUf
1184 May
24312 Nov
Ms Oct
5814 Dec
2014 Dec
96 Dec
46 Feb
8014 Doe
4984 A1111
132 Aug
3514 Dec
224 Jan
584 Jan
557 Nov
8
244 Feb
1324 Deo
120 Dec
3
90 8 Nov
3514 Dee
90 Dee
9 / Dee
64
11612 Sept
28 4 Oct
1
2614 Feb
pld Feb
2034 Dec
3928 Jan
105 Feb
34 June
214 June
315 Dec
364 Apr
10912 Ool
1234 Dee
124 Jan
Ms Jan
155 M11/
8
384 Apr
27 2 Mar
7
794 Dec
11014 Dee
53 Nov
63 Feb
10178 Dee
74 Oct
del, Dee
97 &PP
187 Dee
142 Dee
5158 Dee
687 Aug
8
2718 Mar
9414 Jan
80 Oct
6934 June
35 8 June
1
9178 July
2024 May
1394 Dec
11514 Dec
2611801)
1
394 Nov
98 Dec
977 Dec
s
373 Dec
180 Dec
2018 DM
50 JUDI
65 8 Nov
3
934 Nov
1024 OM
11412 OM
295
8May
6414 003
55 A118
105 Ool
5
3 Bahl
51 Fet
1
13 Jac
New York Stock Record—Continued—Page
2615
For sales during the week of stocks not recorded here, me sixth page preceding
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT.
Saturday.
Apr.21.
Monday,
Apr. 23
I per share
S Oa share
3112 32
*10514 10612
3
127 127
*9414 95
7212 7212
Tuesday.
Apr. 24.
Wedneaday, Thrusday,
Apr. 26.
Apr. 25.
Friday,
Apr. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share
$ per mare $ per share
4
*31
4
313
4 313 31% 3118 313
10514 10514 *10318 105 *103% 105
1212 127
8
8 12% 1212 1214 123
*9414 9512 *94% 9512 *9412 9518
723 723
8
8 7212 72% 73
73
$ per share Shares Indus. & &fiscal.(Cos.) Par
314 31% 1,500 011 Well Supply
25
150 Preferred
100 1034
100
1214 1212 2.000
No 1oo
par
Pre
*9412 9512
272
7212
800 Oppenhelm Collin.& CoN0 Par
Orpheum Circuit. Ins
1
1 •:::: W,
1100 Preferred
100
HW* 1681* 161 166
16714 16884 167 16734 16912 170% 4,500 Otis Elevator
50
1241 12414 124 124 31124 125
124 124 •124 125
250 Preferred
100
1714 1814 1718 1778 1742 17% 174 17% 1712 18% 42,30000s Steel
No par
918 92
9214 93
913 9212 9112 92% 9214 92% 2.200 Otis Steel prior prei
4
100
*84
89
89
*84
*84
89
1184
89
*84
Outlet Co
89
No pat
85 4 86% 8512 8614 8618 868
3
pres Ehettle
85% 5.300 Owen ferrad
25
4 8513 863
4 85
11115 11514 •115 11514 115 11514 *115 1154 *115 11514
100
4612 48% 4717 48
471 4811 4712 48% 48
483 15,700 Pacific Gm - Elea new____ 25
4
138
112
114
13*
13* 112
2
112 1%
2 14 173,400 Pacific Oil
No par
15018 15018 15014 15014 150 15014 1503 150 4 151 155
270 Pacific Telep & Teleg
4
3
100
663 673* 66% 67% 68
.10
688 6812 69% 693 70 2 76.600 Packard Motor Car
8
,
49
494 49
49% 49
49
4912 5012 51
521s 6.100 Pan-Amer Pair & Trane...._ 60
48
4
50% 483 50
483 50% 49% 52
4
60
513 533 136,100 Class B
4
4
23% 25
2414 2512 2514 25 4 2518 25% 25% 27 4 31,800 Pan-Am West Petrol B_No par
3
,
18
20
177 1812 18
1813 1818 1914
1918 20% 28,800 Panhandle Prod & rel.No par
•84
85
8512 *83
85
14
85
8412 84% 84% 85
100
800 Preferred
62
58% 63
64
623 64
4
62
63% 6214 63% 38.800 Park de Tilford tern etfa_No yor
1012 1118 104 10% 1012 107
10,800 Park Utab C M
8
1
. 10% 10 4 105 11
3
3 8 312
3
3
312
6,300 Paths Exchange
3% 312
3% 31
314 312
No par
1218 13 6 1312 133* *1312 13 4 1312 13% 13
7
3
3,700 Pathe Exchange A new _No par
131
317 3312 333 3544 3534 37% 35% 37% 136.200 Patin.) Mines & Enterer_ _ 20
4
30% 3312
23
23 4 2234 2312 223* 223
3
50
4 2212 2314 2314 2514 38,400 Peerless Motor Car
3214 33
32
3314 32% 344 3212 33% 33
34% 14.400 Penick & Ford
No par
165 27% 26% 27
8
267 267
8 27
....No par
29% 291 11.800 Penn-Dixie Cement.
30
*95% 9612 *96
9612 9612 963* *96
97
100
600 Preferred
96
96
172% 17318 17012 172
171 172
171% 173
17212 173
3,400 People*,0 1. & C (Chtc)—100
•158 164 4
.160 164 *148 163 *160 165 •155 165
Philadelphia Co (PIttsb).--50
1346
48
46
46
*46
48
4146% 48
*46% 48
10 5% preferred.
50
56% 56% 15612 567
56
2.500 6% preferred
563
4 56% 56% 57
57
50
3014 30% 30
3012 301 3314 32
3214 323 18,400 Phila & Read C& I___ _No par
33
Certificate.of Int __No par
--173* 1934 "1712 177 1714 184 -1773 19
-18E8 18s 10,700 Phillip Morrie & Co. Ltd__ _10
415 4354 42% 43 8 4214 43
8
3
4212 4313 42% 43% 51,400 Phillips Petroleum
No par
2834 283 *2812 2912 *283 30
4
4
2812 2812
*283 30
4
200 Phoeriz Hosiery
5
99
99
99
99
9914 9914 99% 99
3 100 100
110 Preferred
100
12% 13 4 12% 1318 113 123
,
4
13% 1312 137 10.000 Pierce-Arrow Mot Cez_No pa
4 13
8
4412 4412 44
441
45
45
45
45
45
2,300 Preferred
100
46
15
8 2
1% 2
3
2
3
43
2
4
5% 436,100 Pierce 011 Corporation
22
23
2212 221
23
27
27
301
. 29% 30
100
7,300 Preferred
412 47
8
4% 5
43
4 58
5% 612
7
8
5 4 65 217,400 Pierce Petrol'm tern ctfeNo pa
7
3734 3812 37
39
3812 38% 3814 387
8 3812 383 10,400 Pillsbury Flour Mill...No pa?
4
*113 114
11312 1131 •11218 11314 *112% 114 •11218 114
200 Preferred
100
44
44% 45
45% 4514 4712 46
47
45% 4512 6.000 Pittsburgh Coal of Pa
100
•81
8212 *81
821
8212 82 2 *82% 8312 *8212 8312
,
100
100 Preferred
*88
90
*88
90
*88
90
•88
90
8914 89%
100
200 Pittsburgh Steel pref
•28
30
29
3012 •29
29
29
32
•29
400 Pitts Terminal Coal
30
100
*77% 80 •77% 80
•76
80 •77
Preferred
80 •77
80
100
6612 6812 67% 67% *66
67
6512 6512 *65
66
500 Porto Rican-Am Tob Cl 4_100
2584 2814 25 4 27 4 2818 26% 26
3
,
2618 2614 2.500 Class B
26
No par
Stott
120 12134 119% 121
11814 11912 11918 12118 1213 1253 41.000 Postern Co. Inc
4
8
No par
*2318 24 4 •2318 23% 23% 24% 24
,
24
25
25
700 Pressed Steel Car new _No par
Exchange *77
7912 79% 80
82
82
•8012 813
100
4
4 813 813
400 Preferred
4
.a.
22% 24
2312 2312 2314 2312 2314 233
4 23% 24% 7,100 Producers & Refiners Corp 60
Closed
*4314 4412 . 8 8572 *4314 4412 *44
4 4418
4312 54
5
4412 4412 4412
50
30 Preferred
*80
85
*80
85
85
85
*80
20 Pro-phy-lac-tlc Brush_ No par
85
Extra
534 54%
55% 57
5612 58
56
57% 132,400 PubServCorp of NJ newNo par
10(33 111
4
110% 111
110 4 111
3
111 11154 11112 11112 2,000 6% preferred
100
Holiday *1244 125
12412 125
12514 12514 125% 12512 12534 126
100
800 7% Preferred
*142%
146 146
146 147 •145% 148 *147 148
400 8% preferred
100
*110 11011 •110 11012 110 11013 •110 1101 110 110
500 Pub Serv Elm & Gm pfd 100
84
85
84
84% 8413 854 851s 8814 28514 86
16,400 Pullman Company new No par
2912 29% •29
2912 *29
29% 294 2913 29
29
900 Punta Alegre Sugar
50
24 3 2533 24% 25 4 24% 254 24
3
/ 251
1
4
,
25
25 8 28.800 Pure 00 (The)
3
25
11213 112% 1127 112% 112% 11212 11212 1121 11212 113
8
300 8% preferred
100
81% 8378 8218 84
7
83% 84 8 83
837
8212 8378 9.900 Purity Bakeries new
Clue B
No par
oiiii8 115 1113* ill's 11254 1184 *iiii8 113 •iiii8 113 ...... Preferred new
200
170 179
172 179
175 181% 176 17912 17814 183 185.000 Radio Corp of Amer.....No par
5611 564 5612 1556
*56
5612 5614 56% 5614 563
8 1.300 Preferred
50
26
26
2614 28
25 4 26
3
255 26% 26
8
26
2.800 Real Silk Hosiery
10
1390
91% •90
90% *90
907 .90
8
90% 907 91
3
20 Preferred
100
1012 104 1012 105
8 10% 105
3
1012 10 4
8 10% 1114 4,500 Reis(Robt)& Co
No par
2614 263
4 2613 264
2614 26
4 26
2612 26
27
12.900 Remington-Rand
No Par
94
94
•93
*927 94
8
95
*93% 94
93% 94
300 Flret preferred
100
6
92
954 4192
95% *92
95% •92
9513 *92
Second preferred
9518
100
27
277
264 27
3 26
27 4
,
2612 263
2712 24,900 Reo Motor Car
4 27
10
59 4 6033 5912 60
1
5912 6014 59% 60
59% 59% 5,400 Republic Iron & Steel
100
6108 109 *108 10812 *10818 10813 108% 10818 108 108%
400 Preferred
100
10
1018 1014 1153 1113 12
9 4 10
3
11% 11% 39.500 Reynolds Spring
No par
1344 1357 128 13414 130% 133
8
131 133% 13112 132% 100,400 Reynolds(RP Tob Class B 25
415 43
8
42
42% 41% 4412 4412 45% 4453 45% 142,200 Richfield 011 of California_ _25
19818 200 200 21212 21112 21612 2113 216
4
213 2147
8 8,400 Rossi& Insurance Co
25
465 48% 4718 47% 47% 4814 48% 4912 50
8
5434 36.600 Royal Dutch Co(NY share.).
39% 39% 39% 39% 3814 39
3814 39
39
3913 3,600 St Joeeph Lead
10
*687 70
8
71
6812 71
7114 70
7512 7412 7712 12,700 Savage Arms Corporation_ 100
212 212
212 212
2% 212
212 213
212 2% 1.900 Seneca Copper
No par
6212 6212 6212 •63
62
6384 64
6414 *6212 64
1,400 Shubert Theatre Corp.
-No
61% 643
6414 6312 65
62% 6312 623 6312 95,000 Schulte Retail Storm...No Par
4 63
4
par
012112 12238 12112 12214 *122 12214 12214 12214 122 122
100 Preferred
100
11% 11% 12% 13% 13
1334 13
13% 123 13% 7.100 Seagrave Corp
4
par
983 101
4
98% 100% 99% 100% 995 10378 10213 1033 85.900 Sears, Roebuck &Co newNo
8
8
Noyar
8812 88% 89% 8912 89% 91
8
90% 93% 927 93% 7.400 Shatuck (F 0)
No par
*4334 45
04312 45
443 443
4
4 45
45
45% 46
700 Shell Transport as Trading_f2
2718 2814 2712 27% 2714 275
8 2712 28
273 287 15.300 Shell Union Oil
8
8
No par
22% 24
23
2312 22 4 233
3
8 22% 233
8 23% 2312 23,600 Simme Petroleum
10
64% 65% 63% 64% 6414 64% 64% 6412 643 6712 24,200 Simmons Co
4
No par
263 283
4
8 27
273
4 27
273
4 2712 29
29
3014 313,000 Sinclair Cone 011 Corp-NO Par
108 108
10712 108
10914 10914 109% 10912 10912 10912 1,000 Preferred
WO
3118 32 4 3112 3214 313 32
4
,
3112 32
3112 32
14,800 Skelly Oil Co
25
1213 1213 •120 125 *118 125 •118 124 •118 124
4
4
100 Blom-Sheffield Steel & Iron 100
16
15% 16
3
16% 15 4 153 •1534 16
4
16% 18% 11,700 Snider Packing
No par
*4612 48
464 464 *47
50
47
47
4712 51% 2,000 Preferred
No par
38% 3914 39 4 40% 40
38% 40
3
407
3 40% 413 38,300 So Porto Rico Bug new_No par
4
•I37 140 *137 140 •137 140 *13714 138 •137 140
Preferred
100
457 463
45% 45 4 4512 45 4 4512 45% 11,100 Southern Calif Edison
8 45% 46
3
3
25
43
393
4134 43
4 40
38
4412 47% 47
483 39,200 Southern Dairies Cl A-NO Par
4
2612 2312 2514 2312 247
25
2112 30
8 24
26
16,900 Clam B
No par
11518 11518 115 11516 *115
115 115
115 115
100 Spalding Bros let peel —100
7
1512 1552 15
41151 15
1512 15
15% 153 16
4
270 Spear & Co
No Par
87 87
87
*8612 87
87
8612 86% 87
87
200 Preferred
100
1
35
3
3412 35
35% 36% 36% 363 62,200 Spicer Mfg Co
3614 35 4 37
4
No par
*11012 111 4111012 111 •11012 111 •11012 111 •11012 111
Preferred
100
30
3044 313
4 293 30 4
4
3
33% 3012 3012 3112 3112 2.800 Stand Comm Tobacco_No par
6614 67
67
665 68
8
68% 663 68
4
6712 69
30,500 Standard Gas & El CO-NO
Par
70
695 70
7012 7018 70% 70
8
6912 70
1.500 Preferred
70%
50
112 1183 116 11914 11513 11713 115 1167 16,800 Standard
120 123
4
8
100
Milling
110 110
10814 10914 10911 10913 10912 10912
112 112
250 Preferred
100
4 595 60% 59% 6014 6018 613 43,000 Standard 09 of Cal
607
8 593* 603
59
2
3
/
1
3 447 45% 187.100 Standard 011 of New newN0Par
434 4518 4334 448 43% 44% 444 447
8
Jersey_25
7
333* 343* 33 8 3412 344 34% 3412 3514 281,500 Standard OH of New York...2e
3314 343
54 pa
44 5
414 4%
3
412 412 4,100 Stand Plate Glue CoNo par
414 45
173 1914 1614 18
17
187 •1712 19
*1914 20
8
280 Preferred
100
Sterling Products
No par
- -1; -ia; W- -58; 923* "kis 923- -51E: Via; 16,100 Stewart-Warn Sp Corp-No Par
6
8
8
7
58
58
5814 58
5812 *56% 581* 1,100 SWomberg Carburetor_No par
58
ash 59
'Bid and antra team DO Wee de .614 Clay
a 2 x-ri4b18
a Iliz-tilvidendi
b Ex-dividend and ex-rignta.
PER SHARE
Range Since Jan. 1.
Os Oast/ of 100
-share lots
Lowest
Per share
30 Apr 12
100 Apr 27
1112 Mar 27
90 Jan 11
7112 Feb 21
20 Mar 13
94 Apr 25
14718 Feb 20
11914 Jan 24
1012 Jan 18
8212 Jan 10
82 Feb 21
7412 Jan 3
1143 Jan 3
4
434 Feb 28
114 Jan 3
148 Mar 10
58 Feb 18
/
1
4
3814 Feb 20
37 4 Feb 20
5
1814 Feb 15
1112 Feb 11
70 Feb 21
34 Mar 10
9% Jan 3
2 Feb 8
81s Feb 9
237 Jan 3
s
164 Jan 27
223 Jan
3
2253 Jan 11
94 Jan
1515 Jan
4
145 Mar 24
4512 Mar 1
52 Jan
284 Feb
27 Mar 13
16 Mar
3514 Feb 20
28 Jan 1
96 Jan
1012 Feb 18
39% Feb 16
4 Mar 3
1614 Feb 20
3 Feb 16
12
323 Feb 18
4
108 Jan 5
4114 Feb 8
8112 Apr 10
8712 Mar 15
25 Feb 10
77 Feb 20
6218 Feb 24
23% Feb 24
118 Feb 20
22 Feb IS
77 Apt 11
16 Feb 17
41 Feb 20
6912 Jan 4
4112 Jan 9
1033 Jan 8
3
118 Jan 21
134 Jan 7
108 Mar 8
7913 Feb 21
284 Feb 17
19 Feb 1
108 Mar 15
7512 Apr 14
9614 Jan 3
109 4 Apr 18
3
8514 Feb 20
5412 Jan 4
24 8 Jan 17
7
84 Feb 7
513 Feb 23
23 Jan 20
12
93 Jan 16
93 Apr 19
2212 Jan 21
56 Feb 17
105 Jan 3
814 Feb 18
128 Apr 24
2312 Feb 17
163 Jan 10
4453 Jan 20
37 Mar 16
60 3 Jan 12
5
2 Jan 18
594 Mar 5
497 Feb 1
3
11912 Jan 31
10 Feb 18
8213 Jan 1
8012 Feb 17
39% Jan 24
2314 Feb
184 Feb 20
5813 Nar
8
173 Feb 20
1024 Jan
25 Feb 16
11612 Feb 27
12% Jan
44 Jan
324 Feb 18
133 Feb 1
4318 Jan 5
2412 Jan 2
9 Jan 23
109 Jan 7
12 Jan 16
79 Feb 25
23 Jan 12
12
110 Apr 11
2954 Apt 24
577 Jan 1
e
65 Jan 3
100 Jan 5
10018 Jan 3
53 Feb 20
37% Feb 18
28 4 Feb 17
3
214 Jan 3
10 Jan 18
13414 Feb 28
7714 Feb 18
44 Jan 3
Highest
PER 811 ARE
Range for Presious
Yflar 1927
Lowest
$ per share
per share
41 Jan 11
3114 Jan
11012 Jan 11 1028 Mar
4
,
142 Apr 9
11 Mar
9612 Mar 8
81
Jan
884 Jan 7
5812 Feb
2412 Jan 9
23 3 Dec
7
102 Jan IS 1023 Nov
4
1743. Apr 13 3103 Feb
12512 Apr 5 108 Feb
1811 Apr 17
4
7 Feb
14
9312 Apr 20
5112 Feb
91 Jae 5
52% Jan
95% Apr 18
73 Dec
117 Mar 16 107
Jan
497 Feb 6
8
31
Feb
214 Apr 27
1 May
157 Jan 8 124 Mar
72 Apr 9
33% Apr
524 Apr 27
4012 Dec
53% Apr 27
4014 Dec
273 Apr 27
4
16% Oct
203 Apr 27
8
8 Apr
851 4 Apr 23
54 Sept
64 Apr 24
20
Jan
1412 Jan 5
6
Jan
412 Jan 8
314 Dec
1812 Dec
18% Jan 14
37% Apr 27
1813 Aug
25,8 Mar 18
20
Apr
1912 Sept
37 Apr 17
30 Apr 26
2112 Dec
96% Apr 25
91 Sept
18912 Feb 2 126
Jan
166 Apr 19
85 Jan
14
4813 Jan 16
Jan
40
Jan
57 Mar 29
50
371 June
393 Jan 3
8
4
8714 June
38 Jan 12
18 Sept
2234 Apr 23
3614 Oct
43% Apr 17
3511 Dec
37 Feb 23
10314 Feb 14 103 Jan
15 s Jan 3!
5
Vs Oct
534 Jan 3
37 4 Oct
1
14 Mar
514 Apr 27
1318 Mar
3012 Apr 26
212 Mar
6 8 Apt 27
5
413 Apr 12
4
3018 Nov
1174 Jan V 104 Aug
3211 Mar
4
5313 Jan 4
70 8 Mar
88 Jan 12
5
94 Dec
98 Feb 9
3013 Apr
36% Mar 20
82 Mar 13
74 Apr
65 Aug
797 Jan 6
s
15 Aug
35 Jan 3
12953 Jan 24
925 Mar
3
3612 Feb
26% Jan 3
88 Jan 4
7611 Feb
16 4 Jan
26 Jan 10
3
45 Jan 24
36% Jan
91 Feb 17
55 Feb
58 Apr 25
32
Jan
11134 Apt 26
9812 Feb
126 Apr 27 10813 Jan
147 Apr25 125 Jan
11013 Apr 25 102
Jan
883 Mar 30
4
73 Aug
14
347 Jan 3
3
27
Oct
2713 Jan 5
25 Oct
113 Apr 27 111% Jan
8578 Apr 19
171 Apt 12
I3, Jan
1123 Apr 25
4
411g Apr
19612 Apr 2
49 May
3
577 Jan 9
2012 Nov
304 Jan 26
9412 Feb 21
80 June
1213 Apr 9
3
5 3 July
2012 Nov
33 Jan 28
96 Feb 28
8712 Nov
90
100 Jail 24
Oct
292 Apr 14
2513 Dec
693 Feb 7
53 Oct
112 Feb 6
96 3 Jan
5
1218 Apr 9
4 Feb
9813 Feb
1614 Jit 3
25 3 Dec
457 Apr 26
3
74 Jan
220 Mar 21
4414 July
543 Apr 27
4
36 May
433* Jan 4
4313 Oct
7712 Apr 27
1 June
313 Jan 3
693* Jan 9, 55 Aug
6712 Apr 14
Jan
47
129 Apr 11 11614 Jan
83 Sept
4
1414 Jan 3
Jan
51
1101/ Mar 27
7
56% Jan
93 k Apr 28
413* Oct
46 Apr 27
2453 Oct
2914 Apr 17
1414 July
26 Mar 30
334 Jan
73 Apr 4
16
Oct
30% Apr 27
97 Jan
10912 Apr 26
2413 June
33 Apr 17
134 Feb 5 11014 Nov
183 Apr 27
,
113* June
44 Nov
60 Jan 11
4233 Apr 11
33 3 Aug
7
138 Apr 18 11812 Ma
sMar 22
483
48% Apr 27
30 Apr 23
120 Apr 3
20 Feb 29
92% Feb 29
37 Apr 25
11118 Jan 12
3712Mar
7014 Apr 19
71 Apr 13
127 Apr 20
112 Apr 23
6214 Apr 17
45% Apr 17
3514 Apr 27
7% Feb 23
40 Feb 23
150 Jan 26
95 Apr 13
ow Apr 9
:
Molest
per slurs
3872 Dee
110 June
1718 June
9912 May
82; Dec
35 Apr
10812 June
155114 Oct
124 4 Aug
3
1212 June
91 Nov
99 Dee
gals Dee
120 Nov
50 Dec
1% Jan
162 Dec
82 Dee
657 Jan
3
68% Jan
37 3 Jas
7
8
187 Jan
83 Nov
4653 OM
1012 Dec
12 June
434 June
277 Feb
4
32
Jan
2774 May
3953 Jan
100 May
15854 Nov
15312 Dee
51 Dec
5312 Sept
472 Mar
8
47 Mar
4118 Jan
14
60 Feb
527 Aug
e
107 e July
5
Me Mar
10212 Jan
11 June
8
24 June
5 June
12
3712 Aug
109
Oct
7412 June
98 Sept
101
Jan
55 June
8412 Dee
9112 Jan
52 8 Dec
7
12018 Dec
7814 Dec
924 May
33 2 May
7
50 Feb
71 Sept
RN Sept
105 Nov
12014 Nov
13514 Nov
11012 Dec
84 4 Dee
3
8
4117 Jan
8318 Mar
1151. Dee
No?
Nov68s
101
Apr
57
49 Mar
99 Dec
9 June
AM Dec
10212 Apr
110 Apr
26% Dee
758 Mar
1
106 May
13 Dee
162 Dee
281 Dee
8
194 Oet
5412 Feb
437g Mar
7212 Mar
3s4 Jan
yars Nov
57 Sent
123 Aug
153 Dee
3
9112 Deo
10112 Oct
4772 Feb
31% Feb
253 Dee
3
643 Dee
4
22% Jab
10413 Dec
3733 Feb
1344 Apr
164 July
5214 July
62 May
12
137 Nov
315 Jan 45 Dec
3
8
15 May 45 8 Jan
6% Oct 20 Jan
103
Jan 11218 Nov
8% May 16 Dec
73 Feb 88 Dee
3
204 Jan 287 May
104 Feb 11112 Nov
Jan
64
5718 Jan 661, Nov
7014 Jan 104% Dee
84
Jan 103 Dec
60114 Jan
50 8 AP
3
3518 Apr 41% Feb
29 4 Jun
8
3413 Jan
2 Mar
4is June
10 Ma
15 2 June
7
9012 Jan 14312 Nov
8712 Nov
5414 Ma
2813 Jun
60 Sept
2616
New York Stock Record-Continued-Page /
For sales during the week of stocks not recorded here, see seventh page preceding
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Ayr. 21.
Monday,
Apr. 23.
Tuesday,
Apr. 24.
Wednesday, Thursday,
Ayr. 26.
Apr. 25.
Friday,
Apr. 27.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
per share $ Per share $ per share 5 per share 5 per share
per share Shares Indus. dc Miscei.(Con) Par
633 64% 6314 6414 631y 6414 6412 65
8512 67 69,700 Studeb'rCorp(The) nawNo par
4
60 Preferred
*12484 12514 12434 1243 12414 12414 12518 12518 *12434 12512
100
4
418 412
4% 412 12,400 Submarine Boat
458 4%
No hat
4% 4%
4
43
4
4312 4412 5,400 Sun 011
42 44
4214 4338 424 434 4212 44
-No par
200 Preferred
100
*108 110 *107 1093 *108 10912 1094 10912 10812 10812
4
414 412
418 4% 60,200 Superior 011
-No par
313 3 4
3
3% 414
3% 3%
Superior Steel
22 •20
22
100
•20
22 •20 22 *20
22 *20
17
1778 1812 18
1814 14,200 Sweets Co of America
ao
1712 17
1712 1714 18
3513
4
534 534 *53
6
63
200 SYmIngton temp etfs- _No pa
4 614 *512 6
1712 19% 17,400 Class A temp etfs--No par
1714 177
1718 17
17
8 163 1714 17
4
200 Telautograph Corp--No par
*17
4
1712 17
17 *163 167
4
4
8 163 163 •163 17
4
1238 13
No par
1212 12% 1234 13
18,900 Tenn Copp g ID
1234 13% 1288 13
25
597 6013 6012 6138 111,700 Texas Corporation
8
5834 60 8 594 59% 5912 60
3
7378 73,200 Term Gulf Sulphur new No par
72
7338 7153 723
4 7218 7314 72% 7314 73
15% 1513 165 52,800 Texas Paolfic Coal de 011_ _ 10
1438 1514 14% 14% 14% 1518 15
8
2618 2734 2618 27
2688 2714 263 2812 29
4
30 4 163,800 Texas Pao Land Trust new__1
3
2618 2614 2614 26
No Dar
26
26
26
2912 2.400 Thatcher Mfg
2614 26
No par
*4734 48
48
484
400 Preferred
4714 4714 *4714 48
48 *48
No par
38
38
3712 38% 3734 373
38 38
3712 38
4 4,300 The Fair
25
*6114 62
600 Thompson (I R) Co
36234 64 *62 63
62 62
62 62
1912 1938 20 49,700 Tidewater Assoc 011___No pa
1834 1938 1834 1914 1834 1914 19
100
8812 88 88
1,000 Preferred
88
*8712 8812 *87
8812 88% 89
100
2,500 Tide Water 011
*234 25
24
25
24
2412 2434 2512 2512 26
100
92
92% 9212 1,000 Preferred
9034 903
4 91% 9112 9112 9134 92
9,900 Timken Roller Bearing_No par
125 126
12414 127
126 127
127 12712 126 127
32,200 Tobacco Products Corp 100
11078 1113 111 11134 11112 113
111 1123 11034 112
4
4
100
119 119
400 Class A
120 120 *12018 120% *11812 120 *118 120
87
2 918
87
8 918
812 914
4 9
9
9114 251,400 TranseTI 011tematfnewNo pa
83
3,800 Transue & Williams SO No par
53
523 5312 5314 55
51
53
51
51
52
4
6612 6712 6612 6778 6714 68
4,800 Under.Elliott Fisher Co.No par
6614 6712 6614 67
100
Preferred
*121 128 *121 128 *121 128 *121 128 *121 128
4114 4114 42
4012 41
41
42
4212 3,400 Union Bag & Paper CorP 100
41
42
15212 15378 153% 155
28,600 Union Carbide & Carb..No par
15018 151
15078 152
150 8 153
3
25
54
543
4 5434 5538 25,800 Union Oil California
54
547
3 5314 54% 5312 54
500 Linton Tank Car new .100
12434 1243 *121 1243
122 125 *122 125 *120 125
4
4
No par
3518 35
35% *35
3512
900 United Biscuit
3514 3514 35
35
35
100
Preferred
*11034 123 *111 123 *112 123 *110 123 *110 123
30
3012 13,400 United Cigar Stores new--10
2912 3012 29% 29% 29% 3014 2934 30
100
400 Preferred
112% 112% *11212 11334 *11212 113
41113 1133 112% 113
8
100
United Drug
let Preferred
50
United Dyewood prof
100
6112 6413 ;6112 1641, ;1314 - 3
2
4
614 13i1- 643
No par
140 1403s 14034 140 4 1403 1403
4
1411 140 1141
4 1,600 United Fruit
14012
3
8018 80 803
7712 77
788 79
4 5,000 Universal Leaf Tobacco No par
76
771.4 80
130 Universal Pictures let pfd-100
9612 9612
9612 9612 9612 97
963 98 *9612 97
4
2434 25
3,600 Universal Pipe & Rad-No par
25
25
2412 25
2433 25
24
25
100
Preferred
*96 100 *96 100 *95 100 *95 100 *95 100
2,000 US Cast Iron Pipe & Fdy-100
252 254 253 254 258 259
252 252 250 253
100
900 Preferred
4
134 13484 1334 13334 13212 133 *132 133 *132 1323
4 1612 1612 1,600 US Marl!, Corp new 210 par
164 1618 168
1612 1714 16
16
16
100
600 Preferred
4 8334 833 *813 834 834 8312
4
4
4
833 83 8 823 828
4
7
5114 5178 3,800 Cane!!Mach Corp vt0NO par
5218 5312 52
5254 5138 5158 5012 52
11358 11412 114 11514 1147 11514 11478 1173s 14,100 U 8 Industrial Alcohol-.._100
114% 115
8
100
121 121
100 Preferred
*120 124 *120 124 *120 124 *120 122
No par
3914 40% 4014 4734 4514 5012 4434 4712 4512 47 140,700 U S Leather
NO par
7018 66% 6812 45,600 Class A
72
66
643 6612 6512 6733 6812
8
100
Stock
10918 10918 *10812 109 1084 10812 3,800 Prior preferred
*1083 109 1088 109
4
8612 874 863 8712 8678 8838 25,100 US Realty & Impt new.NO par
3
8812 90
8613 89
100
Exchange
43 43% 4114 43
4218 4314 4213 433
4 43% 4414 39,300 United States Rubber
100
7878 7912 7912 8012 7912 8012 6,100 let Preferred
7912 7934 7813 79
41
41
4134 41% 4214 2,000 US Smelting, Ref & Min-50
Closed
41
4118 41
41
41
5314 5314 538 538 *53
50
53
700 Preferred
5312 5312 5312 53
Extra
14414 14618 14334 1453 14414 14634 1443 14514 14558 14678 236,400 United States Steel Corp new.
3
4
100
146% 146% 14633 1464 14678 147
147 14714 14678 14718 6,800 Preferred
400 U S Tobacco
No par
99 *100 103
99
Holiday *101 103 100 10018 *99 103
110 Preferred
100
*136% 140 13633 13638 *13633 1401. *13658 140 *13658 140
Utah Copper
10
*14014 1493
4
*14014 14934 .14014 14934 *14014 14934 *14014 1493
4
11,300 Utilitles Pow & LS A...No par
324 3313 32
3233 321, 3233 3212 3278 3212 33
No par
82
8318 8212 833 24,300 Vanadium Corp
8112 831
4
% 791/1 8214 8034 82
*918 12
Van Raalte
*918 13
No par
*918 13
*918 13
*918 13
let preferred
5212
5212 *50
1oo
*50 6212 •50 5212 *50
5212 *50
6712 87
8712 6712 7112 68% 70% 15,700 Vick Chemical
No par
6715 69 s 67
3
88,200 Victor Talk Machine-No Par
8
8118 8212 8314 8538 8618 877
8 8612 884 895 91
preferred
400
176 178
178 180
*16212 175 *168 17518 *173 176
300 74 prior preferred
4
10812 10812
*108 10912 10912 1094.108 16918 108 108
No par
144 15
15
4 8.100 Virg-Caro Chem
1412 15 •1412 15
ar
153
4 1514 153
1
51
5018 503
100
494 4913 494 5058 51
4 3,500 6% preferred
500 7% preferred
100
18 9512 9512 *9513 9612 *9513 9612 9612 97
96 8 95
1
200 Virginia Iron Coal & Coke_100
*32
40
317 3178 *32
35
*32 40
32 32
20 Preferred
*554 57
100
56
56 *554 57
*5512 57 *5512 57
1938 19 4 1912 20
3
No Dar
19 8 20
5
1913 197
3 20 2018 6,600 Vivaudou(V).
•84
300 Preferred
*84
8812 *84 88
83
84 *8312 8812
100
8812
650 Vulcan DetInning
3014 33
3014 3038
3078 31
304 3138 3012 31
100
10 Preferred
91
91 .85
91
*88
91
*88
100
14
8814 88 •gs
10 Clams A
2812
2812 •26
2812 •26
100
2614 2614 *26
2813 •26
241, 243
4
4 9,700 Waldorf System
No par
4 2414 2418 2414 2434 2414 2433 2413 243
s 17
1718 1,300 Walworth Co cite
No par
17
8 167 167
8
1633 1653 1633 165
1714
60 Ward Baking Class A...No par
10612 107 *106 108 *106 108 *106 108
108 108
2318
Clals B
224 2333 2238 2234 2288 2333 23
No par
2214 23
1 00
No par
4
9112 9112 9112 913
4 9114 9113 91
9112 7,100 Preferred (100)
913 92
357
35
34
34
343 29.900 Warner Bros Pictures A__.10
3413 3512 35
4
3412 37
30% 31% 11,900 Warner Quinlan
No par
31% 3038 31
3014 30% 3012 307
31
180 180 18014 1813
No Dar
179 180
4 1.300 Warren Bros
180 18412 17814 179
6618 5612 *5634 59 *5634 59 *57
20 1st preferred
58
58
58
50
2114 22 22
2134 2212 2214 227
2018 2114 21
8 2,900 Warren Fndry & Pipe _No par
300 Weber & Helibr. new e_No par
6512
6812 65 65
65 12 6512 *85
*65 6812 *65
200 Preferred
*9912 10112 *100 10112 *9912 10112 101 101
10112 10112
100
16314 16534 163 163
700 Western Union Telegraph-100
16312 164
164 165
165 165
50 50 3 492 5012 4933 5038 497 50 4 504 5013 19,800 Watnghse Air Brake NewNopar
3
7
10218 103 49,900 Westinghouse Elea & Mfg_50
10014 10134 10012 102
100 10178 9914 101
1023 1023
60 1st preferred
4
4
ao
1064 1064 103 103 *10234 10634 *10234 106
16,600 Weston Elea Instruml_No par
18
174 17% 1612 187
8 1712 188
184 1712 18
3313 334 *3313 3334
No par
33
33
33
3212 33
*3213
210 est Penn Elea el A vti No par
W Clua A
110 11018 110 11012 10934 11012 110 110 109% 110
290 Preferred
100
112% 11238
4
112% 11438 11414 11414 *113 1133 11214 113
680 Preferred (6)
100
10314 10312 10314 10334 10214 10214 1024 103% 10318 10312
130 West Penn Power pref--100
11512 11512 11512 11512
11534 1153 11512 11534 11514 116
4
100 6% preferred
10912 10912 *109 10912 10913 110
100
109 8 109 3 109 109
3
3
71
70
717
8 7018 71
74% 2,800 West Dairy Prod el A__No par
70
71
*7014 71
43
414 4214 42
No par
4 417 42
4014 42% 4012 433
te Eagle
23
24
2334 2414 8, 0W hIlass 11 Oil &Refir_No par
4
7 00
4
223 2314 23 2314 23 23
3788 3834 3718 8812 37 1 3712 31,000 White Motor
50
36
36% 3614 3838
38
3818 2,100 White Rock Min Sp ctf-No par
37 37 *3614 364 3612 3612 38 38
3,400 White Sewing Machine_No par
384 3812 3812 3812 39
3812 38
38
38 8 39
7
8412 54
•54
5412 354
5438 *5312 54
54 54
400 White Sewing Mach pt_No par
2534 2614 128,500 Willys-Overland (The)-2514 26
2518 26
2512 26
-5
2512 26
8 1,500 Preferred
100
9918 99% 9913 994 9913 9918 9918 9918 9918 995
1438 1414 1414 4.000 Wilson & Co Ins. new _No par
1433 14
14
14
1412 14% 14
1,000 Class A
•28
30
No par
2912 2912 2813 2818
Preferred
6912 6958 "tiorz 695
* 1.7
100
6912 6912 69 6914
187 18914 23,
7900 Woolworth (F W) Co
25
*
1874 18833 1877 18914 x18633 189
191
187
35% 11,400 Worthington P & M
34
100
3114 3138 337
353
4 33
32
31
31
200 Preferred A
100
5812 5714 5714 573 573
4
4
*49 57 *5118 57 *56
60
100
5012 2,000 Preferred B
474 4788 4812 51
45
478
*434 48
4
13412 1373 1363 14714 148 1513 129,200 Wright Aeronautical__ No vas
4
4
124 12812 12414 136
7312 *7312 7412 1,500 Wrigley(Wm Jr)
No par
7312 73
*73
72
73
7314 74
3
25
8233 8412 80 4 8213 80 80 4 29,900 Yale & Towne
3
80
78
77
76
3718 3518 3633 3618 3714 112,200 Yellow Truck & Coach CI B.10
3513 365
8 3514 3633 36
100 Preferred
100
95 •93 9412
9412 *93
95 *93
*93
94 94
8914 87 873
4 871a 8812 8.400 Youngstown Sheet & T _No par
8714 89 4 8818 893* 87
3
*Bid and asked Dries,: no sales on thle day,
aEx-r4bta. 5 Ex-dividend. • No par value.
PER SHARE
Range Since Jan. 1.
On basis of 100-shore lots
Highest
Lowest
PER SHARE
Range for Previous
Year 1927
Highest
Lowest
$ per share
8 per share
57 Jan 10 6912 Mar 27
12112 Feb 25 12612 Feb 10
614 Mar 21
3 Feb 14
3112 Jan 9 4434 Apr 16
100 Jan 6 10912 Apr 26
212 Feb 17
478 Apr 27
18 Jan 18 2378 Feb 6
1138 Feb 8 1812 Apr 26
418 Jan 6 6 7 Feb 3
8
1234 Jan 13 1938 Apr 27
154 Jan28 1734 Apr 14
1013 Jan 16 1312 Apr 20
50 Feb 17 625* Apr 17
684 Feb 18 802's Jan 4
1218 Mar 1 17 Jan 14
2078 Feb 20 3034 Apr 27
22 Jan 5 2912 Apr 27
47 Apr 13 51 Jan 31
34 Jan 3 4014 Apr 3
59 Jan 31 64 Apr 10
141. Feb 20 2058 Apr 17
8178 Mar 15 89 Apr 27
1958 Mar 7 2612 Apr 17
87 Jan 4 9212 Apr 27
11258Mar 3 134 Jan 4
10218 Feb 7 11813 Apr 16
113 Feb 7 128 Feb 14
714 Feb 21 1018 Jan 12
4534 Jan 3 5912 Feb 7
65 Feb 17 7134 Jan 21
119 Mar 1 126 Apr 13
3612 Feb 20 4934 Feb 1
13618 Feb18 16214 Apr 12
423 Feb 11 57 Apr 16
4
11918 Feb 23 125 Jan 28
3453 Apr 10 4214 Jan 26
11214 Mar 22 118 Jan 23
2912 Apr 23 345 Feb 10
lOSlj Feb 18 11418eApr 5
190 Jan 5 210 Mar 17
59 Feb 28 6012 Jan 4
4534 Jan 20 67 Mar 12
1s
136 Feb 11 146 Apr 19
71 Feb 18 8512 Apr 5
95 8 Mar 29 100 Feb 24
7
2218 Feb 18 28 Apr 13
88 Jan 5 102 Jan 12
19018 Feb 27 300 Apr 9
115 Mar 10 137 Mar 19
15 Apr 4 204 Jan 4
79 Apr 5 9038 Jan 16
4918 Jan 3 5838 Jan 23
10214 Jan 16 12214 Mar 19
119 Jan 13 121 Mar 20
22 Jan 18 5012 Apr 25
52 Jan 5 72 Apr 25
10514 Jan 4 10918 Apr 25
8
6114 Feb 4 907 Apr 19
40 Mar 7 6314 Jan 4
7714 Apr 12 109118 Jan 13
3912 Feb 20 4518 Jan 3
51 Jan 26 54 Apr 9
13718 Mar 2 154 Apr 12
13858 Jan 5 14714 Apr 26
9014 Mar 6 105 Apr 16
12712 Jan 14 13658 Apr 13
139 Jan 17 168 Jan 6
2813 Feb 20 3412 Mar 8
60 Jan 18 96 Mar 15
758 Jan 7 13 Mar 13
4378 Jan 6 54 4 Apr 10
5
58 Jan 17 7112 Apr 26
62 8 Jan 3 91 Mat 23
5
10814 Jan 3 180 Apr 27
10113 Jan 6 11112Mar 28
134 Jan 11 168 Feb 10
4
4
4458 Jan 18 513 API 0
8812 Jan 18 97 Apr 27
317 Apr 25 38 Jan 17
56 Apr 19 6258 Jan 13
18 Mar 24 2518 Jan 4
83 Apr 26 100 Jan 28
25 Jan 7 4314 Jan 11
7812 Mar 28 97 Jan 12
2258 Jan 10 38 Jan 11
1912 Jan 8 27 Apr 9
16 Feb 17 1855 Jan24
106 Apr 16 123 Feb 2
2158 Apr 10 2938 Jan 13
91 Apr 27 9712 Jan 19
22 Jan 5 37 Apr 23
26 Feb 17 3312 Apr 17
15012 Jan 4 19212 Apr 11
50 Jan 6 61 Apr 16
18 Feb 20 254 Apr 14
60 Feb 29 684 Jan 23
100 Mar 6 103 Jan 3
163 Mar 29 17712 Jan 8
4613 Jan 4 5783 Jan 27
8818 Jan 5 112 Mar 31
9534 Jan 5 110 Mar 31
1212 Jan 6 1878 Apr 24
30114 Jan 3 3414 Feb 21
10612 Jan 3 112 Apr 9
10914 Feb 2 11114 Apr 9
10018Mar 3 10412 Apr 10
114 Apr 9 117 Mar 29
10834 Apr 9 113 Jan 5
5312 Jan 6 78 Apr 11
203 Jan 5 49 Apr 12,
8
2018 Feb 21 2412 Jan 101
304 Feb 21 4118 Jan 4
3418 Jan 19 40 Apr 13
3658 Feb 18 45 Mar 7
53 Feb 21 55 Jan 5
1714 Jan 16 2838 Apr 9
9254 Jan 3 100 Apr 9
1112 Jan 3 16 Feb 14
22 Jan 3 3414 Feb 14
66 Jan 3 7734 Feb 11
17512 Feb 20 194 Jan 3
28 Jan 5 3534 Apr 26
4614 Jan 19 5734 Apr 27
41 Jan 4 51 Apr 26
69 Feb 27 15134 Apr 27
6934 Jan 27 7912 Mar 22
6812 Mar 28 8412 Apr 25
275, Feb28 3733 Apr 19
8758 Jan 9 96 Apr 20
8514 Mar 8 106% Jan 26
$ per snare 8 per hare
49 June 6312 Sept
118 Feb 12512 Nov
212 Feb
818 May
80 Mar 3478 Jan
99 Aug 10158 Des
613 Feb
318 Dec
18 Oct 28 May
7 Apr 14 Dec
6 Jan
218 Sept
6 Oct 1534 Nov
1112 Mar 1714 Nov
818 June 1314 Jan
45 Apr 58 Jan
49 Jan 815 Sept
12 Apr 1872 June
1513 Jan 40 June
164 Aug 2312 Sept
43 Aug 5012 Nov
2414 Jan 86 Aug
47 Jan 6554 Dec
1518 Oct 1918 June
85 Oct 9054 June
19 July 294 Jan
85 Nov 9013 Sera
78 Jan 14213 Aug
925 Oct 11738 Dec
108 Apr 12372 Dec
33 Apr 1033 Nov
10 May 50 Dec
45 Jan 70 Dec
120 Jan 125 Dec
3812 Jan 7314 June
9913 Jan 15412 Nov
3933 June 564 Jan
94 Jan 12712 Dec
3918 Dec 4014 Dec
82l Dec
104 July
159 Jan
5812 Jan
8e14 July
11812 Jan
6018 Nov
9614 Dec
2418 Sept
8114 Jan
19012 Aug
112 Mar
1414 May
81 May
44 Oct
69 Mar
10714 Ayr
14 July
2784 June
89 July
54 Apr
3714 June
85 4 June
1
3318 Jan
4558 Jan
1115 Jan
129 Jan
67 Jan
123 Jan
111 Feb
27 Jan
37 Jan
554 Sept
4214 Dee
48 Jan
32 July
87 Oct
9614 Oct
712 May
2918 Apr
73 June
36 Dec
6212 Dec
2014 Dec
95 Dec
1612 Jan
90 Jan
16 Jan
1814 Dec
17 Dec
894 Apr
1712 June
84 Apr
1814 Dec
24 June
85 Jan
43 Aug
18 Oct
6514 Dec
10114 Nov
1444 Jan
40 Oct
6753 Jan
82 Mar
11 Sept
30 July
977 Jan
102 Jan
101 Dec
Jan
111
10012 Jan
5318 Dec
2414 Dec
20 Dec
3014 Nov
26 Jan
2113 Mar
46 Feb
134 Oct
87 June
10 May
164 May
58 Apr
1175 Jan
204 Jan
44 Dec
37 Oct
2413 Apr
50% Jan
7014 Jan
25 Jan
8318 Aug
8018 Oct
:Till;
109 June
20012 Nov
61 Dec
49 Jan
150 Sept
7412 Dec
10318 Apr
8714 Mar
98 Dec
246 May
125 Nov
2214 July
9614 Sept
6358 May
11112 Des
121 Dee
2512 Nov
5612 Dee
1064 Nov
6972 Dee
6718 Feb
11118 Apr
4878 Dec
54 Dec
1804 Sept
14114 Dec
974 Dec
127 Nov
182 Dee
84 may
5718 Dec
1418 Feb
64 Feb
6358 June
5458 Des
1113* Dec
10213 Dee
1512 Sept
4834 Dec
91 Nov
51 Jan
7612 Aug
8914 June
11812 June
80 Aug
125 Aug
6914 Aug
25 Feb
2412 Apr
11834 Oct
3358 Feb
10014 Nov
4512 Jan
3412 Dec
180 Nov
71 Dee
27 June
7512 Aug
103 8 Aug
6
176 Dec
504 Sept
9414 Dec
10378 Dec
18/8 Feb
8414 Apr
111 Aug
112 Sept
10134 Deo
118 May
111 Deo
57 Nov
285 Nov
8
274 Feb
6 / Feb
86
4112 Sept
me Aug
69 Jan
24 4 Mar
1
96 Aug
1738 Feb
327a Feb
84 4 Feb
/
1984 Dee
46 Jana
6113 June
WI Jane
4
943 Des
4
723 Dee
8412 Aug
40 Aug
99 8 July
5
10012 Dec
New York Stock Exchange—Bond Record, Friday Weekly and Yearly
2617
Jas. 1 1909 De Exchange method of gaoling bonds was changed and prices are now "and interest"—except for income and defaulted bon&
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 27.
.g
z
"
Price
Friday;
Apr. 27.
Week's
Range or
Last Sale:
High No.
BM
Ask Low
U. S. Government.
First Liberty Loan
10142 Sale 1011+2810114i 174
834% of 1932-1947
1
101 1014 10142 101+8s
Cony 4% of 1932-47
102+82 Sale 101313:1023n 293
Conv 434% of 1932-47
102322 Apr'28
1011522
211 cony 44% of 1932-47
Third Liberty Loan
100141 Sale 100722 1001133 261
434% of 1928
Fourth Liberty Loan
1022+81 Sale 10222331028832 1001
434% of 1933-1938
50
114142 Sale 1142233115132
1947-1952
Treasury 434a
80
109rls, Sale 10928321101n
1944-1954
Treasury 48
1073t2 Sale 1062031107632 255
1946-1958
Treasury 334s
1021n Sale 1012633102231 750
1943-1947
Treasure' 3)48
nil City Securities
8
10038 100 4 10012 10012
3
-4X s Corp stock.1960
NY City
104 10538 1044 Apr'28
448 Corporate stock_ __ -1964
10418 10512 10538 Mar'28
4341 Corporate stock__ __1966
1043e 1051 105 Mar'28
8
434,Corporate stock_ _ _1972
10914
-- 10934 Feb'28
434a Corporate stock__ _1971
10934 Sale 10834 1093
4 22
434a Corporate stock_July1967
10812 1091 1094 Apr'28
4348 Corporate stock— _1965
10812 10914 1094 Apr 28
4348 Corporate stock _ _ _1963
10034 Jan'28
1956
41 registered
10038 1011 1011s Apr'28
1959
4% Corporate stock
2
10034 1011 10112 10112
1958
4% Corporate stock
3
10114 Sale 10114 10114
1957
4% Corporate stock
100
1003
s 25
1930
4v registered
10711 163 10838 Apr'28
1
4;4% Corporate stock ---1957
10712
10834 Mar'28
44% Corporate stock _ _-1957
92 - 3 9278 Mar'28
918
34% Corporate st May 1954
92
9338 93 Mar'28
Corporate et Nov 1954
334%
10514 Apr 28
New York State Canal 48-1960
Foreign Gov't & Municipals
9312 Sale 93
93% 62
1947
Bank s f (Is
14
Agrio Mtge
9812 Sale 9818
997
2 34
Antiogula (Dept) Col 78 A_1945
981e 981 98
987
8 13
1945
External s f 78 ser B
974 981 977e
983
4 22
External at Thserles C- -1945
9814 Sale 98
9814 12
1957
Ext a f 78 1s1 eer
9814 31
9814 Sale 9712
2nd series trues rots._ 1957
8
1004 96
1003 Sale 100
Argentine Govt Pub Wks 68-1960
Argentine Nation (Govt of)—
10014 Sale 10018 1003 118
s
Sink fund 66 of June 1925_1959
41
10018 Sale 10012 IOW
1959
Esti s f 68 of Oct 1925_
10018 Sale 10012 100% 72
1957
Sink fund Os series A
52
1001
10038 Sale 100
External 68 series B_Dec 1958
1001z Sale 100
100 4 48
3
Esti 816001 May 1920_ 1960
10014 Sale 100
1001 128
External o t(38 (State Ry)..1960
54
1001
100 Sale 100
Esti Os Sanitary Works_ 1961
1004 Sale 100
1003
8 38
Extl es pub wke(May '27)1901
97 Sale 9678
9714 98
Public Works esti 5346-1962
4
92
923
921 9134
1945
Argentine Treasury Ba £
9838 Sale 9814
983 162
australla 30-yr 58.—July 16 1955
9838 Sale 984
99 231
External 58 of 1927— Sept 1957
10338 Sale 10314 10314 40
1943
Austrian (Govt) af 78
18
9814 Sale 984
983
Bavaria (Free State)6+48_ —1945
11518 Sale 115
11534 43
Belgium 25-yr ext a f 7541 2-1945
31
1101 Sale 1108
8
1941
8 111
-year 2 f fis
20
84
1074 Sale 10714 108
1949
-year external BYO
25
92
1003 Sale 10018 101
4
1955
ExternalS f 63
1081 121
1084 Sale 108
f 78
External 30
1955
-year,
1061 189
10612 Sale 106
1966
Stabilisation loan 78
3
11234 11314 11318 11314
Bergen (Norway) s f in
1945
7
101 Sale 101
101
-year oinking fund 68_1949
16
993 Sale 9912
4
1950
997
2 94
Berlin (Germany) 6+48
6
1071
10012 107 107
Bogota (City) ext'l a f 88— -1945
10614 Sale 10614 106% 76
1947
SoUvla (Republic of) 88_
9734 Sale 97%
1958
9812 116
Esti sec 78 bem
70
10012 101 10012 101
Bordeaux (City of) 15-yr 65_1934
11212 Sale 11212 11278 75
Brasil (III3 of) external 88..1941
9812 Sale 9812
External f 6148 of 1928 1957
9914 195
99 Sale 9834
9914 268
Esti s 16+4s of 1927
1957
1021. Sale 10218 10212 78
1952
78 (Central RallwaY)
7
10812 Sale 10734 10812
7+46(coffee secur) (flat)_1952
10214 Sale 102
1024 23
Bremen (State of) en'78_1935
52
9514 Sale 95
951
Brisbane(City) I Se
1957
104
8878 Sale 8812
89
1962
Beast:wet(City)esti at6s
10012 101 100
10112 13
Buenos Aires (City) extl 6+481955
9978 Sale 9978 1004 31
Buenos Aires (Prov) extl 78_1957
100 Sale 100
1004 67
Esti a f 78 01 1926
1958
96 Sale 9512
961 191
1961
Ref extl s f 08
93 Sale 9212
9338 109
Bulgaria (Kingdom) s f 7s_ _1967
10114 Sale 10118 1011
31
Caldaa Dept of(Colombla)7+48'46
1014 1011 10118 1011
40
Canada (Dominion of) 54-1931
117
e
/007 Sale 10012 101
-year 6145
1929
10
10634 Sale 10634 1074 61
1952
55
101 Sale 10034 1011e 37
4)48
1936
1084 109 10814 10814
1
Carlsbad (City) a t 8s
1954
12
10234 Sale 102
1023
Cauca Val (Dept) Colom 7;0'46
101 Sale 100
32
101
Cent Agrle Bk (Germany)761950
9234 Sale 9112
53
923
Farm Loan Sf 6s lot Ott_ _ _1960
92
92 Sale 9112
196
Farm Loan at Os Int etf w 11960
11018 Sale 110
39
1101
Chile (Republic) 23018 f 88_ _1941
1023 Sale 102
4
10278 98
-year external, I 7s_ _1942
20
10978 Sale 1094 1097
1946
7
s
-year external sI 8s
25
9038 Sale 9614
External ,inking fund 68 1960
963 175
4
963 Sale 9014
4
1961
9634 158
External,I Os
967 213
2
9612 Sale 9614
1961
Ry ref esti s f 68
9812 Sale 9812
61
991
Chile Mtge Bk 6148 June 30 1957
9934 Sale 994 100
141
f 64s of 1920__June 30 1961
27
23 28
1
28
Chinese(Hukuang Ry)So. _1951
101 Sale 100 e 101
13
7
Christiania (Oslo) 30-yr at 661954
9818 Sale 984
9878 26
Cologne (City) Gormany640950
95 Sale 95
9518 171
Colombia (Republic) Ga.__ A981
9514 Sale 95
1901
9514 122
External s f Os
9314 Sale 9214
9338 78
Colombia Mtge Bank 630_1947
9714 Sale 97
977
8 59
Sinking fund 7800 1926—.1946
974 Sale 97
971
65
Sinking fund 75 of 1927.. _1947
10014 Sale 994 101
66
Copenhagen 25-year Of 5iis.1944
98% Sale 9814
1952
994 160
External 58
100 Sale 99
10034 19
Cordoba (City) esti f 78._1957
9914 Sale 9812
33
991
External 8 f 78 Nov 15 1937
1004 1003 9918 10018 17
Cordons (Prov) Argentinale 1042
99 Sale 9819
99
68
costa Rica (Repub) extl 78_1951
10134 103 10174 102
1944
-5
Cuba fa of 1904
_
1024 Apr 28
External Soot 1914 ser 4_1949
1021297
9714 9712
9712
2
External loan 4 Sis see 0-1949
10212 Sale 10212 1034 15
1953
Sinking fund 540
9912 99
99
9918 59
Cundinamarca (Dept-Col) 78 '46
1103 Sale 11034 11112 21
4
Czechoslovakia(Rep of)8s-1951
1103 Sale 11034 111
4
Swung fund 85 ser B.......1952
14
105 Mar'28
External f 7+4e series A 1945
-4
iliFs 1113 1114 11112 17
Danish Cons Munielp 81 A_1946
11114 1113 11118 11134
4
1946
4
series B 1 86
105 Sale 10434 10518 61
-year extl Os _ _ _ _1942
Denmark 20
9814 Sale 9814
9812 62
Deutsche Bk Am part inf(4_1932
10012 Bale 1004 10012
Dominican Rep Cast Ad 5+0'42
983 100 9834
4
1940
99
4
1st ser 54e of 1928
9834 Sale 983
7
4
9878
2nd series sink fund 5 34s 1940
102 Sale 1017s 102
12
(City) external 78_1945
Dreamen
103 Sale 103
I947
1034 23
Dutch East Indies esti 68
103 Sale 103
1902
10334 63
-year external 60
40
10212 Sale 10212 10272
1953
9
-year external 848
30
1023 Sale 10212 10214
4
1953
4
-year external 541
80
11212 113 112
11214 30
El Salvador (Repub) 8s_ _ -1948
993e Bale 9938 10038 35
clotand (Republic) extl 61-1945
10112 10212 10112
10212
1950
7
External sink fund 78
993 Sale 995s 100
4
1956
47
External f 6 48
9934 Sate 9434
0512 104
1958
Esti elnk fund 5148
C On the basis of 15 to the E sterling.
Range
Since
Jan. 1.
Low
High
10012 10112
1044 10512
10528 1053
8
105 105
10934 1093
4
10834 1104
1093 1093
8
4
10918 1093
4
10034 1003
4
10034 1013
4
1003 1013
4
4
10034 1013
4
100 10038
10814 1087
8
10814 1083
4
9278 931s
93 9312
10514 10514
904 95
9412 10038
8
943 99
94 983
4
9334 9978
9312 9812
9918 10012
994 1004
9912 10012
10018 10114
9918 1007
8
994 10034
9938 10012
994 10012
9938 101
9614 9714
91% 937
8
97 9878
14
97
99
103 1043
s
9614 9912
114 116
109 1113
4
10314 10914
98% 10112
10614 109
10414 10814
1124 113%
98% 102
97 9978
1037. 1087
2
10312 108
9334 9812
99% 10112
107 113 4
3
92 9912
9734 9912
97 10278
104 10812
1014 103
94 9578
854 8978
100 10214
9612 101
9612 101
9513 97
8934 9338
98 102
101 10212
10012 10214
1063 109
4
1003 1017
4
8
105 10912
984 103
9911 10114
9112 9312
guy 932
4
10878 11184
10028 104
108 11114
9118 971,
9118 97
933 97
s
954 993
4
903 100
4
254 2914
10012 1014
9614 9938
9132 964
95 9512
91
934
94% 98
3
94 4 98
99% 102
9584 101
98 101
9812 9912
9834 10112
9412 9934
9978 10234
1004 1024
96 10014
1014 10478
9312 9938
108% 112
lova 112
105 106
1101s 11112
11018 11134
104% 1063
8
97 99
99 1007
2
9732 10038
98% 99
10014 10268
103 305%
103 20512
1024 10414
ma 1044
1074 114
9518 1004
994 10212
9814 101%
9278 96
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 27.
Price
Friday,
Apr. 27.
Week's
Range or
Last Sale,
Ranee
Since
Jan. 1.
EDDA NO. LOW
Bid
AIM Low
High
8
98 101
Finnish Mum Loan 6348 A1954 AD 9912 100 994 100
98 101
External 6 +43 series B1954 AO 9912 100 993 Apr'28 ____
1191, 87 115 4 119
3
French Republic ext 7345 _1941 if 11834 Sale 1183
12
10834 284 106 10912
External 78 of 1924
1949 J D 10818 Sale 108
10734 184 1068a 107 4
3
German Republic ext'l 7s
1949 AO 10718 Sale 107
0 102 1034
1954 MN 10334 Sale 10314 1034
Gras(Municipality)8,-4
3
Gt Brit & Irel(UK of) 530_1937 FA 108 Sale 10578 10614 73 1053 108 4
11878 133 1163, 119
8
1929 7* 1183 119 11838
10
-year cony 5+48
4% fund loan £ op 1960 1990 MN 88818 Sale 08888 08934 826 (884 90"n
5% War loan £ option '29_1947 J D e99 Sale 0834 41878 16 c984 984
1 1044 10914
Greater Prague(City)74s_ _1952 MN 10512 107 10634 1064
0634 1003
4
Greek Government,f sec 78 1964 MN 1003 Sale 0812 10034 100
4
Sinking fund sec 021
1968 P A 8812 Sale
88
89
15
983 1013
8 : 92 4
91
Haiti (Republic) s f 08
1952 40 10112 Sale 10114 10134 168
1946 A0 98 Sale
Hamburg (State) 65
05
094 54 1054 10518
10
93 99 4
1
Heidelberg (Germany) ext 734550 J J 105 Sale 19741 195
10012 38
smad 101
10012 Sale 100
Hungarian Munic Loan 73119 1945 J
97
22
94 97 8
External f 78
Sept 11946 J J 9612 Sale 9612
1
6
984 101
Hungarian Land M Inst 7148 '61 MN 100 Sale 9978 100
6 102 1034
Hungary (Kingd of) 81 7348_1944 FA 10212 Sale 1024 10211
9
0
9
45 9712 1001
2
95
4 991,
8
Italy (Kingdom of) ext'l 78_1951 J O 100 Sale 9938 10 12 2 6
Italian Cred Consortium 76 A1937 MS 9938 Sale 9858
04 100
98
105
Esti sec 8 7s ter B
1947 MS 9814 Sale 9718
964 1014
8
Italian Public Utility ext 70_1952• J 997 Sale 994 10038 119
9418 62
915 9434
4
Japanese Govt £ loan 46 _ _._1931 • J 9378 Sale 9334
1043 185 1014 10514
4
30
-year s f 634e
1954 FA 10418 Sale 104
10012 15
8
99 1014
Leipzig (Germany) 8 1 78_1947 FA 1003 1014 100
102
3
9812 102
Lower Austria (Prov) 7+48_ _1950 ID 101 Sale 101
42
9918 1012
Lyons (City of) 15
-year 68_1934 MN 10012 Sale 10014 101
0 8
6
0
0
7
30
333 13118
9
91 073,
Marseilles(City of) 15yr 68_ _1934 MN 10012 101 13 12 13134 41
371z Sale
Mexican Irrigat Asstng 4+48 1943
4984 4984
Mexico(U El) eat) 58 01 1899 £'45 QJ 4318 4378 493 Jan'28
433
4 55
4334 Sale 42
35
Aecenting 5s of 1899
1945
434
431
10
434
3614 4318
Assenting 58 large
30's 249
3014 Sale 2878
2234 32
Assenting 48 of 1904
3278 Sale 3078
327 196
8
25
Assenting 48 of 1910 large---3273
31
201
6
2
3 12 4178
27 2 3
2
3012 Sale 29
6
Assenting 40 of 1910 small__
Tress 0801'13 assent (large)'33 JJ 4612 Sale
45 2
4
52
44818 39
3134 464
Small
95 209
9112 954
Milan (City, Italy) can 6318'52 *0 944 Sale 944
7 1024 10414
Montevideo (City of) n___ -1952 J D 10334 10414 10312 104
8
Netherlands 68(flat prices)_ _1972 MS 1064 Sale 10638 10712 12 1057 109
10214 130 102 1031
30
-year external 6s
1954 A0 102 Sale 102
4
9438 96
/
New So Wales (State) ext fa 1957 F A 9572 Sale 9514
958 47
66
External f 58
Apr 1958 * 0 9538 Sale 95l
9
57
33 102 103 2
9412 981
Norway 20
-year esti Oe
1943 FA 10212 1024 1024 1024
20
-year external 68
1944 FA 10212 Bale 10212 10234 35 102 10418
30-year external 68
8
1952 40 10213 Sale 10214 1027g 33 1013 1034
10138 39 10012 10218
40-year 81 514e
1965 J D 10114 Sale 101
92 8 32 9212 93 4
7
Nuremberg (City) extl 68_ _ _1952 FA 9272 Sale 9212
3
1013, 29 10084 103
Oslo (City) 30
-year Of 68_ -.1955 MN 10138 Sale 101
4 21
99 103
Sinking fund 5+4e
1946 FA 10034 Sale 10012 1008
104
1041
9 103 10412
Panama (Rep) extl 5+48
1953 if 10414 Sale
36 102 104
Esti sec f +48
1961 if 104 Sale 10312 104
98
38
Pernambuco (State of) extl 70'47 MS 9778 Sale 9712
954 98 8
1
6 1001L2 11014
100 10912 10912
Peru(Rep of) extl 8, '24)-1944 40
(of
11018 11018 Mar'28
EU!88 (ser 01 1926)
10912 11014
1944 40
MN 10738 10712 107
10738 19 10614 10772
Esti sink fd 7+48
1940
1071
52 1064 1075,
Esti 81 sec 7I48 (of 1928)_1956 MS 10714 Sale 107
Extl 8 f sec 7s
s
1959 MS 10414 Sale 10418 1043, 49 10278 1047
93 Sale 93
934 279
9034 94
Nat Loan extl s f Os
1960 J
Poland (Rep of) gold 6a. 1S40 80 8678 Sale 864
87
52
8012 87
Stabilization loan 8 1 78_1947 0 914 Sale 91
9
1014 Sale 10114 10111 168
Esti sink fd g 88
89
9912 10 2
88 9
1950 J
1176
Porto Alegre (City of) 88_1961 J O 109 Sale 10814 109
16 10412 109
Esti guar sink Id 734
10028384 162 10515 104
9
8
0132 08 8
0
6
,
1966 J J 10312 1037 10312 104
1;
Queensland (State)008f 78 1941 A0 11412 Sale 11412 11514 24 11388 115%
25
-year external fis
1947 FA 10738 Sale 107%
Rio Grande do Sul extls f 88_1946 AD 107 Sale 107
Extl s f 78 of 1920
21
1966 MN 9918 Sale 9918 100
9918 100
Rio de Janeiro 25-yr 8188._ _1946 AO 10812 Sale 108
10812 18 10532 1104
25-yr extl 88
1097 Apr'28
8
1947 AO
1054 110
12
*0
514 Sale 95
Rome(City) extl 630
1952
954 209
9112 9614
Rotterdam (City) extl 68__ _1964 MN 10538 Sale 10532 10532 20 104 105 2
1
94 Sale 937g
94
Saarbruecken (City) 08
5
9312 94
1953
Sao Paulo(City) at 8s__Mar 1952 MN 11812 119 11812 11812
2 11214 120
EMI s 1 tlyis 01 1927
1957 MN 100 Sale 9934 100
42
9634 10014
San Paulo (State) extl 8188.1936 JJ 10614 107 10618 1064 14 106 103
5a
External sec 8 1 88
1950 JJ 10834 Sale 108
10884 27 10612 109
External 8 f 70 Water L'n_1956 MS 103 Sale 10214 103
31 10034 10318
Santa Fe(Prov. Arg Rep)76_1942 MS 9934 Sale 9934 100
10
9434 1004
Seine, Dept of(France)0078'42
10614 Bale 10518 10614 59 10338 10612
Serbs. Croats dc Slovenes 8[1_1962
101 Sale 10034 10138 59
9712 1014
Soissons (City of) esti 68
N 1004 Sale 10034 10114 28
1936
984 10114
Styria (Prov) extl 7s
1946 F A 954 96 96
9612 12
9412 97
Sweden 20-ye0r 65
1939 if 1027s Sale 1023
10314 25 10212 105
External loan 55.413
1954 MN 104 Sale 10334 10412 48 103 4 1052
3
1
Swiss Confed'n 20-yr s 1 88-1940 J J 112 Sale 11134 11278 26 111 113 2
/
1
4
3
Switzerland Govt ext 534a .1946 AO 10312 Sale 103
10372 55 103 105
111
Tokyo City 58 loan of 1912.-1952 MS 83 Sale 83
8314 27
763, 84
Ertl s f 534s guar
1961 A0 944 Sale 94
9412 108
874 95
Trondhjem (City) lstS34i- 1957 MN 9838 9812 984
9812 22
9712 9952
Upper Austria (Prov) 78_ _ 1945 in 9812 Sale 9833
9818 12
97 99 8
5
Uruguay (Republic) extl 88-1946 FA 10858 10914 10878 1095
8 11 10814 11012
External,f 6s
993, 76
1960 MN 9918 Sale 99
9612 100
Yokohama City) extl 68_1961 J D 9914 Sale 9914
9912 67
94 100
Railroad
Ala GS Sou 1st cons A 52_1943ID 106 107 10834 Feb'28
10614 1084
Ala Mid let guar gold 58_1928 MN 10014-- — 10014 Mar'28
10014 10032
Alb & Sum ist guar 3348....l948 * 0 8838 8914 8814
7
8814 914
8812
Alias & West let g gu 48
92 953
6
1998 AO 9312 94 9532 Feb'28
Alleg Val gem guar g 48
25
97
99
97
1942 MS 984 99 97
Ann Arbor let g 48
2 814 8412
844
84 8412
July 1995 Q J 83
Atch Top & S Fe—Gen g 48 1996 40 97 Sale 9632
9638 99
973 276
8
95
9658
40
9578 Apr'28
Registered
9452
91
Adjustment gold M.
-Jul? 1996 Nov 9l1 92 914 Apr'28
8914 Dec'27
Nov 9818
Registered
92 94
9318 10
Stamped
July 1995 MN 92 Sale 92
9212 94
Cony gold 45 of 1909
1955 in 9214 93 94 Apr'28
5 91% 94
9234
Cony 48 of 1905
8
1955 If 923 Sale 9152
Cony g 40 issue of 1910_1960 if ---- 927 93% Jan'27
s
997 997
k
k
997 Feb'28
2
East Okla Div let g 48
•S
1928
94
2 9314 941
Rocky Mtn Div 1st 4s_1965 J J 9112 9413 94
4
9534 Apr'28
9312 96
Trans
-Con Short L let 48-1958 I' 9418 _
10218 20 102 1044i
Cal-Aria lat& ref 4
A 1962 MS 102 103 102
107 10741
Atl Kam & Nor let g 512-1948 ID 10412 -- 103 Mar'28
,
9914 1003
4
AU & Chan A L 1st A 410_1944Ii 1003 --- 1003 Apr'28 —
4
4
106 10714
let 30
-year 5e eeriee B.....-1944Ii 104 1707 10714 Apr'28
0278
2
91
92% 94 924
9312
Atlantic City let cons 4._-1951 J
97
59
963 97 0532
4
95
52 9834
AU Coast Line 18t cone 48J1117'52 M
s
MS
973 Feb'28
973 9732
2
Registered
_ 1013 104
4
1964 J D Hai 10212 10212 Apr'28
General unified 436s
934 16
9314 9534
L & N call gold 4e____Oct 1952 MN 9318 Sale 9318
79
05
5
8012
Atl & Day let g 4s
1948 J J 80 Sale 80
7412
2
7412
724 761s
2d 4e
1948 J J 7412 75
8814 9233
Atl & Yad lit g guar 48
1949 *0 9218 95 924 5ilpr'28
105 102121 Feb'28
10214 10212
Austin & NW
gu g 6e._1941 J J _
9512 98
Bali & Ohio let g
1948 * 0 otir2 Sale 9512
9612 41
95 Mar'28
95
982
4
2
July 1948 0 J
Registered
9934 Sale 9934 10018 174
1933 M
9984 101
20
-year cony 434a
-- 1001s eb'28
M
lows 100%
Registered
Refund & gin 58 series A...1995 J O 10214 Sale 1021s 1024 95 10212 105
1948 40 107 10778 1004 107
41 106% 110
lotgSo
1996 J O 1104 Sale 1104 1114 28 110121112
Ref & gen ge series 0
96
PLE&W Va Sve ref le...1941 MN 96 ''Sale 958.
55
9514
1
Sale 103% 104% 61 1034 97 8
1950 ii
Southw Div 1st 58
1074
4
Tol & Cln Div let ref is 4_1959• J 875s 189 873
89
37
$7 4 9114
8
2000 MS 103 Sale 10212 1
Ref & gen Sti seem D
410314 54 10212 10514
104I
2618
BONDS
B. V. STOCK EXCHANGE
Week Ended Apr. 27.
try
t.2
New York Bond Record—Continued—Page 2
Fm
t
Price
Friday
Apr. 27.
Week's
Range or
Last Sale.
Mob NO.
Bed
Ask Low
Bangor & Aroostook let 6e_1943 J
1035 Mar'28
8
1044
/
1
Con ref 4s
1951 3 J 90
93
933 Mar'28
4
Battle Crk & Star let gu 3s 1989 3 D 6812 73
6812 Feb'28
Beech Creek 1,tgug4i.1938J J 973 9712 9714 Mar'28
2
Registered
97 Apr 28
97
_
2d guar g be
1938J J 10014
Jan'28
97
Beech Crk Ext lit g 334s
1961 A 0 823
8
- 8512 Aug'27
953 943 Apr'28 4
Big Sandy let 4e
4
1944 .1 D 95
Bost & NY Air Line lit 45_1955 F A 88 Sale 8712
12
88
Burns & W letgu gold 4e
9812 977 Apr'28 _ _
1938 3 J 97
8
Buffalo R & P gen gold 5e 1937 M S 1043 -- -- 104 Apr'28 _ _
8
8 43
Consol 434.
945
944 Sale 94
/
1
1957 M N
Burl C R & Nor 181 68
1934 A 0 103 10314 102 Apr'28
Canada Sou cone gu A 58. 1962 A 0 110 _
10812 10812
3
10014
5
Canadian Nat 4 Me_Sept 15 1954 M
99 100 100
/
1
4
1003
8 34
5
-year gold 454e_Feb 15 1930 F A 1003 Sale 100
s
all-year gold 45ie
1003
4 97
410014 Sale 100
1957 J
15
8 116
Canadian Nortn debi I 711_1940 J D 116 Sale 1155
20
1946 J J 122 123 12238 123
25
-year,. deb 634e
11
9914
100
10-yrgold 4 Me_ _ _1 eb 15 1935 F A
9953 100
8
903
Camdlan Pac Ry 4% deb stock__3 J 90 Sale 893
4 90
8
9938 100
Col tr 4Ms
4
1946 M S 993 100
Oarb & Shaw 1M gold 4e
1932 M S 9814
-- 9814 Apr'28
8912 85 Mar'28
19493 J 84
Caro Cent lit cons g 411
Coro Clinch & 0 let 30-yr be 1938 .1 D 105 10512 105 Apr'28
9
4 10914
/
1
4
1952 J D 108 Sale 1083
lat & con g 6s series 4
-8
1981J D 9314 9 8 943 Apr'28
Cart & Ad let gu g 4s
43
8758 14
877 8712
1948 J D 83
8
Cent Branch U P let g is
5
Central or ()a let g 58.140y 1945 F A 1081s -- 10818 10818
4 16
8
1945 M N 1055 1063 10558 1053
4
Consol gold be
F A 1041 -- 10414 Feb'28 /
4
Registered
3
/
1
4
-year secured fieJune 1929 J D 100 10112 100 4 10138 16
10
Ref & gen 534e series B___1959 A 0 108 -- -- 10814 Apr'28 1959 A 0 10414 107 10334 Mar'28
Ref & gen 5e series C
951g Mar'28 - Chatt Div pur money g 48_1951 1 D
aiec & Nor Div let g 61-1946 3 3 107 -- 10712 Oet'27 10318 Apr'28 -1947 J J 10312
td Ga & All dly be
8
1946 J J 107 -- -- 1067 Mar'28
Mobile Division be
10
87
1981 3 J 86 Sale 86
Cent New Eng let gu 40
434P,,,,1930 SI S 100 10012 10012 Mar'28 -Central Ohio reorg
Apr'28 -4
Ceatral RR of Ga coil g 6e 1937 IIN 101, -- 101
6
8
8
1937 I J 1165 Sale 11612 1165
Oe Aral of N .1 gen gold 5s
1937 (1 J 11512 118 11618 Apr'28 -Registered
8
4
964
/
1
5
1987 J J 965 973 9634
General 4s
9514
9513 10
9512 96
1949 F A
03 it Par let ref gu g 4e
Jan'28 - _ 94
F A
Registered
1
99
9914 99
k1tge guar gold 3 Ms_ _Aug 1929 J D 99
9438
1
4
Through St L let gu 42-1954 A 0 9418 943 9418
1043 139
8
1960 F A 10314 Sale 10314
Guaranteed g 58
Ch Weston & Sayn'b let 7e1936 3 81 11314 - - - - 11938 Aug'27 - 2
100
'.e& Ohio fund & lmpt 6e..1929 1 3 100 10018 100
107
5
1939 M N 107 10714 107
lit consol gold be
2
106
106
1939 M N
Registered
8 28
1992 M S ioiT8 16114 10018 1023
meral gold 4345
M
loo 10012 102 Apr'28 - - Registered
10014 36
1930 F A 100 Sale 100
80-year con, 630
2
10112
1940 3 .1 10112 Sale 10112
Cr ilg Valley let bs
Potts Creek Branch let 4.1_1946 J 1 923 _ - 9312 Mar'28 -8
8
1989 3 J 943 943 943 Apr'28 - - -4
R & A Div Ist con g 45
2
925 Apr'28 - - -8
8
28 consol gold 48
1989 3 J
925 95
Warm Springs V 1st g 56_1941 Ii S 101
- - 10212 Mar'28 - -525
13122aap Corp cony be May 15 1947 M N
994 Sale 9912 100
/
1
7212 41
Ohio & Alton RR ref g 3s_1949 A 0 713 Sale 713
4
4
10
72
72
7112 74
Cs? den 'nod Oct 1927 Int.....
13
70
8
gatlway first lien 3 Ms_ __ .19503 3 70 Sale' 663
6818 Sale 663
6818 57
Cffe dep Jan '23 & sub coup
4
59
4
Ohio Burl & Q—Ill Div 3/46_1949
89
Registered
893 Feb'28
8
J
4
0614
0614
Illinois Division 4e
1949 3 J 9614 97
0618 20
General 45
1958 M S 9618 Sale 953
4
4
let & ref 4 Me ser B
5
1977 F A 1013 1013 10158 1013
4
8
3
let & ref 5e series A
1971 F A 108' 109 10812 10812
2
10718 Apr'28 -- - Chicago & East III let 6s
1934 A 0
89
121
04 E Ill Ry (new co) con 55_1951 M N
8812 Sale 87
Apr'28
1982 M N 111 11212 111
Chic & Erie 1st gold 58
224
4
Chicago Great West let 48._1959 M $ 783 Sale 693
4
11712 Apr'28
Chic Ind & Louisv—Ref 85.1947 J J 1177 8
Refunding gold Si
1947 J J 105, - - -- 106 Apr'28
s
Refunding 4s Series C__ _1947 J J 92%
-- 9114 May'27
22
106
8
1966 M N 10512 1057 1057
General 6e A
8
6
May 1966 3 J 10914 110 10912 110
General Sc B
Apr'28
96
J
Chic Ind & Sou 50-year 46-1956
10212 Feb'28
__1969 J D 10212
Chic LS& East let 4 Me__
75 Mar'28
C M & Puget Sd lst gu 4e_ _ _1949 J
4
9212
0213 Sale 9212
CD M & St P gen g 4e See A el989 J
4
903 Apr'28
RegisteredQ J
11-1- 8118 Apr'28 22
2
,
General gold 334e '4- l• -.1989 J 3
1027
8
3 10212 Sale 10214
11
189
Gen 4 Me eer es C
100 Apr'28
Registered
7314 Mar'28
Gen & ref ser A 4 me_ _lao 2014 A 0
75 Mar'28
Gen ref eons ger Is f. J.i 014 F A
38
1934 J J 1023 Sale 10258 103
4
1st ser 13s
75 Mar'28
D
1932
Debenture 4 Ms
Feb'28
717
8
1926 • D
Debenture 45
7214 Feb'28
1934 J
-year debenture 4e
25
9712 Sale 9718
975 823
8
1975 FA
Chic Milw St P & Pac 5s
79 6289
Jan 1 2000 40 7812 Sale 7818
Cony acll be
847
8 11
8
83
847 8318
3 Me___1987 M
& Wweet tent
Q F 803
4
-- 84 Mar'28
Registered
6
95 18
95
9514 95
1987 M N
General 4s _
957 94 Apr'28
8
J F 93
Registered
9514 10
4
Stpd 45 non-p Fed In tax '87 MN 943 9514 9514 Apr'28
10318
Gen 4 He nod Fed Inc tax_1987 MN
9
1144
/
1
114
Gen be stod Fed Inc tax__ -1987 MN 11412 dale 113 Mar'28
M N 10912 - - - Registered
8
40 10112 102 1023 Mar'28
1879-1929
Oinking fund Si
2
1003 1013 Apr 28
4
Pinking fund 50 _ _1879-1939 AO
8
1933 MN 102 1023 10212 Apr'28
Sinking fund deb be
MN 10112 -- 10212 Mar'28
Registere1
7
4
1930 3D 10418 1043 10418 10412
-year se^ured 78 g
10
9
4 114
4
lb-yearsecured 6345 it— —1936 MS 1133 Sale 1133 Apr'28
May2037 3D 111 112 11114
let ref a Ss
8 1027
8 93
May 2037 JD 102 Sale 1015
lit & ref 4 Me
7
935
8
9314 93
Ohio R I & P Railway Can 48_1988• J 93
921s Apr'28
J
Registered
i55
96
* 0 06 81;18- 9534
1934
Refunding gold 45
95 Mar'28
AO
Registered
953 129
4
1952 MS 9514 Sale 95
Secured 4 Ms series A
Cr 9218 - - - 9212 Mar'28
Oh St L & NO Mesa Div 481951
8 Feb'28 --8
Ole St I. & F let COUP ir be__ _ 1932 40 10214 1033 1027 Apr'28
AG
Registered
102 4
,
D 10238 f6i1-2 10214
Ohio St P M & 0 cons 68-1930
Apr'28
98
D
reduced to 3301.-1930
Cone fls
10018 25
100 10014 100
1930 M
Debenture be
Jan'28
100
Stamped
5(3_1960 JO lol'z Sale 10112 10214 81
Ohio T H & So East let
91
9714 Sale 9714 9712 31
Dec 1 1960
Inc gu 58.
8
10314
8
Chic Un Stein lit gu 4349 A_1983 J 3 1027 Sale 1027
7
10538
J 10538 106 10514
1983 J
'2
let tis series B
9
1045
8
1944 J o 10412 Sale 10414
Guaranteed g 5e
4
11914
1983 J J 11914 Sale 11838
let 8 Ms eerie@ C
Jan'28
Chic & West Ind gang 8s_p1932 Q M 10518 10514 103
923
4 26
1952 3, 9112 Sale 9112
-year 43
Consol 50
17
105
8
MS 1047 105 1047
8
1962
let ref 5/41111er A
4
4
1952 MN 10512 1053 1053 Apr'28
Choc Okla & Gulf cone 5a
8
99, Mar'28
4
1937• J 993 100
Cm H & D 2d gold 434
,
973
4
6
8
g 4e___Aug 1938 Q F 9758 Sale 975
C I St L & C
'4
Aug 1938 Q F 9718 ---- 97 Feb'28 ---Registered
4
MN 947 __-_ 933 Feb'28
8
1942
CinLeb&Norgu4eg
I Due Feb. e Due May
P Doe Deo
Range
Since
Jan 1.
Low
1023
4
87
8812
97
97
97
BONDS
N. Y STOCK EXCHANGE
Week Ended Apr. 27.
t
Price
Friday.
Apr, 27,
Week's
Range or
Last Sale.
High
Rid
No
dsk Low
103
/ Clearfield & Mari lit gu 58.1943 J
1
4
l007-- _ 9912 Jan'27
Ch & St L gen 48_ 1991 3
933 Cleve
4
93 1
3
Ms 9712 96
9618 3
72
40
-year deb 4 Ms
10014 Sale 10014 1003
4 14
General Si Series B
98
1993 J D 1154
/
1
116 Feb'28
97
Ref & Impt Si series A
1921 3 3 1011 Sale 10118
949
/
4
1013
8 50
Ref & impt ea ler C
97
1054 107 10612 Apr'28
/
1
Ref & impt ba ser D
19033 J 1034 104 10312 10312
/
1
1
Cairo Div let gold 4s
-8 12 95
65;2
1939
J
963 Sale 963
4
4
963
4 40
4
8
CM W & M Div 1st g 413_1991 J
9212 Sale 9212
2
923
4
9734 977
e
St L Div 1st coil tr g g 411-1990 MN 921
/
4
9234
5
923
4
103 1083
Registered
,
M N 86
_ _ 9118 Dee'27
9214 981
.
Spr & Col Div let a43_1940 M S 06 Sale 96
96
102 10312
W W Val Div let a4s—__1940 3 J 96__ 9612 Apr'27
Ref & impt Cis ser E-1977 J
10812 1103
4
993 Sale 9912
4
993 123
4
100 10214 JCC&I gen cons g (93___.A934 3 .7 10718 10914 1075
8 1075
8
5
"71ev Lor & W con let g 58._1933 A 0 103
9934 101
10318
2
10318
100 10212 Cleve & Mahon Val a 5e____1938 J J 10118
10012 Apr'27 _
11512 117
CI & Mar lit gu g 4 Ms_ - —1935 MN 993
4- 100 Nov'27 _
121 123
Cleve & P gen gu 4 yie Der B_ 1942 4 0 101 16618 1013 Mar'28 _94 3 3
4
Series A 4 Me
9014 10314
101
10214 Nov'27
8958 92
&Mee C 334i
1948 MN 9014 _
9014 Apr'28
9912 10114
Series D 33
1950 F A 895
-ft
_
895 Mar'28 _ _
8
9814 9814 Cleve Shor Line let gu 4%1_1981 A 0 10318 105 10234
s10314
18
80
90
/ Cleve Union Term 5345
1
4
1972 A 0 1093 Sale 10938 10912
8
6
lit s f Si ser B
1023 10512
4
1973 A 0 10618 Sale 10618 10612 29
108 10912 Coal River Ry let gu 4e
1945 J D 933
8
9212 Nov'27
941 95
/
4
Colorado & South let a 4s
1929 F A 99, - 4 9912
2 9939912
6
Refunding & exten 00_ 193 M N 9814 Sale 9814
8712 90
948 A o
5
983 100
4
10818 10818 Col & H V let ext 48
953 9712 967 Mar'28
4
8
1955 F A 94
10538 10714 COI & Tol let ext 48
93 9512 Mar'28
10212 10414 Conn & Fromm RI, lit 44_1943 A 0 90
_ 8818 Mar'27
1003 10214 Consol Ry deb 4s
4
1930 F A 9612 08
9612 Apr'28
Non-conv 4e
107 10838
1954 J J 8014 8212 8014 Apr'28
1033 10412
2
Non-cony deb 4s____J&J 1955 J J 7812 8118 8114 Apr'28
951s 9512
Non cony deb 48____A&O 1955 A 0
_
8112 Jan'28
Non-cony debenture
J J 78
81
j03r 1031- Cuba Nor Ry let 53-454s_ —1956 .1 D 78- 12 8012 Apr'28 191
8
8
1942
977 Sale 9758
8
98
8
10614 1067 Cuba RR. lit 50
-year Si g
1952 J J 993 Sale 9938 100
4
78
86
88
/
1
4
let ref 73.4s ser A
1938 J D 10914 Sale 10914
10912 10
1004 1003
/
1
4
1st lien & ref Si ser B
1938 3 D 100 101 100 Apr'28 _ _
10012 10134 Day & Mich let cone 410_1931 3 J 9918
100 Apr'28
11612 11912 Del & Hudson let & ref 48_1943 M N 947 Sale 9418
8
9478 37
30
ll6s 1151/4
-year COEly be
1935 A 0 1017 10212 102
8
102
2
964 99
/
1
16
1937 MN 10412 1045 10458 1047
-year 5/Se
8
8
2
941 9612
/
4
10
-year secured 75
1930 J D 104 Sale 104
1053
8 13
94
94
D RR & Bdge let gu 4s g_1936 F A 96 _ _
963 Apr'27
4
__
99
9914 Den & R. CI let cons g 4e
1936 J J 933 Sale 93
8
935
8 74
9514
Consol gold 43.45
94
1936 1 3 967g 9712 967
8
9712
9
1031 10512
(
Improvement gold bs
1928 J D 997 10018 100 Apr'28
8
__
Den & R Wee.gen ba_Aug 1955 M N 9514 Sale 9358
96
224
166 fo 158 Des M & Ft D let gu 42_1935 J J 3018 39 2778 29 30
Temporary offs of deposit__
10614 1073
4
_
2812 32
28 Apr'28
105% 106
Des Plaines Val 1st gen 4 He_1947 M S
_ 10214 Feb'28
__
10018 105
DM& Mac_ let lien g 4s
1996 J D 998018 8012 8018
8012
2
100 10214
Gold 411
1995 J D 701
_ 76 Apr'28
997 10112 Detroit River Tunnel 4/45_1961 M N 1025 103 103
8
8
8103
101 102
/ Dul Missabe & Nor gen 58._1941 J J 1033 - -- 1037 July'27
1
4
4
8
_
911 9312 Dul & Iron Range lit bs__._1937 A 0 103
/
4
103
103
1
941 9438
/
4
Registered
.A 0
1027 Jan'28 _ _ _
8
4
9112 923 Dul Sou Shore & Atl g 58....1937 3 J 8o14 87 2 8514
,
863
4
2
10212 10212 East Ry Minn Nor Div lit 421_ 148 A 0
95 Mar'28
98 100
/
1
4
East T Va & Ga Div g be__1930 J
100%
101
-- 101
711 74
/
4
Cons let gold be
lova 111112 11018
11018 12
72
7312 Elgin Joliet & East lot g 58_19 1 MN 1o578
N
194M
5
106181 Apr'28 _ _ _ _
El 111730 & 8 W let be
58
/ 70
1
4
1985 A 0 10938
10934 Mar'28 _ _
59
SSs Erie let consol gold 719 ezt_1930 M S 10414 10458 10418
10418
3
let cons g 4e prior
883 9112
4
1996 J J 8958 Sale 89
897
8 12
8932 9014
Registered
1997
_
86
Jan'28 _ _ _ _
9614 983
4
138 consol gen lien g 4s_. 19913 3 J 835 Sale
8
835
8
8414 76
95 2 883
3
Registered
4
1996 3 J
86
Jan'28
__
10118 1027
8
Penn coil trust gold 4a
1951 F A ioi- Sale 104
104
3
10612 11038
50-year cony 4.4 eerlea A1953 A 0 8612 Sale 8612
87
42
8
Series B
1067 10738
863 8714 Apr'28
4
85
83
Gen cony 4e series D
19 3 A 0 86
9
5
88
8612 Apr'28 _ _
11011 11214
Ref & impt be
1967 MN 973 Sale 97
4
9818
66
7212
Erie &Jersey let s f 8e__._1955 J ./ 11314 1133 11334 Apr'28 245
4
11672 11814
Genesee River let it 58,19573 J 11314 11414 11314
113
/
1
4
2
106 108
Erie & Pitts gu g 33ft B
1940 3 J
102
Jan'28 _ _
Series C 3Ms
1940
91
_
91
Apr'28 _ _ _
- -11053, 167 4 Est RR esti if 7s
10414 Sale 1033
4
10438 113
10914 11112 Fla Cent & Penn let ext g 581954 JJ 993 --- 10212
30 M N
4
Mar'28 12
9512 9612
Consul gold 5e_
J J 10212 _- 10212 10212
4
10212 10212 Florida East Coast lit 4/0_1959 J D 993 Sale 995
8
8 10012 10
lit & ref Si series A
/ 75
1
4
70
8812 Sale 8812
903 150
4
9138 9312 Fonda Johns & Gloy 4;46_1974 M N 47 Sale 47
S
1952
4814 24
9034 9138 Fort St U D Co let g 4 Ms
1941 J J 973 _ 993 Apr'28
8
4
8038 813 Ft W & Den C let g 55411-- -1961 3 D
Rig 10712 Apr'28
10012 10414 Ft Worth & Rio Or 1st g 4e 1928 J J 9
.
55g 993 997
4
__
100 10012 From Elk & Mo Val let 6s.._1933 A 0 107 Sale 107 8 Apr'28
107
10
/
1
723 744 GH&SAM&P 1st 5s— _1931 M N 1003 101 101
2
4
1013
4
2d extens be guar
7018 75
1931 J J 1003 1007 1007 Apr'28 _ _ 9
8
8
8
1025 104
Galv Hous & Fiend let 58. 1933 A 0 99
9912 987
8
993
4 58
71
75
Ga & Ala Ry let cone 5e_Oct 19453
1013 Sale 101
8
10138
5
733, CM Caro & Nor let gu g 54_1929 J J 985 Bale
71
8
985
8
987
8
7
7
701 73 1 Georgia Midland let3a
/
4
1946 A 0 7718 80
7.9
6
9515 9812 Or R & I ext lit gu43-4i ,194l 3 J 1003 10114 79
8
__
617 793 Grand Trunk of Can deb 712_1940 A 0 115 11514 101 Mar'28
2
4
115
11518 15
83
86
15
-year C f 8s
1936 M S 10818
10812 43
84
843 Grays Point Term let Be_ _ 1947 J D 9918 Bale 108
2
____ 993
4
95
98
Great Nor gen 7s eerles A...1936 J 1 1143 Sale 11434 Feb'28 _
4
11514 79
94
Registered
J J
11412 11412
1
9514 95 4
9
43
let & ref 4 Me series A____1981
J 9912
_ 1005 Apr'28 - _ 8
103 113
General 634s series B
1952 .1 J 199'8 fifi8 11018
111
24
112 117
General 53 caries C
1973 3 J 107 Sale
10734
9
113 113
General 43--4i aeries D_1976 J J 993 Sale 107
4
9912 100
46
1023 1022,
8
General 4 M e series E
1977 J .1 9912 Sale 9914
4 54
993
1003 1013 Green Bay & West deb ctfe A___ Feb
4
2
857 88
8
86 Mar'28 - - -10212 10312
Debentures etre B
Feb 24 Sale 23
24
12
1021 10218 Greenbrier Ry let am
/
4
M N 953
4- 9512 Mar'28 -- -10318 50612 Gulf Mob & Nor let 5)0_1950 A 0 10612
.
1(ii 107
1
107
11215 11414
let M be series C
19504 0 10112 103 103
Mar'28
_111 12 114
Gulf & S I lst ref & ter g fes_81952 J J 1077
8
8 10778
1
1018 10412 Hocking Val lit cone a4 Me-1999 3 J 10414 Sale 1077
105 104
10412
6
924 95
/
1
Reglatered
10412 Feb'28
9132 921s Housatonic Ry cona 6
8
193 3 j ioi 16112 1015 Apr'28 -9 9 MN
9
7
8
9512 96 4 H & T C let g Int guar
3
104 105 1043 Apr'28 -8
95
Waco & NW div let 6s_1937
95
1930
N
j
105 10312 Mar'28 -95
973 Houston Belt & Term let 38_1937 3 J
4
102 102
102
2
92
923 Houston E & W Tex let g 54_1933 M N
4
looi4
. 1007 Mar'28 _- -8
1023 103.18
8
let guar fie red
8 1007
8
3
1011 1015 Bud & Manhat 5e series 4_1953 M N Ion 166 1007
/
4
8
1937 F A 10113 Sale 101
10214 104
10214 1033
2
Adjustment Income be Feb 1957 A 0
8
9518 611
98
Illinois Central let gold_45-1951 J J 937 Sale 93
98
.. _ 9712 Apr'28 _100 10012
lit gold 3Me
1951 J J 89
9012 8412 Apr'28 _100 100
Extended lit gold 310-1951 A 0 99-89
91
9112 Jan'27
19112 19872
01
6
03
%
CoIla ,2
lst g1 dr
1
u t
e
7614
96 Mar'28
__
trust old 45_4 9 2 M O 9414
:
g
195 A S
51
9514 94
9414 12
10114 10312
let refunding 4e
9612 Sale 953
4
9612 61
10412 108
Purchased Hues 334e
195 J N 8712 893 8712
95 M J
5
2
4
8712
1
103 105
/
1
4
Regletered
85 Apr'28
__
117 1191
4
Collateral trust gold 4e _ 1953 j /4
M 5 9212 Sale 9134
9212
8
1023 103
4
Registered
MN
91 Nov'27 _
9112 9312
Refunding 58
11018 Apr'28 _1043 105
2
/
1
4
15
-year secured 654,a.1936 J N llO7s
1955 M J
ffi 11278 113
6
10634 19714
99
0%
9
40
C -year o/e 2016 Aug 1 19 3 0
4d e
1
42
"
9 F 4 10158 10154 10112 10214 117
60
68
9212-9718 Jan'28
_
973 9815
8
Litchfield 131v let gold 3s_1951 J
7912 8112 7912 Apr'28 _ _ _
97
/ 9714
1
4
IOIII8YDIV&Termg33-4il9563 J 883 88
4
87 Apr'28 _ _ _ _
9314 933
4
Omaha Div let gold 3e
1951F A 7814 -79 Apr'28
Raw
Mace
Jan, 1.
Low
HIM
la
s
lows loft
100
/ 115
1
4
101 1Q$
10512 108 8
5
103 2 10518
/
96
/ 96 4
1
4
5
911i 934
917 945a
8
96
tiff;
9914 1003,
1071 10812
/
4
1021 1002
/
4
10114 10138
90'4 901s
893 89
2
/
1
4
1023 108
4
/
1
4
109 1101s
/
1
4
108 1071
,
9938 1001.
9814 wo
96% 9678
9512 951,
9 ;
8
-Ws --1
79
82
/
1
4
78
Ms
80
8111
14
Ma 83
901 9814
:
973 100
4
1084 110
/
1
9912 10012
9954 1001
,
9412 983
4
100 102
1044 107
/
1
104 107
"Hie IC
9814 9814
99 1004
/
1
4
/
1
/ 97
1
4
89
2714 31
32
26
/
1
4
102 102
/
1
4
80
89
75
70
1014 10
/ 3
1
jai, 1614
102 102
/
1
4
85 4 90
,
96
95
100 4 10414
5
1097 11018
8
1043 10618
4
109 10911
4
104 10612
91
89
86
88
83% 884
/
1
82
87
14
1024 104
/
1
8612 8915
86 s 89
3
/
1
4
8812 8815
97
99%
113 1147
8
112$.8 115
102 102
905 94
4
10054 10 11
47
10212 10212
10214 102 4
5
9914 10112
83149112
451s 52
98
/ 993
1
4
2
10712 10811
4
9914 99 8
7
10514 10712
101 1021
.
100 8 10155
5
987 100%
8
98 1013
2
97 100 4
3
79
77
10012 101
115 117
108 109%
9832 997
s
11434 116
11412 11411
100 10215
/
4
4
1101 1151
1087 109
1
9932 101
/
1
4
983 1014
4
/
1
88
86
/
1
4
23
2914
955 951
8
,
1061 10712
/
4
103 104
10715 10814
104 10715
10412 1044
/
1
10115 101%
10315 1053,
1031 10318
:
1015 102 8
4
5
1007 1007
8
8
10078 10212
10058 10212
914 9512
/
1
14
9712 99
8412 90
94
953
4
8718
85
913
4
109"
9538
11818
901
8
85
9
4
1
4
11258 114/
/
1
4
101 102
97
/ 97
1
4
/
1
4
7912 7912
967 88
2
/
1
4
79
80%
New York Bond Record-Continued-Page 3
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 27.
a
.
Price
Friday.
Apr. 27.
Week's
Range or
Last Sale.
Banes
Mau
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 27.
0
2619
Pries
Friday.
Apr. 27.
Week's
Range or
Lail Sale.
13
Bane*
dined
Jas. 1.
Ask Low
Bed
Illinois Cent(ConcisionHigh No. Low
High Nat RR of Mex (Concision
Bid
Ask Low
High No. Low
8411
80 Mar'28
St Louis Div & Term g 38-1951 J J 7912 81
80
90
di 00111101 le
1951 AO
28 Apr'26
904 8914 Apr'28
1951 .1 J 97
Gold 334s
8914 894
Assent cash war set No 4 on
133 1414 1338
4
1414 as
939 1414
Springfield Div 1st g 3345_1951 J .1
88
Oct'27
Naugatuck RR let g 48
1954 MN
86 4 Nov'27
6
8
Western Lined let g 48_1951 F A -55- 9614 927 Mar'28
-Ws -- -14 New England cone 55
94
1945 3, 983 102 1021e 10212
4
4
101
- -4
;
F A
Registered
92 Apr'28
90
Consol guar 4e
92
1945 II 8912
93 Mar'28
__
90
93
Ill Central & Chic St L & N 0
N 3 Juno RR guar let 48_1986 FA
100 Apr'28
905 100
8
10612
3 10614 10814 NO&NE let ref & imp4)48A'52
Joint lit ref Si males A._1983 3 D 10614 1073 10614
s
' ,9% 8 1
3 937 10 0 997 Ap9414
9 .1
9,12
8
e28
997 102
8
19833 D
993 9878
8
let & ref 4 Ms ger C
9934 35
984 101
New Orleans Term 15t 46
.1
1953
22
90 4 954
3
1951J D 1008 ..-- 10838 Mar'28
Gold 54
10888 10812 N 0Texas & Me:n-e Inc 644 1935 A0 991 1004 10014 Apr'28
4
9934 102
1951 1 D 833
Gold 33.4s
8412 Jan'27
4
58 series B
1954 AO 100 10014 99 4 1004 12
6
9918 1013
8
9333 Sept'27 -Ind Bloom & West let ext 48_1940 A 0 933
s _
let Si series C
1956 P A 1034 1043 1033 Apr'28
4
4
1034 105
1950 3 1 953 - -3- 6614 Apr'28
Ind III & Iowa 1st g 411
-9414 W- lot 4 Me series D
4 97 4
1956 FA
9818 99 8
3
1956 .1 J
Ind & Louisville 1st gu 414
0018 Feb'28 ---- ON 9112 let 6)45 series A
881'
1954 A0 105 Sale 108'8
85
10 : 21 1 10472 1054
881
5
____ 103 Apr'28
Ind Union RI gen Si ser A 1965 1 J
1024 105
N & C Bdge gen guar 4348_1945
973
Jan'28
100 100
__ 006442 Feb'28 -28 10413 10412 NYB&M 13 let cone M1935 3, 101 4 ____ 100 Apr'28
19653 J 10234
Gen & red 58 seriee B
-A0
101
101 101
Int & Grt Nor 1st es sec A _1952 J 1 107 gale
1064 10812 NY Cent RR cony deb 61-1935 MN 1074 1085 10812 1083
9
4
7 1074 1094
Adjustment 65 aer A July 1952 Apri 93 sale 9112
90
93
238
9914
Registered
MN
107 Apr'28
107 107
7712 7711
Stamped
7712 Feb'28
Consol Cowries A
1998 FA 9514 Sale 9414
96
28
9414 9713
19561 J 98
let 5s series B
9912 24
99
99
99 1017
8
Ref & impt 4345 series A.2013 A0 1024 103 1024 1023
4
7 10212 10419
19563 J ____ 10018 993
lst g 5s eerie@ C
9934
2
4
993 102
4
Ref & impt Si series C
2013 A0 1083 Sale 1081
8
4
10914 94 10814 11054
lit Rye Cent Amer let M.__1972 M N
85 Sale 8412
85
36
817 85
8
NY Cent & Bud Riv M 334e '97 3, 85
86
8514
8512
8
854 87 8
5
1941 MN 96 Sale 96
let coil tr 6% notes
9712 12
9434 073
Registered
4
1997 3,
834 Apr'28
8313 8512
1947 F A
let ilea & ref 6 iis
9712 Sale 9638
9712 94
4
9712
91
Debenture gold 48
1934 MN 973 Sale 9758
9814 170
975 994
8
Iowa Central let gold 58 , 1938 J D 4812 Sale 45
52
45
38
52
Registered
MN 9514 ---- 9718
974 10
974 98 8
3
Certificates of deposit
48 Sale 46
48
6
48
38
30
-year debenture 4e
1942
'
3 9712 98 98
Apr'28
974 99
4
1951 M 8 17 Sale 1612
Refunding gold de
1712 92
1018 174
Lake Shore coil gold 330_1998 FA 8312 844 8412
84'2
1
834 8614
James Frank & Clear let 48_1959 J D 9538 96
953 Apr'28 -- 8
95
Registered
964
1998 FA 8112 82
12 8212 Mar'28
817 82 s
e
7
19383 .1 103
Ka A & G 13 let gu g 58
___ 103 May'27 _Mich Cent coil gold 33.4i _1998 FA 84
85
85 Apr'28
843 87
4
1990 A 0 885 Kan & M let gu g 4e
8 94
9118 Apr'28
90 VA;
7
Registered
1998 FA
8212 843 835 Apr'28
4
8
8314 834
1928 M N 994 100
K C Ft8 & M cone g 6a
994
9914 16
994 101
N Y Chic & St L Ira g 48_1937 AO 974 Sale 973
8
973
3
2
97 9814
14
K C Ft 8 & M Ry ref g 4s1936 A 0 0514 Sale 9514
28
9514 97
96
Registered
1937 A0 964 ____ 9612 Feb'28
0012 964
KC&MR&B Mau 58_1929 A 0 1003 ____ 10312 Mar'28
4
1004 10312
25
-year debenture 45
1931 MN 98
983 98
4
981
2
9712 100
Kansas City Sou 1st gold 35.1950 A 0 7612 Sale 7578
2d 68 series A IS C
7614 31
1931 MN 10218 10212 1017
754 793
4
8
103
31 10178 103
13
Ref & impt 5s
Apr 1950 3 J 10218 Sale 10218 10234 25 1013 10314
Refunding 5348 series A 1974 AO 10712 Sale 1074
8
107'3 38 1007 107 4
9
3
Kansas City Term let 4e____1960 J J 9418 Sale 9419
941
934 95 4
Refunding 5 Ms series B 1975 3' 10712 Sale 1074 1071
20
3
14 1065 107 4
8
3
Kentucky Central gold 45...1987 3 J
9314 9012 N Connect tat gu 434e A-195 FA 10114 ____ 1013
9314 ___ 9314
9314
10
4 10184 10 1007 1021
3
3
4
Kentucky & Ind Term 430_1961 J 3 94 - 4 95 Apr'28 -953
91
9612
let guar M series B
1953 FR 1043 Sale 1044 1043
4
1
92
12 10012 10514
Stamped
1961 .1 J 9612 9812 9018
9018 9612 N Y & Erie 1st ext gold 48_1947 MN
9018
5
924 9212
Plain
1961 .1
.1 100
983 Mar'28 8
3d ext gold 434s
98 4 984
3
1933 M
10014 Z2
1.1 :
28
10014 10014
Lake Erie & West let g 5s
1937 1 3 104 10412 10419
22 1033 1054
105
4
4th ext gold Si
1930 A0 100 4 ____ 1003 Mar'28
3
4
100 4 10033
3
26 gold Si
1941 3 I
104 10334 Mar'28 102 1047
5th ext gold 48
8
19283 D 9914 ____ 9914 Mar'28
9914 9914
Lake Shr & Mich 8 g 3948_1997 1 13 843 Sale 8414
4
8434
8
83 4 8712 N Y & Greenw L gu g 5s
1946 M N 100 1013 100 Mar'28
5
4
100 100
Registered
1997 J D 81
____ 8558
8558
3
86
N Y & Harlem gold 3Me---2000 M N
85
97 Apr'28
8013 874
Debenture gold 45
1928 M S 993 Sale 9958
4
9934 61
98 8 MO
Registered
7
M N 825 ____ 854 Apr 28 ____
8
854 8518
25
-year gold 45
1931 M N 984 994 983
4
N Y Lack & W let & ref Si __1973 M N 10314 ____ 80 julY27
983 100
9913 3
4
7
Registered
M N
9934 Apr'28 4
4
993 993
First & ref 434s
1973 MN 105 10714 10518 Apr'2
itiL; foli"
Leb Val Harbor Term 5e ...1954 F A 1073 ____ 10738 Apr'28 -- 10614 1073 NY LE& W let 78 art
8
8
1930 M S 105 106 106 Feb'27 _ _ _ _
Leh Val N Y 1st gu g 430_1940 J J 10114 _ _ 102
102
2 101 10212 N Y & Jersey let 58
1932 F A 10114 101121014 10112
5 1007s I015
Lehigh Val (Pa) cons g 45_2003 M N 91 - -12 91
91
915
8 49
903 9312 N Y &NE Bost Term 441_1939 A 0 9312 ---- 90 Mar'27 _ _
4
Registered
M N
91
NYNH& 12-0 deb 48._....1.947 M 8
90
91
8812
- _ 8812 8812
"Wt 90
'
.
General cons 4145
2003 M N
Sale 10114 Jan'28-.1059 10134 23 10012 1025
8
Non-cony debenture 330_1947 M B 8112 813 8114 Apr'28
4
78's8314
benign Val Itit gen 51 serles_2903 M N 11018 11012 11038 Apr'28
109 11114
Non-conv debenture 330_1954 A 0 78 Sale 78
7912 23
773 813
4
4
Leb V Term Ry let gll g 58_ _1941 A 0 10512 ___ 106
106
1 10512 1064
Non-conv debenture 48-1955 I
8412 88
85
86
2
85
8812
Registered
A 0 10353 1057 1037 Feb'28
- 8
8
1037 1037
8
8
Non-cony debenture 48..._1956 M N
8514 881s
Leb & NY lit guar gold 4s_ _1945 NI S 9234 95
9212 Jan'28
75
8 3 771
9212 9212
8
debenture 334s
1956 J 3 874 Sa1e8 183
Cony
15
: 173
85'8
18
7718 80
13
7
Lex & East lit 50-yr Si gu_ _1965 A 0 11138 Sale 111
1113
8
6 111 1153
Cony debenture 65
1948 .1 J 111614 Sale 11512 117
4
42 11538 116
Little Miami gen 48 Bar A._1962 M N 94
97
95 Apr'28
9212 964
Registered
J J
1 113 115
Long Dock console 66
1935 A 0 10812
109
109
1 109 10912
Collateral trust Os
1940 A 0 ioOi2 gale 105
10512 27 105 105 8
7
Long laid let con gold deJuly 1931 Q J 10112 102 10112 Apr'28
100 4 102
3
Registered
A 0
-- -- 10913 Dec'27
let cones'gold 4e____July 1931 Q J
985 993 9934 Mar'28
9
4
9818 993
1957 M N 814 Sale
Debenture 4s
4
8039 821s
General gold 45
1938 J D 9614 98
9612
9612 50
944 96,
8
911
2
lst & ref 4 Ms ser of 1927._1967 J D 927 Sale 825
83 s 127
9171' 04
92% 948
4
Gold 45
1932 J D 9718
_ 9614 Sept'27
Harlem R & Pt Cbes let 411954 M N 9212 Sale 9212
923
4 46
921a 9358
United gold 45
1949 M 8 93 - -58 93
93
1
8
65 931 N 1 0& W ref 1st g 4e_Iiine 1992 M S 7858 79
93
79
9014
Debenture gold Si
1934 J D 10012 Sale 10012 1001
5 10012 10012
7814 Apr'28 J.!
612
Reg $5,000 only June 1992 M
72
r818
7612 7612
20
-year pm deb Si
1937 1111 N 100 10014 103
1901
11
994 101 12
General 4e
4
1955 .1 D 7512 77
754
76
6
7412 80‘s
Guar refunding gold 4e.„1949 M 8 9318 94
913
4
94
6
9212 943 N Y Providence & Boston 411942 A 0 8714 -___ 9313 Apr'28.
4
92 95
Nor Sh B let con gu 5e_Oct'32 Q J 1004 10114 102
Apr'28 -- MI4 102
Registered
A 0
893 Jan'28
4
891g 894
Lou &Jeff Bdge Co gu g 48....1945 M 8 9414 Sale 9414
11
9414
934 9414 N Y & Putnam let con gu 4e 1933 A 0
94
963
4
Louisville & Nashville 58_1937 M N 10514 __ 105 Apr'28 -- - - 105 106
N Y Sum)& West lst ref 58 1937 J 3 89 S8. 14 8112
83
81e
4
"78 -289
1'28 -9
8812 921s
Unified gold 4e
1940 3 J 9712 977 965
8
98
15
9658 9914
2d gold 4 345
1937 F A 8018 Sale 804
7
81
804 8318
Collateral trust gold 58_1931 M N 10112 1013 10112 1011
4
2 10138 102 4
75 Sale 75
General gold Si
5
1940 F A
4
7519
7218 804
10
-year secured 7e
1930 M N 1033 Sale 10334 1033
4
3 103 10512
Terminal let gold 55
1943 M N 18028% Sale_ __ 10214 Feb'28
14
8
8
8
997 10214
s
let refund 53.45 series A...2003 A 0 10812 109 1084 10838
1 1083 11019 NY W'ehes&B 1st ser I 4 Ms'46 3 J
8
113
8812 91
let & ref 158 series B____ _2003 A 0 10819 109 10818
1 10818 109
Nord Ry ext'l s f 6 Ms
1950 A 0 1024 Sale 102
10212 143 100 103
lot & ref 4 Ms series C__2003 A 0 10214 10258 10212 1081
1021
5 102 104 4 Norfolk South 1st & ref A 58_1961 F A
3
9312 965 963
8
8
9634
957 97
4
N 0& M let gold es
1930 3 .1 102 103 102
102
3 102 3033 Norfolk & South 1st gold M.1941 M N 10214
3
_ 1024 Feb'28
1024
4
2d gold es
1930 J J 102 103 1024 Apr'28- 1024 10214 Norfolk & West gen gold 66_1931 111 N 10412 it6 105 Apr'28 -1- 1043 103
:
8 105
11
Paducah & Mem Div 48_1946 F A
9518 98
9512
951
1
9512 9612
Improvement & ext 6s _.1934 F A 10814 -- 1094 Dee'27
St Louis Div 2d gold 38_1980 M 8 703
4 __ 703 Apr'284
683 70 4
4
3
Now River let gold 6s.._..1932 A 0 19634 _ _ _ 10618 Feb'28
10612 1061s
Mob & Montg let g 4348_1945 M S 1023 104 1017
8 8
1017
8 10 1017 102 3
8
7
N & W Ry let coned 48_1996 A 0 9614 Sale
95
South Ry Mint Monon 43_1952 3 J
55 98 9
3
9212 9212 9212
9212 0414
925
8
6
Registered
1996 A 0
9 Z Apr28 -18
9
6
5
-95 9618
78
Ati Knox,& CM Div 4s 1955 M N
20
9534 9812
Div'l let lien & gen g 48_1944 J J
9512 9534
23
945 96 4
8
3
Loulev Cin & Lex Div if 430'31 MN 1004 Sale 10 : Ajaupr 8
88 101 18 18
1 4
2
2
10038 100 4
3
10-yr cony es
182 Mar'28531'8
8
1929 M S
17018 19018
Mahon Coal RR lit Si
1934 3 J 10213
10312 10312
Pantile & C joint 48
19413 D 96
9612
Manna RR (South Lines)68_1939 M N
9614 974
76 7612 76
10
76
74
793 North Cent gen & ref Si A 1974 RI 8 1074
4
_
let le
1959 M N 78
80
704 Apr'28 --793 823
4
4
Gen & ref 4545 series A...1975 M 13 10212 103 101454 8 pn13274: 4
961
-13 88 3 .Ta t9 28 2'
is Mini
Manitoba 8 W Colonisa'n Si 1934 J D IN 101 1005 Mar'28
8
10018 1014
Stamped
1034 1034
2 101 103
Man G B & N W let 3Ms__ _1941 J J 88
1s
91
88 Mar'28 -88 88
North Ohio let guar g 5s....._1945 A 0 98
99 e 00 Apr'28
3
Sikh Cent Det& Bay C117156_11 8 M 10114 10211 10112 Mar'28
99 103
1011 10218 North PacIfIc prior lien 48-1997 Q I 954 Sale
:
60
7
Registered
043 07 2
4
Q M 100 4 1013 100 4 Apr'28 -- 100 4 1014
3
4
3
3
Registered
1997 Q I
Mien Air Line de
9414 97
1940) J
9612 .... - 973 Jan'28
9
974 975
8
Gen'l lien gold as___Jan 2047 Q F 7014 Sale
41
let gold 331s
7018 7312
1954 61 Is 88 89
89
89
3
884 89 4
3
Registered
Jan 2047 Q F
6813
20
-year debenture 48
6812 697
8
1929 A 0 994 995 994
8
993
4 12
9912 100
Ref & Mot 4 Ms series A2047 I I 151- 1633- 103 A92
94;1A:12i7:13
4 94: 9558
Sild of N J lst est 5e
8
1023 10A
1940 A 0 987 Sale 987
8
9
9878
4
3
974 99 4
Ref & imot es serles B__2047
1155 Sale 11558 116
9
44 11538 11714
611Iw LB & West Imp g 66_1929 F A 100 Bale 100
100
1 100 1005
Ref & impt 58 series C__2047 J J 10812 Sale 10812 10812
8
1 108 1094
Mil & Nor 1st ext 4345(1880) 1934 J D 974 99 9914 Feb'28 -9914 9914
Ref & impt be aeries D...2047 .1
10814 10812 109 Apr'28
Cons sit 4 Ms(1884)
108 109 4
3
1934) D 975 98
8
975 Mar'28
8
97 8 9912 Nor Pao Term Co lit g 68_1933 J .1 109 4
5
3
1103 Mar'28 -- 1094 110 9
8
MB Spar & N W let gu 4e...1947 M
1
9514 96'2 954
9514
2
954 9719 Nor By of Calif guar g U___1938 A 0 105
10512 Apr'28 -- 10512 106
Minn & St Louts lst cone 58.1934 MN 5812 Sale 49
61
98
42
61
North Wisconsin 1st Os
19301 J 1025 10312 10212 Apr'28 -- 10212. 10252
8 Temp otfe of deposit
M N
53
538t 50
40
50'2 16
5012 Og & L Cbam let gu 4e21948 J
8612 8734 8612 Apr'28 -1st & refunding gold 42.__ Mu M 8 197 Sale 175
8612 8814
8
8
20
126
14
2018 Ohio Connecting Ry let 48..1943 M S 96
_ _ 104 N r28
9538 Aov 27
:
Ref & ext 50-yr Si ear A _1962 Q F
19
1612
1612
161
1
1112 1612 Ohio River RR lit g 68
1936 J D 103 10318
- 1584 104
141 St P & 8 8M con g 48 Int gu'38 J 1 90 4 Sale 905
8
3
911
25
9012 921/
General gold Si1937 A 0 1027 10514 10418 Jan'28
8
1041g 1044
Registered
5812 Dec'2 - Oregon RR & Nay con g 48_1946 J
9512
9552
95
96
lit eons Si
1938 3 J
973 9814 983
4
9
9838
2 113) 10 1i Ore Short Line let cons g M_1948 3 D 9512 9612 1084 10838 10
- -4 6
J 10814 1091s
2 10814 110 4
8
let cons 58 gU as to Int
1938 J 1 99
9912 9938
997
28
993 101
8
Guar stpd cone Si
1946 J .1 1085 Sale 10814
8
10854
7 10814 1113
8
-year coil trust 6444
10
1931 M S 10112 Sale 10112 102
14 101 10318
Guar refunding 4s
1929 J D 994 Sale 9914
9912 62
9914 100
let & ref es series A
19483 J 10212 10312 1017
8
10212 15 101 10318 Oregon-Wash 1st & ref 4s......1961 J 3 915 Sale 915
8
8
9214 46
914 9418
25
1949 M 8 943 Sale 9412
943
4 10
4
-year 5345
94
96
Pacific Coast Co let g 56.......1946 1 D 844 Sale 8418
844
844 8814
lit Chicago Term if 48._1941 M N
9512 9614 984 Oct'2
_ Pao RR of ?do lst ext g 48_1938 F A 953 ---- 953 Apr'28
3
3
9538 95 1
3
bilsalesippi Central let 5e
1949 I J
983 ___ 984 Apr'28 - 8
98
2d extended gold Si
99's
19383 J
10258 Jan'28
10258 10211
Mo Kan & Tex 1st gold 4e_1990 J D 9013 Sale 90
9012 13
90
9234 Paducah & Ills Mt f 4 Ms 1955 J
1011* 102 10112 Apr'2 -Me-K-T RR pr lien Meer A.1962 J I 103 Sale 10278
104
11 102 1043 Paris-Lyons-Med RR esti es 1958 F A 1001s Sale 10018 10018 160 10038 1014
4
96 1004
1962 J .1 893 Sale 8913
-year 45 aeries B
10
4
9Q
83
8912 9212
Sinking fund external 7s-1958 M S 1047 Sale 1035
8 1047
8
8 56 10111 1047
3
19781 J
Prior lien 4 Ms ser D
98
9858 98
98
98
12 42
9912 Parts-Orleans RR 51 75._ _1954 M S 103%
8 1033
4 24 101 1044
Sale 1035
Cum adjust bs sec A Jan_1967 A 0 106 Sale 10418 106
171 10418 10912
External sinking fund 530 1968 M 8 9614 Sale 9614
963
4 84
95 4 963
3
1965 F A 10214 Sale 1017
4
Mo Pao lgt & ref 58 ear A
8
1023
4 12 10178 10318 Paulista By let & ref e f 7s 1942 M
103 Sale 103
1033
8
6 10114 10412
1975 M 8 804 Sale 8014
Celeml lis
7914 8314 Pennsylvania RR cones 45..1943 M N
8114 157
9714 _7-- 974 Apr'28
973 991
s
.
1977M 8 10034 Sale 10012 10112 272 1004 10258
1ft &ref 5eserF
Comm! gold 4s
1948 M N 973 Sale 9714
8
08
14
96 4 100
3
95
Mo Pao ad 7s ext at 6% July 1938 M N
97
9478 Mar'28
93114 9478
42'ter stpd dollar_May 1 1948 M N 9714 98
973 Apr'28
4
9137 99
s
Mob & Bir prior ilen g 58-1945 J I 10312
103 Feb'28
103 103
Consolidated s 143.45 -1960 F A 10413 Sale 10412 10412 18 1043 107
8
Small
J .1 10018
100 Apr'28
_
993 100
General 434s series A-..1965 J D 103 Sale 10214
8
60 10214 1047
103
8
1945 3 1 924 let m gold As
94
94
94
1
9218 9618
General 58 series B
1968 J D 11112 Sale 11118
11112 51 111 115
1945 J J 843 87
Small
8
84 Mar'28
88
84
10
-year secured 75
1930 A 0 10418 Sale 10418
1044 54 10418 1057
4
& Ohio gen gold 48_193S M S 9614 973 983 Apr'28
8
Mobile
4
971j.9834
I5
-year secured 8345
1936 F A 1117 Sale 11178 1127
8
8 18 1117 113 4
8
3
Montgomery Div 1st g 544_1947 F A 1043 10618 1043 Apr'28
4
4
10414 1053
8
Registered
F A
_
112 Apr'28
_
112 112
1977 M S 98 Sale 9814
Ref & Impt 4 Ms
984 107
60
-year secured gold 50_1984 M N iOi Sale 1041
4
973 993
4
: 105 80 104 10571
97
97
Mob & Mar lit gu gold 48..1991 M S
Apr'28
_
9718 Pa Co gu 3344 coll tr A reg_1937 M
97
_ _ 93
Jan'28 -93
93
10371 J illi2
11214 Apr'28
Mont C 1st gu (le
11214 1127
Guar 334i coil trust ser 13_1941 F A 93- - 90
4
8914 91
90
2
90
_ - 10434 Jan'28 9114
1937 J .1 1053
let guar gold Si
4
10434 10434
Guar 334s trust ctfs C..__1942 J D
___ 00 Apr'28
8914 904
1414 833
edterle & Essex let ifil 3JO- _WOO J 0 8314 8
833
3
8
Guar 334s trust ctfs D___1944 .1 D 8814 9012 90
88
81
901890
1
8983 908
3
4
95
Nash Chan & St I. Eci Ser A_1978 F A 95 Sale 943
150
Guar 15 -year gold 4s___1931 A 0 983 991s 994
-25
943 9614
4
8
9914 13
9919 100
1937 F A 103 10614 104 Mar'28
P1FIg&S league 58
Guar 48 ser E trust etre __1952 111 N
1034 10414
937 95
8
9514
9514
5
935 95
8
30 Sept 24 14
Nat By of Mex pr lien 430.1957 J J
Pa Ohio & Det let & ref 4 Ms A'77 A 0 10012 Sale 10014
10012 16 10014 102
1414 Sale 153
197n
4
Meant cash war rot No 4 o7
164 38
1234 16l Peoria & Eastern let cons 68.1940 A 0 9114 Sale 89
9114 23
_
.
- A 6
8712 Aug'25
89
92
-year e f le
Guar 70
Income 4e
April 1990 Apr. 4718 Sale 41
4814 126
371
: Mpg
2114 Sale 1914
Milani cash war rot No 6 on
2134 58
1712 2184 Peoria & Pekin Un 1st 53.45.1974 F A 108 lO8lz 108
Apr'28
00_1926 i--.i
1071k
3812July'25
Nat RR Mex pr 14)41
Pere Marquette 1st ser 581.1966 3
•
1045 Sale 11045
8
8 10514 24 10418 10812
23 Sale 2013
MOODS cash war rot No 4 on
23
l0511
If
16
lii &A •er184 B
1956 J
954 Sale ' 944
9512
3
0114 004
2620
BONDS
N. Y.STOCK EXCHANGE
Week Ended Apr. 27.
New York Bond Record-Continued-Page 4
"i !
t
7
Price
Friday.
Apr,27.
Week's
Range or
Last Sate.
High No.
Bid
Ask Low
Phlla Bait & Wash 1st g 4e__1943 M N 9712 9812 100 Apr'28 _
1974 F A 11414 Sale 114 Apr'28
General 58 series B
4178 18
Philippine Ry let 30-yr sf481937 J J 4112 Sale 41
D 10534 10712 106 Apr'28
Pine Creek registered 1st 68_1932
0018 Mar'28 _
PCC&StLgu 430A
1940 A 0 1004
102
1
Series B 410 guar
1942 A 0 10112 102 102
1
4
4
1942 MN 1013 Sale 10104 1013
Series C 434e guar
99 973 Mar'28
8
Series D 48 guar
1945 M N 97
97 Mar'28__,.
Series E 330 guar gold _ __1949 FA
D 97
9714 Apr'27 -Series F 45 guar gold
1953
2
973 Nov'27
Series G 4s guar
1957 M N 97
9812 9712 Mar'28
Series H con guar 45
1960 F A 97 4
Series I cons guar 4348_ __ _1963 F A 100 1043 10512 Feb'28
0412 Apr'28
Series.7 cons guar 4)4s__.,_1964 MN 100 104
33
General M 58 series A--1970 D 113 Sale 51115 113
D'1338 Jan'28 - _ _
Registered
Gen mtge guar 58 series B_1975 A 0 11314 Sale 11138 11314 10
A 011312 Jan'28
Registered
Pitts McK & Y 1st gu 68-__1932 .1 J i0414 --- 106 May'27 8
26 guar 68
1934 .7 J 10618 _ - 1063 Apr'28 -Pitts Sh & L E ist g 511
1940 A 0 10212 _ _ 104 Mar'28
_ 10012 Apr'27
1st googol gold Si
1943 .1 J 10238
Flits Va & Char 1st 42
1943 M N 9612 ____ 95 Oct'27
9612
Pitts Y & Ash 1st 4s ser A _1948 J D 9612 Bale 9812
1st gen 5e series B
1962 F A 10734 ____ 10814 Apr'28
105
1974
lot gen Is series C
MN
Providence Secur deb 46.......1957 j D 8034
- 8004 Mar'28
91 1212 89 Dec'27
1956 M
Providence Term 1st 48
964
/
1
3
Reading Co Jersey Cen coil 46251 A 0 9838 Sale 9534
10312 16
Gen & ref 4348 eeries A-1997 J ,J 103 Sale 103
M J 821
4
Rich & Mock 1st g 46
1948 J N 1041: 853 8212 Nov'27
10414 Mar'28
Mehra Term Ry let gu 5s,.,._1952
1003 102 Dec'27
4
Rio Grande Juno 1st gu 5s-1939 .7 D
414 44 5
5
1
.
RIO Grande Sou 1st gold 48_1940 33
___ 712 Apr'28
Guar 48 (Jan 1922 coup on)'40 J .1
9413
6
J 92% 94% 941
4Rio Grande West 1st gold 46_1939
903 12
2
lst con & coll trust 48 A1949 A 0 8912 90 90
9814 973
4
9818 20
RI Ark & Louis 1st 4 As_ __ _1934 1911 S 98
4
Rut
-Canada 1st gu g 4s
1949 J J 843s 86 843 Apr'28
96
1
1941 J J 9514 9812 96
Rutland 1st con g 43.48
It Joe & Grand lel 1st g to _1947 J J 9012 _--- 9114 Apr'28
II Lawr & Adir 1st g 59._ -1996 J J 10078 ____ 10018 Sept'27
108 Jan'28
1996 A 0 10714
26 gold 135
99 9834
983
4
1
1931.7 .1 98
St L & Cairo guar g 43
10112 76
ee Ir Mt dc S gen eon g 50_1931 A 0 101 Sale 101
10134 Dec'26
1931 A 0
Stamped guar 54
9914 42
1929.7 J 99 Sale 99
Unified & ref gold 48
963 .
4 26
1933 M N 9638 Sale 96
BIT & G Div 1st g 46
4
8
St L M Bridge Ter gu g 56-1930 A 0 10012 1013 1007 Mar'28
91
93
90 4 Sale 9012
3
St L-San Fran pr I 4s A
9718 330
1958 j j 97 Sale 97
7° M S
Con M 430 series A
4 41
4
1023 Sale 10214 1023
19503
Prior lien Se series B
100
9
1928.7 J 100 Sale 100
Prior lien fle series C
8 63
8
Prior lien 530 series D._ _1942 J J 1023 Sale 10214 1023
8
8
Cum adjust set A 86_ _July 1955 A 0 1013 Sale 10138 1011 187
/
1
8
8
Income series A 6s_July 1960 Oct. 1013 Sale 1014 1013 106
St Louis & San Fr Ry gen 66_1931 J / ____ 1047s 103 Apr'28
10114 10
8
1931 .7 .1 1007 10134 101
General gold 56
St L Peor & N W lst gu 56_ _1948 J J 10818 11018 10914 Mar'28
7s
903 90 9712 Apr'28
8
St Louis Sou Ist gu g 411
1931 m
9112 33
St L SW 1st g 4s bond ctfs_1989 M N 9112 Sale 9038
26 g 42 Inc bond ctfe_Nov 1989 .1 J 8514 8612 8612 Apr'28
977
8 46
1932.7 D 9712 Sale 9738
Consol gold 4s
10214 16
lat terminal & unifying 56_1952 J J 101 10114 101
9618 42
St Paul & K C Sh L 1st 430-1941 F A 9514 Bale 9514
1931 F A 101 10212 10212 Nov'27
St Paul & Duluth 1st Se
1968.7 D 9412 9514 9514 Mar'28
let consol gold 4s
100 103 10014 Nov'27
St Paul E Or Trunk 1st 4%6_1947 J
99 98
98
2
ER Paul Minn & Man con 4&19333 J 98
107
1
1933.7 J 107 10814 107
1st consol g 69
J 10612 10814 10534 Mar'28 Registered
Os reduced to gold 430_ _ _1933 J J 10012 10112 10014 10012 18
3 J 99 10114 9912 Jan'28 -Registered
98
13
1937.7 D 98 Sale 9712
Mont eat 1st gold 46
9512 June'27 -J D 9112
Registered
Pacific ext guar 4s (sterling)'40 ,1 .1 9313 9434 94 Apr'28
109
4
s
Si Paul Un Deo Ist & ref 56_1972 .1 J 109 1093 109
93
11
II A & Ar Pass lst gu g 4s_ __I943 J J 9212 9358 9238
Santa Fe Pres & Phen 1st 58_1942 MS 10418 ____ 03 Apr'28 2Say
& Weet ist g U._ _1934 A 0 1071 - 09 Jan'28
1934 A 0 10212 11
151 gold 513
412 102l2 Nov'27 9738
973
8
3
SclotolV & N E 1s1gug4s1989MN
Seaboard Air Line 1st g 48- _1950 A 0 844 ___ 8512 Apr'28
8112 24
1950 A 0 8112 Sale 8014
Gold 48 stamped
57 716
Adjustment 54
Oct 1949 F A 57 Sale 524
66
42
1959 A 0 66 Sale 6434
Refunding 48
8814 223
1945 M S 88 Sale 8758
& cons 88 series A
85 Mar'28
M S
1s1Registered
6252 9118 93 25
AU & Birm 30-yr let g 413_41933 MS 91
8412 93
Seaboard All Fla 1st go 6s A_1935 F A 83 Sale 824
8414 25
1935 F A 8312 Sale 834
Series B
Seaboard & Roan 1st 58 extd_1931 J .1 99 100 100 Apr'28
1929 MN 10012 Sale 10012 1014 11
est 5348
13o Car & Ga
1938 F A 10312 105 105 Jan'28
B&W Ala consgug 56
4
042
1434 Feb'28 --__
8
s. Gen cons guar 50-yr 54_ -1983 A 0 1145 ____ 9
19
94
Pac coil) k'49 J D ak,94 Sale
So..Pac coil 48(Cent
.7 D • 8838 92 88 Mar'28 - _
Registered
994 92
June 1929 M S 349912 Sale 991$
-year cony 46
20
103
20
1st 4348(Oregon Lines) A-1977 M S 110218 103 103
8
6
19343 D 100 1015 10134 10212
20
-year cony be
8
100 10014 10014 10014
-year gold ISe
20
9914 44
19 8 ISI N 99 Sale 9814
84 M S
4
Gold 440
9434 9434
9514
3
Fran Terml 1st 48-1950 A 0 94
San
A 0 8818 93 8934 Mar'28
Registered
So Pao of Cal let con gu g 56.1937 M N 108 __-_ 10714 Apr'28
9714 Apr'28
s
Soll'ac Coast lst gu g 45-__1937 J J 973 98
95
108
1955 J J 96 Sale 9512
So Pao RR let ref 4s
96 Apr'28
.2 J
Registered
1131, us
Southern Ry let Cons g 58-1994 J J 115 Sale" 1154 Apr'28 139
J 11112 112
Registered
9012
9112 162
4
Devel & gen 48 eerie' A.-1956 A 0 903 Sale 11814
119
21
4
1956 A 0 1173 119
Develop ac ass, 611
8 28
1986 A 0 12512 Sale 12512 1263
Devel & gen 634e
11014 11112 11012 Apr'28 -1996.7
Mem Div let g 511
9338 15
J 9338 Sale 9212
1951
St Louis Div let g 46
East Tenn reorg lien a 511-1938 M S 10414 - -- 96313 Dec'27
8
1938 M S 963 974 9638 Apr'28
Mob & Ohlo coil tr 46
89
1
37% 89 89
Spokane Internal 151 g 54_1955
88 Nov'25
Staten Island Sty 1st 434s_19433 D
95 Apr'28
Lewiston let 48_1938
Sunbury &
8
997 Apr'28
997
s
Superlor Short Line 1st 58_41930 M S 10012 -- 10178 Apr'28
102
Term Assn of St L 1st g 4346.1939 A 0
F A 1051s --- 0638 Mar'28
1944
18* cons gold be
92134 13
J 9212 Sale 9212
1953
Gen refunds f g 48
0818 10614 43
Texarkana & Ft(3 1st 550 A 1950 F A 106 1067s 0312 Apr'28
19433 J 103 - Tex & N 0 con gold 56
11318 14
20003 D 113 Sale 13
Texan & Pao 1st gold 56
Aug'27
2EI Inc 5s(Mar'28 cp on)Dec2000 Mar 100 -- 00
8 66
1977 A 0 10314 Sale 0234 1037
Gen & ref 66 series B
1
19313 J 10014 10978 0014 10014
La Div B L ist g fs
4
2
10812 0712 1083
10713
Tex Pac-Mo Pat Ter 550-1964 hi
J 10218 ---- 03 wlar'28
1935
Tol & Ohio Cent 1st 811 5a
1935 A 0 98 10114 03 Apr'28
Western Div 1st g 54
1935 D 1005s 10412 0912 Apr'28
General gold 5s
15 Nov'27
19
Toledo Peoria 4 Weat 1st 46_1917 J J 12
9812 Apr'28
96
Tol St L & W 60-yr g 48-1950 A 0 95
10038 Mar'28
19313 J
T01WV&Ogu434sA
Ist guar 440 series B
1933 J J 10013 ---- 10012 Apr'28
9572 Jan'27
let guar 48 series C
1942 MB
2
943
8
43
Tor Ham & Buff let 46_ _ 1946 J D 908 Sale 941
Due May. e Duo June, k Due August,
Range
Since
Jaa. 1.
BONDS.
N. Y.STOCK EXCHANGE,
Week Ended Apr, 27.
Price
Friday,
Apr. 27.
Week's
Range or
Last Sale.
co
Low
High
Big
Mob No.
Ask Low
98 100
Ulster & Del let cons a 5e---1928 1 D 70 Sale 70
70
9
114 114
let refunding g
U'4672j 0 40
A .,
1
42
45 42
40
42
Union Pacific 1st 4a19
36
97 Sale 9634
RR & Id at
98
1057g
3
9614
1 1
9614
lettlens&ref
10018 106tered ge
i legi
98
102
96
June 2008 M S 96 Sale 9512
10118 10212
Gold 430
9934 100 9958 100 264
1st lien & ref 58
1
10134 10218
June 2967 3 3 11214 113 11214 11214
1008 1) E1
,
I
9738 99
113-year secured 88
1004 43
100 Sale 100
/
1
97
9712 UN J RR & Can gen 4s,,_,,1944 ft1 3 9718 ___. 9912 Mar'28
928 3 13
Utah & Nor 1st ext 4s
9834 Nov'27
1933 J J
Vandalla cons g 48 series A_ _1955 F A 9712 9834 98 Mar'28
"" 9738 Con s f 4s series B is..1934 M N 9712 __ 9712 Apr'28
tii
1 57
10412 10512 Vera Crus & P assent 4
2018 2214 2114 Apr'28
10418 105
Virginia Mid 58 serlea F
1931 FA 8 10114 -- 0112 Jan'28
11116 11412
0334 Mar'28
1033
General 58
4
11338 11338 Va & Southw'n let gu 582 6 MN
93
0714 Jan'28
_ 1003 J J
1
11158 11518
let cons 50
995s
-year 513
1958 A 0
993
s
67
11312 11312 Virginian Ry 1st Is series A_1962 MN 10714 Sale 0714 108
10538 35
05
Wabash 1st gold 5s
1939 M N 105
id618 167 2d gold 5a
1939 F A 1025$ Sale 03 Apr'28
10614 Sale 10614 10614 18
10314 105
Ref s f 530 series A
10258 99
97 M S
6
Ref & gen 5a series B
1975 F A 102 10212 102
Debenture B ila registereiL19393 J 100 ---- 834 Feb'27
"9613 171:1
let lien 50-yr g term 4s
864 Feb'28
1954J J
1941 3 J 1047 - - 10458 Feb'28
10814 10812
Del & Chi ext 1st g 5e
s
Des Moines Div let g 41-1939
J 924 _ _ _ 9238 Apr'28
"80i2 164 Omaha Div let a 3344-.1941 A 0 87 8812 87 Apr'28
32
954
9512
Tol & Chic Div t 4s
83 Mar'28
Warren lit ref gu g
534 97
9
3All----7% 1 M S 8912 911 9058 Mar'28
119 QF A
10214 1043 Wash Cent let gold 4s
4
M
1945 F A 89 90 8914 Apr'28
Wash Term lit gu 330
5s-1193406F A 964 -- 89 Apr'28
F
10414 10412
let 40
-year guar
9978 101 101 Mar'28
---___ W Min W & N W4a9
lst fru
1952 A 0 85 Sale 844
/
1
418 5
West Maryland lit a 48
8514 62
1st & ref 5348 series A
5
712
1977 J J 10138 Sale 1004 1013
s 39
1937.7 J 102 10238 10238 Apr'28
9412 9512 West NY & Pa lit g 56
931$
9038
46A O 93 9312 9312
M s
Gen gold
2
88
41
10014 Sale 10014 101
9632 9912 Western Pao lit ser A U-119941
2381 J J 9212 93 92
93
5
8438 847 West Shore let 41 guar
2
9132 16
2381 1 .1 9112 Sale 91
9518 963
8
Registered
Wheeling tIc Lake Erie
89
92
100 Apr'28
Wheeling Div 1st gold 54_1928 .1 J
100
100
1930 F A 100
1
107 108
Ext'n & Rapt gold 56
9634
Refunding 4345 series A-1986 M S 9658 97 9634
1
9814 98 2
7
1966 M S 100 102 10112 Mar'28 _ _
Refunding 55 series B
101 10214
93 Sale 93
93
RR 1st consol 46
2
9
1942 / D 754 7618 7478 Apr'28
94 M S
99 10138 Wilk & East lit an a 50
1938 .1 D 1033 - - 10338 Feb'28
4
4
9534 973 Will & SF let gold 50
93 9234 Mar'28
10034 1013 Winston-Salem 13 B let 4s..._19603 J 9138 4
8812 87
9012 93 Wig Cent 50-yr lit gen 4i,,_19493 J 8712 Sale 973
4
9314
97 9718
Sup & Dul div & term 1st 46'36 M N 9312 Sale 93
9214 Mar'28
10214 10412 Wor & Con East lit 430_ _1943 J J
INDUSTRIALS
100 301
3
10138 10312 Adams Express coil it g 4s 1948 M S 9234 Sale 9214
923
4
10714
100 1017 Ajax Rubber 1st I5-yr if 88_1936 J D 10634 10712 107
2
5
334 6
10 Apr'28
9918 10218 Alaska Gold M deb 613 A_ -1925 ?A s
M S
338 12
10 Apr'28
1926
103 105
Cony deb 60 se
series B
10114 15
10074 10312 Allis-Chalmers Mfg deb 58_1937 M N 101 Sale 101
9614 96
96
10812 111
3
Alpine-Montan Steel 1st 78_1955 M S 96
10612 52
97118 9738 Am Agile Chem 1st ref s f 730'41 F A 106 Sale 106
88 86
8718
9032 9214 Amer Beet Bug cony deb 68_1935 F A 85
8
28
8412 871s American Chain deb s I 66-1933 A 0 103 104 10314 104
3
97313 99 Am Cot 011 debenture 5s-1931 MN 10018 103 10014 10014
1942 A 0 9614 Sale 9534
9612 16
10012 10314 Am Cyanamid deb 58
9514 98 Am Mach & Fdy 12 f 8e
1939A 0 10414 10412 10414 10414 15
10212 Mar'28
--__ _--- Am Republic Corp deb (19-1937 A 0
02
95 9614 Am Sm & R 1st 30-yr 5s eer A '47 A 0 10118 Sale 10112
68
681193477... 0 10915 Sale 10812 10914 15
A 3
let M 68 series
10412 Sale 10412 1043
554 - 8
15-yr _
9 -1 Amer Sugar RefB9
.;
4 24
r4 J
- 9938
9934 102
107 11112 Am Telep & Teleg coil it 48.1929 .1 S
994. 97118
9811
9712
10634 10634
1930
Convertible 44
5
4
10214
10014 10114
1933 11 1 S i0214 Sale 102
20
-year cony 450
2
105 ____ 10412 10518 44
9912 9912
30
-year soil it Se
10438 Feb'28
9714 9812
Registered
10634 109 137
35-yr s I deb 5a
20
195945. D 1083
1194 j N
9973 t Dj
94
9472
0m
4
i
-years f 534s
- 10838 1091$ 68
1940 A 0 105 11114 105
10812 10938 Am Type Found deb 68
10512
9238 9434 Am Wat Wks & El col tr 54_1934 A 0 1007 ---- 10014 101
8
23
108
-- 10712 108
10212 104
Deb g 6s ser A
14
89 8812
1947.7 J 3812 109 109
Am Writ Pap 1st g 6s
894 33
105
Anaconda Cop Min lit 6s 1953 F A 1053
10534 242
4
55 "91
2
10512 Mar'28
Registered
15
79
8512
-year cony deb 7s
1938 1 A 127 ____ 121
1
1274 132
7714 8378 Andes Cop Min cony deb 74_1943 J J 138% - - 13234 13914 807
46
8212 Anglo-Chilean 6 1 deb 78-1945 M N 10212-- 10212 10314 72
7212 Antilla(Comp Aug)730 1939 J J 9418 - - 4 95
9
5
60
95
7
7712 9634 Ark & Mem Bridge & Ter 52_1964 IN 13 10318 Sale 10318 10318
1
7812 85
Armour & Co let real est 4348'39 J D 9212 Sale 924
93
132
Armour & Cool Del 550-1943 2 J 9312 Sale 9212
8834 95
9358 203
7112 9472 Associated 0116% gold notes 1935 M S 10212 Sale 1024 103
44
10414
72
943 Atlanta Gas L let 5e
2
_- 10314 Jan'28
100 10012 Atlantic Fruit Te eta dey_ _19473 D 1212 18 20 Nov'27
1934 JEI
J D 11
Stamped ctil of deposit
10012 10178
20 15 Mar'28
Atl Gulf& W I SS L col Sr 54-1959 J J 8012 Sale 773
105 105
s
801 395
1937.7 J 10214 Sale 102
Atlantic Refg deb 56
11412 115
10212 18
9314 95 Baldw Loco Works let M
1940 M N 10712 108 1074 10712
3
1937 J J 10612 1067 107
88
88
Baragua (Corny As) 7lis
$
107
1
9918 100 Barnsdall Corp (3e with ware,.1940J D 10413 Sale 104
105 398
(without warrant)_1940 J 0 9213 Sale 92
Deb Os
10234 104
9212 60
10018 10314 Belding-Hemingway 6s
19303 J 99 Sale 983
4
99 106
100 10312 Bell Telep of Pa 55 series B 1948 .1 .1 10814 Sale 10814 1083
4 28
9814 10912
1st & ref 58 series C
11178 Sale 11112 112
39
Berlin City Eicc Co deb 60. 959 J S 97 Sale 97
195i A D
9418 96
9712 44
8934 90 Berlin Elea El & Undg 6342_1956 A 0 9512 Sale 96
9614 21
105 10713 Beth Steel let & ref 58 guar A '42 MN 103 Sale 10214 10234 20
9712 9714
30-yr pm & Imps I 58_ ___1938 ,11 J 10112 Sale 10112 102
22
9512 9812
Cons 30-year 09 Berke A._1948 F A 10514 Sale 105
10538 144
Cons 30
-year 534s ser B___1953 F A 10318 Sale 103
96 96
105
62
11912 Bing & Bind deb 6348
11212
1950 M S 9818 9812 98
9812 22
110 11512 Booth Fisheries deb of 0s_1926 A 0
973 Feb'27 -- -4
1934 A 0
9013 93 Botany Cone Mills 634e
16 7912 80 16
Bowman-Bill Hotels 75
11512 121
l934 M 13 10312 1033 1034 10312
4
12514 127 B'way & 7th Av 1st con 5a._1943 J D 7814 7812 77
7914 34
11012 11318 Brooklyn City RR lit 58_ _1941 J J 9414 Sale 9414
9414
7
9214 94 Bklyn Edison inc gab 52 A-1949 J J 10538 Sale 10514 10512 35
Registered
J J
1053s Mar'28
11414 Ws;
General 6s aeries B
19303 .1 1023 Sale 10238 1023
,
4 10
.
8612 90 Bklyn-Man R T sec 88
19083 .1 10014 Sale 100
10012 604
Bklyn Qu Co & Sub con gtd136'41 MN 70
7014 7012 Apr'28
"iii" Ifi, let be stamped
f
1941 J J 8018 8314 8712 Apr'28
997 997$ Brooklyn R Tr let cony g 46_2002 J J
4
8812 Noy'26
3-yr 7% secured noted_ _1921 J J 105 ____ 13612 Nov'27
10014 10218
Bklyn Un El let a 4-5e
10534 107
1950 F A 98 Sale 974
984 48
94
Stamped guar 4-5s
9234
1950 P A 98 Sale 98
9858 16
106 10712 Bklyn Un Gas let cons g 5e 1945 M N 10938 11014 10914 10914 30
let lien & ref 13e series A-1947 M N 11914 ____ 11912 11912
103 10312
9
Con vsueb
110 115 Buti a d sq
34 .
1936 J J 287 Sale 283
140
237
Iron 1st s 1 58..1932 1 1) 954 ---- 9334 Feb'28
s
jogs 1641i Bush Terminal let 4s
1952 A 0 92 ___ 933 Apr'28
8
sh
10 0 10114 B eonsel
0012 09 2 , T
19553 J 994 Sale 994 10014
3
Term
m
MBIdge 58 gu tax-ex '60 A 0 1033 Sale 10312 10478 17
4
1024 103 By-Prod Coke 1st 534s A
1945 MN 10312 __ 103 Apr'28
103 103 Cal G & E Corp unit & ref 56_1937 M N 10478 10538 10478 10478
4
10012 1008 Cal Petroleum cony deb 5f 561939 F A 101 Sale 10038 10034 29
Cony deb s f 5546
1938 MN 10312 Sale 1023
4 10312 35
-iii- 16 Calnagueg Sug.let a f g 74_1942 A 0 10014 Sale 10014 101
12
4
100 1004 Canada E3 S L PA & gen 6s.,1941 A 0 10212 10214 10218 Apr'28 -10014 10312 Cent Dist Tel le 330-yr 6e
1943 J D 105 Sale 105
105
2
Cent Foundry let 6168..May1931 F A 99 9912 99
3
99
11
91
124
7
-Ws - ; Central Steel lert as I 84
1941 MN 123 124 123
Range
Since
Jag. 1.
Low
High
6012 76
82
42
96 2 99
1
9614 97
12
9514 98 1
3
991 10114
4
11218 11584
100 1007
s
97 9912
12
"OF II'
9712 99le
171 215,
4
10112 10112
10334 103 4
3
10714 107 4
1
99 1004
12
10714 1097s
10434 10412
10214 10412
10514 1071
e
102 105
8618 8614
10412 1004
9138 9311
87 804
9314 9512
33 83
9038 9012
8818 91
884 89
9914 101
84 8714
10038 10311
10218 104
9234 9438
9934 101
9112 9315
91
93
100 100
100 100
111
9614 931i
10112 102
93 94
7414 7912
10438 10438
9234 9234
8734 9238
9214 9312
92
9214
90
96
107 109 s
1
34 10
318 10
1001e 10214
93 967
2
10434 10612
79
90
10314 10414
100 1023
s
9534 07
10414 10514
10134 102 8
7
101 1023
4
10712 10938
10212 106
99 8 100
3
9712 10012
9934 1024
10412 106
1043e 1041
s
10514 109
10812 110
105 106
100 10112
1053 1095*
4
8812 93 4
1
105 10612
10514 1054
11014 137
120 13914
9618 10312
937 968
8
4
10212 10311
91
93
12
874 9312
102 103
12
10314 103
.
1
15 117284 8014
1003 1004
2
10714 10811
10312 107
9912 105
9012 92
12
9616 99 4
3
1063 10 3
4 °
1087e 113
9414 98
94 973
8
102 1043
1
1004 103
1041e 1014
102te 101
96le 981
78
83'e
10312 10512
81
68
93 98
10514 1067
2
s
105143 1053
1023 1 48
s 0 4
9614 10012
6412 72
8212 8712
931k 991,
93 4 9938
5
1061 111
4
11714 11912
261 281
93
14 941s
9238 94
12
9834 103
103 105
102 10311
1031 1 47
4 0 3
904 102
100 1041
4
100 10114
10114 1051
4
1043 1051a
4
98
994
1
120 124
2621
New York Bond Record cr,ntinued -PaRe 5
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 27.
0•
t
Price
Friday.
Apr. 27.
Week's
Range or
Lag Sale
Range
Since
Jan. 1.
13
co
BONDS
N. Y. STOCK EXCHANGE
Week Ended Apr. 27.
•4Q.
Price
FrIdas
Apr. 27.
Week's
Range or
Last Sale
*IQ
Rents
Sines
Jan. 1.
Rid
Ask Low
High No bow
lite
Hub No, Low
17401
10412
6 100 105
3
(may (GR)& Co 74% note.'383 0 105 4 108 106 Apr'28
105 1081
4
68
BP
Kresge Found'n coll tr Be_ __1936 J D 105 Sale 105
11111'28....
10511 43 104 1054
9012 1043 104
Apr'28 _ _
10314 1041 Lackawanna Steel let 513 A._1950 M
1041
4
7 102 10514
8858 64
Lae Gas L of St L ref&ext 513.1934 A 0 10218 Sale 1014 1021
84
8.6
/ 10 10118 1044
9738 183
Coil & ref 634s series C.__1953 F A 10514 Sale 105
9612 9714
10538 46 10412106
101 1013 101
8714 90
4
Lehigh C & Nav 8 44e A...1954
Apr'28 --- 101
10
101
1 101 1017 Lehigh Valley Coal let g 58.-1933 J 3 1014
10114
- 1014
s
5 10114
98
10112 Feb'28
J
15
951 9814
Registered
9712 ____ 9512 Aug'27
let 40-yr gu int red to 4%.1933 .3 3
10012 191
994 1014
lit & ref a f 56
1934 F A 10114
Apr'28 - 971 1001
.
- 1014 Apr'28 -A
97
16
1st & ref f 5s
954
__ - 101
9511 100
1044 F A 101
Apr'28
_ 101 MI;
8712 37
1st & ref f 58
98
97
12
9712 9712
77
1
97 1014
12 88 4
3
Apr'28
984 Apr'28 _
93
98 1014
1st & ref f 58
19 si A 9814 98
9 F s
84
9438 10014
A 9413 9812 95 Apr'
& ref f bs
1974 F
96
6
93
9614
9412 00;
Apr'28 - -__ 105 10812 Lox Ave & P F 1st
3714 --- 35 Apr'28
g 54_1
35
35
Apr'28 --_- 100 103
125% 32 12114 12612
Liggett de Myers Tobacco 75_1944 A 0 1251 Sale 122
1
10312 10414 103
1017
8
2
0912 1011
/
4
1041
8 30 18318 1051'
58
Liquid Carbonic Corp 88_1941 FA 121 Sale 118
124
9 F A
6
38 113 133
100 Sale 9978 100
7
97 1004 Loew1 Inc deb 88 with warr_1941
101 Sale 11018 11114 84 106 11212
/
4
7914 Sale 79
7912 19
78
82->
8 85
Without stock our warrants. A 0 10112 Sale 10112 1017
99% 102 e
7
1067 Sale 10612 106% 50 105 8 107
*
5
, 11878 46 11314 11813.
4
Lorillard (P) Co 78
1944 A 0 1163 Sale 1161
1023 ____ 10212 Feb'28
4
1951 F A 93 Sale 93
1024 102;
94; 32
5.
93
91441047 Sale 1044 1047
8
/
1
8 87 10412 1051
9714 263
1937 J J 9212 Sale 9212
Deb 514e
9C1r 9715
101 10138 10112 10218
18 1037 106;
7
98; 10214 Louisville Gas & Eleo(Kt)56.62 M N 106 Sale 1055s
106
1
96
983 9618
4
9618
9
79
96 2
3
1
971 Louisville Ry let cons 5.....1930 J J 95; Sale 98;
98
9812
1004 Sale 10012 1013
4 15 100 101; Lower Austrian HydroEleo Pow
102 Sale 102
10212 19 102 1027
9114
9114
11
9014 91
1E2818145
881 9112
5
100 Sale 991g
10013 21
9918 10012 McCrory Storm Corp deb 5 S419 1 J D 10012 Sale 10012 1021 67 10013 102;
44
8'4 F A
1023 Sale 10212 1023
4
4 34 10218 10312 Manatt Sugar let if 71411.._ _1942 A 0 10812 109 109
1094
15 106 109%
,
8818 Sale 88
88%
7
864 93
74
88
00118 g 46_1990 A 0 7314 Sale 7314
5812 74%
MAIIIhat R7(N
9114 Sale 91
9134 55
87
87
3
3
67
871 67
4
2d 44
97
60
87 47
1063 Sale 10614 1067g 36 105 s 108
4
10234 Apr'28
al D 1021
3 S
7
Manila Elec Ry & Lt et 5s_ _2 53
191 3
9
99% 10318'
10012 Bale 10012 101
23 100 101
Mfre Tr Co otfs of panic In
104 1043 104
8
104
1 103 10412
105
Al Namm & Son let (3s_ _1943 J
105 Sale 105
2 10412 106
1004 Sale 10012 101
/
1
3
8
984 101
12 19
Market St RY 75 ser A April 1940 Q 3 100 Sale 99 4 100
99 10012
.
78 Dec'27 _ _
99 4 Sale 9934 100 8 54
3
99 100%3
Meridional El 1st 7s
10218
111i
1044 25 10312 104 4'
8
Melt Ed ist & ret
3
7
ser C_ _195 J 0 104 10412 1037
9 5 A 3
1015* Sale woo
1
10118 l027g 102
/ 1027
1
4
8
3 1001s 102% Metr West Side El(Chic) 45_1938 F A 82 8 Sale 82;
83
13 82; 841
5
4
61
623 60
4
627
8 18
Miag Mill Mach 7s with war_1958 J D 9812 9918 981
SS
504 65
99
9612 102 '
3 D 9212 93
1027 103 103
2
10318 13 1011 103 4
Without warranta
12
3
93
9212
894 98
105 10512 105
8
3
105'2 11 1033 1053 Mid-Cont Petrol 1st 6348_1940 111 13 10518 105 4 10512 10512 19 104; 10614
4
1064 10812 10818 10614
4 104 4 1063 Midvale Steel &0cony f 541936 al 8 1014 Sale 101
3
101; 82 10014 1021%.`
4
108 Sale 108
1085
8 44 1071 1093 Mliw El Ay & Lt ref & ext 4 48'31
100
J 100 10014 99 4
3
99% 1004a
13
4
3
108/8 10713 107 Apr'28
- 10518 107
General & ref be ear A__ _1951 3 D 10434 1054 10512 10514 18 102 E 10551
5
10818 1081 10812 107
40 10.5; 10714
8 103
1st & ref Is tar B
12 102 1011 4'
1981 3 D 102; 1023 1027
4
5
98
904 96
96 18 18
98
38 1025E 1061a
104
9714 Montana Power let Co A __ _1043 3 J 10414 Sale 1035g
8814 Sale 87;
895 117
8
8714 921s
10258 36
Deb 5s ser A
19623 D 10214 Sale 102
1*
9912 101 4
8513 Sale 8518
851
6
80
/ 88
1
4
Montecatlul Mtn & Agrio9912 99
/ 9912
1
4
6
85 100
Deb 7e with warrants-.1937 J 3 115 Sale 10938 1157
99'2
8
100; 1157
8
961 Sale 964
965
8 10
94
9912
Without warrant,
J J 9912 Sale 9938 101%
9418 10112,
108; Sale 106
5
10114 Sale 10112 101%
10612 1043 LOA 1087 Montreal Tram 1st & ref be_ _1941 J
100 102%
10214 108 10014 104
0
102; Sale 10214
Gen & ref sf5.serlea A _ _1955 A 0 10018
10158 1015
16 6
6
8
997, lel;
10414 Sale 104
1047
48 102 1054.
Series B
/
1
4
1004 --- 100% 100
99 10018
9813
9812 -___ 9812
1
971 99
Morris & Co lst s f 434e_ _1939 J J 873 Sale 873
4
88
8
88 8'
1
1185
8
1163* 1167
6 11438 11718 Mortgage
-Bond 00 45 tier 2_1988 A 0 83
873 8212 Jan'28
8211 82%
98 Sale 98
98
3
11
9512 99
10-25-year be aeries 3
1932 J 3 9812 993 9918
994
98
99%
9512 Sale 954
3
Murray Body let 834e
94
99
9512 Sale 9512
96
95'l
90% 9518;
85
87 87
Apr'28
8872 91
Mutual Fuel Gas 1st gu e Is 1944 3 D 103 Sale 105
937 M N
105
10318 105 '
10112 Sale 10114 10112 12 101 1024 Mut Un Tel gtd 8s ext at 5% 1941 MN 10313 - 103 Feb'28
10214 10Namm (A 1) ft Son
-See Mfrs Tr
983 10
4 014 Vassau Elec guar gold 4s_..1951 J J 6212 Sale 6214
6414 72
Federal Light & Tr let 5a_1942 81 6 too tot 10018 Apr'28
56
647
*
9918 Sale 9838
8
1003
8
9
98; 100; Nat Dairy Prod deb 53/0_1948 F A
lid lien a f be stamped_ ___1942 M P 99; 1005 100
994 151
1
0611 991
2
1942 M 8 105 10514 10012 105
11 10012 1051 Nat EDAM & Stampg let 51_1929 J D 101 -__ 101
lea lien 85 stamped
Apr'28
101 10412
'
1964 J 0 10334 Sale 10312 10334
2 101 105
/
1
Nat Radiator deb 13345
1947 F A 944 Bale 89
130-year deb Bs tar B
100
1'9
89 101
9718
5
9512 99
sederated Metals s I 75
1939 J D 97 Sale 97
Nat Starch 20
-year deb Ss-1930 J J 10014 100 4 100 4 100 4
3
3
1 1001 1001
1
4
3
250 10014 109
1940 3 J 108 4 Sale 10638 109
4
National Tube let if 58.....1952 111 N 1043 105 105
Flat deb 78 (with warr)
105
2 1941 106¼'
97 Sale 97
9712 55
Without stock purch warranta.
934 98
Newark Consol Gas eons 55_1948 .1 13 1074 10812 10712 1074
4 107 8 108
3
120 Sale 11918 120
tie
32 11612 120
1941
New England Tel & Tel be A 1952 J 1) 1097 Sale 10972 11012 43 10618 1111
8
risk Rubber 1st 1
10114 31
894 10112
1st g 44s series B
1981 MN 10312 104 1033
Ft Smith Lt & Tr 1st g 54_ _ _ 19311 M 13 10118 1011/ 10114
3 10414 40 1015 106
2
10812 18 10514 110
-"rameric Ind & Deb 20-yr 748'42 J J 10818 Bale 108
New On Pub fiery 1st bs A__1952 A 0 9984 Sale 9914
10018 15
98 4 1011
3
4
Francisco Sugar let if 7349_1942 MN 1093 110 110 Apr'28
First & ref 58 series 13
9912 Sale 92
1083 11014
2
1956 J
10014 52
99 10113,
997 100 100 Mar'2 23 101 1034 N Y Air Brake 1st cony 813-1998
Fisncm Nat Mall SS Lines 75 1949 J 0 10212 103 10212 103
N
100 1014'
NY Dock 50
-year let g 42 19.31 F A 8912 Sale 891
Gas & El ef Berg Co eons g 5411940 J D 10712 ____ 108 Feb'28 ____ 106 108
8912 22
8818 90
1111 24 109 117
/
4
1939 A 0 111 Sale 111
Gen Asphalt cony Be
N Y Edison lac & ref 6 he A_ i941 A 0 11713 Sale 117
1174
118 119
8
941 10
1942 F A 94; _ 945
9413 98
Gen Electric deb g 3348
1st Ilen & ref bs ser B
g62..648j O 105 10514 103
1944 A D
105
104 105
4 105
16 102 105
Can Elea (Germany)7slan 15'46 J J 105 10514 1043
1084 112 110 8 110 2
N Y Gas El I.t H dr Pr
7
7
109 8 111%
4
11912 122 119; 119 4
3
1 118 121
f deb 6 S42 with warr---1940
R
110 Apr'28
e).......
...110 110
4 101
Without warr'ts attach'd '40 J 0 101 Sale 1003
11
99 1011
/
1
4
Purchase mono aoul 46..1949 17, 97;Bale 97;
gg
9754 98 4.
1
1937 F A 104 Sale 103; 104
154 1021 104
Gen Mot Accept deb 13e
4
. NS LE&WC&RR54s..1942 MN 103 105 102; Oct'27
5
/
4
1940 F A 101; 1011 10112 10218
8 10112 10212 NY L F& W Dock & Imp 6e 1943 J J 103
Gerd Petrol let f 58
_
1034 Mar'28
F A 105; 108 1055* 10534 11 1.0412 1071 NY&QEIL&PIstg5a..-1930 F A 101 18
Gen Refr 1st s f g Be trer A _ _ _1952
1011 Apr'28
23 1004 102
Good Hope Steel &lee:75_ _1946 A 0 10112 10212 10112 102
N Y Rye Ist R E & ref 48....1942 J
6234 Apr; 8
6
0
p 28
1erglrleb (B F) Co list 634s_1947 J J 107; Bale 10712 lOi7
Certificates of deposit
s 22 10718 10812
80 80
107; Mar'28
Registered
107; 1073
30
-year ad)Inc U....Jan 1942 A 0
4
2
15
4 Mar'28
218 4
1
-02 8Sale 93
Goodyear Tire & 11.1111 let 65_1957
94
208
9214 96
Certificates of deposit_....
4 Mar'28
5112 4
J D 10234 103 10212 103
Gotham Bilk Hosiery deb 65_1938
21 102 103
NY Ryi Corp Inc 65.....3an 1965 Apr 28 Sale 28
30
137 30
8
11
79; Sale 7812
80
38
Gould Coupler let a f 238_._.1941) F A
74
Prior lien Be series A.....1965 1
824
92 Sale 90
92
75% 92
10014 Dec'2
Granby Cone M B& P con (is A'28 Al N
Y & Mehl]) Gas let 83 A _1951 MN 1077 Sale 1071
8
/ 108
4
10614 109
N 100
1928
____ 10014 Dec'2
Stamped
NY State Rye lit cons 4348 1982 MN 323 Sale 52
8
52;
5012 541
10012 26
at Cons El Power(Japan)7c.1944 F A 10018 Sale 100
97 10118
letcone6j4sserlesfl
6714 6312 87
67
66
741
973
4 65
let et gen e f 834e--- 1950 J 3 9724 Sale 971/
92; 98
N Y Steam let 25-yr 65 eer A .1962 56 N 10812 10914 10918
1947 MN
108 10914
10914
/
1
Apr-28
Great Falls Power 1st s f 58_1940 MN 1054 10614 106
_ 10514 108; N Y Telep Ist & gen e f 448_1939 M N 10218 Sale 110218
10278 157 1011 1035*'
4
10012 52
Gulf States Steel deb 5345._1942 J D 9914 10018 993
984 101
30
-year deben f Bs.....Feb 1949 F A 110 4 Sale ,11012 110 4 26 11012 1114
3
3
9112 9212 9112
Etackeneack Water let 45_ _1952 J J
9112
4
2
20
-year refunding gold 63_1941 A 0 1083 Sale 11083
902 928
4
4
109
44 10818 109
1930 M S 934 ____ 9018 Nov'27
Hartford St Ry lit le
NY Trap Rock 1st 8s
10214 103 1103
100% 103%
103
93 Sale 8514
Elea 00111015 50...A952 F A
Havana
93
82
81
98
Niagara Falls Power 1st 5s 19463 N 104; Sale '104; 10414
9 .3 J
32
103 4 104%
4
76
Deb 5345 series of 1926._ _1961 MS 76 Sale 71
31
71
783
4
Ref & gen Cs
1053 Sale 1053* 1053
8
Jan
104% 1084
4
9578 45
Roe(RI & Co 1st61e ser A.1934 A 0 9538 Sale 95
95
994 Niag Lock &0Pr lid be A6 195 A D 1023 103; 10312 1033
O
5
4
6 _ 932
.
5
103 104 4
4
M N 105 ____ 10312 10312
1 102 l041, Nor Amer Cent deb 6145 A..1940 111 S 9114 Sale 837
Holland-Amer Line 60 Wag.1947
801g 93
8
9114
D 92 Sale 8812
audson Coal let if 55 eel' A.1982
924 1146
861 9413 No Am Edison deb 511 tar A_1957 M
102 103
.
7
10614 sale 106
0212 Sal
0242 10714
031s
..l941) M N 10712 10812 10712 Apr'28
Co Gas let g 5a..
Hudson
_ 107 109
Nor Oldo Trae & Light 8s...1947 M
10214 10712
Humble Oil& Refining 5)46_1932 J J 102 Sale 1013
4 10218 21 101; 10312 Nor'n States Pow 25-yr 58 A 1941 A 0 10314 Sale 103
103 104
104
4
1937 A 0 1003 Sale 10034 101
Deb gold be..
60 100 101 12
1s1 & ref b-yr &series 14.1941 A 0 1034 1037 106
105 107
8
10612
105 Sale 105
Illinois Bell Telephone 511-1956 J
105; 63 105 1057 North WT lstf,1 fr 44(00 19343 J 993*
4
99
54 100
too: too.
1940 A 0 98; Sale 981
Illinois Steel deb 4345
9912 17
9858 10112 Norweg-Hydro El Nit 545.1957 MN 94 Sale 9312
981E 84
/
1
4
---9414
1946 A 0 -10112 Bale 10114 10212 14
Steel Corp ills
Useder
9878 10212 0131u Public Service 7 Rol A-.Ma A 0 115 1153 114; 11434
114 g 11814'
5
4
98 Sale 98
Indiana Limestone 1st f 61_1941 MN
98 3 16
3
98 1014
let & re/ 7e series B
115 118
4
4 115114
1153 Sale 1153
N 100-__ 100 Apr'28
1935
Ind Nat Gee & 011 be
994 100
Ohio River Edison let ea
107 108
1041 il 3
4 16
1.01
033%
1947 3J 10312 Sa12 107
1948 F A 10307 Fa e 0021
1952 111 N 105 10812 105
Indiana Steel let fe
105
14 104 4 105 4 Old Ben Coal 1st 65
5
3
87
506
/ _ _ 10012 May'27
1
4
Ingersoll-Rand let 5e Dec 31 1936 3 3 102
_
_
Ontario Power N F let 5s...144 F A
1035, 10515
43
9
9
1946 M N 103; 10312 103; 103;
Inland Steel deb 5411
2 1031. 1043 Ontario Transmission lot 68_1945 MN 1045 10512.1045g 1041
8
2
5s
2 1034 104
M 13 101 10112 101
(aspiration Con Copper 646.1931
10118
9131. 105
8
8 100; 102
Oriental Devel guar 68
1025 Sale 10211 104
8
64
1953 M
11
11
Interboro Metrop coil 4)48-.1956 A0 _
Apr'27
9754 1007
OtisSteel 1st 51 88 tar A ____1941 M
4
10012 Sale 10018
1007
2 43
let 58..1968 J J 84 Sale 84
Interboro Rap Tran
85
8 23
286 06 4 36 103 1044
04Sale 10032 104;
031 8
9.14 -8
514 Pacific Gas & El gen & ref 5s 1942 J J 110012
,
J J 8312 Sale 8314
85 610
Stamped
7412 854 Pac Pow & Lt 1st& ref 20-yr 58'30 F A
1
Sale
10012 1011
83
Registered
83
2
76; 83
Pacific Tel et Tel let Si
1047
8 33 1034 105
1937 .1 J 104 Sale 104
1932 A 0 8512 Sale 8512
-year Its
8712 175
10
70
88
4
Ref mtge be series A
4 10712 10 10614 108
1952 M N 1263 Sale 1063
-year cony 7% notee_.1932 M 5 101; Sale 10112 102
10
431
9614 10212 Pan-Amer P.8 T cony s f 55.1934 M N 104 Sale 1033
5
4 10
418 06 102 4 1041g
95
int Aerie Corp let 20-yr 86.-1932 MN 95 Sale 95
4
90
95
let lien cony 10-yr 74
1084 105..
'
1930 F A 1044 105 104; 1044
0 13
4
FA N
81
83
82 Apr'28
Stamped extended to 1942
_
79
83
Pan-Am Pet Co(of Cal)cony 88'40 J D 9812 Sale 96
911 97
98 4 45
3
4 10018 21
1947 MN 100 Sale 891
Intermit Match deb be
99; 10018 Paramount
1 Sale10
101% 103
-Boat let 51411 .1951 . 3
14 43 10112 104
5
A 0 10518 Sale 105
10512 60 105 106% Pararnount-Fam%-Lasky 68_1947 3 D 10012 Sale 100
Later htereau Medea 1 60_ _1941
98 4 10114
3
179
International Paper 58 Se. A.1947 J J 10112 10212 10112 10214
8 10012 1021 Park-Lax it leasehold 648_1953 J
100 Sale 99 4 101
8612 101 '
3
121
S 1043 Sale 104; 105
1956
4
24 10314 1051 Pat & Pasaalc CI & El cons 55.1949 al S 10712 ____ 10712 10912 40 107 107
Ref s f 8s ser A
.
18
97
204
ins Telep & Teleg deb g 434s 1952 J 3 964 Sale 9814
95
14 984 Pattie Rich deb is with war_1937
81%
N 85 Sale 61
50
88
1
J 1063* ____ 108; Apr'28
/urgent' Works 85(JIai price).1947
104 1053 Penn-Dixie Cement fle A_ _ _1941 M S 101 1011 10112. 102
4
98 102
23
M S 1041 Sale 1047
/
4
8 10514 44 10314 10513 Peop Gas & C let cons g Bs--1943 A 0 1151 ____ 1155 Apr'28
Rinses City Pow & Lt 55_1952
8
11334 115%
1957 .1 J
10518
10318
1 1011 10518
let gold 4148 series B
/
1
4
8
108
4 105 108
1947 64 I: 107 Sale 1077
M
Refunding gold 56
- 14
106
21 10514 11092
Kangas Oas & Electric 811- 1952 121 B 164 cioie" 10514
104 Apr'28
104 104
B 119 Sale 11512 12014 293 10514 122
Kayser (Julius) & Co deb 534s'47
Philadelphia Co coil tr fla A-1944 F A 103', Sale 10312 104
47 1034 1044
reci
99
13
Keith (13 F) Corp 1st 88-1948 151 8 9812 Sale 9812
9812 101
/
4
1987 3 D 100% Sale 991 10012 416
Secured 5s series A
98 101;
/
1
4 109
ICelly-Springf Tire 8% notes_1931 M N 1084 Sale 1083
13 10814 1094 Philo, Flee Co 1st 4 41
10214 Sale 1011 10214 58 100 1044
/
4
9612 971 9718 Apr'28
/
4
KeYsten Telep Co let 503-.1936 J
98 s 99
3
Phil& & /leading C & T ref 58_19 3 JIJ 9014 Sale 9512
1077 M N
6
9614 50
94 1021
1937 A 0 10513 ____ 107; Mar'28
& P g fa
10412 107; Phillips Petrol deb 548-1939 J D 944 Sale 93
Kings County El
9414 43
93
9412
1997 A 0 13334 ____ 135 Apr'28
Purchase money 65
13014 135
93 Sale 91
88.43 111
9314
9013 in%
91
1 834 91 Plerce-Arrow Mot Car deb 1931 .1 D 10418 106 1041 10412 58 10418 106 '
Rings County 13Iey 1st g 4s-1949 PA 91 Sale 91
Pierce 011 deb 18.._Dec 15
1
F A
9018 Sale 90
1949
9012 13
Stamped guar 4s
8318 9012 Pillsbury Fl Mills 20-yr 85..1943 A 0 10414 10514 1043
4 105
4 104 10613
1 107 1083 107; Apr'28
2
, 0 107
,
1 11414 19
%
Kings County Lighting 64_1954
n o(Italy) cons. 713._ _ _1952 111 N 1084 Sale 10812 10912 ZS
Coy
/
1
994 10912
IOU
II 1194 120 1191, 1191.
1000* rat A t4P
al CAR1 let gal M 1528 J
9912 100
99; Feb'28
905. 1911 :
°impedes Sugar Co lets I 712.1'39 MS
Chic City & Conn Rye baJan1927 * 0
Ch L & Coke let gu &a. _1937 3
1927 FA
Chicago Rye 1st 5.3
.• 1
1947
Chile Copper Co deb be
ciaarfleiu Bit Coal tot 45. _1940 J J
Colo F& I Co gen s f be__ _1943 F A
Col Indus let & coll fe 101- - -1934 FA
Columbia C & E deb .53. _ _1952 MN
Columbus Gas let gold 5s...1932 .1 .1
Columbus Ry P & L let 448.1957 .1 3
Commercial Cable let g 48 _2397 Q
Commercial Credit 5f Si._1934 MN
1936
Col tr 5 f 5.4% notes
Computing-Tab-Rec f 85_ _1941
Conn Ry & L 18t& ref g 4451951 .1 .1
1951
Stamped guar 41413
Consolidated Hydro-Elea Works
of Upper Wuertemberg 78_1956
Cone Coal of Md let& ref 5s.1950
Cool Gas(NY)deb 545_1945 FA
Consumers Gas of Chic go di 1936 3D
Consumers Power let 5a_ --1952 MN
D
1946
Container Corp let 6a
Coot Pap & Bag Mills645_ _1944 FA
..1950 * 0
Copenhagen Telep ext 6..
Corn Prod Rafe let 25-yr e 158'34 MN
Crown Cork & Seal a I 6s_ _ _1917 3D
'
3
..rown-WIllamette Pap 8e _ _ 1951
Dubs Cane Sugar cony 75_..1930 J
'
3
Cony deben stamped 8.7..1930
...Urban Am Sugar let coil 86_1931 MS
N
Cuban Dom SW let 7148_ _1944
Otimb T & T 1st & gen 5a _ _1937 J
Outamet F'ruit. let f 68 A __ _1940 * 0
Denver Cone Trtunw let 58_1933 A0
Den Oas & EL let & ref eta ba'51 MN
1951 MN
Stamped as to Pa tax
Dery Corp(DO) lets I 7s....1942 M
()stroll Edison lit coil tr 58_1933• 3
let & ref 52 series A_July 1940 MS
1949 * 0
Gen & ref 5e series A
1st & ref 85 wiles B_July 1940 MS
1955'ID
Gen & ref 56 ser B
1962 FA
Series C
Get United lit cons g 4345._1932• 3
1940 MN
Bros deb 85
Dodge
Gold (Jacob) Pack 1st 11._1942 MN
Dominion Iran & Steel 55_1939 MS
1942
Donner Steel let ref 75
N
Duke-Price Pow let 8e ear A '66
Duquesne Light let 414s A 1957 * 0
Cast Cuba Sug 15-yr 5 f g 710'37 MS
Ed El IIII3kn let con it 45-1939 JJ
Ed Elea 111 1st cone g fas_ _1996
Klee Pow Corp (002MallY)8 48'50 M
ID
elk Horn Coal let & ref 6 48.1931
Deb 7% notes (with warr'ta'31 1
Equit'bi Gaa Light let con 541932 MS
4st 1,oer
Rid
10414 10412 104
- 88
64. 8 103;
10311
855 Bale 8512
8
97 Sale 9612
87
891 90
10114 Sale 101
98 Sale 97;
10018 Sale 100
98
993 10014
4
9814 96% 9814
861 Sale 867
/
4
s
9912 100 10014
98 Sale 95
105 105 4 10514
3
103 .10314 10212
1017 10212 1017
8
8
100.. 101
i00,,101
Jai. flit;
1006,, 1017,
62% 6234
-
2622
FINANCIAL CHRONICLE
New York Bond Record-Concluded-Page 6
BONDS
!I. Y. STOCK EXCHANGE
Week Ended Apr. 27.
I
11
...a.
Pries
/Wag.
Apr. 27.
Wed's
Ranee Or
Last Sale.
n
11
Hid No.
Ask Low
Bid
9434 95 9434 Apr'28 __-_
105
105 10514 105
1
105 10512 105 8 Mar'28 _-_
5
10314 104 10334 1044 12
__ 102 Apr'28 ____
10212- - 9838
9858 983
4
9102
1
10034 101 10034 10073 45
______ 9614 Oct'27 ---10434
104 Sale 104
2
1
107
107 _--- 107
10114 Sale 10114 103 194
97 Sale 9634
97
19
11158
_ 114 Feb'28 ____
11018 iii 11134 1113
8
4
_
___ 10518 Mar'28 __
40
10478 105 10414 10478 _10512 Sale 10434 10512
9
9934 177
9912 Sale 9812
22
101
10012 Sale 100
9518 182
9378 Sale 9314
104 105 104
2
104
10458 Sale 10414
10434 17
10912 11012 10912 11012
5
10014 Sale 100
10012 23
103 Sale 103
6
103
10114 Sale 10114 10114
5
93 Sale 9212
9378 41
9738 9712 9734 Apr'28 9
50 547 51
55
8
11112 112 112
1
112
1012 10814 10812 Apr'28 -___
9018 ---- 9018 Mar'28 --__
Range
8 1cA
9
Jas. 1.
[Vol,. 126.
1,.3
BONDS
n
N. Y. STOCK EXCHANGE 2; h
Week Ended Apr. 27.
.i. a7.
-
Western Union cell tr cur 58_1938 J J
Fund & real est g 4)22___ _1950 M N
15-year 634s
1936 F A
25
-year gold 58
1951 J D
Wes'house E & M 20-yr g 51_1946 M S
Westphalia Un El Pow O )22_1950 J D
Wheeling Steel Corp 1st 5Hs 1948 J J
WhitelF*gle Oil& Ref deb 534537
With stock purch warrants__ __ M 8
White Sew Mach Os (with war)'38 J J
Without warrants
Wickwire Spen SO let 78_ _1935 1 J
Wickwire Sp St'l Co 711 Jan 1935 MN
Willys-Overland s f 6342---1933 M S
Wilson & Co let 25-yr 2f62._1941 A 0
WinchesterRepeatArms 734.1941 A 0
Youngs:Sheet & Tube 52_1978 J J
Price
Frfclav
Apr. 27.
Week's
Range or
Last Bale.
80
Ask Low
10414 -__ 105
10112 Sale 10138
111 Sale 111
10412 Sale 10414
10412 Sale 10412
100 10014 10018
1033 Sale 103
4
13_
4
Range
Rises
Jas, 1.
High No. Low
RNA
105
2 103 10612
10112
5 101 103 4
1
11112 13 111 112
13
1
1045
8 49 104 1054
10478 91 10418 106
4
10012 19 9712 10011
1037
3
8 39 100 4 104 4
8
Low
High
954
114
105 1061e
105 106
1027 1053
4
4
9712 Sale 97
97% 16 9312 98
10134 102
126 130 126 Apr'28 --__ 125 1311s
98 99
10214 Sale 10214 10214
2 1003 105
4
98 1013
4
32 Sale 28
3712
32
83 28
---- __
25 Sale 25
31
2612
6 25
102% 1 -4S
7
10258 Sale 10214 10234 13 10112 103
107 108
l03'$ale 103
10414 38 101 105%
100 105
10612 Sale 10638 10818 19 106 10818
94 4 991
3
4
10034 Sale 1001, 1003s 347 10012 10112
114 115
11018 11213
10472 106
10414 105.8
104 207
All bon prices are 'and int
"except where marked' 1"
9812 10112
97 101
Standard 011
Par Bia Ask
Railroad Equipments
BId Ask
Anglo-Amer Oil vatstock_gl inti 20 Atlantic COWL Line Be
9314 9612
5.00 4.75
Non-voting stock
103 10518
£1 •1834 20
Equipment6)28
4.40 4.30
Atlantic Refining
103 105
100 13112 13212 Baltimore & Ohlo Os
5.00 4.75
Preferred
100 11512 11712
1081 11312
4
Equipment 434s & 58-4.30 4.35
8
25 $50 53 Butt Roeh & Pitts equip 6s
993 10134 Borne Scrymser Co
4.70 4.50
Buckeye Pipe Line Co___ _50 *73 74 Canadian Pacific 434s & 6._ 4.50 4.25
10114 104
10012 102 4 Chesebrough Mfg Cons_ _25 *150 159 Central RR of N 368
3
5.00 4.75
Continental 011•t
9212 94
10 •1878 19 Chesapeake & Ohio 69
5.00 4.75
3
9538 97 4 Cumberland Pipe Line_100 102 104
Equipment6)48
4.50 4.30
Eureka Pipe Line Co____100 83 86
38
55
Equipment62
4.30 4.20
Galena Signal 0110°m-100
111 114
9 10 Chicago Burl & Quincy
5.00 4.75
10638 10812
Preferred old
100 46 48 Chicago & North Wen 62_ 5.00 4.75
Preferred new
100 33 37
9012 9018
Equipment6%s
4.45 4.30
Humble Oil& Reflning___25 *7834 79 Chia R IA Pao 4348 & 68.- 4.40 4.25
St Jos Ry Lt & Pr let fe _ _1937 M N 9818 ____ 9814 Apr'28 _--100 210 214
9812 9812 Illinois Pipe Line
Equipment 13s
5.00 4.75
flt Joseph Stk Yds let 430_1930 J J 10012
*6334 6414 Colorado & Southern 6.__... 5.00 4.80
-- 9812 Dec'27 ------------ Imperial Oil
St L Rock Mt & £5.stmpd_1956 J J 7812 Bale 7812
-7812
6
77
797e Indiana Pipe Line Co---50 O888834 Delaware & HudliOn611
5.00 4.75
St Paul City Cable cons 54_1937 .1 J 9784 ---- 9812 Apr'28 ____
4114 Erie 4)28& 58
97 9812 International Petroleum_ __ t *41
4.60 4.35
San Antonio Pub Serv let 68_1952 J J 10938 Sale 10914 10958
5 109 1093
4 National Transit C0_12.50 *3014 3012
Equipment Os
5.00 4.85
Saxon Pub Wks(Germany) 78'45 F A 101 Sale 101
17
102
993 10318 New York Transit Co_ __100 5712 60 Great Northern Os
4
5.00 4.75
1951 MN 97 Sale 9634
Gen ref guar 634a
Northern Pipe Line Co 100 118 120
9738 41
3
95 8 98
Equipment 52
4.35 4.25
v6512 657 Hocking Valley Se
illehuloo Co guar 8lis
1946 J J 10334 Sale 10312 104
19 1027 10512
2
3
s
4.40 4.30
Guar s 16 Sis series B
Penn Mex Fuel Co
4
9 1023 105
1946 A 0 10312 Sale 10312 104
25 *7812 79
Equipment Os
5.00 4.75
Shell Union 0112 f deb 5s_
1947 M N 96 Sale 96
9612 17
9814 10012 Prairie 011 & Gas
*5334 5414 Illinois Central 4328 & 52
25
4.25 4.15
Shlnyetsu El Pow 1st 6343.A952 J D 99 Sale 9814
9612 9612 Prairie Pipe Line
100 215 217
99 169
EquIpMentfie
5.00 4.75
Shubert Theatre 65 June 16 1942 J D 93 Sale 93
915 94 2 Solar Refining
9418 55
8
100 172 180
7
Equipment 72 & 634s_.,. 4.40 4.30
Siemens & HAMM°8 f 78
Southern Pipe Llne Co-_50 •3238 327 Kanawha & Michigan es_ 5.00 4.75
1935 .1 J 10318 Sale 10258 10318 10 102 104
Deb e 1 6122
10 106 10812 South Penn Oil
1961 M S 10612 Sale 10612 108
25 *52
5218 Kansas City Southern 534s. 4.90 4.60
8 f 6)22 allot at% 50% 0_1951 MS 10658 Sale 106
8
1067 320 10434 1073 Southwest Pa Pipe Lines.100 92 96 Louisville & Nashville Os.._. 6.00 4.75
4
Sierra & San Fran Power 56-1949 F A 10418 Sale 10414 10412 34 10172 105
Standard 011 (California)--t *6038 6118
Equipment6)28
4.40 4.30
8
Sileela Else Corp a f 6349_1946 F A 9414 Sale 943
8
Standard Oil andlana) 25 *795 797 Michigan Central 158 & 65
4
943
4
6
93 96
4.50 4.30
011eslan-Am Exp col tr 7s_ -1941 F A 10112 Sale 10034 10112 86
98 1013
4 Standard Oil (Kansas) 25 *2312 24 Minn St P &
M 4328 & 58 4.70 4.50
Simms Petrol 6% notes
_1929 M N 10618 107418 106
15 101 10812 Standard 011(Kentucky).26 •131 13112
107
Equipment 1322s & 78_ _ 4.75 4.00
Sinclair Cons 011 15
-year 72_1937 M 8 10312 Sale 10212 10318 90 100 10414 Standard 011(Neb)
__25 .4412 4434 Missouri Pacific 62 A 6345... 5.10 4.80
let lien col (is eer D
9714 9934 Standard 01101 New Jer 25 *4514 4538 Mobile & Ohio 5s
1930 M S 99 Sale 99
9918 212
4.50 4.30
lit lien 6)4s series B
9514 10212 Standard 01108 New York.25 3512 3514 New York Central 4345 & lie 4.30 4.15
1938 J D 10114 Sale 101
4 91
1013
Sinclair Crude 0115 Maser A_1938 J J 9912 Sale 99
9712 993
9912 211
7514
4 Standard Oil (Ohio)
25 75
Equipment Os
5.00 4.75
Sinclair Pipe Line 5858
194$ A 0 9534 Sale 9534
93
100 122 125
Preferred
97
94 973
Equipment72
4
4.40 4.80
Skelly 011 deb 530
1939 M El 9412 Sale 9412
95
19 Norfolk & Western 4348
49
25 *18
94
95 8 Swan & Finch
5
4.25 4.15
Smith (A 0)Corp let 650_1933 MN 102 10212 10218 10253
*25 35 Northern Pacific Is
Preferred
8 1012 10234
4.40 4.30
South Porto Rico Sugar 72_1941 J D 10834 109 10834 10878 11 1083 11014 Union Tank Car Co
100 121 12434 Pacific Fruit Express 72
8
4.40 4.30
South Bell Tel & Tel let 28621941 J J 1047 Sale 10434 1043
3 10412 10512 Vacuum 011
25 .151 152 Pennsylvania RR eq 6s & 62 4.80 6.20
4
8
Southern Colo Power 6.3 A 1947 J J 10512 10614 106
Pittsb & Lake Erie 11349....._ 4.50 4.35
10614
Public URDU',
6 10558 1074
S'weet Bell Tel let & ref 52..1954 F A 10638 Sale 10614 10658 68 106% 1063
4 American Gas & Electzio-t *145 148 Reading Co 434s & fe
4.25 4.15
Spring Val Water let g 58_1943 MN 101 10178 10212 Apr'28 ____ 10012 10212
*109 110 St Louis & San Frew's,* 68- 4.45 4.30
6% Preferred
Standard Milling 1st 58
1930 M N 1003 10114 10012 10114
1
MAN 10912 110 Seaboard Air Line 51.28 & Os 5.25 4.80
7 10014 101,
Deb 62 2014
4
1st & ref 5348
1945 51 S 103 10312 103
10214 10412 Amer Light & Tree co_100 210 212 Southern Pacific Co 434s
7
10312
4.25 4.15
Stand 011 of N J deb 58 Dee 1540 F A 10314 Sale 10314 10312 49 103 104
Equipment Te
100 11614 11912
Preferred
4.40 4.30
Stand 011 of N Y deb 4%8.-1951 J D 97% Sale 97
9734 214
4
963 9812 Amer Pow & Light pref-100 1063 10712 Southern By 414e & Si
4
4.45 4.35
Stevens Hotel let .33 ser A
1945 J J 10034 Sale 10034 101
Equipment Os
Deb Os 2016
M&EI 109 10912
7 100 102%
5.00 4.75
Sugar Estates (Oriente) 78_1942 M S 10014 101 100
10012 17 100 10114 Amer Public Util cem_-100 60 65 Toledo & Ohio Central Os..... 6.00 4.75
Superior 011 let if 78
1929 F A 101
____ 103
7% prior preferred_ _100 99101 Union Pacific Ts
5 1013 103 4
103
4
3
4.40 4.30
Syracuse Lighting lst g 58-1951 J /3 10912 -__- 110 Apr'28 --__ 10634 110
Partici preferred
Tobacse Stocks
100 88 90
Associated Elm 5348'46A&O 10434 10514 American Cigar coin_ --100 157 162
Tenn Coal Iron & RR gen 541_1951 J 1 10512 106 10512 Apr'28 ____ 10314 1065
Preferred
8 Associated Gas & Elsecom.t *2312 25
100 102
Tenn Copp & Chem deb 6s 1941 A 0 10814 Sale 107
Original preferred
*5412 5512 British-Amer Tobaa ord...61 *28 29
10858 21 101%
Tennessee Elea Pow let 6s....19473 D 10714 Sale 10714 10712 57 107 108%
$6 preferred
9612 9712
Bearer
10814
El *28 29
Third Ave let ref 48
1960 3 J 71 Sale 7038
•100 101 Como! Cigar pref.
$6% preferred
66
7114 82
713
4
100 102
Adj Inc 5e tax-ex NY Jan 1960 A 0 6758 sale 6752
69 17248
5534 69
*103 105 Imperial Teb of G B A Irerd *27 28
$7 preferred
Third Ave By let g 62
19373 J 100 ____ 100
6
10012
9934 10112 Blackstone Val G&E com-50 160 165 lot Cigar Machinery new100 95 99
Toho Else Pow let 78
1955 M 5 100 Sale 100
98 1003
4 Com'w*Ith Pr Corp pref_100 104 10414 Johnson Tin Foil & Met,100 60 70
10014 36
0% gold notes_ _July 15 1929 J 3 9914 Sale 9914
Elm Bond & Share pref_100 10912 11012 Mengel Co
98 100
9978 59
100 107 112
Tokyo Elea Light6% notes_1928 F A 100 Sale 9978 10018 38
9918 10012 Else Bond & Share Secur_t •116 11614 Union Tobacco Co Con2.... 25 27
Toledo Tr L & P 534% notes 1930 J J 1003 10034 10058 101
5
4 Lehigh Power Securities-1 *27 32
s
7 1008 1013
Class A
81 86
Trenton 0& El let g 51
1949 M 8 10733 ____ 10712 Apr'28 10718 107
12 Mississippi RI,Pow pref.100 11212 113l Young(18) CO
100 110 120
Trumbull Steel let 2 f 6e
1940 M N 10114 Sale 10114 1023
First mtge 5e 1951___J&J 10414 105
4 39 101 10312
Preferred
100 105 110
Twenty-third St Ry ref 58
1962 J J 6312 6712 98
Deb 55 1947
MAN 101 102
5618 6812
6
6812
Sugar Stacks
Tyrol Hydro-Eleo Pow 730_1955 M N 101 Sale 101
9878 1018 National Pow & Light pref-1 •10912 11012 Caracas Sugar
10114 46
50
North States Pow corn. 100 146 147 Cent Aguirre Sugar com_20 *137 139 UjIgawa El Pow 8 f Ts
1945 M 13 9934 100 9934 1003
7% Preferred
100 108 110 Fajardo Sugar
9882 10118
4 21
100 *x156 158
Undergr'd of London 6348_1933 J 3 9534
3
9534
3 9512 5 4 Nor Texas Elea Co corn 100 19 21 Federal Sugar Ref cem_100 20 25
9534
Income Os
1948 M S 118 ____ 12512 Apr'28 ____ 101 12512
Preferred
100 54 57
Preferred
100 35 40
Union Elm Lt & Pr(Mo)52_1932 M S 10212 -__ 10212 10258
Ohio Pub Serv,7% pref...100 113 114 Godchaux Sugars.Inc
5 10214 103
t *8 10
Ref & ext 58
1933 M N 10234 103 10258 Apr'28 __
Pacific Gas& El let pref__25 *2814 2914
4
1021 103
Preferred
100 *40
Un E LAP (Ill) let g 5Hs ger A'54 J J 103 Sale 103
Power Securities corn
t *11
13 Holly Sugar Corp com---t 38 42
4
10314 16 1023 10414
Union Elev By (Chic)58---1945 A 0 9312 95 94
Second preferred
*60 67
2
92 947
7
94
Preferred
100 87 92
Union 011 let lien s f 52
1931 J J 102 103 102 Apr'28 ____ 10114 102
Coll trust Os 19493&D 97 98 National Sugar RefinIng_100 *144 147
30-yr Os series A----May 1942 F A 11158 Sale 11114 11158
Incomes June 1949__F&A 9512 9712 New N1quero Sugar
2
4 1087 11158
100 45 50
let lien 2 1 58 series C Feb 1935 A 0 9934 100 9934 10018 60
8 Puget Sound Pow & 14..A00 78 80 Savannah Sugar corn
9912 1003
*1120 125
6% preferred
United Biscuit of Am deb 62_1042 MN 102 Sale 10158 102
100 103 105
Preferred
13 10014 10212
100 x114 116
United Drug rcts 25-yr 58-1953 M 8 9912 Sale 9914
100 d109 4 ____ Sugar Estates Oriente 08
3
7% Preferred
99 10014
9958 173
.100 45 50
1st de ref 5345 1949_ _J&D 10334 10412 Vertientes Sugar pf
United Rye St L 18 g 42
85 84
6 84 8512
1934 J J 84
84
70
100 05
_ Rabb Stke (Cleee'd gcolatil)
United SS Co 15-yr Eis
1937 M N 10018 Sale 100
95 10058 South Cal Edison 8% P1-25
10038 10
- 2 -Ern Steel Works Corp 6 Hs A-14051 J D 927 95 4 9438
9218 9612 Stand G & E 7% Pr --100 1141- 115 - Falls Rubber corn
9538 35
•10 12
2
3
Preferred
J D 95 Sale 95
With stock our warrants
9718 Tenn Elea Power let pref 7% 10812 10912
MS
9534 15
1534
25 •10
Toledo Edison 6% pf
105 106 Firestone Tire& Rub 00M.10 •180 190
93 96
Series C without warrants__ J D 9412 9614 93
25
95
100 11012 111
6% preferred
94 973
7% pref
J D 9334 94 9534
With stock per warrs
2
4
4
953
100 11018 111
Western Pow Corp pref-190 103 105
7% preferred
United Steel Wks of Burbach
100 10912
Water
General Tire & Rub corn... 25 +175 fir
40 10212 105
Esch-Dudelange a f 7e_ __ _1951 A 0 104 1043 10312 104
4
Arkan Wat 1st 54'56 A.A&O 10012 10112
Preferred
100 100 10012
Birm WW 15t5HsA'54.A&0 104
Goody'r T & Rot Can p1.100 r10812 109
101
90 4 9612
1
US Rubber let & ref 58 ear A 1947 J J 9214 Sale 9214
93
1s8 M ISs 1954 ear BJ&D 10112 102 India Tire & Rubber
Registered
.1 J
*27 30
4
953 Dec'27 _
s
240 750
10-Yr 734% secured notes_1930 F A 1027 Sale 10278 10338 27 ioilf 10514 City W(Chatt)530'54AJ&D 10234 10312 Mason Tire & Rubber cam-t
8
1st M 5s 1954
J&D 100
Preferred
155 10814 10912
SI 8 Steel Corp(Coupon Apr 1963 MN 10878 Sale 10834 109
100
12
Miller Rubber preferred_100 so 85
1 108 108% City of New Castle Water
et 10-60-yr &A regist-APr 1963 MN --------10814 10814
tle Deo 2 1941
95
J&I) 1 96 98 Mohawk Rubber
8914
2
95
Universal Pipe & Bad deb 62 1936 J D 9412 95 95
100 128 135
Preferred
9934 82 97 10012 Clinton WW 1st 15.039_F&A 9712 9812
Utah Lt& Tree lirt& ref 68-1944 A 0 9812 Sale 9812
100 *77 89
8 Com`w*th Wat let 5%814'47 10212 10312 Selberling Tire & Rubber_t *45 457
26 101 1033
Utah Power & Lt let re
1944 F A 10178 Sale 10112 102
s
Preferred
1 10612 10718 Connellsv W 5e0ct2'3914.401 95
100 102 104
Utica Elm L & P let if g 58_1950 1 J 10712 Sale 10718 10718
E St L & lot Wat 5.
'42.J&J 98
Indus. A Miscall
1 10612 112
112
Utica Gas & Elee ref & ext 52 1957 J J 1077 108 112
8
15*M
1942
9912 101
lot Invest pref
J&J 103
Allied
17
*x108 112
Vertientes Sugar 1st ref 78-1942 J D 10014 101 10014 101
Huntington let 62 '54.111&B 103 fii_ American Hardware
5112 55
25 *75 77
Victor Fuel lst 8f 51
19533 J 5034 57 55 Apr'28 ____
58
9178
90
5
Babcock & Wilcox
1954 99
9012
100 118 121
Va Iron Coal & Coke Ist g 661949 M 13 9012 Sale 9012
Mid Statee WW 6(36 MAN 103
3 10038 102
Bliss(E W)Co
*23 24
4
8 1003
Va Ry Pow let & ref 52
19343 J 10038 Sale 1003
9412 9614 Monm Con W 1st5(56AJ&D 9612
9412 11
Preferred
50 *58
Walworth deb 6)0(with war)'35 A 0 94 Sale 9412
94
9412 21
9812 Monm Val Wt 5348 '60-JR.7 10312 jai Child' Company pref_ __100 118 fir
9438 94
1st dot fund Os series A
1945 A 0 94
Hercules Powder
8 11 10514 1077
8 Muncie WW 5s Oct2'39 A01 96
100 225 240
4 1067
Warner Sugar Rein let 72_1941 J D 10634 107 1063
8412 9252 ER Joseph Water 5s 1941A&O 9812 9911
9252 90
Preferred
100 120 123
Warner Sugar Corp let 78-1939 - 3 91 Sale 91
1
Shenango ValWat 64'56A&0 9612 ---- Internal Silver 7% pret_100 127
8
Wash Water Power a f fe_
1939 J J 10478 ____ 1047 Apr'28 ____ 104 105
109 Apr'28 ---- 107 10918 Bo Pitts Wat lit 5e 1960 Jes.1 9912 ---- Phelps Dodge Corp
100 126 130
Wenches Ltg g 58 stmpd gtd 1950 J D 10738_
let M 52 1955
FAA 99)2 ---- Royal Baking Pow corn. 100 230 245
Wert Ky Coal 158 75
1944 MN 104 1013 104 Apr'28 ___ 10212 10414
- 4
Ter H W W 011'49 A J&D 102 ---Preferred
West Penn Power ser A 5s
100 109 111
1946 611 13 10412 Sale 10482 10434 28 103 105
1st M 56 1955 ser B F&D 9812 ---- Singer Manufacturing
3.31 5. serial E
100 475 485
1963 114 8 10712 Sale 10712 10712 10 105 108
8 105 s 1061
lit 5341 serial F
Singer Mfg Ltd
8
6 Wichita Wat let Os'49_M&S 102
3
1953 A 0 10512 106 05 4 106
gl *614 7
let M 52 1956 ser BF&A 9812
35 104 105
lit sec Se series0
1956.2 D 10438 Sale 10484 105
8
West Va C A C 158 6.
68 60
5812
1950.2 J 58 Sale 58
•Per share, t No par value, B Basta, 11 Purchaser also pays aserued 01'44•110,
Western Electric deb 5e1944 A 0 1042 Sale 104
5
1043 113 103 106
s
n Nominal. s Ex-dividend. v Ex-rights r Canadian Quotation, s Bale DOOM
Pam!)Con Collieries lets f 58257 J J
Port Arthur Can & Dk fis A.1953 F A
let M 68 series B
1953 F A
Portland Elm Pow 1.8 65 B_1947 M N
Portland Gen Elea lst 58_ _19353 J
Portland By let & ref 5e_ _ -1930 MN
Portland Ry L & P lit ref 58_1942 F A
Registered
F A
let lien & ref Os series B_ _1947 MN
1st lien & ref 730series A _1946 M N
Porto Rican Am Tob cony tle 1942J J
Pressed Steel Car con* g 58_ _1933 1 J
Prod & Ref s f 88(with war)_1931 J D
Without warrants attached
J D
Pub Serv Elec & Gas lst 5)01959 A 0
let & ref 5e
1965 J .-.
Punta Alegre Sugar deb 72..1937 J J
Pure 011 8 f 5)2% notes
1937 F A
Remington Arms Os
1937 M N
Rem Rand deb 53i6 with warr '47 MN
Repub I & S 10-30-yr See f1940 A 0
Ref & gen 54a series A_ _ _1953 1 J
Rehielbe Union is with war_1946 J J
Without elk perch warls.1946 1 J
Rhine-Main-Danube 7e A-- _1950 M S
Rhine-Westplialla Elm Pow 7(50 M N
Direct mtge 62
1952 MN
Rims Steel let a f 78
1955 F A
Robbins & Myers lets I 7s-1942 J D
Rochester Gas & El Ts eer B_1946 51 S
1948 M S
Gen ratite 5 As series C
!Loch & Pitts C&Ipm 5s1946 91 N
Quotations of Sundry Securities
BOSTON STOCK EXCHANGE-Stock Record s..BrIt',77..g.
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday.
Apr.21.
Monday.
Apr. 23.
Tuesday.
Apr. 24.
Wednesday. Thursday,
Apr. 26.
Apr. 25.
Sales
for
the
Week.
Friday.
Apr. 27.
PER SHARE
Range Since Jan. 1.
On basis of 100
-share lots
STOCKS
BOSTON STOCK
EXCHANGE
Lowest
Railroads,
Par.
per share $ per share $ per share Shares
per share $ per share $ per share
100
193 193
193 193
82'Boston & Albany
192 192
192 192
192 192
100
93
9112 92
955 Boston Elevated
9012 91
91
93
94
94
96
100
82 Preferred
4
103 1033 102 102
/
1
4
1033 105
4
1033 105
4
100
110 let preferred
118 118
118 118
117 118
118 119
100
236 2d preferred
8
10514 10712 106 10618 *106 107
/ 10712 1077 10712 167li
1
4
100
2,616 Boston & Maine corn
83
78
77
8114 81
74
7612 76
75
75
__
78 *x75
27 Preferred unstamped__ _100
____
78
*z76
s*76
92 92
.
28 Ser A 1s1 pref unstamped 100
*94
96 '6i- -W96
*90
*91
97
____
95 Ser B lst pref unstamped 100
145 145 *145
_ *135
____ *140 145
*135
8 Ser C 1st pref unstamped 100
135 135 *135 145
*130 145 *130 145 *130
20 Ser I)1st pre unstamped 100
•17712
____ *17712
170 175 *172
100
Commonstamped
*74
75
*76
7612 *7814 81
*75
76
100
80
80 **75 - .) *76
76
76
78
78
1 7 13 : 1,301 Preferred stamped
7
81
112 112
10 Prior preferred stamped_100
_- *112 113 *112 113 *112 113
*112
470 Ser A 1st pref starnped 100
*8512 86
4 84
86
8512 8512
86
86
8414 843
5 Ser B 1st pref stamped _ _100
*136 143
*136
____ 137 137 *136 144 *136
11712 11712
405 Ser C 1st pref stamped_ _100
118 118
119 119 4 11512 11512 116 116
3
172 172 *170 175
172 172
____ 170 *169 172
71 Ser D let pref stamped 100
35 Neg receipts 55% paid
10912 10912 *10712 110 *10712 10912 *10712 10912 10712 10712
100
Boston & Providence
*182
*180
____ *180 ____ *182
60 East Mass Street Ry Co---100
39
*37
3812 *37
36
36
*39
3912
37
39
100
20 let preferred
*
82
82
82
*82
85
*82
85
85
*82
85
100
•____ 80
200 Preferred B
80
80 *____ 80
80
100
410 Adjustment
63
63
62 62
*61
63
*60
*
60
*6212 63
100
75 Maine Central
6412 6412 63
*6312 6412 6312 6412
63
100
6114 62 4 613 63 8 633 643
6138 62
4
3
8
8 64
Wg5- 3,839 N Y NH &Hartford
8
3
121 Northern New Hampshire_100
106 106 *105 _ _ 106 106 *105
22 Norwich & Worcester pref_100
*135 137 *135 137 *135 137 *135 11.
7 137 137
100
140 140
76 Old Colony
139 141 '139
____ 139 139
50
/
1
68
/ 691 684 68
1
4
/
4
-iois 124 2,436 Pennsylvania RR
8
/ 6814 6914 695 72
1
4
Vermont & Maseachusetts_100
*118 120 *119 120 •119
*119 121
Highest
$ per share
183 Feb 8
9012 Apr 26
100 Feb 1
114 Jan 3
105 Mar 28
55 Jan 3
8012 Feb 10
80 Jan 3
130 Jan 9
114 Jan 4
15212 Jan 3
6012 Jan 5
6114 Jan 26
110 Jan 6
6912 Jan 4
10612 Jan 3
98 Jan 3
135 Jan 4
1045 Jan 4
4
175 Jan 4
29 Jan 5
72 Jan 4
69 Mar 15
53 Feb 24
59 Feb 15
59 Jan 16
/
1
4
103 Jan 12
132 Jan 25
135 Jan 3
8
627 Feb 9
114 Jan 17
2623
PER SHARE
Range for Prentoss
Year 1927
Lowest
per 'Cars
$ per Oars
193 Apr 9 171
Jan
99 Mar 7
81 May
107 Apr 20
98 Apr
/
1
4
1204 Jan 18 109 Mar
/
1
11014 Jan 24 101
Jan
83 Apr 27
511 Mar
/
4
78 Apr 27
56
Jan
96 Apr 16
76 4 Jan
5
155 Apr :8 118
Oct
135 Mar 12
97 Sept
190 Apr 18t 1524 Dec
/
1
611 Jan 51 6114 Nov
/
4
80 Apr 26
55 Jan
/
1
4
11412 Feb 23 10412 May
87 Mar 30
64 Feb
145 Apr 20
90 Jan
131
Apr 13
90
Jan
172
Apr 23 124
Jan
10912 Apr 23 103 Sept
182 Jan 20 176 Dec
43 Apr 15
25 Feb
88 Apr 12
64 Feb
80 Apr 9
60 Mar
6512 Apr 5
42 Apr
65 Jan 12
47 Jan
/
1
4
4118 Jan
6712 Feb 3
107 Apr 17
9212 Jan
13712 Jan 6 127
Jan
141 Apr 24 122
Jan
63 July
72 Apr 27
/
1
4
121 Apr 12 107
Jan
Highest
$ Per Share
188 May
9812 Dec
103 June
/
1
4
120 Nov
110 Sept
70 July
6912 July
87 June
139 May
116 May
165 Apr
64 Nov
73 May
113 May
78
Jan
116 May
105 May
14412 May
106
Oct
212 Oot
4312 IMP
81
Oot
78
Oct
59 Sept
/
1
4
74 Mar
6312 Dee
106 Nov
14612 Nov
13612 Oct
68' Oct
8
121 Nov
Miscellaneous.
3 Mar 19
418 Feb 14
214 Jan
5 4 July
5
135 Amer Pneumatic Service___25
3%
318
3
2412 Sept
60 20 Mar 26 2414 Feb 14
154 Jan
/
1
2118 2118 2118
200 Preferred
50 4812 Feb 2 51 Apr 12
47 July 50 Apr
295 1st preferred
50
/
1
/
1
/ Jan 1854 Oct
1
4
4 2,253 Amer Telephone & Teleg__100 1764 Feb 21 19014 Apr 18 149
1875a 18612 1873
1922 Apr 13 27 Apr 25
8
1912 Nov 27 Nov
/
1
4
253 26% 30,753 Amoskeag Mfg
4
27
38
/ Jan 5014 Deo
1
4
Assoc Gas & Elee cl A_No par
12
Atlas TackCorp7 Oct 12 Apr
parpa
14 8 Feb 20 2018 Apr 25
5
1512 Aug 3012 Jan
"IV 111 20 2013 193* 1912
365 Beacon Oil coin tr etre
77 Feb 96 Now
9123 92
9112 93
9112 92
558 Bigelow-Hartf Carpet__No par 91 Jan 6 9612 Feb 4
92
92 1 92
92
.01 Dec
5 Jan
Coldak Corp., class AT C___ .05 Mar 28 .40 Jan 191
*AO .35 •.10 .35 *AO .35 *AO .35
87
Jan 10812 Dec
129 •y125 12812 125 125 *125 12712
10 Dominion Stores, Ltd__No par 10512 Jan 17 13014 Apr 12
212 Jan 11
5 Mar 2
/
1
4
114 June
3 4 Feb
5
10
420 East Boston Land
• 43- 5
4
43
4 4
/ *412 5
1
4
*412 5
11 Dec
/
4
2 Jan 20
/
1
4
/
4
7 4 Mar
5
5
11 Jan 31
25
8 25 h214
8
212
214 214
2,260 Eastern Manufacturing
2
2
2
218
45 Jan 94 Dec
5 86 Feb 18 115 Apr 27
108 10912 108 11112 112 11334 11212 114
8,085 Eastern SS Lines, Inc
113 115
35 Feb 48 Dec
/
1
4
No par 4712 Jan 6 51 Apr 26
50
50
497 497
8
3,094 Preferred
8 493 5012 50
4
51
/
4
87 4 Feb 106 Deo
5
100 1011 Mar 28 108 Apr 13
1057 106
8
10512 10512 *105 10612 10412 10412
112 1st preferred
10 June 15 Sept
,
*1.5
16
.15
16
*15
16
*15
16
153 1612 1,096 Economy Groc'y (Unreels! par 1112 Jan 3 17 Apr 10
4
/
4
100 252 Feb 20 2841 Apr 26 217 Feb 267 May
Edison Electric Illum
273 275 275 276
277 279
886
278 28412 280 2823
4
27 Apr 3612 Oct
3314 Mar 28 36 Feb 3
*3412 37
36
36
37
37
*35
126 Federal Water Serv corn
38
22 Apr 38 Nov
/
1
4
3412 35
343 35
4
555 Galveston-Houston Eleo__100 31 Feb 24 4012 Apr 3
3518 3518 3614 3612 3612
114 Jan 17
/
1
12 Oct
164 Jan 16 22 Apr 18
/
1
*22
2212 *2112 23
General Pub Eery com_No par
*21
22
*21
22
3414 June 38 Mar
/
1
321
No par 3314 Apr 16 3512 Jan 21
3214 3214 32
32
32
293 Gilchrist Co
32
321 .3214 3212
84 Mar 1091 Oct
/
1
4
4
1101 110 11012
Stock
10814 109
Gilette Safety Razor__ Na par 99 Jan 10 112 Apr 13
10818 10914 10912 111
11012
638
Oct 1314 Nov
7
25
912 Mar 22 13 Jan 13
*10
Greenfield Tap & Die
12 *_ _
11 *___- 113 z113
4
4
_
325 July 47
8
Jan
No par 3218 Mar 28 43 Jan 3
12
Exchange
3312 331
3312 3312' 3314 333
4 33 - - iio Hood Rubber
3312 34
94 Apr 95 July
54
_100 94 Apr 24 9514 Jan 16
h94
94
10 Kidder, Peab Accep A pref.
94 *.x94
•x94
_
_
7 Aug 1114 Sept
9 Feb 14
/
1
4
Closed.
9 Jan 7
9
9
9
9
84 Libby, M.NeIll & Libby ___ _10
*9
91
.
9
910
Jan
25
7 Jan 4
14
8 Jan 30
6
Jan
8
8
8
74 8
3
8
8
*r8
812
197 LOCW. Theatres
84 Mar 124 Nov
12414 125
Extra
12412 12512 127 140
9,800 Massachusetts Gas Cos___100 109 Feb 3 148 Apr 26
143 147
140 148
70
Jan 8178 Nov
100 7812 Jan 4 82 Apr 26
8012 81
81
81
8112 8112 82
289 Preferred
81
81
8112
Holiday. 10114 1013 101 10112 101 10112 101 10112 10012 10112
Oct
4
670 Mergenthaler LtnotyPe_No par 99 Apr 2 112 Jan 10 10312 Nov 116
41
41
10
312 Jan 6 4 8 Jan 12
2 Mar
/
1
4
7
4 Jan
/
1
4
4
4%
4
4 1g
414 412 2,044 National Leather
41 414
/
4
5 257 Apr 2 s3114 Jan 3
8
23 Feb33 Dec
/
1
4
28
2812 273 27
30
4
283 293
4
4 2812 2912 3,231 Nelson (Herman) Corp
/ 28
1
4
/
1
4
91
Jan 10218 Dec
1063 1063 1063 1063 107 107
4
4
85 New Eng Pub Serv $7 pf No par 102 Jan 3 109 Feb 7
10618 106% 106% 107
4
4
No par 104 Jan 3 11034 Apr 23
9714 Jan 108 Dec
11012 1103 ▪
105 Prior preferred
Ill
4
*111 s_
11012 11012 11012 11012
/
1
4
New Eng South MillsNo par .10 Jan 3 55 Mar 9 .10 Dec
3 Feb
3
%20
*.20 .30 •
.20 .30 *.20 .30
100
4 Jan 4
412 Feb 29
Preferred
2 Apr878 Feb
*4
_
100 s137 Mar 9 150 Apr 13 115
/ Jan 140 Aug
1
4
148 14812 147 148
419 New Eng Telep & Teleg
147 14712
147 148
100 32 Apr 10 4018 Jan 3
35 Mar 44 Sept
/
1
4
3314 3218 33
32
3212 32
996 Pacific Mills
32
34
3212 32
100 15 Apr 20 23 Jan 11
Plant(Thos 0), let prat
15 June 42 8 Jan
*15
5
*15
20
•15
20
16
*15
20
10 15 Mar 27 164 Apr 20 x14 Sept 164 Feb
/
1
/
1
4
/
1
155 Reece Button Hole
16
*1512 16
15% 16
16
*1512 16
16
16
r17,
114 Feb 24
17 Apr 4
8
Reece Folding Machine ____10
1 Mar
14 Jan
/
1
*1%
*172 _ _ _ _
130 130 *128 130
354 Swed-Amer Inv part prat _100 126 Jan 3 135 Feb 20 10512 Jan 132 Oct
129 132
128 128
130 131
100 124 Jan 6 133 Feb 10 115 Jan 13012 Sent
/
1
4
12812 12912 12812 129
129 12912 129 129% 12912 130
460 Swift & Co
25 90 Feb 7 110 Apr 18
66 Jan 96 Dec
109 10912 109 10912 109 10912
109 110
437 Torrington Co
109 109
5 .90 Mar 19
15 Tower Manufacturing
3 Jan 5
/
1
4
2 Dec
/
1
4
9 Jan
/
1
4
•112 13
4 *112 2
*11 2
/
4
2
*13
4 2
2
18 Mar 20 2678 Apr 16
20
1912 193 *1912 21
193 20
4
2,395 Traveller Shoe Co T C
16 Aug 2112 Nov
2012 21
22
4
1314 13
13
5 11 Apr 12 15 Mar 12
9 Sept 144 Jan
/
1
4
/
1
*13
1312
13
13
13
260 Union Twist Drill
_
71
7112 72
3,671 United Shoe Mach Corp.__ _25 63 4 Jan 21 7514 Apr 13
5
50
Jan 77 Nov
74
735
73% 73
7314 73
4 73
3112 303 303
31
25 29 Mar 22 3112 Jan 19
/
1
4
3118 3112
*31
31
134 Preferred
31
4
28
Jan 311 Nov
4 31
/
4
98
*
.s98
9812 96% 96% *397
95 Jan 3 101 Jan 31
96% 97
81 U S & Foreign Sec 14 pref____
83 May 95 Dec
97
97
41j July
19
19% 193
20
8 Jan 14 2012 Apr 25
1912 5,503 Venezuela Holding Corp
4 19% 2012 19% 193
11 Apr
4 19
2412 2414 2414 24
2414 2414 *24
540 WaldorfSys,Ino,new oh No par 19 Jan 3 2714 Apr 10
/
1
4
243
4 2418 2418
19
Oct 2712 Feb
80
84
84
*75
SO
*
80
*80
20 Walth Watch cl B com_No par 60 Jan 5 90 Mar 27
80
4012 Jan 6112 Dec
99
*96
*96
99
*
96
*
96
99
Preferred trust olio
99
100 88 Jan 3 98 Apr 18
61
Jan 86 Dec
106
*-___ 106 *__-_ 106
Prior Preferred
100 104 Jan 5 10612Mar 5 10012June 118 May
106
•17
18
*17
17
1718 *17
18
20 15$4 Mar 19 18 Jan24
215 Walworth Company
1718 Dec 24 4 Apr
5
173
4
180 181
181 183
17814 180
180 18114 18014 183
340 Warren Bros
50 152 Jan 4 19212 Apr 11
6518 Jan 1793 Nov
4
58
58
57
59
59
*57
59
85 1st preferred
44 Jan 70 Dec
57
57
57
50 50 Jan 3 60 Apr 14
_ _ '3,60-- _ _
•1/60
_ _ __'
11/60
- - *y60
Jan 72 Dec
10 2d preferred
45
60
50 5212 Jan 11 60 Apr 27
60
*1634 19
*163 19
4
*163 19
4
Will dr Hamner Candle corn___ 18 Feb 23 18 Feb 23
Jan 1812 Nov
*163 19
4
IA
*3
*21
50
18434
235
8
31
*3
312
3
3
3
211
21 4 *21
5
2112 21
21
501 *481, ____ *487 ____
8
50
18414 18714 186
18614 1833 185
4
241
4 24
257
8 255 27
8
2614
3% 33
4
312 35
8
312 3
12
35
4
483 483 *484 52
*48
*4814
4
/
1
51
4
20 4 21% 207 21% 21
2118 2118
3
8
15% 1512 1512 15 4 16
1618
1612
3
*13
4 2
13
4
13
4
13
4
13
4
4 *13
3
%75
I
•.75
1
0
.75
1
.90
312 *51g 6
/
1
4
5
5
/ 5
1
4
138 *118
1%
112
112
114
11
/
4
56
563
4 5614 5612 56
5612 56
106 106 *106
*106
*106
1334 133
/ 133
1
4
4 13
5
1412
4 13 8 141g
*2
214 •2
2
2
2
/ •
1
4
2
112 11
*112 178
112 112
112
.80 .80 4%80
114
114 •.80
.95
114
138
•114
112 •/ 112
11
4
114
'.30 .35 •.30 .35 *.30 .35 •
1
.
.30
.50 .56 •.55 .65 *.55 .65 *.55
58
5814 59
5912 591s
583
4 59
28
*27
273 *27
28
28
28
*JO .20 •
•.10 .2
.10 .20 *AO
•10
*10
•10
20
20
20
*10
62
85 h6012
h60
6112 62 *260
414 414
414 41
4
/ 43
1
4
414
4
2
25
4 2
2114
21g 2'A
2',f4
*1
11
114 •1
*1
112 •1
9
/ 912
1
4
3
10
912
9 4 9 4 10
3
/ 15
1
4
1512 15% 1512 15
1512 16
8
1212 121 *1212 123
4 125 1258 12
/
1
4
2412 2412 2413 2412 2512
2412 241
214 214 *
3
*214 2
3
214 2 4 *214
.30
.30 .30 •.30 .45 •
.30 .3
.15
.20 .20 •.16 .35 •
.20 .2
/
1
41
/
4
*414 41
414 4% *44 412
112
•112 12,
I%
112
112
112
112 *0112
1
4
(95
114 *al
.95 .9 /
.13 .15
.13
.13 .1
•.12 .25 0
33
51
213
161
2
.9
6
11
56
11
1
21
11
.9
3
/ 4
1
4
4812 4812
21% 217
8
1612 163
4
*13
4 2
55
55%
106 106
1414 15
214
*2
*11.1
*.80 114
114 *1 8
,
.35
.65 *.50
5912 59
2814 2814
.20
20
65
414
4
2%
2
/
1
4
112 51
1012 10
1518
15
153
4 1512
26
26
25
4
.45 ___
.35
4118
414
114
112
15
8
13
;a2
113
.70
5954
2814
65
414
23
8
114
10
1518
17
2612
---4
/
1
4
I%
•
810 and saked orlon no Wu oe 1211 6•18 •Aillegralat gelds S
Mining.
915 Arizona Commercial
a
120 Bingham Mines
10
1,310 Calumet & Heels
25
2,072 Copper Range Co
25
250 East Butte Copper Mining_10
15 Hancock Consolidated
25
295 Hardy Coal Co
1
2,650 Helvetia
25
610 Island Creek Coal
1
41 Preferred
1
595 Isle Royale Copper
25
30 Keweenaw Copper
25
441 Lake Copper Co
25
205 I Salle Copper
.
..a
25
560 Mason Valley Mines
5
Maas Consolidated
25
25
360 Mayflower-Old Colony
25
1,616 Mohawk
185 New Cornelia Copper
a
New Dominion Copper
New River Company-----11
115 Preferred
5
591 NIpissilag Mines
10
5,138 North Butte Mining
Ojibway Mining
25
710 Old Dominion Co
25
2,015 P'd Cek Pocahontas Co NO Par
8,356 Qubaoy
25
815 St Mary's Mineral Land _ -25
40 Seneca Mining
No par
424 Shannon
10
450 Superior & Boston Copper 10
440 Utah-Apex Mining
a
1
1,405 Utah Metal & Tunnel
3(10 Victoria
25
152 Winona
25
3'4Mar2l
4938 Apr 20
2014 Jan 10
1412 Mar 14
112 Feb 4
.30 Mar 26
5 Feb 20
65 Jan 21
50 Feb 18
105 Feb 14
s111 Feb 28
/
4
14 Jan 17
/
1
1 Feb 24
.75 Jan 31
14 Jan 19
/
1
.20 Mar 30
.50 Jan 25
4612 Jan 31
2512 Feb 29
.10 Mar 10
55'j Jan 4
4 Apr 20
.90 Jan 6
.60 Feb 24
9 Mar 8
12 Jan 8
1218 Apr 18
2112 Mar 27
214 Apr 24
.25 Msr 8
4 M 7
.:
.15 Mar 12
1
.95
.10
5 Julyl 1014 Jan
6 Jan 3
30 Jan1 6114 Dec
56 Jan 4
/
1
4
1418 June 24 Dec
23 Feb 7
/
1
4
11% May 2114 Dec
211 Jan 20
/
4
118 Oct
2 Jan
/
1
4
214 Jan 13
1 July
.99 Mar 5 .15 Apr1
8
6 Dec1 181 Sept
12 Jan 14
Oct .85 Jan
15 Apr 18 .32
4
47 Feb1 87 Sept
57 Apr 20
10612 Apr 20 10412 Sep11 107 Apr
9 July1 16 Dec
1514 Apr 10
2 8 Feb
7
1 July
2 8 Feb 7
5
3 Dec
17 April .80 Jan
8
ari
1 Nov
1 Jan 5 .50
214 Dec
2 Jan 7 .70 04
.50 Jan 3 .05 SePt .35 Jan
14 Jan
/
1
.75 Jan 11 .25 May
65 Apr 5
343*June1 52 Dec
2912 Jan 3
18 June1 304 Dec
/
1
4
/
1
.15 Mar 12 .03 Dec -06 Feb
19
15 NovI 75 May
66 Nov
Feb
63 Apr12
5 Aug1 10 Feb
5 Jan 3
/
1
4
/
1
4
3 Jag
/
1
4
2 Apr 9 .50 June1
/
1
4
114 Mar 30 .40 041
1
/ Jan
1
4
912 Oct 15 Apr
12 Jan 3
/
1
4
11
Jan1 18 Aug
164 Jan 24
/
1
/
1
4
17 Apr 27
13 4 July 19 Apr
1
/
1
4
3112 Jan 7
iS',June1 32 Dec
3 Jan 3
1 July
3 Jan
/
1
4
.65 Mar 9 .14 May ..63 :
5 jan 4
14
5 july 7
4
7 Dee
ri be
.35 Jan 30 .15 Mar .50 Beln
Feb 9
15 Feb 25
4
Apr 12
18 Feb 1
4
Feb 7 .30 Jan 6
CtIvIdeolls I Niw stooks Pgx-dIveloolls
.76
.50
.03
Oct
July
2
2
Feb
Aug
p 112-elelsols I El
-dividend and „lows
2624
FINANCIAL CHRONICLE
Outside Stock Exchanges
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange, April 21 to April 27, both inclusive:
Frsaay
Last Week's Range Sales
Sale
for
of Prices.
Price. Low. High Week.
BondsAmoakeag Mfg 68_ _ _ _1948
Beaver MULs 78
1944
Brit Hung Bk Ltd 7%s '62
Chic Jct Ry U S Y 58_1940
Chippewa Power 8s__.1947
County Gas Co 58_. _1946
_
Crown Cork & Seal Co 68 47
Dixie Gulf Gas 6.34s_ _ _1937
East Mass Street BR
4345 series A
1948
5s series B
1948
6s series D
1948
European Invest ser C 78 67
.
G B Tbeatres Corp 6.348'56
Hood Rubber 7s
1937
Ital Superpow Corp (is 1963
Mass Gas Co 434s_ _ _ A929
4.48
1931
Miss River Power 66_ _1951
New Engl Laundries 6a '36
New River 58
1934
P C Pocah Co 7s deb_ _1935
Saarbruecken Mfg Bk 68'47
Swift & Co 5s
1944
ar....... m.1 1..1..8. 10'29
,
934
9334
96
100
102%
10534
99
100
99%
7711
84
96
9534
95
10211 10211
101%
100
10031 loon
103%
91%
9434
112
9234
102%
103
too V: 1112 V
Range Since Jan. 1.
Low.
High.
$
9334 179,000 90
3,000 96
96
1,000 9834
100
3,000 102
102%
1054
1,000 105%
1,000 95
99
1,000 100
100
9934 1,000 9934
Mar
Apr
Jan
Feb
Mar
Mar
Mar
Feb
9534
96
100
10334
1054
99
100
994
Jan
Apr
Apr
Jan
Mar
Mar
Mar
Feb
78
87
96
9534
95
1024
1014
100
100%
104
91%
9431
112
94
103
Mar
Jan
Feb
Apr
Apr
Mar
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Mar
Jan
79
88
9834
9534
95
103%
101%
100%
101
104
914
95
113
94
103
103
Apr
Apr
Apr
Apr
Apr
Jan
Feb
Mar
Apr
Jan
Apr
Mar
Mar
Jan
Jan
mrir
1112 52
13,000
14.400
2,250
2,000
5,000
10,000
1,000
5,000
3,000
3,000
5,000
6,000
11,000
2,000
3,000
7 min
70
77
90%
9534
95
1014
100%
100
10034
103%
91%
9314
106
92%
101%
inntt
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange,Apri 21 to Apr 1 27,both inclusive,
compiled from official sales lists:
Stocks--
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Acme Steel Co
25 894
Adams Royalty Co coin .• 28
All America Radio cl A5 19
Amer Colortype common • 26
Amer Nat Gas Corp
•
Amer Pub Serv pref__ _100 100
Am Pub Util Co prior p1100
Participating pref. _100
Amer States(*cur Corp A• 11
Class B
• 16%
4
Warrants
Armour & Co(Del) prof 100 92%
Armour & Co pref
100 81
Associated Investment Co•
Auburn Auto Co com____. 134 34
Balaban & Katz vi e___25 74%
Bastian-Blessing Co com.• 394
Baxter Laundries Inc A _ _• 31%
Beatrice Creamery com.50 70
Bendix Corp class A _ _ _10 81
Borg dr Beck common_ _ _10 94
Brach & Sons(E J) cora...* 21
Butler Brothers
20 21%
OampbellWyant&CanFdy• 49
Castle & Co (A M)
10 52
Celotex Co common
• 64
Preferred
100
Cent D Pa Corp "A" pf. •
Central G & E 7% pref. •
Central Ill Pub Sent pref
.•
Central Pub Serv (Del). •
Cent Pub Serv Corp A_ •
Cent States P&L Corp pf_• 100
Central 8 W Utll corn_.• 84
Prior lien prof
• 10934
Preferred
• 104%
Chic City & Con By pt eh•
• 14
ParticIpatien pre!
Chicago Elea Mfg "A"._• 14
Chic Jeff Fuse & Elec corn •
Chic N S & Milw corn_ _100
Prior lien pref
100 100
Preferred
100 60
Chic Rye part elf ser 1.100 17
2
Part ctIs series 2_ _ .100
Chicago Towel cony prof..'
Chickasha Cotten 011. _.10 5034
Club Aluminum Uten Co.* 3734
Commonwealth Edison.100 183
Consul Film Intl Inc pref.. 24%
Consumers Co corn
5 14%
100 9334
Preferred
8
•
V t e pur warr
Continental Motors eorn_•
25 46
Crane Co corn
100 120
Preferred
Cutler-Ham Mfg corn...10 5734
Decker (Alf) & Cohn Inc_• 3134
Eddy Paper Corp (The)._• 32%
El Household UM Corp_ 10 21%
13%
Elec Research Lab Inc..
10331
Empire G & F Co 7% pf 1
. 100
8% preferred
Evans & Co Inc, el A....5
5
Class B
Falr Co(The) pref
100
Fitz Simons de Connell Dk
& Dredge Co aim__ _ _20 ..2734
Foote Bros(G & M) Co__
8234
Galesburg Coulter-Disc_
General Box Corp corn_ •
100
Preferred
Godchaux Sue Ino, Cl B.. •
Coward Co (H W)cam--• 61
Great Lakes D & 13_100 310
Greif Bros Cooage A corn • 41
Grigeby-Grunow Co corn.
• 7834
Hartford Times part pf__• 4454
Hart. Schaffner & Marx 100 172
• 14
Heaney Motor Co
• 45
Preferred
Hibbard, Spencer, Bartlett
25
dr Co corn
Illinois Brick Co
25 41
Illinois Nor Utilities pf- 100 100%
Indep Pneu Tool v t a. •
Inland Wire& Cable corn 10 4334
Kalamazoo Stove com.....* 13134
Kellogg Switchb'd oom_ .10
Preferred
100
Ky Hydro-Elee old__..100
Kentucky Util Jr oura p1.50 54
KeystoneSt& Wire coml
295
Kraft-Phen Ch Co corn _.25
Kup'heimer & 0o(13) Inc.5 56
91
89
26% 28
164 194
26
2631
21
21
9934 100
101%
101
96% 97
11%
10
1334 16%
314 4%
924
91
77% 81
37
37%
1274 13434
7414 75%
3534 393.4
27
32
684 71
81
70
79
944
204 21
204 22%
49%
44
52
51
67
63
88
86
23% 23%
103 103
99
9931
16% 16%
24
23
100 100
8234 8434
109 110
104 105
14 14
124 16
14
14%
36
37
20
20
973-4 100
62
60
17
17
2
231
100 1004
51
48
374 38
182 183
24
24%
15
14
9314 963-4
8
8
12
124
46
46
120% 12031
5534 5934
33
31
32% 32%
21% 22
9
14
101% 10334
112% 113
774 80
7734 80
108 34 1084
Range Since Jan. 1.
Low.
83
21
2
23%
1831
97%
9514
87%
4
434
34
87
66%
36
114
594
24
24
6834
51
66
164
20
38%
42%
49
80
23%
94%
9731
15%
2034
99
76
10334
99%
134
12%
10
30
20
97
60
15
2
9534
4734
35
165
22
74
87
334
12
45
119
48%
25
30
1331
211
99
108%
55
55
107
[VoL. 126.
Friday
Sates
Last Week's Range for
Sale
Week.
of Prices
Stocks (Concluded) Par. Price. Low. High Shares.
High.
La Salle Ext Una/ com.10
Libby. McNeill & Libby.10
954
Lindsay Light corn
10
436
Lion 011Refg Co corn._ _.* 2
634
McCord Radiator Mfg A..•
McQuay-Norris Mfg
• 4434
Marvel Carburetor(Ind) 10 9134
Meadcw Mfg Co coin_ _
1934
Preferred
50 53
Mer & Mfrs Co pt pfd _ .25
Middle West Utilities_ _ _ • 147
Rights
34
Preferred
196 120 34
6% cum preferred
* 9834
6% cum pr lien pfd..,..' 107
Prior lien preferred_ .100 126
Midland Steel Prod corn..'
Midland Util6% pr lien100 9514
7% prior I len
100 106
Preferred 6% A
100 9034
Preferred 7% A
100 103%
Minneap Honeyweli Reg_* 374
Preferred
100 10534
Miss Val Util prior lien pt.*
Monlghan Mfg Corp A_ _ _• 27
Monsanto Chemical Wks.* 56
Morgan Lithograph corn.* 8414
Mosser Leather Corp corn* 36 34
Nat Carbon pref
100
Nat Elec Power A part_.• 31
National Leather corn.
.10
434
National Standard corn...* 54
Neve Drug Stores corn_ _ _• 274
Convertible "A"
• 4036
Noblitt Sparks
36
North American Car corn.* 3934
Northwest Eng Co corn_ _• 3734
Nor West Ut11 pr In pref 100
7% preferred
100 10334
Nevada] Process Co com • 1534
Preferred
•
Oklahoma G St E pref__100 11434
Penn Cent L & P pref._ •
Penn Gas & Elec "A" corn' 22
Pick, Barth dr Co part pf.•
Pines Winterfront A com_5 9831
Pub Serv of Nor Ill corn...' 175
Pub Serv of Nor III corn.100
6% preferred
100
7% preferred
100
Q-11.-13- Music Co com___• 6234
Quaker Oats Co corn. •
Preferred
100 127%
Real Silk Hos Mills corn_10
Reo Motor Car Co
10
Ryan Car Co (The)com_25
Sangarno Electric Co
• 333.4
Preferred
100
Sears, Roebuck corn
• 10234
Shaffer Oil & Rfg prof..100 94
Sheffield Steel corn
•
So Colo Pr Elec A corn. _25
So'w G dr El Co 7% p1.100
So'west Lt & Pow pref. _• 9434
Stand Dredge cony pref. _* 4034
Steel & Tubes Inc
25
Stewart-Warner Speedom * 92
Studebaker Mail Ord corn 5
Swift dr Co
100 130
Swift International
15 2734
Tenn Prod Corp corn..
*
Thompson (J R) corn_ _25
20 Wacker Drive Bldg Pf.•
United Light & Power
Class B preferred
•
Common class A new_ •
U 8 Gypsum
20 75
Preferred
100
Units Corporation pref.__
3334
Wahl Co common
• 1334
Walgreen Co 634% p1.100 110
Corn stk purcb warr
* 1851
Ward (Montgomery) & Co
Class A
WarnerGear"A" cony pf 25 63
Waukesha Motor Co com_• 140
Williams 011 0 Mat com.•
Wolverine Portland Cem 10
Woodworth Inc
•
Preferred.
•
Wrigley (Wm Jr) Co corn * 733-1
Yates
-Amer Mach part pf• 14%
Yellow Tr&Coach Mfg B 10
Yellow Cab Co Inc(Me)
• 3434
Zenith Radio Corp corn...* 824
34 34
94 934
33-4
43-4
26
28%
43% 44
44
46 34
74
92
18% 21%
53
54
19
19
1 4034 14734
234 3%
120 12034
9734 99
104 107
126 1274
87
91
95
953-4
1044 106
904 91
103 104
35
38
9934 10551
9436 96
26
27 34
5434 56
82
853-4
34
36 34
136 34 136 35
31
31%
4
431
5134 54%
27
274
40
40%
31% 36
39
4034
35
373-4
103 10334
102 103%
15% 16
32
33
11434 114 34
79% 7914
214 23
20
20
91 100
171 175
17234 17234
111 111
119 119
6134 6234
285 290
12631 127%
26
26
2634 26 34
16
16
32
33%
107 107
98% 104
94
93
77
77
25% 26%
1034 104
94
9411
35
41 34
85
85
89% 92%
911 94
128% 130
27% 28
13
13
6234 6314
943-4 953-4
100
1,420
2,635
3,675
240
810
48,900
15,775
250
15
3,975
29,450
836
1,475
.530
595
160
420
385
274
203
3,250
400
45
1,225
915
13,950
621
50
1,185
9,695
8,925
2,950
2,430
5,400
3,180
1,125
94
500
2,030
985
20
10
1,241
100
14,975
97
71
40
25
1,780
340
388
25
100
100
940
20
13,950
243
40
628
30
670
64,900
165
8,525
50
1,234
3,305
35
150
115
Range Meg Jaw. 1.
Low.
3
8,34
2
26
40
2334
6134
104
4434
15%
12331
Ina
116%
9334
99
125
86
943'4
104
8934
103
30
9734
94
2431
383.4
733.4
23
13634
2734
34
373.4
2631
40
314
32%
29
9934
9916
loy,
28
10534
7631
20
20
5414
159%
15914
110
119
3834
262
111
26
2334
15
3034
107
8234
79
4834
25
101
894
304
49
773-4
9
12434
26
13
59%
9434
Mar
Ap
Jan
Apr
Feb
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Mar
Mar
Feb
Jan
Apr
Mar
Jan
Feb
Jan
Jan
Ap
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Ap
Apr
Apr
Jan
Jan
Jan
Jan
Mar
Ma
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Feb
Jan
Apr
Jan
Ap
Jan
Jan
Jan
Apr
Jan
Mar
Mar
J
Jan
Jan
Ap
Feb
Feb
Jen
Jan
Jan
Feb
Feb
Apr
High.
4
43-4
27
94
50
92
224
55
20
14734
334
124 34
100
107
129%
1103.4
97
1063-4
92%
10554
38
10551
9654
28
57
87 34
3734
1393-1
324
55
28
42
36
4134
3834
105
103
1054
33
115
81
2314
22
100
180
180
115
121
63
327
128
26
2954
2034
3554
1084
11034
94
7934
2634
104%
96
41%
9034
94%
95-4
132%
34%
1616
64
96
Jan
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Mar
Aar
Apr
Feb
Feb.
Apr
.
Feb.
Jan
Mar
Mar
Mar
Apr
Apr
Apr
Jan
AprApr
Apr
Mar
Apr
Feb
Jan
Mar.
Apr
Apr
AprFeb
Apr
Feb
Jan
Apr
.
Apr
Mar
Mar
Apr
Jan
Apr
Feb
Feb
Mar
Feb
Apr
AprApr
Apr
Apr
Jan
Apr
Feb
Mar
AprApr
Apr
Mar
Apr
Apr
Apr
Apr
Mar
Feb
Feb
Feb
Apr
Mar-
Jan 96
Jan 28
Jan 1934
Feb 2634
Jan 264
Mar 101
Jan 10134
Jan 97
Jan 12%
Jan 16%
Jan
4%
Jan 92%
Jan 87
Jan 39%
Feb 141%
Jan 82
Feb 3934
Apr 32
Apr 71
Feb 84
Jan 94%
Jan 22
Apr 23%
Jan 49%
Feb 52
Feb 69
Feb 88
Apr 254
103
Jan' 1004
Apr 174
Jan 24
Feb 101
Jan 8934
Feb 110
Jan 1054
Apr
2
Apr 22%
Feb
18
Feb 40
Mar 44
Mar 100
Mar 65
Mar 18%
Feb
331
Feb 102
Apr 51
Feb 39
Jan 189
Feb 26
Jan
1631
Jan 98%
Feb 10%
Apr 13
Mar 474
Jan 121
Mar 59%
Feb 33
Feb 3234
Jan 24
Jan
14
Feb 103%
Feb 113
Jan 834
Jan 85
Jan 110
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Jan
Mar
Mar
Apr
Apr
Apr
Apr
Apr
Feb
Feb
Apr
Apr
Mar
Apr
Jan
Apr
Apr
Jan
Apr
Mar
Mar
Apr
Jan
Feb
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Mar
Apr
Apr
Jan
Feb
Apr
Apr
Apr
Apr
Apr
Jan
Mar
Apr
Apr
Jan
Mar
Apr
Apr
Apr
Apr
Apr
Mar
95 46
5.5
56
7,475 18%
28
26
10.250 473.4
0034 64
2%
100
74 734
100 35
55
53
3
560
54 7
6,810 43
56% 62
1,620 245
300 325
39
245
41
41
14,350 54
78
72
325 394
443-4 45
1,265 134
165 180
2,370 12
13% 14
810 4234
45
44
Jan 74%
Jan 28
Jan 64
Feb
734
Jan 55
Jan
9
Jan 62
Jan 330
Apr 43%
Mar 78%
Feb 464
Jan 181
Feb 15%
Feb 45
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Feb
Apr
Apr
Apr
Mar
Mar
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange, Ap,•il 21 to April 27, both
inclusive, compiled from official sales lists:
140 60
61
60
750 39
41
42 34
110 9836
100 10034
225 47%
544
53
11,735 26
45
39
11.475 854
124 134
834
985
9
9
30 75
844 8434
10 102
1044 10411
430 604
53% 54
635 100
277 300
1,125 6034
654 66%
100 45
55
56
Apr
Feb
Jan
Feb
Jan
Jan
Mar
Mar
Jan
Feb
Jan
Feb
Mar
Jan
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Mar
Apr
Apr
Jan
Apr
Amer Laund Mach com_25
Preferred
100
Amer Rolling Mach com.25
Amer Thermos Bot "A"..•
Preferred
50
Baldwin common
100
New preferred
100
Buckeye Incubator
•
Carey (Philip) common 100
Preferred
100
Central Brass
•
Central Trust
100
Cham Coated Pap corn_100
855
3,910
22,130
695
280
155
25
166
23,375
15.450
32,150
1,191
1,025
125
3,375
1,000
22,100
55,000
1,995
27,900
45,700
540
4,960
7,910
2,215
195
620
50
50
418
120
100
315
650
75
445
615
3,465
122
230
50
320
315
125
400
130
19,855
8,070
1,215
1,850
8,210
340
665
80
375
40
11,365
7,725
400
1,150
3,850
630
330
350
225
30
70
44
100%
5414
45
134
1331
96
104%
54
300
71
03
Bonds
American Serv 2 yr 68_1930
American Silica 634$_ _1943
Bloomington Liman 681942
Boise Water Wks 5345 1948
Mirage City Ry 58
1927
Chic City at Con Rys 5s'27
Chicago Railways
1st M ctf of dep 55_1027
58, series A
1927
5s, series B
1927
Chic Unit Art Thea 634548
Straus Salt Dep 5348_1943
Swift dr Co 1st s f g 58.1944
Tex Water UM Coes A '48
United Pub Serv 2-yr 88'29
United Pub Util Co
1st 68 "A"
1947
2 yr 5%a
1929
1st 5S8"B"
1947
* No par value.
Stocks-
67
8414
443,4
57
234
74
124
3234
10
102
17
30 53
57
24
630 14
75
875 69
20 122
124
34
17,160 32%
814
15% 10,645
110
373 10034
5
18% 2,399
Jan 57
Jan 254
Mar 93
Jan 124
Apr 34
Mar 1554
Feb 110
Jan 1931
Mar
AprJan
Jan
Ayr
Apr
Apr
Mar-
125
5534
120
9
6
32
344
7234
134
38%
33
75%
125
635 121
6334 37,850 32
150
825 66
250
64
93-4
55
635
534
32
10 27
37
610 33
73%
1,050 69%
500 12
1434
100 32%
364
35
3,450 3034
8235 7,550 3534
Mar 128
Jan 6354
Mar 150
Jan
10
Jan
034
Jan 3434
Jan 37
Feb 79
Apr
1734
Feb 3614
Mar 43
Feb 8234
Jan
Apr
Apr
Apr
Apr
Feb.
Mar
Mar
Feb
Apr
Jan
Apr
100
100
98
994
86
65
10034 $4.000
100
2.000
9834 5.000
994
5.000
8634 6,000
6734 20,000
994
9914
97
093-4
85
65
Mar 10034 Apr
Apr 1004 Apr
Mar 993.4 Jan
Apr 99% Apr
Feb 8834 Jan
Feb 70
Feb
8434
65
43
100
100
102%
100
10031
85
20.000
68
3,000
44% 20.000
100
5.000
100
3.000
102%
4.000
100 500.000
10034 2,000
84
65
43
100
100
10234
100
994
1004 101
100 100
9731 9751
10,000
3,000
2,000
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
104
101 104
29
284 293.4
10331 10034 105
17
1634 17
49
48% 4931
36
36
109 109
2534 2531 27
265 285
126
126 128
243-4 2434 25
270 270
270
120 123
1,680
329
2,126
90
1,103
30
S
791
17
39
500
10
24
Feb
Apr
Feb
Apr
Mar
Apr
Mar
Jan
8734
68
4631
100
100
103
100
100%
Jan.
Jan
Feb
Apr
Mar
Jan
Mar
Apr
99% Jan 101
Feb
074 Mar 101
Mar
974 M
994 Apr
Range Since Jan, 1.
Low.
100
2634
993.4
11
43
3534
10834
26%
250
1245-4
2534
260
115
High.
Mar 114
Jan 29%
Mar 120
Feb
16
Jan 494
41
Mar 110
Apr 49
Jan 274
Mar 126
Feb 27%
Mar 270
Jan 123
Jan
Apr
Jan
Feb
Feb.
Jan
Jan
Jan
Apr
Apr
Bob
Aar
Apr
An... 23 1928.]
FINAN:CIAL GilRON IcLE
Sales
Friday
Last Week's Range for
of Prices.. Week.
Sale
Stocks (Concluaedl Par. Price. Low. II1)8. Shares.
Range Since Jan. 1.
2.0w.
'legs.
2625
Sales
Friday
Veek's Range for
Last
leek,
of Prices.
Sale
Bonds (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
Mar
Jan 109% Apr
12 108
Apr
Mar 5034 Apr
555 42
Mar
Jan
670 2954 Feb 3354
Jan
Apr
Jan 480
12 429
Jan
Apr
1.496 9754 Feb 100
Jan
Apr
149 9734 Feb 108
Feb
Jan 80% Apr
156 75
Mar
Feb 1274 Apr
40 110
Jan
Jan
630 4554 Jan 55
Apr
66 11654 Jan 1263.1 Jan
Apr
Apr
227 43% Mar 56
Apr
4 8931 Apr 924 Mar
Jan
227 36% Feb 454 Apr
Jan
Apr
460 30)4 Mar 34
Jan
Feb 3534 Apr
1,291 25
Jan
Apr
55 9734 Feb 107
Jan
Mar 3954 Jan
62 36
Apr
Apr 130
5 125
* No par value.
1.500 1534 Mar 24% Jan
Mar 7634 Apr
98 66
-Record of transactions
Pittsburgh Stock Exchange.
Feb
2,482 20% Mar 28
Jan 96% Apr at Pittsburgh Stock Exchange, April 21 to Apr11 27, both
20 90
Jan 544 Apr
687 43
sales lists:
Feb inclusive, compiled from official
Jan 101
7 98
Feb
7 11434 Feb 116
Friday
Sales
4454 Jan 524 Apr
234
Range Since Jan. 1.
Last !Week's Range for
Apr
32
363 29% Ma
Week.
of Prices.
Sale
Feb
Jan 102
15 100
High.
Low
Par. Pr ice. Low. High. Shares,
StocksApr
Jan 105
20 100
Jan 4554 Mar
45 40
Jan
Apr 25
80 21
22
1 21
Feb 5554 Jan Am Vitrified Prod com_50,
410 26
Apr
Feb 88
10 84
86
I 86
100:
Preferred
Jan
Jan 80
387 70
Feb 254 Mar
35 16
22
1104 Apr Am Wind GI Mach com100 22 1, , 22
30 106% Fe
Mar
Jan 45
35 35
42
10Q,
'; 42
Preferred
5 2551 Feb 28% Apr
Feb
35 844 Jan 90
J! 8834 8834
Apr 117% Mar Amer Wind Glass Co 01100
31 100
954 Feb
7% Feb
834 ;
83.4 2,540
81.4
245 1634 Feb 204 Apr Arkansas Nat Gas com...10
Mar
710 594 Apr 67
6134' 614 62
Armstrong Cork Co
100 10634 Feb 11134 Apr
Feb
Jan 105
91
20
100 100
Jan Blaw-KnoxCompany.._25
Mar 82
611 65
17,827 164 Jan 274 Mar
10 2634 24
27
Jan 404 Apr Carnegie Stetals Co
980 26
Jan
Mar 30
188 34
2634 2734
Consolidated Ice pref_ _50,
Apr
Jan 48
737 37
Jan
Mar 10
7
440
934
8
10,1
Apr Devonian 011
Jan 115
66 110
Apr
Jan 625
45 610
Fidelity Title & Trust. _1001
625 625
1354 Apr
934 Apr
3.64
Jan
Feb 360
12 34.5
350 350
Apr First Nat Bank (Pitts.)100
Jan 280
1,12 249
Apr
Jan 204
360 178
203 204
Apr Harb-Walk Ref corn_ ...100
Feb 115
10 111
Apr
Jan 120
10 115
120 120
Preferred
100
9651 Jan 10034 Apr
6
Apr
20 11% Feb 22
19
19
•
Mar 113% Feb Houston Gulf Gas
2 111
Apr
1,742 4834 Apr 58
25 4834 4834 4934
Mar Lone Star Gas
Apr 17
14
3
Jan 2531 Apr
250 20
2451
May Drug Stores Corp...*
24
Mar
99
96% AP
1
Mar
634 Feb
10
25
8
8
Apr Nat Fireproofing corn_ .50
Apr 100
100 100
Star
185 1934 Jan 24
2131 2234
50 2131
Preferred
Apr
344 Feb 59
2
834 Apr
634 Apr
16
8
8
Apr Penn Federal Corp com__• 1
Ma 103
99
1
Apr
Jan 100
145 07
100 100
Preferred
100.
Jan
132
Feb
3 117
Apr 36
Apr
100 36
36
Feb 834 Jan Petroleum Exploration_ __....... 38
1 64
Jan
4
234 Apr
622
34
3
Apr Pittsburgh Brewing'com_50
102
2 9634 Fe
Jan 234
Feb
105 210
223 223
Pittsburgh Plate Glass_ 100
Mar
Jan 135
855 60
Apr
4,375 4831 Feb 57
5334 57
Apr Pittsburgh Screw & Bolt _* 57
5 105% Jan 110
Apr
Jan 35
27
35
34
25 10231 Jan 1084 Mar Pittsburgh Steel Fdy com.*J
Mar
Mar 250
250
250 240
i
1
Jan 1193 Mar Pittsburgh Trust Co ..10fl
20 119
Mar
Feb 40
2,000 30
30
30
San Toy Mining
Mar 364 Apr
Stand Sanitary Mfg corn svi 3551 3531 3634 5,163 33
* No per value.
Apr
Jan 127
60 124
127
127
100
Preferred
20 1631 Mar 264 Mar
2134 21%
1
-Record of transactions at Tidal Osage 011
Baltimore Stock Exchange.
Apr
Mar 37
900 29
37
32
•1 37
Casting com_(
Union *Wel
Jan
1,671 4534 Apr 61
Baltimore Stock Exchange, April 21 to April 27, both in- rnited Engine& Vely golu 48
4534 47
Apr 154 Mar
400 12
12
12
'
211
United States Glass
clusive, compiled from official sales lists:
370 4634 Jan 564 Jan
Weatinghouse Air Brake..* 504 494 504
10154 Jan 103% Apr
West Penn Ilys pref. _1100 1034 10334 10334
Apr
Jan 27
50 13
28
26
rrsaay
sates
•
Witherow Steel corn
Apr
11
8
Apr
50
11
11
Range Since Jan. 1.
Last Week's Range for
Worthington Ball Bearing.
Apr
41
1
52
Apt 52
50
Sale
of Prices.
Week.
Zoller (William) Co com._. 52
Par, Price, Low. High. Shares.
High.
Low.
StocksRights
Mar
Apr
4
3
34 26,239
3
105 105
Ant Wholesale pref
2 10434 Mar 1074 Jan Armstrong Cork Co
._ .100
84 Apr
734 Mar
3,194
• 4634 464 4734 2.507 46
Jan 484 Apr Lone Star Gas
8 I
74 11
Arundel Corp,
190 190
15 190
Jan
Mar 212
Allan Coast I.(Corns). _ _ 50
100
Mar
534
, 6
s.1
‘
531
531 Ap 1
Baltimore Brick
31
Bonds
Jan
15 146
Apr 78
M
148 148
37.000 67
Jan Independent Brew 68.1955 67
87
149
67
Bait & Commercial Bk.100
172
171
66 15834 Mar 174
Mar
Baltirc Ore Trust Co.... _50 171
• No par value.
934 Apr
10
Feb
11
Baltimore Tube
100
934 914
40
35
2,161 3.3
Beneach (1) & Sons oom__• 40
Mar 4134 Jan
-Record of transacSan Francisco Stock Exchange.
• 33
33
28
1,287 24
Jan 33
Apr
Black At Decker tom
87 2534 Apr 27
25 2634 254 264
Mar tions at San Francisco Stock Exchange, Apr. 21 to Apr. 27,
Preferred
4534
140 444 Jan 49
10 454 45
Jan
Central Fire Ins
182 217
223 230
5() 230
Feb 231
Jan both inclusive, compiled from official sales lists:
Century Trust
73 113
113 11436
Apr 11751 Jan
Choi & Po Tel of Balt pf100 114
Friday
Sales
324 50
&Oh
Mar 54
Citizens National Bank_ 10 5051 50
Jan
Rance Since Jan. I.
Lost Week's Range for
• 2931
1.767 2134 Mar 2934 Apr
2734 2934
Commercial Credit
Week,
of Prices.
Sale
798 23
25 25
25
24
Jan 25
Preferred
Apr
High.
I
Low.
Par. Price, Low, High Shares .
Stocks595 23
2434 26
25 26
Feb 26
Preferred B
Apr
129 8834 Jan 93
64% let preferred_100 924 914 9234
Apr
14931 Apr
144% 14354 1494 30,864
Company
864 2,604 61731 Jan 864 Apr American
Conmi Gas, El.& Pow._• 864 81
Jan
256
140
225 220
Anglo & Lend P NI Bank
85 110
1113.4
Mar 113
67 preferred ger D...100 111% Ill
Jan
100 105
76
Apr
10431 10534
6,525
61
.55
61
354 1004 Feb 1054 Mar Atlas Ira Diesel En "A"__
5% preferred
2094 Apr
COnsolidation Coal.. _ .100 3034 2934 304
1,750 274 Apr 334 Jan Bancitaly Corporation.... 209% 190 209% 66.36
Apr
450
1,190
49
49
•
211 49
380 400
Apr 49
Davison Chemical
Apr Bank of California, N A__ 385
297% Mar
1331 144
330
Delion Tire & Rubber_ ___• 1434
Apr 144 Apr Bank of Italy, NT & S A. 2904 283 29234 17,499
6
100
Apr
30
• 2634 264 2634
99 100
1,178 2211 Mar 27% Apr Calamba Sugar pref
Eastern Bolling Mill
834 Apr
3,090
11154 128
6
489 108
5% 634
Equitable Trust Co_ _ _25 127
Jan 128
Apr California Copper
14334 Mar
500
16 77
Farmers & Mer Bank _ _40 8054 8034 8034
Feb 8034 Apr Calif Cotton Mills corn _ _ _ 12834 12634 133
Apr
52
.5,081
294 297%
120 27551 Feb303
50 294
504 484 52
Fidelity & Deposit
Mar California Ink
7931 Apr
18
794 7334 7931 6,318
184
164 Jan 2054 Feb California Packing Corp
61
Finance Service cons A..10
784 Apr
10
10
10
20
94 Mar
7234 684 744 36,704
Preferred
1034 Feb Caterpillar Tractor
Jan
102
37
9731 9854
100 100
215 954 Jan 10334 Mar Coast Co Gas & El 1st pref
Houston 011 pref v t ctfs100
Mar
450
25
2434 25
226 2434 Mar 2634 Jan Crocker First Nat'l Bank_
400 400
Mfrs Finance corn v t.._25
Mar
29
22
21
9 20
25
2734 2,035
Jan 25
2734 26
1st preferred
Mar Dairy Dale "A"
2934 Mar
4 184 Mar 2034
3,580
184 1834
25
2334 26
25
2d preferred
Apr
99
Mar East Bay Water A pref.__
1824 187
303
1,110 174
Mar 191
Maryland Casualty Co_ _25 185
Jan
9834 9834 99
3434 Jan
4534 4634
340
747 4534 Apr4731 Jan Emporium Corp. The.... 3234
32%
32
Merch & Miners Transp..• 46
634 Mar
54
4, .I
3
150 3034 Mar 331.4 Jan Fageol Motors corn
434 534
034 314
Merchants Nat Bank_ _ _ 10
Mar
8
It
2634 2634
7
Preferred
126 25
7
Jan 27
Morton W Penn PS p1..25
Jan
Jan
127
120
2034 21
758 1734 Feb2131 Jan Fireman's Fund Insurance_ 122
120 123
Mortgage Security cum_ .• 21
Jan
19
15
154
4,805
8234
128 70
50 8254 81
1554
Jan 84
Mar Foster & Mettler corn
let preferred
10634 Mar
220
77
75
159 70
Jan 85
100
Jan Great Western Power pref_ 10551 10534 106
2•41 preferred
103% Apr
250
102 95
96
95
.lan 9631 Mar
Series " '6% pref _ _ _ _ 10234 10231 102%
A'
Mt V-Woodb Mills pfd.100
9 280
281 285
Apr 286
Jan
Nat Bank of Baltimons.100
Apr
56
22
7 268
270 278
Feb 275
Apr Hawaiian Corn & Sug. Ltd 5234 5234 53
Nat Cent 13k of Bait...l00
Jan
31
10
734 77
405 71
29
Feb 7934 Mar Hale Bros Stores. Inc
29
29
New Amsterd Cas Co__ _10 74
5234 Apr
81
76
515
1.739 68
Jan 81
Apr Hawaiian Pineapple
4954 4931 52
Penns Water & Power.... 81
4934 Jan
65 100
Feb 10134 Apr Home Fire di Staring Ins
260
4334
43
10034 10134
43
Roland Park Homeland...
Apr
41
Mar 2834 Apr Honolulu Cons 011
4,120
3734 393.4
39
Silica Gel Corp rem v t___• 274 2031 2851 11,852 17
2834 Apr
120 125
Apr 130
93.5
25
24
Apr Hunt Bros Park "A" corn_
2434
Southern It krs units w I__ _ .._ ... 125 125
1534 Mal
810 174 Mar 20
20
18
20
95
Mar Hutchinson SIN Plantation
13
13
Sun Mtge Co
58
Apr
2,123 3854 Mar 60
59
53
Apr Illinois Pacific Glass "A". 5234 521 54
1,975
4
Ha Porto Rican Bug corn _•
1834 API
Langendcrf Baking "A"__
924 4834 Mar 61
6034
59
• 59
655
Apr
1434
1434 1434
Preferred
11234 Am
7 315
333 333
Jan 34234 Jan LA Gas & Electric pref___ ..
45
50
11131 11234
Union Trust Co
Ain
2.40
Magnavox Co
652 13
15
Mar 204 Jan
.
14
2:10 2.10
2.25 30,025
United Rys & Electric_ _50 144
API
28
Magnin I corn
288 34834 Jan 415
Apr
2534 2534 28
1,045
1J 8 Fidelity & Guar._ _ _ 60 4004 40051 40734
Ma
109
North Amer Invest corn.
11
9
382
1155
Feb
95
174 Jan
109
50
109
Wash Bait & Annap_
1024 Mai
Preferred
30 75
Jan 97
10234 1014 10234
60
Mar
West Mel Dairy Inc pfd...• 0634 9654 9634
Ate
43
North American Oil
38%
7,515
38% 4054
Pet
11
Passuhau Sugar Plantation
400
934 10
Rights
4954 Fel
21.4 10,742
131
2
134 Apr
484 4734 48% 8,045
234 API Pacific OM & Elec com____
New amsterd Can Co
291.4 Ain
1st preferred
29
284 2934 6.679
874 Api
8554 83
Par Lighting Corp con_ .._
8534 12,862
Bonds10631 Pet
6% preferred
440
1053.4 105 10534
Balt City Bonds -Api
225
1014 10134 31.700 1014 Mar 10334 Fel
2.25 1.45
Pacific 011
1962
2.25 1,660
4s conduit
Jar
157
15431 14934 15431
1,900 10134 Mar 1034 Fet
10134 102
Pacific Tel & Tel corn
200
4s school house loan_1961
Mal
125
1234 12331 125
102
102
285
3,000 102
Apr 1024 Pet
Preferred
burnt diet. imp_ 1060
4s
1093,4 Ain
101% 101%
13,075
1,500 10154 Apr 102
104
Inc corn _ _ 102% 101
Paraffine Co's
Jar
4s news school house 1957
314 Fel
2,000 1014 Mar 1034 Pet
Piggly Wiggly West Sts"A" 2434 2234 2454 2,180
1951
10134 101%
43 paving loan
Ain
17
1634
164 ..., .... 640
Pig'n whistle Pre
43,000 1064 Jar 124
17
Ain
Black & Decker 634s_ _1937 1124 1084 124
_
_
-..
-„.
_
...
.
an 9934 Fe
Conitn'l Cr534$..111115
10554
10131
100
10531
10434
95
0654
100
9854
9534
9954
101
71
50
7434
9334
8634
Apr
Jan
Feb
Mar
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Mar
Apr
Jan
Mar
Apr
Feb
10551
10354
10134
108
10734
9854
99
10134
9934
9731
9934
10554
75
55
8434
98
90
r rx
xx
.....
,t
7.7.Ngggg2.4g5gflIgttEgit12.g13 NgggS61,,EWtE0t4ErMU
1,000
6,000
3,000
8,000
2,000
3,000
2,000
1,000
1,000
1,000
3,000
31,000
24,000
18,000
1,600
7,000
21,000
- ------- - - - =4,Tatg8ntogetztWItc4
x xs
Qgrx
:xxxx xxrx r
100 10934 108 1094
Champ Fiber pref
4954
47
• 47
Churngold
50 31
3034 3154
CM Car Co Corptiration.468 472
100
CNO&TP
9931 10031
100 100
CLn Gas & Elec
C N & C Lt & Tr com 100 107% 1064 1074
100 8134 8034 8134
Preferred
1274 12754
100
CM Land shares
5351
50 5354 53
Clo Street Ry
124 124%
50
CM & Sub Tel
5154
50
Cin Union Stock Yards 100 51
90
90
Cin Postal Term prat _100 00
4434 454
• 45
City Ice & Fuel
35
34
Coca Cola "A"
3334 3351 34
Crosby Radio
105 105
Cooper Corp new pref_ _100 105
3751 3834
Dow Drug common_ _100
125 130
100
Preferred
1634 174
Eagle-Picher Lead corn _ _ 20 16%
764
71
* 7651
Early & Daniel corn
24
* 2354 22
Formica Insulation
9651 9634
French Bros-I3auer pref 100
* 4954 4954 5031
Gibson Art common
Globe Wernicke pref.__100 1004 10034 101
115 115
100 115
Gruen Watch pre
5134 52
• 52
Hobart Mfg
32
31
Jaeger MI1CM1143
100 101
Johnston Paint pref _ _ _100 101
100
10434 10434
Kahn let pref
42
42
40 42
Participatirg
• 3754 3734 38
Kodel Radio 'A"
77
76
10 7634
Kroger comme n
50
11034 11034
Little Miami guar
27
27
• 27
Lunkenheimer
100 107
107 10834
Nash (A)
194 20
•
McLaren Cons A
1104 III
Mead Pulp epee prat_ _100 111
73
70
•
Mead common
100
3931 404
Meteor Motor
10 43
4131 44
National Pump
100 113% 1134 114
Ohio Bell Tel pref
1234 1334
Paragon Refining corn_ _25 1331
270 277
Procter & Gamble com _20 277
100
11434 11434
6% preferred
100 100
0934 100
Pure 0116% Prof
11234 11334
100
8% preferred
15
15
Putman Candy common _ _•
100
9631 9634
Preferred
100 100
Queen City Petr pref....100 100
5034 51
100
Rapid Electric
100 10234 102% 103
Reitman
123
121
10 121
LI S Playing Card
75
75
V S Ptg & litho corn. .100
102
102
100 102
Preferred
111 119
Vulcan Last common_100 111
110 110
100
Preferred
107
107
Whitaker Paper pref._.100
119
119
100
Wurlitzer 7% pref
10534 10534
Consolidated Gas 5s_ _1939
10334 1034
1954
General 4 48
10134 10154
Consol G,E1.&P 434s_1935
1949 106% 10634 1064
mat ref 6s ser A
10654 10654
let ref 534s sec E_ _1952
96
96
Elkhorn Coal Corp 654s'31
98
98
Fair & Clarke Trac 5s_1938 98
101
101
Lord Ball Hot 654s_ _1945
9834 9854
Md El Rylstdcref6Iss A1957
9734 9734
Monon Valley Trac 5s_1942
9954 9954
Penna W&P 1st ref 434368
102 10534
1932
Silica Gel 654s
71
713-3
United Sty 5c E 1st 45.1949 71
.5034 51
1949 51
Income 4s
7631
76
1936
Funding 55
94
94
1949
lot 65
8734 874
Wash Ball & Annan 5s1941
2626
FINANCIAL CHRONICLE
Friday
dates
Last Veers Range for
Sala
of Prices.
Feat.
Stocks (Concluded) Par. Price. Low. High. Mores.
Ross Bros com
36
Preferred
102
S J Lt & Pwr prior pref._ 118
8% prior preferred
B F Schlesinger A cam
25
Preferred
97
Shell Union Oil corn
2834
Sherman and Clay pr pref.
Sierra Pacific Electric pref.
Southern Pacific
12335
Sperry Flour Co cora
70
Preferred
Spring Valley Water
108
Standard Oil of Calif
8034
Telephone Invest Corp_ _ _ _ ______
Traung Label & Litho Co.
Union 011 Associates
5835
Union Oil of California.... 5435
Union Sugar com
Preferred
Wells Fargo Bk de Un'n Tr 345
West Amer Finance pref__
6
Yellow & Checker Cab_ _ _ _
54
Zellerbach CorporatIon____
46
6% 1926
"'"' '''''''"
3534 37
101% 10234
118 11834
108 108
24
25
063.4 97
2735 2834
9734 97%
96
9835
123 12334
6834 70
102 10234
108 11034
5935 8135
31
31
2535 2535
5434 57
5334 5535
10
18
2334 25
330 345
8
835
53
55
4235 4735
117 123
1,140
205
91
10
1,485
120
14,898
20
30
35
130
35
592
21,082
150
100
18,269
38,955
2,750
29
75
725
575
28,412
470
Range &awe Jan. 1.
Low.
31
98
11334
100
2135
92
24
9534
95
11834
8035
9934
105
53
30
24
4135
4234
734
23
295
535
51
4235
117
Feb
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Jan
Jan
Feb
Feb
Apr
Feb
Feb
Mar
Feb
Feb
Mar
Apr
Apr
Jan
High.
3735
10334
11835
108
2735
9835
2835
99
9835
12334
85
10434
11035
8135
31
2734
5735
5734
14
25
350
8
5834
5434
145
Mar
Apr
Apr
Apr
Mar
Mar
Apr
Mar
Mar
Apt
Apz
Mar
Apr
Apr
Feb
Jan
Apr
Apr
Apr
Apr
Apr
Feb
Mal
Feb
Feb
Friday
Bases
Last Week's Rasps for
Bale
of Price*.
Week.
Stocks (Concluded) Par. Price. Low, High. Shares.
[VoL. 126.
Range used Jas. 1.
Lou.
High.
Cleveland Trust
100 384
384 388
Max
Jan 400
48 359
Cleve Un Eitkyds, com ____
2734 27
58 27
Apr 2734 Apr
2734
CleveWorstedMillacom 100
2335
23
340 2135 Feb 30
Mar
Dow Chemical,com
• 1135
15235 185
102 12235 Jan 185
Apr
Elec Cont ,k Mfg,com _ _ _• 61
5835 81
200 5434 Jan 81
Apr
Falls Rubber,com
• 1034
1035 12
835
435 Feb 12
Apr
Preferred
25
15
1835
Apr 1834 Apr
800 15
Fed Knitting Mills.com_ _• 39
3335 3935
1,128 32
Jan 39% Apr
FirestoneTirokR7%Pf -100
820 10835 Feb 11134 Jan
109 10935
Foote Burt A
35
33
35
Feb 35
Apr
55 25
Gen Tire & Rub,corn __25
188 180
Mar 190
Jan
74 185
Preferred
100 100
100 100
Mar
425 100
Apr 103
Glidden, corn
•
2435 2535
310 2135 Feb 2534 Apr
Grasselli Chemical, cm 100 142
139 142
Apr
24 12954 Feb 142
Preferred
100 109
109 10935
Apr
119 10535 Feb 111
Great Lakes Towing,cm100 9034 9035
Apr
12 88
Feb 90
9035
Guardian Trust
100
480
Mar
Jan 485
113 390
Hanna, MA let pfd _100
6335
Jan
50 8334 Mar 75
Harris-Seybold-Pottercom• 11334
18
1835
285 15
Jan
Apr 24
India Tire & Rub,com -__• 27
27
36
Apr
4,925 18
Feb 45
Industrial Rayon "A"_
•
_
22
Apr
25 18
Mar 25
InterlakeSterunship,com _• 128
128 128
Apr
62 123
Feb 128
Jaeger Machine,com __ -_• 32
3134 32
815 2835 Jan 32
Apr
Jordan Motor, pfd
100
2735
45 20
Mar
Jan 50
Kaynee,com
• 38
3874 40
3,410 3135 Mar 40
Apr
m 11152
Ar.• 111
V.I.
Kelley IslandL&T,com____
52
53 •
112 4935 Apr 6534 Jan
LakeErieBolt&Nut.com_.• 21
19
21
1,828 17
Apr
Jan 21
Lemur,corn
3134 2954 31
2,104 27
Apr
Philadelphia Stock Exchange.
Mar 35
-Record of transactions McKee & Co"A"
• 44
4335 45
664 4335 Apr 45
Apr
at Philadelphia Stock Exchange, April 21 to April 27, both Met Pay Brick,com
•
42
44
548 3134 Jan 44
Apr
Miller Rubber, pfd
_ _100
84
85
inclusive, compiled from official sales lists:
255 84
Apr 98
Jan
Mohawk Rubber,corn -_• 130
125 140
3,782 2935 Jan 140
Apr
Preferred
100
8934
88
181 55
Jan 8935 Apr
Friday
bales
Myers Pump
• 43
31334 4335 15,775 33
Feb 4334 Apr
Last Week's Range for
Range Since Jan. 1.
National Acme,corn_
AO
1534 18
126
735 Jan
1835 Apr
Sale
of Prices.
Week.
Nat Refining,com
25 3535 3534 3534
Stocks50 35
Par. Price. Low. High. Shares.
Apr 39
Jan
Low.
High.
Nat Tile, com
• 3335 3335 3334
490 33
Feb 3535 Jan
1900 Washer,com
•
_- 2934
Almar Stores
120 2834 Jan 3034 Feb
•
1,290 1434 Jan 20
1534 1535
Feb North Ohio P & 1.8%pf 100 100
99 100
Alliance Insurance
180 93
Jan 100
10 85
Feb
82
3,000 74
Feb 8834 Apr Ohio Bell Tlephone, pf 100
8634
114
11374 11435
207 11034 Jan 11454 Apr
American Stores
• 13935 89
6934 2,343 64
Jan 7434 Feb Ohio Brass "B"
• 97
97
9735
Bellefonte Central
391 9034 Jan 10035 Mar
24
24
50
44 17
Jan 24
Jan
Preferred
100
108
Bell Tel Co of Pa pref _100 111335 118 11634
30 108
Mar 108
Feb
377 11534 Jan 118
Mar Ohio Seamless Tube pf_100 100
100 100
Hornet Inc
10 99
Apr
Feb 100
10
410 10
Apr 14
1034
Feb Otis Steel com
• 1834 1735 1834
170 1134 Jan
Budd (E C Mill Co
1835 Apr
,
2534 2534
100 2535 Apr 33
)
Jan Packer Corp
*
• 36
3535 3635
Cambria Iron
710 3254 Feb 3634 Apr
43
50 43
339 42
4334
Mar 4335 Mar Paragon Refining corn_ _25
1435
1235 1235 4,893
Camden Fire Ins
935 Jan 1435 Apr
5 54
5931 5931
Mar 61
Apr
Preferred
100
122 132
Consol Traction of N .1.100
180 10635 Feb 132
Apr
334
235 335 8,730
135 Feb
14
Jan Peerless Motor com _ _ _ _50 25
23
25
Cramp Ship & Eng _ _ _100 7735 7735 85
700 17
Feb 27
.
12,700 6434 Feb 85
API'
Apr Richman Bros corn
28934 273
Fire Association
360 258
Jan
10 3534
Feb 290
3534 3535 2,000 2735 Jan 3834 Apr River Raisin Paper com_• 273
• 12
12
12
Giant Portland Cement pfd
300
Apr
834 Jan
3935
39
95 35
12
Feb 41% Feb Scher Hirst
•
2735
Horn & Hard't(NY)corn •
200 26
Feb 2735 Apr
58
59 8
5
997 52
Feb 84
Mar Selby Shoe w 1
* 42
41
47
11,817 41
Preferred
Apr 47
Apr
107 107
100
5 107' Apr 110
Mar Seiberling Rubber com • 45
42
4735 8,497 3335 Feb 4734 Apr
Insuranoe Co of N A_ __AO 10034 9734 103
9,250 8435 Feb 103
Apr
Preferred
100
105
170 103
Keystone Telephone. _50
335 354
112
Feb 10534 Jan
3
Jan
7
Jan Sherwin-Williams com _ _ 25 13935
68
8935
Lake Superior Corp._ _ _100
345 8534 Feb 8934 Apr
9
3
874 934 21,200
Jan
934 Apr
Preferred
100 108
108 10834
Lehigh Coal de Nay
134 107
11834 12435 /3,400 10535 Jan 125% Jan Smallwood
50 124
Feb 10934 Mar
Stone corn_.• 3135 3134 3134
Lehigh Valley RR corn_ _50
25 2935 Jan 32
Feb
105 108
250 9534 Mar 108
Apr Stand Textile Prod com100 14
14
14
Llt Brothers
208 13
Mar
2435 2435
10
Jan
200 2235 Jan 2634 Apr
18
B preferred
100
33
34
Manufacturers Cas Ins_ _ _ _
70 3035 Jan 3434 Feb
4935 4934 50%
1,550 2735 Jan 50% Apr Stearns Motor
com
•
835
8
7
Mark (Louis) Shoes Inc_ •
1,180
9
Mar
3
935
Apr
8
505
9
Mar 2235 Jan Steel & Tubes
25 85
8135 85
Minehill & fichuyi Hav_ _ 50
380 53
5834 5835
6 57
Jan 9135 Apr
Feb 58% Apr
Rights
5
5
North Eastern Pow Co_ _ _
531
.
28
2735 2835 2,200 2034 Mar 2974 Apr TellingApr
3
8
Apr
Belle Vernon cons.* 5135 50
North Ohio Pow Co
5135 2,220 45
2835 27
•
2,000 18
Feb 5435 Apr
Jan 2734 Apr Thompson Prod corn_ _
_100 35
3435 3535
Penn Cent L&P cum pf __* 81
1,288 23
82
81
380 7934 Jan 82
Feb 38
Apr
Mar Trumbull Steel corn
• 11
11
11
Pennsylvania RR
219 1034- Apr 13
8835 72
50
Feb
25,100 83
Feb 72
Apr
Preferred
100 98
.
9734 98
Pennsylvania Salt Mfg. 50 98
---51 8935 J
NA 9935
895 92
10834 Feb
Jan 10935 Jan Union Metal Manfg cora,.•
413
Pirtle Dairy Prod pref
48
48
180 45
9235 9435
Mar 48
345 90
Jan
Mar 9435 Apr Union Mortgage
com_ _100
Phila Electric cf Pa
35
35
25
35 Feb
25 81335 85% 8835
291 5535 Jan 88
7
Jan
Apr Union Trust
300 301
Plain Elec Pow recta_ _ _35 2834 2835 2835
75 285
Jan 301
700 22
Jan 27
API
Apr White Motor Secur pref100
10335 10335
100
Phila Insulated Wire
60 10334 Jan 105 ' mar
• 63
61
64
410 131
Mar 85
Jan Wood Chem
2854
21334 2734
Phila Rapid Transit_ _ _ .50 8034 80
152 25
Mar 2735 Apr
8035
440 55
Jan 81
Apr
7% preferred
59 5035 5035 5034
1,420 50
Jan 5234 Mar
BondsPhila & Read C & I Co cts
30
100 30
30
Mar 30
Mar nlavalami ThIlliasyy an 1021
111414[ 10f1 L4 21 non inn., 1.,,,,.. Inl
1,11
Philadelphia Trdction_ _ _ 50 80
180 58
80
8035
Mar 63
Feb
Phila & Western Ry__50 11
1035 11
* No par value.
190 1034 Mar 15
Feb
Reliance Ins Co
32
32
3335
775 2835 Mar 3734 Jan
Shreve El Dorado Pipe L 25 2374 2335 2434
1,825 18
Mar 25
Apr
St. Louis Stock Exchange.
-Record of transactions
Stanley Co of America__ _• 4234 4235 4335 7,940 4074 Apr 5434 Mar
Tono-Belmont Devel. _1
Pit
no 1,000
Jan
1
Jan at St. Louis Stock Exchange, April 21 to April 27, both
2
Tonopah Mitring
4
435 4,100
4
1
134 Jan
47
8 Jan
Union Traction
720 3735 Jan 4074 Feb inclusive, compiled from official sales lists:
50 3934 3834 3934
United Gas Impt
12834 13434 47.900 11134 Jan 13534 Apr
50 134
Friday
United Lt & Pr "A" com..•
Sales
2334 2435 2,300 1534 Feb 2834 Apr
Last Week's Range for
U S Dairy Prod class A_ •
57
5734
200 3835 Jan 5735 Apr
Range Since Jan. 1.
Sale
of Prices.
Common class B
Week.
1435 15
• 15
20 14
Jan
18
Jan
StocksPar. Price. Low. High. Shares.
lst preferred
40 87
9234 9234
Jan 9534 Feb
Low,
High.
Victor Talking Mach com •
8134 8834 2,300 53 . Jan 8874 Mar
Banks
8% cumul pref
17834 176%
•
100 10935 Jan 178% Apr
Boatmen's Bank
100
170 170
7% cumul
108 108
25 188
100 102% Jan 10935 Mar First
Mar 170
AM
National
325 325
Victory In Co
pref• 31
31
3134
3 320
225 2735 Feb 34
Jan Merchants-La Bank _ .100
Apr 345
Feb
300 300
Warwick Iron & Steel_ _ 10
2 300
200
135 Apr Nat'l Bank clede Nat 100
% Jan
%
%
Apr 300
Apr
of Corn __ _ _100 17135 184 172
West Jersey & Sea Bh RR50 3634
475 157
36
3834
297 35
Feb 3934 Jan
Apr 172
Apr
Trust Co. Stocks
RightsAmerican Trust
100
200 200
Flre Association
835 10
13,058
835 Apr 10
854
10 200
Apr Mercantile Trust
Apr 200
Apr
100
545 545
Pennsylvania RR
134
5 540
234 42,000
134 Apr
235 Mar
Apr 570
Jan
Street Ry. Stocks
BondsSt. L Pub Serv, corn
•
25
25
Adv Bag & Paper 834s 1982 100
100 100 $18,200 9934 Apr 10034 Feb
99 20
Jan 2734 Apr
Preferred
•
80
81
Elec de Peoptee tr still 48'45
8235 29,200 59
59
138 7834 Apr 83
Apr 03
Feb
Feb
Keystone Telep it 5s..1935 97
97
97
2,000 9835 Jan 97
Jan
Miscellaneous Stocks
50
40
Lake Sup Corp 5a____1929 50
5,000 15
Jan 50
Apr Aloe, com
20 3434 3435 3435
350 3335 Mar 3.534 Jan
24,500 14
25
16
Stamped
Jan 25
Apr
Preferred
100
104 104
10035 10035 20,000 9834 Jan 101% Max
10 10234 Apr 104
Phila Co 5a
1967
Apr
Brown Shoe,
100 118
11735 118
10835 10834 82.700 108
80 11735 Apr 12034 Jan
Phi's Elec (Pa) let 58.1988
Jan 10934 Apr Burkort, tompfd
•
15
1854
348 1235 Mar 1754 Jan
1,000 108
1st lien & ref 535s_ _ 1947
Jan 10735 Max
10734 10735
Preferred
• 2334 2335 2435
10835 10635
180 19
1,000 108
Mar 10735 Jan
let lien & ref 53414-1953
Mar 2431 Apr
Coca-Cola Bot Sec_ _11.00
32
34
385 21
Mills Elec Pow Co 535s '72 1013
7,000 105% Jan 10635 Feb
108 106
Mar 36
Apr
Champion Shoe M pfd A00
101 101
50 100
10035 100% 9,000 10034 Apr 100% Apr
Phila New & N Y 58_1942
Max
Feb 107
Eisenstadt Mfg, pfd ...100
100 100
1,000 9535 Apr 98% Apr
10 9934 Apr 100
Phlla & Read C & 158_1933
953 9535
Apr
E L Bruce,corn
•
49
4935
285 45
1,000 8435 Jan 80
77
Unit Rys & El (Bait) 4s'49
Feb
Jan 50
77
Apr
Preferred
100
100 100
180 98
101% 20,000 10035 Mar 101% Apr
101
York Rys 1st 5s
1937
Jan 10034 Max
Ely&WalkerDGds,com _25
3035 3035
100 30
Mar 33
Jan
2nd preferred
100
• No par value.
9034 9034
11 90
Mar 94
Jan
Elder, corn
• 3435 33
35
530 2334 Jan 35
API
-Record of transactions at Elder,"A"
Cleveland Stock Exchange.
100 8035 7734 8034
98 72
Jan 8034 Apt
Fred Medan Mfg,corn_ _ _ • 32
335 29
Cleveland Stock Exchange, April 21 to April 27, both in- Fulton Iron Wks,com _ • 1554 32 3235
Jan 37
Apr
1434 18
980 1134 Jan
16
Apr
Preferred
clusive, compiled from official sales lists:
ioo
77
7935
75 59
Jan 7935 Arm
Hamilton-Brown Shoe _ _25 24
24
2434
80 20
Jan 30
Jar
Hussman Refr, corn
(Sales
Friday
• 3935 3935 3934
30 34
Jan 41
Mar
Range Since Jan. 1.
Huttig S & D pfd
Last Week's Rang e for
100
95
95
10 95
Apr 9735 Feb
Hydraulic P Brick,com _100
Week.
Sale
of Prices.
4
335
4
450
335 Apr
5
Feb
Low.
Preferred
High.
Stocks
Par. Price. Low, High Shares.
100
75
75
10 7434 Apr 80
Fet
Independent Pkg,corn _ _ _• 1834 18
18%
700 1834 Jan 20
Feb
Apr International Shoe,com• 8235 80
Am Multtgraph,com_ _ _•
880 26% Jan 30
30
29
85
4,212 132
Jan 87
Api
Apr 109
Preferred
Apr
30 109
Am Ship Bldg, pfd
109
ilia
100
III 11134
10 10935 Jan 113
Mar
Apr 29
1,325 17
Jan Johansen Shoe
Akron Rub sec
2435
•
18
2434
35
35
30 34
Apr 3834 API
Feb Johnson S & 13 Shoe
Allen Industries
200 13)5 Mar 37
•
1435
4835 4835
50 48
Apr 5535 Jar
37% Jan Laclede-ChristyCIPr,pf 100
BessemerLim&Cem,com .•
100 3534 Mar
37
100 100
100 100
Apt
Apr 100
234 Apr Lamdis Mach,corn
100
1
Bond Stores"A"
Jan
235
25 43
235 235
20
43
4334
250 43
Apr
Apl
46
134 Apr Mo-Ills Stores corn
35 Jan
Bond Stores,"B"
700
• 2135 2134 22
1%
•
1
135
370 17
Jan 23
API
Apr 49
Jan Mo Portland Cement___25
Buckeye Incubator,com_ •
33 27
2734
43
4335
275 38
Mar 45
Mar
Apr 7035 Feb
80% paid
Bulkley Building, pfd..100
21 68
88
___
25
43
44
135 38
Mar
Feb 45
Apr 40
Jan Moloney Elec pref
Dyers Machine"A"
285 34
100
-3435 36
• 36
97
97
10 97
Jar
Apr 101
Central Alloy Steel. pfd 100 11034 11034 11074
Mar Nat Candy com
37 10934 Jan 112
25 21
21
21
511 1834 Feb 2334 Jar
City Ice & Fuel. corn
1st pref
• 4535 4435 4534 1,405 3835 Feb 4534 Apr
100
119 119
20 11534 Mar 120
Fel
Cleveland-Cilffslron,com _• 115
Jan 120
2d preferred
Mar
50 104
115 115
100
103 10335
7 103
Fel
Apr 105
Cleveland Electlllimpfdlo0
33 11234 Jan 114% Apr Pedigo-Weber Shoe
114 11434
• 35
35
3
190 35
834
Apr
Mar 39
Cleveland Ry,corn _ ..100 10535 10534 106
514 105% Apr 109
Mar Planters Realty pref._ _100 9335 9334 9335
2 93
Jan 9335 Apr
Cleveland Stone. corn.--.* 7734 77
-Feb 79
-220 70
o ar wave
Mar
7735
410
Mar 3831
32
P
Saks
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par: Prize. Low. High. Shares.
Rice-Stox Dry Goods corn • 23
100
let pref
100 102
2d pref
Scruggs
-V-13D G corn_ _25
• 37
Scullin Steel pref
•
Securities Inv corn
•
Sheffield Steel corn
• 40
Skouras Bros "A"
Sou Acid &Sulphur con)... 45
Southw'n Bell Tel pref_100 118%
100
St Louis Screw Co
10 30
St Louis Car corn
100
Preferred
• 31
Stlx Baer & Fuller
Wagner Electric corn__ _• 78
100 104%
Preferred
2627
FINANCIAL CHRONICLE
Amt. 28 1928.]
2234 2335 1,335
24
114 117
25
102 10234
421
1634
16
841
35% 37
55
32
32
80
10
80
39% 40
675
45
47
65
49
1183‘ 11834
20% 20%
150
25
31
201
81
102 102
31
3134
200
6935 7934 10,352
521
10134 10415
Range Since Jan. 1.
Low.
20
109%
100
16
31
30
33
37
43
11734
17
16
1003‘
27
37
9634
Mar
Mar
Mar
Apr
Jan
Apr
Jan
Apr
Apr
Jan
Jan
Jan
Mar
Mar
Feb
Jan
High.
23%
117
104
20
39%
32
80
41
47%
121
20%
31
102
33
79)4
104%
Mar
Apr
Jan
Jan
Apr
Apr
Apr
Feb
Jan
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Friday
Saks
Last Week's Range for
of Prices.
Week.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Mining StocksConsol Lead dr Zino "A" •
Street Ry. Bonds
East St LA Sub Co 58_1932
City & Sub Pub Serv 58 '34
United Railways 4s_ _1934
11% 12
92%
Miscellaneous Bonds
Nat Bearing Metals 6s 1947
1935
Houston Oil 634s
1941
Scullin 68
1935
St Louis Car 68
58
9435 94% $4.000
92% 9234 8,000
8435 9,000
84
102
10334
99%
101
102
10334
10034
101
Range Since Jan. 1.
High.
Low.
11
Mar
94
Feb
913( Feb
84
Apr
15
Jan
9435 Apr
93
Mar
85% Jan
4,000 9934 Jan 102
Apr
1,000 10335 Feb 103% Apr
5,000 9834 Jan 100% Apr
100 10034 Jan 101
Apr
• No par value.
New York Curb Market-Weekly and Yearly Record
In the following extensive list we furnish a complete record of the transactions on the New York Curb Market for the
week beginning on Saturday last (Apr. 21) and ending the present Friday (Apr. 27). It is compiled entirely from the daily
reports of the Curb Market itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered:
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended Apr. 27.
Range since Jan. I.
Stocks-
Low.
Indus. & Miscellaneous.
Acetol Products. Ins. A_ • 2735
2734 29
Acme Steel,Corn
i5
91
91
Aeolian Weber Plano &
Piano% corn
100
28
28
•
Aero Supply Mfg ol A_
1934 20
•
Claes B
14% 1435
Ala Gt Southern RR ord 50 182
172 182
Preference
50
174 185
Allen & Fisher Inc corn. .• 28
27
28
Allison Drug Store ol
1934
1934 193(
Alpha Portl Cement corn.* 4035 393‘ 4034
Aluminum CO. COM
• 146
141 14935
Preferred
100 10934 10934 10934
American Arch Co
100
56
57
Amer Bakeries. class A. •
54% 55%
Am Brown BOVerl El Corp.
Founders' shares
6
6%
Amer Cigar,corn
100 156
150 15934
Amer Colony pe corn
•
253( 26
Am Cyanamid corn el A.20
44
44
Common class B
20 5034 45
50%
Preferred
100
100 10034
Amer Dept Store. Corp.* 1934
193( 20
American Hawaiian SS._ ii
2
20
2034
034
Amer Mfg oom
100 5435 52
60
Preferred
100 73
73
73
Amer Rayon Produets... _• 1334
13 014
Amer Rolling M111, com_25 104
99% 10534
Am Solvents& Chem, t e• 2334
•
19
24%
Cony partici preferred.
.• 3534 32% 3534
American Thread pref. _5
3% 334
Amsterdam Trading Co
American shares
Anglo-Chile Nitrate Corp_• 3134 2934 313.4
Apco Nyllberg Co A.. _25
3% 334
Armstrong Cork, new corns 6234 60% 62%
Arnold Print Wise warr
5
5
6
Arundel Corp
• 4734 47% 4734
Atlantic Fruit & Sugar...* 80c
76c 80c
Atlas Plywood
• 80
7734 83
Auburn Automobile. oom • 134
128 134
Axton-Fisher Tob corn A 10 4934
49)4 4934
Babcock & Wilcox Co__100 11934 119 1193.4
Bahia Corp. Oom
• 12
10% 12
Preferred
25 16
1034 16
Bancitaly Corporation_25 20735 0190 210
Barker Bros Corp corn ....• 3934
3931 39%
Cony 634% Pref
103% 10334
100
Bastian-Blessing Co
•
35% 39
Baxter Laundries corn A.25
26
33
Belding-Hall Electrice. cm* 50e
8.0c 50e
Bend:Corp con)clam A 10 7935
7234 8035
Benson & Hedges corn__.' 2034 20% 21%
Cum cony preference- •
2734 273(
Bliss(E W)& Co corn _
19
24
2334
Blumenthal (113) & Co com.•
30
30
Blyn Shoes. Inc. corn. _10
4
4
Bohack (H C) com____100 310
290 310
Bohn Aluminum &
7534 6834 76%
Borg & Beek
• 9134 85
91%
Boston & Albany RR _100
195 195
Bridgeport Mach, com. *
2% 2%
•
Brill Corp. clam A
28
30
Class IA
• 15
14
15%
Milo Mfg.corn
25
•
25.4
Brit Amer Tob ord warr, el
28
28
Brit
-Am Tob Am dep recta_
2835 28% 28%
British Celanese
Amer deposit receipts_ _ 31
22% 33
Brockway Mot Trk. corn.• 55
533.4 55
Preferred
100
11034 114
Budd (E 0) Mfg cam
24
2434
Bullard Mach Tool
•
59
6034
Butler Bros
20
2035 20%
Burns Clark, Inc, corn _• 15% 1534 16
Camp. Wyant & Cannon
Foundry
• 4834
4334 49)1
Canadian Indus Alcohol_ _•
45
48
Carnation Milk Prod com25 46
433( 4834
Carenui Ltd
Amer deposit recta CIA.. 95
95
96
Casein Co.of America..100
195 204
t
Case Plow Wks. ol B• 13_•
434
3% 4%
Caterpillar Tractor
• 71
68
71
• 3454 3434 35%
Cavan-Dobbs. Inc. corn..
634% pt. with com.
100
pur. Warr
107% 108%
Celanese Corp of Am.oom• 9035 83
91%
First preferred
100 163
1623( 165%
105 107%
New preferred
* 1231
Celluloid Co. corn
105 10635
•
First preferred
126
126
64
Gelder Co,common
64
•
100
85% 86%
7% preferred
10% 1031
Centrifugal Pipe Corp...• 10%
26% 29%
Checker Cab Mfg com___• 29
5% 534
Chic Nipple Mfg el A_ 50
Chickasha Cot 011 Co.._10 6034 4935 51
112 115%
100
Childs Co pref
57% 61
Cltiee Service.common_20 61
100 10231 9934 102%
Preferred
10
934 934
Preferred B
935
95
95
100
Preferred BB
30
28% 30
Bankers shares
4434 45
City lee & Fuel (Cloys)._• 45
2,400
200
100
1,000
300
1.500
50
400
1,100
700
1.700
1.200
400
200
300
500
300
100
13.000
950
1,900
1,700
350
so
4,000
3,200
20,800
7,300
300
4,300
100
350
300
100
5,100
7,400
5,100
1,000
200
10,100
1,700
99,200
1,200
200
200
5,800
400
2,000
2,500
800
9,400
100
200
50
18,100
400
40
100
300
500
700
800
1,300
91.600
13.900
500
700
300
100
900
13,900
500
2.80
20
4
3,000
1.100
700
300
6,900
600
1,300
400
100
200
400
2,600
6,600
600
900
100
6,200
5,000
1,300
200
400
600
High.
Friday
Sake
Lass Week's Range for
Sale
of Prices.
Wee*.
Stocks (Continued) Pal. Price. Low. High. Shares.
Clark Lighter cony A '3655
2734 Apr 3135 Feb Club Aluminum Utensil. _• 37%
• 3454
-Marx Co
Jan 9634 Apr Cohn-Hall
83
Colombian Syndicate
135
Apr Columbia Graphoph Ltd
Apr 28
28
Am dep rcts for ord elk_ 72%
Jan 2034 Apr
14
834 Jan 16% Apr Cons )r Dairy Products_ _ _• 3135
Apr Consol Film Indus. corn..' 16
162
Jan 182
• 23%
Apr
82cum partio pref
152
Jan 185
• 18%
Apr 34
Jan Consol Laundries
27
15
Mar 21% Jan Cons Ret Stores Inc,corn.' 29%
37% Mar 4434 Max Consolidation Coal com_ •
120
Jan 150% Apr Copeland Products Inc
1535
Class A with
105)4 Jan 10934 Apr Courtaulds. Ltdwarrants.* 44
£1
52
Jan
Mar 70
Jan Crane Co corn
49
Jan 58
Crow. Milner & Co. corn.'
• 24
434 Feb
934 Jan Crown Will'te Pap • t c.
100 47
132
Mar 162% Apr Cuneo Press corn
634% pref with warr_100
23% Feb 26% Apr
Apr Curtiss Aeropl Ext Corp.*. 3334
50
3934 Jan
3834 Mar 5054 Apr Curtis Publishing corn_ •
7% cum preferred
Apr
• 118%
9535 Jan 101
• 37
1334 Jan 2034 Apr Davega.Inc
1534 Jan 23% Apr Davenport Hosiery Co_ _ • 11%
Debenhams Securities Ltd
Apr 80% Jan
52
Amer shares rep ord stk.
Jan
73
Apr 80
13
Mar 17% Jan Deere & Co,common_ _100 361%
335
•
De Forest Radio, t
Jan 114
Jan
95
Vot tr ctf ctf of dep- •
1134 Jan 24% Apr
10
2515 Mar 36% Apr Detroit Creamery
314 Jan Dictograph Prod Corp_
2 1.• Jan
,
Distillers Co Ltd
Amer deposit recta
18%
37
Apr 4334 Jan
.100 188
26% Feb 3135 Apr Dixon (Joe) Crucible..
• 32
334 Apr
634 Jan Doehler Die-Casting
•
60
Apr 64)4 Apr Dominion Bridge
Apr
5
6
Apr Dominion Stores. Ltd_ _ ..• 12834
43'
4734 Apr 4834 Mar Dubiller Condenser Corp.'
720
1
Jan Dunlop Rubber
Jan
Amer dep recta
8
Apr
x6334 Jan 83
•
234
115
Fe
143
Mar Dupont Motors
_•
49% Mar 51% Apr Durant Motors. Ina_
934
11734 Mar 124% Jan Durham Dup Has pr prof
with el B corn stk pr wr_.
6
Feb
12
Apr
te
•
9% Feb
Jan Dui Co cl
14
136
Jan 210
Apr Educational Pictures Inc
3934 Apr 4135 Mar
Pf with cm pur war_ _100
10234 Mar 104
Eitingon Schild Co,corn_ _• 363(
Apr
28
634% cony 1st pref _ _100 104%
Mar 39
Apr
23
Apr Evans Auto Loading el A.5 81
Apr 33
81%
450 Feb 60c
Class B common
Apr
5334 Jan 8435 Apr Fageol Motors Co mm..10
474
1934 Feb 24
100
Mar Fajardo Sugar
•
27% Apr
Fandango Corp
9%
3135 Jan
16% Mar 24
Apr Fan Farmer Candy Shope •
26% Mar 37
Mar Fansteel Products inc.....•
354 Mar
434 Jan Fashion Park. Inc, corn.. •
230
Jan 315
Apr Fedders Mfg Inc class A.
.• 2931
3334 Jan 8234 Apr Federated Metals st tr ctf•
6834 Jan 9134 Apr Fire Assoc of Phila
10 78
181
Mar 195
Firemen's Fund Ins_ _100
Apr
2
534 Mar Firestone T & R corn_ __10 182
Oct
2734 Apr 343( Jan
7% preferred
100
11% Mar 16% Jan
100
6% Preferred
14
Jan 31% Mar Florshelm Shoe Co corn A • 56
25% Jan 28
Mar
6% Preferred
100
28% Apr 2854 Apr Foote Bros Gear& Mach cm
Ford Motor Co of Can.100 565
• 28
2234 Apr 3334 Apr Forhan Co class A
43
Jan 55
Apr Foundation Co
10534 Mar 114
Foreign shares class A _ • 1734
Apr
24
Apr 34
Jan Fox Theatres class A com • 23%
43
Jan 6134 Mar Franklin(H H) Mfg. prei• 87
20% Apr 24
Jan Freed-Eiseman Radio_ __•
1534 Feb 20% Mar French Line_ _600 franca
Amer shs rep coca B elk.. 6934
89
Jan 4934 Apr
Freshman (Chas) Co
835
•
3
6% Feb 6034 Apr Pirko° Sylphon Co
•
30
Jan 4834 Apr Galesburg Coulter Disc--• 63
Gamewell Co common._.• 73%
95
Apr 101
75c
Apr Garod Corp
156
Jan 226
Mar General Amer Investors...* 59
334 Mar 17
8%
Feb General Baking new
53
Jan 7714 Apr
• 8034
Preferred
313( Apr 37% Apr Gen'l Bronze Corp com
• 4734
General Cable warrants... -----102
Apr 109
Apr General Fireprooflug corn.' 106
7034 Mar 10034 Jan General Ice Cream Corp_ _• 68
160% Apr 185% Jan Gen'l Laundry Mach corn • 23
105
Apr 112
Feb General Silk let pref___100
100
Jan 122
Ullbert (A C) CO. com
Feb
• 1734
125
• 47
Feb 132
Feb
Preference
49
934
Feb 6935 Apr CU Spring & Bumper oorn•
80
160
Feb 8734 Jan Glen Alden Coal
108
10% Mar 1234 Jan Gobel (Adolf) Inc corn__
20% Mar 31
Mar Gold Seal Electrical co• 10
•
434 mar
6
Jan Gossard (H M) Co
49% Apr 51
Apr Grand 5-10-250 Store new
• (04
112
Apr 124)4 Feb Grant(W T)Co of Del com• 113%
Jan 61
54
Apr Gt Atl & Pac Tea 1st Pf 100 119
94% Jan 102% Apr Grigsby Grunow Co
• 78%
8% Jan
934 Mar Habirshaw Cable & Wire.•
88% Jan 95
Mar Hall(CM)Lamp Co-- • 17%
2554 Apr 30
Apr Hall(W F)Printing-, -10
83'
3
635 Jan 45
Mar Happiness Candy St el A.'
33
37
21,400
37
37% 3.600
34
1.100
35%
Ful 135 5,900
Range Mace Jas. 1.
Low.
High.
3234 Feb
3434 Feb
2334 Jan
1% Mar
37
3834
3514
11611,
Apr
Jan
Mar
Jan
74% 198,100 3434 Jan
Jan
3234 3.300 21
1,200 153( Apr
16
2435
2,700 2234 Feb
3,200 .14% Jan
18%
29% 3.300 283( Apr
75 2734 Jan
29%
74%
34
19%
25
20
3014
31
Apr
Apr
Feb
Apr
Apr
Apr
Jan
15
15%
42
44
45
45
5134 5151
,
2334 24
47
48
101 101%
3135 3335
1803' 18034
11834 118%
34
37
1134 11%
17
734 Jan
1.800
Feb 46
300 36
Mar 45
100 27
500 3434 Jan 6434
Feb 2734
300 16
Feb 4935
600 40
200 10034 Mar 102%
Mar 34%
4,000 31
50 176% Feb 189
Apr 11935
100 117
1,100 30
Mar 51
200 10
Mar 1834
Apr
Mar
Apr
Mar
Mar
Jan
Feb
Apr
Jan
Feb
Jan
Jan
463( 483(
340 3615(
234 3%
2% 2%
3834 38%
435 434
2,500 463( Apr 5234 Apr
1,725 32034 Jan 375% Apr
5
4.800
1% Jan
Jan
300
1
Jan
4
Jan
Mar 3834 Mar
400 34
434 Apr
200
434 Apr
61%
313.4
1534
233‘
1731
2831
29%
17% 1834
400 1734 Apr
18%
184 190
90 17334 Jan 196
32
3334 11,900 15% Feb 34'5
86
86
25 68% Feb 86%
124 12834
1,100 10434 Jan 130
33( 43( 10,900
234 Mar
5%
Apr
Apr
Arc
Apr
Ayr
Apr
73.4 8
234
234
93( 1034
300
1.300
4,700
734 Apr
50e
Jan
934 Mar
8
Apr
Apr
4
1234 Jan
53
53%
454 5%
500
300
49
Jan
414 Apr
59
Feb
534 Jan
20
900
2.900
1,000
3,200
3,100
10
1,500
300
2,100
200
700
100
700
300
450
150
90
1.600
100
200
23
200
93
Mar
35
Jan
10454 Apr
55% Jan
5334 Feb
134 Jan
15034 Feb
Apr
9
3
054 Jan
12
Feb
37
Feb
27% Feb
14
Mar
65
Feb
1143( Feb
166
Mar
Feb
108
107
Jan
Apr
56
Apr
102
19
Jan
Jan
510
Jan
23
2,900
16% 18
2235 24 187,800
2
86
86
100
2% 234
Jan
10
1734 Mar
863( Apr
1% Feb
93
36%
10434
79
7934
454
156
9
41
1435
40
2934
16%
78
122%
182
109%
93
36%
10535
8134
8134
4%
156
9%
41
15
40
29%
1634
84
12334
187
110
56
102
26
552
28
57
102
2634
579
28
200
6934 6934
8% 934 14,200
200
32
32
500
61% 64
7134 73% , 400
2,000
76e
61e
90
.59
6034
8
8% 53,700
7.400
7734 8034
43% 4834 2,500
200
12
12
600
10234 106
1,700
6635 68
22% 2334 2,700
2
50
50
900
1634 17%
50
50
47
735 1134 7,10
1,10
159% 160
96% 11034 20,900
3,30
834 10
400
56
6234
70% 2,700
65
11335 11434 1,400
390
11834 119
150
7534 78%
23
23
100
16
1835 15,400
253( 25% 1.500
8% 9% 39,700
6931
535
27%
4734
62
450
5634
6%
75%
3514
12
100
68%
20
50
14%
47
1734
15135
65
8
47
46
111
116%
7534
22%
9)4
23%
%
Arc
Feb
Mar
Jan
Feb
AD
Feb
Apr
AD
Jan
AP
Feb
Jan
Jan
Apr
Mar
Mar
Apr
Mar
Jan
Max
Fe
Jan
Apr
Mar
Apr
Feb
Jan
Mar
Feb
97
37%
107
85
8434
6%
16534
10
4435
35
41%
30%
20
84
128%
238
112
112
58%
10334
27
605
29
Mar
Mar
Mar
Apr
Apr
Mat
Apr
Apr
Jan
Jan
Jan
Meg
Jan
Apr
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Mar
Jan
1955 Apr
Apr
24
Mar
89
234 Apr
713.4
10%
44%
67
74
1%
68%
9
84
4814
15
109
70
25
50
1734
50
1234
169
110%
17
62%
7034
125
120
78%
02435
1834
30
9%
ItUir
Jan
Fob
Mar
Apr
Apr
Jan
Apr
Feb
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Mar
Mar
Jan
Apr
Jan
Apr
Apr
Jan
Apr
Apr
Mar
Apr
Jan
Apr
'2628
FTNA NCI A L CHRONTCLE
rrtaay
&WS
Last Peek's Range for
Sale
Vest.
of Prices.
Stocks (Conlin,ed) Par. Price. Low. High. Shares.
Hellman (Richard) warts_
14
12% 14
900 124
He,nney Motor corn
124 1351
200 124
Hercules Powder pre4.100 124
120% 124
380 1184
Heyden Chemical Co.. •
11
1155
500
434
Hires(Chae El cl A com .•
24
24
100 214
Holland Furnace Co
• 42% 4055 42%
1,400 40
Hood Rubber
•
200 33
33
3355
Horn & Harden corn
•
400 5255
594 5955
Huylers of Del corn
• 1635
200 15
1635 18
Hygrade Food Prod cous_• 3351 284 3451 35,200 25%
Imperial Chem Ind
9
955
94
9
200
'Imp Tcb of Canada
5
951 10%
835
800
Improb of G B & ire..£1
244
India Tire & Rub
• 29
425 21
29
3655
Industrial Rayon class A.
21
2455
2435 27.100 17%
Insur Co of North Amer_ 10 10055 97% 104
18,200 8354
International Projector_ .°
755
755
100
755
751
International Shoe com_• 82
79
2,000 611
8355
Interstate Dept. Stores
_
434 4155 4454
1,700 37
7% cum ore( with warr_ _ ------ 10851 1114
1,000 10831
Jaeger Mach
314 33
200 29
Johansen Bros Shoe corn.•
38
38
200 37
Joke Broe Co corn v t c. •
100 3755
3755 374
Kalamazoo Stove
13035 13051
100 109%
Kerneley. Minimum & Co• 17%
16
174 13,500
1555
Kinnear Stores Co corn _ _ _• 3134 314 32
300 29
Knott Corporation
4055 4155
500 4051
Kruskal & Kruekal Inc_ •
1755 18
400 134
Lackawanna Securities_ _ _• 5134
51
3.200 504
5135
Lake Superior Corp_ _100
651 94 2,300
851
33'
Land Cord Florida
• 1531
1551 16
800 15%
Landover Holding Corp
Class A stamped
1
24
155
500
,
235' 3%
Lefeourt Realty pref
• 404 384 4034
1,500 3755
Lehigh Coal & Nay
_50 x12355 11654z12335
1,600 1054
Lehigh Vol Coal etfs new.. 3334 30% 3334 5,200 274
Lehigh Val Coal Sales__ _50 .56
5455 64
1,075 ao
LeMur Co corn
•
30
30
100 1435
Leonard Fitzpatrick &
Mueller Stores, cora _ _• 40
40
40
300 37
Libby, McNeil & Libby _10
955
800
o
955 931
Libby Owens Sheet Glass 25 131
11535 137
3.750 109
Margarine Union LtdDep recta for ord stock _
1035 10%
100
855
Marten Steam Shovel._ _-6255 6955
1,700 4555
Marmon Motor Car com_• 53
2.400 384
504 53
Marvel Carburetor
10 9151 75
9131 2,550 62
Maryland Casualty
25
18431 185
75 17551
Ma.zey Harris Corp com..•
43
100 39
43
Mavis Corporation
• 27
2,000 2034
2631 28
Mavis Bottling Coot Am.• 184 174 1931 13.900 15
May Drug Stores Corp...
24
234 24% 1.200 20
May Hosiery Mille $4 pf • 4655 464 4655 • 300 4655
McCord Rod & Mfg v t C.
1851 204 1,200 184
1854
McKeesport Tin Plate_ • 6435 62
7,400 60
6435
Mead Johnson & Co corn.' 6835 67
1,400 5354
6855
•
Meadows Mfg corn
400 144
19
2031
Melville Shoe Co com_
173 175
440 111
. • 175
Mengel Company
i60 11555 98 11555 12,600 49
Mesabi Iron
•
131
200
24 25i
Nletropol Chain Stores...• 60
59
3,700 54
61
Met 5 & 50e Stores el A •
300
835 9
554
Preferred
100 6855 64
800 44
6855
Midland Steel Prod
500 85
• 884 85
8831
Midvale Co
300 39
484 484
•
Minneapoils-lIoneywellRegulation common. •
1.500 30
35
37%
Moore Drop Fort el A_ _ _• 444 44% 4455
300 3554
Motion Pict Cap Corp_ _25 25
2255 2655
550 22
Nat Baking. corn
•
1,200
435
435 655
Preferred
7635 78
100
75 7555
Nat Fireproof corn
50
100
7
7
7
Nat.Food Products el B • 12
11
900
6
1255
National Leather
io 44 4
1,100
455
354
Nat Mfrs & Stores
• 31% 31
700 31
3234
Nat Sugar Atte
100 14331 142 145
175 119
National Tea pref
100
106
106
50 104
Nat Trade Journal Inc__• 31% 3155 3235
500 31
Nebel(Oscar) Co com_ _..• 23
214 23
2,500 18
Nelsner Bros new
80
8455
900 73
Preferred
1204 122
575 1104
100 122
Nelson (Herman) Corp __5
28,
55 31
1,600 28
Neptune Meter el A _ ..•
23
23
100 23
Neve Drug Stores conv-A_• - 4 40
4055 6.600 40
48Common
• 2735
27
28
2,300 28
New Man & Ariz Land_ _ _1
10
10
__
100
835
New On Gt Nor RR_ _.100 4131 3755 414
700 25
Newport Co prior com.100
137 139
300 114
Y Hamburg
55
100
5535
800 55
4
N Y MerchandLse Co_ _ _• 33. . 33
200 33
3.334
494 53
Nichols& Shepard Co ..• 53
2,200 3034
Stock porch warrants _ _
3255 304 354 2,000 1655
-Pond corn • 47
Niles Bement
9.300 28
3955 47
Noma Electric Corp cons • 2131 2155 2131 2,100 2134
11
12
12
North Amer Cement
1,100
a
3555 3755 12,800 29%
.
Northwest Engineering..* 3754
14% 17
Nevadel Process Corpcom's 16
2,800 1155
•
3155 35
600 30
$2 corn perils pref
• 9634 964 9731
125 89
Ohio Brass elass li"
500
734
OvIngton Bros part pref__.
7
734
47
4734
200 47
• 47
Pacific Coast Biscuit pref.
1,000 (1)85%
89
8915
Palmolive Peet Co com___• 89
1.600 38
•
4955
-- 49
Parke Davis & Co
100 49
514 51%
Pander (D) Grocery cl A _•
60 5103
Penney (J C)Co ci A Dial° 10334 10334 1044
9854 9834
25 92
Pennsylvania Salt Mfg. 50 9831
500 444
55
56
•
Peoples Drug Stores
100 100
30 100
100
Pepperell Mfg
11955 11955
75 119
25
Portecton Stove...
45 117
125 127
_
100
Phelps Dodge Corp.
1,800
554 5%
554
44
Philip Morris inc com____•
11
800
10
934
25 ----Class A
Pick (Albert). Barth & Co
400 10
104 104
Common Tot tr ctfs_ _ _.1
Pre/ class A (Panic DU. 204 20% 214 2,700 1951
3,000 1835
2354 28
27%
Pierce Governor Co
2755 28% 5,000 2334
•
Corp com_• 28%
Slimly Wiggly
Neely-Wiggly Western
200 234
2335 25
•
Stores Co class A
300 5635
97 101
Pines Winterfront Cool A 5 101
7,400 144
150% 185
Pitte & L E RR com___ 50 177
10 210
224 224
100 224
Pittsb Plate Glass
200
735
754
734
734
•
Potrero Sugar
1.000 5154
54% 5455 55
Lambert
Pratt &
160 247
270 278
Procter Sr Gamble corn. 20 278
50 102%
105 105
Prudence Co 7% pref._100
500
731
734
734
Pyrene Manufacturing...10
30 109
1264 132
•
Quaker Oats pre'
180 27055
329-- 32435 339
Realty Associates coin_
1
1% 3,600 60c
1
Repetti Inc
14
700
234
255
Republic Motor Trk v t c.•
10 270
270 270
Richman Bros Co
•
1,500 1955
Richmond Radiator, corn.• 2331 204 2435
700 35
3811
36
• 3831
7% pref
300 38
3951 4251
Rolls-Royce of Amer pf 100
25 2224
Royal Bak Powd cons.100
22255 222%
Ruberold Co
100 10831 100 10855 5,360 814
200 135
Safety Car Heat St Ltg.100 - --- 15855 160
Safe-T-Stat Co common..• 2651
18%
2155 26% 24,700
Safeway Stores corn
640 310
495 557
• 557
St Regis Paper Co.
• 8931
7934 8934 8,890 50
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares,
Low.
l'fgh.
-15
Jan
Sanitary Grocery Ine____• 340
275 355
Apr
3,300 215
Jan 320
1431 Mar Schlff Co common
100 26
3155 31%
Jan 314 Apr
Apr
124
7% cony prof
100 125
125 125
Apr
50 11055 Jan 125
1355 Apr Schulte Real Estate Co _ _• 23
23
Jan 294 Mar
26
600 17
Air Schulte-United Sc & SI Sts•
25
Feb
1855 19%
22
500 1855 Mar
4454 Mar
Preferred part paid..100 89
400 88% Apr 100% Feb
884 89
46
Mar Scotten-Dillon Co
10
28
Apr 2955 Feb
28
100 28
Mar Seeman Bros common....* 4435 4455 44%
64
300 33
Jan 4855 Mar
SeiberlIng Robb Co corn..' 45
20% Jan
4431 48
Apr
3,500 33,55 Feb 48
3431 Apr Selfridge Prov Stores Ltd
Ordinary
955 Apr
41
455
454
454 Jan
454 Jan
900
Servel Inc (new co) v t c_•
104 Jan
834 1054 32,300
1055 Apr
951
455 Jan
274 Apr
Preferred v t c
160 3534 335 3634
5
Feb 4255 Apr
900 23
3655 Apr Sharon Steel Hoop
50
21
21
Apr 2555 Jan
100 20
Scheaffer(W A) Pen
Apr
25
_• 58
58
604 3.800 404 Jan 6055 Apr
Apr Sherwin-Wins Co corn _ _25
104
67
67
100 6531 Mar 6755 Mar
8
Feb Silica Gel Corp,com v to.' 2755 2055 29
Apr
Feb 29
15,900 17
Silver (Isaac) & Bros corn.
Apr
87
514 5231
Apr
600 39
Jan 54
Mar Singer Manufacturing _ _100 478
47
475 47935
Jan 47954 Apr
120 428
11431 Her Smith (A 0) Corp com___. 85
8335 85
Jan
150 8355 Apr 103
33
Apr Southern Asbestos Co_
28% 27
28% 1.400 2355 Jan
29% Jan
Apr Sou Grim Sto cony cl A._ • 3555 34
38
3535
400 3134 Mar 3754 Feb
Southern Stores Corp cl
Jan
43
36
37
37
Mar
Jan
1,900 24
40
13035 Mar ipalding(A ())& Bros eons•
1654 170
Apr
• 130 f125
Jan 175
1755 Jae Spang Chalfant & Co Inc.• 3051 2955 304
1,400 2735 Mar 3351 Mar
Span & Gen Corp. Ltd_ _41
354 Mar
54 531 18,70f)
555
24 Feb
655 Apr
Mar Sparks-Witbington Co_ _ _• 89
4434
86
9251 10,700 30
Jan 994 Apr
184 Feb Stand Motor Constr. _.100
2
2
355
Apr
800 60e
4
Jan
55% Jan Stand Sanitary Mfg new..' 3551 35% 3655 7.500 33
Mar 3635 Apr
955 Fer Stand Tank Car corn
•
255 234
200
255 Apr
154 Feb
2555 Feb Stanley Coot Amer
• 4235 4235 4434
660 42
Apr 64
Jan
Stetson (John 13) Co. tom •
115 116
125 1024 Mar 125
Apr
194 Jan Stinnes(Hugo) Corp
•
935 114
1,900
8% Apr 1135 Apr
42
Apr Stromb'g-Carlson Tel l'ilfg• 30
2735 30
300 2435 Mar 35
Jan
126
Stroock (8)& Co
Jan
44
• 44
4491
800 38
Feb 4755 Apr
Stutz Motor Car
Jan
39
• 1854 1535 19
10,300 1455 Mar 19
Apr
6654 Jai. Superheater Co
• 157
155 160
10(1 155
Apr 178
Jan
Mar Swift & Co
344
100 13051 12835 13031
1,100 125
Jan 133
Feb
Swift International
15 28
2755 28% 6.900 2555 Jan 344 Feb
43
Syrac Wash Mach B corn.•
Jan
2251 2355
300 1454 Jan 254 Mar
Thompson Prod Inc el A • 354 35
955 Jan
3.54
700 33
Apr 3754 Apr
Apr Tietz (I.eonhard) warr _ _
137
490 490
5 286
Apr
Jan 490
Timken-Detrolt Axle..
1555 1755 2.900 1155 Feb 2034 Apr
.10 -1734
1034 Apr
Tishman Realty & Constr• 434 4255 43%
2,200 33
Jan
4655 Mar
Tobacco Prod Exports_ •
6954 Apr
334 4
3.200
354 Jan
44% Feb
584 API Todd Shipyards Corp.
•
4255 43%
300 4135 Apr
Jan
51
9155 Apr
Trans
-Lux Pict Screen
Jan
Clam A common
191
•
355 4
4,500
374
335 Mar
Apr
7
4631 Apr Tile° Products Corp corn
' 34
334 3431 7,800 2855 Jan 3455 Apr
2935 AM Trumbull Steel corn
100 1055 Jan
1134 1131
Feb
13
204 Apr Truscon Steel corn
10
37
38
200 3355 Jan 404 Apr
Tubize Artificial Silk Cl B.• 598
Jan
28
59555 623
3,140 4.50
Feb 62855 Apr
48% Jan Tung-Sol Lamp Wks cons •
1155 11%
700 1055 Feb
1234 Apr
22% Feb
Class A
2134 2155
600 19% Feb 23
Apr
644 Apr United Biscuit Co el A__• 5535 5555 5755
900 5535 Apr 66
Jan
Class B
6951 AM
• 154 15
164
900 134 Feb 2134 Jan
United El Coal Cos v t e..• 47
224 Apr
4154 474 18,000 2655 Feb 47% Apr
18734 Mar
Unit Piece Dye Wks com.• 7555 734 774
1,300 52,4 Feb 78
Apr
11555 Apr
655% preferred
100 10835 107 11251
850 1054 Feb 11251 Apr
34 Jan
United Profit-Sharing com•
94 955
200
9
Mar 124
63
United Shoe Mach com.25
Feb
714 7155
100 6334 Jan 744 An
9
U 14 Dairy Prod clam A.
Apr
57
1.000 40
5755
563e
Jan 5755 Apr
684 Apr
Class 13
15
• 15
IS
200 tri
Mar
19
Jan
US & Foreign See corn.
Jan
112
2454 25
500 204 Mar 2531 Feb
6% preferred
4834 Apr
9755 98
98
800 97
Apr 100% Feb
S Freight
7655 8151 6.800 7054 Feb 8435 Jan
• 8031
U S Gypsum common..
38'i Apr
734 7551
.20
125 70
Mar 92
Jan
S L Battery com
454 Apr
117 13454 7,300 6714 Jan 138
• 132
Apr
264 Apr
1055 1055
7% pref class B
400 10
10
Jan
1055 Mar
Universal Pictures
10% Jan
2055 2214
700 2015 Apr
2434 Jan
Wabasso Cotton
Jan
93
111
112
20' 108
Apr 112
Apr
Witt & Bond Inc. el A__• 274 274 2851
7
Apr
1,11
2434 Jan 29
Apr
Clam B
124 Apr
• 1751 174 18
1,300 15
Mar
1851 Apr
Walgreen Co corn
455 Jan
• 424 4055 4255
3,500 39
Mar 44
Mar
3951 Jan
Preferred without warn.• 109
107 110
600 10354 Mar
Apr
Apr
Warrants
152
1631 18
18
700 1634 Apr
18
Apr
Apr
Warner Bros Pictures ' 2414 2455 2654 16.000 134 Jan
107
2835 Apr
3454 Feb
Warner Gear Co. el -A"... ...... 574 5755
300 3155 Jan 604 Apr
Watson (Jno Warren) Ce.•
Apr
23
854 934
3,500
84
834 Apr 20
Jan
Apr
Waukesha Motor
89
12034 1204
76 75
Apr 124
Apr
Wesson Oil& SD corn v t es 7131
122
Apr
70
7151
2.200 67
Feb 73
Jae
Apr
31
Western Auto Supply cl A• 61
5951 61
1.000 584 Mar 66% Apr
Feb
Warrants
25
15
15
100 114 Apr 174 Apr
Weer Point Mfg
414 Apr
1444 14455
100
50 142
Apr 159
Mar
Wheateworth Inc corn__ •
Apr
28
434 4455
400 3455 Jan 4454 Apr
Preferred
1155 Apr
105 106%
175 105
Apr 106 Si Apr
Wheeling Steel corn__ _.100 404 3735 40%
4154 Apr
806 34
Feb 404 Apr
WbitenIghts Inc
149% Feb
31
31
31
200 31
Apr 31
Apr
Winter (Beni) Inc corn_ __• 13% 1255 14
5.554 Apr
4,900 12
16
Mar
Apr
Wire Wheel Corp corn new. 3355 324 35
35
Jan
18,
2051 Mar 3634 Apr
Preferred
5535 AM
10455 1044
25 100
Mar 105
Mar
Woodworth Inn corn
3635 Apr
• 3235 314 33
2.700 264 Jan 3355 Mar
Worth Inc cony clam A. •
44% Apr
18% 19
300 1855 Apr 2354 Mar
Yellow Taxi of N Y
Apr
22
174 18
•
300 124 Mar 20
Jan
Young(LA)Sp & Wi corn • 4335 394 4355
13
Feb
4,100 31% Mar 4455 Apr
x3955 Feb
Cony. pref
• 4231 394 4254
2,800 3855 Mar 44% AM
Apr Zellerbach Corp
17
4235 43
300 4255 Apr 5331 Feb
Apr Zonite Products Corp com• 4554
35
44
48% 15,500 4155 Apr 48% Apr
1(1031 Mar
Right•
855 Mar
5154 Jan Continental Can
76c 76e
76c
100 76e
Apr 76c
Apr
Electric Bond & Share
9544 Jan
955
954 1055 61,900
931 Apr
11
'Apr
Fiat
4955 Apr
24 2%
2%
2.800
234 Apr
24 Jan
Loew's Inc
Mar
52
18
1934
1935
1.200 1134 Feb
19% Apr
Lone Star Gas
10551 Jan
735
7% 734 3,900
715 Apr
355 Apr
Middle West Utilities
Jan
100
2"1, 331 8.000
35(
131 Feb
355 Apr
Newmont Mining
Mar
88
90e
I'i' 11,200
65e. Apr
l'314 Apr
106
Feb Safeway Stores
13% 1535
2,000
755 Apr
1555 Apr
Union Natural Gas of Can.
1224 Jan
I%
1.200
155
,
15 Apr
1% Mar
13255 Apr
Public Utilities
10
Mar
Alabama Pow $7 pref._ •
Jan
14
115 115
so 114 Jan 116 Apr
A D T of N J pref
100
115 115
25 11331 .lan 115
Jun
Amer & Foreign Pow wart. IS
1114 Jan
13
154 18,606
835 Feb
1031 Apr
Partial allot Ws 40% pd 8755 8151 8714
2234 Jan
1,200 87
Apr 874 Apr
Amer Gas & Elm com___• 146
28
Apr
142 150
11,100 11754 Jan 154
Apr
• 10935 loos( 10955
Apr
Preferred
29
700 1064 Jan 10934 Apr
Amer I.t & Trite corn.., 100 21055 210 214
350 170
Apr
Jan 220
Preferred
Feb
31
100
117 117
25 1074 Apr 117
Apr
Amer Nat Gm corn vto..• 21
Apr
101
2051 2134 6,900
184 Jan
214 Apr
Apr Am Pow & Light pref. 100 1074 10735 10735
185
2,700 104
Feb 10951 Jae
Feb Amer Pub CBI prior p1.100 10351 10334 10334
234
50 98
Apr 10335 Apr
14% Jan Amer States Sec corn CI A 5 1055
934 11% 28,300
74 Mar
Apr
12
Corn class 13
5734 Feb
• 16
14
164 16,600
734 Ma
1651 Apr
Warrants
280
Apr
354
33. 434 51,200
455 Apr
14 Apr
Amer Superpower Corp A • 5254 49
1074 Apr
52% 9.000 37
Jan 52% Apr
Class B common
954 Jan
• 54
504 5455 5,900 37% Jan 5455 Apr
First preferred
132
Apr
• 1034 103% 1034
800 10154 Jan 104
Mar
Arkansas Lt & Pow pref 100
343
Apr
10835 10855
10 1074 Mar 111
Feb
ARPIOC Gas de Elect! A _._.•
1% Apr
4855 48
4934 6,100 4634 AP
5114 Mar
Jan Bridgeport Gas Light
3
•
634 6354
100 6355 Apr 6634 Jan
Brooklyn City RR
288
Jan
100
855
751 831 25,900
6
Jan
834 Apr
Buff Niag & East Pr emu... 4155
2755 Jan
4034 42
3,500 304 Jan 43
Apr
New class A w I
40
Jan
3855 40% 13,300 31
Jan 4034 Apr
3.934
Preferred
524 Jan
25 2654 2655 265
, 1,800 26
Jan 2634 Feb
Central Pub Sem el A
287
,
Jan
2355 2355
900 1951 Jan 2454 Mar
1104 Apr Cent & W Util
100
8255 8255
100 80
Jul 90
Mar
Central States Elec corn..
Mar
170
56
65
65
200 30
Jan 65
Apr
2655 Apr
7% preferred
1174 119
lo
800 10435 Jan 119% Apr
557
Cities Serv Pr & Lt $5 vi.. 10034 1005011014
Apr
900 954 Jan
Apr
8934 Apr
7% preferred
109 109
100
200 10551 Jan 109
Apr
Range Since Jan. 1
Low.
[VOL. 12(i
High.
Sate
Friday
Lasi Week's Range for
Week.
of Prices.
Sale
Public Utilities ((Jorsa.) Price Low. High. Shares.
Range Stem Jan. 1.
Low.
Columbus Elec & Pow COM•
Coni'w'Ith Edison Co _100 182
Com'wealth Power Corp
100 1034
Freterred
Con Gas E L & P Balt com• 85
100
Power
Duke
Eastern States Pr corn 13.• 224
Eastern Utll Assn prat
Else Bond & Sh pre!___100
Elea Bond & Sh Secur___.• 116K
5731
Elea Invest without war..
Elea Pow & Lt 2d pref A_ •
21
Option warrants
Empire Gas & E 8% p1_100
100 10236
7% preferred
Empire Pow Corp part elk' 334
,
Federal Water Sem cl A..• 374
Florida Pow & Lt $7 pref.' 10731
laav.&11oust El Co, corn100
,
General Pub Seri COM_ _.• 2134
7% preferred
•
Internal Util class A
•
Class B
K C Pub Sere corn v t c. 154
Lehigh Power Securities. _• 3131
•
Long Island Ltg coin
734
Marconi Wirel Tot Can. _1
Marconi Wird Tel Lond_gl
154
Mass Gas Cos corn _ _ _100 146
Middle West Util cona___• 117
• 99
66 preferred
7% preferred
100 120
Mohawk & Bud Pow coin • 3931
Warrants
164
• 34
Mohawk Valley Co
Mon W P Pub dery prat _25
Mt States Power 7% Pf100 10235
• 184
Municipal Service
Nat Elea Power class A_• 3131
id° 10934
Preferred
Nat Pub Serv corn clam A • 2531
Corn class B
• 2734
Warrant
Nay Calif El Corp com _100 38
New Eng Pub Seri, pr In pf•
N Y Talon 84% Pref.-100 114h
934
Nor-Am UPI Ser. corn....°
• 9531
1st Preferred
• 284
Northeast Power
corn_No Ind Pub Sere 6% p1100
Northern Ohio Power Co.' 274
Nor States P Corp eom_100 148
Preferred
100 110
Ohio Bell Telep 7% pref100
Pacific Gas & El let pf__25 294
• 40)1
Penn-Ohio Ed corn
7% prior prof
100 108.4
100 98h
$A preferred
1831
Option warrants
Penn Ohio Secur Corp..' 144
Pa Gas A. Elec class A _ _ _ _• 22
Pa Power & Lt $7 Pre1.100
• 794
Pa Water & Power
Portland Elec Power _ _ _100
92
Power Corp, Canada
• 124
Power Securities coin_
100 78
Puget Sound P dr L corn 6% preferred
100 1034
Sierra Pacific El corn _ _ 100 88
Sou Calif Edison pref A_25
Preferred B
25 26K
Sou Cities Util era__ _100
Southern Colo Pow elA _25
Southeast Pow & Lt rorn_• 524
Corn vot tr Ws_ _ _ _ _ _• 5011
•
67 preferred
Panic preferred
•
Waren; to par corn ink.. 18
Southwest Bell Tel pref_100
Stand Gus & El 7% pf _10(1
Standard Pow & Lt eorn.25 4334
100
Swiss Amer Elea pref
Tampa Dec Co
•
Union Nat Gas(Canada)_• 38
50 1344
United Gas Impt
United Lt & Pow coin A__• 24
Common class B ______•
• 57
Preferred clam B
• 2731
Util Pow & Lt clam B
•
13411 Shares Corp corn _
Waterbury Gas Light.....
•
West Mass Co
7511 754
1804 184h
125 66
310 167
103 103(4
8011 85
1384 1384
20
224
154 16
1104 11034
114h 119
56
.584
194(4 1044
204 214
1124 1134
1014 1024
33
3434
35% 374
1074 1074
34
364
214 22
120 120
48
49
94 114
14
154
29
324
183 185
64 734
15
1534
125 1464
140 147
9834 99
11934 120
384 394
124 17
534 544
263-4 264
10234 10236
18
1831
3054 3134
1094 110
254 26
274 274
14 n314
3511 384
10.5 105
114 1144
831 94
944 954
27
29
1034 10334
2534 274
1394 1494
10931 1104
115 115
2834 294
394 404
1084 108h
98
984
1734 184
144 16
22
22h
1104 110K
764 80
444 4.5
92
92
12
1294
7734 83
103 104
354 38
294 294
264 27h
83
83
2531 254
50
53
4834 504
100 110
89
90
174 1834
1184 1184
1144 1144
4331 434
100 101
68
68
364 38
129 13434
23
249-4
29
29
57
.574
2794 28
14
144
64
64
624 83h
1,250 1024
2,200 674
25 135
10,000 114
600 15
3,700 10831
31,900 76
12,200 404
200 z102
5,000 1334
600 1104
1,300 993-4
1,100 30
6,600 274
50 104 34
200 314
2,200 1634
25 115
900 44)6
34
49,700
200 133;
1,000 1954
50 176
3
77,400
94
4,900
2,050 1 1034
1,100 123
650 94
300 1174
8,500 2934
6
1.300
3,300 46
25 25
10 101
1,400 134
1,000 2714
250 103
1,800 22
500 24
3,500 25c.
400 3331
25 105
225 1133.4
7
900
800 92
23,900 194
60 1034
24,100 18
8,300 v123
400 1084
20 11234
1,200 264
600 3254
140 106%
580 934
1,000 11
1,400 13
500 20
70 1064
1,200 68
300 4234
25 92
300 114
5,900 34
240 92
800 29
200 284
500 254
50 75
100 25
22.100 414
1,700 404
100 10854
700 84
5,800 124
50 1174
200 11034
700 2954
750 993.4
100 62
600 283.4
36.800 1114
104,000 1351
100 20
400 524
11,800 183.4
1.200 11
100 64
300 59
Former Standard 011
Subsidiaries.
Anglo-Amer Oil (yot eh) gl
Non-voting abarea____L1
Borne Scryniser Co__ _100
50
Buckeye Pipe Line
25
Cbesebrough Mfg
Continental 011• t
Curnberhuid Pipe Line_100
100
Eureka Pine Line
Galena Signal 011 cum _100
100
Preferred new
Preferred old
100
Bumble 01144 Reflning..25
100
Illinois Pipe Line
Imperial 011 (Canada) -•
Registered ________ •
io
Indiana Pipe Line
National Transit_ _..12 64)
100
NI"Fransit Co
Northern Pipe Line_ ...100
_25
25
Penn-Men Fuel
25
Prairie 01161 Gas
100
Prairie Pipe Line
100
Solar Refit
50
Southern Pipe Line
25
South Penn OR
So West Pa Pipe Lines_ 100
Standard Oil (Indiana). _25
Standard Oil (Kansas)__25
Standard 011 (Kentucky)25
25
Standard 011 (Nob)
Standard Oil (0) corn _ _ _28
100
Preferred
25
Vacuum 011
1934 20
184 19
614 53
73
74
137 161
184 194
1014 1034
81
88
934 10
32.4 3234
46
46
684 79
202 21434
62
64
62
62
82(4 894
2931 3015
55
57(4
120 12114
63
65h
75
80
514 5434
214 216
186 186
3211 3234
49h 524
914 94
784 80
234 244
130 133
444 45
7511 MU
1224 1224
14734 1524
_
Other 011 Stocks.
...5
Amer Contr 011 Fields.
Amer Maracaibo Co
*
10
Argo Oil Corp
10
Arkansas Nat Gas
Atlantic Lobos Oil corn...'
•
Preferred
Barnsdall Corp stock purch
warrants (deb rights)._
Brit-Amer Oil coupon_
Carib Syndicate new cow_
2029
FINANCIAL CHRONICLE
APR. 28 1928.]
20
19
19
108K
79
210
64
88
3034
5734
120
6534
784
544
21634
52
794
23K
131 31
444
7634
152
92c
431
431
9
5%
20M
2,300
300
200
200
3,200
18,700
450
1,500
200
20
10
50,900
1,700
3,600
100
2,300
2.000
300
.550
5,300
4,200
10,100
550
100
300
8.700
250
34,100
2,300
7,100
1,400
1,050
40
4,600
High.
Jan 79
Jan 188
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Mar
Jan
Jan
Apr
Feb
ma
Jan
Jan
Feb
Jan
Ma
Jan
Jan
Jan
Jan
Jan
Jan
Jan
AP
Jan
Jan
Ma
Jan
Jan
Ap
Jan
Ap
Jan
Jan
Jan
Jan
Ap
Jan
Jan
Fe
Fe
Jan
Jan
Ft
Pe
Jan
Feb
Jan
Apr
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Mar
10414
81h
145
224
16
1114
1274
6034
106
2231
113(4
1024
3531
38
1084
38
224
120
5131
1131
1534
3234
185
84
174
1464
147
994
132
40
17
59
264
1064
18%
324
110
2731
30
x24
42
108
1154
10h
954
30
1034
30
1493.4
1104
115
294
4334
109
99
1934
17(4
234
11134
80
52
92
134
84
10531
3834
30
2754
87
2634
534
524
110
92
19
120
1144
45
101
694
384
13534
264
294
58
2954
144
64
634
Jan
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Mar
Apr
Apr
Apr
Feb
Jan
Apr
Jam
Apr
Apr
Mar
Apr
Apr
Apr
Feb
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Mar
Feb
Feb
Feb
Feb
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Feb
Apr
Apr
Feb
Apr
Jan
Apr
Apr
Feb
Apr
Mar
Mar
Jan
Apr
Apr
Mar
Mar
Apr
Mar
Mar
Mar
Apr
Apr
Mar
Apr
Apr
Apr
Mar
Apr
Apr
Apr
Apr
184 Jan
174 Jan
49
Apr
66 Jan
11714 Jan
16
Feb
88
Mar
644 Jan
411 Jan
27
Jan
35
Jan
69(4 Feb
1764 Jan
564 Feb
614 Apr
744 Feb
20% Jan
384 Jan
94
Jan
584 Feb
29
Feb
4754 Feb
184
Jan
169
Mar
21
Jan
38(4 Jan
70
Jan
704 Feb
15
Jan
1224 Feb
39h Feb
71
Mar
100
Jan
1364 Feb
22 34
204
58
76
161
23
105
88
104
40
48
79
2144
654
62
89
324
574
125
664
83
5514
223
186
334
53
101
804
2734
1364
45
79
1224
1534
Feb
Feb
Jan
Apr
Apr
Jan
Feb
Apr
Apr
Feb
Mar
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Mar
Jan
Apr
Apr
Mar
Apr
Jan
Apr
Apr
Jan
Apr
Apr
Apr
Jan
Apr
Apr
134
414
44
9%
44
9
Jan
Jan
Jan
Jan
Apr
Apr
83e 99c 56,400
4
6,100
231
1,300
3(4
74 734
500
234
434 10,800
2,600
515 9
750
34
231
7
14
331
54 • 5K
38
38
194 204
4
Mar
3231 Feb
184 Jan
1.900
100
1,700
Mar
Feb
Apr
Feb
Feb
Mar
Jan
Feb
6 Apr
3934 Jan
2334 Jan
Friday
Sales
Last Week's Range for
Week.
Other Oil Stocks
of Prices.
Sale
(Concluded).
Par Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
16 54
154 79,100 1034 Jan
15
Creole Syndicate
• 1534
900 76e Mar
Crown Cent Petrol Corp..'
14
14 134
934
7
Apr
100
94 94
Crystal Oil Ref corn
•
22(4
84 Jan
1931 224 50,000
Darby Petrol Corp
• 2234
111 Mar
114 11,000
Gibson 011 Corporation..)
134
1K
11,600 1014 Feb 122
1144 122
Gulf 011 Corp of Penns_ _25 122
Houston Gulf Gaa
• 174 164 1914 9,500 114 Feb 2234
234
14 Jan
234 5,560
11-6
Intercontinental Petrol..10
174
Feb 43
3931 4134 35,100 35
International Petroleum_ _• 41
8
634 Mar
19,760
734 8
Leonard 011Develoonft..25
2654
Feb
Lion Oil Refg
• 2634 25.54 2654 2,500 "I)
400 4834 Ap
86
484 4874
Lone Star Gas Corp
25
134
134
14 37.600 9Ie M
Magdalena Syndicate..
14
200 374 Apr 484
Margay Oil
• 404 404 4031
14 Jan
34 1,000
434
3
Marland 011of Mex
34
1
8
44 Apr
800
Mexico-Ohio Oil
•
43.4 54
431
43c 59c 37,500 23c Mar 59c
Mexico 011 Corp
10 52c
Apr
4,600 90c
90c 94c
Mountain A. Gulf 011_ _ 1 90e
134
2634 5,000 2394 Feb 2834
Mountain Prod Corp
10 254 25
1,500 244 Mar 304
29
Nat Fuel Gas new
• 284 26
1,600
654
534
5
New Bradford Oil
494 Mar
5
5.4
4
Mar
534
300
44 44
New England Fuel Oil_ •
15
300 1114 Jan
1434 15
New York 011
25 15
13
1.500 10(4 Jan
1234 13
North Cent Tex Oil
13
40
Sc
Feb
4,000
4c
4c
Northwest Oil
1
231 Mar
6.200
Pandem Oil Corporation...
3.4 4
3K
84 Feb 154
1334 1434 42,500
Pluitepec 011 of Venezuela* 1434
74
300
531 Feb
7
Pennock 011 Corp
•
6
9
Mar 14
200
Red Bank 011
104 1014
25 1031
1034
4)4 Feb
Relter Foster 011 Corp..*
831 934 9,900
834
314
A .•
1,400 22
244
24
Richfield 011 of Calif p1.25
164
4934 Apr
Warrants
16
1234 1634 6.900
Jan 26c
1,000 10c
Royal Can Oil Synd
15c
I5c
•
84
434 Jan
Ryan Consul Petrol
6)4
834 12,300
•
844
7
6(4 Apr
700
Salt Creek Conaol 011_ _ _10
64 634
6(4
6,900 28 34 Feb 35
Balt Creek Producers.. _10 3031 304 31
2
1
Feb
1,400
Savoy Oil Corp
14 3K
5
414
3
Mar
Tenon 011ik Land
Vie 105.300
1
4 ie
,
34
22
Fe
Tid-Osage Oil vol stock' 21.4 2094 214 6,900 13
Non-voting stock
• 204 204 214 7.700 134 Feb 215(
9334
Transcont'l 011 7% pf _100 85
200 82 34 Fe
83
85
423-4
Jan
200 18
Venezuelan-Men Oil
• 414 414 424
434 Feb
64
594 53; 1.600
Venezuela Petroleum__ _6
54
10(4
Jan
200 18
V 0 C Iiolding Co
19
£1
1934
900 1834 Feb 223.1
Wilcox (11. F) 011 & Gas_ _• 214 20
214
834
3% Apr
1.400
Woodly Petrol Corp
8
84
6
500
"Y" Oil& Gaa
24 Feb
431 444
44
25
Mining Stocks.
Amer Corn Mix & Mill _1
Arizona Globe Copper..
.1
Bunker 11111 & Sullivan_ _10
Butte & Western Min _ _1
Carnegie Metals
10
Central American Mines_
Chief Consol Mining
1
Coniagas Mines Ltd
5
Consul Copper Mines.._ _1
Cons Nee & Utah Copper 3
Cortez Silver Mines
1
Cresson Consul la M & MI
Divide Extension
1
Dolores Esperanta Corp_ _2
Engineer Gold Mines Ltd_6
Falcon Lead Mines
1
Gulden Centre Mines_ _ _ .5
Goldfield Consul Mlnes 1
Goldfield Florence
1
Hada Mining
The
Hollinger Cons GM Mines 5
Bud Bay kiln & Smelt..'
Kerr Lake
5
Mason Valley Mines
5
Mining Corp of Canada..5
New Cornelia Copper.-_6
New Jersey zinc
00
NY & lion Ros Min _ _ _10
Newmont Mining Corp...10
NiplesIng Mines
6
Noranda Mines. Ltd
•
North Butte
10
Ohio Copper
_1
Parmac Porcupine ki Ltd.1
Red Warrior Mining
1
San TOY Mining
1
Shattuck Dann Mining...'
Silver King Coalition...
South Am Gold &
Standard Silver-Lead. _1
Tonopah Belmont Dev _1
Tonopah Extension
1
Tonopah kilning
1
United Eastern Minhag _ _1
United Verde Extenalon50c
Unity Gold Mines
1
Utah Apex
5
Utah Metal & Tunnel
_1
Weuden Copper Mining..1
West End Consolidated_ _5
%Vest End Extension new.
Wright-Hargreaves Min..
Yukon Alaska Trust. ale.
Bonds
Abbott's Dairies 6a____1942
Adriatic Electric 7a___1952
Alabama Power 431s__1967
lot & ref 5a
1956
Allied Pk let M col tr's 8s39
Aluminum Co s f deb 64 '52
Amer Aggregates 6s_ ..1943
Amer 0 & El deb 68..2014
5s w I
2028
Am Natural Gas 6 43_1942
American Power & Light
65. without warr'nta 2016
Amer Radiator deb 4(45 '47
Amer. Roll Mill, Deb 5s '48
1938
6s
1036
Amer Seating 6a
Amer Solv & Chem 6s_1936
American Thread 13s _1928
Anaconda Cop Mln 68_1929
Appalachian El Pr 58.1956
Arkansas Pr & Lt 55_1966
Assoclated 0& E 54s 1977
Cony deb,
_ _1948
Associated Elec 4e_ _1946
44s_Assoe'd Sim Hard 645 '33
1949
Atlantic Fruit 88
Batavlan Far deb 4461942
Bates Valve Bag 6s... _1942
With stock purch ware..
Beacon Oil 6s. with warr'36
1933
Beaverboard 8a
13elgoCanad Pap 6s ..1943
Bell Tel of Canada 60.1955
let M 55 ser B June 1957
Boston Cons Gas 5s_ _1947
Boston& Maine RR 581967
1933
6s
Jan
7c
Apr
1334e Jan
Jan
Jan
Apr 160
2c
Feb
F
Jan 27% Apr
44 Apr
Jan
454 Feb
Ma
Apr
5
Apr
Jan 1134 Mar
DO
Feb
Apr
30c
Apr
Jan
234 Jae
Ap
50
Jan
Mat
Apr
2
Mar
744 Jain
Jan
Jan
16e
Id
104 Mar
J
16c. Feb
Jan
190 Mar
Jan
Jan
Apr
18
A
1894 Jan
2134 Feb
Feb
Feb
64c
Jan
Apr
114 Jan
54 Jan
A or
Fe
294 Jan
Jam 234
APT
17
Jan
Ja
Jan 174% Mar
614 Jan
Feb
Mar 23% Jan
24 Apr
Mar
Apr
Mr Jan
3.5c Apr
Jan
Jan
Mar 27e
4e
Jan
Jan
,
Jan 23 4 Apr
Jan
Mar 12
534 Mar
Jan
Feb
Jan 20c
2lie Jan
J
Jae
18c
Jan
6
741/4
Jan
Pah
Jan 84c
Apr 2534 Jan
Eac
Feb
Feb
5(4 Jae
Mar
11lieLW
Feb
2
Feb
Jan
7e Mar
Apr
Jan
Jan Sc.
614 Jan
Feb
AM
Jan 37
8,200
3c
4c
4c
4c
5c 14,000
600
13534 139
139
2,000
2c
2c
2c
2431 264 11,600
2615
44 44 3,400
454
1,300
434
200
5
5
114 104 1134 35,100
1,000
4c
4c
5,000
28c 30c
1111*
1 13i• 134 2.300
3,000
4c
4c
4c
68,800
60c
2
4
44 2,900
44
5,000
12e
15c
12c
834 94 9,900
8(4
5,000
13c
13c
11c
13c 47,000
12c
4,700
1354
134 13
1,000
16
1611
164
174 184 56,000
184
1,100
50e 65C
50c
1,300
314
134
134
300
3114 311
1,200
284 274 2834
2,840
205 234
234
200
164 167.4
19,200
1734 1644 174
4
4(4 3,200
4(4
184 174 1831 8,700234 24 2,500
211e
85c
9,000
80c 860
32c
34c 31,000
34c
2,000
14c
14c
14e
3c
3c 10,000
174 2334 151,600
23
200
104 104 11%
1,40(1
3
334
3K
20c
2,000
20c
21,. 21,.
100
10c
12,000
10c
4
4
4314 1,200
10,300
60c 65c
65c
5.900
174 194
194
2,100
49c 50c
50c
900
4
434
4
400
1K
14
1
1 lie 3.500
Pie
4.000
4c
4c
2,000
3c
3c
3c
300
44 434
300
32
37
3c
3e
1364
2c
17
600
334
6
5
4c
18e
134
3c
30c
2
10c
254
Sc.
6e
134
16
10(4
500
414
31,4
25%
190 4-4
14
122
4
17(4
90e
754
15c
14c
3c
614
104
234
160
Pit
Sc
24
454
1734
35c
,
4
1(4
94o
4c
2c.
434
25
10144 1014 1024 210,000
35,000
9911 100
100
984 974 9874 384,000
101(4 10131 10234 11,000
454 454 16.000
10234 10131 1024 45.000
1024 1013-1 10231 20,000
29.000
10971 1.0934 110
10134 53,000
101
101
84,000
1014 1014 n102
10054 Apr 10234
944 Jan nI004
944 Feb 10054
102
Jan 10354
36
Jan 52 34
1013.4 Jan 103
10134 Apr 102 51
10814 Jan 110(4
101
Apr 10134
974 Feb 10234
10854 10831
9934
984 984
104(4
10515
1084 104
101
10031 10034
1004 994
0834
99
1044 10434
106(4 105
1044 104
89
90
1634
9394
1084
100
994
10434
1064
109
101
10094
10134
1004
s105
1064
104(4
90
113%
94.4
73.000
13,000
18,000
3,000
11.000
37,000
8.000
47.00111
16.000
49,000
150,000
1051000
99,000
2,000
3,000
85,000
10931 1084 1094 56,000
1064 104 10714 284,000
10231 10235 33,000
1,000
1024 10234
5,000
1054 10531 1054
10534 1054 1054 7,000
10334 103K 19,000
994 9851 994 406,000
10334 1034 1044 41,000
Apr
Jan
Apr
Apr
Jan
Air
Apr
Mar
Jan
Apr
Apr
Mar
Apr
Jan
Mar
Mar
Mar
Mar
Jan
Apr
Jan
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Mar
Apr
Apr
Apr
Jan
Apr
Jan
Jan
Jan
Apr
Apr
Apr
Jan
Apr
Jan
Apr
Jan
Apr
Apr
Mar
Apr
Mar
Jan
Jan
.
114e
Apr
Mar
Apr
Age
Jan 109M
Feb 10034
94
Apr 9
Apr 10534
Mar 10614
Apr 107
Mar 1014
Apr 1014
Jan 1024
Jan 1014
Jan (5)10314
Apr 1064
Jan 10531
Jan 92
Apr 2034
Mar 954
Mar
Apr
Jan
Jan
Apr
Apr
Jan
Jan
Mar
Mar
Mar
Apr
Apr
Apr
Jan
Apr
99
Jan 110
100
Mar 1074
94
Ja. 103,
1023-4 Jan 1024
104(4 Jan 10534
10414 Apr 106
103
Jan 104 34
974 Feb 9931
10251 Apr 1044
Mar
Apr
Jan
Mar
Feb
Feb
Apr
Mar
Jan
107)4
9851
984
10414
1024
1004
100)4
1004
994
9831
1014
1014
103
844
154
9334
2630
Bonds (Continued)
Friday
Last Week's Rang Saks
Saie
of Prices. - for
Price. Low. High• Week.
Range Since Jars. 1.
Low.
High.
Burmeister & Wain Co of
Copenhagen 15-yr 13s '40 9831 984 984 5,000 96% Jan 100
Jan
Canadian Nat Rys 711_1935
Mar 11434 JIM
112 112% 13,000 112
Carolina-Ga Serv Co
1st 68 with stk.pur.wr.'42
Feb 99
Jan
98
98% 8,000 97
Carolina Pr & Lt 58__ _1958 104
18,000 103% Jan 105% Mal
103% 104
Cent Atl States Serv Corp
1st 68 A with warr .1943 9745 9744 9734 2,000 9844 Apr 99
Mar
Mar 99% Mar
634% notes with warr '33 99
3,000 99
99
99
Cent States Elea Es_ _ _1948 9634 984 96% 415,000 9634 Jan 97% Apr
Cent States P & Lt 540'53 97% 974 98
Jan
25,000 9844 Jan 99
Certain-teed Prod 540 '48 9834 98
Apr 9934 Mar
99 390,000 98
Chic Pnenm Tool 534. 1942
101 101% 9.000 9834 Jan 101% Mar
Chic Rys 58 ctf dep._ _1927
Apr 87
Jan
83
854 7,000 82
Childs Co deb 5s
Apr 96% Apr
1943 96
96
984 19,000 96
Gino Gas & Elec 4s._ _1968 9234 9234 9234 8,000 9235 Apr 9241 Apr
Cincin St Ry 540 A 1952
Jan 104% mar
102% 102% 4,000 101
Cities Service 58
1966 9734 97% 98 1113000 90% Apr 984 Apr
Apr
68
Jan 104
1988 104
11,000 103
103%1104
Cities Service Gas 534e 1942 9634 96% 9641 193,000 9444 Jan 98
Mar
Cities Serv Gas Pipe L 13843 102
101% 102 212,000 98% Feb 19334 Apr
Cities Serv P & L 5%s 1952 101
100% 101% 432,000 91% Jan 102
Apr
Cleve Terml Bldg 66_1941
Jan
9841 984/ 5,000 97)4 Mar 100
Commander Larabee 63.'41
88% 8841 2,000 88% Apr 9441 Jan
Cowl Invest Tr 13s. _1947
Feb 10041 Feb
100 10031 5,000 100
Commets mid PrIvat
1937 9134 9134 9134 190,000 90% Feb 9444 Jan
Bank 5448
Commonw Edison 4Hs1957
100% 101% 10,000 100% Mar 10231 Apr
Cosg Mach Corp 6 As _1954 9434 94
Mar 95% Feb
95
5.000 94
Consol GEL*P Bait
Os.
tis. (series A
21,000 105% Mar n10834 Feb
106% 106% 107
540seriesE
1952
1,000 106% Jan 107% Jan
107 107
Coneol Publishers 448 1936 101
101 101
62.000 9734 Jan 10134 Apr
Consol Textile 88
1941
Jan
2,000 9334 Mar 96
9531 96
Cont'l G & El 5s
1958 9544 9541 9541 211,000 95% Feb 9744 Mar
Jan
Continental Oil 5%5..1937 97% 9741 97% 27,000 97
Feb 99
Conti: Sec Corp 5s A 1942
with warrants
Jan 115% Apr
44,000 99
112% 112% 114
Cuba Co 6% notes__ _1929 9745 9745 9734 1,000 97
Jan 9834 Mar
Cuban Teleph 744s_._1941 11054 110% Ill
10.000 110% Apr 11344 Feb
Cudahy Pack deb 5349 '37 10034 1004 1004 44,000 9734 Jan 100% Apr
Se
1014 1014 8,000 10044 Jan 102% Mar
1948
96
Denver & R 0 West 58 '78
Mar 98% Mar
9641 5,000 96
Deny & Salt Lake Ry 6s'00 91% 88% 91% 74,000 80
Jan 91% Apr
Detroit City Gas 5s B 1950 103
1024 103% 15,000 10234 Apr 104% Mar
10734 1074 7,000 107
1947
138, series A
Jan 10841 Feb
Detroit Int Bdge 6348_1952 101% 10134 102% 99.000 101% Jan 104% Mar
Jac
25
Jan 101
-year f deb 7s__1952 100
100 10034 52,000 100
Dixie Gulf Gas 63.4s_.1937
with warrants
9944 994 9934 35,000 994 Feb 9941 Jan
East Term Off Big 840243 1014 101 1014 6,000 994 Jan 10134 Apr
Jan n105% Mar
Eitingon-Schild 6e_ .1938 104% 104% 104% 16,000 97
Empire 011 & Refg 5455'42 9534 95
954 220,000 92% Jan 95% Mat
Eur Mtge & Inv 75 C_1967 9535 9534 9534 79.000 9534 Apr 9741 Mar
Fairb'ke. Morse & Co 58'42 97
96% 9745 45,000 9634 Jan 9734 Jan
Mar 8945 Feb
Federal Sugar,es
85% 8534 1,000 85
1933
Fed Wat Service 540.1957 102% 101% 10231 66,000 10034 Apr 102% Apr
Firestone Cot Mills 513_1948 96% 9631 9734 64,000 9634 Apr 9734 Mar
Firestone T&R Cal 58 1942 9644 964( 9645 40.000 9644 Mar 9854 Jan
First Bohemian Glass Wks
JILD
let Ts with Ink our war'57 9045 90% 90% 18.000 90
Jan 103
Fisk Rubber 540_ _ _1931 9634 96% 97
Apr 98% Feb
30.000 96
Florida Power & Lt 56_1954 98% 9831 98% 39,000 974 Jan n99% Apr
Apr
Gair (Robt) Co 540-.1942 104% 104% 104% 8,000 97
Jan 105
Galena-Sig 011 7s_ __ _1930 94% 9241 9434 8,000 87
Feb 94% Apr
Gateway Bridge 713_ _ _1938 105
Apr 10534 Apr
104 10544 25,000 104
Jan
Gatineau Power bs...1956 1004 100 100% 67,000 994 Jan 101
6s
1941 10344 10345 104% 41,000 10244 Feb 1044 Apr
Mar
Gelsenkirchen MIn 65_1934
97
Mar 97
5,000 97
97
Gen Amer Invest 58-1932
With warrants
Jan 181% Jan
15135 151% 151% 4.000 137
Without warrants
Apr
93% 9341 94% 50,000 9234 Feb
Gen Laundry Mach 640'37 10044 100 100% 4,000 100
Jan
Jan 101
General Vending Comes with warr Aug 15 1937
Mar 9844 Oct
13,000 93
93
94
Georgia & Florida 13s_ _1946 84
Mar 96% Jan
10.000 78
82
84
Georgia Power ref 58-1967 10044 wog 100% 10,000 9944 Jan 103
Mar
Goodyear T & It 6s.._1928
loo loom 19,000 100
Apr 10041 Jan
Goodyear T&R Cal 5348'31
Jan
Apr 1101
100 1004 3,000 100
Grand Trunk Ry 630_1936 110% 110 110% 22,000 110
Jan
Apr 112
Guantanamo & W Ry tle'68 9334 92
9541 42,000 92
Apr 97% Jan
Gulf 011 of Pa 5s____1937 101% 101% 10244 43,000 10141 Jan 10231 Mar
Sinking fund deb 58_1947
10144 102
Jan 102% Jan
7,000 101
(WU States Uti15s_ __ _1956 101
101 101
20.000 9941 Jan 101% Apr
Hamburg Elea Co 7s__1935 101
Feb
100% 10144 10,000 99% Feb 103
Hanover Cred Ins Os_ _1931
96% 98% 23,000 94
Jan 9644 Apr
91
Hood Rubber54450et 15'36
Jan
9145 17,000 91
Apr 96
1936 102% 10145 102% 3.000 102
is.
Mar 10334 Jan
Hygrade Food Prod 8s 1937 191
165 195
Apr
Jan 195
28,000 143
Illinois Pow & Lt 5348-1957 10044 100 100% 10,000 9834 Feb 100% Apr
102 102
1954
544s series 13
3.000 102
Mar 10234 Mar
Indep Oil& Gas deb 68 1939 103% 10344 104% 64,000 984 Jan 105
Apr
Ind'polle P & L 5s ser A '57 101% 101% 102
Mar
61,000 10045 Jan 102
95
Apr
Inland Steel,430 - _ _1948 95
95% 128.000 95
Mar 96
9741 98% 188,000 9744 Apr 98% Apr
Internal Cement 513_1948 98
9941 100% 227,000 98% Jan 101
Mar
• Internal Match deb 5s 1947
99% 100% 38,000 95% Jan 101
Apr
Int Pow Secur is ser E 1957 100
96% 96% 11.000 9545 Feb 97
Mar
Internat Securities 58_1947
1,000 123
123 123
Mar
Interstate Nat Gas 88_1935
Apr 125
104
5,000 101% Jan 104
104 104•
Apr
Without warrants
98
98% 70,000 9634 Jan 99% Apr
Interstate Power 5e.--1957 98
46,000 9734 Feb 10234 Mar
1952 100% 10034 101
Debentures 68
Apr
Feb 109
Invest Co of Am 58 A-1947 105% 104 108% 167,000 96
Inyestor Equity Co 5s 1947
110 112
9.000 104% Jan 11244 Apr
With warrants
33.000 96% Jan 101
9745 99
Mar
Iowa-Nebraska L & P 5e'57 99
Mar 96% Apr
Immo Hydro-El 76_1952 9534 944 954 27,000 93
!gotta Franchini 7s...1942
Mar
98% 44,000 97
Mar 911
98
98
with warrants
Kelvinator Co 6s
1936
Apr
Apr 85
85 109,000 83
83
warrants
Without
Kernsleyidelbourne & Co
Jan 174% Jan
34,000 159
161 173
s deb 6s Sept 1_ _1942 173
td
Apr
Jan 93
2,000 90
90
90
Keystone Telep Pa 5345 '5.5
kolitzers0& C deb 68_1947 10141 10141 101% 29.000 994 Jan 101% Apr
Jan 101% Apr
10144 101% 7,000 101
1935
Ladlede G L 5348
48,000 103% Jan 10944 Mar
Lehigh Pow Secur(18-2026 107% 107% 108
Leonard 'Flats inc 7448 '45
Apr
Jan 155
2.000 130
155 155
With warrants
Apr
21,000 102% Jan 105
104% 104 105
Without warrants
Apr
42,000 9434 Mar 97
96
96%
Libby, McN & Lib Ess 1942 9645
Mar
Lombard Elea Co 76..1952 9834 9834 9834 110,000 9434 Jan 99
Feb 103% Apr
10134 102% 21,000 913
With warrants
Jan
Lone Star Gas Corp Eni 1942 9934 9944 9934 49,000 9844 Feb 100
1044 10544 3,000 104% Jan 10534 Apr
Long Island Ltg 66_1945
Mar
974 98% 9,000 9744 Feb 100
Louisiana Pow & L 56_1957
1033( 103% 8,000 10234 Jan 10444 AP1'
Manitoba Power 540_1951
Mansfield M in&Srn(Ger)Apr
Jan 106
2,000 103
105 106
with warrants _ _ _1941
Jan
(30,000 19414 Apr 105
10444 105
Maas Gas Coe 634s...1940 105
Feb
Apr 101
25,000 99
McCord Rad & Mfg 68 1943 9934 9945 10041
Met Edison 4345
1968 10045 100% 10045 112,000 99% Mar 1024 Mar
Apr
9634 Mar 101
100 101
Midwest Gas 75
1936
Jan 10344 Apr
33,000 100
10144 102
Milwaukee0 L 4345.1967
21,000 10044 Mar 102% Jan
Montgomery Ward 58_1946 102
10141 102
Montreal L H & P58 A '51
10244 10341 37,000 101% Jan 103% Feb
Mar
Jan 101
Morris & Co 7141.. 1930
100 10034 14,000 08
Narragansett Co coil 5s'57 100% 100% 10134 44,000 10144 Jan 102% Mar
Mar 103% Jan
Nat Distillers Prod 644s'35
10244 10241 7,000 102
Mar 10944 Mar
Nat Pow & Lt 64 A-2026 10844 1084 1084 19,000 106
Apr 9434 Ap
Nat Pub Serf 65
93
1978 95
9344 166,000 93
[Vol,. 126.
FINANCIAL CHRONICLE
Bonds (Continved)-
Friday
Last Week's Range Sass
Sale
for
ofPrices.
Price. Low. High. Week
Range Since Jan. 1.
Low.
H(gh.
Nebraska Power 68_ 2022
112% 112% 10,000 10934 Jan 1124 Apr
Nevada Cons Es
1941
3,000 98% Jan 9944 Feb
99
99
New Eng G & El Assn 55'47 9836 9841 9844 39,000 98
Mar
Feb 101
N Yr& L Corp let 440'67 9544 95
Jan 97% Mar
95% 202,000 95
Niagara Falls Pow 69.1950
106 10834 7,000 1054 Mar 10834 Jan
Nichols & Shepard Co 68'37
with stk purch warns__
13,000 11744 Jan 1714 Apr
169 169
Without warrants
Apr
22,000 944 Feb 101
100
98% 100
Nippon Elea Pow 840_1953 96% 9541 984 33,000 944 Feb 97% Apr
Nor States Pow 630_1933 141% 14144 144
Apr
Jan 144
22,000 119
644% gold notea....1933 10344 103 103% 7,000 103% Feb 105% Jan
Nor Germ Lloyd 68_1947 95
9444 95 138,000 9334 Jan 91331 Mar
Norwegian Hy-El 634,'57
933( 94% 52,000 92% Feb 9551 Jan
Ohio Power 59 eer B__1952 102
Mar
Jan 103
15,000 101
102% 103
4345 series D
1956 96
Jan 97% Apr
913% 974 135,000 95
Ohio Riv Edison 5s _.A951
Apr
1014 102
12,000 100% Jan 102
Oslo Gas & Elec Wks Ess '03 97
Apr
9644 97 106,000 9541 Mar 97
Pac Gas & El let 440_1957 9931 9945 10034 82,000 98% Jan 10154 Apr
Pacific Invest 58
1948 99% 99
Mar 100% Apr
9934 21,000 96
Pen Glass Sand 6s _ 1952
10334 10331 2,000 103% Apr 103% Apr
Penn-Ohio Edison 6s 1950
Without warrants
Jan 10454 Mar
10331 103% 104
14,000 103
Penn Pr & Lt 68 ser D_1953
103% 103% 5,000 10344 Mar 10444 Mar
1st & ref 59 tier B _1952 10345 10344 10345 1,000 10245 Mar 104
Jan
Pulls Eloo Pow 5445..1972 10545 105% 108
Jan
28,000 105% Jan 107
Phillips Petrol 49
1939
Jan
94
9 5.4 58,000 9134 Feb 95
4
Pitts Screw Et Bolt 540'47 100
Jan
100 100
5,000 98% Jan 100
Pittsburg Steel fes
1948
101% 102
28,000 101% Mar 10234 Apr
Potomac Edison 58._ _1956 10031 100% 101
21,000 99% Jan 102% Mar
Potrero Sugar Co 1st 78.'47
Mar 9851 Jan
85% 87
11,000 84
Power Corp of NY 530'47
Jan
12,000 99% Mar 101
9931 100
Procter & Gamble 43481947 9931 9941 10041 52,000 99)4 Mar 10041 Mar
PubServCorp of N J4459'48 124
117 126% 3,624,000 108% Feb 126% Apr
Pub Bar El & 04345..1967 10145 loni 101% 87.000 9941 Jan 10334 Apr
Purity Bakeries deb 58 1948 97
9631 9745 119,000 98% Apr 974 Feb
Queensboro 0 & E1534s '52 106
Apr
106 106
1,000 10334 Jan 107
Ref mtge 4358
1958 loon 100% 100% 18,000 10034 Apr 101
Apr
Reliable Stores 55
1937 9941 99
9941 14,000 9834 Jan 9934 Apr
Rem Arms 534% notes1930 9834 9844 9835 21,000 9541 Jan 9934 Apr
Richfield 011 of Calif Os '41 13041 120 131 489.000 98
Apr
Feb 132
Rochester 0& E 4 340_1977
103% 10334 6,000 10044 Feb 10441 Apr
8t Louts Coke & Gas 138 '47 9514 9545 96
Mar 9644 Jan
65.000 95
San Ant Pub Ser 55_1958 99% 99 100
84,000 98% Mar 10034 Mar
Sands Falls Co 58.___1955
Apr
10334 104
6,000 lUl 34 Jan 104
Schulte R E Co 6s....1935 104
10245 104
80,000 9534 Jan 10444 Apr
611 without mu-ft/L.1935 93
91% 93% 64,000 884 Mar 93% Apr
Scripps(E W)5346_1943 9934 9941 9941 32,000 98% Mar 100
Apr
Serval Inc (new co) 5/1_1948 72
Apr
68% 72 209,000 13% Feb 73
Sharon Steel Hoops 3.45 .'48 99% 9941 9934 63,000 994( Mar 100% Feb
Shawinigan W & P4545'67 97% 97% 98% 74,000 96% Jan 9834 Mar
filsawsheen Mills 75...1931 101
101 101% 27,000 98% Feb 10144 Mar
Sheffield Steel 55
1948
Apr
Apr 100
100 100
5,000 100
Shell Pipe Line 58......1952 973.4 97
Jan
Mar 98
9745 67,000 97
Sheridau-Wyo Coal 68 1947
Jan
98
96
Jan 67
7,000 96
Shinyetsu El Pow 630 1952
Feb 9734 Apr
9641 97
42,000 93
Silica Gel Corp 6%%notes
With warrants
1932
Apr
Feb 101
101 101
1,000 100
Sloes-Sheffield S & 16,1929 102% 101% 1024 4,000 101% Apt 102% Jan
Porch money 13s _ _1929
1014 1014 1,000 1014 Apr 10241 Jan
Snider Pack 8% notes_1932 123% 1144 12344 338,000 103
Jai) 12334 Apr
Solvay-Am Invest 5s..1942
Mar
99
994 19,000 9841 Jan 100
Southeast P & L 8s..._2025
Without warrants
107% 1074 108
97,000 10544 Jan 10934 Mar
Southern Asbestos 63_1937 111% 10731 1114 83,000 105
Jan 11734 Jan
SOU Calif Edison 5s___1951 103% 103% 104
96.000 102% Jan 104% Apr
Refunding mtge 58 1952
Mar 104% Apr
1034 103% 40.000 102
Gen & ref 5s
1944
10334 10344 3,000 10244 Nov 10444 Dec
Sou Calif Gas 511
1937
944 9544 94,000 9414 Jan 95441 Jan
5s
1957
100% 10135 18,000 99% Feb 10134 API'
Southern Dairies 13s_ -.1930
9844 9945 29.000 974 Apr 99% Jan
Southern Gas Co 6%s.1935
mar
102 102% 5,000 102
Apr 108
Erwest Gas &Elea 58 A 1957 9934 99% 9934 17,000 984 Jan wo% Apr
Southwest L & P 5s...1957
Feb
97% 9741 1,000 984 Feb 98
firweet P & L 6s
2022
Apr
5..1942 111% nog 111% 20,000 10734 Jan 112
Staler (A E) Mfg 0
100% loosi 1004 35,000 99
Jan 101% Mar
Stand 011 of N Y 6445_1933 10234 10244 103
Jan
65,000 10244 Apr 104
Stand Pow & Lt 8...1957
102% 103
31,000 99% Jan 104)4 Mar
Stinnes(Hugo) Corp-7a Oct 1 '38 without warr 9444 94
9444 51,000 9334 Jan 95
Feb
75 1946 without warets_ 9414 94% 9444 54.000 9334 Feb 96% Apr
Stutz Motors 7445._ _1937
96
Apr
98
21,000 93
98
Bun Maid Italian 6345.1942 92
90
Jan
93
Apr 98
94.000 90
Bun 011 5348
1939 102
Jan 102% Apr
101% 122
15,000 101
Swift & Co 54 Oct 15 1932 10144 100% 10131 72,000 10044 Jan 1014 Jan
Texas Power & Lt 54-1956 101
Mar
101 10141 95,000 9944 Jan 103
Trans-Cont 011 75
1930 108% 108 11034 142,000 103
Jim
Feb 116
Tyrol Hydro-El 78_1952
95
95% 25,000 92% Jan 95% Alit
Ulen az Co 6445
1936
984( 98% 3,000 9734 Feb 99
Feb
United El Baty (Uses)7156
Without warrants
98% 98
Apr
984 81,000 92% Jan 100
With warrants
11434 1114 1144 137,000 10144 Jan 114% Apt
United Indus 6348____1941 983,4 98
Mar
9844 11,000 9334 Jan 97
United Lt & Rys 5345_1952 98% 984 99% 172,000 98% Feb 9934 Jan
United Oil Prod 8s...1931
75
Apr
75
1,000 70
Jan 90
Unit Porto Rican 6345 1937 102
102 102
Apr
Jan 102
1,000 99
United Rye of Hay 744s '36 112
112 113
8,000 1114 Jan 11341 Feb
United Steel Wks630 1947
With warrants
95
Feb
944 95
20.000 90
Jan 96
U S Radiator 5s
1938
98
9844
Aft 98% Mar
US Rubber 034% notes '29 10041 10041 100% 25.000 98
12.000 9944 Mar 102% Feb
Serial 645% notes__1930 100
100 100
2,000 98% Mar 1024( Jan
Serial 844% notes._1931 100 • 110 100
Mar 102% Jan
8,000 99
Serial 634% notes 1932
Feb
9934 9944 11,000 99
Mar 103
Serial 654% notes_ _1933
Feb
9931 100
Mar 103
9,000 oo
Serial 6 A% notes...1934
994 994 1,000 99
Mar 10244 Jan
Serial 644% notes._1935 99
99
Feb
994 2,000 98
Mar 103
Serial 644% notee..1938 99% 99
99
14.000 98% Mar 10254 Jan
Serial 644% notes_ _1937 9934 99
994 5,000 9844 Mar 1024 Feb
Serial 834% notes_ _1939
99
994 7,000 99
Mar 1034 Jan
US Smelt & Ref 550_1935 10345 1034 1034 13,000
Feb
Apr 105
Utilities Pow & Lt 544.'47 9734 974 974 343,000 103
92
Jan 9834 Apr
Valvoline 011 7s
1937
106 106
1.000 10441 Feb 10645 Apr
Va Elea & Pow 63... _1955
1014 1014 2.000 101
Max' 102% Mar
reb
CURB MARKET CONCLUDED ON PAGE 2598
•No par value. 8 Correction. m Listed on the Stock Exchange this week, where
additional transactions will be found. Is Sold under the rule. o Sold for rash
8 Option sale. I Ex-rights and bonus. to When issued.
Ex-dividend. r E
melte. • Ex-stock dividend.
Option sales made as follows: a Middle West Util. prior lien stit. Mar. 6 at l2:
A.0.Spalding & Bro., com.,Jan. 14 at 120: p Associated Gas & Elec., Jan. 14 51 47.
A Sierra Pacific Elec. Co.. Jan. Oat 92: p Sway. Dept. stores. Jan. 26 at 103: Ii Mt.
State Power. Jan, 13, 10134. (1) Palmolive Pet., Feb. 26 at 85.
"Under the rule" sales were made as f 'lows:
()Belgian NaLonal Ra.lway. preference January 20 at 1754;
EitingonSchad Co. 58. Jan. 13 at 9834; J Goodyear Tire dt Rubber of Calif. 554s, Jan. 4 at
1014: k U. S. Rubber 645% notes 1940 at 108: r J. J. Newberry, pref. Jan. 25 at
10741; o Standard Publishing class A Jan. 25 at 4: u 81.000 United Oil Prod. U.
1931, Feb. 2 at $81. Potrero Sur. Is, 1967. Feb. 17 at 98: so American Meter Co..
Feb. 29 at 128. (3) Ohio River Edison 513. 1951, Feb. 27 at 103. (4) Nat. Pub.
Sur. war.. Apr. 24 at 3®341. (5) Associated Gas& Elec. 554s, 1977, Apr. 24 at
107. (6) Mtg. Bk. of Bogota 78. 1947, Apr. 20 at 96.
Cash sales as follows: e Servel Corp. (Del.) corn. Jan. 10 at 65cs
Investment an gailitorafi
-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of April. The table covers 6 roads and shows 0.09%
decrease from the same week last year.
Third Week of April.
1928.
Buffalo Rochester & Pittsburgh__ _ _
Canadian Pacific
Mobile dr Ohio
St Louis Southwestern
Southern Railway System
Western Maryland
5300,709
3,505,000
340,150
429,700
3,653,446
355,006
1927.
Increase.
Decrease.
$8,748
265.000
7,823
116,303
$8,584,011 88,591,684
Total (6 roads)
Net decrease (0.09%)
$291,962
3,240.000
332,327
313,397
3,986,262
427,736
$397,875
$332,816
72,730
$405,546
17.673
In the table which follows we also complete our summary
of the earnings for the second week of April:
Second Week of April.
1928.
1927.
Increase.
Decrease.
Previously reported(6 roads)
$12,538,629 $12,653,463
Duluth South Shore & Atlantic....
85,162
97,925
Georiga & Florida
22,900
31,300
Mineral Range
4,900
5,413
Western Maryland
335,955
427,735
$116.682
$291,516
12,763
8,400
513
31,779
Total (10 roads)
Net decrease (1.72%)
5116.682
5344,972
228,289
$12,987,546 $13,215,836
In the following table we show the weekly earn'ngs for
a number of weeks past:
Current
Year.
Week.
$
16,141,807
17,643.939
16.906.764
25,561.495
17,108,500
18,207,050
16.510.545
14,483,191
15,450,548
14,661,454
15,245.679
13,755,346
12.251.914
13,828.607
14,159,779
19.645.902
14.361,236
14,728,570
18.881.532
15,575,152
9,148.917
9.271,593
14,104,068
21,017,426
15,843,901
12987 54
tel week Oct (13 roads)
30 week Oct (13 roads)
SO week Oct (13 roads)
lith week Oct (13 roads)
15t week Nov (13 roads)
3d week Nov (13 roads)
30 week Nov (13 roads)
4th week Nov (12 roads)
let week Dec (13 roads)
241 week Dee (13 roads)
5d week Dec (13 roads)
4111 week Dec (12 roads)
15* week Jan. (13 roads)
24 week Jan (13 roads)
Sd week Jan (13 roads)
4111 week Jan (13 roads)
let week Feb. (13 roads)
20 week Feb. (13 roads)
3d week Feb. (13 roads)
4th week Feb. (12 roads)
let week Mar (11 roads)
26 week Mar (11 roads)
3d week Mar.(11 roads)
4th week Mar.(12 roads)
let week Apr. (11 roads)
2d week Apr. (10 roads)
Rd
vvnalr enr
Previous
Year.
I it ....a,
O COA All
' '
Increase or
Decrease.
$
16.817.404
17,907.644
18,681,245
25,777,620
17.815,452
17.976.471
17.602.795
15,49E462
15,931.020
15.766,994
15.600,778
14.261.831
12.953,678
13,537.951
13,591,510
19.129.089
13.890,366
14,221.833
10,882,826
13,665,718
9,305,258
9,523,366
13.836.568
20.134,884
15,277,202
13 215 836
o'Knv'etoA
%
5
-675.597 4.01
-263.705 1.48
-1,774,481 9.50
-216.125 0.84
-706.952 3.97
+230,578 1.29
-1.092.250 8.21
-1,008,272 6.51
-480,473 3.02
-1,105,540 7.01
-354,099 2.28
-506,484 3.55
-701.764 5.42
+290.657 2.16
+568,270 4.17
+516.793 2.70
+470,870 3.39
+506,737 3.56
-1,294 0.02
+1.909.434 13.97
-156.341 1.69
-251.773 2.65
-267.552 +1.5
+882.541 4.38
+366,816 2.42
-228 289 1.72
1,,C,0
'
n nn
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:
1
Gross Earnings.
Net Earnings.
Month.
1927.
1926.
Increase or
Decrease.
1927.
1926.
Increase or
Decrease.
$
I
$
1
$
March.,
.629,899,898 529,467.282 +432,616 135,691.649 134,064,291
+627,358
April___,497,212,491498,677.065, -1.464.574113.643.766 114,417,892 -774,126
May __617,543,O15 416,464,995 -I- 1.088,017,126,757,878 127.821.385 -1,063.507
June __5l6,023,039 539.797.81-23,774.774!127,749,692 148,646,848-20.897,156
July_ _ __,508,413,874 556,710,93 -48,297,061,125,438.334 160,874,882-35,436,548
August _556.406.662 579,093.39 -22,686,7351164,013,942 179.711,414-15.697.472
8eptem'n564.043,987 590.102,1431-26,058.156.179.434.277 193.233.706-13799.429
October 582,542,179 605.982,445-23
.440.266,180,919,048194,283,539-13,364,491
Novato'n502,994.051561,153,952-58,159,905,125,957.014 158.50s.561-32.544,
547
Decem' 466,526,003525,820,708f-59,204,705, 90,351,147 118,520,165-28.169,018
I
1927. f
1928. I
1
1928.
1927.
January 1 456,520.897486.722,642,-30,161.742 93,990,640 99,549,436 -5.558,796
February'455,681,258468,532,117,-12,850.852108,120.729 107.579.051
+541.678
Note.
-Percentage of increase or decrease In net for above months has been:
-March, 1.21% Inc.; April,067% dec.; May,0.83% dec.; June. 14.07% dec.:
1927
July, 22.03% dec.; Aug., 8.73% dec.; Sept., 7.14% dec.; Oct.. 3.87% dec.: Nov..
30.53% dec.: Dec.. 23.76% dec. 1928-Jan., 5.58% dee.; Feb., 0.50% Increase.
:
In the moat, of March the length of road covered was 237,704 miles in 1927.
against 236,948 miles in 1926; in April. 238.183 miles. against 237.187 miles
In 1926; in May, 238,025 miles, against 237,275 miles in 1926; In June. 238,425
miles, against 237,243 miles In 1926; in July, 238.316 miles. against 237.711 miles
In 1926; in Aug., 238.672 miles, against 237,824 miles in 1928; in Sept.. 238.814
miles, against 237.854 miles in 1926; In Oct.. 238.828 miles. against 238,041 miles
In 1926; In Nov., 238,711 miles, against 238,142 mtlea In 1926; In Dec.. 238.552
tones, against 237,711 miles in 1926; in Jan.. 239.476 miles. against 238.608 miles
In 1927; in Feb., 239,584 miles. against 238.731 miles in 1927.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Grossfrom Railway- -het from Reilway- -Nei
Taxes
aft"
1927.
1928.
1927.
1928.
1928.1927.
$
Akron Canton & Youngstown
296,299
96.802
105,382
83,360
282,465
84.982
March
817,587
251,374
290,448
210,757
777,256
229,223
From Jan 1_
Ann Arbor
518,739
527,913
/25,870
/20,895
March
/204,382 /191,613
From Jan 1_ 1,418,179 1,407,347
Atchison, Topeka & Sante Fe System
18,874,907 21,116,511 4,211,275 5.891,077 2.667,137 4,028,489
March
From Jan 1_54,394,927 62,708,606 12.628,444 12,230,337 7,936,592 12,536,956
Baltimore & Ohio
18,851.283 21,536,298 3,982,820 5,568,996 3,177,144 4.458,025
March
Fr0111 Jan 1.53,218.161 59,999,643 9,617,382 12,92E718 6,955,091 9,800,455
Bangor & Aroostook
962,520
845,588
/320,385 /399,042
March
/778,064 8942,729
From Jan E 2,279,948 2,515,252
Boston & Maine
6.326.044 6,651,955 1,645 451 1,659,384 1,356,892 1,361,465
March
From Jan 1.18,060.286 18,766,841 4.495,013 4,134,889 3,600.479 3,239,673
2631
-Gross from Railway- -Net from Railway- -Nei after Taxes
1927.
1928.
.
1927.
1928.
1927.
1928.
$
$
$
Brooklyn Eastern District Terminal
March
48,504
138,647
138,495
57.993
57.130
47,530
From Jan L 373,756
124,182
155,622
363,230
129.485
145,558
Buffalo Rochester & Pittsburgh
March
1,450,000 1,706,000
/265.000 8271,000
From Jan 1_ 4,201,000 4,815,000
1
,747,000 /768.000
Central of Georgia
March
2,491,312 2,616,998
/552,011 /541,086
From Jan 1_ 6,553,428 7,244.771
81,133,898 81,362,524
Central of New Jersey
March
4,664,875 4,836,274 1,195,135 1,095,955
791,425
741,622
From Jan E 12,923,940 13,264,189 2,861,291 2,289,568 2,127,021 1,628,737
Central Vermont
March
88,455
703,421 def122,816
530,431
108,748 def116,143
From Jan 1. 1,118,502 1,989,373 def926.934
213,517
271,081 def958,283
Chesapeake & Ohio
March
10,279,167 11,863,332 2,988,520 3,876.618 2,318,130 3,162,543
From Jan 1_29.772,362 33,412.342 8,179,230 10,580,859 6.169,655 8.442,021
Chicago, Burlington & Quincy
March
11,303,655 10,515,037
83,373.848 83,103,509
From Jan L39,031,578 36,823,228
/9,273,135 /7,294,894
Chicago, Great Western
March
2,071,044 2,034,432
506,410
465,177 8267.477 8242,572
From Jan 1_ 5,726,658 5,669,165 1,123,583 1,090,055 8401,635 8415,771
Chic Milw St Paul & Pacific
March
14,231,148 13,209,105 4,625,756
From Jan L33,643,153 36,591,361 10.145,075
Chicago It I & Pacific Lines
March
11,711,292 12,438,778
From Jan 1_32,928,240 34,228,240
Chicago, St. Paul. Minneapolis & Omaha
March
2,300,714 2,206,825
From Jan 1_ 6,523,675 6,202,138
Colorado & Southern
March
876,522 1,044,655
From Jan 1. 2,889,430 3,174,435
Delaware, Lackawanna & Western
March
6,348,065 6,431,245 1,382,651
From Jan 1_18,379.620 18,979,558 4,009,429
Detroit Terminal
March
183,316
197,017
68,639
From Jan I_
483,648
491,186
149,625
Detroit Toledo & Ironton
March
827,239
957,279
From Jan 1_ 2,241,499 2,531,045
Erie
March
8,944,855 9.263,755 1,842.461
From Jan L24,913,613 25,561,813 4.131.688
Chicago & Erie
March _
_ 1,263,166 1,301,752
519,703
From Jan L 3,454,657 3,519,397 1,216.455
New Jersey & New York
March
127,212
124,599
6,218
From Jan 1_
372,464
364,300
14,961
Florida East Coast
March
1,686,690 2,278,725
From Jan L 4,795.965 6,516,976
Georgia dr Florida_
March
57,233
186,458
207,040
From Jan 1. 425,174
515,114
88,231
Great Northern
March
8,602,668 7,934,883
From Jan L22,998,174 21,204,669
Gulf Coast Lines
March
1,526,681 1,575,801
From Jan L 4,045,569 4,430,336
International Great Northern
March
1.486,476 1,617,785
From Jan 1_ 4,273,641 4,649,144
Lake Terminal
March
78,674
92.387 -13,528
From Jan 1_
225.740
272,790 -37,430
Lehigh & New England
March
347,401
425,464
45,694
From Jan 1_ 1.066,515 1.174.048
140,382
Lehigh Valley
March
5,424,920 6,159,737 1,024,527
From Jan L15,556,181 17,494,408 1,791.634
Maine Central
March
1.708.532 1,952.246
457,902
From Jan L. 4,997.454 5,468.407 1,257,865
Minneapolis & St Louis
March
1,294,499 1,194,063
263.512
From Jan 1_ 3,462,282 3,321,268
494,028
Minneapolis St. Paul & Sault Ste Marie
March
2,158,619 1,936,334
474,886
From Jan 1. 6,025,927 5,577.001 1,131,487
Missouri Pacific
March
11,042,127 11,188,031
From Jan E31,266,411 31,887,220
Mobile & Ohio
March
1,573,384 1,648,576
From Jan 1_ 4,300,009 4.406,559
Newburgh & South Shore
March
145,694
40,981
170,341
From Jan 1_
298,917
61,976
418.756
New York Central
March
31,172,801 32,968,030
From Jan 1.88,138,494 93,215,682
New York Chi & St L
March
4,543,451 4,742,267 1,200,647
From Jan 1.12,989.638 13,224,226 3,431,032
NYNH& Hartford
March
11,116,902 11,711,965
From Jan 1_31,420,615 32,790,634
New York Ont & Western
March
828,262
840,203
73.672
From Jan 1_ 2,310,721 2,341,395
54,552
New York Susq & Western
March
389.720
416.145
59,245
From Jan L 1,137,275 1,209,219
152,556
Norfolk Southern
March
863,692
871,241
280,583
From Jan L 2,263,756 2,357,858
649.001
Norfolk & Western
March
8,636,824 9,594,853 3,121.130
From Jan 1.24,189.326 27,402,970 7,967,678
Northern Pacific
March
8.142,610 7,320,692 2,565,348
From Jan L21.298,724 19.368,390 5,069,146
Northwestern PaciftcMarch
1,118,508 1,145,162
From Jan 1_ 3,208,369 3,052.624
Pennsylvania
March
52,350,843 58,798,527
From Jan 1_147740574 164358,253
Long Island
2,879,549 2.998,570
March
From Jan 1_ 8,469,124 8,477,724
2.471,023 3,800,690 1,716.093
6,282,927 8,134,442 4,024,291
/2,166,983 /2,128,212
/5,069,281 14,779,241
/324,330
8580.880
/266,127
8488,967
6E190,816 81.133,690
8324,476 8305.434
1,204,221
3,466,872
869,164
2,476.812
703,653
1,995,192
51,749
136,405
50,191
101.871
35,898
93.916
8143,791
/256,181
/160,585
/429.694
1,287,851 1,478,683
2,890,643 3.026.107
895.418
1,721,696
498.537
E275,936
467.959
1,061.357
440,757
1.111,617
-4,258
-6,509
2,269
3,208
--7,836
--17,379
838E309 6391,742
81,025,436 81,020,274
58,089
119,319
48,233
63,213
50,389
96,119
81,507,228 81,123,741
82,982,681 81,998,600
8306,446
8764,384
8305,298
8804,872
8119,637
6174,158
8152.704
8426,812
--5,544
3,082
--18,053
-49.256
--10.841
-15,543
110,844
273,015
38,153
116,618
94,177
228.658
1,079,176
2,698,644
761.674
1,158,918
798,434
1,951,382
537,458
1,379,651
352,917
943,075
423,543
1,037,906
93,244
230,312
199,097
308,432
79,424
88,784
333.885
877,740
345,921
147,644
193.177
447,147
81,673,790 /1,822,715
84,693.634 /4,525,178
/244,346
8616,629
17,612
46,010
8364,872
8663,825
27,627
24,680
4.974
9,150
4,682,081 5,172,926
11,95E564 12,878,266
1,542,881
3.478.750
938,404 1,274.256
2,615.878 2,672,624
62,034,947 62,016,755
/4,638,004 /3,887,482
def2,554
--178,916
23,656 def52,582
-93,713 -329.798
55,252
116,026
29,895
64,452
26,576
30.302
288,097
693,664
231.674
501,131
239.267
547,418
3.682,661
9,348,521
2,319,453 2,831,704
5.565,238 6,886,843
1,608,920
3,334.134
1.887,906
3,054,232
935.636
1,340,849
881,963
8198,677
1.271,787
8409,882
6
8.983-241611,078,096
822,007.698822,354.653
8357,604
8648,930
•88,32.5
6200.555
2632
FINANCIAL CHRONICLE
[VOL. 126.
-Gross from Ra41way- -Net from Railway--Net after Tarts
1928.
1928.
1927.
1927.
1928.
1927.
West Jersey & Sea/StoreMarch
733,037
851,249
642,363
66,517
From Jan 1_ 2,115.877 2,433.753
676,118
646,795
Pere Marquette
March
3,639,696 3,932,076
8844,085 61,003,400
From Jan 1_ 9,712,025 10,285,611
81,796,906 82,121,325
Pittsburgh Shawmut & Northern
March
150,544
43,116
31,187
27,971
182.974
39,888
From Jan 1_
456.804
523,585
112,660
104.161
94,939
103.475
Pittsburgh & West Virginia
March
381,721
258.460 6172.445 6264,155
163.156
510,319
From Jan 1_ 1,012,755 1.426,689
711,636 8467.669 6771,998
427,535
Reading Co.
March
7,167,886 8,092,832
61,121,401 61,443,872
From Jan L21,065,979 23,368,841
82,968,025 83,958,671
Richmond Fred & Potomac
March
1,041,068 1,146,041
393,290
329,261
265.761
310,838
From Jan 1_ 2,913.157 3,115.423
874,182
855,226
684,228
688,530
St Louis San Francisco System
March
7,009,728 7,574,310 2,109,916 2,183.927 1,716,705 1,825,212
From Jan L20,148,691 21,530,028 5,622,572 6.320.722 4,536,019 5,251,212
St Louis Southwestern Co
March _ _ 2,220,984 2,089.001
482,011
346,312
475,857
394,528
From JElL11. 6,267,444 5,992,862 1,513,166 1,307,239 1,203,819 1,047,079
San Diego & Arizona
Match
120,928
154,308
38.332
54,215
32,666
46,528
From Jan 1_
336,122
396,254
91.119
131,636
74,122
108,579
Seaboard Air Line
March
5,511,506 6.060.068 1,694,223 1,764,517 1,373,701 1,437,239
From Jan 1_15,773,511 17,570,212 4,169.953 4,448,567 3,206,819 3,494,704
Southern Ry System
March
16,493,796 16,936,846 4.962,739 4,647,310 3.943.908 3,666,556
From Jan L45,970,658 47,576,468 12,280,688 12,165.064 9,315,660 9,291,901
Southern Railway
March
12,589,788 12.833,279 3,813,073 4,463,714 3,040,184 2,713,424
From Jan 1_35,006.844 36,104.750 9,456,818 9,205,275 7,196,994 7,033,433
Alabama Great Southern
888,458
878,151
March
6287,477 6263,183
From Jan 1_ 2.400.739 2,454,657
6494,912 6571,000
Clno New On & Texas Pao
1,824,499 1,911,513
March
0499,917 8480.051
From Jail - 5,154,869 5,279,566
61.136,878 81,019,409
George Sou & Florida
414,047
March
413,689
018,178
637,733
658,228 .641,559
From Jan 1_ 1,189,145 1,234,452
New Orleans & Northeastern- •
488,401
092,352
March
521.710
095,554
8209,946 0257,411
From Jan 1_ 1,364,778 1,485,832
Northern Alabama
March
62,867
132,037
624,969
102,196
013,056 .661,121
355.198
276,743
From Jan 1_
Southern Pacific Linea•
24,243,689 24,810,927 6,480.917 6,012.703 64,599,156 03,806,946
March
From Jan L67,313,728 67,880,438 15,518,349 14,227,828 09,584,140 88,127,619
Staten Island Rapid Transit
54.029
251.825
57,126
236,215
March
35,433
40,126
173,438
From Jan 1_ 697,768
697,299
146,767
95,742
118,784
Texas & Pacific
4,248,293 2,406,254
March
6954,772 6729,707
From Jan E11:626,060 9,432.820
02,182,875 61,444,797
Union
March
736,189
884,012
112,553
58,059
41,559
89.553
From JAZI 1- 2,065,394 2,356,157
181,761
235,161
162,161
135,261
Union Pacific System
March
16.332.419 15,322,499 4,424,818 3,935,572 3,171,503 2.655,091
From Jan 1-45,983,506 42,350,155 12,503,496 10.868,286 8,738,405 7,019,488
Utah
March
122,586
142,826
37,516
49,469
32,005
39,927
From Jan 1_
488,119
496,211
165,386
200.320
137,291
163,895
Virginian
March
1,048,757 2,175,327
0455,303 61,032,842
From Jan E 4,868,189 6,263,439
61,725,225 82,917.369
Wabash
March
6,202,678 6.174,987
01,125,397 01,010,099
From Jan L16,743,980 16.881,445
62,400,233 62,252,165
Western, Maryland
March
1,629,913 2,025,011
518,994
592.775
436,994
492,775
From Jan 1_ 4,751,824 5,920,942 1.465,772 1,762,098 1,210,772 1,462,098
Wheeling & Lake Erie
1.540.756 1,908,212
March
8299,279 D445.109
From Jan 1_ 4,175,061 4,915,818
0951,862 985,780
Wisconsin Central
1,543,216 1,551,385
March
250.817
268,926
167,542
185,626
From Jan 1. 4,259,321 4,328,443
548,208
664,609
304,023
422,275
b Atter rents. • Loss.
Total Net
Income
Ann Arbor
March '28
'27
From Jan I '28
'27
97,812
92,045
205,488
79.034
Boston & Milne
March '28
'27
From Jan 1 '28
'27
Fixed
Charges
Italame
$
54,068
48,673
191,896
60,984
1,315,404
1,304,857
3,376,772
2,965,42.5
43,744
43,372
13,592
18.050
654,454
660,341
1,953,524
1,977,501
660,950
644,516
1.423,248
987,924
Chesapeake & Ohio
March '28
'27
From Jan I '28
'27
2,517,673
3,302.502
6,727,569
8,776,080
618,241
679,651
1,921,823
2,030,342
1,899,432
2,622,851
4,805,746
6,745,738
Intemat Great Northern
March '28
'27
From Jan 1 '28
'27
149,894
157,841
323,188
448,943
146,010
118,186
429,011
354,216
Missouri PactfIc
March '28
'27
From Jan 1 '28
'27
March '28
'27
From Jan 1 '28
'27
March '28
'27
From Jan 1 '28
'27
March '28
'27
From Jan 1 '28
'27
March '28
'27
From Jan 1 '28
'27
March '28
'27
From Jan 1 '28
27
1,920,848
2,127,497
5,446,332
5,775.720
1,068,202
1,119,566
2,780,627
3,163,295
844,085
1,003,400
1,796,906
2,121,325
405,839
331.280
880,977
886,867
2,655,385
3,317,146
6,450,152
7,988,425
1,002,666
653,001
2,335,166
1,522,939
1,280,224
1,387,365
3,847,675
3,911.171
475,874
564,510
1,493,337
1,709,293
187,455
177,783
489,543
460,991
194,477
151,132
581,816
492,067
418.476
432,5.58
1,254,811
1,296,727
239,222
213,361
705,055
651,299
3,884
39,655
-105,823
94,727
640,624
740,132
1,598,657
1,864.549
592,328
555,057
1,287,290
1,454,002
656,630
825,617
1,307,363
1,660,334
211,362
180.148
299,161
394,800
2,236,909
2,884.5
5,195,3
6,691.69
763.444
439,640
1;630,111
871,640
Mo-Ran--Texas Lines
Pere Marquette
New Orleans Texas Mexico
Norfolk & Western
Texas & Paeffie.
Total Net
Income.
Georgia & Florida
March '28
44,889
'27
40,365
From Jan 1 '28
64,954
'27
84,640
Minn St Paul & S S M System
March '28
365,450
'27
204,161
From Jan 1 '28
803,278
'27
474,781
Minn St Paul & 58 Marie Co
March '28
371,539
'27
2.51,304
From Jan 1 '28
697,479
'27
505,973
N I' N II & Harttord
March '28
2,509.369
'27
2,448,291
From Jan 1 '28
6,092,365
'27
5,497,088
N Y Ontario & Western
March '28
10,543
'27
-63,550
From Jan 1 '28 -135,796
'27 -370,894
Pittsburgh & West VirginIa
March '28
175,138
'27
259,824
From Jan 1 '28
483,628
'27
801,520
Seaboard Air Line
March '28
1,367,833
'27
1,339,831
From Jan 1 '28
3,402,170
'27
3,579,212
Virginian
March '28
.445,303
'27
1,099,354
From Jan 1 '28 •1,725,225
'27
3,158,520
Wabash
March '28
1,192,807
'27
1,017,856
From Jan 1 '28
2,644,551
'27
2,289,699
Wisconsin Centre
March '28
6,089
'27
47,153
From Jan 1 '28 -105,7119
'27
31,192
Fixed
Charges.
Balance.
18,641
28,248
18,725
23,640
49,986
14,988
34,437
50,203
418,749
-53,297
421,096 --216,945
1,234,494 --431,222
1,228,786 --754.004
591,568 -220,029
589,044 -337,740
1,737,771 -1,040,292
1,771,253 -1,265,280
1,572,566
936,803
1,765,205
693,086
4,831,325
1,261,040
5.267,170
229,918
121,825 -111,282
117,151 -180,702
362,361 -498,157
349,418 -720,313
151.887
23,251
28,108
241.718
410.928
72,700
724,670
76,850
331,666
1,036,187
507,478
832,353
400,186
3,001.983
914.363
2,664,850
182,744
272,577
757,143
342,211
771,711
953.514
1,028,174
2,130,346
621,952
670.855
451,855
566,001
1,567.690
1,076,861
1,374,760
914.939
172,819 --166,729
167.948 --120,795
503,277 --609,077
542,407 --511,275
•Before addition or deduction of other income.
Electric Railway and Other Public Utility Net
Earnings.
-The following table gives the returns of
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
Atlantic Gulf & West Indies Steamship Lines
(And Subsidiary Steamship Companies)
-Month of February- -2 Mos. End. Feb. 29192.
1928.
1928.
1927.
Operating revenues
Net revenue from open
(incl. depreciation)_ _ _
Gross income
Interest, rents and taxes
3,092,813
6,008,226
6,500,482
390,465
460,564
209,253
208,252
273,644
217.214
629,109
766,576
427,724
384,837
514,373
443,468
251,310
Net income
3.054,299
56,429
338,852
70.905
Bangor Hydro-Electric Co.
-Month of March- -12 Mos.End.Mar.311928.
1927.
1928.
1927.
s
s
$
Gross earnings
182,377
159,672
1.814,474
1.774,715
Oper.expenses & taxes_ _
78,343
884,171
80,328
801,481
Gross income
Interest, &c
84,034
23,228
79,344
1.020.303
305.131
374,381
27,83
Net income
Pref. stock dividend_
Depreciation
60,808
51,512
715,172
232,936
115,009
628,327
203,353
132.363
367,227
188,466
292,611
125,052
178,781
187,550
Balance
Common stock dividend
Balance
Boston Elevated Railway.
-Month of March
1928.
1927.
Receipts
From fares
3,010,265
3,110,961
From operation of special cars, mail pouch service,
express and service cars
1,285
1,826
From advertising in cars, on transfers, privileges
at stations, &c
66,569
66,167
Prom other railway companies for their use of
tracks and facilities
8,475
6,581
From rent of buildings and other property
5,198
6,497
From sale of power and other revenue
23,681
14,710
Total receipts from direct operation of the road_ _
Interest on deposits, income from securities, &c__ _
3.191,456
6,789
3.258.735
6,975
Total receipts
3.197,246
Cost of Service
Maintaining track,line,equipment and buildings_
299,198
Maintaining cars,shop equipment,&c
388,442
Power
239,081
Transportation exps.
wages of car service men)
998,113
Salaries and expenses of general officers
7,594
Law exps., injuries and damages,and insurance_ _ _
155,054
Other general operating expenses
115,820
Federal. State and municipal tax accruals
163,525
Rent for leased roads
261,441
Subway St tunnel rentals to be pd. to City of Boston
157.724
Cambridge subway rental to be paid to the Commonwealth of Massachusetts
33,411
Interest on bonds and notes
212,930
Miscellaneous items
4,920
3,263.710
Total cost of service
Excess of receipts over cost of service
3,007,123
256,586
3,037,260
159,98.5
300,175
387.543
217,345
1,009.738
7,751
156.333
115,041
157,584
262.935
148.652
33,460
205,516
5.054
Community Power & Light Co.
(And Controlled Companies)
-Month of March- -12 Mos.Ent1. Mar.311928.
1927.
1928.
1927.
$
$
$
s
Consol,gross revenue__ _
314,903
289,419
4,342,812
4,122,816
Oper. exps.,incl. taxes_ _
204,735
193,157
2,603,657
2.543,127
Balance (00
110,168
96,263
1.739,155
1.579,689
x Available for interest, amortization, depreciation, Federal income
taxes, dividends and surplus.
2633
FINANCIAL CHRONICLE
APR. 28 1928.]
Central Illinois Light Co.
Federal Light & Traction Co.
(Subsidiary of Commonwealth Power Corp.)
-Month of March- -12 Mos.End. Mar.311927.
1927.
1928.
1928.
S
$
$
5
4,491,111
4.261,654
410,381
372.329
01.088 earnings
Oper. exps., incl. taxes &
2,704,575
2,573.069
250,400
231.467
maintenance
And Subsidiary Companies)
-Month of February- -12 Mos. End. Feb. 291928.
1927.
1927.
1928.
3
$
$
5
7.135.021) 6,723.560
612,197
675,750
Gross earnings
4,040,390
360.770 4.440.418
403,704
Oper., adm.exps.& taxes
140.862
Balance
1,224.279
403,044
256,800
715,733
Div. preferred stock
Prov. for retire. res've
1,688,584
464,305
412,490
268,800
Net income avail, for
diva. & retire. res've
1,786,535
389,511
1.397.024
159,981
• Gross income
Fixed charges
2,694.602
950.846
2,683,170
836,878
Pref. stock dividends:
Cent. Ark. P. S. Corp.
Springfield Cos
104,766
65.482
104.495
64.652
Balance after charges_
1.573.508
1.677.14.5
272,046
89,033
564,435
5181.179
Kansas City Power & Light Co.
Massachusetts Street Ry.
Eastern
251.427
70,248
$183.013
Total income
Interest and discount_
-Month of March- -12 Mos. End.Mar.311928.
1927.
1927.
1928.
8
5
976,981 13,014.063 11.086,227
1.133.586
•
--Month of March- -3 Mos. End. Mar.311928.
1927.
1928.
1927.
Railway oper. revenues_
Railway oper. expenses-
821,727
491.859
851,845
480,214
2,460,784
1.425,293
2,587,460
1,469,968
Balance
Taxes
329,868
36,845
371,630
36,161
1,035,491
106,914
1,117,491
108.909
Balance
Other income
293,023
20,835
335,469
21,438
928.577
54.674
1.008,582
63,443
Gross corp. incarme_
Int. on funded debt.
rents. &c
313,857
356,908
983,252
1,072,025
97.908
10.1,605
295,132
305,782
Available for depree'n,
dividends. &c
Depr.. equal. & retire ts
215.949
115,095
255,303
157.975
688,119
362.332
100,854
575.597
475.562
6,619.121
5.264,669
557.988
Net earnings
501,419
6.394.941
5,821.558
Interest charges
111.026
108.273
1439,270
1,242.970
Balance
Amort. of disc. & prem.
446,962
15,429
393,146
14,787
5.055,671
184,451
4.578.587
177,453
Balance
Divs. 1st pref. stock_ __ _
431,532
79,166
378,358
65.786
4,871.220
881,236
4,401,134
773,953
Surp. earns, avail, for
depr.& corn.stk. diva.
352,366
312.571
3,939.983
3.627.180
766,244
478.686
Net corp. bal. carried
to profit and loss_
Gross earnings
Oper. exp. (incl. maint..
gent & income taxes)_
National Power & Light Co.
--Month of January - -12 Mos. End. Jan.311928.
1927.
1927.
1928.
3,164451 37,322,070 33.846,525
Gross earnings
3.418,742
Net Earnings
1,415,801
1,279.331 14,731.385 13484,771
Note.
-The earnings as shown above were the earnings from operiaticn
Electric Power & Light Corp.
of the properties ofsubsidiary companies and not the earnings of the Nat one i
--12 Mos. End. Feb. 29- Power & Light Co.
-Month of February
-Month of February- -12 Mos. End.Feb. 291928.
1927.
1928.
1927.
1927.
1928.
1927.
1928.
$
4,529,644
4.333,917 53,008,200 50,434,762
Gross earnings
3.013,630 37.559.960 34.160,062
Gross earnings
. _ _ 3.271.520
2.119.043
1,962.367 23,985.042 21.989.635
Net earnings
1.239,344 14,856,171 13,734.756
Net earnings
1,394.130
-1 he earnings as shown above were the earnings from operation
Note.
-The earnings as shown above were the earnings from operation
at the properties of subsidiary companies and not the earnings of the Elec- ofNote.
the properties of subsidiary companies and not the earnings of the National
(sic Power & Light Corporation.
Power & Light Co.
97.328
325,788
287.558
The Nevada-California Electric Corp.
(And Subsidiary Companies)
Illinois Power Co.
(Subsidiary of Commonwealth Power Corporation)
-Month of March- -12 Mos End, Mar.311927.
1928.
1928.
1927.
Gross earnings
Oper. expenses, including
taxes & maintenance_
Gross income
Fixed charges
-Month of March- -12 Mos.End.Mar.311928.
1928.
1927.
1927.
247,532
235,821
2462.593
2,594,905
Gross oper. earnings..
Oper. & gen. exp. & tax_
475,899
194,245
399,453
195,329
5.220.237
2,289,742
5,014,413
2463,111
155,526
157.202
1,809,496
1,782,552
92.006
78.618
853.096
396,958
812,353
388.089
Operating profits_ __ _
Non-oper. earns. (net)_ _
281,654
7,933
204,123
8.927
2,930,494
83.944
2,751,302
223,769
Total income
Interest
289,587
122,737
213,051
115,240
3,014,439
1,396,652
2,975,071
1,533,333
456.138
424,263
224,077
150,000
233.915
150,000
Balance
Depreciation
166,849
46,643
97,811
38,206
1.617.786
592,139
1,441,738
551.583
82,060
40,348
Balance
Dis. & exp. on sec. sold_
Misc. add'ns & dedue'ns
(net credit)
120,206
7.949
59,604
7,349
1,025,647
93,762
890,154
117,467
Net inc. avail,for divs.
dr retirement ret'ves
Div. preferred stocks_
Prov. for retire. res've
Balance
Dr.288
8,985
7.854
43,743
Interborough Rapid Transit Co.
Surplus avail, for red.
Net Earnings of the Interborough System under the "Plan.'
of bonds, divs., &c_
111.967
61,239
900 739
816.430
•
-Month of March
-9 Mos. End. March
Ohio Edison Co.
1928.
1927.
1928.
1927.
8
(Subsidiary of Commonwealth Power Corp.)
G0083 revenue from all
-Month of March- -12 Mos End. Mar.31-8011/Tefi
6437.424
5,829,404 50.269,496 46,793.096
1928.
1927.
1928.
1927.
Expenditures for operat8
ing & maintaining the
176,358
165,145
1,967,629
1,844.638
3,700,925
3,160,548 29,498,572 27,519.882 Gross earnings
property
Oper. exp., incl. taxes &
maintenance
92,895
011,038
1.056.698
1.084.539
32.336,498 32.668,856 $20,770,923 319.273,213
Taxes payable to City.
Gross income
83,463
64,106
910,931
760.099
State and the U.S___
244,877
300,398
2,524,504
2,612,019 Fixed charges
144,645
60.206
Available for charges_ $2,091,621 $2.368.458 118.246,419 316,661.194
Net Inc. avail,for divs.
& retirem't res've_
766,286
699.893
Rentals pay. to City for
151,307
140.832
$221,848
olginal subways
3222.100 81.992.583 31.990,395 Div. preferred stock..
I'rov. for retire. res've_
129,750
123.000
Rentals payable as int.
150,686
150,689
1,356.180
on Manhattan Ry. bds
1,356,180
Balance
485.228
436.060
Miscellaneous rentals_ _ _
25,127
23,735
212,166
212,653
8397,662
81,693.959
Int. pay. for the use of
borrowed money and
sk.fd. requirements:
Int. on I. It. T. 1st
mtge. .5% bonds.-693,643
Int. on I. It. T.7% se194.508
cured note('
Int. on I. R. T. 6%
47.420
-year notes
10
8,837
Int. on equip. tr. ctfs
fd. on I. It. T.
Sink.
194,935
1st mtge. bonds_ __ 6.844
Other items
3174,424
Portland Electric Power Co.
33.560,930 81.568,833
$1,971,936 314,685.488 313.101.967
Gross earnings
Oper. exps. & taxes_
-Month of March- -12 Mos End. Mar.311928.
1928.
1927.
1927.
$
$
$
$
1,062,741
1,037,049 12,224.228 11,943,438
7.218,814
7.310,592
636,465
627.112
6.071.557
196,481
1.756,246
1.773,386
45,689
15,525
423,856
111,162
410.197
171,350
201,464
8,873
1,768.441
59,926
1,771,446
81.343
1.146,390
1,143.560
10.347.234
828.475
4.338.254
2,822.688
25,380
25,380
228.427
227,756
231.870
231,871
2.086,837
2,087.246
257,251
257.251
2.315,265
2,315,002
Balance (subject to re571.224
290.316
2,022,989
507.687
adjust.), (see note)_
-The above stated results from the Subway and also from the
Note.
the preferential deficits as computed
System operations are on the basis of
by the company and are, consequently, considered to be only preliminary
and tentative because they are subject to such readjustment as may be
necessitated by the final adjudication of objections made by the Tranilt
Commission to certain items in the accounting ander the contract with
the city. Such adjudication may show that a portion of the "balance
after actual maintenance" on the Subway isspayable to the City with a
ystems.
earn:ape/Oleg change In that balance on the
426,276
213,456 •
409,937
2/5,714
5,005,414
2.577,367
4,632,846
2.508,558
Net income
Divs. on stock:
Prior preference
First preferred
Second preferred
212,820
194,223
2,428,047
2.124,288
475,219
692,110
302,500
475.439
597.142
300.000
Balance
Depreciation
958.218
759.770
751.697
743,781
198.448
7.849
10.278.279
547,568
Dividend rentals:
7% on Manhattan Ry.
stock not assenting
to plan of readjust __
5% on assenting Manhattan Ry.stock__ -
6,227,599
Gross income
Interest. &c
Balance
675.428
Public Service Company of New Hampshire
(And Subsidiaries)
-Month of March- -12Mos-Bad.Mar.31
.
1928.
1928.
1927.
1927.
$
Gross oper. revenue__
303,221
292,534
3,664.059 3,497.459
Oper. exps. & taxes._
159.807
153.826
1.817.325
1,973,300
Net oper. revenue_ _
143,414
138,708
1,846.733
1.524.158
Non-oper.rev.(net)._ _
7,828
5.146
111.588
197.396
Gross income
151,243
143.854
1.958,321
1,721,555
51,605
Interest charges
40,062
505,702
458.845
99.637
Balance
103.791
1.452,619
1.262,709
Depreciation
20,827
25.464
315,988
259.373
78,810
Balance
78.327
1.136.651
1.003436
24.873
Prof. div. requirements_
22.881
283.980
123.384
Bal. avail.for com.stkakI53.936
55,445
852,1371
879,452
2634
FINANCIAL CHRONICLE
New York Dock Co.
-Month of March- -3 Mos.End. Mar.311928.
1927.
1928.
1927.
Revenues
Expenses
342,970
184,891
297,398
138,501
945.693
500.245
874.550
410,592
Net revenues
Less-Taxes, int., &c_
158,079
104,454
158,897
99,639
445,448
283.389
463.957
294.744
53,624
59.257
162,059
169,213
Net income
Pennsylvania Coal & Coke Corp.
(And Subsidiaries)
-Month ofMarch- -3Mos.End. Mar.311928.
1927.
1928.
1927.
S
S
S
S
Gross earnings
405,407
694,711
1.1M.104 2.081,189
Oper. exps. & taxes (not
Incl. Federal taxes)
446,351
603,956
1,314,104 1,798,224
Net oper. revenue_ _ _ _ -40,943
90,755 -163,000
282,965
Miscellaneous income_ _ _
11,880
21,324
40.090
57,329
Gross income
-29.063
112,079 -122.910
340,295
Charges to income
38.298
40.948
112,797
120.800
Net inc. bef. Fed. tax_ -67,361
71.130 -235,707
219.494
-Deficit.
Public Service Corporation of New Jersey
-Month ofMarch
-12Mos.End.Mar.311928.
1927.
1928.
1927.
S•
Gross earnings
10,237,040 9,211.364 117,941,186 108,265.352
Oper. expenses, maint.,
taxes and deprec'n
7,261,977 6,907,230 84,167,602 78.372,390
Net inc. from oper
2,975,063 2,304,134 33,773,584 29,892,962
Other net income
400,609
241.450 1,293.676
1,076,686
Total
3,375.672 2,545,584 35,067,260 30.969,648
Income deductions
1,631,825
1.629.688 18,654,842 18,758,929
Bal.for divs. & surp
1,743,847
915.896 16,412.417 12,210,719
Southern California Edison Co.
[Vol.. 126.
FINANCIAL REPORTS
Financial Reports.
-An index to annual reports of steam
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
April 7. The next will appear in that of May 5.
Union Pacific Railroad.
(31st Annual Report-Year Ended Dec. 31 1927.)
The text of the report, signed by Chairman Robert S.
Lovett, together with comparative income accounts, comparative balance sheet as of Dec. 31 and other statistical
tables, will be found on subsequent pages of this issue.
V. 126, p. 712.
Delaware & Hudson Company.
(98th Annual Report-Year Ended Dec. 31 1927.)
The remarks of President L. F. Loree, together with comparative income account and comparative balance sheet for
1927, will be found under "Reports and Documents" in last
weeks "Chronicle," page 2499. Our usual comparative
table of statistics, income account and balance sheet, were
given in V.126,p.2300,2140.-V. 126, p.2300, 2144, 2140.
Missouri Pacific Railroad Co.
(11th Annual Report-Year Ended Dec. 31 1927.)
The remarks of President L. W. Baldwin, together with
the income account and comparative balance sheet for the
year 1927, will be found under "Reports and Documents"
on subsequent pages.
TRAFFIC STATISTICS
-YEARS ENDED DEC. 31.
(Subsidaiary of Commonwealth Power Co.)
1927.
1926.
1925.
1924.
-Month of March- -12Mos.End.Mar.31- Revenue freight (tons)-- 38,665,636
41,761.665
36,713,004
1928.
1927.
1928.
Rev, tons carr. 1 mile.. 938612206410132034120 40,380,712 8773081.103
1927.
9584442.764
$
i
S
Rev, tons carried 1 mile
Gross earnings
2,644,925 2,273,921 31,430,849 28,718,089
per mile of road
1,275,096
1.379.054
Expenses
729,111
551.512 7,168,912 7,184,806 Avge.amt.rec.per ton m_ 1,074 cts. 1.065 eta. 1,303.480 1,191,999
1.091 eta. 1.094 eta.
Taxes
283,108
254,837 3.160,573 2,577,040 No. pass. carried
5,052,116 5,846,836 6,890,526
9,198,614
No. pass. carr. 1 mile-460,495.708 490,810.960 492.044,088 511,952,827
Total exp. & taxes_
1,012,219
806.350 10.329.486 9.761,847 Avg. rec. from each pass.
52.9004
S2.7427
$1.9052
S2.3998
Avg. rec. per pass. mile_
3.18 eta.
3.27 eta.
3.42 eta.
3.36 eta.
Total net income
1,632,705 1,467,570 21,101,363 19,006,242
COMPARATIVE INCOME ACCOUNT FOR CALENDAR YEARS.
Fixed charges
432.847
536,063 5,572.801 5,949,894
1927.
1926.
1925.
1924.
Balance
1,199,858
F
931.507 15,528,561 13,056.347 ./mmileage operated.. 7,361.11
7,347.09
7,337.62
7,359.97
Operating Revenues
-S
i
i
$
t
100,788,411 107.913,649 104,319,277 95,949,391
Southern Indiana Gas & Electric Co.
Passenger
14,652,502 16,035,972 16,536,035 17,525,200
-Month of March- -12Mos.End. Mar.31- Mail
2.626,569 2,649,501
2,886,211
2,989,954
1928.
1927.
1928.
Express
1927.
2,543.314 2.890,927 2,747,172 2,901,920
$
$
$
Miscellaneous
$
2,845,528 2,409,837 2,285,012 2,279,219
Gross earnings
269.064
258,202 3,066,103 2.937,885 Incidental
2,042,291
1,859,186 1.829,703 1,771,640
Oper. asps., incl. taxes
Joint facility
229,788
231,222
228,252
230,398
and maintenance
153,122
150,958 1,750.626
1,732,880
Total 17. oper. revs-125.728.405 133.990,294 130.831,661 123,647,724
Gross income
115,942
107.244
1,315,477 1,205,005
Operating ExpensesFixed charges
334,662
387,192 Maint. of way & struc_ - 21,820.236 21,262,028 20,465,706 18,916,235
MaInt. of equipment
23,764,538 26,532,577 25,895,938 25,843.403
Net inc. avail,for dive.
Traffic
3.410,975 3,533.471
3,108,345 2,566,671
& retire. reserve_
980,815
817,812 Transport'n-Rail line 46,237,278 47,481.048 48.307,743 46,725,525
Dividend preferred stock
363,763
317,231 Miscell. operations
1,363,053 1,276,158 1,184,455 1,073,394
Prov. for retire. res've_
224,595
220,160 General
4.275.909 4,040,780
Transp. for inv.-Credit 1.305.990 1.274,118 3,929,948 3,713,741
615.637
Balance
372,604
392,451
280.427
Total ry. oper. expen_ 99.565,998 102.851.944 102,276,500 98,466,365
Net rev,from ry. oper
Third Avenue Railway System.
26,162,407 31,138,351 28,555,162 25.181,358
Railway tax accruals_ _ _
5,266,438 4,690,480
-Month of March- -9 Mos.End. Mar.31- Onconect. railway revs._ 4,769.420 5,612,341
46,188
37.163
35,485
45.414
1928.
1927.
1927.
1928.
Operating Revenuei
$
$
$
oper,income- -- 21,346,800 25,488,846 23,253,239
Total
Transportation
20.445,464
1.281.808 1.264,466 11,277,230 11,029,237
A(m-Oper. Income
Advertising
12,500
12,500
112,500 Rent from locomotives.._
112,500
678,214
392,676
Rents
293,036
183,760
21,184
26,171
285.113 Rent fr. pass. tr in.cars191,279
291,897
287.715
Sale of power
255,215
232,257
564
8,777 Rent from work equip_ 1,008
6,530
132,123
150,909
60.501
46,040
Jt. facility rent income400,660
Total oper. revenue
451,013
412,621
383,297
1,316.057 1,304,145 11,587,539 11,385,628 Inc.from lease of road_
18,004
17,273
17.392
17.392
Operating Expenses
Miscell, rent income- _ -240,556
231,943
213,074
229,156
Maintenance of way_ _ _ _
214,342
166,524
1,681,921
1,544,045 Misc.non-op. phys.prop
111,322
114,078
108,314
114,227
Matra. of equipment--124,556
111,244
1,084,406 1.076.885 Dividend income
2,337,872 2,307,333
2,918,923 1,756,248
Depreciation
-21,018
36,425
132,046 Inc.from funded securs_
53,573
350.884
730,785
1,172,729
770,566
Power supply
88,593
72,994
747,277
705,478 Inc.from unfund. secur760,275
216,379
289,966
409.669
Operation of cars
437,139
426,656 3,910,184 3,716,836 Inc. from sinking, &c.,
Injuries to per. & prop
reserve funds
108,953
95,574
835.355
959,158
364
468
71
103
Gen. & miscall, expenses
60,043
483.563 Miscellaneous income
54,355
481,581
4.487
3.027
3,121
4,997
Total oper. exps. --- 51.012,611
Gross income
963,773 $8,918.102 $8,494,209
26.673.462 30,392.445 28,733.701 24,857,679
Net oper. revenue
Deductions
303,446
340,371
2,669,436 2,891,418
Taxes
89.265
85.228
831,869
787.966 Hire offgt,cars-deb. bal. 3,636.252 4,286.254 4,038.149 3.375,832
Rent for locomotives..,,
171,840
85,152
137,002
87,673
Operating income
214,181
1,837,567 2,103.452 Rentfor pass, train cars_
255,143
336.146
256,363
345,537
333,231
Interest revenue
16.582
17.131
151,784
155.750 Rent for floating equip_
8,830
930
24,195
Rent for work equipm't _
64:440
53,537
50,946
35,963
Gross income
272,275
1.989,351
2,259,202 Joint facility rents
230,763
1.727,430 1,747,237
1,562.986
1,742,339
Rent for leased roads__ _
Deductions183,419
138,081
148,992
138,845
Int. on 1st mtge. bonds_
384,819
42,756
42,756
384,810 Miscellaneous rents_
38.858
35,854
49,466
37,111
Int. on 1st ref. M. bds659,715
73,301
73,301
659,715 Miscell, tax accruals...
17,701
20,575
19,961
17,446
Separately oper. prop..
845,100
Int. on adj. mtge. bds
845,100
87,826
93,900
93,900
39,513
48,004 loss92,554
13,694
Track & term. privileges
1.431
14,287 Int. on funded debt_ _ _ _ 15,814,395 15,007,530 14,524,188 12,268,266
1,632
Misc, rent deductions
6,119
727
162,597
7.209 Int. on unfund. debt_ _ _
632
65,752
285,682
40,839
17.770
Amort. of dt. db.& exp1,974
1,974
18,376 Miscall, income charges.
17,273
16,100
16,307
17,509
25.110
Sinking fund accruals_ _ 2,790
25,110
2,791
Total deductions from
132.666
21,446
11,701
Miscellaneous
79,439
gross income
19,476
2,164
Int. on ser.0 bonds
19.476
2.164
22,272,266 21,760,778 21,085,493 18,354,462
Net income
4,401,196 8,631,667 7,648,209 6,503,218
230,947 2.104,461
2,053.523 Shs.corn,out.(par 5100)
240.397
Total deductions
828,395
828,395
828,395
828,395
Net income
-9.633
41,327 -T115,110
205.680 Earns, per sh. on corn
$0.98
$6.09
$4.90.
-V.126, p. 2472.
-V.
Utah Power 8c Light Co.
(Including the Western Colorado Power Co.)
-Month ofFebruary- -12 Mos.End. Feb.291928.
1927.
1927.
1928.
S
S
816.938 10,1,078 10.604.309
Gross earns,from oper-898,337
Oper. exp., inc. taxes-426,895 5.157,318 5,064,262
435.644
Net earns, from oper_
Other income
462.693
31.665
470,043
37.227
5,474,760
482,942
Total income
Interest on bonds
Other int. and deducs_
494,358
168,529
14,266
507,270
163,113
17.026
5,957,702
2,021,794
174.696
Balance
Divs. on pref. stock-
311,563
327,131
3,761,212
1.555.315
Balance
2,205,897
5,540,047
499,555
Chicago St. Paul Minneapolis 8c Omaha Railway Co.
(46th Annual Report
-Year Ended Dec. 31 1927)
.
The remarks of President Fred W.Sargent, together with
a comparative income account and balance sheet and traffie
statistical tables for the year 1927, will be found under
"Report and Documents" on subsequent pages.
GENERAL STATISTICS FOR CALENDAR YEARS.
1927.
1924.
1925.
1926.
Tons revenue freight..., 10,340,900
10,567.741
10,229,947
9,887,181
Tons freight per ton mlle-1,639.503.670 1,540,474.889 1,579.745,593 1.638.715.336'
Passengers carried
2,243,655
1,620,214
1,927,478
1.711,310
3,907,085 Passenger miles
141.934,724 140,282.484 160,437.706 163,277,532'
1,464.987 Revenue per ton per mile_
1.222 eta.
1.224 eta.
1.256 eta.
1.239 cts.
Rev. per pass. per mlle
3.497 eta.
3.275 eta.
3.261 ets.
3.376 us.
2.442.098 -V. 126; p. 2472.
"
6,039.602
1,957,350
175.167
APR. 28 1928.]
FINANCIAL CHRONICLE
Chicago & North Western Railway Co.
-Year Ended Dec. 31 1927)
(68th Annual Report
The remarks of President Fred W. Sargent, together with
comparative income account and balance sheet as of Dec. 31
1927, will be found under "Reports and Documents" on
subsequent pages.
GENERAL STATISTICS FOR CALENDAR YEARS.
1924.
1926.
1925.
1927.
52,158,316
58,984,276
55,744,981
Tons revenue freight..___ 58,537,279
Tons freight per ton mlle_8,590,153,514 8,687,781,924 8,286,548,010 8,290,312,710
32,409,398
27,720,619
28,726,472
30,027,619
Passengers carried
960,233,284 1.017,895,260 1,052,380,735 1.097,745,118
Passenger miles
1.266 cts.
1.249 cts.
1.261 cts.
1.269 cts.
Revenue per ton per mile.
2.613 cts.
2.544 cts.
2.630 cts.
2.623 cts.
Rev, per pass, per mile
-V. 126. p. 2472.
Chicago Rock Island & Pacific Railway Co.
(48th Annual Report-Year Ended Dec. 31 1927.)
The joint remarks of Pres. J. E. Gorman and Chairman
Charles Hayden, together with the comparative balance
sheet and income account, will be found under "Reports
and Documents" on subsequent pages. Our usual comparative tables were published in V. 126, p. 2304 and 1652.
GENERAL STATISTICS FOR CALENDAR YEARS.
Rev. Freight Traffic1924.
1927.
1926.
1925.
Average miles operated_
8,073
8,052
8,028
8.024
Tons carried
34,335,161 33,786,252 31,867,513 30,561,383
Rev,for tons carried..-$105,256,593$102.203,024 195,923,398 $95,185,730
1.21 eta.
Av. rate per ton per in
1.21 cts.
1.23 cts.
1.23 cts.
Av.load in tons per m_.
444.59
457.08
492.19
478.69
Revenue Pass. Traffic
No. of pass. carried
14,113,493 14,113,111 14,722.916 16.284.874
Rev,for pass. carried_ _ _$22.791,552 $23,857,117 124,356,632 $25.886,047
Av. rate per m. per pass.. 2.98 cts.
3.09 cts.
2.99 cts.
3.01 cts.
-V. 126. p. 2304.
United States Steel Corporation.
(Results for Quarter Ended March 31 1928.)
INCOME ACCOUNT FOR QUARTER ENDED MARCH 31.
Net after Taxes, &c.- 1928.
1925.
1927.
1926.
January *
$11,899,549 113,512.787 113,810,149 113,027,058
February *
13,581,337 14.943,305 14.385,381 12,357,801
March *
15,453,146 17.128,633 16.865,755 14.498,133
Total (sees below) --$40,934,032 $45,584,725 $45,061,285 $39,882,992
Deduct
For sinking fund,deprec.
dept.& res.funds ____ 15,026,893 14,660.387 14,317,715 13,848,770
Interest
4,097,848 4,238,894 4,374,863 4,505,931
Prem.on bonds redeem 293,750
323.000
358,082
477,420
2635
New Orleans Texas & Mexico Ry.(Gulf Coast Lines).
-Year Ended Dec. 31 1927.).
(12th Annual Report
President L. W. Baldwin reports in substance:
-Since the publication of the annual report for 1926
Federal Valuation.
there has been no change in the status of the valuation proceedings. No
-S. C. Commission and no forecast
final report has yet been made by the I.
can be made as to the probable date of the final decision, although it is
anticipated during 1928.
-Hearings in the proceeding instituted by the
Recovery of Excess Income.
I.
-S. C. Commission to determine whether, in any accounting Period
between March 1 1920 and Dec. 31 1923, these lines had any ekoess net
railway operating income, have been concluded, but decision of the Commission has not yet been rendered. It is quite probable that a decision
will be rendered during 1928.
-Company acquired control of the Houston North Shore Ry.
New Lines.
by purchase of its entire capital stock and 1st mtge. bonds. The line,
which is electrically operated, extends from a connection with the Houston
Belt & Terminal fly, at Houston, to Goose Creek, Texas. It is operated
as apart of the Gulf Coast Lines, under lease to the Beaumont, Sour Lake
& Western Ry. The traffic possibilities of this line are very great. It is
at present operating interurban electric passenger service, which traffic is
steadily increasing in volume.
STATISTICS FOR CALENDAR YEARS.
1924.
1925.
1926.
1927.
9'21.74
921.74
926.06
Average miles operated_
992.83
5,210,935 4.865,930 4,111,839.Revenue tons carried.-- 5,018,357
Rev,tons carried 1 mile_810,663,328 868,690,034 853,294,193 801,423,472
1.40 cts.
1.53 cts.
1.38 cts.
Rev, per ton per mile___
1.56 eta.
802,005
661,436
676,220
Passengers carried
596,299
,
Pass. carried one mile 60,047.976 71.997,326 65,557.569 66,598,670
3.15 cts.
Rev. per pass. per mile
3.13 cts.
3.12 cts.
3.11 cts.
INCOME STATEMENT FOR CALENDAR YEARS.
1924.
1925.
1926.
1927.
Freight
812,658,613 813,302,598 811,787,381 111.180,225
Passenger
2,044.295 2,094.656
1,866.837 2,251,411
Mail,express. &c
976,665.
887,142
946.672
903,201
Total oper.revenues...815,428,651 $16,500,683 $14,718,818 $14,251,546
Maintenance of way,&c. 3,195,139 3,077,210 2.216.018 2,480,419
1,879.741
Malta. of equipment.-- 2.782.675 2,802,053 2.401.637
371,763
Traffic expenses
454.873
463.919
474,560
Transportation
4,977,381
4,595,885 4,161.456 3,588,280
560.530.
647,937
General & miscellaneous
751,410
741,095
34.122'
53.381
Trans.for inv.-Cr
109.938
85.910
Total oper.expenses..-512,084,940 $11.580,539 $9.828.640 68,846,612
Net earnings
4,920.143 4.890.178 5,404,935.
3,343,711
728.139
747,930
Ry.tax accruals
765,752
744,088
4,599
18,103
Uncollectible ry.rev_ _ _ _
9,432
4,971
Operating income_ _ _ - $2.590,192 64.149,420 $4.124,145 64.672,196.
483.204
97,681
Equip.rents(net)
475,856
436,676
243.901
268,605
257,828
Joint facility rents(net).
242,842
Net operating income_ $1,910.674 $3,415,735 63,757,859 $3,945,091
16,876
13,421
Miscell. rent income__
18,555
20,938
166.226
4.180
Separate oper. props......
400
400
258,637
Income from funded secs
626.466
94,970.
154.371
71.212
Inc.from unfunded secs_
60,669
18,810 Dr.73.939
Miscellaneousincome_ _ _
9,454 Dr.19,580
Total deductions
$19,602.161 619,257,363 818.986,328 $18,677,701
Balance
21,331,871 26,327,362 26,074,957 21,205,291
$356.682
$34,853
Total non-oper.inc..._ 6717,528
$333,005
Div.on pref.(U(%)--- 6.304,919
6,304.919 Gross income
6,304.919 6,304,919
2,628,202 3,748,740 4,114,541 3,979.944
Div.on common
12,453,411 12,453,411 8,895,293 6,353.781 Rents for leased roads_ 34,000
Rate
(1%%)
(1%%)
(1.,i%)
sep. oper. prop.
Div.on com.,extra(M %)
2,541,512 Loss on Iberia & N.RE.)
(New
99,432
143.494
1,463,438 1,027,320
,
Balance,surplus_ _ ___ $2,573,541 87.569,032 110,874,745 $6.005,079 Int. on funded debt....-- 2,050,239 1,862,238
58,199
2,062
35.584
Int. on unfunded debt
27,393
SM.corn. out.(par $100) 7,116.235 5,083,025 5,083,025 5,083,025 Miscellaneous
charges
9,881
10,114
9,789
10.041
Earns.per sh.on corn_
$2.93
$3.89
$3.94
$211
* After deducting interest on subsidiary co.'s bonds outstanding, viz.:
Total deductions
$2,152,479 $1,874,180 $1,600,377 $1.216.187
1926.
1925.
1927.
1928.
475.723
1,874,559 2,514.164 2.763,756
January
$655,853 Net income
1699.059
$675,402
$651,430
Div. appropriations_ - _
1,038,198' 1,038,198
1,038,198 1.038.198
February
655,698
675,292
698,314
649,593
March
655,221
696,803
674,926
649,001
Bal.
$836,362 $1,475,966 $1,725,558
x After deducting all expenses incident to operations, comprising those Shares to profit &loss....def$562,475
of capital stock
for ordinary repairs and maintenance of plants, estimated taxes (incl. estioutstanding (par $100)
150.000
150,000
150,000
150,000
mate for Federal income taxes) and interest on bonds of subsidiary cos.
Earns.per sh.on cap.stk
$3.17
$12.50
$16.76
$18.43
Profit and loss account shows: Credit balance at the beginning of year
Unfilled Orders as Previously Reported (V. 126. P. 2243).
$5.937,335; income balance brought forward for 1927. $475,723: nnrefundMar. 31 1928. Dec. 31 1927. Sept. 30 1,927. June 30 1927. Mar. 31 1927. able overcharges, $1,768; donations, 649,840; other credits, $93.310; total.
3,053,246
4,335.206
3.553,140
3.148,113
$6,557,976; Deduct div, appropriations from surplus, $1,038,198; surplus
3,972 874
-V. 126, p. 2493. '
appropriated for investment in physical property, 649,840; debt discount
extinguished through surplus, $24,061: loss on retired road and equipment,
$8,285; other debits, $57,783; credit balance Dec. 31 1927, 85,379,809.
Long Island Railroad Company.
GENERAL BALANCE SHEET, DEC. 31.
(46th Annual Report
-Year Ended Dec. 31 1927.)
1927.
1926.
1927.
1926.
Assets$
CALENDAR YEARS.
OPERATING RESULTS FOR
Road & equipm1_49,855,795 46,415,103 Capital stock
15,000,000 15,000,000
1925.
1926.
1924.
Revenues1927.
Impt.on leas. prop
2,102
2.102Funded debt
43,418,000 39,278,000
Freight
$11.856,835 611,661,080 $10,603,283 610,205,163 Misc. phys. prop.... 297,598
325,826 Loans & bills pay.. 1,403,739
Passenger
26,357,289 25,273,802 24.162,883 22.143,572 Inv.In affll. cos_ _15,601,377 12,699,954 Traffic, &c., bals_ 185,851
244,162
2,103.126 2,729,150 Other investments
Mail, express, &c
2,672,455 2,713,656
13,587
9,547 Accts.& wages unCash
772.806 1,028.773 paid
2,397,932 2.862,869
Total oper. revenues.. 640,886,580 639,648,538 836,869,292 635,077,885 Time drafts and
Misc, accts. pay...
64,144
48,782
Operating Expensesdeposits
5,000
43,748
45,324
5,000 Interest matured__
Maint. of way & struc-- $5,510,801 65,045,573 85,446.210 $4,418,567 Loans & bills rec....
40,853
55 Fund, debt mat'd_
2,400
2,600
6.360.022 6.166,480 5.733,044 Special deposits
Maint. of equipment-- 6,271,391
139,263
617.286
586,246
379,330
294,110
Traffic expenses
261.244 Bal. from agts., dm 114,194 2,553,039 Interest accrued__
407,722
35,819
325,422
171,271 Other liabilities_ _ _
16,807,793 16.159,406 14,099.458 15.338,177 Materials & suppl_ 2,735,347 2,726,790 Deferred liabilities
Transportation
50,839
35,380
111,826
130.148
Miscell. operations
132,501
140,501 Other assets
197.122
189,701
28,550
63,172 Tax liability
963,225
853,143
General
984,860
797.078 Traffic. &c., bals_ 200.809
100,873 Accrued deprec'n_ 2,719.412 2,318,856
11.789
17,517
Transp.for inv.-7Cr_..._ 3.103
7,757 Misc.accts.reedy. 1,289,610 1,113,954 Unadj. credits_
418,669
462.787
Int.& diva. receiv. 140,804
27,734 Add.to prop. thro.
Operating expenses_ --$30,111,965 $29,007,592 $26,972,032 628,680,854 Deferred assets...._ 191,394
186,889 inc. & surplus._ 1,700.031 1,650,192
Net earnings
10.774,615 10,640,946 9,897,260 8.397.031 'Unadjusted debits 2,210,960 1,562,823 Approp. surp. not
8,147
25,226
Uncollectible revenues
46,279
23,702
5,248
5,248
spec. invested-.
Railway tax accruals-- - 2,472,139 2,151,527 2,185.104
1,569,734
Total(each side)_73,640,053 68,992.903 Profit and loss..... 5,379,809 5,937.335
56,803.595 -V. 126. p. 712.
Operating income..___ 68,256,197 $8,481,272 $7,686,930
Hire of equipment
749,022
1,356,309
651.718
822,541
361.037 1,612,883
1,292,733
Joint fedi. rents (net)._ 1,271,077
International-Great Northern RR. Co.
Net ry. oper.income.. $6,162,578 $5,832,230 86.576,870 54,538.994
629,518
Non-oper. Luanne
790,783
642,844
773,232
(6th Annual Report
-Year Ended Dec. 31 1927.)
President L. W. Baldwin reports in part:
Gross income
Results.
$6,935,810 $6,623,013 $7.206,388 $5,181,837
-The results from operations for the year show an increase in
Deductthe volume of freight traffic handled, but a decrease in gross revenue reRiints for leased roads-104.0841
178,801 ceived.
60,001
60,001
168.4961
140.025
Miscellaneous rents_ _ _ _
217.104
Total railway operating revenues for the year were $18,428.470, a de226,195
Miscell. tax accruals____
22,553
12,610
16.302 crease of $817,174, or 4.25%. The decrease in freight revenue amounted
26,602
Int. on funded debt_ _ _ _ 3.177,960 3,055,359 2,624,8281 2.564.722 to $659,887, or 4.38%•
Int. on unfunded debt._
415,436
104,430
The principal decrease was in products of agriculture $854.976. of which
'273.008
120,974
31,345
Miscellaneous charges__
29.877
32,866 $621.315 was from cotton and cotton seed products, and $106,323, other
50.806
fresh vegetables, due to decreased production in the territory.
Net income
Products of mines increased 633,924 due to increased lignite production
$3,273.272 $3,143,633 53.839,646 11.976,114
Div. appropriation (4%) 1.364,410
and increase in receipts of crude petroleum and sulphur from connections.
Approp.for sink.fd.,&c.
The total number of tons of revenue freight handled increased 5.66%,
752
while the net ton miles increased 4.45%.
Ink
Balance
The average revenue per ton mile was 15.47 mills, as compared with
$1,908.110 $3.143,633 63,839,646 51.976,114
Profit and loss, credit..
810,153 deb1,006,826 deb2,969.208 16.90 mills in the previous year, a decrease of 1.43 mills, or 8.46%.
3,970,116
Add
-Net deb.during yr. Cr.101,473 Cr.16,330 a2,022,668
The decrease in passenger revenue amounted to $46,194, or 1.88%.
13,731
Additions to property
The number of revenue passengers shows a decrease of 3.82%. The
thru.income & surp.
Cr.544,340 decrease in the number of passengers represents a loss in local traffic due.
to motor vehicle competition on the public highways. Long haul interline
Amount to credit of prof.
traffic during 1927 was at about the same level as in 1926. The average
and loss
1810,153 def$462,486 haul per.passenger in 1927 was 117.74 miles, an increase of 5.61 miles over
$5,979,698 $3,970,116
a Chiefly writing off losses incurred in connection with the Long Island the previous year.
Consolidated Electrical Cos.. New York & Long Island Traction, &c,_
Average revenue per passenger mile was $0.0304, compared with 60.0313.
V. 126. p. 2306.
in the previous year.
2636
FINANCIAL CHRONICLE
Total railway operating expenses decreased $119,770. or 0.79%• Expenditures for maintenance of way and structures were $3,266,300, a decrease of $138.064. Maintenance of equipment expenditures were
$3,273,793, a decrease of $56,340. and the transportation expenses, an Inease of $53,811.
Hire of freight car charges decreased $299.141, or 34.21%, compared
with the previous year. Per diem charges decreased $380,391, while
private line mileage payments increased $61,506, the latter due to increase
in perishable freight and oil traffic handled in cars belonging to private
car lines.
Federal valu.aiion.-Since the publication of the 1926 report there has
been no substantial change in the status of our Federal valuation
proceeding. The testimony has all been introduced, briefs have been
tiled, and the case has been submitted. The Commission has not yet rendered a final decision, and no forecast can be made as to the date when one
may be expected.
Funded debt.
-Funded debt outstanding in the hands of the public in
creased $1.627,000.
Equipment trust certificates, Series B, were issued for $1,755,000 to
apply on purchase of 5 switching locomotives, 5 freight locomotives, 14
Passenger cars. 500 box cars, 100 coal cars and 1 wrecker. Equipment
trust obligations amounting to $128,000 matured and were paid during
the year.
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
Operating Revenue1925.
1926.
1927.
1924.
Freight
$14.411,213 $15,071,100 $13,176,198 $12,673,345
Passenger
2,276,800
2.462,023
2,415,829
2,600,576
Mall
407 284
411,906
405,306
401,492
Express
468,930
538,839
• 501,308
496.577
Miscellaneous
455,346
471,898
482,640
529.981
Incidental
277.040
264,826
189,194
208,864
Joint facility rev -net....
25,052
22,981
22,149
Dr.9,388
Total operating rev.. _ _ _318,428,470 $19,245,644 317.083,748 $16,901,447
Operating Expense
Mann of way di &rue
$3.266,301 $3,404,365 33,085,733 $2,988,936
Maint. of equipment__ _ 3,273,793
3.330,133
2.882,165 2,999.927
Traffic expense
438,422
400,001
415,722
423,536
Transportation expenses 7,358.863 7.303,052
6,654,870 6,112,183
Miscellaneous operations
119,838
107,590
81.184
66,519
General expenses
754.798
714,613
698,551
604,962
Trans. for invest.-Cr
255,343
185,312
300,474
240,823
Total operating exPs- 414.954,672 315,074.442 $13,517,750 $12,955,240
Net operating revenue-. $3,473,798 $4,171,202 $3,565,998 $3,946,207
OperatingChargesTaxes
$4496,515
$543,291
$516,138
$555,456
Uncoil, railway revenues
6,749
6,181
2,067
3.246
699,901
Hire of equip.
-Debit
946,392
741.500
760,045
Joint facility-Net
92.811 '120.540
67,015
55,540
Total oper. charges_ _ _ $1,295,976 $1.616,404 $1,326,720 $1,374,287
Operating income
Other income
$2.177,822 $2,554,798 $2,239.278 $2,571,920
111,554
74.370
94,910
102,261
Total income
$2.252,192 $2,666,352 $2,334,188 $2,674,181
Deductions From Income
$2,335
$3.084
Rentals
$4.344
$24,126
16,661
Miscellaneous
79,737
23,383
5,329
Total dedue. tr. inc$82,821
Bal. avail, for int.. &c.... $2,169.371
Int. on fixed chg. oblig._ 1.455.421
Int. on adj. mtge. bonds
at 4%
680,000
•
$18,996
$27,727
$29,454
32,647.356 $2.306,461 $2,644.727
1,282,706
1.179,000
1,191.314
680,000
680.000
680,000
8.9% of gross operating revenue, or 33.96% of net operating revenue, and
exceed total annual dividend payment to stockholders by 58.8%. Total
tax levies for the year 1927 aggregated $5,231.107 and dividend payments
$3,292
The 'corporate income statement shows a decrease in railway tax accruals
.
for the year 1927. as compared with the year 1926, of $1,042,559. This
decrease is the result of adjustments obtained through litigation of several
years' duration of various assessments in New Jersey and, the settlement
with the Government for the guaranty period. There is no indication of a
downward trend in tax levies.
Newark Bay Bridge.
-The new bridge across Newark Bay was placed in
service on Nov. 28 1926. It is expectedthat the entire project will be completed early in 1928. Total expenditure to Dec. 31 1927, $12,857,622.
Elimination of Grade Crossings at Perth Ambw.-This work has been
carried forward actively, and will be completed during 1928. Expenditures
to Dec. 31 1927, on this entire improvement aggregate 81,681.307.
Elimination of Grade Crossings at Somertalle.-Thls project, including the
third and fourth tracking of the main line between Bound Brook Junction.
N. J. and Somerville, N. J., and the new passenger terminal at Raritan.
N. J., has been completed and is in service, the approximate cost being
$2,370,000.
Automatic Train Control.
-A second train control order of the I.
-S. 0.
Commission, as modified, requires the installation of a train control system
on company's line between Elizabethport, N. J. and Perth Amboy, N. J.
Your company elected to use the coded continuous system of train control,
with cab signals and forestaller. The work of installation, together with a
new block signal system required in connection therewith, has bean carried
forward throughout the year, and will be completed and put in service
about the middle of 1928. The expenditure to date, including cost of apply-,
ing equipment to locomotives, is $376,98.8. The estimated total cost of the
completed project is $580.000.
Bronx Terminal Freight Station.
-In order to provide additional capacity
for handling an increased volume of traffic at the Bronx Freight Terminal,
located at Third Ave., 133d St., and Harlem River. N. Y. City, the team
track facilities at that point have been increased to the extent of an additional 40 cars, which was accomplished by leasing land adjoining the
terminal on the west, and constructing additional trackage thereon.
Federal Valuation.
-The I.-8. C. Commission during the latter part of
1924 and the early part of 1925 served its tentative valuations of property
used for railroad purposes. Formal protests were filed against the Commission's findings. Hearings before the Commission were started on Dec.
7 1925, and ended, after several recesses. on June 3 1926. Final brief subraining the case for decision was filed on Feb. 18 1927.
TRAFFIC STATISTICS FOR CALENDAR YEARS.
Revenue Freight
1924.
1926.
1925.
Other revenue freight_ _ _ 221327
927
;278 23.024,113 22,080,615 201545:861
, 4
Bituminous coal (tons)__ 9,214,995
7,191,741
9,511.280 8.813,534
Anthracite coal (tons)_ _ 9,602.711
8,833,093
9,511,772
7,212,334
Total revenue freight_ _ _ 41,144,984 42,047,165 38.106,483 36,570,695
Tons carried one mile_ _2820449237 2905667,000 2512913.000 2538759,000
Revenue per ton per mile 1.623 eta. 1.610 cts.
1.672 eta.
1.656 cts.
Passengers carried
26,874,038 27,147,908 27,265,076 27,425,512
Pass.carried one mile_ _ _472,781,161 483,717,678 479,702.470 476,030,360
Rev. per pass. per mile
1.940 ots.
1.847 cts.
1.875 cts.
1.918 cts.
COMBINED OPERATING ACCOUNT FOR CALENDAR YEARS.
Operating Revenue1927.
1925.
1924.
1926.
Merchandise
$26,776,087 $27,878,821 $26,754,152 $25,264,906
coal•
Bituminous
4,429,0503,408,500
. .
, ,.
Anthracite coal
14,694,600 13,991,567 10,434,387 13.740.174
Passenger
9,237.071
9,068,992
9,199.532
8,730.980
Express and mall
1,578,977
1.628.966
1.871,213
1,914.447
Water line
442.383
388,377
475,854
404,146
Water transfer
429,652
702,774
491.091
626,963
Incidental
1,033,089
1.210.354
1,297,504
1,078.702
332,211
Miscellaneous
322,562
317,082
314,884
Balance of income.-$684,650
$33,950
$447,461
$773,413
Total
$58,745,712 $60,171,118
Shares of capital stock
erating Expenses75,000
75,000
75,000
outstanding (Par 3100)
75,000 Maintenance of way, &c $5,460,520 $6,777,562
P
Earns. per sh.en cap.stk
$0.45
$9.13
$5.97
$10.30 Maintenance of equip_ _ _ 12,863,862 14,408.216
Profit and Loss Account
-The consolidated profit and loss account for Transportation expenses 22,725,528 22,517.903
the year ended Dec. 31 1927 shows: Credits-Credit balance Dec. 31 1926, Traffic expenses
579,723
.536,857
$477,463: balance transferred from income account. $•33.950: profit from General expenses
1,415,880
1,504,506
sale of road. $26.016: unrefundableovercharces,$12.637:eons tions,$13.118: Miscell. operations
299,796
268,682
1,063
20,105
13,118; miscellaneous credits, $5,608; total credits, $568,793. Debits.- Transp. for invest.-Cr.
Surplus appropriated for investment in physical property, $13,118; surplus
applied to sinking and other reserve funds. $34,350: debt discount extinTotal
$43,344,247 $45,993,621
guished through surplus, $39.085; loss on retired road, $37,417; miscellane- Net revenue
15.401,465 14.177,497
ous debits. $13,056: credit balance Dec. 31 1927, $4431,766.
Railway tax accruals..
4.780,862
3.738,302
Uncollectible revenue_
77,810
13,971
Hire of Equipment
821.128
918.445
BALANCE SHEET DEC. 31.
Joint facility rents_ _ _ _
347,095
446,162
1927.
1926.
1927.
1926.
LiabilitiesAssess$
3
$
$
Net oper. income-- _ _810,383,653 38.051,535
Investments
56,226,116 52,474,372 Capital stock
7,500,000 7,500,000
Non-operating Income
Clash
393,319 1,470,878 Funded debt
44,459,000 42,042,000
Miscall. rent income_ _ - _
$447,352
$370,114
697,297 Loans & bills pay. 2,650,000
Special deposits__ _ 1,033,663
Non-oper. phys. prop...._
134.974
138.973
Loans and bills reTraffic & car eery.
280,067
278,843
ceivable
4,775
balances
2,000
939,506 1,211.427 Dividend income
632,136
742,105
Traffic and car
Aud.accts.& wages 1,140,930 2.410,590 Income from funded sec_
113,320
165,526
Misc. accts. pay
service balances
52,972
70,817 Inc. from unfunded sec_
665,245
221,894
receivable
255,870 Int. mat'd unpaid_ 678,263
686,297 Receipts from U. S. Gov
Miscellaneous
21,977
33,792
Agents' & condueFunded debt mat'd
tors' balances_ .. 282,940
613,413
unpaid
11,000
Gross income
$12,068,460 $10,391,152
Miscellaneous asUnmat.int. accr_
. 713,727
686,720
2,376,835
2,343.873
13,284
counts receiv_ _ _ 2,197,160 1,257,591 Unmet.rents seer_
13,263 Rent for leased roads__
274,802
303.931
Mat'Ls & supplies_ 3,293,30.5 3,374.604 Other curr. Hahne.
43,075
65,053 Miscellaneous rents._
310.549
346,126
15,690
22,552 Deferred liabilities
4,607
Other carr. assets_
6,130 Miscell. tax accrualn
3.072.608
8,344 Tax liability
8,142
87,980
Working fund adv.
163,910 Int. on funded debt_ _ _ _ 3,093,193
8.655
461,229
168,897 Accrued depree'n. 4,264,531 3,897,513 Int. on unfunded debt_ _
Other def. assets__ 164,974
13,905
14.540
34,552 0th. unadj. credits 276,682
31,438
Rents & I. s. paid_
429,982 Miscell. Income charges_
713,411 Add's to prop. tier.
Other unadj. debits 760,972
Net income__ _
$5,472,604 $4,368.760
Inc. & surplus
84,735
71,618
Dividends paid (12%)3.392,416 3,292,416
Sur.avail,for corp.
exp., der
1,394,350 1,380,000
Balance,surplus
$2.080,188 $1,076,344
477,463
Total(each side)64,634,391 61,093,783 Profit and loss_ _.. 431,766
Shares of capital stock
-V. 126, p. 1806.
274,368
274,388
outstanding (par $100)
Earns. per sh.on corn$15.92
$19.94
Central Railroad of New Jersey
Annual Report-Year ended Dec. 31 1927.
President R. B. White, April 12, wrote in part:
-The income statement reflects the result of
Operations for the Year.
operations for the year. Operating revenues aggregated $58,745712;
operating expenses, S43.344,247. and net revenue from railway operations,
01,465. While operating revenues decreased 31,425,406 as compared
with the previous year, in line with the general decline in business throughout the country, railway operating expenses decreased $2,649,374 increasing
net revenue from railway operations, $1,223,968.
The operating ratios for 1926 and 1927 are shown for contrast:
76.44%
Ow ratio. 1928
=
73.78%
Ling ratio, 1927
2.66%
Decrease
-Commencing early in Sept. 1927, and continuing during
Freight Traffic.
year. there was a general decline in merchandise and
the remainder of the
bituminous tonnage moving. The mild weather prevailing during the
months of October, November and December, resulted in a sub-normal
movement of anthracite coal.
Numerous substantial reductions have been made in freight rates as a
-S. C. Commission, to the operation of the Fourth
result of orders of the I.
section of the Commerce Act, and to the action of our competitors, all of
which have affected revenues
As against the above tendencies toward reduction of rates, rate increases
have been almost negligible.
Passenger Traffic.
-Passenger train revenue, including express revenue,
decreased $380,615, notwithstanding an increase in commutation travel.
The falling off in general passenger traffic may be attributed to the increased
use of privately owned automobiles, motor bus competition, and the
inclement weather prevailing during the summer months and throughout the
holiday season.
1 TaZe3.-The taxes levied by local, state and Federal authorities during
6,
1927. tncreesed 3321.993 or 6.55% over the year 1928. Taxes represent
[Vol,. 126.
05.092,100 355,466,963
$6,300,306 $6.058,278
9,819,916
12.113,409
20,953.331 21,798,986
481,872
449,521
1,289,409
1,293,760
232,624
• 250.143
325
408
841.388,145 339.652,657
13,703,955 15,814,306
4,540,580
4,513,237
29.172
47.481
744,829
516,744
635.911
463,593
$7,753,462 $10,273,250
$367.833
150,219
268.413
905.370
110,933
$371.509
146,237
264,142
1.094,925
107,754
35,842
41,553
39,582.073 612.299,372
2,312.238
2,327,831
264,558
322,707
317.341
329,227
3,079.289
3,068,939
7,148
47,229
15.381
15,599
$3,596,118 $6,187,840
3.292,416
3,292,416
$303.702 $2.895,424
274 368
$13.11
BALANCE SHEET DECEMBER 31.
1927.
1927.
1928.
Matti:WesAnds-3
$
$
Road & equiP-183,074,383 158,509,886 Capital nook ___ 27,436,800
Imp.leased rya_ 13,091,659 11,088,624 Mtge. bonds_ y63.017,000
Int., dividends,
Inv.in ann.cos.:
974,739
he.. due
3,701,870 3,200,870
Stocks
1.681,e0e 1,686,000 Accts. & wages.. 3,812,226
Bonds
3,695,188 3,149.287 Traffic, &c., balAdvances_ _
1,728,011
ances
40,000
40,000
Notes
22,206
Other invest'ts. 10,797,522 14,536,687 Miscell. accts._
Misc. phys. prop 3,196,636 3,237,657 Interest & rents
214.093
accrued
Secure. wipledg- 2.175,000 2,376.000
1,761,913 1,851,993 Unmatured diviCash
dends declared 1,097,472
328,324 1,476,043
Special deposits_
635,508
Traffic, &e.. bal 1,022,986 1,436,886 Taxes
237,405
Misc. accounts_ 1,968,885 1,367,896 Deferred accts._
2.000,135 Unadjusted aoLoons & bills roe
289,507
714,726
counts
620,113
conduct.
Agts. &
Mat'is& impel_ 4,307,010 3,991,266 Surplus apecial.:68.442,869
243,298 Accrued dove207,164
Int. ic dive. fee_
26,354,312
13,634
elation
63,818
Ins., &e.,funds.
Oth.unadj smut 3,672,575 3,567,424 Profit and loss__ 21,223,492
260,976
175,041
0th. del. assets_
274,368
$22.55
1926.
$
27,436,800
03,658,500
964,381
4,047,592
2,066,292
23,951
218,503
1,097,472
3,718,825
264,903
345,516
67,784,406
24,475,114
18,630,837
215,485,690 214,738,091
Total
215,485,690 214,738,091
Total
x Includes in 1927 additions to property through income and surplus:
$57,601,021, and (2) improvements
(1) Investment in road and equipment
on leased property, $10,835.582; (3) investment in miscellaneous physical
property, $6.255. y Includes (a) equipment obligations in company's
treasury. $1,000,000; with public, $11,939.000; (b, general mortgage 5%
bonds,$45,091.000,of which $1,167,000 are held in treasury and $43,924,000
with public: (e) American Dock & Improvement Co. bonds with public
$4,979,000; in treasury. 68.000.--V. 126,P. 102.
APR. 28 1928.1
FINANCIAL CHRONICLE
The Studebaker Corporation, South Bend, Ind.
(Report for Quarter Ended March 31 1928.)
CONSOLIDATED PROFIT AND LOSS AND SURPLUS ACCOUNT
3 MONTHS ENDED MARCH 31.
1927.
1928.
29,155
34,690
Number of cars sold
$38.654,315 $34,304,643
Net sales in the United States and abroad
Net earnings from sales after deducting cost of
mfg.,selling and general expenses, but before depreciation, repairs and replacements to plant and
$6.366,035 $5.832.859
property
496,814
530,472
Less: Reserves for depreciation
1,446,265
1.417,365
Charges to repairs and replacements
Balance of earnings
Add: interest received, less paid
$4.451,856 $3,856,122
69,965
49,664
Net profits, before income taxes
Less: reserves for income taxes
$4,501,520 $3,926,088
523.151
521.647
Net profits
Dividends paid: preferred stock
Common stock
$3,979,873 $3,402,937
131.250
129,938
2.343,750
2,343.750
Balance transferred to surplus account
Surplus account Jan. 1
$927.937
$1,506,186
38.574,319 36,533.833
Surplus account. Mar. 31
Per share of common stock outstanding
$40.080,505 $37,461,769
$1.74
$2.05
CONSOLIDATED BALANCE SHEET MARCH 31.
Liabilities1928.
1927.
1927.
1928.
Assets$
$
$
$
Preferred stock _ b7,425.000 7,500,000
Real est., buildInge, &e.
.63,495,708 62,164,643 Common stock _c75,000.000 75,000,000
Investments .._ 1,294,294
218,995 Deposits on sales
Sight drafts,Sm. 5,852,523 7,141,413 contracts _ ___
520.042
523,960
Inventories -_- - 30,346,473 29,484,961 Accts. payable _ 10,210,530 8.972.128
Accts. and notes
Res. for Fed. &
rec., less res.._ 4,387,422 3,587,925
Can. taxes_ _ 1,879,462 1,940,431
.
Deferred charges,
Sundry cred. &
2,881,221
Insurance. 4ze
495.724
3,558,851
472,818
reserves
422.570 1,221,490
12,263,280 11,289,804 Res.for coining_
Cash
Housing develop 1,158,176 1,329,245 Surplus
40,080,504 37.461,769
Goodwill, patent
rights.&e-__ 19.807,277 19.807,277
2637
tricidad, Inc.. (3) Compania Cubana de Electricidad, Inc., (4) Empress
Electrica del Ecuador, Inc., (5) Havana Corp., (6) South American Power
Co.
Service & Property.
-The service and property of the subsidiary operating
companies as of Dec. 51 1927, together with the electric output and the
number of passengers carried during the twelve months ended Dec. 31 1927,
as compared with corresponding data reported for the two previous calendar
years, follows:
December 31
*1297.
1926.
1925.
3,078.000
944.000
Population served
1,365,000
218
106
99
Number of communities served
257,421
185.579
110.519
Number of consumers served
Passengers carried during 12 months_ 87,875.896 26,562,395 34,639,342
Kilowatts installed generating station
176.822
capacity
125.141
49,521
Kilowatts generating capacity under
8,714
3,905
construction
1,240
Kilowatt-hours generating station output (incl. power purchased) for 12
365.889,000 218.423.000 93,923,900
months
Miles of electric lines (11,000 volts
and over) in operation, irrespective
836
1.720
885
of the number of circuits carried _ _ _
Miles of electric lines(11,000 volts and
6
54
3
over) under construction
Miles of electric lines (less than 11.000
989
1,287
2,486
volts) in service
Gas works capacity (1,000 Cu. ft.)
10,500
13.500
per day
3,360
2,960
Gas holder capacity (1,000 Cu.ft.)--1,266.946
Gas sendout (1.000 cu.ft.) for 12mos. 1.510.955
193
Miles of gas mains
258
Miles of electric railway (single track
20
50
97
equivalent)
56
79
56
Miles of water mains
232
232
221
Ice plant capacity (tons) per day_
* Statistics for properties controlled in Brazil are as of Sept. 30 1927.
COMPARATIVE CONSOLIDATED STATEMENT OF INCOME
CALENDAR YEARS (INTER-COMPANY
ITEMS ELIMINATED).
1926.
Subsidiary Companies:
1927.
Gross earnings
$19,976,172 $10,183,775
Operating expenses, maintenance & taxes
9,445.646
5.444.534
Net earnings
Other income
$10,530,526 $4.739.341
440.713
831,757
$11,362,283 $5,179.954
Gross corporate income
602.158
2,536,953
Int. to public & other deductions
129,581
1,569.774
Total
139.100,878 135,497,080 Preferred dividends to public
Total
139,100,878 135,497,080
a Plant and property at South Bend, Ind., Detroit, Mich., Walkerville,
$7,255,556 $4,448,215
Balance
Ont., and at branches, Jan. 11928. $75.679,728: plus additions during the
343.244
1,637,337
year less realizations, $328,975; less total reserve for depreciation, $12,512.- Renewal & replace.(deprec.) appropriations
5.029
12,883
996. b Preferred stock, 7% cumulative, authorized, 150,000 shares of Proportion applicable to minority interests
each, $15,000,000, whereof issued $13,500,000: less retired under
$100
American & Foreign Power Co., Inc.:
provision of charter. $6,075,000. c Represented by 1,875.000 shares of
Balance of subs. cos. earns. applic. to Amer.&
no par value.
-V. 126. p. 2328.
$5.605,336 $4,099.942
Foreign Power Co., Inc
63,391
68.763
Other income
American & Foreign Power Company Inc.
-Year Ended Dec 31 1927
Annual Report
The report signed by Chairman S. Z. Mitchell and Pres.
C. E. Calder, states in part:
Total income
Exp.& int. of Amer. & Foreign Power Co.,Inc
55,674.099 $4,163.333
613.109
733,915
$4,940,184 $3,550,224
Balance
Divs. on $7 pref. stock of Amer. & Foreign Power
2,617,270
2,536,510
Inc
Co.,
x Divs. on $7 2nd pref. stock, series A, of Amer.
& Foreign Pow.Co. applic. to respective calendar
798.133
1,466.550
years whether paid or unpaid
For the 12 months ended Dec. 311927. the gross earnings of subsidiaries
were $19,976.172 and the net earnings were $10,530,526. These earnings
are only for those periods during which the respective subsidiaries were
actually controlled by company. Had these subsidiaries all been controlled
for the entire period the total gross earnings for the 12 months ended
Balance applic. to Amer. & Foreign Power Co.
Dec. 311927, would have been $23.474,
$215,581
620 and the net earnings. $12,373.$856,364
common stock
744. These are the gross and net earnings before deducting appropriations
-The above statement includes earnings only for the periods
Note.
for depreciation.
during which the respective properties have been owned.
The latest available reported 12 months gross and net earnings of all
x All dividends on $7 second preferred stock, series A. were paid to Oct.
companies directly or indirectly controlled by the company as of April 1 1 1927.
1928. (including companies acquired since Jan. 1 1928) were, as to gross
earnings, approximately $31,500,000 and net earnings, approximately BALANCE SHEET (AMER. & FOREIGN POWER CO.. INC.) DEC. 31.
1926.
1927.
1926.
1927.
$16.000,000, before deducting appropriations for depreciation. There are
Liabilitiessmall minority interests outstanding in some of the companies recently
Assets
acquired. The proportion of the net earnings of these companies (after Investments
108,186,629 61,503,384 aCapitaistoc.k...._132,439,172 67,393,037
640,749
675,902
deducting a reasonable amount for depreciation) which would have accrued Cash
3,429,168 1,247,191 Divs. declared_ __
8,885.000
Notes& loans pay
to the company if the company had controlled these companies for the Loans&acets. rec.
11.904
268,601
12 month reported period, is about $12.000,000.
_ 26,057,827 16,749.544 Accts. payable__
subsidiaries
270,874
295,687
As approved by the stockholders at the last annual meeting, the company, Loans&accts. rec.
Accrued accounts
as of Oct. 1 1927, acquired all of the outstanding securities of the South
84,109 bSubser. $7 pref.
17,338
others
American Power Co., which company acquired securities or interests in Subscr.$7 pref.stk 1,266,958 3,230,556
stock
1.266,816 3.230.556
companies directly or indirectly owning hydro-electric or other public Subsc.372d pf stk112,073.280
bSubecr. $7 2nd
service properties in Brazil, Colombia, France, Japan and other foreign Accr.Divs. $7 2d
pref.stock _ _ _112,073,400
countries. South American Power Co. has since acquired all of the stock
Accr. dive. $7 2.41
pref.stk.(contra) 1,961,285
of Campania Anonima Venezolana de Luz, supplying power and light Treas.see.In trust
pref. stock_ ..- - 1,961.285
service in Caracas, Venezuela. South American Power Co. is in process of
5,300
Subscr. to pref.
for subs.(contra)
extending its holdings and interests in public utility properties in other Stock subs. rights
5,980
stock of subs- countries in South America.
Treas.sec. held for
791,629
(contra)
The company issued and delivered in exchange for all of the securities of
5,300
subscribers.-South American Power Co. 564,175 shares of its $7 second preferred stock,
791,629
Stock subsea% _
series A.full paid and non-assessable, entitled to dividends cumulative from
132.846
89,480
Reserves
3,916,162 2,749,817
Oct. / 1927. accompanied by 1.456.700 option warrants, unlimited as to
Surplus
time, each such option warrant entitling the holder thereof, upon surrender
of such warrant, to purchase one share of common stock of the company
253,789.412 82.814.784
Total(ea. side)-253,789,413 82,814.784 Tots!
for $25. In lieu of cash the holder of four option warrants may deliver with
Dec. 31 '26.
Dec. 31 '27.
such option warrants one share of the company's $7 second preferred stock,
a Securities Outstanding:
series A,at $100 in making such payment for four shares of its common stock.
366,349 shit.
386,804 ohs.
stock
A total of 29,917 shares of the company's $7 second preferred stock. series $7 preferred
114.019 shs.
648,791 shs.
series A
A, entitled to dividends cumulative from Oct. 1 1927, and similarly ac- $7 2d preferred stock,
1,244,388 shs. 1.243,988 she,
Common stock
companied by 119,668 option warrants, was issued to adjust accumulated Option warrants for com,stock equivalent to*2,594,420 shs.
456,012 shs.
unpaid dividends t,o Oct. 11927, on previously issued $7 second preferred
* This total includes 682,108 option warrants to be issued against due
stock, series A. of the company.
The program of expansion and development which the company has bills.
b Securities to be Issued upon Payment
under way and obligations incurred in connection with properties heretoof subscriptions:
fore acquired made desirable the raising of large amounts of new capital. $7 preferred stock
33.651 shs.
13.196 shs.
Accordingly, on Dec. 23 1927, holders of $7 second preferred stock. series
1.120,734 shs
and option warrants of company were offered the $7 2d preferred stock, series Aequivalent to 4.483,616 shs.
A. common stock
Option warrants for coin,stock
share of
right to subscribe to 8126351,400 in $100 units of securities of the company.
-Holders of option warrants are entitled to purchase one for each
Note.
each unit consisting of one share of the company's $7 second preferred
without limitation as to time. at $25 per share
stock, series A, and four option warrants, identical with those mentioned common stock,held, and each share of the company's 17 second preferred
option warrant
above. These new securities were fully subscribed, and It was provided stock,series A, when accompanied by four option warrants, will be accepted
that 40% of the purchase price should be paid on or before Jan. 25 1928. at $100 in payment for such common stock in lieu of cash.
-V.126. p. 1347.
As of Dec. 31 1927 $14,078,120 had been paid on such subscriptions, and
as of April 11928. In excess of $63,000,000 had been paid.
preferred stock have been paid quarterly as they
The dividends on the $7
accrued, and dividends on all $7 second preferred stock, series A. have
been paid to Oct. 1 1927.
The company, as of Feb. 29 1928, acquired the electric power and light
properties of the Havana Central RR.in Ilavana. Cuba, and vicinity, and
issued in connection therewith 79,000 shares of the company's $7 preferred
STEAM RAILROADS.
stock. Directors consider that this acquisition rounds out the properties
of the Cuban subsidiaries and will make practicable physical interconnection
-Class I railroads on Apr. 8 had 344,731 surplus freight
Car Surplus.
of the principal Cuban subsidiaries with resulting operating economies and cars in good repair and immediately available for service, the Car Service
advantages.
Division of the American Railway Association announced. This was an
On Jan. 9 1928. the company acquired all of the outstanding 6% gold Increase of 229 cars compared with Mar. 31, at which time there were
debenture bonds, series A ($35,667,647 principal amount) of Havana 344,502 cars. Surplus coal cars on Mar. 31 totaled 173,815, an increase
Corp., one of the subsidiaries.
of 2,334 cars within approximately a week while surplus box cars totaled
Company's extensive program of expansion in foreign countries along 123,498,a decrease of 2,129 for the same period. Reports also showed 23.156
modern American lines is largely of a constructive nature. It involves surplus stock cars,a decrease of 1,498 cars under the number reportea on Mar
private and governmental, and also many
dealings with many interests,
31, while surplus refrigerator cars totaled 13,254, an increase of 1,655 for
transfers or mergers of properties, and also rebuilding and interconnecting the same period.
in order to supply the maximum of public service
of plants and systems involves building up personnel with the delays and
Repair of Locomotivcs.-Locomotive3 in need of repair on the Class I
at minimum cost. It
railroads of this country on Apr. 1 totaled 8,287 or 13.8% of the number
difficulties which are inherent in such a program. Extension and expansion on line, according to reports just filed by the carriers with the Car Service
reasonably possible considering these
being carried on as rapidly as
Division of the American Railway Association. This was a decrease of
/fficulties.
locomotives compared with the number in need of such repairs on
-The principal companies controlled as of Dec. 1.007 15, at which time there were 9,294 or 15.4%. Locomotives in need of
Companies Controlled.
follows: Mar.
1927, by the American & Poreign Power Co., Inc., were asde Elec- classified repairs on Apr. 1 totaled 4,696 or 7.8%, a decrease of 454 corn31
Empress Guatemalteca
(1) Panama Power & Light Corp., (2)
GENERAL INVESTMENT NEWS
2638
FINANCIAL CHRONICLE
pared with Mar. 15. while 3,591 or 6% were in need of running repairs,
a
decrease of 553 compared with the number in need of such repairs
on Mar.
15. Class I railroads on Apr. 1 had 7,276 serviceable locomotives in storage
compared with 6,955 on Mar. 15.
Freight Car Repair.
-Freight cars in need of repair on Apr. 1
698 or 6.2% of the number on line, according to reports just totaled 139.carriers with the Car Service Division of the American Railway filed by the
Association.
This was an increase of 727 cars above the number
at which time there were 138,971 or 6.2%. Freight reported on Mar. 15.
cars in need of heavy
repairs on Apr. 1 totaled .100,700 or 4.5% an increase of 2,003 compared
with Mar. 15 while freight cars in need of light repairs totaled
38,998 or
1.7%,a decrease of 1,276 compared with Mar. 15.
Matters Covered in "Chronicle" Apr. 21: (a) Revenue freight
continues to
fall behind-p.2395.
Railroads Holdings Sold by Delaware & Hudson to
Delaware & Hudson RR.sells its holdings in the Lehigh Pennsylvania RR.
Valley and Wabash
lines to the Pennsylvania RR. for $63,000,000.
-New York "Times,"
April 27. p.1.
Akron, Canton & Youngstown Ry.-Bonds.-
The I-S. C. Commission on March 26 authorized the company
to
$760,000 of gen. & ref. mtge. 534% gold bonds. series B; 3500.000 issue
bonds to be sold at not less than 98 and int. to Faxon. Gade & Co.. of said
Boston,
and the proceeds used for corporate purposes; the remaining 3260,000
to be
held by it subject to the further order of the commission.
ferred upon that part of the application relating to :be issueAction was debonds in respect of the acquisition of 61 acres of land. See of 3190,000 of
V. 126, p. 2144.
Atchison Topeka & Santa Fe Ry.-I.-B. C. Commission
Supplements Valuation.
-In a supplemental report the 1-9. C. Commission decided
teat common
carrier pr 3perty owned and used by the Grand Canyon Ry.,
and Bricht An tel hotels and facilities at Grand Canyon,and the El Toyer
Included in the final valuation of the Atchison, Topeka & Ariz., should be
Santa Fe Ry.as of
June 30 1916.
The Commission placed a final value on these properties
of
which would brin c the Santa Fe's final valuation as of that date $1,458,000
to 3580,613,098, including $15,665.500 for working capital.
-V. 126. p. 2298, 2144.
Atlantic Coast Line R R.
-Bonds Authorized.
-
The 1-S. C. Commission on April 3 authorized the company
to
authentication and delivery of not exceeding 373,237.000 of generalprocure
unified
mortgage 50
-year series A 43.4% gold bonds
general unified mortgage bonds and due bills in exchange for temporary
for such bonds heretofore
certified and delivered to the company in respect of capital expenditures
.
V. 126. p. 2463. 2472.
Baltimore & Ohio R R.
-Abandonment of Part of Line.
-
The I-S. C. Commission on March 21 issued a certificate authorizing
company to abandon that part of its Patuxent branch extending from the
station 72+27.4. west of Savage, in a general northerly direction to station
215+24 at Guilford. a distance of about 2.5 miles, all in Howard County,
Md.-V. 126, p. 2472.
Cambria & Indiana R R.
-Bonds.
-
[VoL. 126.
Second, if within a period of 1 yr. subsequent to the expiration
of 4 yrs
of the first rental period the Missouri Pacific has not exercised
purchase the common stock, the owner-lessor shall have the the option to
right to sell It
to a bona fide purchaser unless the Missouri Pacific shall
agree to purchase
It at the price offered by such bona fide purchaser
to anyone other than the Missouri Pacific, theor for $200.000, but if sold
owner-lessor or the purchaser shall purchase from the Missouri Pacific
ferred stock of the Chester & Mt. Vernon held at par the bends and preby
Third. if the Missouri Pacific shall have exercised it.
its
lease for the second period of five years, and shall notoption to renew the
have
options reser.*ed in first and second, above, it may elect that exercised the
the lease shall
be deemed in force and effect for solely a fixed term of 434 yrs.
day of the month following notice to the lessor ofits election, from the first
at
rental of $225,000 for such term, which rental shall be paid an additional
350.000 per year in advance with interest at the rate of 5% at the rate of
per annum on
the deferred payments. At the expiration of the
434 yr. period, the
Missouri Pacific may purchase the common stock of
Vernon for the sum of 325.000, and the lease thereuponthe Chester & Mt.
will
In the event the Missouri Pacific falls to exercise any of the be terminated.
and the owner-lessor elects to continue operation of the above options,
common carrier purposes, the Missouri Pacific will sell the properties for
bonds and preferred stock of the Cheater & Mt. Vernon acquired
for the sum of $250,000. In the event the owner-by it to the owner-lessor
lessor does not desire to
continue operation of the properties, the parties will take
steps necessary
to effect abandonment thereof and the Missouri Pacific shall
have the right
either to reimburse itself by the acquisition of the equipment
and
property of the Chester & Mt. Vernon or to resort to the remedies movable
provided
n the mortgage under which the bonds were issued.
The physical condition of the properties to be acquired is said
to be poor.
and the Missouri Pacific estim am that rehabilitation will cost
approximately 1150,000. The testimony is that the road can not possibly be operated
profitably as an independent line.
There are several shaft coal mines located along
all of them are closed down because of conditions in the line, but practically
area tributary to the line contains a large volumethe coal industry. The
of coal which may be
produced by the stripping method. and Binkley states that
if the plan
presented in this proceeding is approved he will invest
$700,000 or $800,000
within 90 days in the development of strip mines along
his production from about 30.000 tons per month to the line, increasing
about 90,000 tons.
All of the parties to the plan believe that with the
developed the line can be operated profitably by additional tonnage thus
the Missouri Pacific as
part of its Illinois division.
The proposed bonds will be issued under a first mortgage
to be made by
the Chester & Mt. Vernon to the Mercantile Trust Co..
ing of the authorization sought herein. This mortgage following the grantwill provide for the
Issue of not exceeding 3250,000 of bonds, which bonds will
be
date of issue, will bear interest at the rate of6% per annum, dated as of the
and
20 years after date. The proposed $150.000 of preferred stock will mature
of 1,500 shares of the par value of $100 each, with dividends at will consist
the
67 per annum. All of the bonds and preferred stock, aggregating rate of
$400.000, will be sold to the Missouri Pacific at par and the proceeds
used to purchase the properties of the Wabash, Chester & Western.
The Chester & Mt. Vernon also proposes to issue
stock, consisting of 2,000 shares of the par value of $100.000 of common
$50
be delivered to Binkley in reimbursement of organization each, which will
expenses.
Chicago Milwaukee St. Paul & Pacific RR.
-Bonds
Offered.
-Kuhn,Loeb & Co. and the National City Co. have
purchased subject to the approval of the 1.-S. C. Commission, $24,000,000 Chicago Milwaukee & St. Paul Ry. gen.
mtge. 06% gold bonds, series E, due May 1
they are offering for subscription at 102%% and1989, which
int. to yield
4.38% to maturity. The bonds will be issued under the
general mortgage of the Chicago Milwaukee & St. Paul Ry.
and will be assumed by Chicago Milwaukee St. Paul &
Pao f c RR. as successor. The gene al imrtga e bonds
were undistributed in the reorganization of the Chicago
Milwaukee & St. Paul Ry.
Chicago Milwaukee & St. Paul Ry. 10-year 6%, 1st
bonds security, gold loan bonds of 1924, due Jan. 1 mtge.
which are to be redeemed on July 1 1928 at 102U% and1934,
will be accepted in payment for the new bonds on a 4%int.,
Chester & Mt. Vernon RR.
-Acquisition of Line and
int.
basis computed on the redemption price to the redemption
Issuance of Securities.
The I.
date, provided notice of the amount of such bonds to be
-S. C. Commission on Mar. 19 issued a certificate
authorizing the
company to acquire the railroad properties formerly
Chester & Western RR. in Randolph. Perry, and owned by the Wabash, tendered in payment is given not less than five days prior
Jefferson Counties, Ill. to the date fixed for delivery
Authority was also granted to the
of and payment for the new
exceeding $250,000 of 1st mtge. Chester & Mt. Vernon RR.to issue not bonds.
1-9. C. Commission on March 26 authorized the company
31,800.000 of first-mortgage 43.4% gold bonds, to be sold at 97 and to issue
the proceeds used in retirement of outstanding bonds and in construction of an
extension heretofore authorized. The report of the commission says in
part:
The applicant has outstanding $326,000 of first mortgage 5% gold
maturing May 1 1936. and $1,000,000 of general mortgage 6% bonds
series A, maturing August 1 1944. These bonds are redeemable at bonds.
a premium of
%.and the applicant proposes to retire them out of proceeds to
be derived from the sale of the $1,800.000 of first mortgage bonds which
it seeks authority to issue. The remainder of the proceeds is to be applied
toward payment of the cost of building a 5
-mile extension from
Cambria County, Pa. Construction of this extension, which Revloc.
mated by the applicant to cost 3516.311, was authorized Feb. was esti11,
Arrangements have been made for the sale of the bonds to Drexel1925.
& Co.,
of Philadelphia, Pa., at 97, with adjustment of accrued interest
or discount
to date of issue of interim receipts or. if no interim receipts
are Issued, to
April 1 1928, the designated date of settlement. On that basis
the annual
cost to the applicant will be approximately 4.666%. See
offering in V.
126, p.102.
6% 20-yr.
stock, (par $100) and $100,000 of common bonds, $150,000 of preferred
stock, (par $50).
Coupon bonds in $1,000 denom. registerable as to principal,
Acquisition of control by the Missouri Pacific
or as to both
of the railroad proper- prin. and int. Fully registered bonds not exchangeable
ties of the Chester & Mt. Vernon RR. by lease RR.likewise
was
approved and Int. payable Jan. 1 and July 1. Not redeemable oefore for coupon bonds.
authorized.
July 11938. The
bonds of this series will be stamped to provide that they
The report of the Commission says in part:
chased at the option of the company, as a whole but not in may be repurThe Chester & Mt. Vernon was incorp. in
part, upon 60
the purpose of acquiring the railroad of the Illinois on Sept. 10 1927, for days' previous notice on any int. date on or after July 1 1938, at 10734%
Wabash, Chester & Western and accrued int.
RR. extending from Chester, Randolph County, to Mt.
Vernon, Jefferson
Issuance and sale of these bonds are subject to the approval of the
County, Ill. with a branch extending from Chester
I.
-S.
aggregate distance of 64.83 miles. Sidings aggregateto Menard, III., an C. Commission.
10.73 miles. ConListing.
-Application will be made in due course to list these bonds on
nections are made with other railroads as follows: At
Mt. Vernon, with the the New York Stock Exchange.
Chicago & Eastern Illinois, the Southern. the Louisville
& Nashville, and
Purpose.
-Proceeds are to be used to retire the *14,000,000 10-year
the Jefferson Southwestern: at Waltonville with the Chicago,
67
Burlington & 1st mtge. bonds security, gold loan bonds of 1924 which are to be
Quincy; at Tamaroa and Pinckneyville with the
redeemed
with the Mobile & Ohio, and at Chester with theIllinois Central' at Percy on July 11928. to reimburse the treasury for the payment of the $3,083,000
Missouri-Illinois. The line has been in existenceMissouri Pacific and the of Chicago te Missouri River Division bonds which matured July 1 1926.
about
recent years had been controlled by the Southern Gem50 years, and in for additions and betterments to the property and other corporate purposes.
Assumption.
-These bonds will be issued
receiver was appointed for the coal corporation in 1923, Coal Corp. A
and one was ap- Milwaukee & St. Paul Ry., dated May 1under the gen. mtge.of Chicago.
pointed for the railroad company in 1924.
1889. and will
Chicago Milwaukee St. Paul & Pacific RR. as successor. be assumed by
Sale of the properties of the Wabash, Chester & Western was
ordered
General mtge. bonds outstanding, incl. the present
by the circuit court of Randolph County on Nov. 8 1926. The receiver
are secured by
an absolute 1st mtge. at approximately $19,820 per issue,on about 6.245
testified that he and the efficers of the coal corporation had sought
mile
diligently miles of road,incl. practically all the principal lines of the company between
to interest connecting railroads and other parties in the purchase of the
line Chicago and the Missouri River (of which 1,049 miles are double
but without success. Arrangements finally were made with L. G. Binkley, and
tracked)
a coal operator of Chicago, Ill., which culminated in the purchase of the and on valuable terminal properties in Chicago, Milwaukee and other cities
equipment by the company appurtenant to these lines. The total
properties by him at public sale on Sept. 7 1927, for the sum of
$400,000 authorized
cash, of which $80,000 was paid at the time of sale and the balance is to be of which, issue of bonds under the gen. mtge. Is limited to $150,000,000,
upon the completion of this financing, $123,788,000 of
paid upon approval of the acquisition by this commission and the Illinois bearing
bonds.
Commerce Commission. Binkley was the sole bidder. Following the hands int. at the rates of 334%,4% and 414% will be outstanding In the
of the public. The remaining bonds will be in the colnpany's treasury.
acceptance of his bid, Binkley caused the Chester & Mt. Vernon to
The gen. mtge. bonds were undistributed in the reorganisation of Chicago
be
organized for the purpose of taking over the properties. By its application, Milwaukee
& St.
as amended following the hearing, the Chester & Mt. Vernon,seeks author- the receiversh(p. Paul Ry. and the int, thereon was regularly paid during
ity to acquire the properties from Binkley and to issue $250,000 of 1st
Earnings.
-The
mtge. 6% bonds, S150.000 of preferred stock, and $100,000 of common &c., available for annual income after payment of rentals for leased lines.
int. on funded deot, during the 3 years ended Dec. 31
stock in payment therefore and for organization expenses.
1927, has averaged
Under the terms of an agreement dated Sept. 6 1927, as supplemented, bonds, equipment more than twice the annual int. upon the gen. mtge.
obligations and the three small Issues of divisional mtge.
amended, and modified by an agreement of Feb. 29 1928, between Binkley, bonds of the company,
which will be outstanding after the completion of
acting for himself and his associates, and the Chester & Mt. Vernon,(some- this financing.
During these three years there were very heavy charges
times referred to collectively as the owner-lessor), on the one hand, and the for retirements and
maintenance. The income of the company for the first
Missouri Pacific, on the other hand, it Ls provided that Binkley shall three months of this
year available for int. was substantially in excess of
attend the foreclosure sale of the Wabash, Chester dc Western properties such income for
the same period of 1927.
and will offer to purchase them for not more than $400,000; that if his bid
Securities Outstanding.
-There are outstanding, junior to the gen.mtge
confirmed by the court, and the acquisition of the prop- bonds, $106,395,09
is accepted, the sale
erties approved by the necessary State and Federal authorities, the Missouri cony. adj. mtge. 6 of 50-year 5% mtge, gold bonds, $182,873,603 of 5%
Pacific will purchase at par 1250,000 of 1st mtge.6% bonds and $150,000 of of common stock bonds, $118,815,800 of pref. stock and 1,174,060 shares
without par
8% preferred stock of a corporation to be organized to acquire the properties for future financing which value. A 1st & ref. mtge. has been authorized
will rank junior to the gen. mtge. and under
from Binkley, the proceeds of such secutities to be used for the purchase of which no bonds have
been Issued.
-V. 126, p. 1806, 1503, 1345.
the properties.
The Missouri Pacific agrees to lease the properties for5
the
with an
Chicago & North Western Ry.-Equip. Trusts Offered.option to renew the lease for an additional 5 yrs., with
following pro- Kountze
Brothers, Lehman Brothers and Wood, Low & Co.
First. furing the first 4 yrs. of the first 5-yr. period the Missouri Pacific are offering at prices to yield
4.15%, $2,145,000 equipment
may elect, effective on the first day of the calendar month following notice
of such election, that the lease shall be deemed in force and effect for solely trust of 1927,4%% certificates, maturing serially each May
a fixed term of 334 yrs. from that date at an additional rental of $175,000, 1 1929-43, inclusive.
which rental shall be payable at the rate of $50,000 .per year in advance,
Dated May 11928. Denom.61,000 c* Prin. and int.(Ma)! 1 and Nov.
with interest on the balance of the rental at the rate of 5% per annum. At
payable in geld at the United States Trust Co.. New York.
the end of 334 yrs. the Missouri Pacific may purchase all of the common 1)These
capital stock of the Chester & Mt. Vernon upon payment of $25,000. and of the certificates are to be issued to cover less than 75% of the cost
following new standard equipment: 4 72
-ft. gas elec. passenger bagthe lease thereupon will be terminated.
gage & ma.I motor cars; 5 65
-ft. gas elec. baggage & motor ears; 25 30 ft.
APR. 28 1928.]
FINANCIAL CHRONICLE
caboose cars; 100 gondola ears: 500 flat ears,and 500 steel hopper cars,
the aggregate coat of which will be $2,870,100.State.—V. 126, p. 2472.
Legal investment for savings banks in N. Y.
Cincinnati Union Terminal Co.—Construction of Station.
authorizing
The I. S. C. Commission on March 17 issued a certificate,
construction by the company of a union passenger station and equipment
railroad incident thereto, at Cincinnati, O.
terminal, and lines of
The report of the Commission says in part:
seven
The applicant was organized in Ohio on Nov. 12 1927. by the
principal railroads entering Cincinnati, as follows: the Baltimore & Ohio
the Chesapeake & Ohio By. Co., the Cincinnati, New Orleans &
RR.,
the Cleveland, Cincinnati, Chicago & St. Louis By.,
Texas Pacific
Norfolk & Western By., and the
the Louisville & Nashville RR., the
Pennsylvania RR. The Erie RR. enters Cincinnati over the tracks of
under trackage rights, but is not a party to the
the Baltimore & Ohio
organization of the applicant.
CinThe record shows that the present passenger terminal facilities at city.
for the needs of that
cinnati are antiquated and grossly inadequate in use, namely. the Central
are five separate passenger stations now
There
PennUnion station used by all of the lines entering Cincinnati except the
sylvania and the Norfolk & Western: the Baymiller Street station used
Baltimore & Ohio and the Erie; the Fourth Street station used by
by the
Court Street
the Chesapeake & Ohio and the Louisville & Nashville; the
and the
station used by the Pennsylvania and the Norfolk & Western,Western,
station used by the Pennsylvania, the Norfolk &
Pennsylvania
Nashville.
and the Louisville & station, which handles about 70% of the passenger
The Central Union
1884. It contains 8 tracks,
traffic at Cincinnati, was placed in operation in 6 cars to a locomotive and
which range in capacity from a locomotive andcontain more than 11 cars,
of the trains now operated
11 cars. Many
the
obstruct
and when such trains are in the station they of the siteand prevent the
upon which
use of other tracks. Because of the character
station is located it is impossible either to increase the number of tracks
or to lengthen the existing tracks.
The Pennsylvania station was buPt in 1880, and while additions have
been made to tracks and train sheds in recent years the same congested
condition prevails at times of peak of business as at the Central Union
station.
The record shows that there is considerable congestion of freight traffic
aT,
revated to a great extent by
at Cincinnati and that this congestion is
passenger traffic. It has
the congested condition of the the movement of freight been found necesstrains during the
to place restrictions on
sary
hours when the passenger train movement to and from Central Union
station is heaviest, and at times there is conflict between the movement
the vicinity of the Pennsylvania station.
of freight and passenger trains in of the proposed union passenger station
It is alleged that the construction the free and unrestricted movement of
terminal facilities will permit
and
freight traffic at all times during the entire 24 hours. handling of passenRecognition of the need of adequate facilities for the
years, and attempts have
ger traffic at Cincinnati has existed for several some solution of the probto
been made at various times in the past of reach
negotiations carried on by the
lem. The present plan is the result
Cincinnati RaProad Terminal Development Co., an organization created
of that city for the
in June. 1923, by 20 representatives business menand city officials with
purpose of cooperating with the railroad companies
definite action. Each of the parties to the creation of
a view to securing
its capital stock, and
the development company subscribed $10,000 for
the expenses of the negotiations.
the fund thus raised was used to defray bringing
interThe development company succeeded in 14 1927, together all of the
a preliminary agreement
ested parties, with the result that on July
into between the seven railroad companies named above and
was entered
made for the
the development company under which arrangements were
organization of the applicant and the construction of a union passenger
station and equipment terminal as proposed. Under the terms of this
preliminary agreement the carriers agree to pay as rental, on a user basis,
(a) the
for the facilities to be constructed, sums sufficient to payassume 1interest
by the
charges on bonds; (b) the total rents and other liabilities
applicant arising out of leaseholds. leases, contracts, and agreements;
(c) taxes, assessments, and governmental charges of every kind to be paid
by the applicant: (d) dividends on outstanding preferred stock (at a rate
to be determined), and 6% per annum on outstanding common stock;
of operation, including
(e) net costs and expenses sinking funds, etc.; anddepreciation charges;
(g) all other costs,
(f) necessary payments to
charges and expenses, including maintenance of the applicant's corporate
organization. The carriers also agree to guarnatee payment of the principal
of and interest on the applicant's bonds. Lincoln Park, which is located
The proposed union station will face
westerly or northwesterly from the existing stations. No definite plans
for the type of building to be erected have yet been made.
It is estimeted that the proposed union station and terminal facilities
and railroad lines will cost approximately $31,500,000, which will be financed
by the issue of $3,500,000 of common stock, of which $500,000 will be
acquired by each of the seven proprietary carriers; $3.000,00 of the preferred stock, which will be sold locally, and the balance, approximately
$25,000,000, will be represented by bonds. The details surrounding the
issue of the proposed preferred stock and the bomb; have not yet been
determined.
The record shows that the applicant expects to commence and complete
construction on or about July 1 1928, and July 1 1932, respectively.—
V. 125, P. 3055.
Delaware & Hudson Co.—Sells Holdings in Wabash
and Lehigh Valley Roads to Pennsylvania RR.—See Pennslvania RR. below.—V. 126, p. 2140, 2144, 2300.
Elkin 8c Alleghany RR.—Securities.—
State of North Carolina aided in the construction of that railroad by supplying convict labor, and, in return, there was issued to the State $238.500 of
stock for labor performed. As of the date of valuation, the book investment in road and equipment, after maging certain adjustments indicated by
us, was $788,780.46. The capitalization consisted of capital stock $476,300.
-mortgage bonds $192,000, first refunding bonds $208,000, income
first
bonds $80.000, total $956,300.
The amount bid for the property was the minimum required to pay the
indebtedness that had a superior claim against the railway, namely $41,000
of receivers' certificates and $15,000 of unsecured debts. The funds to pay
the purchase price were furnished by those originally interested In the promotion and construction of the railway. Pursuant to the understanding
mentioned above, Ring, after retaining $100 of bonds and $100 of common
stock as his commission, was to distribute the remaining new securities as
follows: $56,000 of fist-mortgage bonds to those advancing the money to
buy the property, $56,000 of common stock to holders of the old common
stock. and $185,500 of preferred stock to the State of North Carolina, the
town of Elsin. and to the holders of the old first-morteage bonds. The
holders of the first refunding bonds and of the income bonds did not participate in tJe reorganization. The securities for which authority to issue is
sought in the instant application are proposed to be delivered in lieu of the
invalid stocks and bonds heretofore issued.
The op orations of this railroad from the date it was transferred to the
applicant to Dec. 31 1925, have resulted in a deficit of $9,599.83. which
amount does not reflect any interest accruals on $56,100 of first mortgage
bonds said to be outstanding. Had th3 yearly interest, amounting to
$3,366, been accrued on those bonds,the deficit would have been increased
by over $20,000. The applicant's annual reports indicate that the annual
income has been insufficient to pay the interest on the bonds outstanding.
There is nothing in the present record to warrant the expectation that
future earnings will enable the applicant to pai the interest on the proposed
bonds.
In view of the uncertainty as to the ability of the applicant to earn the
interest on the proposed bonds, we will authorize the issue of capital stock
only:, and to preserve the relative rights and standing in the new company
of those providing the money to purchase the railroad in relationship to
those retaining an interest therein by virtue of ownership of the securities
of the old company, we will require that the applicant issue prior-preference
stock instead of proposed first-mortgage bonds. The applicant should
amend its articles of association, as may be necessary, to provide for the
issue of $56.100 of common stock, $56,100 of prior-preference stock entitled
to dividends of not exceeding 6% per annum and having *voting rights and
such other rights as the applicant may determine, and $185,000 of preferred
stock.—V. 121, p. 1904.
The I-S. C. Commission on March 31 authorized the company to issue
$56,000 ofcommon stock,$56,100 of prior-preference stock,and $185,000 of
preferred stock, consisting of the requisite number of shares of the par value
of $100 a share.
The report of the commission says in part:
The applicant was organized in Jan. 1920 to acquire the line of railroad
formerly owned by the Elkin & Alleghany By., extending from Elkin in a
northwesterly direction to Veneer, N. 0., a distance of approximately
15.019 miles. The properties of the latter company, which included about
beyond Veneer, were sold on Oct. 7 1919 by order
4 miles of roadway gradedForsyth County N. C., dated June 2 1919, and
of
of the Superior Court W. Ring for $56.060.
purchased by J.
were
Bing, in buying the properties, acted as trustee for the stockholders and
bondholders of the defunct corporation. Ile then arranged to transfer the
properties to the applicant in exchange for $80,000 of first-mortgage bonds,
800 shares of common stock, and 2,050 shares of preferred stock to be issued
no written agreement covering the transacby the applicant. There was
tion, but merely an understanding that these securities would be delivered.
Subsequently, t its understanding was modified and the amount of securities
then proposed to be issued reduced so that the securities that were issued
corresponded in amounts with the securities for which authority is sought
application. This understanding was reached prior to the
in the instantof section 20a, but the securities involved were actually issued
effective date
authority first having been obtained, and
after that date, without our of
therefore, under the provisions paragraph (11) of section 20a, are void.
The authorized capital stock of the applicant is $1,000,000, consisting
of 7,600 shares of common stock and 2,500 shares of preferred stock, each
be entitled to
a share. The preferred stock is
of the par value of $100before any dividends are declaredto the common
on
yearly dividends of 6%
The dividends on the preferred stock are to be noncumulative and
stock.
redemption in whole or in part on any dividend date
the stock is subject to the date of issue. at 106 and diva. In case of dissoluafter throe years from
stock has, to the extent of the principal thereof and action, the preferredpriority over the common stock in the
distribution of
ed dividends,
solely to the common
assets. Voting rights would be givenparticipate with the stock and the
holders of comholders of preferred stock would not additional issues of stock.
to subscribe for
mon stock in the right would be issued under the pursuant to a deed of
The proposed bonds 1920 made by the applicant to the Wachovia Bank
dated as of July 1
trust
Winston-Salem, N. C. They would be dated July 1 1920,
& Trust Co., ofas coupon bonds in the denom. of $100 and $1,000, would be
would be issued
int., would bear interest at the
redemmable on any interest date at 106 andJuly 1 in
each year, and would
rate of 6% per annum, payable Jan. 1 and
mature July 11940.
Allegheny R. Co., 103 I. C.0. 174, we found the final valuaIn Elkin &
company's property for rate-makinx purposes to be $335,046 as
tion of that
From the history of the capital financing as given in
of June 30 1915. report and order in that procaeding, it appears that the
Appendix 2 to the
2639
Grand Rapids & Indiana Ry.—Abandonment.—
See Pennsylvania R. R. below.—V. 124, p. 917.
Great Northern Ry.—Construction of Branch Line.—
The I.
-S. C. Commission on March 19 issued a certilcate authorizing
the company to construct a branch line of railroad extending from a connection with its main line in section 2, township 31 north, range 33 east,
about 3 miles west of Saco, in a general northwesterly direction to a point
near the range line between township 36 north, range 24 east, and township
36 north. range 23 east, which point is about 12 miles west of Turner, a
distance of approximately 75 miles, all in Phillips and Blaine Counties.
Mont.
The proposed line is Intended to serve and develop a wide area of agricultural land that extends north of the company's main line to the Canadian
border, and which is not penetrated by any railroad. For the first 28 miles
the route diverges from the main line almost at right angles, reaching a
point about 15 miles south of the Canadian boundary. Then it turns
westerly, and the rest of its course roughly parallels the applicant's main
line and a line of the Canadian Pacific Railway, dividing rath3r evenly the
width of 50 to 60 miles that lies netween them. There are no other railways
serving the territory.—V. 126, p. 1656.
Kansas City, Fort Scott & Memphis Ry.—Securities.—
-S. C. Commission on Apr. 12 authorized the company to issue:
The I.
(1) $20.496,500 of refunding-mortgage bonds and to pledge them as collateral security for the Promissory notes, and (2) $13,736,000 of promissory
notes; said notes to be disposed of at not less than their face amount and the
proceeds used to pay Kansas City, Fort Scott & Memphis RR.consolidated
mortgage 6% bonds.
The report of the Commission says in part:
-San Francisco By.
The applicant's railroad is leased to the St. Louis
and that company advanced to the applicant the funds with which to pay
or purchase the following bonds: $390,000 of Kansas & Missouri RR.
1st mtge. 5s, $1,645,500 of Kansas City. Memphis & Birmingham RR.
income-mortgage 5's $3,274,000 of Kansas City, Clinton & Springfield
By. 1st mtge. 5's, and $1.606,000 of Current River RR. 1st mtge. 5's,
making a total of Eti,915500 of bonds paid or purchased. On May 11928.
there will mature $13,736,000 of Kansas City, Fort Scott & Memphis RR.
consolidated-mortgage 6% bonds.
To procure the funds required to pay the consolidated-mortgage bonds
that will mature on May 1 1928,the applicant proposes to Issue $13,736,000
of promissory notes, maturing not more than three months after date
and bearing interest at not exceeding 43.4 % per annum. As security for
the notes. the applicant proposes to pledge all or any part of the $20,496,500
of refunding-mortgage bonds proposed to be issued as above stated. No
contracts or other arrangements have been made for the sale of the notes.
It is represented that they will be negotiated at their face amount. The
applicant states that the Frisco will advance to it the funds necessary to
pay the $13,736,000 of notes. The proposed notes, together with all other
outstanding notes of a maturity of two years or less will exceed 5% of the
par value of the applicant's outstanding securities.—V. 119. P. 2064.
Kansas, Oklahoma & Gulf Ry.—Acquiition.—
The L-S. C. Commission on March 13 issued a certificate authorizing
the company to acquire the Missouri, Oklahoma & Gulf Co.'s line of railroad in Cherokee County, Kan.
The report of the Commission says in part:
Under authority of applicable laws of the States of Oklahoma and Kansas.
the Missouri Oklahoma & Gulf RR. and the Kansas Oklahoma & Gulf
By. have entered into an agreement, subject to approval by public authorities providing for the sale to the latter of all the railroad properties, rights,
privileges, and franchises of the former for $403,487. This agreement is
dated Nov. 7 1927. It provides that in payment of the purchase price
of the properties the Kansas Oklahoma & Gulf By. may surrender the
Missouri, Oklahoma & Gulf Ry's outstanding bonds for cancellation, and
cancel the Missouri, Oklahoma & Gulf Rys. indebtedness to the Kansas.
Oklahoma & Gulf Ry. as of June 30 1927. The Kansas, Oklahoma & Gulf
By. agrees to assume all other liabilities of the Missouri. Oklahoma & Gulf
Ry. The agreement is to be effective as of July 1 1927.
Results for Year Ended Dec. 31 1927.
52.937,043
Railway operating revenues
x2,301,159
Railway operating expenses
117,917
Taxes
273
Uncollectible railway revenues
Total operating income
Other operating income
$517,693
61,776
Gross operating income
Deductions from gross operating income
$579,469
259,817
Net operating income
Non-operating income
$319,652
59,352
Gross income
Deductions from gross income
5379.004
219,399
$159,605
Net income
x Included in operating expenses is 5278,427 on account of rehabilitation.
—V.125, p. 909.
Kelley's Creek & Northwestern RR.—Bonds.—
-S. C. Commission on Mar. 31 authorized the company to issue
The I.
$250,000 6% mortgage gold bonds, in lieu of a like amount of similar bonds
authorized to be issued on Feb. 25 1928.—V. 126. p. 1503.
-Lackawanna RR. of New Jersey.—To Electrify Lines.
President J. N. Davis announced on April 23 that in compliance with the
urgent demands of a joint committee, representing business and civic
organizations of various communities in a section of Northern New Jersey,
having a population of about 1,250,000, that had agreed to an increase in
2640
FINANCIAL CHRONICLE
commutation fares to the end that they might reap the advantages of such
improved transportation facilities, the board of managers of the Lackawanna
had authorized the electrification of the Morris & Essex line from Hoboken
to Dover,the Passaic & Delaware to Gladstone, and the Montclair
a total of 78 miles of road or 173 miles of track, an expenditure ofbranch
approximately $14.000,000.
The announcement further states: "The Lackawanna probably will use
the direct-volt system of power transmission with over-head wires.
"The railroad owns both land and water rights along the Hackensack
River and has ample quantities of steam coal readily available to its lines.
Officials of the company are carefully weighing the advantages and relative
cost of purchasing electric power from outside companies as compared with
the construction of a generating plant and manufacturing its own power.
The construction and equipment of the proper power plant and accessories
will cost about $4,250,000. and would raise the total cost of this electrification work (o the neighborhood of $18.000,000.
"Construction work will be started Just as soon as the Lackawanna engineers can prepare plans and it is estimated will be completed within 2
years."
-V. 106, p. 601.
Lehigh & Hudson River Ry.-Final Valuation.
-
The I.
-S. C. Commission has placed a final valuation of $5,175,000 on
the owned and used property of the company, as of June 30 1918.-V.
126. p. 2472.
Long Island RR.
-May Issue Pref. Stock.
-An official
statement says:
The annual report for 1927 gives some idea of the company's part in
promoting the development of the communities which it serves. The
number of passengers. 111,653,333, was the largest in the railroad's history.
Freight carried totaled 8,991,60 tons. Net railway operating income
amounted to $6,162,578, which was equivalent to a return of 4.75% on
the company's investment in property devoted to the public service.
For the first time in 32 years the company declared on April 4 1928, a
dividend of 4% on its capital stock. Heretofore whatever funds were
available have been spent on the property or used to liquidate some of the
company's obligations. Payment of this modest dividend is therefore a
step toward reestablishing the company's credit which has long been inadequate, due to insufficient earnings to pay its debts and to attract the
capital required for necessary expansions and improvements.
During the year the company expended more than $14,000,000 on new
equipment and facilities to better its service and to comply with such
mandatory requirements as grade crossing removals and electrification
within the city limits. The principal items included in this expenditure
were automatic train control installations, several new passenger stations,
electrification, real estate, 241 steel passenger service cars, 8 electric locomotivies and two shifting locomotives.
The growth of Long Island as a suburban residential section is indicated
by the steady growth in commuting business. The number of commutation
family and school tickets increased 8.1% last year as against 1926. Commuters constitute more than two-thirds of the total number of passengers
but they pay less than 45% of the total passenger revenues.
,
Refusal of the Transit Commission and the Public Service Commission
to grant an increase in commutation fares is a serious disappointment.
Both Commissions have granted the right to reopen the case but the company thus far has seen little hope through such means of obtaining any
prompt relief from inadequate earnings. Under these conditions, much
against the desire of the company, the program of future improvements
outlined in the 1926 annual report must be seriously delayed if not curtailed.
The results for the year show the continued reliance of the company
upon the Pennsylvania RR. for advances to carry on its improvement
work and meet its maturing obligations. The total unpaid indebtedness
to the Pennsylvania Railroad at the close of the year was nearly $17.000,000.
The company's capital structure consisting of approximately 68% in
debt and 32% in stock needs readjustment. It is desirable that at an
early date the company should issue either preferred or common stock
to provide necessary working capital to pay off some of its unfunded obligations and to pave the way for raising additional capital for future improvements. These improvements are of the greatest importance to the residents
and business interests of Long Island who are dependent upon the company's transportation service.
The Long Island RR. must rely upon public opinion to support the
constructive program under which it has continued to borrow money to
make Improvements, to increase its service and to endeavor to prevent
overcrowding of trains and the congestion of its facilities. It is hoped
that a change in public opinion will ultimately make it possible for the
company to earn a fair return on the value of the property and facilities
provided for the public and to give the company the financial strength
and ability to undertake the forward program which It realizes the public
requires.
-V. 126, p. 2306.
Longview Portland & Northern Ry.-Operation Under
Trackage Rights by Northern Pacific By. Co. et al.
The I.
-S. C. Commission on Mar. 31 issued a certificate authorizing
operation under trackage rights by the Northern Pacific By.. the Great
Northern By., and the Oregon-Washington RR. & Navigation Co. of the
line of railroad of the Longview, Portland & Northern Ry. between Longview Junction and Olequa, Wash. Report of the Commission says in part:
By our report and order dated Aug. 24 1926, in Proposed Operation by
N. P. Ey., Ill I. C. C.689. we denied an application similar to that presented herein, such denial being based principally upon the grounds that
the safety of operating the pooled trains over the Portland. and especially
over its draw bridge spanning the Cowlitz River, was open to question;
that the necessary additional investment of capital would result in increased cost of operation without any apparent increase in revenue, and
that the people of Kelso would be inconvenienced by having withdrawn
from their city the services of four trains arriving during daylight hours.
The record in the present proceeding shows that the physical condition
of the Portland has been substantially improved during the past three years,
and the applicants' engineers are satisfied that the line and the bridge are
absolutely safe for the operation of the pooled trains. These trains will at
all times be accorded the right of way and all necessary safeguards will be
thrown about their movement while on the Portland's line. The applicants show that the total capital expenditures to be incurred by them at
Olequa and Longview Junction will aggregate $24.594, of which $18.329
has already been spent. The total annual operating and maintenance
expense is estimated by the applicants as $16,886 on the 75% basis at Long
view and $17.795 on the 90% basis, plus $2,500 in each instance representing approximatte annual taxes on Longview station. Counsel for the
applicants, on brief, contend that the additional capital outlay and the
operating and maintenance expenses are negligible when the importance of
Longview as a traffic producing center, and its future prospects of development, are considered, and that this important and growing city ought not
to be deprived of direct passenger service solely because such service will
entail slight additional capital outlay and operating expense to give it
what thousands of communities of far less importance enjoy as a matter of
course. The additional cost of this service to the Portland will be approxi-V.122, p. 3079.
mately $573 per month.
[VOL. 126.
Midland Valley RR. Co.
-Earnings.
-
Year Ended Dec. 31Railway operating revenues
Railway operating expenses
Taxes
Uncollectible railway revenues
1926.
1927.
$3,964,918 $4,314,245
2,551,732
2,529,252
247,151
207,822
3,603
1,186
Total operating Income
Other operating income
$1,226,657 $1,511,759
147,672
92,187
Gross operating income
Deductionsfrom gross operating income
$1,318,843 $1,659,431
355,772
361.985
Net operating income
Non-operating income
$963,071 $1,297,473
182,608
193,055
Gross income
Deductionsfrom gross income
$1,156,126 $1,480,081
705,161
708,570
Net income
Dividend on pref.stock(5%)
Dividend on common stock(5%)
$447,556
199,962
200,325
Amount credited to profit & loss, Dec.31
-V.125, p. 1048.
$774,919
199,962
200,325
$47,269
1374,632
New York Central Lines.
-New Passenger Equipment.
-
The New York Central Lines announced on April 20 the placing of orders
among the largest car manufacturing companies in the country, for over
$2,500,000 new passenger equipment for delivery this year. The number
of new cars ordered total 120 of various types.
The passenger cars ordered will be the latest and most luxurious in coach
equipment and will be assigned and delivered as follows: 75 cars to the New
York Central RR.;5 cars to the Pittsburgh & Lace Erie RR.:13 cars to the
Boston & Albany RR.; 20 cars to the 0. 0. C. & St. L. By. (Big Four
Route):4 cars to the Peoria lic Eastern RR. and 3 cars to the Rutland RR.
The orders were divided among the manufacturing concerns as follows:
25 cars to be built by the Pullman Car & Mfg. Co.:34 cars by the American
Car & Foundry Co.; 10 cars by.the Standard Steel Car Co.; 16 cars by the
Osgood-Bradley Car Co.: 5 cars by the Pressed Steel Car Co. and 30 cars
by the Merchants Despatch, Inc.
-V. 126. p. 1977.
New York Susquehanna & Western RR.
-Earnings.
-
[Including the Wilkes-Barre & Eastern RR. Co.]
Calendar Years1927.
1926.
1924.
1925.
Operating revenue
$5,199,136 $5,395,850 $5,179,121 $5,150,248
Oper. exp., taxes, &c_ _ - 4,857,832
4,731,577
5,040,832
4,687,473
Operating Income_ $341,304
$664,273
$491,648
$109,416
Net equip,and rents_ _-- Dr.238,684 Dr.113.564 Dr.186.575 Dr.122,669
Net railway oper.inc.- $102,620
1550.709
$305,073 def$13,253
Non-operating income...
75,129
62,699
56,152
60,643
Gross income
$177,749
1613,408
$42,899
$365,716
Deduc.from gross Inc__ 807,084
812,926
819,773
823,128
Deficit for year
$629,335
$770,027
$206,365
$457,412
-V. 126, p. 862.
Pennsylvania RR.
-Acquires Holdings of Delaware &
Hudson Co. in Wabash & Lehigh Valley Railroads.
-It was
officially announced Apr. 26 that the Pennsylvania RR. has
purchased the Delaware & Hudson Co.'s holdings of Lehigh
Valley & Wabash Railroads. In railroad circles it was reported that the transaction involved approximately $63,000,000 and the sale resulted in a profit to the Delaware &
Hudson Co. of about $23,000,000.
The statement issued by the Delaware & Hudson Co.
follows:
Stimulated by the Transportation Act of 1920, several of the larger systems in the Eastern territory promoted in 1924 a plan of railroad consolidation which, coming to the knowledge of the officers of the Delaware &
Hudson Co. was believed to operate adversely to its interests.
The Delaware & Hudson Co. thereupon began the purchase substantial
holdings of the capital stocks of the Lehigh Valley and Wabashof
railroads.
Subsequent action by the Federal authorities looking to the preservation
of existing channels of commerce has to some extent relieved the threat of
adverse effect.
An offer of purchase by the Pennsylvania company of these stocks now
held in the treasury free of any encumbrances, being deemed satisfactory
sale of the above securities has been made and the full consideration received in cash.
The president and the executive committee believe that
interests
of the Delaware & Hudson Co. have been served thereby. the best
The inference drawn from the sale by students of the
Eastern trunk line situation was that while no strings were
attached to the transfer of the stocks, Mr. Loree has been
practically eliminated from proposed consolidation plans
of carriers operating in the East. Incidentally, this would
mark the end of the fifth trunk line, long sponsored by the
head of the Delaware & Hudson Co. It was also pointed
out that this was the first definite step in the move to carry
out the four party plan in the East.
-V.126, p. 2306.
Piedmont & Northern Ry.-Construction of Lines
Denied.
Submitted Dec. 10 1927. Decided Apr. 3 1928. The I.-8. 0. Commission on Apr. 3 denied the company's application for authority to construct extensions of its lines of railroad from Spartanburg. 8.
C.. to Gas
tonia, N. 0., and from Charlotte to
Winston-Salem. N. C.
Tennessee Central Ry.-Bonds.-
The I.
-S. C. Commission on Mar. 31 authorized the company to issue
not exceeding $410,000 of first mortgage 6% gold bonds, series B, to be
pledged and repledged from time to time until June 30 1930 as collateral
security for short-term notes.
-V. 126, p. 574.
Tennessee Railroad.
-Bonds.
----
-Bonds.
Louisville & Nashville RR.
The I.
-S. C. Commission on Mar. 30 authorized the company to issue
$330,000 of general-mortgage 6% gold bonds, said bonds
not
less than par and the proceeds used for corporate purposes. to be sold at
-V.126. p. 1656.
-Final Valuation.
Millers Creek RR.
Calendar YearsTotal railway oper. rev_
Total railway oper. exps
Railway tax accruals- _ Uncoil. railway rev
-S. C. Commission on Apr. 10 authorized the company to procure
The I.
the authentication and delivery of not exceeding $49,503,000 of first and
-V. 126, p. 2298.
refunding mortgage 4;i% gold bonds, series C.
-S. C. Commission has placed a final valuation of $172.798 on
The I.
the owned and used property of the company, as of June 30 1918.-V.
124, p. 2903.
-Sale.
Missouri Oklahoma & Gulf RR.
Tonopah & Goldfield RR.
-Annual Report.
-
See Kansas Oklahoma & Gulf Ry.-V. 122, p. 2944.
Operating income--Other income
-Acquires Control.
Missouri Pacific RR.
-V.126. p. 2472.
See Chester & Mt. Vernon RR.above.
-Abandonment of Branch Line.
Mobile & Ohio RR.
Total income
Deductions from income
1926.
1927.1925.
$281,956
$345,172
$271,787
240,865
256,198
291.857
36,311
42,720
43,277
35
31
60
$324
19 ,.218
293,553
136
44,232
$10,036
22.685
$22,296
25,770
$32.722
11,546
148.068
11.372
$4,744 def$27,163
20,090
25,226
$24,834
10,636
def$1,937
10,640
Net income
$36,694
$14,198 def$12.577
$21.176
The I.
-S. C. Commission on Mar. 19 issued a certificate authorizing
Profit and loss account: Balance, surplus, Dec. 31 1926. $497.949..
company to abandon its branch line of railroad, extending from South transferred
from income, Cr.$14,198:losses written off Dr.$65.496, miscelColumbus to Columbus, in Hickman County. Ky., a distance of 1.6 miles. laneous
items, net Cr. $43, profit and loss surplus Dec. 311927, 8446.694.
-V. 126, P. 2306.
-V. 126. p. 408.
-Final Valuation.
Monongahela Connecting RR.
Terminal Railroad Association of St. Louis.- Secur.
The L-S. C. Commission has placed a final valuation of $3.485,856 on
the owned and used property of the company as of June 30 1919.-V. 124.
The I.
-S. C. Commission on Mar. 31 authorized the company to issue
p. 2424.
$205,800 capital stock (par $100). said stock to be delivered to the Chicago
APR. 28 1928.]
FINANCIAL CHRONICLE
& Eastern Illinois By.. and the Chicago & Eastern Illinois By. to assume
obligation and liability, as guarantor, in respect of the payment of onesixteenth of the interest on $33,790.000 of Terminal Railroad Association
of St. Louis general-mortgage 4% bonds and of certain sinking fund installments.
1926.
1924.
*1925.
1927.
Calendar Years-Revenues
$12,643,851 $12,924,964 $12,599,181 $12,171,621
Switching
2,360
Special service train_
1,016,199
1,012,295
935,391
939,792
Incidental
405,708 Dr.367,840 Dr.380,603
386,060
-Dr
Joint facility
Total ry.oper. revs___$13,270,086 $13.537.818 $13,166.732 $12,730,810
ExpensesMaint. of way & struc__ $2,261,960 $2.204,231 $2,298,851 $2,318,966
1,129,856
1,115,426 1,112.267
Maint. of equipment_ _ - 1,183,595
26,813
27.491
29,444
27,711
Traffic
5,142,027
5,357,813
Transport'n-rail line_ _ 5,312,348
5,201,275
41,330
39,868
42,829
41,510
Miscall, operations
238,326
343,334
264,211
246,154
General
2,952
3,608
Transp.for inv.-Cr_
Total ry. oper. exp-. - $9,164,967 $8.807,037 $8,932,659 $9,096,414
4,730,781
4.234,072 3,634.397
Net rev.freight ry. oper- 4.105,118
1,347,419
1,273,046
1.069,033
Railway tax accruals_ _ _ 1,134,520
264
583
1,372
10,344
Uncollec. railway revs_ _
Railway oper.income_ $2,970,335 $3,382,778 $2,959,655 $2,555,020
Net rev,from misc. oper. loss40,058 loss33,274 loss31,135 loss32,567
468
1,003
1,142
1,107
Taxes on misc. op. prop_
Total oper. income__ $2,929,808 $3.348,500 82,927,378 $2,521,346
1.801,851
1,646,926 3.388,182
Total non-oper. income_ 1,731,043
Gross income
$4,660,852 $5,150,352 $4,574,304 $5,909,527
-deb.
119,493
159,874
174,981
130.384
Hire offreight cars
171.907
Rent for locomotives_ _ _
11,780
18,576
904.006
Joint facility rents
22,778
696,901
697,733
812,211
Rent for leased roads_
696.899
Miscellaneous rents_ - _ _
330,019
332,486
1,053.426
348,293
Miscell,tax accruals_ _ _ _
142,336
158,537
125,870
137,633
Int. on funded debt_ _ _ 1,822,601
1.823,969
1,825.337
1.785.554
1,808
Int. on unfunded debt
1,668
468
10,521
Amort. of disc. on fd. dt.
16,022
26,130
25,758
22,277
14,336
Misc,income charges_ _ _
13,405
13,522
14.643
Inc. appl. to sk.• res.fds.
241,771
217.408
100,000
100.000
Income balance
$630,637
$1,307,863 $1,868,449 $1,164,859
Earns. per sh. on 30,879
shs. cap. stk.
(par $100)
$20.42
$60.51
$37.72
$42.35
• Figures for 1925 revised to compare with 1926.-V. 125, p. 910.
Thornton & Alexandria Ry.-Abandonment of Line.
-S. 0. Commission on Mar. 31 issued a certificate authorizing the
The I.
abandonment as to interstate and foreign commerce, of that portion of the
railroad of the company in Calhoun County, Ark., extending from Thornton to Rock Island Junction. about 13 miles.
Application was denied as to the abandonment of the portion of railroad
extending from Tinsman through Rock Island Junction to Hampton.about
12 miles.
Wabash Chester & Western RR.
-Successor Company.
See Chester & Mt. Vernon RR.above.
-V.122, p. 3336.
Yreka RR.
-blew Vice-President.
-Joseph D. Gavin has been elected V.
-President and General Manager.
V. 122, p. 2648.
PUBLIC UTILITIES.
Alliance Gas & Power Co.
-To Retire Bonds.
-
The Ohio Public Service Co. will redeem on June 1 all the outstanding
Alliance Gas & Power Co. 1st & ref. mtge. 5% gold bonds at 10734 and
int, to that date. As of Dec. 31 last, there was $326,000 of this issue
outstanding.
-V. 113, p. 2408.
American Power & Light Co.
-Stock Increase Approved
To Acquire Control of Montana Power Co.
The stockholders on Apr. 24 ratified an increase in the preferred stock by
1,200.000 no-par shares of $5 preferred stock, series A, to be issued in exchange for the common stock of the Montana Power Co. at tie rate of two
preferred shares of the American company for each common share of the
Montana company (see latter in V. 126, p. 2310). Compare also V. 126,
p. 2306.
American Superpower Corp.
-Transfer Agent.
The Central Union Trust Co. of New York has been appointed transfer
agent of 400,000 shares of preference stock.
-V. 126, p. 2473. 1656.
American Utilities Co. (& Subs.).
-Earnings.
Results for Twelve Months Ended December 31
1926.
1927.
Gross revenue including other income
$1,626,174 $1,721,725
Operating expenses, maint., taxes, except Federal
inc. taxes, etc
1,129,811
1,202,180
Balance
Annual interest requirements
-1st lien & refunding bonds, series A 6%
Annual int. requirements-15-yr.634% deben_
$496,363
8519,545
x241.800
x106,665
Balance for require. reserve, diva., etc
$170.990
The income shown above includes earnings for the twelve months period
of properties acquired although they may not have been owned for the
full period.
x 'Fie above figures represent the annual interest requirements on the 1st
lien and refunding 6% bonds and 15-yr 635% debentures outstanding at
the end of the calendar year. The actual interest requirements, as to each
issue, during the calendar year were slightly less than the figures given.
Based upon actual income, expenses and interest charges for the year,
the balance for retirement reserve, dividends, etc., was 5188,564.-V. 125.
p. 1050.
American Water Works & Electric Co., Inc -Output.The West Penn Electric Co., which controls the electric properties of thc
American Water Works & Electric Co., Inc., supplied to regular consumers
149,358,698 k.w.h. during the month of March 1928. This compares with
an output of 153,858,060 k.w.h. for the same month of 1927.
The power output to regular consumers for the first quarter of 1928
was 433,924.971 k.w.h. comparing with 433,211.807 for the same period
of 1927.-V. 126, P. 1978, 1973.
-Acquisition.Associated Gas & Electric Co.
The company, it was recently reported, acquired the Delaware & Otsego
Light & Power Co., serving communities in Delaware and Otsego and
other nearby counties in New York State. Extensive improvements are
planned. The properties taken over include the hydro-electric plant near
East Sidney. The lines are to be extended to serve additional communi-V. 126, pp. 2473, 2307.
ties in rural sections.
-Dividend Agent.
Atlantic Public Service Corp.
The Seaboard National Bank of the City of New York has been appointed agent to disburse the dividend payable May 1 1928 on the $7
-V.126, p. 1504.
preferred stock, series "A."
2641
four. The Lord Rothermere group bid £240 and £280, respectively, for
the preferred ordinary and deferred ordinary shares. Mr. Nesbitt's first
bid was £266 and £306, and Holt's bid £272 and £312, respectively.
Mr. Nesbitt's second offer to directors of the British Columbia Electric
By. read in part as follows "We offer to purchase all preferred, preferred
ordinary stock and deferred ordinary stock and shares of the British
Columbia Electric By. at the following prices: preferred ordinary, $1,330
Per $500 nominal; deferred ordinary stock, $1,530 per $500 nominal ofstock
and shares, and so, in proportion, for smaller amounts on the following
conditions: We agree to buy and you agree to recommend all other preferred
ordinary and deferred ordinary stock and shareholders to sell to us their
stock and shares at the same price and on the same conditions. There will
be no alteration of the articles of association or special rights attached to
shares and stocks between April 19 and date of completion. May 31 1928.
or a later date, if mutually agreed on. This offer is conditional on the
acceptance by not less than 75% being lodged with us before May 10 1928,
-V. 126. p. 249.
or a mutually agreed date."
-Bonds Offered.
Canada Northern Power Corp., Ltd.
-Nesbitt, Thomson & Co., Ltd., Montreal are offering at
-year
984 and int., to yield over 5.10%, $15,000,000 5% 25
A.
collateral trust sinking fund gold. bonds Series A
Dated May 1 .1928: due May 1 1953. Principal and int. (M. & N.).
payable at option of holder in Canadian gold coin of the present standard of
weight and fineness at any branch of Royal Bank of Canada. in Canada,
or in United States gold coin at agency of Royal Bank.of Canada in New
York or in sterling at fixed rate of$4.86 2-3 to the pound,at branch of Royal
Bank of Canada, in London, Eng. Genom.$1,000 and $500c*. Red.all or
part on any int. date on 30 days' notice at 10234% if redeemed on or before
May 1 1933, and thereafter at 34 of 1% less for each 5 subsequent years,
or portion thereof. Montreal Trust Co., trustee.
Authorized.
Issued.
Capitalization850,000,000 $15,000.000
-year collateral trust bonds
5% 25
5,000.000
7,500,000
7% cumulative preferred stock
75,000 shs. 75.000 shs.
Common stock(no par value)
Data from Letter of J. B. Woodyatt, Vice-Pres, of the Company.
Company.-Ineorp. under the laws of the Dominion of Canada in 1924.
On completion of present financing it will own all the outstanding mortgage
bonds, notes, and obligations, of its subsidiary companies amounting to
$13,350,000. It will own also all the outstanding shares of: Northern
Canada Power, Ltd., Northern Ontario Light & Power Co., Ltd., Northern
Quebec Power Co., Ltd., Great Northern Power Corp., Ltd., Porcupine
Power & Tel. Co., Ltd., excepting: 10% of the common shares of Northern
Canada Power, Ltd.; 631% of the common shares, and 76% of the pref.
shares of Northern Ontario Light & Power Co., Ltd.; 1% of the common
shares of Great Northern Power Corp.. Ltd.
These companies own and operate 9 hydro-electric developments and the
electric lighting systems in the towns of Cobalt, Englehart. Haileybury,
Kirkland Lake, New Liskeard, Noranda, North Cobalt, Porcupine, Rouyn.
Schumacher. Silver Center, South Porcupine, Swastika and Timmins.
Through a subsidiary the company owns and operates a pulp mill on Lake
Temiskaming, with a daily capacity of 40 tons of groundwood pulp, and a
-square-mile timber limit in the Province of Quebec.
60
Properties.
-The plants of the companies are located on the Mattagami.
Montreal and Matabitchouan Rivers in Ontario and on the Quintz River
in Quebec. They have an ultimate capacity of 123.000 h.p. and a present
Installation capable of developing more than 100,000 h. p. The Quinze
plant with a present installed capacity of 40,000 h. p., may be increased to
60.000 h. p. at a relatively low cost as a great part of the permanent construction has already been completed. The transmission system at present
consists of 568 miles of high-tension lines. The distribution system includes
105 miles of line together with equipment necessary to serve the municipalities mentioned above. Electrical merchandise stores are operated at
Cobalt, Englehart, Haileybury, Kirkland Lake. New Liskeard, Rouyn,
South Porcupine and Timmins.
will be used to retire all the present outstanding bonds
Purpose.
-Pr
of the constituent companies, other than those pledged with the trustee as
specific security for these bonds.
-The properties, plants and equipment of the constituent comSecurity.
panies have a book value of over $28,000,000. These bonds will be secured
specifically by deposit with the trustee of the following, which, as previously
stated, will be all the outstanding bonds and notes of the subsidiary companies: (1) $2,650.000, 6% first mtge. bonds of Northern Quebec Power
Co., Ltd.;(2)$2,350,000,6% deben. notes of Northern Quebec Power Co..
Ltd.: (3) $5,000,000,6% deben. notes of Northern Ontario Light & Power
Co., Ltd.:(4)$2.250,000,6% deben. notes of Northern Canada Power,Ltd.;
(5) $1,100,000,6% deben. notes of Great Northern Power Corp. Ltd.
In addition, the following shares will also be pledged: (a) 54,000 shares
out of a total of 60.000 shares outstanding of the common stock of Northern
Canada Power, Ltd.; (b) 43.000 shares out of a total of 45.850 shares outstanding of the common stock of Northern Ontario Light & Power Co..
Ltd.: (c) 5.800 shares out of a total of 24.000 shares outstanding of the 6%
convertible preferred stock of Northern Ontario Light & Power Co., Ltd.:
(d) 12,400 shares out of a total of 12,500 shares otustanding of the common
stock of Great Northern Power Corp., Ltd.;(e) 30,000 shares of the common
stock, being all the authorized capital stock of Porcupine Power & Tel.
Co., Ltd.: (f) 19.995 shares of the common stock, being all the authorized
capital stock, other than directors' qualifying shares, of Northern Quebec
Power Co., Ltd.
With the exception of Northern Ontario Light & Power Co., Ltd., the
authorized capital stock of all the subsidiary companies consists only of
common stock.
Through the pledge to the trustee of the above securities, including all the
bonds and notes outstanding of the subsidiary companies, these bonds in
effect become a first charge against the properties of the subsidiary companies, and will be secured further by a floating charge on all other assets
of the company now owned or hereafter acquired.
Earnings.
-The consolidated net earnings of the constituent companies
available for bond interest, as certified to by P. S. Ross & Sons, for the
year ending Dec. 31 1927, before providing for depreciation and income
tax, but after allowing for the present minority stock interests, amounted
to 81.876,949 or equal to 2.5 times the annual interest charges of $750,000
on this issue.
Sinking Fund.
-A sinking fund will be created and maintained for the
benefit of series "A" bonds by the company paying to the trustee annually
from May 1933,to May 11943,a sum equal to 1% of the aggregate principal
amount of series "A" bonds outstanding hereunder, and annually thereafter on and from May 1 1944, a sum equal to 134% of the aggregate
principal amount of series "A" bonds outstanding including as outstandin,
bonds for the purpose of such computation all series "A" bonds previously
acquired through the operation of the sinking fund. In addition, the company shall pay to the trustee annually on the same day a sum equal to the
annual interest upon all bonds which shall have been purchased or redeemed
by the trustee with the proceeds of the sinking fund.
Management.
-The operations of the company and of its subsidiaries are
carried out under the supervision of Power Corp. of Canada, Ltd.
-V.126
P. 1979.
Canadian Light & Power Co.
-Income Account.
-
Years Ended Dec. 31Gross income from all sources
Operating and maintenance expense
Interest on bonds
Net revenue
Transferred to-sinking fund reserve
Depreciation reserve
Surplus (subject to deduction for income tax)
V. 124, p. 2118.
1927.
$347,930
122.737
162,952
1926.
$313,405
97,176
164,513
$42,240
$51,716
32,997
18,710
60,283
1.957
Central Power & Light Co.
-Quarterly Report.
Period End. Mar. 31- 1928-3 Mos.-1927. 1928-12 Mos.-1927.
Gross operating revenue $2,091,246 $1,806,654 $8,325.246 $7.089,846
Net inc. after taxes, int.
& retire. provisions_....
492,580
458.976
1,955,286
1,876,294
-V. 126. p. 1979.
British Columbia Electric Ry.-Stockholders Receive
Chesapeake & Potomac Telephone Co. of Va.-The N. Y. "Times" Apr. 26 had the Purchase of Properties.
Offer of Holdings.
following:
The I.
-S. C. Commission on March 20 issued a certificate approving the
An offer of about $57,500,000 by the Power Corp. of Canada, Ltd., acquisition by the company of the properties of the Snickersville Telephone
through A. J. Nesbitt of the Nesbitt, Thomson Co. of Montreal. for the Co.
On Jan.7 1928.the Chesapeake Co. contracted to purchase the properties
stocks of the British Columbia Electric Ry., reported in Wall Street on
--v. 126, p. 1808.
April 25, brings the number of bids for control of the latter property to of the Snickersville company for $40,000,payable in cash.
2642
FINANCIAL CHRONICLE
[VOL. 126.
Central Power Co.
-Earnings.
-
Company will agree to pay interest without deduction for any Federal
income tax not in excess of 2% per annum, and to refund Pa. 4 mills tax.
Md. 43 mills tax. Conn. 4 mills tax, Calif. 5 mills tax, and Mass, income
tax not exceeding 6% per annum.
Data from Letter of Henry L. Doherty, Pres, of the Company.
654,970
661,991
Company.
-Controls, directly or indirectly through stock ownership, more
$265,605
$215,380 than 60 public utility companies rendering electric light, power, gas and
2,823 (or) transportation service in 17 states and the Dominion of Canada.serving
908
territories having a population estimated to be about 4,000.000, and more
$266,513
$218.203 than 30 companies representing an important system of oil production.
140.652
130,960 transportation,refining and marketing. The public utility companies render
17.369
29,945 service to over 650,000 customers in more than 700 communities. The
oil subsidiaries have a present daily average production in excess of 60,000
$108.492
$57,297 barrels of crude oil. They own and operate 7refineries and about 900 miles
59.141
43.706 of oil pipe lines. The more important petroleum properties are located in
what is commonly called the Mid-Continent Field in Kansas. Oklahoma
$13,591 and Texas, and the natural gas business is conducted principally in Kansas.
$49,350
19,415
24.050 Oklahoma and Missouri.
Purpose.-Pntiro proceeds derived from the sale of these debentures will
$2.52
$0.56
be used for the retirement of funded debt of the company
for the
retirement or acquisition of funded debt or preferred stocks ofand
subsidiaries
Chicago, Aurora & Elgin Corp.
-Earnings.
outstanding on Dec. 31 1927, thereby effecting a substantial saving in
Calendar Yearsinterest and dividend charges.
1927.
1926.
Interest on bank deposits
$544
$2,051 Consolidated
Earnings of Company and Subsidiaries for the 12 Months Ended
Interest on sec. owned and notes receivable
26,259
10,961
Dec. 311927.
Gross earnings
Total income
$158,028,257
$26,803
$13.012 Oper,exp.,
maint.. taxes (except Federal) & amounts applic. to
Miscellaneous expenses
11,467
10,219
minority common stocks
Interest on notes payable
98,515,340
7,133
Consolidated net earnings bef. int., deprec.. depletion &
Net earnings
88,202
$2,793
other reserves.
Accrued interest on debenture bonds
$59.512.917
360,000
360,000 Ann.int. & divs, dividends &c
on funded debt & pref. stks. ofsubs. to be outstanding upon completion of this financing__
Deficit
20,530,976
$351.798
$357,207 Ann, int. require,
on fund, debt of Cities fiery. Co. to be outstdg 3,575.717
-V. 122, p. 1308.
The dividends which the company now receives from one of its subs..
Chicago Motor Coach Co.
-Earnings.
Cities Service Power & Light Co., alone are at the annual rate of over 1.4
Calendar Yearstimes the annual interest charges on funded debt of Cities Service Co. to be
1927.
1926.
1925.
1924.
Total gross earnings
$5.981,087 $5,649,815 $5,853,268 $4,990,434 outstanding upon completion of this financing.
Operating expenses
Assets.
-The consolidated balance sheet of the company as of Dec. 31
4,846,968
4,679.268 4,874,037
4,175,659
Taxes
323,921
302,708
312,166
265,701 1927, after giving effect to the financing mentioned above, shows total net
current assets of over $70,030,000 and total net assets, after deducting all
Net operating income_
$810,198
$667.839
8549,075 proper liabilities other than funded debt of the company, of over $290.$667,065
Non-operating income
26,872
24,914
23.883
18,840 000,000 or more than 400% of such funded debt.
Indenture.
-Indenture will prcvide among other things, that the comGross income
$837,070
$692.752
$690,948
$567,915 pany shall not pledge any of its securities owned without equally and
Interest
113,676
121.793
114,353
105,980 ratably securing these debentures, except in the case of purchase money
Miscellaneous expensea_
liens and except in the case of pledge of certain assets In the ordinary
1.407
1.401
Fed.income tax accrual_
91,006
63,197
58.215
61.170 course of business to secure current borrowings. The indenture may be
amended in certain respects with the consent of the holders of not less than
Net profit for year.- $630,980
$506,361
$518,379
$400.764 85% of the outstanding debentures.
'
-V.126. p. 575.
Capitalization Outstanding.
and subsidiaries.
Cities Service Co.
-1650,000,000 Debentures Oversub- asThe consolidated capitalisation of Cities Service Co. application of the
of Dec.31 1927. after giving effect to this financing, the
scribed.
-An issue of $50,000,000 57 gold debentures proceeds, the retirement and (or) exchange of certain other funded debt and
o
of additional common stock of the company,is as follows:
was offered Wednesday by a syndicate headed by Harris, the recent offeringCities Serrice Co.
Forbes & Co. in the East, and Halsey, Stuart & Co. in the Common stock (par $20)
a4,679,427 she.
,
1.034.951 abs.
West, and including the National City Co., Bonbright & $6 preferred stock(no par)
60c. preference "B stock
'
par)
375.240 shs.
Co., Inc., E. H. Rollins & Sons, A. B. Leach & Co., Inc. $6 preference "BB"stock (no par)
;
no
62,895 abs.
Federal Securities Corp., Pearsons-Taft Co. and Henry L. 5% gold debentures due 1958 (this Issue)
$50.000,000
21.514.356
Doherty & Co. The issue, offered at 98 and int. to yield 5% gold debenture bonds, due 1966
Subsidiary Companies
5.13% has been oversubscribed. The entire proceeds de- Funded debt and preferred stocks (par or stated value)
14347.125.288
common stocks (par or
rived from the sale of the issue will be applied to the retire- Minorityamount of outstanding stated value) includes 429,198 5.280.891
a The
common stock
shares or
ment of funded debt of the company and for the retirement $8,583.960 par value, recently offered by the company to common stockholders.
Not
or acquisition of funded debt or pref. stocks of subsidiaries, equipmentbtrust including $2.320,000 Cities Service 'rank Line Co. 5%
certificates, due serially to 1935. guaranteed by Cities
thereby effecting a substantial saving in int.and div. margins. Service Co.
Consolidated Balance Sheet-Dec. 311927.
Forthe second time in the history offinance the simultane us
appearance in the American and Continental marketsof a bond of[After giving effect as at that date to the recent offering by the company
common stock and $50,000.000 5% gold debentures
429,198 shares
offering advertisement has been made pOSsi WI by tele-radio. due 1958. to the of its
application of the entire proceeds from sale of these debentures to the retirement of its
On account of the widespread holdings of Cities Service Co. acquisition of subsidiary funded 6% debenture bonds and the retirement or
debt or preferred stocks. and to the retiresecurities in England and the Continent and in order to ment and (or) exchange of certain other funded debt.)
facilitate the offering of $50,000,000 Cities Service Co. bonds
Assets
LiabUtties1650.510,512 PM. stk.(1,034,951 shs. no
by a nation-wide American Syndicate, the advertisement in Plant and investment
Sinking fund
324,274
$103,495,124
Par)
its final form, the largest ever attempted, was sent by the Cash
46,885.128 Pref. Inks. (438,135 abs. no
Marketable secur.
1,027,329
par)
10,041,985
Radio Corp. of America to London and reforwarded to the Bills receivable owned_
1.190,353 Com.stk.(par 520)
93,588.546
bankers on the Continent. This photographic process,which Accounts receivable
32,595,471 Gold debenture bonds
21,514.356
OilIn stock
26,940,088 5% gold debentures
has but recently been developed and adapted to radio, is one Materials
50,000,000
10,997,069 Sub.fund. debt & pfd. stks. 347,125,288
that because ef great detail and need for accuracy takes 20 Paymentsand supplies
made In advance_
993,207 Sub. corn.Inks.(par or stated
hours for transmission and represents a forward step in the Deferred charges
4,976,822
value)
5,280,891
Dis. on bonds, deben., &c._ 34,196,606 Dills payable
29,068,936
adaptation of radio to finance.
Special deposits
247,708 Accounts payable
12.921,604
The company intends to pay at maturity, or redeem at Notes&/WW1 rec.(not cur.) ,1,027,680 Taxes, roy'tles & misc.acct.. 3,829,016
Interest accrued
4,476.587
the next possible redemption date, the following issues and
Customers' deposits
3,229.212
Deprec., depict. & reserves_ 73,858,858
up to and incl. May 15 1928 will accept them in payment
Surplus
53,481,845
for 5% gold
Calendar Years1927.
Gross earns.,incl. merch.sales
$1,120,752
Oper. exps. & taxes (incl. retirement
appropriation. $39,513)
788.182
Net operating income_
$332,570
Other income(net)
3,973
Gross income
$336,543
Interest on funded debt
151.776
Miscellaneous Interest, amort.,&c.. _
38,192
Net income
$146,575
Dividends paid & accrued on pref.stk.
70.535
Balance to surplus
$76.039
Shs. cons. stk. outstand.(par $100)- 29.801
Earns per share
$2.55
-v. 125. p. 3196.
1926.
$920,575
1925.
$877,370
debentures due 1958 at the prices given, plus
accrued interest. No higher prices may be allowed.
IssueRate.
cities Service Co.: Ref. gold
debenture bonds
6%
Empire Gas & Fuel Co. (Del.):
Serial gold notes
5%
City Light & Traction Co.: 1year notes
5%
Crew LevIck Co.: 3-year gold
notes
6%
Maturity.
1966
Redemption or
Maturity Date. Price.
Nov. 1 1928
104
June 1 1928 June 1 1928
100
May 31 1928
May 31 1928 100
July 1 1928 July 1 1928
100
The company has no present intention of redeeming the
entire outstanding amounts of the following issues, but
up to and incl. delivery date on May 15 1928 will accept
the following securities in payment for the new 5% gold
debentures due 1958 at the prices given plus accrued interest.
Issue-Rate. Maturity. Price.
Crow Levick Co.: 1st Mtge. sinking fund gold
bonds
1023i
1931
,
6%
Cities Service Transportation Co.: 1st Mtge.
Marino Equipment gold bonds
100
1936
6%
Defiance Gas & Electric Co.: let Lien & refunding sinking fund gold bonds
1942
7%
110
Public Service Co. of Colo.: 1st Mtge. and ref.
gold bonds
6%
1953
104
20
-year gold debentures cumul. pref. stock
6%
1946
102
Cumulative preferred stock
7%
110
Toledo Edison Co.: Cumulative pref. stock- _ 7%
110
Empire Gas & Fuel Co. (Del.).: Cumulative
preferred stock
84
112%
Ohio Public Service Co.: Cumulative pref. stk
74
112
Cities Service Power & Light Co.: Cumulative
preferred stock
$7
- _
108
Dated Apr. 2 1928: due Apr. 11958. Int. payable (A.& 0.) at the agency
of the company in New York City, or, at the option of the holder at the
agency of the company in Chicago or in Boston. Red. all or part on any Int.
date on 30 days' notice at 105 throigh Apr. 11938; with a reduction in the
redemption price of
of 1% at the belinning of each successive 2 year
period thereafter Inc' the 2
-year period ending on Apr. 1 1958: and at 100
thereafter until maturity: plus int. in each case. Denom. $1.000c5 Equit.
able Trust Co.. New York. trustee. Company will agree in the indenture
to make available semi-annually beginning Apr. 1 1929, funds sufficient to
retire iy
k% of these debentures at the time outstanding, if obtainable,
during slocired periods, by purchase at or below 100 and accrued interest.
5811,912,248
Total
Total
5811,912.248
Contingent Liability.
-Guaranty by Cities Serviec Co. of $2.320,000.
Line Co. 5% eq iipment trust certificates due serially
Cities Service Tank
to 0935 the property covered by which is not Included in plant and investment.
Subsidiaries Sell 6,000 Electric Refrigerators-Total Appliance Sales, $9,537,376 in 1927.
Reports from the public utility subsidiaries of the City Service organization, now available, show total sales of gas and electric consuming appliances amounting to $9.537.376 for 1927. This represents an average sale of
$13.11 to each customer. Approximately 6,000 electric ice machines were
sold and installed.
The trend of house heating by gas was indicated by the fact that 3,500
central gas fired house heating installations were attached to the mains of the
Cities Service natural gas companies. These installations will result in an
additional annual consumption of approximately 895.000,000 cubic feet of
gas.
• The Cities Service Co. also reports increased activity in the Industrie
fields in which its subsidiaries operate
Stockholders Increase.
-
More than 50.000 new names have been added to the security holders
list of the company during the past 12 months, the company announces.
The list now totals more than 350,000 and is the second largest in the world.
"A survey just completed," says the statement by the company."shows
that general business' conditions in the 33 States served by the 130 Cities
Service subsidiaries are highly satisfactory, with every indication for continuance throughout the balance of the year. As an instance business is
booming in the City of Toledo, Ohio, one of the country's most important
industrial "key" cities. Approximately 20% more men and women are
employed in that city's industrial establishments than at the same time
last year. The Toledo Ohio Edison Co.. a Cities Service subsidiary, reports
that March showed the greatest consumption of electricity of any month
in its history."
-V. 126. p. 2467. 2174.
Columbus(Ga.) Electric & Power Co.
-Notes Called.
All of the outstanding 3
-year 5% cold coupon notes, dated Nov. 2 1925,
have been called for payment May 1 next at 100 and int., at the Atlantic
National Bank of Boston, 10 Post Office Square, Boston, Mass., or at
the Farmers' Loan & Trust Co..22 William St., N.Ir. City.
-V.126,P•1173.
Community Power & Light Co.-Pref. Stock Redeemed.
-
All of the outstanding 1st pref. stock (V div. series) and panic. pref.
stock (ES div. series) were called for redemption as of March 30 last at
v 0 2 . p. 2174the Central Union Trust Co.. 80 Broadway, N. Y. City.
11 1a6 d d1va. at
. n
FINANCIAL CHRONICLE
APR. 28 1928.]
2643
Consolidated Gas Electric Light & Power Co. of
Electric Power Corp. (Elektrowerke AktiengesellBaltimore.
-Listed.
schaft), Gernatitly.-Listing.The Baltimore Stock Exchange has authorized the listing of $15,500,000
-V. 126. p. 2474.
(par $100) 5% cum. pref. stock, series A.
-New Control.
Des Moines Gas Co.
Announcement is made of the acquisition of the company by the Iowa
Power & Light Co. through purchase of the common stock and a portion
of the pref. stock. In connection with the acquisition, Harry H. Polk &
Co. have purchased an additional issue of 15,000 shares Iowa Power &
cumul. pref. stock, of which they are making a public offerLight Co.
-V. 122. p. 1025.
ing of 10,000 shares. See below.
Dixie Gas & Utilities Co.
-Subsidiary Co. Bonds.
-
There have been placed on the Boston Stock Exchange list. $5,000,000
1st mtge. sinking fund gold bonds, 611% series due 195.3. dated April 1
1928 and due April 1 1953. See offering in V. 126. p. 2308.
Engineers Public Service 0).-Pref. Stock Calla.
-
All of the outstanding $7 dividend pref. stock has been called for payment July 1 next at 110 and div. at the Chase National Bank,57 Broadway,
New York City.
-V.126, pp. 2474, 2309.
Great Northern Power Corp., Ltd.
-Control.
--See
Canada Northern Power Corp. above.
---)T. 122, p. 2190.
Great Western Power Co. of California.
-Earnings.
-
The Chatham Phenix National Bank dr Trust Co. has been appointed
corporate trustee under mortgage and deed of trust of the Dixie Gas & Fuel
Calendar YearsCo. (a subsidiary) securing an issue of $25,000,000 of 61i
gold bonds
due Feb. 11938. of which $4,000,000 series "A" have been issued. These Gross operating revenue
bonds have been deposited and pledged as security for the 616% bonds, Oper. exp., maintenance & taxes
series A. of the Dixie Gas & Utilities Co. (See V. 126, p. 1038.)-V. 126,
Net earnings from operation
•
pp. 1979. 1194.
Sundry earnings
1927.
1926.
1925.
$9,024,225 $8,470,061 87.928.250
3,233,195
3,167.085
3,064,919.
Calendar Years1927.
1925.
1926.
33,479,622 $3,219,911 $3,120.509
;rotas earnings
()per. exp. tc taxes
2,430,006
2,143,862
2,189,070
399.986
421,828
Int. and bad debts_ _ _
430,777
Total income
Interest deduction (net)
Depreciation reserves
$5,846,876 85.365.598 $4,940,625
2,862,619
2.665,399
2,776,830
609.649
577.940
547,742
Net income
Preferred dividends
82.374.607 82,122,260
1.136.865
992.900
21,616,053
741,325
Balance,surplus
$1,237.742 $1,129.360
Sh.s. corn.stk. outstanding (par $100)300,000
275,000
Earns. per share
$4.12
$4.10
-V. 126, p. 2474.
$874,728
275,000
$3.16
Dominion Power & Transmission Co.,td.-Report.-
Balance, surplus
I'revious surplus
$649,629
537,159
$654,221
528,848
$1,186,788 $1,183,069
Total surplus
itransr. to deorec. res ve
274,379
332,159
Preferred dividends_ _ _ _
372,893
313,751
Ordinary dividends
Profit and loss
Karns. per share on 77.000 shs. corn. stk.(par
$100)
-V. 124, p. 2426.
$539,515
$537.159
$0.03
$0.10
$500,663
678,973
1924.
83.132,438
2,311,811
454.466
8366.131
1.081,413
51,179.636 81,447,544
354.058
352,812
296.730
277.727
138.032
$528,848
Nil
$678,t73.
Nil
-Earnings.
Duke Power Co.
Income Account Year Ended Dec. 31 1927.
i. iross revenue
operating experpses, including taxes
Interest on bona.
Renewals & replacement reserve
Net income
Surplus Dec. 31 1926
Miscellaneous credits to surplus
$20,788,211
10,678.969
901.852
3,340,715
$5,866,676
4,559,803
168,085
$5,791,029 $5,302,976 $4,863,330
55,847
62,622
77,294
Houston Gulf Gas Co.
-Bonds Sold.
-Offering of a new
issue of $11,000,000 1st mtge.& coll.6% gold bonds, series A,
due April 1 1943, was made yesterday by Blair & Co., Inc.;
G. E. Barrett & Co., Inc., and Estabrook & Co. at 99,
to yield approximately 6.05%. The issue has been oversubscribed. The proceeds from the sale of ths issue,
$8,000,000 of debentures, and $1,500,000 of pref. stook
will be used to retire the Houston Gulf Gas Co.'s present
funded debt, to acquire the common stocks of the E ouston
Gas & Fuel Co. and Southern Gas Co., and the properties
of the Houston Gulf Pipe Line Co., as well as for working
capital and other corporate purposes.
Dated Apr. 1 1928; due Apr. 1 1943. Prin. and int. payable in United
States gold coin, at principal office of trustee, in New York. Int. payable
A. & 0. Denom. $1,000 and $500 O. Red. all or part on any int. date
on not less than 30 days' notice at 105 and int, on or before Apr. 1 1933. the
premium decreasing1,f', of 1% for each 12 months or fraction thereof elapsed
$6,971.058 thereafter. Company agrees to pay int, without deduction for any Fed.
Income tax not exceeding 2% which the company or paying agent may be
required or permitted to pay at the source
Co. Subs.)
(&
.-Earnings.- and appropriate application, as provided in and to refund upon timely
the indenture, all personal
1928,
property and securities taxes in any State or in the District of Columbia.
1927.
$557,329
$567,240 not exceeding in any year 6 mills for each $1 principal amount, and all
419,372
421.877 Income taxes of any such State or such District not exceeding in any year
87,645
83.355 6% of the income derived from the bonds. Chatham Phenix National
50,313
62,008 Bank & Trust Co., trustee.
Total surplus
$10,594,564
Divs. on common stock of Duke Power Co.. 4%
3.588,198
Divs. on pref. stock of Duke Power Co.. 1 3
5.159
4%
Divs,on stock of subs, when not owned by Duke Power Co,... _
30.149
Surplus Dec. 31 1927
126, P. 250.
Duluth-Superior Traction
First QuarterGross revenues
Operating expenses
Fixed charges and taxes
Net income
- -V. 126. P. 865.
Electric Bond & Share Co.-Earnings.(Jal.
Gross
Net
Preferred
Common Accumul.
Incone.
Yrs. Income.
Dividends Balance. Dividends. Income.
$
$
$
1918- 2,599,674 1,450,082
511,773
680,546 3,763,967
938,308
1920- 3.564,734 2.127,600
588,380 1.539.020
800.000 4,858,304
1921- 3.968.973 2,377,513
606,667 1.770,847 x1.000.000 5.929,051
1922- 6,141,511 3,741,469
676,667 3,064.803 x3,904,358 4.789.496
1.923_11,410.693 7.469,358 1.123,191 6.346.166 1.399,609 6,736,053
1924_12,552,881 8,455,791 1.353,400 7,102.391 1,856,577 14,981,868
1925_17,620,498 12.302,366 1,500,000 10,802,366 72.412.819 23,371.414
1926_20,056,694 14,069,234 1.500,000 12,569,234 2,000.000 33,940,648
1927_18,513.300 11,899,326 2,276,933 9.522.393127.133,500 16,325,541
Surplus at beginning of business Mar. 15 1905
440,599
Surplus at close of business Dec. 31 1927
21,039.063
x Includes special dividends on common stock. $200,000 in 1921 and
$3,000,000 in 1922 and $23,750.000 in 1927, all in addition to the regular
dividends at the rate of 8% per annum on the common stock since July 15
1909. y Of this amount $412,819 represents dividend period adjustment
paid Jan. 15 1925.
8. Z. Mitchell, Pres. of the company states in his letter of transmittal
that the decrease in earnings was due to the absence of some of the substantial items of income of a non-recurring nature which were prominent
in 1925 and 1926 and to the smaller volume of securities sold and new construction work done for associated companies. Mr. Mitchell points out
that there will in the future be a gradual shifting in the relative importance
of some of the principal sources of income the result of which should be to
better stabilize the business and income of the company. The rate of
Increase in the gross income derived from supervisory services rendered
associated companies will be less than heretofore, whereas the return on
securities owned should become a much more important factor.
The report states that during the last few months company has added
substantially to its holdings of securities in some of its associated holding
companies, notably American & Foreign Power Co. Inc. The report
discloses that Electric Bond & Share Co. now owns more than 61% of the
common stock and more than 64% of the option warrants and an even
larger proportion of the $7 second preferred stock, series A, of American
Poreign Power Co., Inc. A tabulation shows that when all option warrants have been converted, the holders using $7 second preferred stock,
series A, to the maximum extent possible and cash for the remainder,
Electric Bond & Share Co. will own more
stock
of American & Foreign Power Co., Inc. than 75% of the common latter
The operations of this
company are confined entirely to foreign countries.
According to the report the aggregate market value of securities owned by
Electric Bond & Share Co. 111 now greater than at any previous time and
the market value of the assets is materially larger than the book value,.
Investments on the balance sheet are carried at Dec. 51 1927. at $106.372, 980, as compared with 172,012.031 at Dec. 31 1926. Current asets
at the end of 1927 aggregated $17,822,462 and current liabilities, 22,228,014.
Surplus was $21,039,062.
ompany owns 300 shares of the 6% preferred stock and all the outstanding common stock (500.000) shares) of Electric Bond & Share Co.
Its other assets Apr. 19 1928 aggregate $1,068.582 and consist of cash in
bank, notes receivable, accrued interest receivable and prepaid taxes.
company has no liabilities, except accounts payable of $1,275. reproaenting unclaimed dividend checks, and the capital liability represented
-V. 126, p. 2574.
by its 1,802,870 shares of outstanding capital stock.
Balance Sheet Dec. 31.
Ltabilitks1926.
1927.
1927.
1926.
$
$
Assets
14,319,209 9,597,237 A counts Payable 71,018
'ash
331.
779
rotes & loans rec.. 538,627 7,382,425 Cust. sec. & accts.
N.
2,769
25,031
ccounts rooelv._ 2,190,252 1,000,109 -purchases_ _ _ _
Accr. for taxes not
cust. sec. & sects
41,052
22,267
yet due
1,498,303 1.882,362
-sales
422,921 Pref. dlv. accrued_ 500.000
420,554
250,000
I nt.&dIv.accr.rec
331,554
Dep. on ace, of sec.
Miscel. cur. assets
loaned
155,925
Syndicate hold. &
806,819 Syndicate Bab... _
37,300
advances
287,390
Investments _ _ _ .106,372.980 72,012,032 6% cum,pref. stk _50,000,000 25,000,000
45,356 Common stock _ _50,000,000 25,000,000
.
other assets
Reserves
891,065
891,679
Surplus
21,039,063 37,729,712
124,195,443 91,397,953
Total
-1,f, 126, P. 1506.
Total
124,195,443 91,397,953
Data from Letter of 0. R. Seagraves, President of the Company.
Cornpany.-A Delaware corporation. Company and its subsidiaries
produce, transport and distribute natural gas. In point of territory served.
volume of gas sold, and extent of gas reserves, it is one of the leading natural
gas systems in the United States. Company, through its subsidiaries;
(a) Houston Gas & Fuel Co., distributes gas in Houston, Tex.;(b) Southern
Gas Co.supplies gas for distribution in San Antonio and distributes
directly
to many customers outside the limits of San Antonio; (c) Southern Gas
Utilities, Inc., distributes gas in New Braunfels. Segiun, Hondo, D'Hanis
and other communities west and northeast of San Antonio and serves important industrial enterprises in this territory; also supplies gas for distribution in Brownsville, San Benito and other communities along the lower
Rio Grande Valley; (d) Western Gas & Fuel Co., supplies gas for distribution in Austin, the capital of Texas. Company supplies ROA directly, for
boiler fuel to Houston Lighting & Power Co., the electric company in
Houston. and supplies directly Sinclair Refining Co.,Texas Portland
Co., and other large industrial consumers in and around Houston. Cement
Property.
-Company will own, upon completion of this financing, the
entire common stock of Houston (las & Fuel Co. and over 93% of the common stock of Southern Gas Co., which owns over 83% of the common
stock of Southern Gas Utilities, Inc., and 100% of the stock of Western
Gas & Fuel Co. Company has valuable gas purchase contracts with Dixie
Gulf Gas Co. and others extensively augmenting and
diversifying Its gas
resources, and together with its subsidiaries, has leases or gas purchase
contracts covering over 300,000 acres of land in South Texas, has
232 producing wells in 14 separate gas fields with total proven
in excess of 275,000.000,000 cubic feet and has 1.344 gas reserves estimated
miles of pipe lines and
5 compressing stations, aggregating 6.260 h.p. In the opinion of Ralph
E. Davis, Engineer, the property and assets of Houston Gulf Gas Co.
and subsidiaries have a value not less than $38.000.000.
Security.
-Bonds will be secured by a first mortgage on the fixed assets
of the company comprising 299 miles or pipe lines, gas rights on over 75,000
acres of land in 8 separate gas fields (subject to any farm mortgages and
other loins) and 3 compressing stations of 5,760 h.p.
all of which
In the opinion of Ralph E. Davis, represent a value notcapacity, $16,000.000
less than
They will be further secured through deposit with the trustee of all the common stock of Houston Gas & Fuel Co. and over 93% of the present outstanding common stock of Southern Gas Co.
Earnings -Consolidated earnings of Houston Gulf Gas Co. for the 12
months ended Dec. 31 1927, and of subsidiarim, as presently constituted.
for the periods indicated below have been certified to by Arthur Andersen
& Co. Such earnings, adjusted to give effect to elimination of certain nonrecurring expenses aggregating 870.000 and to prior charges, are as follows;
Gross revenues (incl. other income)
85.539,026
Operating exp., maint. St local taxes (incl. charges of $447,064
for abandoned wells and forfeited leases)
2.641,391
Balance
$2,897,635
Net earnings available for int. charges of Houston Gulf Gas Co.
after deducting bond int. and pref. stock diva, on subsidiary
companies together with earnings accruing to minority stock
but before Fed, taxes, amortization charges and reserves for
depreciation, depletion, etc
2,080.886
Annual int. on 811,000,000 1st mtge. & collateral 6% bonds
(this issue)
660,000
Balance
81.420.885
The above consolidated earnings include Houston Gulf Pipe Line Co.
for the 6 months from date of organization to Dec. 31 1927; Houston Gas
& Fuel Co., Southern Gas Co. and Western Gas & Fuel Co. for the 12
months ended Jan. 31 1928, and Southern Gas Utilities Inc., for the 9
months from date of organization to Jan. 31 1928
Independent engineers estimate that for the 12 months ending Feb. 28
1929 the balance comparable to $2,897,635 as above will exceed $4.024,000.
Capitalization.Outstanding.
ut mtge. Sz coll. 6% gold bonds, series A Authorized.
(this
$11,000.000
% gold debentures, 1943
LaRue)x
y$8,000,000
8,000,000
7% cumul. pref. stock. series A and B
2,500,000
2.500,000
Common stock (no par value)
z600,000 shs. a449.10211 abs.
x Additional bonds may be issued upon compliance with specific
provisions
of the indenture relating thereto. b Convertible after Jan. 1 1931
like par amount of series B 7% cumul. pref. stock, the company into a
having
covenanted to create a sufficient amount of such pref. stock for that
pose by said date. e Including those reserved for excecise of stock purpurchase privileges. d As or Apr. 211928.
2644
FINANCIAL CHRONICLE
[VOL. 126.
of Des Moines, with an installed capacity of 61,300 Kva., together with
transmission lines connecting the new power plant with the distribution
system of the Des Moines Electric Light Co. in the City of Des Moines.
and with the transmission lines of the Des Moines Electric Light Co.
running to Oskaloosa and other important cities depending upon this plant
for electric power. The water supply, coal handling and storage facilities
of the new plant are designed for an ultimate installation of 166,200 Kva.
Company has leased the new power plant and lines for an unexpired term
of 4734 years to the Des Moines Electric Light Co., which operates the electric power and light properties in Des Moines, Oskaloosa and other communities in central Iowa. The terms of the lease provide for reasonable
and substantial monthly rental payments which constitute an operating
charge of the Des Moines Electric Light Co.
Company also owns and operates a hydro-electric generating station at
Adel and the electric distribution systems in a number of smaller communities with a total population of about 13,500.
The total population of the territory at present served by the Des Moines
Electric Light Co. and Iowa Power & Light Co. Is estimated to be in excess
of 250,000.
Company has recently purchased the common stock and a portion of the
preferred stock of the Des Moines Gas Co., which supplies artificial gas
without competition in Des Moines and Valley Junction, Iowa, to more
than 34,000 customers.
-Expenditures.
-Illinois Bell Telephone Co.
Capitalization (Outstanding upon Completion of Present Financing.)
The directors have approved the expenditure of $2,677.146 for new
$6,000,000
- First mortgage gold bonds series "A" 434% due 1958
plant and equipment, making a total of $13,199,646 so far this year.
6% cumulative preferred stock (incl. this issue)
1,500,000
V. 126, p. 1980. 1039.
7% cumulative preferred stock
3,000,000
Illinois Commercial Telephone Co.-Pref. Stock Offered. Common stock
1,800,000
Earnings (Incl. its Subsidiary) 12 Months Ended Dec. 31 1927.
-Paine, Webber & Co., New York, and Metehum, Tully &
Gross revenue from
$1,522,830
Co. San Francisco, are offering at $99 per share and div., Operating expenses.operation
maintenance & taxes
1,059,381
As of Mar. 31 1928. the securities of subsidiary companies outstanding
In the hands of the public consisted of $10.060,300 of funded debt, $1,799.500 of pref.stocks and 18.982 shame of common stocks.
Sinking Fund.
-The indenture will provide for quarterly payments
to the sinking fund for the retirement of Series A bonds. The first payment
will be made Feb. 1 1930 at the annual rare of $200,000 and in amounts
gradually increasing to $800,000 for the year commencing Feb. 1 1942.
Such payments shall be used to retire Series A bonds by purchase in the open
market at not to exceed the prevailing redemption price, or by redemption
of bonds of such series.
In addition all money received by the company from the exercise of stock
purchase privilege of its 6%% gold debentures due 1943 shall be paid into
the sinking fund of Series A Bonds.
The proportion ofthe sinking fund attributable to the company's 6%%
gold debentures due 1943, which shall be released by the conversion of any
debenture into preferred stock, shall also be paid into the sinking fund of
Series A bonds.
Management.
-Company will be under the management of Messrs. W.L.
Moody, III and 0. R. Seagraves. This management also controls Dixie
Gulf Gas Co., Dixie Gas & Utilities Co. and South Texas Gas Co.
-V.126
P. 866.
10,000 shares $6 cumul. pref. stock (no par value).
-J. Pref. both as to assets ($100
Dividends are cumul. and payable Q.
per share in the event of liquidation) and as to divs. over common stock.
Red. all or part upon 30 days' notice at $110 per share and div. Illinois
Merchants Trust Co., Chicago, transfer agent, and First Trust & Savings
Bank, Chicago, registrar. Free from Illinois personal property tax, dive.
exempt from normal Federal income tax.
Issuance.
-Authorized by the Illinois Commerce Commission.
Capitalization Outstanding With Public.
10,000 shs.
Preferred stock $6 cumul. (no par)
40,000 shs.
Common stock (no par)
$2,250,000
1st mtge. 5% gold bonds, series A, due March 1 1948
Company will operate 62 telephone exchanges serving, without competition, 142 communities and surrounding territory in 24 counties in the
southern, southeastern and northern parts of the State of Illinois. The
territory served covers an area of 9,200 square mils and includes a population in excess of 535,000.
-The earnings of the properties to be acquired, for the 12
Earnings
months ended Dec. 31 1927, were as follows:
$930,858
Gross earnings
582,194
Operating expenses, maintenance and taxes
112,500
Interest on funded debt
$236,164
Bal. available for reserves. Federal taxes and diva
60,000
Annual div. requirements on $6 cumul. pref. stock (this Issue).....
$176,164
Bal. for depreciation, Federal taxes and amortization
-Proceeds of these pref. shares together with the proceeds of
Purpose.
$2.250,000 1st mtge. 5s, will be used to pay in part the cost of acquiring
the properties to be subject to the mtge. and to retire all bonded indebtedness thereon and for other corporate purposes.
-Controlled by the Associated Telephone Utilities Co.
Management.
See also V. 126, p. 2474.
-Stock Offered.
Illinois Power & Light Corp.
A syndicate headed by Blyth, Witter & Co. and including Field, Glore &
Co., Utility Securities Co. and E. H. Rollins & Sons have underwritten an
offering to stockholders in the amount of approximately $36,000,000, no
par value $6 dividend cumul. 1st preferred stock.
The corporation has announced the redemption on July 1 of the present
outstanding 7% stock at $105 and divs. and the corporation in a letter
mailed to its stockholders has advised the stockholders that they can
exchange their 7% stock for the new $6 stock upon written notification to
any one of the bankers prior to the public offering date of such amount of
the stock as is net exchanged by the stockholders. The public offering is
expected to be made about May 3.
Gross earnings for the 12 months ended Feb. 29 1928 were in excess of
$34,000,000. Gross earnings from 1916 to 1927 have increased from $12,566,000 to over $34,000,000, or an increase of approximately 150%. The
corporation has regularly paid dividends on its preferred stock since issuance
and for over 22 years the principal companies now constituting the system
have paid dividends on their preferred stocks without interruption.
The stockholders have approved the creation or an issue of 600,000
shares of no-par pref. stock entitled to cumul. diva, of not more than $6
annually, and also authorized an increase in the callable price of the present
6% cumul. pref. stock of 110 and diva. against 105 and divs. formerly. The
new pref. will also be callable at 110 and diva., and will rank equally with
the 6% pref. in all respects except the rate of the div.-V. 125, p. 2934.
Indiana Hydro-Electric Power Co.
-Earnings.
Results for Year Ended December 31, 1927.
Operating revenues
Operating exps. (Including retire. reserve, $20.000)
Taxes
$572,034
151,021
27,600
Operating income
Non-operating income
$393,413
4,479
Gross income
Interest Amortization s & c
$397,892
202,282
Net income for the year
Preferred dividends
$195,611
138,372
Surplus
Surplus, Jan. 1 1927
Miscellaneous debits (net)
Appropriated to reserve for contingencies
$57,238
10,539
3,784
52,300
Surplus, Dec. 31 1927
Earns, per sh. on 35,000 shs. com. stk. (Per $100).
-V. 125, p. 1970.
$11,693
$1.64
-Control.
Inland Power & Light Corp.
Gross income from operation
Lease rentals received and other income
$463,449
814,395
Total gross income
$1,277,844
Income deductions (including interest on entire funded debt of
Iowa Power & Light Co., interest on entire funded debt and
dividends on all pref. stock of Des Moines Gas Co. outstanding
with public, and interest on $1,500,000 subsequent unfunded
obligations incurred for new construction and acquisitions).- ' 525.399
Net income before deprec. avail, for pref. stock dive
$752,246
Annual div. requirements on all pref. stock (incl. this issue)....
300,000
The net income as shown above available for pref. stock dividends
amounted to over 234 times the annual dividend requirements on all pref.
stock, including this issue.
Purpose.
-Proceeds of the sale of this 6% cumul. pref. stock, together
with $1,000,000 in cash paid into the company by its common stockholders,
will be used toward reimbursing the company for extensions and improvements, the acquisition of properties and the purchase of the common
stock and a portion of the pref. stock of Des Moines Gas Co.
Management.
-Company is affiliated with Illinois Power & Light Corp.
-V. 126, p. 1506.
Kansas Electric Power Co.
-Control.
-
See Middle West Utilities Co. below.
-V. 124, p. 1899.
Kentucky Power & Light Co.
-Notes Offered.
-A new
issue of $600,000 2
-year, 5M% gold notes, is being offered
at 9934 and int., yielding over 5.75%, by Fitch, Crossman
& Co. and Thompson Ross & Co.
Dated Apr. 11928; due Apr. 11930. Interest payable (A.& 0.). Denom.
$1.000 and 3500c*. Red.all or part by lot, on first day of any month, on 30
days' notice at 101 and int. Prin. and int, payable at Central Trust Co. of
Illinois, Chicago, trustee, or, at Chase National Bank, New York, without
deduction for normal Federal income tax not to exceed 2% per annum.
Company will agree to refund to holders of these notes, upon proper and
timely application, Conn., Pa. and Calif. personal property taxes not
exceeding 434 mills per annum, Dist. of Col., Mich. and Ky. personal
property taxes not exceeding 5 mills per annum each, and Mass. Income tax
not exceeding 6% per annum on the interest.
Data from Letter of Ernst Jacobson, President of the Company.
Company.
-A Kentucky corporation. Upon completion of present fin
ancing will own properties supplying public utility service without coin
petition to 42 cities and towns in the Northern and Eastern sections of
Kentucky along the Ohio River. The properties are located in 3 groups
centralized around the cities of Maysville, Carrollton and Morehead in a
territory rich in agricultural and other natural resources including coal,
oil, gas and freestone building materials.
The above properties include electric generating stations of 4,854 h. P.
and 178 miles of transmission lines serving 4.844 customers, and gas distribution mains in Maysville serving 2,005 customers with natural gas. The
total population of the communities thus served is estimated at approximately 27,000 and the territory tributary to these communities is estimated
in excess of 130.000 population.
Earnings.
-Earnings of the operating properties,for the 12 months ended
Feb. 29 1928, were as follows:
Gross earnings
$451.685
Oper. exps., incl. maint. & taxes (other than Fed. inc.) but before
depreciation
278,561
Net earnings
$173,124
Ann. Int. require. on 1st mtge. bonds presently to be outstanding_ _ 82,500
Balance
$90,624
Annual note interest requirement (this issue)
33,000
The balance of net earnings, as shown above, available for note interest
was over 2.74 times the annual interest requirement on this issue of notes.
Purpose.
-Proceeds from the sale of these notes will be used toward the
discharge of obligations incurred in connection with the acquisition of new
properties.
Management.
-Company is controlled through Kentucky Power Co..
Inc., by United Public Service Co.
Capitalization (Outstanding Upon Completion of Presently Proposed
Financing.)
1st mortgage 534 '7, gold bonds
$1,500,000
2
-year 534% gold notes (this issue)
600,000
Preferred stock ($100)
71.000
Common stock (no par)
15,000 shs.
Keystone Telephone Co.
-Earnings.
-
Period Ended Mar.31- 1928--3 Mos.-1927. 1928-12 Mos.-1927.
Gross earnings
$530.243
$513,332 $2,114,099 $2,071,094
Operat.exp., maint.& tax. 278,038
1,068,701
264,211
1,093.239
-Expansion.
Int. on bonds
Interstate Public Service Co.
145,188
515,152
134,691
558,779
The company reports the towns of Wyatt and Woodward, Ind., formerly Other int. charges
378
16.417
2,142
10,500
operated, as now being served from Its lines on a retail basis.
municipally
Interstate
has been added to the
Bal. avail, for r,
N.. Fed.
In the Aurora district, Dillsboro,
Ind.'
tax,divs. & surplus.... 5106.639
lines, while the company has purchased the plant of the Midway Electric
$470,824
$451,581
$112.288
-V. 126, p. 714.
Co. at Shipsewana, whereby 150 new customers will be served.
Through the purchase of the Clevenger Electric Co., the Trafalger Light
the Winter-Rowd Electric Co., 525 new customers are
Lake Superior District Power Co.
& Power Co., and
-Earnings.
added. The properties involved in this purchase include 15 communities
Calendar Years1927.
1924.
1926.
1925.
located in the counties of Bartholomew, Brown, Jackson, Johnson and Operating revenues
$1,718,429 $1,488,605 $1,359,492 $1,268,213
-V.126, p. 1659.
Shelby, Ind.
x Oper. exp. & taxes___ 644,307
953,833
702,131
737,598
-Harry
Iowa Power 8c Light Co.-Pref. Stock Offered.
Net.operating income_ $764,596
$623,905
$786,474
$621,894
2,794
H.Polk & Co., Inc. New York, are offering at 100 and div. Non-operating income_ 9,694
5,808
17,067
$1,000,000 6% cumul. pref. stock.
Gross income
$626,699
$774,290
$792,281
$638,961
Preferred (together with 7% cumulative pref. stock) over common stock Int. & miscell. deduc'ns_
328,362
313,930
311,182
325,994
as to assets and cumulative dividends. Cumulative dividends payable
Net income
-J. Red. all or part on any div. date at $105 per share and dive. on
Q.
$298,337
$460,360
$327,779
$466,287
the office of the company, Des Moines, Preferred dividends._
30 days notice. Transferable at
73,870
169,793
150,022
162,421
Iowa. Central Trust Co. of Illinois, registrar. Exempt from normal Common dividends
143,508
149,088
184,624
218,880
Fed, income tax and Iowa personal property tax.
Surplus for year
880.959
$28,669
Data from Letter of Clement Studebaker, Jr., Pres. of the Company.
$84,986
$105.942
Company.
-Is controlled, through indirec., ownership of all of Its com- Shares of com. outstand.
(par $100)
18,900
mon stock, by the Des Moines Electric Light Co., a subsidiary of Illinois
19,335
24,578
22,578
$11,87
Power & Light Corp. Company owns a new, modern steam electric Earns, per sh. on com._ _
$9.14
$11.01
$13,46
x Includes retirement expenses.
generating station on the Des Moines River, just southeast of the City
-V. 125, e. 1192.
-V. 125, p. 2263.
See Middle West Utilities Co. below.
APR. 28 1928.]
FINANCIAL CHRONICLE
Louisville Gas & Electric Co. (Del.).- Class "A"
Common to Be Non-Callable.- To Participate, Share for Share
in Any Dividends after Class "B" Stock Has Received $1.50
per Share.
2645
-Quarterly Report.
New England Tel. & Tel. Co.
1927.
3 Mos.End. Mar.31- 1928.
1926.
1925.
$16,702,442 $15,584,456 $15,104,765 $12,268.472
Operating revenues
11.591,970 10.691,483 10,591,758 9,967.535
,
Operating expenses
1,440.231
740.813
Taxes and uncollect'b's- 1.492.977
1,297,657
Total operating inc_ _ - $3,617,494 $3,452,742 $3,215,350 21,560.124
The class A and class B common stockholders will vote May 16 1928 on
130,986
151,576
182,270
81.292
approving the recommendation of the directors that the certificate of in- Net non-operative revs_
corporation be amended to make the class A stocks non-callable, and so
provide, also, that the class A and class B stock shall share equally, share
Total gross income_
$3,698,786 $3,583,728 83,366,927 $1,742,394
583.262
for share, without distinction as to class, In any dividends declared after Interest on funded debt_ 1,033,262 1,033,263
583,262
16.890
378,320
Other interest
57.233
497.320
the payment of quarterly dividends at the rate of $1.50 a share on both
Debt.disc. R. en
41.576
41,575
class A and class B stocks.
,
139,209
134,780
168,427
131.701
The proposed changes in the terms and conditions of the stock, according Rent, &c
to President John J. O'Brien, are for the purpose of permitting ready distribution of the class A common stock in the market at advantageous
$2,398,288 $2,352,792 $2,270,564
Net income
2530,111
prices, to provide funds, as required, for the necessary development and Dividend appropriation_ 2,212,948 2,212,132 2.206.259 1.660.508
growth of the company's business.
2139,860
Balance, surplus
Holders of 90% of the class B common stock have agreed to vote their
$185,340
$64,305df$1.130.397
-V. 126. p. 2475.
Shs. cap. stk. outstand.
approval of the amendment.
1.106,474 1,106,463
1,102.791
(par 2100)
830,254
-Earnings.
Michigan Gas 8c Electric Co.
$2.12
$2.06
Earns. per share_ _
$2.16
$0.64
1925.
1924.
1926.
Calendar Years1927.
-V. 126. p. 2467,1982.
Gross earns. (incl. other
$742,533
$882,094
$1,148.307 $1,027,021
Income
North American Co.
-Earnings.
731.279
669,040
517,568
783,651
Oper. exp., taxes, &c_
Consolidated Income Account 12 Months Ended March 31.
118,335
109,158
98.736
Interest on funded debt..
137,138
1927.
1926.
1928.
1925.
Gen'l int.,amen., diet.,
$122,906,742 2117,694.136 299.702,837 381,930.010
15,852
55.321 Gross earnings
34,086
33.865
&c
Oper.exp.,maint.& taxes 64,884,827 65.349,794 57,699,606 51,015.952
$88.043
$70,909
2193,433
$143,541
Net income
Net inc.from oper_---$58,021.914 252,344,343 $42,003,031 230,914,058
57,943
39,599
19,154
62.449
Prior lien dividends_ _ _ _
3.001,249
3,677,448 4.048.060 2.094.869
Preferred dividends_ _
24,000
24,000 Other net income
24,000
24,000
Bal. available for common diva
$24,444
$27.755
$106,984
$61,598
Results for Period Ended March 31, 1928.
12 Mos.
3 Mos.
Gross operating revenue
$315,843 $1,250,460
$208,397
Net revenue after taxes, int. & retire. provisions$63,209
-V. 124, P. 2907.
Middle West Utilities Co.- Transfers
Control of the
New England Public Service Co.- Acquisitions.
During the past quarter the company acquired the National Electric
Power Co., controlling subsidiary companies operating in 18 States, principally in the eastern part of the United States. The properties thus acquired include companies operating in the highly industrialized southeastern
corner of Maine, the manufacturing, agricultural and mining districts of
central Pennsylvania, parts of Ohio. Indiana and eastern Michigan, and, to
the West, manufacturing and agricultural territories in South Dakota.
Nebraska, Kansas, Oklahoma and Arkansas. Through the National Public Service Corp.. also controlled by the National Electric Power Co., parts
of 10 States are served, these properties being located in New Jersey
Pennsylvania. Delaware. Maryland. Virginia, North Carolina, Georgia,
Florida. West Virginia and Ohio.
Following this acquisition the New England Public Service Co., heretofore directly controlled by the Middle West Utilities Co., was transferred
to the National Electric Power Co.; and the Kansas Electric Co., Southwest Power Co., and "Northwestern Public Service Co." were transferred
from the National Electric Power Co. to the direct control of the Middle
West Utilities Co., for purposes of improved operating efficiency.
With these additions subsidiaries of the Middle West Utilities Co. now
serve 3.389 communities in 30 States.
The Middle West Utilities Co. and the National Electric Power Co.
together have acquired a majority of the common stock of the Inland Power
&Light Corp.,whose subsidiaries' properties are located principally in Missouri, Arkansas, Kansas and Michigan.
-V. 126. p. 2475.
Missouri Gas & Electric Service Co.
-Annual Report.
Calendar Years1924.
1927.
1926.
1925.
Operating revenues
$494,114
$633,484
2616,048
$564,374
Oper. exp. (incl. taxes).
396,752
458,779
478.182
475.023
Net oper. income-Non-oper. income
$155.301
1,606
$141,025
1.784
$105,595
1.557
297,362
1.626
Gross income
Int. on funded debt_ _ _ _
Amor. of debt disc.& exp
Miscel. amort. & int... _ _
$156,907
55,762
34.095
$142,809
55,712
3,733
18.644
$107,152
49,112
3,150
3.266
298.988
29,079
413
21,933
Net income
Prior lien dividends_ _ _ _
Preferred dividends_ _ _ _
$67,050
36,498
18,000
$64.721
36,262
18,000
251,624
26.171
18.000
$47,563
18,284
18,000
Net income
Profit and loss,surplus
Shs. of corn. outat'g (par
$100)
Earns. per sh. on com
1 125, P. 3061.
-ff.
$12,552
$60,693
$10,459
249.352
$7,453
340,681
211,279
228.122
5.600
5,600
$2.24 I - $1.87
I'
5.600
$1.33
5,600
$2.01
Mohawk Hudson Power Corp.
.-Earnings.
(& Subs.)
Consolidated Income Account for Cal. Years (Incl. Subsid. Companies).
1926.
1927.
Grass revenue of subsidiary companies
231.283.492 $31,170,317
Exp., res., int. and pref. diva, of sub. cos
26,333,487 26,011,862
Total
261.0213 256.021,790 246,051,091 233,008,927
Interest charges$17,650, Q $1,694,340 $14,228,042 $10.349,780
Prof. diva, of subs
9,052. 3 L49i,898 5.850,403
2.735,365
Minority interest
1,445,005
1.332.695 1,274,418
1,162.321
12,665,481 12, 43,932 10,185.840 7.980.074
Appr.for deprec. res
Balance
$20,209,015 $17,857,925 214,512.388 210.781,387
Divs. of No. Am.pf.stk. 1,820,024
1,820,007
1.782.484
1.494,950
Div. on No. Am. corn.
stock
4.450,265 4.030,954 3,422.634 2.885,470
Balance, surplus
$13,938,725 211,506,964 29.307.269 $6,400,967
Net earnings available for common stock for the 12 months ended March
31 1928 amounted to $18.388.990. These earnings are an increase of18.35%
over those for the 12 months ended Mar. 31 1927. and are equal to $4.12
per share on the average number of shares of No. American common stock
outstanding during the year ended Mar. 31 1928. compared with 23.90 per
share of the average number of shares outstanding during the same previous
period.
-V. 126, p. 2475.
Northeastern Power Corp.
-Sale of New England Power
Association Stock Nets a Profit of $8,918,465.A letter to the stockholders, dated April 20, says: On April 17 the corporation sold for cash its entire holdings of 273,687.9 shares of New England Power Association common stock at approximately 286.50 per share.
The proceeds from the sale, amounting to $23,678,873.88, represent a gross
profit to the company of $8.918.464.94.
This transaction results in such a major change in the financial statement of the company that the publication of the annual report 111 being
withheld until a balance sheet and earnings statement reflecting this sale
can be prepared and issued with it.
Accordingly, the annual report for the year 1927, together with a balance
sheet and earnings statement for the first 4 months of 1928, will be mailed
to stockholders as soon as possible following the close of business at the
end of the current month.
-V. 126. p. 2475.
Northern Canada Power, Ltd.
-Control.
See Canada Northern Power Corp. above.
-V.122, p. 3341.
Northern Ohio Power & Light Co.
-Annual Report.
Revenue Passengers Carried
Electric
Rail and Motor Buses.
Calendar
Sales in
Electric
City
Interurbau
YearK. W. H.
Customers.
Systems.
Systems.
1921
102,681,834
40,103
47,799.437
16.820,442
1922
135,397.186
45,496
50,632,248
17,117,064
1923
157.468,263
48,328
54.112,423
16.784,535
1924
176.245,654
51,516
48,563,053
14,478,984
1925
203,531,744
56,000
51,352,849
14,266,754
1926
265,453,204
59.793
48.973.671
14,398,663
1927
286,616,987
64,535
47,929,278
13,897.273
Income Account for Calendar Years.
1927.
1926.
1925.
1924.
Gross earnings-Electric 26,1315,901 26,317,554 $5,322,156 S4.716.808Transportation
5.743,975 5,723,286 6.177.541
5.364,189
Total
212,559,876 $12,040,840 211.499.698 810,080.997
Operating expenses
7,774,086 8,181.133 7,618,402 7,161,533
Taxes
890.800
802,200
822,000
741,900
Int. St other fixed chgs_ - 1,697,301
1.660.299
1,557.842
1,441,967
Retirement reserve
700,000
400,000
700,000
100.000
Net income
21.497.688
$997.208
$635,597
$801,454
Prof. dividends
512,109
473,825
437,334
431.751
Coin,dividend
350,000
150.000
250,000
Earned for common stocks of subsidiary cos_ __- 24,950,005 $5,158,455
eas minority and former int. in subs. cos
14,213
642,592
Balance,surplus
$635,579
$43,846
$273,383
2364.120
Earns per sh. on 100,000
abs corn.stk.(par$100)
21.94
$9.86
$5.23
$3.64
Balance
24.935.792 $4,515,863 -V. 126, p. 715.
Mohawk Hudson Power Corp. other Income-net. 1,125.302
888.604
Northern Ontario Light & Power Co., Ltd.
-Earnings.
Total earned for Mohawk Hudson Power Corp.._ 26.061.094 25,404,467
Calendar Years.
1926.
.
Div. require. on Mohawk Hudson Power Corp.
Gross earnings
81.281,432 21,250,065 21.416.657
pref. stocks
4,535,164 3.652.403 Expenses (including taxes)
575.428
340,732
466,313
Bad debts
1.460
Balance for cont.stk. and sur. M.H.Power Corp.$1.525.930 $1.752,064 Interest
301.777
350,277
287,452
ghs. common stock outstanding (no par)
1,572,843
1,565.778 Depreciation reserve
200.000
234,000
200.800
Barned per share
20.97
21.12
Note.
-These earnings do not include any part of the undistributed surSurplus for year
$337,991
2325,056
2327,667
plus of companies in which the Mohawk Hudson Power Corp. owns less Surplus brought forward
475,007
579,386
580.186
than a controlling interest.
Total surplus
$812,998
2904,442
$907,853
Balance Sheet of Mohawk Hudson Power Corp. as of Dec. 31.
Preferred dividends paid
142,968
142,968
142,968
1926.
1926.
1927.
1927.
Common dividends paid
90,644
181.288
181,288
Liabilities$
$
$
Assets$
79,594,372 87,680,474 Cap. stk. & stir. x 93,817,663 92,517,489
Investments
Surplus carried forward
$579.386
2583.597
2580,186
1,400
422,862 Stock Issuable...._
282,198
Ore:init. asp
See also Canada Northern Power Corp. above.
-V.124. P.2908.
97,012
4,282
3,726 Accrual tor taxes. 1270,962
Furniture & flat-550,375 Accrual for div. on
Cash & call loans__ 8,747,480
Northwestern Bell Telephone Co.-Purch. of Properties.
0,379,425 5,238,207 Preferred stocks- 904,164 1,284,193
Notes & seem rec.
The I.
-S. C. Commission oa March 13 issued a certificate authorizing
18,993
450 Other accruals_
Subs°. to cap. ink_
the acquisition by the company of certain properties of the Tri-City Tele4,024
Suspense
phone Co.
November 1 1927, the City Company granted the Bell Company an
95,011,783 93,900.094 option to
_ _95 011,783 93,900,094 Total
Total_ _
purchase its Properties located in Iowa for $222,650, payable
x Represented by 400.000 shares of pref. stock 250.000 shares of 2d prof. In cash. No additional securities will be issued to effect the Proposed ac-V. 126, p quisition. This option has been accepted by the Bell Co.
stock and 1,572,843 shares of common stock, all no par value.
-V.126, P. 1811.
2475.
Northwestern Public Service Co.
-Control.
-Control To Pass to American Power
Montana Power Co.
See Middle West Utilities Co. above.
-V. 125, p. 3062.
& Light Co.Nova Scotia Light & Power Co., Ltd.
-Bonds Offered.
See
- American Power & Light Co..above.-V. 126, p. 2310.
Royal Securities Corp. offered yesterday $3,500,000 5%
-Control, Acquisitions, &c. 1st mtge. 30-year sinking fund gold
National Electric Power Co.
bonds, series A at
-V.126, p. 2311.
See Middle West Utilities Co.above.
99M and int., to yield over 5%.
Dated June 1 1928: due June 1 1958. Principal and int. (J. & D.)
-Control Transferred
New England Public Service Co.
payable in Canadian gold coin or its equivalent at any branch in Canada
to National Electric Power Co.
of Royal Bank of Canada; or, at the option of the holder, in United States
-V. 126, p. 2311.
See Middle West Utilities Co. above.
gold coin or its equivalent at the agency of Royal Bank of
Canada. New
2646
FINANCIAL CHRONICLE
York; in sterling at Royal Bank of Canada, London, Engl. at the rate of
$4.86 2-3 to fl; or at Royal Bank of Canada, St. John's, Nfld., in the
currency of that Dominion. Denom. $1,000 and $500 0. Red. all or
part on 30 days' notice at a premium of 5% up to and incl. June 1 1933,
and thereafter up to and incl. June 1 1957. at a premium of 5%
of 1% for each year, or part of a year, alarmed between June 1 less 1-5th
1933 and
the date of redemption, and after June 1 1957 without premium; in each
case with accrued interest. Company will assume United States normal
income tax up to 2%. Trustee, Eastern Trust Co.. Halifax, N. S.
CapitalizationAuthorized. Outstanding.
5% let mtge. sinking fund gold bonds
*$4.000.000 $3,500,000
6% cumulative preference shares
2,500.000
750,000
Ordinary shares (no par value)
40,000 she. 34,523 she.
* Of series A. Additional amounts may only be authorized subject to
restrictions contained in the trust deed.
Data from Letter of W. H. Covert, K.C., President of the Company.
Company.-Incorp. in 1914 by Special Act of the Legislature of Nova
Scotia (name having been changed from Nova Scotia Tramways & Power
Co., Ltd., by an amending act in 1928), and acquired the business, assets
and franchises of the Halifax Electric Tramway Co., Ltd. Owns and
operates, without competition, all the electric light, power, gas and street
railway properties in the city of Halifax: also operates, through subsidiary
companies,commercial light and power business in Dartmouth and Bedford,
suburbs of Halifax. Company with its predecessors has been in continuous
and successful operation for over 32 years. The total number of electric
light, power and gas customers served is 13,259.
Valuation of Properties.
-Based on a valuation by the Board of Commissioners of Public Utilities of Nova Scotia for rate making purposes
as at Oct. 1 1921, together with capital additions and after deducting depreciation since that date, the total assets of the company (including water
power sites and lands purchased in connection therewith on the Gaspereaux
River, investments in subsidiaries and net current assets as shown in the
company's balance sheet) had at Dec. 31 1927, a value of $5,417,957
equivalent to over $1,500 per $1.000 bond now being issued. This valuation includes nothing for the value of franchises and good-will.
Earnings.
-Average annual net earnings for the 3 years ended Dec. 31
1927, available for bond interest, depreciation and Dominion income tax,
based on earnings after deduction of operating expenses and maintenance
charges, as certified by George A. Touche & Co., chartered accountants.
were $419,663, as against interest charges of $175,000 on 1st mtge. bonds
now to be outstanding
Net earnings on the same basis for the year ended Dec. 31 1927. were
3439.540, equivalent to over 2.5 times interest on all funded debt on completion of this financing.
Sinking Fund.
-Annual cumulative sinking fund of 1% for the retirement
of series A bonds will commence June 11930.
[VOL. 126.
Philadelphia Co.
-Acquisition.
-
The stockholders have approved the purchase of the Kentucky
West
Virginia Gas Co. from H. M. Byllesby & Co. of Chicago. The.Pbiladelphis Co. is itself a member of the Byliesby group, and is controlled
by
Standard Light & Power Corp., a subsidiary of the Standard Gas & the
Elec.
Co.
-V. 126. p. 2468.
Power Corp. of Canada, Ltd.
-Makes Offer for Stock
of British Columbia Electric By.
See British Columbia Electric By, above.
-V. 126. p. 1352.
Public Service Corp. of New Jersey.
-Rumor Denied.
-
President Thomas N. McCarter made the following statement:"Numerous inquiries having been made with reference to pending
a consolidation of some sort of the United Gas Improvement rumor of Public
Co. and
Service Corp. of New Jersey, I desire to say authoritatively that there is
nothing whatever in it. The Public Service Corp. of New Jersey is, and,
in the opinion of its board of directors and management should remain a
New Jersey enterprise. It is true that the United Gas
is and has been for 25 years a large. but in no sense, a Improvement Co.
controlling shareholder in Public Service.'
12 Months Ended March 311928.
1927.
Gross earnings
$117.941,186
Operating expenses, maint., taxes and deprec_ _ _ _ 84,167,602 $108265,352
78,372,390
Operating income
Other income
$33.773,5134 $29,892,962
1.293,676
1,076,686
Total income
Income deductions
$5,067,260 $30.969,648
18,654,842 18,758,929
Balance for dividends and surplus
-V. 126, p. 1800.
316.412.417 $12,210,710
Public Service Co. of Oklahoma.
-Buys Ice Plant.
The purchase of the ice
plant and properties at Wapanucka. Okla., has
been announced by the company, and operations have been taken over.
The plant is electrically-equipped and was owned by the Wapanticka Ice
& Bottling Co. Bromide and Clarita, Okla., are supplied from the
Wensnucka plant.
Period Ended March 31 19283 Mos.
12 Mos.
Gross operating revenue
Net income after taxes,interest tz retirement provis 31.298.958 $4,986.406
365,924
1,467,024
-V.126, p. 1982.
Puget Sound Power 8c Light Co.
-7'o Retire $10,000,000 7% Prior Preference Stock.
-
Ohio Public Service Co.
-To Redeem Bonds.
-
See Alliance Gas & Power Co. above.
-V. 126, p. 1661.
The holders of the 310.000,000 7% prior preference stock are being notifed
Oklahoma Railway Co.
-Annual Report.
that this stock will be redeemed on May 11928. at 110 and diva.
Calendar YearsIn order that the prior preference stockholders may retain their invest1927.
1926.
1924.
1925.
Rev,from transportation $1,808,328 $1,680.229 $1.531,330 $1,521.843 ment in the company the directors have voted to give them an opportunity
Rev,from other ry. oper
285,486
248.536
201.972
197,568 to exchange their 79' prior preference stock for new $5 dividend prior preference stock. The exchange will be on the basis of such number of
Total operating rev_ _ _ $2,093,814 31,928.765 $1,733,303 $1.719,411 prior preference stock as the proceeds of the 7% stock figured shares of $5
at $110 per
Operation expenses
1,571.496
1,441.600
1,314.136
1,173,728 share will purchase $5 stock at $96 a share. Dividends on the $5 stock will
Taxes
66.058
69.820
81,698
101.513 accrue from May 1 1928. The offer is subject to allotment as the amount of
$5 dividend prior preference stock to be authorized will not be sufficient if all
Net operating income_
$456,260
$417,345
$3337.470
$444,169 of the 7% prior preference stockholders accept the offer.
Non-operating income__
Upon completion of this financing the capitalization of the company
8,812
6,789
12,045
13,264
will be as follows.
Gross income
$465,072
$424,134
$457,433 Bonds(including subsidiary companies)
$349.515
450.286,500
Int. on funded & unf. dt318,434
324.089
322.262
322.678 Coupon notes,due 1930
4.305,900
Amortiz. of disc. St misc_
46,735
46,464
47.784
48.012 Prior preference stock,$5 cumulative (this issue)
110,000 she.
Preferred stock,$6 cumulative(no par)
247,000 she.
Net income
Common stock (no par)
$99,903
$53.581 def$20,531
$86,743
shs.
-V. 126. p. 1198.
x Does not include bonds held in sinking funds or treasury 202,829 of
or bonds
Puget Sound Electric Ry. and subsidiary companies.
• For the 12 months ending Feb. 29 1928, the company reports
Omnibus Corporation.
-Annual Report.
greets
earnings of $14,961,978 and balance available for reserver, retirement and
Consolidated Income Account (Omnibus Corp.) Years Ended Dec. 31.
dividends, after taking out taxes, interest and amortization charges, &c..
1927.
1926.
1925.
1924.
of $3,660,061. Dividends on the 110.000 shares of 85 prior preference
Chicago Motor Coach
stock require $550,000 a year.
-V. 126. p. 870, 2149.
Co.
:Net profit for year 3630,980
$506,362
$518,379
$400.764
Omnibus Corp.: DiviSouthern Bell Telephone & Telegraph Co.
dends on investments_
-Purchase
352.017
351,843
351,618
172,172
Depot Motor Bus Lines
of Properties.
prof
The I.
-S. C. Commission on Mar. 17 issued a certificate approving the
4,940
Gray Line Motor Tours
acquisition by the company of the properties of the Peoples Telephone &
Co.,loss
Telegraph Co.
12,767 prof 2,098 def13,813
-V. 126, p. 1662.
Interest received
15.471
11,209
13,746
4,295
Scioto Valley Railway 8c Power Co.
-Earnings.
Total income
Years Ended Dec. 31$990,641
$871,513
1927.
$577,232
$869,931
1926.
Corporate expenses _
37,328
52.321
$678,683
60,312
$763,140
5,608 Total earnings
Interest paid
490,189
557,452
17,486 Maintenance & operation expenses
Taxes
4.400
13,288
16,608
Net earnings from operation
$188,493
$205,688
Consolidated net profit
Taxes
40.494
38,840
for year
$948,915
$805,904
$793,011
$554,138 Interest
77.727
78,597
Previous surplus
Amortization of discount on funded debt
712.617
654,109
7.082
574.290
7,000
107.741 Federal
Surplus arising from apincome tax
12.807
12,377
preciation of buildings
417,599
Net income
$68,873
$50.38
3
Total surplus
31,661,532 31,460.013 $1,367,301 $1,079,478 Dividends on 1st pref. stock
24,465
24,465
Sundry adjustments_ _ _ _
7,340
39.671
5,745
38.738
Dividends on preferred
Surplus
625,918
$44,408
stock paid & accrued_
-V. 118, p. 2180.
707,952
707,725
707,448
466.450
Surplus, Dec. 31
-V. 124. p. 2749.
3946,240
3712,617
$654,109
$574,290
Orange & Rockland Electric Co.Agent.The Bankers Trust Co. has been appointed agent for the payment of the
1st mtge. gold bond coupons. See also V. 126, p. 1661.
-Registrar.
Pacific Lighting Corp.
-The National Bank of Commerce in New York has been appointed regis-V. 126, p. 1800.
trar in New York of the common stock.
Southern California Gas Co.
-Earnings.
--
Years End Dec. 31Operatng revenues
Operating expenses and taxes
Net operating income
Non-operating income
$5,528.443 $2,693,533
70,379
113,260
Gross income
Interest charges, bond disc. & expenses
Depreciation
35.598,822 32,806,793
1.209,033
1,421,570
479.732
1.405.362
Pennsylvania Water & Power Co.
-Listing.
Surplus for year
The Baltimore Stock Exchange has authorized the listing of $6,000,000 -V. 125. p. 3350.
-V. 126, p. 870.
44:r % Series 13 1st ref. mtge. gold bonds.
,
Southwest
-Listing.
Peoples Light & Power Corp.
1926.
1927.
S15.826,636 $9,693.319
6.999.786
10,298,193
32.771,890 31,118.028
Gas Utilities Corp.
-Ed-Bonds Offered.
mund Seymour & Co., Inc., Charles D. Robbins & Co. and
Glidden, Morris & Co. are offering at 99% and int. to yield
6.55%, $1,750,000 1st lien and secured sinking fund gold
bonds,634% series, due 1943 (with stock purch. privileges).
The Boston Stock Exchange has authorized the listing of 3750,000
additional 6% convertible gold debentures, Series of 1962. dated Jan. 1
1927. and due Jan. 1 1962, of which amount $500.000 are sold to liquidate
current indebtedness and the remaining $250.000 to be retained in the
treasury of the company and to be sold from time to time by direction of
Dated May 11928; due May 11043. Prin, and int. (M.
& N.) payable
the board of directors for company purposes.
-12 Months Ending Der. Si 1927 In New York City. Denom. $1,000 and $500 '. Red. all or part, on
Consolidated Combined Income Account
any int, date, at 105 and int. during first 5 years,
at 104 and int. during
$3,661,505 next 5 years, at
Total operating revenue
103 and int. during next 2 years, and at 101 and int. there267,363 after and prior to
Other income
maturity. Int. payable without deduction for normal
Federal
$3,928,868 resident income tax not in excess of 2%. Corporation will agree to refund
Gross income
2.091,837 securitiesholders, upon proper application, present personal property and
Expenses
taxes
-- lumbia not to of any State of the United States or of the District of Coexceed in any case,45%, and Mass, income tax not to exceed
$1.837.030 6%. Chatham
Net Income
l'henix National Bank & Trust Co. N. Y. City. trustee.
1,332,682
deductions
Total
Stock Purchase Pririlege.-The holder of each $1,00d bond will be entitled.
subject to prior
504,349 value) common redemption of the bond, to purchase 10 shares of (no par
Net available for dividends
stock of the corporation at the following prices: To and
68.834 incl. May
Dividend appropriations: 7% cumulative preferred
40,833 per share: 1 1929, 320 per share; thereafter, to and ind. May 1 1931. $25
$7 cumulative preferred
thereafter, to and incl. May 1 1933, $30 per share: thereafter.
82,333 to and incl. May
cumulative preferred
$6.50
11935. $35 per share; thereafter, to and incl. May 11937,
5,200 $45 per share:
6% cumulative preferred
thereafter, to and incl. May 1 1938, $50 per share.
111,578
Class "A" common
Data from Letter of Charles G. Lackey, President of the Company.
195,570
Net to surplus after dividends
Company.
-A Delaware corporation. Company and its subsidiaries is a
Subsidiary companies
def6,765 consolidation of 32 natural gas distributing systems
-surplus adjustments
with gas
Adjustment of Class A and 11 common dividend
3,405 gathering and transmission limn serving communities intogether
Oklahoma, Texas
Surplus balance Dec. 31 1926
188,844 and Louisiana. The properties in which Southwest Gas Utilities Corp.
will have a controlling interest include Southwest (las Co., Northwest
Profit and leas surplus
$381,054 Louisiana Gas Co., Inc., Peoples Gas & Fuel Co. and others. Corporation
-V. 126, p. 1108.
constitutes one of the larger natural gas systems in the United States, serv-
Al'li.
28 1928.]
FINANCIAL CHRONICLE
frig a population of approximately 300,000, with an annual natural gas
consumption of 15,000,000,000 cubic feet.
In addition to its domestic business the corporation serves under contract
a great many industrial and public utility consumers, including Oklahoma
Gas & Electric Co., Central Power & Light Co., Oklahoma Portland Cement
Co., Palmer Corp., Standard Oil Co. (La.), Humble 011 & Refining Co.,
Phillips Petroleum Co., Shreveport-El Dorado Pipe Line Co., Inc., the
Louisiana & North West RR.,the Southern Pacific Lines, and many others.
Corporation's subsidiaries own or control, through purchase contract or
by lease, approximately 50,000 acres of gas lands in Oklahoma, Texas and
Louisiana. The properties have an estimated combined open flow in
excess of 600,000,000 cubic feet per day.
-The following statement of consolidated earnings of the
Earnings.
corporation's subsidiaries has been prepared by Lingley, Baird & Dixon,
accountants, based upon estimated made by Sanderson & Porter. reports
of the subsidiaries' auditors and other independent sources:
1926.
1927.
1928.
12 Mos. Ended Dec. 31$1,392,531 $1,525,640 $1,960,885
Gross revenue
Operating expenses, maintenance and
Federal
375,198
taxes other than
432,661
704,415
Balance
$1,017,333 $1,092,979
Annual int., sinking fund and pref. stock div. requirements on
sub. cos. sec. & earns, applicable to minority interests
$1,256,470
786,700
Bal. avail. for int., sinking fund & div. requirements on secs.
of Southwest Util. Corp. amort. of debt disct. & Fed. tax_
469,770
Maximum annual hit. requirements on 1st lien & secured sinking fund gold bonds (this issue)
113,750
Seeurity.-Bonds will be secured by a direct pledge of bonds and other
obligations and pref. and common stocks of subsidiaries owning properties
situated in Oklahoma. Texas and Louisiana. The properties mortgaged to
secure the bonds pledged have been examined by Brokaw, Dixon, Garner
& McKee who have estimated their value in excess of the face amount of
this financing. The consolidated balance sheet of the company shows total
assets, as determined by independent valuation, in excess of $16,000,000.
against which the total corporate indebtedness, incl. this issue, is $8.144.000.
CapitalizationAuthorized.
Outstanding.
let lien & secured sinking fund gold bonds,
6.4% series, due 1943 (this issue)
x
$1,750,000
3
-year cony. 6% gold notes
750,000
Cumul. pref stock (no par value)
y150,000 shs. z17,500 she.
Common stock (no par value)
a1,000.000 she. 100,000 she.
Deposited in voting trust, 75,000 shs. Non-deposited stock, 25,000 she.
x Limited by the provisions of the indenture. y Include shares reserved
or delivery upon conversion of minority interests in subsidiaries. z $6.50
series. Additional shares of this series are reserved for delivery upon conversion of the above-mentioned notes. a Include shares reserved for delivery upon conversion of the above-mentioned notes and of minority
Interests in subsidiaries, for exercise of stock purchase privileges by holders
of these bonds and for exercise of existing purchase options.
purpose.-Proceeds will be used to retire bonds of subsidiaries, to provide
part of the funds with which to make payment for the securities being
acquired, and for other corporate purposes.
Southwest Power Co.
-Control.
--
See Middle West Utilities Co. above.
-V. 125. p. 3063.
Southwestern Light 8c Power Co.
-Earnings.
-
Calendar YearsOperating revenues
Operating expenses & taxes
Retirement appropriation
1927.
1926.
$2,419,387 $1,322.585
1.433,391
867,566
108,265
50.323
Net operating income
Non-operating income
$877,731
. 25,854
$404,696
34.838
Gross Income
Interest on funded debt
Amortization & other interest charges
$903,585
314,538
45,200
$439,534
183,784
42,170
Net income
Preferred dividends
Common "A" dividends
$543,847
188,329
60,000
$213,580
78,683
48.000
Surplus
$295,518
$86,896
Earningsfor 3 and 12 Months Ended March 311928.
3 Mos.
12 Mos.
Gross operating revenue
$722,022 $2,531.333
Net inc. after taxes, int. & retirement provision_ _
214,391
609.635
-V. 125, P. 1839.
Spring Valley Water Co.-Report.-Cal./War Years-
1927.
1926.
1925.
1924.
Revenue
$6,706,092 $6,458,573 $6,170,237 $5,003,955
Operating expenses
1,524.105
1,556,176
1.434,620
1.443,689
Hetch }tetchy acqueduct
rentals
250,000
179,555
24,600
Taxes
1,033.995
993,761
930,063
855,118
Interest OD bonds
1,100,000
1,100,000
1.100,000
1,100,000
Int. on loans (net)
99,666
78,214
142,446
120,566
Deprec. & obsoleocence_
300.000
300.000
300,000
300,000
Amort. of disc. & exp
42,276
Amortization
146,100
188,376
188,376
162,276
Uncoil. bills & accts. rec_
11.224
9,896
9,328
5.762
Miscellaneous
3,125
9,667
9,174
9,347
__
-Net income
$2,195,599 $2,042,927 $2,031,630 $1,907,197
Dividends
1,680,000
1,680,000
1,680,000
1,680,000
surplus
Balance,
3515,599
3362,927
$351,630
$227,197
Earns, per sh. on 280,000
she. com.stk.
(Par $100)
$7.84
$7.65
$7.25
$6.81
-V. 125, p. 3643.
Texas Cities Gas Co.
-Notes Offered.
-P. W. Chapman
%
80 Co., Ina., are offering at 993 and int., $2,500,000 2
-year
m% gold notes (closed issue).
Dated May 1 1928; due May 1 1930. Principal and
N.)
payable at the office or agency of the company, in either int. (M. & City
New York
or Chicago. Denom. $1,000 and $500c*. Red. all or part, on any int.
date, upon 30 days' notice to and incl. May 1 1929 at 102 and int. thereafter to and incl. Nov. 1 1929 at 101 and hit., and thereafter at par and int.
IlYterest payable without deduction for any Federal income tax not
in excess
of 2%• Refund of certain Calif.. Conn., D. of Col., Iowa, Kan
Maag., Mich., Minn., N. II., Ore., Penn. and Va. taxes. upon
timely and
nroper application as provided in the triust agreement. Chemical
National
l'iank of New York, trustee.
Data from Letter of H. G. Scott, President of the Co.
Conipany.-Will own and operate the gas manufacturing and gas distributing systems in the cities of El Paso, Galveston, Waco, l'aris and
Brenham. Tex., serving a population estimated in excess of 255,000.
properties include five modern gas manufacturing plants with a dailyThe
capacity in excess of 12.000,000 cubic feet and 12 gas holders with an aggregate storage capacity of 3.407.000 cubic feet of gas. The distribution
system consists of 386 miles of city mains and 35,238 meters. The properties have been in continuous and successful operation for various periods
up to 72 years.
CapitalizationAuthorized.
Issued,
1st mtge. 5% gold bonds
$5,400,000
-year 1u4% gold notes
32,54.000
2
2,500,000
$6 cumulative 1st pref. stock (no par)
Common stock (no par value)
200,000 shs. 200,000 shs
x Additional bonds issuable under conservative mortgage provisions.
Annual Income of Properties 12 Months Ended Feb. 29 1928.
Gross income
°per. exp., maint., prior int, charge effective upon completion $1,837,507
offinancing, and taxes (not incl. Federal taxes)
1,562,218
Balance
$275.290
Annual interest requirements on thi(issue
137,500
Purpose.-Proceecis from the sale of these securities will be used to reimburse the company for expenditures in connection with the acquisition of
and for other corporate purposes.
properties
2647
Management.
-Company will be controlled and operated by Union
Utilities Inc. (see below.)
Texas Electric Ry.-To Inaugurate Fast Freight Service
From Dallas.
The company will inaugurate fast freight service over its lines that
radiate in three directions from Dallas, Tex., it is announced. It will thus
become one of the largest electrically operated freight lines in the United
States.
Thic company which has heretofore confined its operations to interurban passenger and express service runs from Dallas to Waco through
Waxahachie and Hillsboro; to Denison through McKinney and Sherman
and to Corsicanna through Ennis. As a result of amendment of its charter
the company will be permitted to handle both local and through freight
shipments in and out of Dallas. It will be placed under the jurisdiction
of the Texas RR. Commission.
While for the immediate future it is planned to use some of the company's larger express cars for freight shipments the company is expected to
soon purchase electric locomotives.
-V. 125, p. 248.
Union Gas Utilities, Inc., N. Y.
-Definitive Bonds.
The Guaranty Trust Co. of New York is now prepared to exchange definitive 10
-year
% secured gold bonds, series A, due Nov. 1 1937, for outstanding temporary bonds. For offering see V. 125, p. 2672, 2529.
Union Utilities, Inc.
-Debentures Sold.
-P. W. Chapman & Co., Inc., have sold $1,300,0005%% gold debentures
at 98 and int., to yield about 5.65%.
Dated May 1 1928: due May 11948. Prin. and int. (M. & N.) payable
at office or agency of company, in either New York or Chicago. Denom.
$1,000 and $500 c*. Red. all or part on 30 days' notice at 105 and int.
on or before May 1 1932; thereafter to and incl. May 1926 at 103 and int.;
thereafter to and incl. Nov. 1 1947 at 101 and int.: and thereafter and
prior to maturity at 100 and int. Interest payable without deduction of
that portion of any Federal income tax not in excess of 2%. Reimbursement of certain Calif., Conn., District of Columbia, Iowa, Kansas, Kentucky, Maryland, Mass., Mich., Minn., New Hampshire. Oreg., Penn.,
Virginia and Wash, taxes, upon timely and proper application. Chemical
National Bank, New York, trustee.
Data from Letter of H. G. Scott, President of the Company.
Union Utilities, Inc., through its subsidiaries, will own and operate gas
manufacturing and gas distributing systems in the cities of E. Paso, Galveston, Waco, Paris and Brenham, Texas, and Council Bluffs, Iowa. The
cities served have a combined population estimated in excess of 300,000.
The properties include 6 artifittat gas manufacturing plants 'situ a total
daily capacity in excess of 16,500,000 cubic feet, 14 gas holders with an
aggregate storage capacity of 3,707,000 cubic feet of gas, and distribution
systems consisting of 480.4 miles of city mains and 43,599 consumers'
meters. The properties have been in continuous and successful operation
for various periods no to 72 yerrs.
The subsidiaries of Union Utilities, Inc., will include Texas Cities Gas
Co. (see above), Galveston Gas Service Co. and Council Bluffs Gas Co.
Authorized.
Issued.
Capitalization5.50% gold debentures
x
$1,300,000
100,000 she.
Cum. $7 1st pref. stock (no par)
7,500 she.
Common stock, class A (no par)
100,000 she.
Common stock, class B (no par)
250.000
250,000 she.
x Additional debentures may be issued in accordance with the provisions
of the Debenture Agreement.
Security.
-Debentures will be a direct obligation of the company, and
constitute Its only funded indebtedness. The appraised value of the properties as reported by independent engineers is substantially in excess of the
presently to be outstanding aggregate amount of the subsidiaries' securities
and these debentures. The agreement under which these debentures will
be issued will provide that no additional debentures may be Issued thereunder, except for refunding outstanding debentures, unless the net consolidated income, as defined in the debenture agreement, for 12 consecutive
months within the 15 calendar months preceding the application for such
debentures shall have been at least 234 times the annual interest charges
on the aggregate principal amount of debentures then outstanding and then
to be issued.
Consolidated Income of Properties, 12 Months Ended Feb. 29 1928.
Gross income
$2,166,765
Oper. exp., maint., annual interest charges upon completion of
subsidiary companies' financing, and taxes (not including
Federal taxes)
1,994,583
Balance
$172,182
Annual debenture interest requirements (this issue)
71,500
Amount available as shown above is over 2.4 times the annual interest
requirements of this issue of debentures.
Maintenance.
-Debenture Agreement will provide that company.
through its subsidiaries, reserve or expend for maintenance, together with
renewals, replacements and (or) depreciation, an amount equal to not less
than 10% of the annual gross earnings, as defined in the debenture agreement, of the operating properties, against which reserves or expenditures
no additional bonds may be issued. This provision will assure adequate
maintenance of the properties.
Purpose.
-Proceeds will be used to reimburse the corporation for expenditures in connec.lon with the acquisition of properties and for other
corporate purposes.
-V. 126, p. 2478.
United Public Utiliti T8 Co. (N.J.)-Temporary Stock.
The Seaboard National Bank of the City of New York has been appointed agent to issue temporary stock certificates in exchange for interim
certificates representing preferred $6 dividend series stock.
-V.126, p. 1983,
United Rys. & Electric Co. of Baltimore.
-Report.
--
Calendar YearsRevenue from transportation
Revenue from other railway operations
1927.
1926.
$16,043,932 $16,571,546
144,736
144.163
Total operating income
Maintenance of way & structures
Maintenance of equipment
Maintenance of power
Depreciation
Power service
Conducting transportation
Traffic
General & miscellaneous
Transportation for investment
Taxes, licenses, etc
$16,188,668 316.115.709
837,605
852,531
917.731
909.024
31,154
38,968
815.785
809.433
1,432.277
1,412,358
5,144,414
5,215.054
4.164
15,295
1,633,262
1,528.782
Cr16,026
Cr16.026
1,575,938
1,612,316
Net operating income
Non-operating income
33.816,291 $4.252.588
165,656
139,568
Gross income
Interest on funded debt
Rents
Interest on funded debt
Interest on income bonds
Amortization of discount on funded debt
Miscellaneous
$3,981,947 $4,392,157
2,125.064
2.093,415
554,088
561,041 '
64'.544
84,758
559.080
559.080
58.994
6'4.902
48.737
47.981
Net income
Dividends ($2)
$535,365 51 010,054
818,448
818,448
Balance
def$283.083
$191.606
Earns, per shr. on 409.224 shs. cap. stk. (Par $50)$1.30
$2.46
1926.
1927.
1927.
1926.
$
Liabilities$
AssetsS
$
Road & equip't___90,994,930 91,392,953 Common stock, _ _20,461,200 20.461.200
447,244 Grants in aid of
Skg. & dome°. Is. 469,900
818,582
803,650
construction___. 264,392
Investments
90,259
570,772 Income bonds_ _..14,000,000 14.000.000
751,272
Treasury bonds.
Current assets.... 1,864,750 1,919,015 Funded debt
53,801,500 53,833,000
151,563 Non-neg'ble debt
Def. debit items_
to affil. cos.__ 200,000
UnadJus. debits- 2,784,893 1,926,044
200,000
Current liabilities_ 2,856,230
Def. credit Item_ 530,680 2.429.862
264,485
UnadJus. credits__ 3,715,593 3,575,525
Tot.(each side).97,669.3(16 97,226,173 Surplus
1.839.799 2,371,840
-V. 126, p. 871.
2648
FINANCIAL CHRONICLE
[VOL. 126.
United Light & Power Co. (Md.).-Consolidates Offices. are offering at 105 and div. $1,750,000 7% 1st pref. stock
(with corn.stock purchase warrants). An issue of42,400shares
of common stock (no par value) are also being offered at
$28.50 per share. This 7% 1st pref. and corn. stocks will
represent no new financing for the company, being acquired
from stockholders.
This company, the United Light & Rye. Co., and Continental Gas &
Electric Corp. announce the consolidation of their Grand Rapids and
Chicago offices on April 30 1928. The address of the Chicago office of
these companies will be: Bankers Building, cor. Adams and Clark Sts.,
Chicago, Ill. Telephone, Dearborn 3540.
The Grand Rapids office was closed April 26 for stock transfers and other
business transfers of stocks heretofore effected at the Grand Rapids office
-V. 126.
will be handled through the Chicago office at the above address.
P. 108.
-
-Earnings.
Western Power Corp.(& Subs.)
Calendar YearsGross earnings
Operating expenses & taxes
1925.
1926.
1927.
318,993,646 518,765.094 517,182,317
8,123.312 7,303,060
7,284.061
Net from operation
Other income
511.709,584 510,641.783 $9,879,257
384,411
265,088
357,916
Gross income
Deductions
S12,067.500 510.906.871 510,263,668
7,399.959 7,232.804
7.852.274
Bal. avail, for deprec. & dividends $4,215,226 $3,506,912 $3,030,864
1,802,652
1,646.968
1,913,746
Depreciation reserves
Net income
Preferred dividends
Common dividends
32.301.480 81,704.260 81.383,895
675,876
675.773
675.773
536,000
31.089.707 $1,028,487
Balance,surplus
Barns, per sh. on 268,000 shs. corn.
$6.07
$3.85
stock (no par)
-V.125. p. 3483.
5708,019
$2.64
INDUSTRIAL AND MISCELLANEOUS.
-No price changes were announced during the week.
Refined Sugar Prices.
-Radio Corp. of America announced that effective
Radio Tube Prices Cut.
immediately the suggested list price of Radlotron UX-112-A is reduced
to $3, of UX-171-A to $3, of UX-226 to $2.50, UY-227 to $5 and of
UX-280 to $4.50.
Price cut amounts to approximately 50 cents on the UX-112-A, UX171-A. UX-226 and UX-280 tubes, and to about $1 on the Radlotron
UY'227.-"Wall Street Journal" Apr. 26 P. 5,
-R. J. Reynolds Tobacco Co.(Camels), Liggett
Cigarette Prices Reduced.
& Myers Tobacco Co. (Chesterfields), American Tobacco Co. (Lucky
Strikes), and P. Lorillard & Co. (Old Golds) have reduced wholesale
prices-the first three mentioned to $6 per thousand minus the trade
discounts and the last mentioned to $6.10 per thousand before the trade
-New York "Times" April 27, p. 31.
discounts.
Matters Corered in "Chronicle" April 21.-(a) What is ailing the coal
Industry-J. G. Bradley, President of the American Mining Congress.
gives the facts. p. 2392. (b) Strike ac New Redford. Mass, cotton mills.
p. 2402. (c) Denial of report of strike at Darlington Textile Mills of
p. 2402. (d) Papers filed for incorporation of National
Pawtucket, R.
Raw Silk Exchange,Inc.. of New York, p.2402. (e) Carpet and rug auction
of Alexander Smith & Sons' Carpet Co., p. 2403. (f) New York Stock
Exchange considering omission of volume of transactions from ticker tapes
to expedite service, p. 2415. (g) New and speedier ticker capable of
handling market of 7,000,000 shares daily tried out on Stock Exchange
Sufficient number not available for at least two years. p. 2416. (h) New
Exchange to quote stocks on bond ticker, p. 2416. (I) No
York Stock
trading on the New 'York Stock Exchange on April 21-Members' offices,
however, remain open-Action taken to permit clearing up of accumulated
work incident to recent heavy trading-Other exchanges closed, p. 2416.
(3) Exchange houses tighten margin-Average now 25% with requirements
in some cases as high as 50%-Larger deposit demanded, p. 2417. (k)
Stock exchange is formed in Newark, N. J., p. 2417.
Abitibi Power & Paper Co., Ltd.-Pref. ;Stock
The National City Co.; Peabody, Smith & Co., Inc.;
Peabody, FIoughteling & Co.; Wood, Gundy & Co. Inc.,
and Royal Securities Corp. offered April 27 at $162 per
share $16,000,000 6% cum. pref. stock (par $100). The
issue, the bankers announce, has been oversubscribed.
Dividends payable Q.
-J. Red. any div. date, as a whole or in part,
upon 90 days notice at $110 per share and dive. Transfer agents: the
Farmers' Loan & Trust Co., New York: Montreal Trust Co.. Montreal;
Montreal Trust Co., Toronto. Registrars: Chase National Bank, New
York:Eastern Trust o. Montreal:Toronto General Trusts Corp., Toronto.
CapitaliTaTionWrorma, Consolidated Basis, as offfiZ. 31i927):
$49.846,615
Funded debt
2,748.500
Preferred stocks of subsidiary companies
1,000.000
7% cumul. pref. stock (auth. 51,000,000)
25,060,883
6% cumul. pref. stock (incl. this issue, auth.. $50,000,000)
Common stock, without par value (auth. 1,500.000 shares)__ --978,040 she.
Data from Alexander Smith, President of the Company.
Company-Company,with its recently acquired subsidiaries, now controls and operates 6 distinct units engaged in the manufacture of newsprint
paper and associated products, these units being as follows:
Spanish River Pulp & Paper Mills,Ltd.
Abitibi Power & Paper Co., Ltd
Manitoba Paper Co.. Ltd.
Fort William Power Co., Ltd.
Murray Bay Paper Co., Ltd.
Paper Co., Ltd
Ste. Anne
This group of properties constitutes one of the largest producers of newsprint paper in the world, with an annual capacity of 650,000 tons and
capable of expansion to 1,000,000 tons a year from present timber and
water power resources. Total wood reserves are in excess of 50,000,000
cords; developed water powers aggregate approximately 200,000 h.p.: and
undeveloped water power resources aggregate approximately 500,000 h.p.
in reserve.
-The combined net earnings of the Abitibi and Spanish River
Earnings.
companies, as defined in their annual audited and published statements,
after depreciation and depletion, available for interest, income tax, and
dividends, on the basis of fiscal years ended Dec. 31 in the case of Abitibi,
and June 30. in the case of Spanish River, have been as follows: 1923,
$6,840,988; 1924, 38.005,760: 1925. $6,781,903: 1926. 36.557.980.
On the same basis, the combined net earnings of the Abitibi, Spanish
River, and Fort William companies, for their respective 1927 fiscal years
amounted to 56.949,699. .After
(Fort William fiscal year ends Dec. 31) funded debt of
these companies
deducting therefrom Interest (except on
to be retired by this financing), income tax, preferred dividends, and other
charges, the balance of earnings amounted to 34.786.485, equivalent
prior
to more than 3 times the annual dividend requirements of $1,503,652 on
stock.
$25,060,883. gal value, of 6% cumulative preferred of only
3 of the coner
statement reflects the operations
The forego
stituent companies with combined production in 1927 of 380,000 tons of news
the e. units constituting the present company have an aggregate
print;
Anne units
annual capacity of 650,000 tons. The Manitoba and Ste. the Murray
have recently been completed and are in full operation, and
ready for operation.
Bay unit is now
Assets and Eguity.-Based on a pro forma consolidated balance sheet of
Abitibi Power & Paper Co., Ltd., and subsidiary companies, as at Dec. 31
give effect to this financing and other
1927, with certain adjustments to acquisition of the subsidiary companies,
transactions in connection with the
assets, after deducting all liabilities including funded
the net tangible
debt and all prior securities, amount to more than $90,000.000 as compared with $25,060,883, par value, of 6% cumulative preferred stock.
The common stock of the Abitibi company is at present quoted on the
share.
•New York Stock Exchange at over $75 Per issue and sale of the 516,000.000
-The sole purpose of the
Purpose of Issue.
of 6% cumulative preferred stock is to retire funded indebtedness and preferred stocks of subsidiaries with a substantial saving in annual interest
and dividend requirements.
Listing.
-The 6%, cumulative preferred stock at present outstanding is
Mated on the New York. Montreal and Toronto Stock Exchanges. Application will be made to list this additional issue of such stock on the foregoing
'gook exchanges.
-V. 126, P. 2150.
Adams
-Millis Corp., High Point, N. C.-Pref. and Corn.
-Merrill, Lynch & Co. and Hallgarten & Co.
Stocks Offered.
Preferred as to dividends, and as to assets in case of voluntary or involuntary liquidation at $110 and accrued dividends per share. Dividends
payable 2-F.(cumulative from May! 1928). Red. all or in part at $110 and
divs, per share. Non-voting except under certain conditions. Dividends
exempt from the present normal Federal income tax.
CapitalizationOutstanding.
Authorized.
7% 1st pref. stock ($100 par. cumul.)
$1,750.000
$1,750,000
7% 2nd pref. stock (3100 par, cumul.)___ _
500,000
500,000
Common stock (no par value)
156,000 aim.
*173,500 shs.
* 17,500 shares of the common stock to be reserved for warrants issued in
connection with the offering of 7% 1st pref. stock.
Data from the Letter of J. H. Adams, President of the Company.
Company.
-Will be organized in North Carolina, and will acquire through
consolidation all the assets and business of an existing company bearing the
same name, and of the High Point Hosiery Mills, Inc., Piedmont Mills CoKernersville Knitting Co. and the Pointer Hosiery Co. All of these companies have been in operation for many years and are entirely owned or
controlled by the same interests that control the existing Adams
-Mills
Corp.
The businesses which are being acquired by the company were started
with the erection of the High Point Hosiery Mills in 1905 on an original
capital of $23,500. The mills were erected to manufacture cotton
stockings to retail at low prices, and later rayon was included to meet the
popular demand. The greater part of the business is confined to a stocking
that sells at 25c a pair retail, the balance ranging from 20c to 50c a pair
Approximately 75% of this merchandise is sold to the large well-known
chain store companies of this country. Of this product more than 50%
is in men's half hose. with the balance consisting of hosiery for women.
misses and boys. The present capacity amounts to 15,000 dozen pairs a
day, or at the rate of over 4,000,000 dozen pairs yearly, probablt making
the company the largest single manufacturer of this class of stocking in the
country.
Earnings.
-Net profits for the past three years, after all charges, Including depreciation, and after State and Federal income taxes, were as follows:
Times DieDal. per Sh.
Net Profits idend on
Of Corn.A.Ber
As Above. 1st Pfd, Stk.
Pfd. Divs.
1925
3335.619
$1.27
2
.90
1926
557,276
2.56
4.54
1927
706,583
3.51
5.76
Net profits as reported above for the three-year period thus averaged
more than 4.40 times the dividend requirements on the 7% first preferred
stock.
Financial Condition.
-The pro-forma balance sheet as of April 7 1928.
after giving effect to the consolidation, the present financing and other adjustments shows current assets of $2.209,934„ against current liabilities of
3400.639.
The company, in addition to a strong liquid position as to cash and accounts receivable, acquires a large investment in readily marketable bonds
and securities. Funds are therefore available for a normal growth without
recourse to the issuance of further securities.
Common Stock Purchase Warrants.
-Each share of 7% first preferred stock
will be accompanied by a detachable warrant entitling the holder to purchase one share of the common stock of the company on or before July 1
1931, at $32.50 per share.
Adelaide-Sheppard Co., Ltd., Toronto.
-Bonds Offered •
-A. N. Worthington & Co., Toronto, Ont., and Jo n W.
Gordon, St. Catherines, Ont., are offering $800,000 7%
1st mtge. (closed) 20
-year sinking fund bonds, at 100 and
interest.
Dated March 15 1928: due March 15 1948. Denom. 51.090, $500 and
$100 c*. Principal and int. (M. & S.) payable at the Standard Bank of
Canada, Toronto, or at its branch office in St. Catharines, Ont. Red•
all or part on any int, date on 30 days' notice, at 103 and int. to March 15
1936; 102 and int, thereafter to March 15 1943, and 101 and hit, thereafter to maturity. Royal Trust Co., Toronto, trustee.
CapitalizationIssued.
Authorized.
7% first mortgage bonds (this issue)
3800.000
8800,000
Common stock (no par)
4,000 shs.
4,000 ebs•
The land on which the building Is to be erected, is located on the Northwest corner of Adelaide and Sheppard Sta., Toronto. The building la to
boa 16 story and basement high class, fireproof office building, of reinforced
concrete construction. This building will contain approximately 1,400,000
Cu.ft., with approximately 84,800 sq. ft. of rentable office space, and 4,590
sq. ft. of rentable store space on the ground floor.
Advance Bag & Paper Co., Inc.
-Earnings.-
Years Ended Dec. 311926.
1927.
Bag, paper and pulp sales
$4.720,89
3
Cost of goods,sold, incl. repairs. State & municipal $5,353,752
taxes, outgoing freights, selling exp., cartage &
cash discounts
3.883,957
4,436,955
Administrative & sundry expenses
180,543
185,093
Net profit
5656.393
$731,703
Purchase discount & sundry sales
23.800
33,644
Dividends received from subsidiaries
100,000
130,001
Totalincome
$780,194
5895.348
Depreciation
145,028
195,731
Miscellaneous interest
23,273
84,077
Interest on bonds
95,216
93,776
Loss from bad debts
2,339
Obsolescence of mill
21,000
Balance,suTlus
8516,677
54911.425
-- I. 126. p. 663
0
.
Aeolian Co., N. Y.
-New V-President and Director.
-
O. Alfred Wagner, formerly President of the American
Co. has
been elected Vice-President and director of the Aeolian Co.Plano Wagner
Mr.
rejoined the Aeolian Co. a short time ago as general sales manager, from
which position he was promoted.
-V. 124, P. 3
776.
Air Reduction Co.
-Earnings.
-
3 Mos. End. Mar. 31- 1928.
1925.
1927.
1926.
Gross Income
83,503.522 $3,365,862 $3,043,710 $2,349,138
Operating expenses
1,548,096
2,285,634
2,226,913
1,966,096
Addition to reserves_ _- 284,956
488,947
455,587
446,996
Net pref. bef. Fed. tax $728,940
$516,086
$683,362
$630,618
Cap. stk. outat. (no par)
201,123
676,203
224 597
208,855
Earns, per share
$1.08
$3.02
$2.56
$&04
-V. 126. p. 1663.
Allied Capital Corp.
-Stock Offered.
-
The corporation, with offices at 331 Madison Ave., New York city,
new investment company, is offering
cumulative preferred stock ($50 par) together with 10,000 shares of 7%
10,000 shares of common stock (no
par), in block units of one share each. The Colonial Bank is acting as
depository.
This corporation is announced to be an investment and holding corporation for the stocks of banks, trust companies, insurance and other
financial institutions and for the securities of Industrial railroad and public
utilities and other foreign and domestic corporations. Thefinancing of contractors and building contracts will be a part of its business.
Following is a list of the directors, anumber of whom are prominent in the
real estate and construction field: De Forrest Grant (Pres., Federal Terra
Cotta Co.), A. B. Harrington (Pros., Republic Storage Co.), John D
Thompson (Pres. S. B. R. Snecialty•Co.), Joseph Berbery (Pres., Allied
Capital Corp.). Miles Bronson (Gen. Mgr., Grand Central Terminal), New
York City, H. T. Kingsbury (of Couderrt Bros., director, Empire Bond &
Mortgage Co.), Henry E. Wood (Pres., Henry E. Wood Associates), John
A. Sachs (Treas., Allied Capital Corp.). Arthur T. Henderson (passenger
Arn. 28 1928.]
2649
FINANCIAL CHRONICLE
-Products
Traffic manager, French Line), and R. P. Bennett (Pres., By
Machinery Co.).
-Taylor,
-Debentures Sold.
American Aggregates Corp.
Ewart & Co., Inc., have sold at par and in, $2,000,000
15-year 6% sinking fund gold debentures, series A (with
stock purchase warrants).
Dated Feb. 1 1928; due Feb. 11943. Principal and int. payable (F.&A.)
Denom. $1,000 and $500c*. Red. on any int. date, upon 30 days notice,
to and incl.. Feb. 1 1933. @ 105 and int., and thereafter at said price less
Se of 1% of the principal amount for each year or part thereof elapsed after
Feb. 1 1933. Interest payable without deduction for any Federal income
tax up to 2%. Corporation agrees to refund all personal property taxes
and securities taxes of any State or of the District of Columbia not exceeding
in any year six mills of the principal amount, and all income taxes of any
such State or district, not exceeding in any year 6% of the interest upon the
debentures. First National Bank. New ork, trustee.
Data from Letter of F'. D. Coppock, President of the Corporation.
Company.
-Is the outgrowth or a business started in 1902 by F. D. Coppock. The principal predecessor company was organized in 1904 as the
Greenville Gravel Co. The business has had a remarkable development
and to-day is recognized as one of the most important factors in the industry. The principal business is the production, preparation and distribution of gravel, which is used primarily for: concrete aggregate in the
construction of buildings, bridges, streets, highways and miscellaneous
concrete products; the maintenance of gravel roads; and railroad track
ballast. Supplementing its principal business, the corporation manufactures concrete products, gravel plant machinery and equipment, and
road maintenance, trucks.
The plants and properties of the corporation, located at strategic points
with reference to transportation and markets in Ohio, Indiana and 1SIlchigan, have been developed through successful operations covering more
than a quarter of a century.
Debenture Issue.
-Will be direct obligations of the corporation. Indenture will provide that no lien shall be placed upon any of the properties
of the corporation unless this issue of debentures shall be secured equally
and ratably therewith, except that the corporation may acquire properties,
subject to purchase money mortgages or other liens existing thereon at the
time of acquisition.
Sinking Fund.
-Indenture will provide for the rayment into a sinking
fund of $100,000 per annum on or before Oct. 31 of each year, beginning in
the year 1928, to be used for the purchase or redemption of debentures of
series A. The funds received by the corporation from the sale of its common stock upon the exercise of the Stock purchase warrants must also be
paid to the trustees as a further sinking fund for debentures of series A.
Earnings.
-The net earnings of the corporation for the year ended Dec.
31 1927, after all charges, including $271,555 for depreciation and depletion.
but before Federal Income taxes, were $857,394. an amount equal to 7.1
times the maximum annual interest charges and equal to 3.9 times the
maximum annual interest and sinking fund charges on this issue of debentures. The earnings as above stated for the year ended Dec. 31 1927,
after deducting interest on this issue of debentures and after Federal income taxes, amounted to $3.67 per share of common stock to be outstanding
upon the conclusion of all corporate transactions incidental to this financing.
It is estimated that earnings for the year 1928 will be materially in excess of
1927 earnings.
Stock Pure ase Warrants.
-Each $1,000 debenture will carry a detachable
warrant entitling the holder upon exercise of the warrant right to purchase
10 shares of the common stock of the corporation as follows: At $30 Per
share if exercised on or before Jan. 31 1931; thereafter at $35 per share if
exercised on or before Jan. 31 1933; thereafter at $40 per share if exercised
on or before Jan. 311935;thereafter at $45 per share if exercised on or before
Jan. 31 1938* thereafter at $50 per share if exercised on or before Jan. 31
1943. Each $500 debenture will carry a detachable warrant in proportionate amount.
CapitalizationAuthorized.
Outstanding.
Sinking fund gold debentures
$2,000,000
$5,000,000
Preferred stock ($100 par)
1,250.000
1,250.000
Common stock (no par value)
*250.000 she. 150,000 she.
* 20,000 shares have been reserved to provide for the exercise of stock
purchase warrants.
.
payable at Guaranty Trust Co., New York. trustee. Denom. $1,000c5
Red. all or part at 103 and int. on any int, date on 30 days' notice.
Security.
-These bonds will be secured by pledge with the trustee, of
marketable securities having an aggregate market value at all times at
least 25% in excess of the principal amount of the collateral trust bonds,
series B, outstanding. The securities to be initially pledged are the following:
Current
Marret
Company.
No. of Sits.
Price.
Value.
$270,000
2.500 Am.& Fgn. Pow. Co., Inc., $7 cum. pref. stk.- 108
139
278,000
2,000 Am. Gas & Elec. Co.. coin. stoc
246.000
3,000 Am.Pow. & Light Co.,corn stock
182
254.800
1,400 Am. Telep. & Teieg. Co., capital stock
254
254.000
1,000 Brooklyn Edison Co., Inc., capital stock
300.000
3,000 Cities Service Pow.& Light Co..$6 cum. pref-- 100
181
181.000
1,000 Commonwealth Edison Co..capital stock
84
252,000
3,000 Commonwealth Pow. Corp.,common stock
229,500
1,500 Consolidated Gas Co. of New York, corn. stk._ 153
168
336,000
2,000 General Electric Co.,common stock
105,000
1,000 National Pow.& Light Co.,$6 cum. pref. stk_ _ 105
195
195.000
1,000 Union Pacific RE..common stock
American Brake Shoe & Foundry Co.
-To Acquire
Control of National Bearing Metals Corp.
-
Total
$2,901,300
Cash dividends on the above pledged stocks at rates currently being paid
are substantially in excess of the annual interest charges of the collateral
trust bonds, series B, now being issued and including stock dividends at
current prices for the stocks, the annual dividends received on the above
pledged stocks are more than 30Z In excess of such annual interest charges.
Sinking Fund.
-Indenture will provide for a sinking fund sufficient to
retire $20,000 bonds each year commencing with 1939.
-Jackson & Curtis announce the
Common Stock Offered.
sale of 30,000 shares common stock (no par value) at $54
per share. A portion of the stock was withdrawn for offering in Switzerland.
Data from Letter of C. P. Hamilton, Vice-Pres., April 17 192$.
Company.
-Organized in October 1925 in Delaware to take over the
assets and business of the "Investment Company for Electrical Enterprises
In the United States," a Swiss corporation which was established in 1910
and had a very successful record. Company has continued the business
of the latter company with substantially the same direction and management. Company, under its charter, is empowered to acquire, hold and
deal in securities of all kinds and to take part in financial transactions. It
has acquired for long term investment chiefly securities in well established
and successful light and power companies.
Outstanding.
Authorized.
CapitalizationColl. trust 30-yr. skg. fund 5% gold bonds
$4,000,000
$4,000,000
(incl. this issue)
60.000 she. 30.000 she.
Pref.stock (no par)$6 cumulative
200,000 she. *130.000 shs.
Common stock um par)
above 30,000 shares. There are also Issued and outstanding
*Including
option warrants entitling the holders to purchase at any time, without
limit, 20,000 shares of common stock at a price of 825 a share.
Purpose.
-The proceeds from the sale of these bonds, together with the
proceeds from the sale of 30,000 shares of common etock, will be used to
pay off all of the company's present current indebtedness and to provide
funds for the acquisition of additional securities.
-Net earnings of company, after expenses and taxes, available
Earnings.
for interest charges for the years 1926 and 1927 and the 12 months ended
Apr. 30 1928 are as follows:
$294.884
Year ended Dec. 31 1926
336.333
Year ended Dec. 31 1927
407,000
12 months ended Apr. 30 1928 (April partly est.)
trust bonds outstanding including the present issue
Interest on collateral
equals $200,000 so that without allowing for increased earnines to be derived from the application of the proceeds of this issue, nor of the sale of
30,000 shares of common stock, the net earnings for the 12 months, ended
Apr. 30 1928 (April partly estimated) were equivalent to over twice interest
charges on the collateral trust bonds to be outstanding, including this issue.
-As of Mar. 31 1928. the net assets of the company, after giving
Assets.
effect to the present financing were as follows:
82,238.290
Cash
Investments (at book values which were substantially below
9.228.304
market values)
$11.466.594
Total assets
The proposal of the directors to acquire a substantial interest in the
Deduct
National Bearing Metals Corp. was approved by the srtockholders on
316,617
Reserve for contingencies
Apr. 24.
72,720
It is planned to purchase the preferred stock of the National corporation Subscriptions payable
for cash and to acquire the common stock by exchange for Brake Shoe
211,077,257
Net assets before deducting funded debt
common stock.
4.000.000
The American Brake Shoe Co. made substantial expenditures last year Coll. tr. 30-Yr.skg.fd.5% gold bonds (incl. this issue)
for the purchase of the New York Car Wheel Co. of Hammond, Ind., and
$7.077,257
Balance available for capital stocks
the construction of new car wheel plants at Toledo and St. Louts.
The American company plans to acquire 30,000 shares of National Bear- -V. 126. p. 1343.
ing Metals common stock on the basis of three shares of Brake Shoe comAmerican-Hawaiian Steamship Co.
-Annual Report.
mon for four shares of National common stock. This, with a small lot of
Income and Surplus Account for Years Ending Dec. 31.
stock already owned, will give the American Brake Shoe Company comtrol
1927.
1926.
1924.
1925.
of the National Bearing Metals Corp., which has 60,000 common shares.
The transaction will increase the American company's common stock Operating earnings
$4,051,115 $3,641.816 $3,101,834 $2,877.173
Operating, general esps.
to 670,624 common shares.
George M. Judd, Secretary, has been elected a director to succeed the
4,227.197
and depreciation
4,088,144 3,888.040
3.666.540
late F.1". Fitzpatrick.
-V. 126. p. 2150.
$789,367
Net loss from opera_ __
$176,682
$446,328
$786.206
Other inc.-Profit arisAmerican Colortype Co.
-Sales Higher.
ing from adj. and reThus eir in 1928 sales and profits of the Chicago branch of this company
504.822
coveries on prior years Dr23.078
17,387
17,785
are approximately 20% higher than those for the corresponding period In
1927. according to Edwin Lennox. Vice-President and General Manager Net profit on sale of
vessel & investments_
7259,953
81,477
207,174
2.051
of the Chicago branch -V. 126. p. 1509, 1042.
Int. & dive. rec. on inv,
182,820
and from other sources
130.806
279,734
146,612
American District Telegraph Co.(N. J.).
-Report.
-Less interest on notes pay Deb79,100 Deb80.627 Dels31,757
Calendar Years1927.
1926.
1925.
1924.
Gross oper. revenue---- $7.638,314 $7,233,302 $6.861.521 $6,538,054
$361.676
$667.319
$155,782
Net loss for year
prof.$82.350
:Operating expenses_ --- 5,910.199
5.764,773
5,424,126
5,173.735 xPrevious surplus
7.494.209
6,746,820
6.636.830 6,011.286
Net operating income_ $1,728.115 $1,468,529 $1,437.394 $1,364.319
Total surplus
86.719,180 $5,855,504 $6,079,501 $7,132,532
116,624
Inc. from dive. & int--_
114,111
112,893
97.707 Adjustments
Cr.3,126 Dr.85,712
a781,325
18.674
300.000
71.340
Total
$1.844,740 $1,582,640 $1,550,288 $1,462,026 Dividend paid
Surplus Dec. 31
$6,737.854 $6.636,8.30 $6.011.287 $6.746,820
Int. on bda. A. D.T.Co.
713
3,019
11,287
provision of Merchant Marine Act of 1920.
x Exclusive of fund held under
Balance, surplus
$1.844,740 $1,581,927 81,547,269 $1,450,739 y Loss arising through exchange of capital stock of 39 Broadway Corp.
sales of notes receivable.
Previous surplus
6,084,610
5.719,311
5,209,398 4,449,374 for capital stock of American-Hawaiian SS. Co. andprovisions of Merchants
a Amount withdrawn from funds in trust under
251,900
Pref, stock purch. for red
Marine Act of 1920 for construction of new vessel which accrue to the
-V.
$8,181,250 $7 301,238 $6.756,667 $5,900,113 company, provided vessel under construction is finally completed.
Total surplus
Adjust. of surplus (net)- Dr33.859
er10,495
Dr38.644
Cr31,704 125, p. 97.
stock
Dive,on old
431,460
722.419
-Earnings.
American Machine & Foundry Co.
681,748
692,629
Divs. on new preferred_
318,881
1924.
1925.
1926.
1927.
Calendar Years332.729
285,360
Divs. on new common
134,183
$6,948,250 26,490,398
Sales
Approp. for red. of pref.
272,640
249,134
114,186
153,122
197,064
Royalties
Not available
Profit & lose, surplus_ $6.860,274 $6,084,610 $5,719,314 $5,209,398
$7,145,314 86,643,520
Total revenue
x Including repairs, reserved for depreciation, rent for lease of plants,
5,631,393
Mfg.costs and expenses- 5.730.160
-V. 125, p. 2150.
taxes, miscellaneous interest.
American Encaustic Tiling Co., Ltd.
-To Issue Add'l
Stock, &c.
The directors have voted to offer common stockholders 10.797 shares of
new common stock in the ratio of one new share for each 10 shares now
held. The proceeds will be used to retire the remaining outstanding 4,410
shares of 7%, cumul. pref. stock at $105.
Net earnings, after charges and taxes, for the quarter ended March 31
last amounted to $192,372, equivalent to $1.71 a share on the outstanding
-V. 125. p. 2812.
107,970 shares of no par common stock.
-Bonds Offered.
American European Securities Co.
A. Iselin & Co. and Jackson & Curtis are offering at 100 and
-year sinking fund 5%
int., $2,000,000 collateral trust 30
gold bonds, series B.
Dated May 1 1928; due May 1 1958. Int. payable (M. & N.) without
deduction for normal Federal income tax up to 2%. Principal and int.
Profit
Other income
Net profit
Pref. dividends
Corn, dividends
Surplus
$1,415,154 $1,012,127
140,805
96,125
248,432
282.590
3,654
42,407
$641,660
129,510
185.497
$29
8Rigt
$994.032
424,937
$619.236
135.750
3326,653
$47,127
65,375
31.418.970
140,000
360.000
$754,086
70.000
8326.653
$112,502
68.165
3918,970
Gross profit
Interest, &c
Depreciation
Federal taxes
$684,986
$326.653
$44.337
161,677
p. 2151.
-Initial Preferred Dividend.
American Metal Co., Ltd.
s
The directors have declared an initial quarterly dividend of 114 °I' on the
new 6% cumul. noncallable cony. pref. stock, par $100, payable June 1 to
holders of reoord May 15. (See V. 126.p. 151o).
2650
FINANCIAL CHRONICLE
The directors also declared the regular quarterly dividends of 1%% on the
7% pref.stock and 75c, per share on the common stock, payable on the same
dates.
-V. 126. p. 1664.
[VOL 126.
American Woolen Co.
-To Close Two Plants.
-
The company has completed plans
its two plants.
the Weybosset Mills and the Valley for the abandonment ofI.. and the reMill in Oineyville. R.
opening of the Riverside Mill, also in Olneyville, according to a dispatch
American Hide & Leather Co.
-Earnings.
---from Providence, R. I. Discontinuance of operations at the Weybossett
Period Ended March 31, 1928Quarter. 15 Months. and
Valley Mills will be carried out as soon as the work and some of the
Operating loss after charging repairs, deprec.„ intermachinery at these two
est on loans, & res. for taxes
$153.709
$10.445 now carried on at the plants can be moved to the Riverside plant. Work
Adjust. of machinery supply inventory
Weybosset Mill will be transferred to the Riverside
49.507
49.507 Mill. The
Additional res. for bills & accounts receiv
Valley Mill has been idle for some time.
-V.126. D. 2470.
250.000
250,000
Loss on sale of real estate
78,409
78,409
Ashland Corp.
-Bonds Offered.
-H.M. Byllesby & Co.,
Total net loss
$531.626
$388,361 Inc., are offering at 9934 and int., $1,500,000
1st (closed)
-V. 126, p. 1664.
American Milling Co. (of Del.).-Bal. Sheet Dec. 31.
[Including its subsidiary. The Sugarine Co.]
swAssets1927.
1926.
Liabilities1927.
1926.
A plant____$2,826,061 $2,834,535 Capital stock
Prop.
52,944,46442,945,597
Cash
119,129
89,871 Notes payable_ - -- 310,000
175,000
Drafts drawn ag'st
Trade accts. pay_ - 360,273
284,414
oust. with bills of
Payrolls & comm.
lading attached_ 116,836
133,748
payable
9,428
9,988
20,638
Life ins. policies__
18,022 Accrued gen. taxes
16.418
20,813
Notes & acc. rec. 301,524
ts
220,411 Prov.for Fed.taxes
67,824
43,494
Inventories
982,073
897,539 Divs. payable_ _ __
15,184
13,620
66,312
Adv. on purchases
74,796 Capital surplus_ __ 387,659
420,373
Invest, and trade
General surplus_ __ 383,815
366,764
memberships__ _
16,320
14,653
Deferred charges
20,819
21,844
64,470,736 84,304,393
Total
Total
54,470.736 54,304,393
x Authorized. 300,000 shares common, par $10. Issued: Definitive
certificates, $2.886,860:interim certificates. $20,504: old stock not presented
for exchange, $31,100.
-Contingent liability-drafts drawn against customers secured by
Note.
bills of lading attached, discounted. $738.292.-V. 124, p. 1825.
American Piano Co.(& Sub s.).
-Earnings.
-
Period End. Dec.31- 1927-3 Mos.-1926.
Net inc. after interest,
deprec. & taxes
$360,036
$574,398
Shs. coin. stk. outst'd'g
226,249
(no par)
x43,404
Earns, per share
$1.13
$12.99
Par 5400.-V. 126, p. 1355.
1927-12 Mos.-1926.
$496,978 $1,775,429
226.249
$0.34
x43.404
$31.29
American Pneumatic Service Co. Subs.).
(&
-Earnings.
Combined Income Account Years Ended Dec. 31.
Income from Sales & In1927.
stallations on Rental1926.
1925.
The Lamson Co.(see bo$490,057
los)
$504,479
$674,290
Mall tube income (less
amort. of rehabilitation cost & int. on
140,855
107,795
notes)
72,054
1924.
$602,749
65,462
Gross combined earnsInt. on Am. F'neum.
Sexy. Co. bonds
Maint. of Boston. Chic.
& St. L. Mail Tube
cos. & exp. of parent
company
Deprec. mail tube cos...
Res. for Fed. inc. taxes_
$630.911
$612,274
$746,344
$668,212
1.442
1,500
1.527
1,734
67,178
111,372
27,000
30,961
111,870
27.000
33.836
111,870
78.000
42,222
111,944
50,000
Net combined inc__ - _
Dividends paid:
Minority Lamson stk_
First preferred stock__
Preferred stock
$423,919
$440,942
$521.111
$462,311
24
105,000
253,154
24
105,000
221,510
28
105,000
221.510
20
105,000
158,221
mtge. leasehold sinking fund 6% gold bonds.
Dated Mar. 1 1928: due Afar. 1 1943. Principal and Mt.
(M• & EL)
payable at Bank of America in Chicago, trustee.
$1.000 and $500c5
.
Red. as a whole, on 30 days' notice on or before Denom.1933 at 102% and
Mar. 1
int., and thereafter at 101 and int.; red. in part on or before Mar. 1933 at
1
105 and int., and thereafter at 105 less Si of 17 if principal amount for
each full year or fraction thereof elapsed after Mar. 1 1933.
Company
agrees to pay interest, without deduction, for any Federal income
In excess of 2% and to refund Penn. and Conn. personal property tax not
taxes not
In excess of four mills: Ky. and Missouri personal property taxes
excess of five mills; Iowa personal property tax not in excess of six not in
mills.
Mich, exemption tax not exceeding five mill, in
of such
dollar of the principal, and the Mass. income taxeach in excesscases on each
not
of 6% of the
nterest per annum.
Data from Letter of William G. Pohl, President of the
Corporation.
Properties.
-The property consists of the leasehold
known as the "Ashland Block Properties" fronting 160 Estate in Chicago
feet on Randolph
St. and 181.6 feet on Clark St., comprising 29,056
located the Ashalnd Building, the Olympic Theatresq. ft., on which are
and the Union
taurant Building. The Ashland Building is of standard fireproof Resstruction. 16 stories in height and has been excellently maintained. conThe
buildings are and have been for several years practically 100%
This property,occupying one ofthe most prominent corners in the rented.
Loop and
in the heart of the Rialto section, is one of the few "24
-hour corners" in the
city.
Security.
-Secured by a closed first mortgage on the
the buildings thereon, appraised as having a fair market leasehold estate and
value
making this issue of bonds less than a 53% loan. The land of $2,877.880,
lease expiring 2027 (renewable for an additional term of 99 is held under
years) at an
annual rental of only $170.625, without right of revaluation.
Earnings.
-Willoughby & Co., Chicago, have estimated the net income
available for payment of interest. Federal taxes and depreciation for the
years 1928, 1929 and 1930 at $140,069, $184,069 and $266,069, or an
average
for these years of approximately 2.20 times maximum annual interest requirements on this issue of bonds. These estimates are based on an audit
of the earnings of the Ashland Block by Arthur Anderson & Co.. and give
effect to existing leases and rental at current rates of space to
able by the expiration of leases during the above-mentioned be made availperiod.
Sinking Funa.-Indenture provides for a semi-annual
fund, commencing July 1930, calculated to retire more than 50% sinkingissue before
of this
maturity.
Ownership.
-The leasehold estate has been acquired, and a substantial
cash investment has been made, by interests closely identified with H. M.
Byllesby & Co.
Associated Packing Co., Des Moines, la.
-Assessment.--.
In a decision handed down by Judge Lester Thompson in the District
Court at Des Moines, Ia., on Apr. 20 an assessment on subscribers to capital stock of the concern, to equalize the assets with the liabilities was ordered.
George C. Williams, receiver, claimed the assessment was necessary in
order to wind up the receivership. The amount of the assessment needed
to fully liquidate the defunct company was placed up to Judge Thompson
to determine.
In his decision, Judge Thompson said in part: "It appears from the
testimony that the company has liabilities of $253,716, with total liquid
assets of $119,098. This leaves a deficit of $134,617. There are unpaid
subscriptions amounting to $2,388,725. Among the subscribers are a
number who have died insolvent, have taken bankruptcy, or by reason of
defenses against the subscription. may not be liable. This leaves the
burden of the assessment to be borne by people who have no such defense
and who are solvent."
-V.121. p. 981.
Balance. surplus
$65,741
$114.409
$194,573
$199.070
Shares of common outstanding (no par)
198.501
198,504
198,504
1'198.504
Earns, per share on corn_
$0.32
$0.58
$0.98
$1.00
Income Account of Lamson Co. for Years Ended Dec. 31.
Austin, Nichols & Co., Inc.
-Sells Plant.
1927.
1926.
1925.
1924.
The company has sold its salmon and herring fisheries with trap sites
Income from sales and
and plant to the Pacific American Fisheries.
Installations on rental_ $4,466,735 $4,035,724 $4.540,332 $4,628,282
James D. Brown, formerly sales manager, has been elected a director
Cost of sales & operating
---V. 126. p. 418.
Installations on rental_ 4,025,732 3,579,514 3,911,887 4.042,937 and 1st vice-president.
Operating income---- $441,003
$456,210
$628,445
$585,345
Automotive Standards, Inc. Newark, N. J.
-Redeems
Int. & disc't earned-49.054
48,269
45,845
28.962 Preferred Stock.
Gross income
$490.057
The corporation announces that It has retired the entire
$504.479
$674,290
$614,307
outstanding
-V. 126. p. 108.
Issue of the cumul. 8% pref. stock. The company has no funded
debt.
Of the authorized issue of common stock of 150,000 shares,
there is issued and outstanding a total of 100,000 shares. no par value.
American Stores Co.
-Annual Report.
Transfer & Registrar Co., New York, is transfer agent. TheThe Security
1927.
Calendar Years1926.
1925.
1924.
Murray Hill
Gross sales
$120.664.568$116,902,229$108,886,071 $98.178,602 Trust Co., New York, is registrar.
Net inc.aft.depr.&taxes_ 7,442,922 7,357.8751
James G. Phillips, has resigned as Secretary of the company.
Not
Not
4,060.641
Dividends
become associated with Henry H. Russell, senior partner of the He will
4,142.145( available
available
Russell, Miller & Co., members of the New York Stock Exchange, firm or
who are
83,382,281 $3.215,730 $2,726,232 $3,825,714 opening offices in San Francisco.
Balance for year
-V. 126, p. 581.
Adjustment of reserve_
767,109
earned surplus- 19,808,524 15.825,685 13,099,453 9,273,739
Previous
Bayuk Cigars, Inc.
-Earnings.
3 Mos. End. Mar. 31- 1928.
Total earned surplus-323,190.805 $19,808,524 $15,825,685 $13,099,453
1927.
1926.
1925.
Net after Fed. taxes, &c. $263,032
2,876,123 3.054.858 3,372,549
Capital surplus
$299,933
1,469,699
$169,529
$91,226
Other income
Cr.8,781
Cr.22,680 Cr.18.285 Cr.19,536
$26,066,929 $22,863,382 $19,198,234 $14,569,152 Reserves
surplus
72.654
Total
39,482
32.909
34.060'
Consolidated Balance Sheet Dec. 31.
Net income
$199,159
$283,130
$154,905
1926.
$76,702
1927.
1927.
1926.
Preferred dividends_
101.790
70.308
53,555
$
54,881
Liabilities$
a
AMU$
7,459,289 6,366.705 b Stock
20,603,261 20,603,261
Surplus
Land & bldlill
$97.369
$212,822
$101,350
$21,821
318,425 Shares common stock
fixtures- 2,245,788 1.975,588 Acc'ts payable.... 474,801
Equip. dr
24,206 Divs. payable_ .._ _ 809,837
1.799
824,620
outstanding (no par).
Constr. in pm-78,106
77.121
77.121
77,121
5,088,952 5,397,082 Res've for taxes._ 1,126,161 1,706,250 Earnings per share
Cash
$1.25
$2.76
$1.32
$0.28.
7,382,036 6,707,487 Mtge. payable_
35,400 -V. 126. p. 872.
Mkt. securities
11,416,496 11,332,130 Capital surplus... 2,876,124 3,054,858
Inventories
245,578 Earned surplus_ _23,190,805 19,808,524
.
debtors.-- 204,438
Sundry
Beaver Board Cos.
-To Retire Bonds.
Treasury stock...24,193,204 2,564,887
The Beaver Board Companies and the Beaver Products
Trustee empl. stk. 1,000,242 1,735,114
Co.,
nounce that arrangements have been made for the redemption Inc., an9,808,767 9.808,770
Good will
on July 1
1928, of all outstanding let & ref. mtge. 20
193.811
-year 7%% sinking fund
Deferred charges_ 279,977
bonds of the Beaver Products Co.. Inc., and 11-year 8% collateral gold
trust
gold notes and 12-year 8% sinking fund gold notes of
49 080,991 46,351,340
49,080,990 46.351,340 Total
Total
the
Companies, at their respective prices of 110%, 102%, Beaver Board
a 141,728 1-3 shares. b Stock outstanding 192'7. 1:761.403% no par accrued interest.
and 103% and
-V.126, v. 1510.
hares.
According to a statement by A. S.
holders of various issues, desiring to Blagden, President of both companies,
-Listing.do so,
Armstrong Cork Co.
spective trustees at any time prior to July may surrender them to the reThe Pittsburgh Stock Exchange has approved for listing 1,554,816 shares entitled to receive thelredemption price plus 1 1928. and will thereupon be
value.
of common stock, no par
Trustees for the Beaver Products bonds int, to the dates of surrender.
are
Trust Co. of
Illinois and the Chemical National Bank of Nowthe Centralfor the Beaver
Consolidated Statement of Income for Calendar Years.
York
Board 11-year and 12-year notes respectively, are and,
1926.
1927.
1925.
1924.
the
National Bank & Trust Co., and the Central Union Trust Chatham Phoenix
Co. of New York.
Sales,less returns & allow$26,017,930 $31,760,843 $35,656.610 $36,685,846
See also Certain-teed Products Corp. in last week's
Mfg. cost of sales, excl.
"Chronicle." Page
14,728,257 17.889,334 20,486.846 21,444,098 2481.-V. 126, p. 581.
depreciation
Gross profit
Other income net
11,289,673 13,871,509 15,169.764
80,437
67,726
72,340
15,241,748
70,080
Gross prof.from oper.$11,362,013 $13,939,235 $15,250,200 $15.311,828
Adm.& selling exp
7,113,522 9,013.432 8,993,606 9,779,880
1,183,934
1,225,900
1.084,411
Depreciation
843.611
681.802
595,461
503,296
Federal income tax- --427,895
Net income
-V. 126. p. 1814.
12.976,986 $3,338,097 $4,348,892 $3,752,553
Beaver Products Co., Inc.
-To Redeem Bonds.
-
See Beaver Board Cos. above.
-V. 125, p. 3202.
Beech Nut Packing Co.
-Earnings.
-
3 Mos. End. Mar. 31- 1928.
Net profits
$744,580
Dividends
255,079
Balance, surplus
$489.501
1927.
$511,042
242,500
1926.
$672,796
242,500
1925.
8665,294
243,798.
$268,542
$430.296
$421,496.
APB. 281928.]
FINANCIAL CHRONICLE
2651
Condensed Balance Sheet Mar. 31.
1928.
1927.
1928.
$
Liabilities$
Assets
$
Common stock__ 8,500,000
Real estate, build5,316,774 5,304,287 Pref. stock, cl. A.
4,500
ings. are
Pref. stock, cl. B_
mutes.and secured
102.193 Notes & accts. pay 112,753
loans on reai est- 110.823
stock_
124,000 Notes mat.or called
Pref. tress.
1
Patents, tr.-mks._
1 Divs. payable__ __ 255,078
1,811,259 1.842,239 Expenses di taxes. 315,901
Securities owned
504,043 Res. for deprec___ 1,908,016
1,418,169
Cash
27,437
623 Res. for ins., &c__ 141,370
Cash for red. notes
56,670
56,670 Res. for red. notes
Securities
622
981.983 Res. for red. stock
Accts. & notes roe. 1,271,839
26,804
inventories(cost)- 7,820,684 7,713,703 Other reserves____ 145,287
oos. 260,675
244,198 Surplus paid in__ 1,450,700
Due from sub.
143,282 Earned surplus__ 5,426,424
Deferred assets_ 193,135
Data from Letter of William M. Bristol, President of the Company.
1927.
Company.
i
-Incorporated in New York in 1900, successor of a
$
established in 1887. Company manufactures and sells Ipana partnership
toothpaste,
7,500.9
, 00 Sal Hepatica, and Oestrogen tablets. These products are sold throughout
4 000 the United States and in 26
.
countries. Sales both domestic and
1.110.500 foreign in each of the past 4foreignhave shown a
years
1,599,628 compared with the preceding year. The growth has substantial increase as
continued and increased
623 in the current year
242.500
The products of the company are widely and extensively advertised: over
273,710 $4,000,000 having been spent in
in the last
1,692,319 thoroughly modern plant of the advertising is located four years. The
company
at Hillside, West
109,700 Elizabeth, N.J. Manufacturing laboratories are also
operated in Montreal.
Can.: Mexico City; Havana, Cuba and Sydney, N. S. W. Offices are
located in New York, San Francisco, London, England, Montreal and
151,674 Sydney,
100,025
The growth of the company has been accomplished entirely through
re4,223.045 investment of profits without resort to borrowing.
Earnings.
-Net sales, and net profits
18.287,457 17,017,224
Total
Total
18,287,457 17,017,224 after eliminating income from investments after Federal income taxes and
which are being withdrawn from
-V. 126. P. 1356.
the business have been as follows:
YearSales.
Net Profits. Per Sh. Corn.
Bell Financial Corp.
-623'c. Preferred Dividend.
1923
$2,751,238
8696,625
The directors have declared a dividend of 6236c. a share on the preferred 1924
3.87
,
3,322.258
816.998
stock, payable May 15 to holders of record April 23.-V. 125, p. 2940.
4.53
1925
3.878.405
885,650
4.92
1926
4,416.583
Corp. (I11.).
Bendix
-Places Class B Stock on a $2 Annual 1927
811,297
4.50
5.088,241
1,047,688
5.82
Dividend Basis-To Retire Class A Stock.
Sales in the first 3
of 1928
The directors have declared the regular quer. divs. of 50 cents per share responding period ofmonths and net have been 18% in excess of the cor1927,
profits have been proportionately
on the class A stock, payable July 1 to holders of record June 20, and of greater.
25 cents per share on the class B stock, payable Juno 15 to holders of
Assets.
-The balance sheet as of March 31 1928 adjusted to give effect
record June 1.
The management stated that it is its intention to place the class B stock to the proposed plan of recapitalization, the withdrawal of investments
not required in the business and the payment of
on a $2 annual div. basis and have declared a quer. div. of 50 cents per of record prior to the recapitalization, as certifieddividends to stockholders
by R. G. Rankin & Co.,
share on this issue, payable Oct. 1 to holders of record Sept. 15.
shows current assets of $1.649.449 as compared with current liabilities
The directors on April 26 voted to exercise the company's privilege of of $225.376 and total net assets of 82,732,834. Company's
valuable
calling for redemption at $40 a share, the present issue of 65,000 shares trade marks and good-will are carried at 81.
of class A stock now outstanding. The corporation has the right to redeem
class A stock, plus accrued dividends, on any dividend date, upon 60
Bunker Hill & Sullivan Mining & Concentrating Co.
the
days' notice, opportunity being given class A stockholders to convert their -Extra Dividend of 50 Cents.
class A stock into class B stock during such interval on a share for share
basts.
The directors have declared the usual extra dividend of 50c. a share
-v. 126, p. 1985.
and
the regular quarterly dividend of 25c. a share on the common stock, both
Berkshire Hall (Cosmopolitan Enterprises, Inc.), payable May 4 to holders of record Apr. 30. Like amounts
were paid on
-V.126.P. 1985. 1816.
Jackson Heights, N. Y. City.
-Prudence Certificates Feb.4. Mar.Sand Apr.4 last.
-The Prudence Co., Inc., are offering $400,000
Offered.
5% guaranteed Prudence-Certificates.
Legal for trust funds in State of New York. Int. payable Jan. land July
1. Tho purchase of one of these certificates makes the holder the owner of
a participation equal to the amount of his subscription, in a first mortgage
[nada by Cosmopolitan Enterprises. Inc.,_ on the newly completed apartment house "Berkshire Hall," Jackson Heights, N. Y. City.
The mortgage is a first lien on the land and modern 6
-story elevator
apartment house. The building is of steel and brick construction, and
brick construction, and contains 123 apartments divided into 1, 2, 3 and 4
room suites. Tho owners estimate the annual gross earnings at approximately $130,000.
Bethlehem Steel Corp.
-Earnings.
-
guars. End. Mar.311928.
1927.
1926.
1925.
Total income of corp. &
$9,574,948 811,757,289 811,973,038 810,399,316
its subsidiaries
Interest charges
2.838,145
2,883,958
3.065.032
3,337,594
Prov. for depl., deproc.
3.352,085 3,255,293
& obselescence
3,042,156
2,990,205
Netincomefor period_ 83,384,718 85,618,038 55,865.850 $4,071,517
Preferred dividends__ -- 1.697.500
1,697.500
1,688.795
1,075,638
Surplus for the period.. $1,687,218 83,920.538 84.177.055 $2,995,879
Earns. per share on com.
$0.94
$2.18
Tlae value of orders on hand March 311928. was 861.393,48 8 as coninV7
$ 2
23
ed
with $58,609.006 at the end of the previous quarter, and $45,791,990 on
March 31 1927.
Operations averaged 79.5% of capacity during the first quarter as compared with 69.5% during the previous quarter, and 79.8% during the first
quarter of 1927. Current operations are at the rate of approximately
g5% of capacity.
The regular quarterly dividend on the preferred stock has been declared
payable July 2 1928, to stockholders of record on June 2 1928.-V. 126.
p. 1985.
Borg & Beck Co.
-Earnings.
-
guar. End. March 31Net income after taxes & charges_ _ - _
shs. corn. stk. outstanding (par $10)Earns. Per share
-V. 126, p. 1356.
1928.
$247,186
150,000
$1.65
1927.
224,232
117,900
$1.90
1926.
202,680
125,000
$1.62
Bracken Furniture Co., Inc., ew York.
-Stock Of-C.D. Coker & Co., Inc., New York recently offered
fered.
the 1st pref. stock and 2d participating pref. stock m units
of 1 share of each class at $27 per unit.
CapitalizationAuthorized.
Outstanding.
cumul. 1st pref. stock (par $20)
25,000 shs. 15,000 shs.
70c. cumul. 2nd participating preferred (no par)
-25,000 shs. 17,500 shs.
* Common stock (no par)
5,000 shs.
3,000 shs.
* The common stock carries the entire voting power of company.
The 1st pref. stock carries a cumul. div. of 7% or $1.40 per sharo, and is
callable after one year, at option of corporation, at $22 per share. The
second participating pref. stock carries a cumul. dividend of 70c per share
and is callable after one year, at option of corporation, at $10 per share.
After dividends have been paid: (1) on the first preferred stock. (2) on the
second participating pref. stock, further dividends shall be divided between
the second participating pref. and the common stock in the ratio of 1-5 to
the second participating pref. as a class, and 4-5 to the common as a class.
-The present company is the outgrowth of a furniture business
History.
started 15 years ago. In 1924 the business was incorp. in New York
under the above name. From the original capital of $5,000 with which
business was started, the founders and present owners have made and
invested in the expanding business and in the buildings, owned by affiliated
corporations, in excess of $200,000. In order to provide capital for the
rapidly growing volume of business, it has been recapitalized as shown
above.
sales of the corporation have increased in volume
Sales and
compared to sales for the fiscal year ended June 30 1925 as follows: year
ending June 30 1926, 67.3%. Year ended June 30 1927. 134.9%.
Average earnings, for past 24 years ended Dec. 31 1927, applicable to
dividend requirements on now issue, have been 2.05 times on 1st pref.
and 1.8 times on 2nd preferred.
parning.-Net
Butte Copper & Zinc Co.
-Earnings.
-
Quarter Ended March 31Tons or ore
Proceeds ofore
Interest received
1928.
37,197
$32,928
1,722
1927.
37.667
853.254
2,332
Totalincome
Administrative expenses and taxes
834.651
10,467
$55,585
19,972
Netincome
Earns, per sh. on 600,000 shs. corn. stk. (par 85)
-V. 126. p. 873.
$24.183
8.04
$35,613
3.06
California Dairies Inc.
-Income Account.
Income Account Year Ended Dec. 311927.
Not sales
$12,932.603
Cost of goods sold including selling, delivery & admin. expenses..
11,787,718
Depreciation
371,821
Interest charges
106,523
Provision for Federal income taxes
86.000
Net income _____ _ ___ _ ____
______________ _ - _ - __ - _ x$580.541
The net income has been divided as follows: Paid to
preiecessor companies, 860,000; dividends on preference aockholders of
dividends paid to Western Dairy Products Co. on common stock, 152,500:
stock, $252.063;
balance transferred to surplus, $215.977.-V. 125. P. 2391.
California Group Corp.-Pref. Stock Offered.
-California, Securities Co., Los Angeles, recently offered at 99
and div. $1,000,000 Series A 6% cumulative preferred stock
(par $100).
Cumulative dividends at the rate of 6% per annum
payable Q.
able in whole or in part on any div. date after 30 days notice -J. Callat 103 and
dividends. Exempt from California personal property tax
and divide da
exempt from present normal Federal income tax.
California Trust Co.,
Los Angeles, registrar. Transferable at the corporation's
office, 629 Soutl
SpringSt., Los Angeles.
Corporation.
-Organized in 1926 In California
estate acquired from California Bank; conduct a to own and operate real
ness, and act as a holding company for the benefitgeneral investment busiCalifornia Securities Co.. affiliated in ownershipof affiliated institutions.
California Trust Co. and the National City Bank with California Bank.
of the corporation's outstanding common stock. of Los Angeles, holds all
Ineome.-Under the terms of its lease, California
Bank pays a minimum
of $200,000 per annum, and rentals in excess of 870,000
per annum are
being received by the corporation from the balance
addition to this established income, the corporation of its real estate. In
Is realizing substantial
profits from its investments and other activities.
Net earnings, after
deduction of all operating charges including
depreciation, interest, all
taxes, and additions to reserves, have at all times
been substantially in
excess ofoutstanding preferred stock dividend
requirements, and for the year
ended Dec. 31 1927, were approximately two
times such requirements.
-V.124, p. 927.
Calumet & Heels Consolidated Copper Co.
-Earnings.
Earnings
Statement Three Months Ended Mar. 31.
Receipts1928.1925.
Copper sales
$3.333,849 $3,596,721 $3,801;980 $2,672,844
Custom mill. & smelting
5,198
14,418
14,091
Dividends
4,770
54.365
Interest
18,594
23,637
31,566
18,320
Miscellaneous
4,982
6,675
8.016
45,112
Total receipts
$3,357,424 $3.632,230 $3,860,751 82.804,732
Disbursements
Copper on hand Jan. 1
3,650,171
3,372,632
3,182,379
5,866,909
Prod., selling, adm. and
taxes
2,867,716
2,510,884
2,443,307
2,119,592
Depreciation & depletion
743,872
862,973
1,257,863
977,637
Miscellaneous
77,192
10,367
23.030
Total expenditures_.. $7,261,753 86,823,680 86,893,916 $8,987,168
Less cop.on hand Mar.31 4,216,528
3,345,073
2,978,842
6,111,175
Net expenditures ---- $3,045,225 $3,478,607 $3.915.074 $2,875,993
Gain for quarter
312,198
153,623 loes54.322 10s571,261
The Cliff Mining Co. (of whose 60.000 shares 28.785 are owned
above company) has levied an assessment of $4 a share on its stock. by the
-V.126,
p. 2152.
Bristol-Myers Co.
-Stock Sold.
-A block of 93,785 shares
of common stock was offered April 27 by J. &. W.Seligman
Canada Gypsum & Alabastine, Ltd.
& Co. at $59 per share. The issue has been oversubscribed.
-Debentures Of-Royal Securities Corp., Ltd., Montreal, recently
The stock does not represent any new financing. There will fered.
offered at 99 and int., to yield about 6.10% $1,000,000 6%
no change in the management.
be
Transfer agent, American Exchange-Irving Trust Co., New York. 20
-year cony, sinking fund gold debentures.
Union Trust
Co. of New York.
Registrar, Central
Dated
1 1928;
pitalization. After approval of a proposed plan of recapitalization by CanadianMar. coin or maturing Mar. 1 1948. Prin. and int. payable in
gold
stockholders of the company and the declaration of a special dividend Paris, Ont., Montreal,its equivalent at The Canadian Bank of Commerce,
"h
INCe
Toronto, Halifax, St.
the tockholders of record prior to the recapitalization
and to which pur- Ottawa, Hamilton, Winnipeg, Edmonton John, Charlottetown, Quebec,
to s
Calgary, Regina.
co
chasers of this common stock will not be entitled, the capitalization will be or Victoria, or, at the option of the holder, in United States goldVancouver
coin or its
equivalent at the agency of The Canadian Bank
as follows:
Authorized. Outstanding. or in sterling at Canadian Bank of Commerce, of Commerce. New York
London, Eng., at the fixed
500.000 shs. 180,000 shs. rate of $4.86 2-3 to £1. Denom. $1.000
Common stock (without par value)
Assignable options for three years at $50 per share for an aggregate of of 5% up to and incl. Feb. 28 1929, and and 8500 c*. Red. at a premium
thereafter up
sirs. of the authorized, but unissued stock without par value will be 1947 at a premium of5% less Kof 1% for each calendarto and incl. Feb. 28
4100
year or part thereof
granted to interests identified with the company, including the bankers. of their currency, and after Feb. 28 1947 until maturity without
management.
In each case with accrued interest. Trustee: Royal Trust Co. premium;
the directors and
(VOL. 126.
FINANCIAL CHRONICLE
2652
CapitalizationAuthorized. Outstanding. may be exchanged for an equal principal amount of registered debenture
stock of such series and vice versa.
$21,500000,00000
let mtge. sinking fund gold bonds
$4,000,000
,
8% 20-yr. gold debentures (this issue)
1,000,000
Consolidated Balance Sheet as at Dec. 31 1927.
75,994,shs.
Common shares, no par value
100,000 shs.
[Giving Effect to Completion of Exchange of Securities.]
Convertible.
-Debentures will be convertible at the holder's option Into
LiatAlitieScommon shares of no par value at the rate of 10 such common shares for Real est., plant, timber urn.,
$16,250,000
7% pref. shs. of subs
each $1.000 debenture, at any time prior to Mar. 1 1933. Should termina&c
22,727,330
882,256,762 1st mtge, bonds of subs
debentures or Accounts &
tion of rights be brought about through redemption of
bills receivable__ 2,957,124 ,5 % debens., Laurentide
otherwise, this conversion right may be exercised within the period provided Investments
28,800,000
4.878,271' series
in the indenture.
11,639,451 Capital liabilities deferred__ 4,665,000
Earnings.
-Based upon annual profits of the company for the 3 years Inventories
Advance
1,827,752
26,000 Bank loans
ended May 31 1927, and of properties now being acquired for the 3 years Employ. stumpage
stock-St. Maurice
lAccounts and bills payable.- 3,323,522
annual profits, after depreciation and
ended Oct. 31 1927. consolidated
Valley Corp
362.373
679,920 , Accrued bond interests
depletion, but before Dominion income tax, and available for bond and
700,675 Accrued dividends621,504
debenture interest, were: 1925, $303,438; 1926, 8399,534; 1927, $557,701. Deferred charges
679,920
Employees stock loan
Earningson thesame basisfor the year ended Dec.311927.were$645,146.
6,620,362
Deprec. & depletion res
equivalent after deducting interest on 1st mtge. bonds now to be outstanding
726.385
Contingent res
to 8.4 times the annual interest requirement of these debentures.
Beige Can. Paper Co., Ltd.,
Sinking Fund.
-Indenture will provide for an annual cumulative sinking
33,600
com, stk, not owned
fund for the redemption of debentures of a sum equal to 3% of all debentures
al1.529,6135
Capital stock
issued, plus interest on those redeemed, commencing Sept. 1 1929. It is
Total (each side)
4,970,770
$103,138,204 Profit and loss
estimated that this will be sufficient to retire at par by maturity the debena Represented by 750,000 shares no par value common stock of which
tures now being issued. In addition, an amount equivalent to 25% of the
amount paid in any year by way of dividend in excess of $3 per common 688.000 will be issued and fully paid up on completion of exchanges.
share shall also be paid to the sinking fund. See also V. 126. p. 1666.
Canadian Wineries, Ltd.
-Stock Offered.
-Harley, Mil2317.
Canada Steamship Lines, Ltd.-Earnings.1925.
1927.
1926.
,24 4
2
-Gross oper. revenue__ _ _816,462.458 $15,057,239 $10.437.686 $1019 7;479
8,779.087
Operating expenses
12,420,201 11,416.065 8,167,624
cal,n-a, 1- ars-
Net oper.revenue__ -- $4,042,257 53,641,174 52,270,062 $1.468,392
187.635
83,013
Other income
157.217
124,100
Total income
Deductions
Reserve for income tax
Loss on sale of assets_
$4,166.357 53.798,390 $2,353,075 $1,655.027
1,512,208
1.550,233
2.466,981
2,797.369
87.000
120.000
125,000
16,017
Surplus
$1,243,989 51,211,410
Eu71138 ter 5 1 sheet- 1,555.399
2 18 . iba8
:
.
8
1,211,410
3715.841
2,312,392
5127.801
1,596,550
Canadian Eagle Oil Co., Ltd.
-Initial Dividend.
See Mexican Eagle Oil Co., Ltd., below.
-V. 126, p. 1986.
-Debentures Offered.
Canada Power & Paper Corp.
-year5%gold debentures(LauAn offering of $6,000,00030
rentide series) was recently made by Wood, Gundy & Co.,
Inc., at a price to yield about 5.55%. These debentures
are not an additional issue, being part of the bonds recently
delivered to shareholders of the Laurentide Co., Ltd., in
exchange for common shares of that company.
Dated Jan. 1 1928: due Jan. 1 1958. Total debentures authorized
$100,000,000. To be presently issued not more than 828,800,000 (Laurentide series). Prin. and int. Laurentide series (J. & J.) payable at the
holder's option in Canadian gold coin in Montreal, or Toronto at either
the Bank of Montreal or The Royal Bank of Canada, or in United States
gold at the Agency of The Royal Bank of Canada. New York, or in gold
coin of the Kingdom of Great Britain at the Bank of Montreal, London,
Eng., at the fixed rate of 84.86 2-3 to £1. Denom. c* $1,000, $500 and
$100 and r* $1,000, $100 and authorized multiples of $1,000. Red. at
the option of the corporation in whole or in part at any time on 30 days'
notice at the following prices and int.: at 105 if red, on or before Dec. 31
1932: at 1031i if rod, thereafter but on or before Dec. 31 1937; at 102 if
red. thereafter but on or before Dec. 31 1942; and thereafter at 101. Montreal Trust Co.. trustee.
Listing.
-Application will be made to list the debentures on the Montreal Stock Exchange.
Sinking Fund.
-For the exclusive retirement of debentures of Laurentide
series, the trust deed will provide for an annual cumulative sinking fund,
commencing Jan. 1 1933, equal to at least 1% of all the issued debentures
of Laurentide series.
Corporation -Incorporated under the laws of the Province of Quebec
with powers to own and operate paper, pulp, hydro-electric and other
properties and companies. Corp. has offered its debentures and shares
In exchange for outstanding shares of Laurentide Co., Ltd., and common
shares of St. Maurice Valley Corp. on the following basis: for each share
of Laurentide Co., Ltd., $100 of 5d % collateral trust sinldng fund gold
debentures, Laurentide series, and one fully paid share without nominal
or par value of the capital stock of the corp.; and, for each common share
of St. Maurice Valley Corp., 2).i fully paid shares without par value of the
capital stock of the corporation. Under the terms of these offers there have
been deposited more than 97% of the outstanding $28,800,000 par value
capital stock of Laurentide Co., Ltd. which has no funded
more than 97% of the outstanding 160,000 common shares without
indebts,a
par value of St. Maurice Valley Corp.
The corp. and its subsidiary companies constitute one of the largest
producers in the Dominion of Canada of newsprint paper, pulp and paper
products and hydro-electric energy.
-Properties controlled by the corporation include 4 important
Properties.
newsprint paper and pulp mills having a combined capacity of more than
1.400 tons of paper products per day, or an annual capacity of 395,000
and
tons newsprint, 15,000 tons cardboard, 22,500 tons wrapping, book tons
writing papers and white and colored specialties, as well as 18 000
kraft pulp, and a large output of other paper products. In addition, the
.corporation controls, through Laurentide Power Co., Ltd.,(a subsidiary of
Laurentide Co.. Ltd.,) a hydro-electric plant at Grand'Mere, P.Q., with
present developed capacity of 165.000 h.p., capable of increase to 185,000
h.p.
The corporation also controls, through subsidiary companies, pulpwood
areas estimated to contain more than 37,000,000 cords of pulpwood,
sufficient for a practically perpetual supply of pulpwood at full rated capacities of the mills. Adequate hydro-elecnic and hydraulic power Is assured
through long term and favorable contracts with Laurentide Power Co.,
Ltd., and The Shawinigan Water & Power Co.
-The average combined annual net earnings of Laurentide
Earnings.
Co., Ltd., and St. Maurice Valley Corp. and their subsidiaries for the 2
Years ended Dec.31 1927, after all prior charges, available for Interest on the
$28.800,000 of debentures to be outstanding upon completion of the ex-changes, were $3.180,869, or more than twice annual interest requirements
on such debentures.
-The company controls (1) The Laurentide Co.,
Controlled Companies.
Ltd., which in turn owns 72,000 shares of the issued and outstanding
capital stock of Laurentide Power Co., Ltd., and the
105.000 shares of
entire capital stock of Laurentide-Ottawa Co.;(2) St. Maurice Valley Corp.,
which in turn owns over 99%% of the authorized common shares of Belgo
-Canadian Paper Co., Ltd., and all of the authorized no par value common
shares of Canada Power Co.
In addition, through St. Maurice Valley Corp., Canada Power & Paper
Corp. controls one-third of the capital stock of The Anticosti Corp., which
-owns outright the Island of Anticosti, which has an estimated pulpwood
-content of 15,000.000 cords.
Outstanding.
Authorized.
Capitalization$100,000,000 328,800.0003
Sinking fund gold debentures
750,000 sits. 688,000 shs.
-Common shares (no par value)
Security. The trust deed will require that the corporation deposit with
the trustee under the first specific pledge of the trust deed as security
for the debentures all shares of Laurentide Co., Ltd., and of St. Maurice
Valley Corp. acquired by the corporation under the terms of its offer of
exchange to the shareholders of these companies. The debentures required
to complete these exchanges will be designated "53 % collateral trust
:sinking fund gold debentures. Laurentide series" and will be limited to
$28,800.000.
-The total amount of debentures which will be Issuable
Debenture Issue.
under the trust deed will be 2100,000,000 or its equivalent in Sterling at the
fixed rate of $4.86 2-3 to El. Debentures of any series other than debentures of the Laurentide series may mature not earlier than Jan. 1 1958.
"tittle° series will be issuable as coupon and fully registered debentures; and
O) registered debenture stock payable as to principal and interest only
as
Ai Lend., Eng. Debentures of any series, other than the Laurentide series,
ner & Co., Denman & Co., Ltd., S. R. MacKellar & Co.,
Caldow & Gasson, Toronto, L. G. Beaubien & Co., Montreal and Midland Securities, Ltd., are offering at $22 per
share 100,000 shares no par value capital stock.
CapitalizationOutstanding.
Authorized.
Capital stock
100.000 sits.
200,000 shs.
Of the authorized stock. 8,000 shares are to be held in the treasury under
option to the management for a period of three years at a price of $24 per
share during the first year, $26 per share during the second year. and $28
per share during the third year. Transfer Agent. Montreal Trust Co.:
Registrar, Toronto General Trusts Corp.
Company.
-Is being incorp, under the laws of the Dominion of Canada
to acquire and hold control through ownership of the entire capital stock
of the following companies: Stamford Park 'Wine Co., Ltd., Niagara Falls.
Ont.; Dominion Wine Growers, Ltd., Oakville, Oct.; Lincoln Wines Ltd.,
St. Catharines, Ont.; Peerless Wine Manufacturers, Ltd.. Toronto. Ont.:
and Thorold Winery Co., Ltd., Thorold, Ont. Companies manufacture
and sell under their respective brands, various types of port, sherry, burgundy,claret, sauterne, champagne and medicated wines.
Assets -Combined fixed assets including land, buildings and equipment.
had a replacement value after depreciation as of March 14 1928. of $366,742.
Combined net current assets, as of Dec. 31 1927. after giving effect to the
present financing were $628,991.
Earnings -Consolidated net earnings, after providing for all operating
expenses, depreciation, and after elimination of certain non-recurring
charges, but before providing for Federal income tax exceed: in 1925.
$90,792;in 1926, $140.571: in 1927, $253.733. Earnings. as above. In 1927.
after deducting Federal income tax at the current rate, were equivalent
to about $2.23 per share of capital stock to be presently outstanding.
Carnegie Steel Co.
-New Vice-President.
-
John S. Oursler has been elected V.
-President. succeeding I. Lamont
Hughes, who will remain as a director of the Carnerie company, and who
has been elected V.
-President of the United States Steel Corp. with supervision over manufacturing operations of iron and steel making subsidiary
companies.
-V. 124, p. 3500.
Carriage Factories, Ltd.
-$5 Return of Capital.
-
This company. according to a dispatch from Toronto, will pay immediately 85 per share on the pref, stock by way of return of capital. The
directors last Fall authorized tne payment of $15 per share conditional on
the projected sale of the large Orillia factory taking place. This sale has
fallen through, but the company has sufficient cash on hand to make the
$5 payment, it is stated.
The winding-up of the company is dependent on the sale of the factory,
only a small part of which is leased. W.C.Tudhope is Sec.
-V.121, p.2407.
Caterpillar Tractor Co.
-Earnings.
-
Quarter Ended March 311928.
1926.
1927.
Gross revenue
57.781,003 $6,671.000 $5.677.403
Net profit before taxes
1,400.542
1,481.233
1.438,023
Current assets as of Mar. 31 1928, amounted to 218.812.263 compared
with current liabilities of $5,332,594. Cash on hand in banks and bank
certificates of deposit amounted to $1.515,411. Bank borrowings on that
date totaled 22.550.000.-V. 126. p. 2481.
Celotex Co.
-New Directors-Far Eastern Market.
-
Roy H. Goddard of Chicago. and J. K Shaw of Minneapolis, have been
added to the board of directors.
Sales in Japan for the first quarter of 1928 increased 300% over the first
quarter of last year. according to an announcement by the
the first two weeks of the second quarter, up to Apr. 14. sixcompany. In
carloads were
shipped to Japan, the orders including roof Insulation board, standard
building board and Celotex lath.
-V. 126. p. 2481.
Century Ribbon Mills, Inc.
-Quarterly Report.
[Company and Century Factors, Inc.]
3 Mos.End.Mar. 311928.
1927.
1926.
Net profits
$80,933
5101.282
892,055
Divs. paid on pref.stk
27,081
30.458
31.185
Common dlvs.(50C.) 50,000
Balance, surplus
Earns, per sit, on 100,000 shs, corn. stk.
(no par)
-V. 126. p. 1204.
1925.
8185.019
32,098
50.000
$53,852
$70,824
810.870
6102,921
$0.53
$0.71
$0.61
81.53
Chandler-Cleveland Motors Corp.
-Earnings.
-
Calendar Years
Gross profit from sales
Expenses, &c
Federal taxes (estimated)
Prov. for contingencies
1126.
1927.
$3,483.003 84.533,477
3,456,112 x4,097,148
35.000
500.000
-----Net profit
de/14733ot $401,329
Dividends paid and provided for
41.288,666
Earns, per sit, on 350,000 pref. shares (no par)___
81.14
Nil
x Includes depreciation. z As follows: Chandler-Cleveland Motors
Corp.. pref.. 21,249.080; minority interests in constituent companies.
$37.586.
Balance Sheet Dec. 31.
1927.
1928.
1928.
1927.
Assets
8
$
Liabilities$
Fixed assets
77,183,849 7,289,817 x Cap. stk. & sur_14,488.944 15,570,187
Goodwill
703,897
5,000,000 5,000,000 Notes payable
28,633
Cash
189,158
432,837 Accts. payable_. _ 747,122 1,252,326
Notes & accts. rec_ 273.337
252.739 Customers bal._
63,995
Cars for export
265,675
99,678 Accrued taxes__ 187,655
Settlem, with vend.
1,681
100,000 Minority lot
Inventories
133,898
3,231,788 4,821.430 Dealers'deposits__
79,472
Invest. in Mill. cos. 323,515
217,426
116,888 Dividends pay_ _ _ _
Other assets
300,000
15,438
162,440 Contingent reserve 800,000
Deferred charges
156,937
169,459
Total
18,373.823 18,445,088
16,373,823 18,445,088
Total
x Represented by 350,000 shares of no par preferred and 280,000 no par
shares of common. y After deducting $3.427,801 allowance for depreciation.
-V. 125, p. 3353.
Charis Corp.
-Stock Sold.
-George B. Robinson & Co.
have sold 25,000 shares common stock at $27.50 per share.
The stock has been purchased from individuals and does not
represent any financing by the corporation.
Common stock, without par value
100,000 she.
Transfer agent, Bankers Trust Co. Registrar. New York Trust Co.
APR. 281928.]
2653
FINANCIAL CHRONICLE
1
Data from Letter of Louis Margolis, President of the Company.
Company.-Incorp. Sept. 22 1915. under the name of Fifth Avenue
Corset Co., Inc. Its business was conducted under that name until April
1928, when name was changed to Charts Corp. The development by the
company in 1924 of the garment known as "Charts" has been responsible
for substantial progressive increases in volume of business and profits
through 1925, 1926, 1927, and the first quarter of 1928.
"Charts may be described as an undergarment for women, which has
certain exclusive features for figure improvement and control, these features
being covered by U. S. patents. Company is engaged in the manufacture
and sale of the garment 'Charts" through 6 branch offices and 67 district
offices. The district offices employ on a commission basis more than
3,000 saleswomen, who sell direct to the consumer.
-Net earnings after Federal income tax, as reported by
Net Earnings.
the company for the year 1925. and as certified by Peat, Marwick, Mitchell
& Co. for 1926 and 1927. have been as follows:
1925.
1927.
1926.
$86,755
$281,782
$170.863
Net earnings
The 1927 earnings were accordingly at the rate of $2.81 per share on the
new capitalization of 100,000 shares. The volume of business for the first
quarter of 1928 showed a gain of 64% over the first quarter of 1927.
-Company's balance sheet of Dec. 31 1927, after giving
Balance Sheet.
effect to the recapitalization of the company showed net worth (capital and
surplus) of $313,000. Louis Margolis and Joseph Leonard have guaranteed
to the bankers (George B. Robinson & Co., Inc.) that the net tangible
assets of the company as of May 1 1928, to be verified by audit, will be
Increased to not less than $500,000. representing the capital and surplus.
Listing.-Applicatlon will be made to list this stock on the New York
-V. 126. p. 2482.
Curb Market.
-Initial Preferred Dividend.
Chemical & Dye Corp.
The directors have declared an initial quarterly dividend of 1 % on the
-See offering
1st pref. stock, payable May 1 to hoidens of record Apr. 20.
In V. 126, p. 419.
Chestnut Farms Dairy, Inc., Washington, D. C.-Crane, Parris & Co. Washington, D. C.,
Pref: Stock Sold.
4
have sold at 1033 and div.,$1,000,0007% cumul. pref. stk.
Exempt from present District of Columbia intangible personal property
-M. Red. all or part
and normal Federal income taxes. Diva. payable Q
on any city. date up to and ind. Mar. 15 1938. at $110 and diva, and thereafter at $107.50 and diva. Beginning Mar. 15 1929, a sinking fund will be
created sufficient to retire annually 100 shares of pref. stock ot not exceeding 110 and diva. If stock cannot be purchased at or below 110 it shall be
called by lot. Transfer agent, American Security & Trust Co., Washington, D. C. Registrar, Riggs National Bank, Washington. D. C.
Data from Letter of Henry N. Brawner Jr., President of the Company.
-Business was established more than 32 years ago to do a
Company.
general milk, cream and butter business in Washington and vicinity, and
was incorp. Jan. 3 1924 in Delaware. From a small beginning it has grown
to the largest concern of its kind in the District of Columbia., distributing a
total of approximately 60,000 quarts of milk and cream daily to nearly
28,000 customers.
Capitalization
$712,500
lit mtge. 63i% bonds, due 1941
114.019
Mortgages (other real estate)
1,000,000
7% cumul. pref. stock (par $100)
12,500 she.
Common stock (no par value)
The company agrees that there shall be no additional issue of pref. stock;
nor any increase in the amount of its present pref. stock; nor will it create
any increased mtge. indebtedness upon its present properties, without the
consent of 75% of the pref. stock represented at a meeting especially called
for such purposes
Earnings.
-The net profit for the year ended Dec. 31 1927 after int.,
sinking fund on bond issue, depreciation, taxes, and after eliminating certain non-recurring charges, is $211,921, which is equivalent to more than
3 times the annual div. requirements on this issue of pref. stock.
-Company agrees to make application to list this stock on the
Listing.
-V. 123. p. 330.
Washington Stock Exchange.
Earnings, as shownvaboveYare over 4 times the total annual Interest
roouirements of thistissue.-V. 125. p. 100.
-
Chicago Pneumatic Tool Co.-Earnings.-
Quar. End. Mar. 31Mfg. profit after exp.,
depr.& Federal tax-- _
Other income
1928.
1927.
1926.
1925.
$188,983
24,130
$224,154
13,358
$208,748
13,632
$136.063
11.783
Total income
Interest
$213,113
57,184
$237,512
27,235
$222.380
23,234
$147,846
14,062
Net profit
Stn.cap. stk. outstandEarns per share
-V. 1'26, p. 1986.
$155,929
94.427
$1.65
$210,277
94.994
$2.21
$199,146
94,994
$1.90
$133,784
94.994
$1.40
-Annual Report.
Chicago Railway Equipment Co.
1926.
1925.
Calendar Years1927.
1924.
$88,635
Net profit
$212,619
$160,052
$405,032
209,774
209,775
Pref. dividends (7%) - _
209.775
209,775
Common dividends__ ($1.50)89,903 ($3)179,898 (83)179.808 (*3)179,808
.
Balance, deficit
Profit & loss surplus_ __ _
-V. 125, p. 3486.
$87.058
860,921
$300,948
948,659
$229,531 sur.$15,449
1,249,607
1.479.138
Childs Co.-Earnings.1927.
1926.
Quar. End. Mar. 311928.
1925.
Gross income
$7,264,906 $7,789,806 $6,525,020 $6,137,615
6,928,999
Expenses and taxes- -- - 6,852,266
5,929.580
5,738.060
Operating income_ _ _ _
Other income
$412,640
39,033
$860,807
47,239
$595.440
38,696
$399,555
84.062
Totalincome
Depreciation,&c
$451,673
395,192
$908,046
363,113
$634.136
279,784
$483,617
150,000
$56,481
360,742
Nil
£544,933
346,825
$1.31
8354.352
333.909
$0.79
$333,617
237,863
$1.04
Net income
Shs. com stk. outstand_ _
Earns per share
-V.126, p. 2318.
-Extra Dividend.
Club Aluminum Utensil Co.
The directors have declared an extra dividend of 25 cents per share on the
capital stock, payable May 15 to holders of record May 5. Quarterly
dividends at the rate of $2 per share per annum are also being paid on the
shares.
Sales and profits for the first uciarter of 1928, according to official estimates, were the largest for any quarterly period in the history of the cornpany.-V. 126, p. 2482, 875.
-Earnings.
Collins & Aikman Corp.
Results for 9 Months Ended March 3 1928
Gross profit
Depreciation
Federal tax reserve
$2.397.977
499,854
244,500
Net income
Preferred dividends
Common dividends
$1,653.623
608.435
1,380.809
Deficit
$335.621
Earns, per sh. on 597,000 shs. com. stk. (no par)
$1.75
Comparative Balance Sheet.
Mar.3'28. Feb. 28'27.
Mar.3'28. Feb.28'27.
AssetsLiabilities$
$
$
Pref. stock
Real estate, build11,760,000 2.088.500
ings, plant. &c._13,666,102 6.755,164 Corn. stock
510.000,000 7,711,500
1,735.949 Notes payable._
198.300
Cash
875,000
Accts. receivable_ 2,592,434 2,121,561 Res. for Fed. taxes 425,111
560,793
625
Notes receivable
50,000 Other curr. liab___ 871,126
Chicago Artificial Ice Co.
-Stanley & Investments
-Bonds Offered.
9695 0
3
535,198 Mortgages payable
28.200
Bissell, Inc.; Warren A. Tyson & Co., Inc., and Fitch, Marketle see'ties_ 39,183
Res, for depreet'n
344,027
15,994
Crossman & Co. are offering $1,250,000 1st mtge. 6% Invest. in subs_ _ 8,552,515 2.335,289 Surplus
1,619.307 2,946.699
sinking fund gold bonds at 98 and int., to yield about 0.i%. inventories
Deferred sects_ _ 425.392
150,587
955,500 Total(each side)-25.550,544 14,639.250
Dated May 1 1928; due May 1 1938. Int. payable M & N. Denom. Pref.stock held__
$1.000 and $500 c*. Red. all or part on any int. date on 30 days' notice
x Represented by 597,000 shares of no par value.
-V. 126. p. 583.
at 105 and int, to and incl. May 1 1932, at 103 and int; to and incl. May 1
Commerce Building, Sioux City, la.
1935, at 101 and int. to and incl. May 1 1937. and thereafter at 100 and int
-Bonds Offered.Principal and int. payable in Chicago at Central Trust Co. of Illinois. Greenebaum Sons Investment
Co. are offering $600,000 1st
trustee. Company agrees to pay the present normal Federal income tax
not in excess of 2%. Personal property tax of any State under any present mtge.6% serial gold bonds at prices to yield from 4.96% to
income 6%, according to maturity.
law, not in excess of 5 mills per annum in any case, and the Mass,
tax on the int, not exceeding 6% of such interest per annum, refundable.
The bonds are dated Mar. 15 1928 and are due serially (M. & S.) from
-These bonds will be secured by direct first mortgage on all
Security.
fixed assets of the company presently to be owned. Independent engineers Mar. 1929 to Mar. 1940. The Bank of America, Chicago,corporate trustee.
int. and
have valued the properties greatly in excess of the total amount of first Prin.investmenincome tax payments collectable at offices of Greenebaum
t co., Chicago. Monthly deposits in advance with
Sons
mortgage bonds to be presently outstanding.
trustee
Sinking Fund.
-Beginning May 1 1929. and annually thereafter, the to meet int. and principal payments. Privilege to prepay by giving 60
company will pay to the trustee for the retirement of bonds of this issue, days' written notice to trustee, at a premium of 2%.
The Commerce Building occupies a ground area of approximately 22,500
through purchase or redemption, an amount in cash or in bonds of this issue
equivalent to 2% of the amount of bonds of this issue theretofore authen- sq. ft. at the southeast corner of Sixth & Nebraska Sta., Sioux City, Ia.
ticated. Bonds of this issue may be purchased with sinking fund moneys The building has a total net rentable area of approximately 90.000 sq. ft.
Conservative estimates of the annual income from the Property, based
at not to exceed the then current redemption price.
-The same bankers are offering at 98% upon existing leases, are as follows: Gross income, $103,953: estimated
Notes Offered.
expenses (based on 1927 figures), $28,295; net income, $75,658.
and int., to yield 04%,$850,000 3-yr. 6% gold notes.
Commercial Solvents
Corp.-Earning8.Dated May 1 1928: due May 1 1931. Int. payable M. & N. Denom.
3 ADmtlis Ended March 311928.
1927.
1926.
$1,000 and $500 c*. Red. all or part at any time on 30 days' notice at 101 Operating profit
$731,688
$670,637
8453,723
and int, to and incl. May 1 1930, and thereafter at 100 and int. Principal Other Income
15,102
18,410
27.973
int, payable in Chicago at the office of the trustee. Company agrees
and
to pay the present normal Federal income tax not in excess of 2%. 'Omens'
Total income
$746,790
$689,047
11481,696
property tax of any State under any present law, not in excess of 5 mills Charges
58,617
41.810
79.194
per annum in any case, and the Mass,income tax an the interest not exceed- Federal taxes, &c
112,447
121.138
80,613
ing 6% of such interest per annum, refundable. Central Trust Co. of
ois trustee
Ili
Net profit
81,575.726
8526.099
$321,889
Securitt.-This issue of notes will be the direct obligation of the company Capital stock
(no par)
$2.64
x$2.42
a$1.48
and will o followed by 5,000 shares of common stock without par value.
x Earns, per sh. on 217.722 shs, figured on the present share bases -V.
Data from Letter of Pres. Paul B. Hunt, Chicago, April 18.
126, p. 1358.
ourroany.-A Delaware corporation. The business of tee company was ,
Container Corp. of America.
-Earnings.
orldnally established in 1900 and has grown steadily and continuously .
Quarter Ended March 311928.
1927.
since that time. The business principally consists of the manufacture and
distribution of ice, and includes service through favorable con- Net inc. after int., deprec., &c. but before Federal
wholesale
taxes
$427,909
tracts to more than 6,000 accounts in the Loop District of Chicago, which
$292,398
Is the center of Chicago's retail, financial and theatrical districts. A sub- -V. 126, p. 1817.
stantial volume of business at wholesale direct to delivering agencies, small
-Earnings.Congress Cigar Co.
Ice companies and retail distributors, who, in turn, distribute to the conQuer. End. Mar, 31- 1928.
1927.
1926.
1925.
sumer.
Net after all charges inA large part of the business in the downtown district of Chicago is done
$414,673
$569,843 x$405,458 4363,757
cluding Federal taxes_
through various building managers for water cooler consumption. More
a Before Federal taxes.
than 100 office buildings in the Loop District are served by the company.
The properties include 3 modern ice plants with daily manufacturing onThe earnings for the first quarter of 1928 are equivalent to $1.18 per share
the 350,000 shares of no par stock outstanding, as against $1.62 in the
of 145 tons, 190 tons, and 265 tons, respectively, a total of 600
capacities
tons daily capacity. These plants are all modern in design and construction first quarter of 1927.was $194,024, after Federal taxes, against $210,238
March net profit
are electrically operated throughout. In addition to the manufacturing
and
facilities the plants include ice storage capacity of approximately 18,000 in March, 1927.-V. 126. 1)• 1359.
tons. The plants are so located as to economically serve their respectivs
-Annual Report.Consolidated Textile Corp.
districts and adequate provision has been made in buildings and real estate
Consalidat .ti Inco,ne Account (Incl. Consolidated Selling Co., Inc.).
future expansion of facilities. The plants are located in populous center°
Dc. 31 "27. Jan. 1 '27. Jan. 2 '26. Dec. 27 '24.
Years Eatl^dand the real estate is steadily increasing In value.
$648.680 1084)39,730
xProfst from operations_ a$1,335,882 14546,230
Capitalization
Authorized. Outstanding.
247,847
247.847
252,614
248.320
let mtge. 6% sinking fund gold bonds
$5,000,000 $1,250,000 Depreciation
Interest on bonds & bids
gold notes
850,000
-year 6%
850.000
3
781,733
875,608
901.404
payable. &c
802,249
5,000 ails.
'7 dividend series preferred stock (no par)
& com5,000 shs.
Common stock (no par value)
5,000 shs. Proportion of disc. & nts.
mission on bonds
Earnings of Properties Year Ending Dec. 31 1927 (After Eliminating Certain
36.301
46.960
written off
59.509
37,316
Non-recurring Charges).
lit pref. div. on Consol.
64.000
64,000
64,009
earnings
$780,950
Sell. Co., Inc
Gross
maint. and local taxes
477,559
()per. costs & exps., incl.
Balance, surplus,- _ _ - $206,000 def.$683,186 def.$619.848df$2,027615
a Including $53,006 written back for interest provided In prior years
Balance available for interest, retirement reserve & Fed. taxes $303,391
Annual interest requirements this issue of bonds
75,000 on 5 yr. 6% income subordinated convertible debentures converted into
2654
[Vol,. 126.
FINANCIAL CHRONICLE
stock during the year. b Including $100,000 profit from sale of investments. x After deducting adm., selling and gen. expenses.
Consolidated Balance Sheet Dec. 31.
[Including Consolidated Selling Co., Inc.]
Dee.31 '27. Jan. I '27.
Dec. 31 '27. Jan. 1'27.
Assets$
$
$
Land, bldge., &e.s 9,939,854 10,019,475 Cap. stk. (no Par.
Good-will, &c____
1
see Note b)___ - 6,396,866 5,857,783
1
Inventories
5,613,241 4,183,938 1st M.8% bonds_ 3,370,200 3,725,800
Adv. to outside
5
-year 7% notes__ 6,569,500 6,569,500
mills
-year 6% notes__ 206,000
11,496
4,454 5
472,000
Acets rec., less res. 2,356,599 2,162,368 Cense/. Sell. Co.,
Mortgages reedy_
40,000
800,000
45,000 8% let pref. stk. 800,000
Cash
449,939
906,321 Notes payable___ 500.000
Secured call loan_
301.364
500,000 Accounts payable_ 442,300
Disc. & comm. unAccrued interest__ 300,925
322,641
amortized
86,435
249,407 Res. for Fed.taxes
47,995
173,939
Prepd.ins.,Int.,.4c
48,715
64,558
Inv. B. B.& R.K.
Corp
1
Total(each side)18,633,785 18,135,524
cl
a Land, buildings, machinery, equipment, &c., $11,708,402. less $1,768.547 reserve for depreciation. b Authorized capital, 2.000.000 shares of
no par value: outstanding, 1,428,222 shares without par value, representing capital and capital surplus. c 26,974 sh. of cl. B corn, stk., carried
at nominal value of $1.-V. 125, p. 786.
-Rights, &c.
Continental Can Co., Inc.
-
At a meeting of the board of directors held on April 24 1028, it was voted
to offer to preferred and common stockholders the right to subscribe to
no par value common stock at $100 per share to the extent of 10% of the
number of shares of preferred and tor) common stock held by each stockholder. This offer will be made to stockholders of record May 5 and
Payment is to be made on or before May 25 at the National Bank of Commerce in New York, 31 Nassau St., N. Y. City. The required shares of
no par value common stock have already been authorized by the stockholders and are available for issue at the present time.
The company has arranged for the underwriting of this offer with Goldman, Sachs & Cm. and Lehman Bros. Arrangements have also been
made with these bankers to assist stockholders in purchasing or selling
warrants for subscription to fractional shares, as subscription upon warrants
will be accepted by the National Bank of Commerce in New York only for
full shares.
President C. C. Conway, April 25, says: "The business of the company
has in recent months been considerably expanded by the acquisition of the
assets of the United States Can Co. and the stock of the Passaic Metal
Ware Co. This has required a considerable expenditure of cash to retire
the preferred stock of those companies. In addition to reimbursing the
company for these outlays for capital account, other prospective developments are such that the directors have decided that the company should
have the capital involved in the sale of this stock."
-To Acquire the Southern Can Co. of Baltimore.
Arrangements have been completed for the acquisition of the Southern
Can Co. of Baltimore by the Continental Can Co., it was announced on
AprIl 23. The latter company will finance the redemption of $1.250.000
7% preferred stock of the Southern Can Co. and will pay for the property
with 11,500 shares of its own common stock.
The preferred stock of the Southern Can Co. will be called for redemption
on July 2 at 1073 and diva.
The capital stock of the latter company outstanding consists of 12,500
shares of class "A" and the same number ofshares of class "B." each of $20
par value, in addition to the preferred. A special meeting of stockholders
of the company has been called for May 2 to vote upon the proposition.
-V. 126, p. 1359.
subdivision trust covering the 426 lots which have been gold, supported by
contracts of sale aggregating not less than 3635,180. The 701 lots mentioned have been appraised as of Jan. 19 1928 at $1,221,350, or more than
2 times the amount of this bond issue.
Sinkina Funds.
-Company will covenant to deposit in the respective
sinking funds for the payment of the principal and interest on these bonds
(a) 95% of all funds received by it from the payment of the principal and
Interest on the 5635.180 contracts to be initially pledged and (b) 60% of
the payments of the principal and all of the interest received by it on the
contracts to be hereafter pledged, covering the sale of the 275 lots above
mentioned.
Cushman's Sons, Inc.
-Quarterly Statement.
-
3 Mos. End. Afar.31
Earns.bef.dep.& Fed.tax
Depreciation
Federal taxes
1928.
$593,840
84,928
68.675
1927.
$575,944
97,597
63,449
1926.
$493,659
96,787
53,996
1925.
$290,865
83,464
25,457
Net income
8440.237
Divs. on 7% cum. pref.
46,389
Divs.on $8 cum.pref.stk.
58,420
Common dividends
$414,898
47,092
52,914
100,240
$342,376
37,384
52,898
75,180
$181,943
32,044
45,120
71.430
Balance, surplus
Earns. per sh. on 100,240
shs corn. stk. (no par)
-V. 126, P. 1513
.
$335,428
$214,652
$177,415
$33,349
$3.35
$3.14
$2.52
$1.05
Debenhams Securities, Ltd.
-Listed on New York Stock
Exchange.
Initial trading in the "American shares" on the New York Stock Exchange took place April 20 following the approval April 25 by the Exchange
of the application made by Debenhams Securities, Ltd. for listing of its
American shares.
Those shares. 85.000 of which were offered here by Goldman, Sachs &
Co. and Brown Bros. & Co., are the first American shares of a British
corporation to be listed on the Exchange.
Debenhams Securities, Ltd., represents a recent consolidation of Debenhams, Ltd., an organization operating 3 of the leading London retail
establishments, and Drapery Trust Ltd., operating a chain of stores in
Important retail centers of England and Scotland. Altogether some 65 stores
are included in the group, their total net sales being at an annual rate is
excess of $87,000,000.
Each American share is issued against 12 deposited ordinary shares of the
company of 5 shillings par value each. After June 12 1928, certificates for
American shares will be exchangeable for certificates for the corresponding
number of deposited ordinary shares, while after Sept. 12 next, or prior
thereto under certain conditions, additional ordinary shares may be deposited and additional American shares issued against them in the ratio of
1 to 12.
Debenharns Securities, Ltd., last week declared a dividend of 9d. sterling
per ordinary share. This dividend, amounting to $2.18 per net
share, will be paid April 28 by the American Exchange Irving Per American
Trust Co. as
depositary,to holders of record April 23.
D ividend
The "American" shares representing deposited ordinary shares of this
corporation, which wore recently issued by Goldman, Sachs & Co, and
Brown Brothers, went ex-dividend on April 23. The net amount which
will be payable to holders of "American" shares on April 28 will be $2.18.
Expenses and charges of the American depositary in connection with the
collection and distribution of this dividend are just offset by the premium
received in converting sterling into dollars, it was pointed out.
Application has been made to list the American shares on the New York
Stock Exchange.
-V. 126, p. 1668, 2482.
Continental Securities Corp.
-To Increase Cap.-Rights
.
Dictaphone Corp.(& Subs.).
-Annual Report.
The stockholders of record May 15 will be given the right to subscribe
Calendar Years1927.
1926.
to additional common and new pref. stock, according to Pres. G. F. Beal.
$656.387
$643,633
$240;739
Holders of the warrants attached to the corporation's 15
-year 5% debs., Profit f
$355,113
65,964
55,146
series A. who desire to take advantage of the current offer must exercise Depreciation
47,640
80,669
Amort. leasehold impts.
their warrants on or before May 15 1928.
8,406
8,503
78,322
Upon completion of this financing, and provided all of the warrants are Reserve for income tax
81,849
22,467
37,354
exercised, the company will have outstanding a total of 60,000 shares of
Net income
0512,101
common stock and 15,000 shares of $100 par value pref.stock and $5,000.000
0162,226
8506.638
$258,587
109,664
15
-year 5% debentures. series A. The proposed offering of 10,000 shares Cash div. on pref. stock_
112,000
112,000
112,000
187,696
common and 15,000 shares of pref. stock has been underwritten by a Cash div. on corn.stock_
93,533
syndicate composed of J. Henry Schroder Banking Corp., Lee, Higginson
Balance. surplus
$214,741
& Co., Brown Brothers & Co. and Clark. Dodge & Co.
$301,105
$50,226
$146,587
464,357
The stockholders of record May 15 are offered the right to subscribe for Previous surplus
200,554
34,291
70.969
3 shares of 5% cumul, pref. stock and 2 shares of common stock for each Organ. exp. written off deb.18,596 deb.18,596 deb.17,000 deb.13,548
10 shares of common stock held, at $440 for each such block of pref. and Approp.for stock ret'm't deb.37,539
18,707
common stock. Rights to subscribe must be exercised on or before June
Surplus, Dec. 31
$622,962
4 1928.
$464,357
$70,969
$200,558
The corporation will apply to list the rights on the Boston Stock Exchange Earns, per sh. on outstanding 93,533 shs. of
in order to facilltate the evening up of fractional rights.
-V. 126. p. 876.
com. stock (no par)- $4.30
$0.54
$4.29
$1.57
-V. 126, p. 876.
Copeland Products, Inc.
-New President.
George W.Mason has been elected President,succeeding William Robert
Doehler Die Casting Co.
-Earnings.
Wilson, who becomes Chairman of the Board.
-V. 125, p. 523.
Quarter Ended March1927.
1928.
Sales
Crucible Steel Co. of America.
-Personnel.
-$2.030,257 $1,790,388
At a meeting of the board of directors, held April 23, Horace S. Wilkin- Net income before taxes and dividends
127,967
204,725
The company has recently opened a store on Lafayette St., New York.
son was re-elected chairman of the company and F. B. Hufnagel re-elected
President. Robert M. Keeney was elected V.-Pres., and A. T. Galbraith for the sale of gears, pulleys and other products and will open a similar
store in Chicago aboat May 1 1928.-V. 126, p. 2320.
was re-elected V.-Pres. and Gen. Sales Mgr.
A meeting of the directors of the Pittsburgh Crucible Steel Co., a subsidiary, was also held at which Robert M. Keeney was elected President
Dow Chemical Co.
-10% Stock Dividend-Cash Dividend
and W. W. Williams, V.-Pres. in charge of Sales.
-V. 126, P. 569.
Rate on Common Stock
Increased-Rights.
-
Cuban Tobacco Co., Inc.
-Annual Report.
Calendar Years1927.
1925.
1926.
Net earnings
$1,292,449 a$1,234,523 $1,865,277
Prop. min.stockholders_
144,792
135,389
199,418
1924.
$588,905
79,655
Prop. Cuban Tob. Co.. $1,147,657 $1.099,134 $1,665,859
3,474
14,872
Other income
18,430
$509.250
$1,166,087 $1,114,006 $1,669,333
176,659
324,214
365,373
$509,250
17,371
$789,791 $1,492,674
55,000
$491,879
Total income
Exp.,tax & interest _ Net profit
Preferred dividends_ _ _ _
Common dividends
5800,713
55,000
583,901
$491.879
$734,791 $1,492,674
$161,812
Surplus
170,000
170.000
170.000
166,829
Shs.of corn. out.(no par)
$2.57
$8.45
$4.32
$4.47
_
Earns. per sh. on
coma After charging off hurricane loss Oct. 20. 5164,256.-V. 125, p. 3204
-First
-Bonds Offered.
Culver City (Calif.) Co., Inc.
Securities Co., Los Angeles, are offering at 101 and int.,
$600,000 1st mtge. 63% sinking fund gold bonds (closed).
Dated Feb. 1 1928; due Feb. 11938. Principal and int. (F. & A.) payable at Los Angeles-First National Trust & Savings Bank, trustee. Int.
payable without deduction for normal Federal income tax up to 2%.
.
Denom. $1,000 and $500c5 Red. all or part on any int, date on 30 days'
notice at 103 and int. up to and incl. Feb. 1 1933, the premium decreasing
3i of 1% thereafter for each year or fraction thereof of the unexpired life
of the bonds. Exempt from California personal property tax.
Data from Letter of Chas. E. Lindblade, Vice-Pres. of the Company.
A California corporation. Is the owner of 7 tracts of desirable residential
property situated in and adjacent to Culver City, Calif. The tracts are
Improved with streets, sidewalks and curbs, water, gas and electricity, and
marbelite electroliers. In addition to lots which have been deeded, there
are at the present time, 701 lots in these tracts, of which 426 lots have been
sold on contracts of sale on which there is a balance due of $635,180. The
275 unsold Ipts have listed sales prices aggregating $1,113,415.00.
Security.
-Bonds will be the direct obligation of the company and will be
specifically secured by a direct closed mortgage on the 275 unsold lots above
mentioned, and by assignment of the company's beneficial interest in a
The directors have declared a 10% stock dividend on the no par common
stock, payable May 15 to holders of racord May 1.
A quar. div. of $1.50 a share on the common stock, no par value, and the
regular quer. div. of 1 % on the pref. stock also were declared. both
payable May 15 of record May 1. Previously guar. disbursements on the
common stock were $1.25 a share.
The directors also authorized the issuance of an additional 10,000 shares
of no par common stock to be offered at $100 a share to common stockholders of record May 1 in proportion to their holdings as if that date.
V. 125. p. 655.
(Jno.) Dunlop's Sons, Inc.
-Registrar.
-
The Chase National Bank has been appointed registrar for 8.000 shares
lit prof. stock, no par value.
-V. 114, p. 2121.
(E. I.) Du Pont de Nemours & Co.
-Quarterly Report.
-
The report of the company for the first quarter of 1928, issued April 26,
shows $7.63 per share earned on the 2,661,658 shares of no par com. stock
as against $5.36 earned during the first three months of last year. The
net income for the three months was $21.514,198 compared with $15.458,288
In 1927.
Earnings from operations were $4.118.891, an increase of $831,120, or
25%. Income from the company's General Motors investment was
514.974.930 compared with $11,977,865 last year. Both of these figures
Include the extra diva, paid by General Motors in January of the respective years.
The income from miscellaneous securities increased from $525,526 in
1927 to $3.067,529 this year. This increase includes approximately $2,286,000 representing profit from the sale of 114,000 shares of United States
Steel Corp. common stock. Without this unusual source of profit, the
earnings for the quarter would be $6.77, or $1.41 a share over the first
quarter of last year.
The surplus account was increased during the quarter by 923,632,209 from $97,785,244 at Dec. 31 1927, to 8121.417,453, Mar. 31, this year.
A revaluation of the company's holdings in General Motors Corp. corn.
stock accounts for $19,962,440 of the increase in the surplus account.
The value of du Pont Co.'s investment in General Motors was adjusted
on the books of the company in March 1927, to $119,774,640, and in
March 1928, to $139.737,080. which closely corresponded to its net asset
value as shown by the balance sheets of the General Motors Corp. at Dec.
31 1926, and Dec. 31 1927, respectively. On the basis of the 3,992,488
snares of $25 par value now owned, the present figure represents a valuation of $35 per share compared to the previous valuation of $30 per shares
APR. 28 1928.]
FINANCIAL CHRONICLE
Consolidated Income Account 3 Months Ended March 31.
1925.
1927.
1926.
1928.
I nc. fr. oper., incl. c.'s
eq. in earns, of con.cos $4,118,891 $3,287,771 $3,321.983 $2,881,641
Inc. from investment in
a14,974,930 11.977,865 8,984,263
1,981,159
General Motors
525,526 d2,359,661
455,078
Inc.from miscell. sec.,&c c3,067.529
$22,161,350 $15,791,162
Total income
625,729
Prov. for Fed. taxes_
310.830
21,423
22,064
Int. on funded debt___ 821,514,198 $15,458,268
Net income
1.198,988
Divs. on deb. stock__ _ _ 1,209.711
2655
Eitingon-Schild Co., Inc.
-Listing.
-
The Boston Stock Exchange has authorized the listing of 400,000 shares
(authorized 600.000 shares) common stock (no par value) with authority
to add thereto 50.000 add'l shares as the same may be issued and paid for.
Earnings Years Ended Nov. 30.
Net Profit. Interest. Deprec't'n. Fed. Tares. Net Income
1927
82.914,945 8727,936 8122.699 $152.000 $1,912,310
$14,665,907 $5.317.878 1926 •
80,964
2,690.340
670,762
120,000 1,818.614
410,017
264.688 19 5
301,627
63,862
924
2.542,780
176,030 2.001.260
30,121
370.471
262,736
66,780
130,000
846.002
1,305,518
65,344
250,709
100.000
878,833
1923
1,294,886
$14,225,769 $4,682,719 -V. 126, p. 2154.
1,176,431
1,026,242
Amt.earned on com.stk_$20,304.487 $14,259,280 $13,049,338 $3,656,477
Amt. earned per sh. on
2,661,658 shs. no par
value corn, stock outstanding Mar. 31 1928
$7.63
$5.36
$4.90
$1.37
Surplus Account.
1928.
1927.
1926.
1925.
Surp. at beginning of yr.$97,785,244 $66,417,566 $62,669,541 $55.881.491
Net income 3 months_ -- 21,514,198 15,458,268 14.225,769
4,682.719
Surp. res't'g fr. revel. of
Gen.Mot.inv.(see note) 19,962,440 26.184,371
Total
$139.261,8828108,060,205 $76,895,310 $60,564,210
Divs,on deb. stock
1,209,711
1,026,242
1,198,988
1,176,431
Divs,on com.stock_ _ _ _b16,634.718 13,307.545
2,376,185
9,979,645
Surplus at Mar. 31-$121,417,453 $93,553,672 $65,739,234 $57,161,783
a Includes $9,981,220 in 1928, representing an extra div. on General
Motors Corp. com, stock as against $7.985,976 in 1927 and $6,654,145 in
1926. b Includes extra dive, on corn, amounting to $9,981,220 in 1928,
$7,984,976 in 1927 and $6,654,145 in 1926. c Includes approximately
$2,286.000 representing profit received from sale of 114,000 shares of U. S.
Steel Corp. common stock. d Includes approximately $2,000,000 representing interest received from the Government on account of the refund of
taxes overpaid for the years 1915 to 1924 inclusive.
-The value of du Pont Co.'s investment in General Motors Corp.
Note.
common stock was adjusted on the books of the company in March 1927
to $119,774,640 and in March 1928 to $139,737,080, which closely corresponded to its net asset value as shown by the balance sheets of the General
Motors Corp at Dec. 31 1926 and Dec. 31 1927, respectively. On the
basis of the 3;992,488 shares of $25 par value now owned,the present figure
represents a valuation of $35 per share compared to the previous valuation of $30 per share.
-V. 126, p. 2482.
Electric Investors Inc.-Pref. Stock Offered.-Bonbright
4% Co., Inc. offered April 16 at 10n4 and div., to yield
'
5.80%, 20,0 shares pref. stock (no par value). Cum.
00
dividends of $6 per share per annum.
Dividends payable Q-F. Preferred as to dividends and assets over the
common stock. Red. all or part at any time upon 30 days' notice at 110
and dive. Transfer agent, Registrar & Transfer Co., Jersey City, N. J.
Registrar, Corporation Trust Co., Jersey City. N. J. Under the present
Federal income tax law (Revenue Act of 1926 dividends on this stock,
when received
r
an individual citizen or resident of the United States,
es,
are exempt from the normal tax and are entirely exempt from all Federal
Income taxes when the net income of such individual, after all deductions
except dividends. is $10,000 or less. Dividends on this stock received by
corporations are entirely exempt from all Federal income taxes.
Data from Letter of S. Z. Mitchell, President of the Company.
Company.
-Organized in Maine in Sept. 1924, and on Dec. 1 1924, was
consolidated with the Electric Utilities Corp. which had been doing a similar
business since 1909. Its principal business has been to acquire for long term
investment, securities of various kinds, especially the common stocks of
successful and progressive public utility companies. Company has also
acquired from time to time for short term investment, securities of electric
power and light companies, as well as the securities of companies in other
lines of business.
Stockholders in this company enjoy certain
and other
advantages not obtainable by direct diversified inheritance tax
investment. The revenue
of the company is derived from dividends and interest upon its investments,
commissions received in connection with financial transactions, and profit
realized from sale of securities owned.
The management is identified with that of the Electric Bond & Share Co.
and has had long experience in making public utility investments. Among
the members of the board of directors are some of the company's largest
stockholders.
Purpose of Issue.
-Proceeds will provide funds for the acquisition of
additional interests in electric power and light companies, and for other
corporate purposes.
CapitalizationAuthorized. Outstanding.
Preferred stock (no par value) $7 cumulative__ 50,000 shs. 29,645 shs.
$6 cumulative (including this issue)
150,000 she. 101,000 she.
Common stock (no par value)
1,000,000 she. 889,373.68shs
Subscription receipts for common stocks
56,379 she.
*On which payment of at least 10% of subscription price has been made.
There are also outstanding option warrants, entitling the holders thereof
to subscribe for 23,680 shares of common stock at $20 per share at any time.
Subscription receipts entitle the holder, upon completing payment at
any time of $20 for each share, to receive shares of fully paid common
stock. Additional payments may be made at any time on account of these
receipts or full payment therefor may be made at any time at the option
of the holders of said subscription receipts, and payments thereon can
be called by the company in installments of not more than 10% of the
subscription price, but installments cannot be called for paymenttotal
less
than 6 months apart.
Earnings 12 Months Ended March 311928.
Income from all sources
82,954,237
Expenses, taxes and interest
83,400
-Bonds OfEquitable Title 8c Mortgage Guaranty Co.
fered.
-M-W. Bradermann Co., Inc., New York, are offer-year
ing $1,000,000 guaranteed 1st mtge. collateral trust 5
6% gold bonds, series A-1 at 100 and int.
Guarantors.
-The Hobart Service Trust Co.and Equitable Title & Mtge.
Guar. Co.
Dated May 1 1928; Due May 1 1933. Int. payable, M. & N. Passaic
National Bank & Trust Co., Passaic, N. J., trustee. United Capitol
National Bank & Trust Co., New York, New York Paying Agent. Demom.
.
$1,000 and $500c5 Callable at 102 and int. on any int. date on 14 days'
prior notice; payable prior to maturity on death of holder subject to 30
days written notice by the legal representative of the deceased; normal
Federal income tax refunded or paid up to 2%; various State and District
taxes refunded.
Mortages.-The mtges deposited under the trust indenture securing this
bond issue are secured by business properties and residences located in the
City of Passaic, N. J., and in surrounding residential communities and
average approximately $10.000 in amount. All of the mortgages must
conform to the following requirements:
(1) They must constitute legal investments for Savings banks under the
laws of the State of New Jersey.
(2) They must constitute legal investments for trust funds under the
laws of the State of New Jersey.
(3) They must constitute first liens on fee simple, improved real estate
in the State of New Jersey.
(4) They must each be guaranteed, jointly and severally, as to payment
of principal and interest, by The Hobart Service Trust Co. and the
Equitable Title & Mortgage Guaranty Co., unconditionally and without
period of grace.
(5) They must not be secured by farm property, unimproved property
or factory buildings.
The mortgages which are deposited as collateral for this issue are secured
by improved property in the older, well settled sections of Passaic, N. J.
and surrounding residential communities, and include no new realty developments. These mortgages have been held by The Hobart Trust Co.,
Merchants Bank and The Service Trust Co. for their own investment,
many of them for a number of years past. They have been renewed from
time to time in their original amount, despite the increase in property
values in the meantime. While so held by these banks they have beep
approved time and again by the New Jersey State Bank Examiners as
proper and legal investments.
Under the terms of the Trust Indenture, all of the mortgages securing
this issue must mature prior to the maturity of these bonds.
-V. 125.
p. 3354.
Federal Home Mortgage Co.
-Registrar.
-The Empire Trust Co. has been appointed registrar of the cumul, partic.
pref. stock (par $100) and common stock (no par value).
-V. 126,p. 2483.
Federal Motor Truck Co.
-23'2% Stock Dividend.
The directors have declared a stock dividend of 254% on the outstanding
capital stock, no par value, payable July 5, and the regular quarterly cash
dividend of 20c. per share, payable July 2, both to holders of record June 16.
Like amounts were paid quarterly since October 1926 incl.-V. 126, p. 1819.
Federated Business Publications, Inc.-Pref. Stock Of-Parker, Robinson ez Co., Inc., are offering an addifered.
tional issue of 5,000 shares cu.mul. 1st pref. stock (without
par value) at $31 per share (plus div. from April 1 1928).
-Each share of first pref. stock will carry a
Stock Purchase Warrants.
detached stock purchase warrant, entitling the holder to purchase ;i share
of common stock at $12.50 per share on or before July 1 1928, or at $15
per share on or before July 1 1929, or at $17.50 per share on or before July
CapitalizationAuthorized.
Outstanding.
First preferred stock
25,000 shs. a25,000 shs.
Second pref. 6% stock (par $100)
20,000 she,
b3,600 she.
Common stock (without par value)
c100,000 she.
87,500 shs.
a including this issue. b Issued in the acquisition of new properties.
c Unissued stock reserved for exercise of stock purchase warrants.
Raymond Bill, Esq., President of the Corporation, in addition to the
foregoing, also summarizes the following from his letter to us:
-Organized in Juee 1927 to acquire substantially all of the
Company.
asserts of, and titles to, the following !liminess publications: Music Trade
Review, Talking Machine World, Carpet & Rug News and Tires. The
following publications have since neon acquired: Soda Fountain, (August
1927), Novelty News,(October 1927), Automotive Electricity, (December
1927), and India Rubber World, (March 1928).
Earnings.
-Consolidated net earnings, before Fed, taxes, of the 4 first
mentioned publications, after adjustmdnt to eliminate non-recurring compensation of officers, have averaged, for the 4 years ended Dec. 31 1926.
$123,879 annually, before Fed. taxes. On the same basis, consolidated
net earnings of the 8 publications mentioned above, for the last quarter
of 1927, were at an indicated rate of over $200,000 per annum.
It is estimated that additional publications to be acquired with funds and
stock still available will increase the profits of Federated Business Publications, Inc. by over $25,000 annually or to a total of net earnings before
Federal taxes of more than $225,000, more than 354 times the dividend
requirements on all of the first pref. stock outstanding, including this issue.
Purpose.
-Proceeds have been and in part will be used in payment for
publications and assets acquired and to be acquired and for other corporate
purposes.
Dividends.
-Dividends at the rate of $2.50 per share per annum have been
paid on the first preferred stock since organization. It is the intention
of the company to inaugurate dividends on the common stock within the
current year.
Listing.
-Company has agreed to make application to list the cumulative
first preferred stock on the New York Curb Market.
Balance Sheet as of Dec. 31 1927.
[After giving effect to additional issue of Capital Stock.'
LiabilitiesAssets
823,517
8115,306 At:co-mu payable
Cash
25.000 Notes pay. on publications
Call loan
72.000
purchased
58.935
Bonds at cost
a750.000
141,869 First preferred stock
Notes & accounts receivable..
160,000
2nd preferred stock
11,393
Paper inventory
932,481
14,406 Corn.stk.(87,500 shs. no par)
Furniture and fixtures
72,156
Earned surplus
Engravings, photographs. li16,000
brary. &c
16,068
Organization expense
10,677
Prepaid & deferred expenses_
82,015,153
Total(each side)
1,605,502
Copyrights, good-will, &o
a 25,000 shares (no par value).
-Pr.: Randolph Brown.
Officers.
-Raymond Bill, Pres.; J. B. Spillane, V.
V.
-P.: Edward Lyman Bill, Sec.-Treas.;W. A. Low, Asst. Treas.: L. B
MacDonald, Asst, Secy.
-J. B. Spillane. Frederick S. Robinson, Raymond Bill, RayDirectors.
mond V. V. Miller, Edward Lyman Bill, Frank H. Twyeffort, Randolph
-V. 126, P. 2321.
Brown, Earl Constantine, Harry E. Benedict.
Balance
$2,870,837
Annual dividend requirements on 29,645 shares of $7 pref
207,515
Annual dividend requirements on 101,000 shares of 36 pref
606,000
The statement of income for the 12 months ended March 31 1928,
shows,
after the deduction of expenses, taxes and interest, a balance available for
dividends equal to over 354 times the annual dividend requirements of all
$6 and $7 preferred stock presently to be outstanding, including this issue.
All securities purchased are carried at cost; therefore the earnings do not
show the enhancement in market value over the book value of securities
owned by the company. Stock dividends are included as income at market
price on date received.
-Analysis of the company's investments discloses
Present Holdings.
that directly or through intermediate and holding companies it has interests
in companies operating in every State in the United States and also in
Canada, Mexico, Cuba, Panama. Guatemala, Ecuador, Brazil, Colombia,
Venezuela, Italy, Spain and Japan.
The largest public utility investments as of March 31 1928 were in the
following 32 companies which are named in the order of the respective
market values as of that date of the securities so owned. The aggregate
market value as of March 31 1928, of the securities of these 32 companies
owned by Electric Investors, Inc., represents more than 85% of the total
market value of all the securities owned by the com any:
Empire Power torp.
American Gas & Electric Co.
Pacific Gas & Electric Co.
National Power & Light CO.
Tampa Electric Co.
American Power & Light Co.
Electric Power & Light Corp.
General Gas & Electric Corp.
Public Service Corp. of New Jersey American Light & Traction Co.
Amer. Water Works & Elec. Co.,Inc. Penn-Ohio Securities Corp.
Southern California Edison Co.
Commonwealth Power Corp.
Shawinigan Water & Pow. Co.(The)
International Telep. & Teleg. Co.
Central States Electric Corp.
Columbia Gas dr Electric Corp.
Brooklyn Union Gas Co. (The)
North American Co. (The)
New England Telep. & Teleg.. Co.
Southeastern Power & Light Co.
Northern States Power Co.
British Columbia Elec. Ry. Co., Ltd.
American & Foreign Power Co., Inc. Toho Elec. Power Co., Ltd. (Japan)
United Gas Improvement Co. (The)
United Light &Power Co.(The)
-Stock Split Up.
Fidelity & Phenix Fire Insurance Co.
Consolidated Gas Electric Light az Brooklyn Edison Co.
Power Co. of Baltimore.
Italian
The stockholders on April 23 approved an increase in capital stock to
1,000,000 shares of $10 par value from 400.000 shares of $25 par. Of the
Kansas City Public Service Co.
As of March 31 1928, this company owned securities in 87 companies. new stock 254 shares will be issued in exchange for each old $25 par value
-V. 125. p. 3641.
share. See also V. 126, p. 1047.
2656
FINANCIAL CHRONICLE
First National Co., Baltimore, Md.-Bonds Offered.
The company in Feb. last offered at 100 and int. $500,000
1st mtge. collateral trust 53 % gold bonds, series "0."
[VOL. 126.
General Cable Corp. (&Subs.).
-Financial Report.
Consolidated Income Acccunt-6 Afro. Ended Dec. 31 1927.
Gross profit on sales
94,040,906
Selling. general & administrative expenses
1,891,137
Maturities: 3. 5 and 10 years. Legal for national banks. Denom.
$1.000 and $500 bonds. Dated Jan. 15 1928. Int. payable J & J. First
Net operating profit
$2,149,749
National Co. agrees to pay the normal Federal income tax up to 2%, and Miscellaneous income (net)
24.872
to refund any State county or municipal tax up to an aggregate of 5 mills
per annum for each dollar of principal. Callable on any interest date at
Total
$2.174,621
102% and accrued interest. The Baltimore Trust Co., Baltimore, trustee. Int. on 1st mtge. bds.,$440.000;less accr. date ofsale,$41.354
398,646
These bonds are the direct obligation of the company. The bonds are
further secured, par for par, by deposit with the trustee of guaranteed real
Net income before Fed, income
$1.775,974
estate first mortgages, guaranteed real estate first mortgage bonds, United Provision for Federal income tax tax
240,000
States Government securities or cash. The first mortgages and first
mortgage bonds represent not more than 60% of the value of the underlying
Net income
91,535,974
real estate, as established by independent appraisers.
Balance as at June 30 1927
324,449
Payment of principal and interest on each mortgage or mortgage bond
so deposited as security is irrevocably guaranteed by Metropolitan Casualty
Total
$1,860,424
Insurance Co.. of New York or by a substituted surety company in accord- Dividends declared-Preferred stock
459,861
ance with the indenture of trust under which the bonds are issued -V. 122.
Class A stock
400,000
p. 756.
Balance as at Dec. 31 1927
91,000,563
Earnings per sh. on 440.000 shs. common (no par)
Fleishmann Company.-Earnings.$1.53
Quar. End. Mar. 31- 1928.
Consolidated Balance Sheet As at Dec. 31 1927.
1927.
1926.
1925.
Net sales
$15,510,911 $15,130,160 814,984,387 312.594,232
AssetsLiabilities
-Costs and expenses
10,546.071 10,343,185 10,387,859
9,526,586 Cash & marketable securities
Accts. payable & accr. exp._ 32,242,226
(after prov, for bond int. &
Rea. for Federal taxes
693,968
Operating profit
94,964,840 $4,786,975 94,596,528 93,067.646
dive. payable Jan. 1 1928). $3,913,720 Res. for returnable reels....,.
261,224
Other income
270,069
221,263
178,643
246.860 Notes & accts. rec., less res_
6.774,260 Other reserves
52,370
Inventories at cost or market.
1st mtge. 514% sinking fund
Gross income
35,234,909 $5.008,238 $4,775,171 93,314,506
whichever lower. $16,026,gold bonds, ser. A,due July
Charges & Fed. taxes.-701.917
667,742
475,534
643,793
473; less res., 8.530,000.... 15,496,474
1 1947
16,000,000
Prepaid expenses
356,748 7% cumul. pref. stock
15.000,000
Net income
$4,532,992 34,340,496 54.131,378 $2,838,972 Investment in and advances
Class A at corn. stk.(no m) 215,909.906
Prof. dividends
18,330
18,333
18.618
18.522
to affiliated companies__
1,417,63.5 Paid-in surplus
3,157,235
Corn. dividends
3,375,000 3,375,000
2,250,000
1,500.000 Sundry investments
66,543 Earned surplus
1,000,563
Other assets
252,184
Surplus
$1,139,662
$947,163 31.862,856 $1,320,354 Fixed assets
26,039,923
Profit & loss, credit
8,049
6,769 Goodwill
7,689
5
Ins. fund & profit & loss
charges
57,279
41,907
77,401
262.186
Total
1.54,317.492
Total
954,317,492
a Represented by 400.000 shs. cl.A and 440.000 shs.com.-V. 126,p.1819.
Net surplus
31.082,383
$913,305 31.608,359 31,249,722
Earns, per sh. on 4,500.General Electric Co.,Schenectady, N. Y.
-Earnings.
$1.04
$0.96
000 shs. corn. (no par)
$0.63
30.91
Earnings for Quarter Ended March 311928.
V. 126, p. 857.
1927.
Orders received
379,925.840 $77,550,581
Net sales billed
71,646,796 72,474,474
-Definitive Certificates Ready.
Follansbee Bros. Co.
Definitive certificates for 6% cumul. pref. stock are now ready for de- Cost of sales billed, incl. oper.. maint. & deprec.
charges, res. & provision for all taxes
63,404,838 63,641,301
livery in exchange for interim certificates of the Union National Bank of
Pittsburgh at the office of the Union National Bank of Pittsburgh, Wood
Net income from sales
St. and 4th Ave., Pittsburgh, Pa. (See offering in V. 126, p. 13600.
- Other income, less int. paid & sundry charges.. .. 38.235.983 $8,833,173
3.669,504
2,838,538
V. 126, p. 1514.
(A. J.) Freiman, Ltd. Ottawa.-Pref. Stock Offered.
Ltd., are offering $1,000,000
McLeod, Young, Weir &
6% cony. cumul. sinking fund pref. stock at 100 and div.
with a bonus of half a share of no-par value common stock
with each share of preferred stock.
-J. at par at any branch in Canada of
Cumulative dividends payable Q.
the company's bankers (Standard Bank of Canada). Preferred as to
dividends and as to assets to the extent of 9105 per share and div. Red.
all or part on 60 days' notice at 105 and div. An annual sinking fund
commencing Apr. 11929. of 10% of the net profits available for dividends
on the common shares is provided for the purchase for cancellation of the
preferred shares at or below 105. Transfer Agent. the Royal Trust Co.;
Registrar, the Bankers Trust Co.
-Convertible into fully paid no-par value common shares on
Convertible.
any dividend date up to and including Apr. 1 1933 on the following bases:
(a) 3 shares of common for each share of preferred for the first 2,500 preferred shares converted; (b) 214 shares of common for each share of repferred for the next 5,000 preferred shares converted; (c) 2 shares of common
for each share of preferred for the remaining preferred shares converted.
Holders of preferred shares called for redemption will be entitled to exercise the conversion privilege up to the date specified for redemption. Provision is made to safeguard the conversion privilege against dilution in the
event of the issue of additional common shares.
CapitalizationAuthorized.
Outstanding.
6% cony. cumul. pref.stock ($100 par)
$2.000,000
$1,000,000
Common stock (no par value)
*130,000 shs.
85,000 shs.
* Sufficient common shares have been set aside to provide for the conversion of the preferred stock.
There is outstanding a land mortgage of 9436.500 In favor of the Metropolitan Life Insurance Co. bearing interest at the rate of 6% per annum,
with semi-annual instalments of principal of 36.750 and maturing on May 1
1941. Another mortgage of 96,500 maturing on Apr. 27 1933 and bearing
Interest at the rate of 7% per annum is also outstanding against a portion
of the property.
-Application will be made to list the prferred and the common
Listing.
stocks on the Toronto Curb or the Montreal Curb Market.
Compang.-Owns and operates the largest departmentalstore in the City
of Ottawa, handling substantially all lines of merchandise usually ass niated
with such a business. The business was established at 221 Rideau St.,
Ottawa. in 1900. Largely through the re-investment of surplus earnings,
the business has grown to its present proportions, being now the largest
departmental store in the Province of Ontario east of Toronto.
-Sales for each of the last six fiscal years ended Jan. 31 have been
Sales.
as follows:
92.319,94911926
32,521,322
1923
2,393,421 1927
2,752,614
1924
2,340,355 1928
3,094,680
1925
-The net profits for the three years ending Jan. 311928. after
Earnings.
charging all selling, general and administration expenses, and making adequate provision for depreciation and income taxes, after allowing for saving in interest charges arising from the additional capital being provided by
this financing have been as follows:
Inc.Taxes
Profits before Deprec.
Inc. Taxes. DeprecTh.at Pres.Rates. NetProf.
Year End. Jan. 31328,000
9140,494
98,839
$103,654
1926
165,381
28,000
10,830
126.550
1927
160,042
28.000
13,743
201,786
1928
The company has never had an unprofitable year. For the year ended
Jan. 31 1928. net profits were in excess of 2.66 times dividend requirements
on the preferred stock.
Profit available for dividends
Cash dividends on special stock
$11,905,487 $11,671,731
643,644
643,587
Profits available for divs, on corn. stock
$11.261,843 911,028.144
Earns, per sh. on 7,211,482 shs. corn. stk. (no par)
81.53
$1.56
-V. 126. p. 2484.
General Motors Corp.
-Quarterly Earnings.
-Net profit
of the company including equities in undivided profit of
subsidiaries not consolidated for the quarter ended Mar. 31
1928, was $69,468,576, comparing with $52,551,408 in first
quarter of 1927. After deducting dividends on preferred
and debenture stock amounting to $2,350,919 there remains a balance of $67,117,657, eaual to $3.86 a share (par
$25) on 17,400,000 shares of common stook, comparing
with $2.90 a share for first quarter of 1927 calculated on a
comparable basis.
Cash. United States Government and other marketable securities on
Mar. 31 1928, amounted to $160,068,830 against 9111,257,108 on Mar.
311927.
Freight Bill Larger.
The corporation last year sold 1.554,577 automobiles, consisting of
Chevrolet, Oldsmobile. Pontiac, Oakland, Buick, LaSalle and Cadillac.
Of this number approximately one-quarter were driven away from the
plants and the remainder shipped by railroads.
In 1927 the freight charges upon General Motors cars and trucks and the
material from which these automobiles were made amounted to over $80.479,712.
However, this was not the entire amount which accrued to the railroads
due to the corporation's activities. General Motors, which has major
manufacturing operations in 34 cities. buys materials from over 4,600
different concerns. Obviously it is impracticalbe to attempt to compile
the freight paid by these sources of supply upon such portion of their raw
and semi-finished purchases as was ultimately absorbed by General Motors.
The number of freight cars required to bring the raw materials into the
General Motors plants and carry away the finished automobiles, during
the past few years, is shown in the following table:
Total Carloads
(Incl. Less-than-Carload).
Freight Charges.
1927
581,137
$80,479,712
1926
453,666
73,900,000
1925
380,70.1
57,000,000
1924
280,051
42,000.000
1923
340,337
55.000,000
The 1927 figure of 581.137 carloads-the equivalent of 7,748 freight
trains of 75 cars each-put end to end, would reach a distance of over
4.500 miles.
-V. 126. p. 2484.
General Railway Signal Co.-Earnings.-
Quar. Ended Mar. 311926.
1928.
1927.
Net earns, after depr., Fed. taxes, &c 3214.7:30
5966,705
5715.373
Shs, com,stk. outstanding (no par)__
325.000
357,500
325.000
Earnings per share
$2.85
$2.08
$0.48
In a statement issued W. W. Salmon. President, stated that the diminished earnings were wholly attributable to the reduction in the volume of
business booked in the latter half of 1927 and in the first quarter of 1928,
as compared with the volume booked in 1926 and the first half of 1927.
lie further stated
-of the totality ofas follows: of railway orders received by the company
dollar value
in 1927 :16.3% was taken in the first quarter; 29.2% in the second; 18% in
the third and 16.5% in the fourth quarter. Bookings in the first quarter
-Amendment to By-Laws.
General Asphalt Co.
of 1928 equal 54.4% of those in the first quarter of 1927. The dollar value
At the annual meeting of the stockholders an amendment to the by-laws of orders flied in the first quarter of 1928 equaled 54.5% of orders filled
which provides that the number of shares of stock represented at any meet• in the first quarter of 1926 and 62.5% of the first quarter of 1927. Proproing shall constitute a quorum was ratified. The bylaws previously The ductive payroll for the first quarter of 1928 amounted to 49% of the productive payroll for the first quarter of 1927.
vided that a majority of the stock was necessary for a quroum.
It should be noted that company obtained in the second half of 1927
change was made to overcome the difficulty experienced as a result of a
ruling of the New York Stock Exchange prohibiting members from voting and in the first quarter of 1928 quite as large a percentage of total railway
consequence,large orders placed as it secured in 1926 and the first half of 1927.
stock held ha their name for account of customers. As a
"The company's officers cannot safely make any prediction as to when
amounts of stock are made ineligible for representation at company meetconstitute a majority. railway 'Purchases of its line of products will be resumed on a more liberal
ings making it difficult to gather sufficient proxies to first
quarter of 1928, scale. It is, however, their belief that the prospects for increased purPresident Arthur W. Sewall said earnings for the
due to prevailing low prices in the oil market and sharp price cutting in chases are improving."
-V. 126. p. 724.
roofing products, would be lower than in either of the last two quarters of
1,000
1927. The company, Mr. Sewall said, is now producing about during
Gould Coupler Co.
-Earnings
cracking plant at Maurer, N. J., built
barrels of gasoline a day at its
1927.
1926.
Quarters Ended Mar. 311928.
Past year. This gasoline is being marketed in and around New York harbor. Net profit after deprec., Fed.tax..&c. $145,185
3134.624
$209,101
-V. 126, p. 1975.
14.750
11.521
Other income
10,899
-Earnings.
General Fireproofing Co.
1928.
3 Months Ended Atarch
Net earnings after charges and pref.
9196,461
divs.. but before Federal taxes
82.41
Earnings per share on common
-V. 126. p. 1819.
1927.
1926.
3198.556
$2.43
$199.888
$2.45
Total
Interest
Net profit
Earns, per share on class A stock__ _
-V. 126, p. 1989.
$156,084
70,591
$149.374
72,250
$220,622
72.376
985.492
90.48
577.124
50.44
5148,246
30.85
-New Secretary.
Globe & Rutgers Fire Insurance Co.
-V.126. p.724.
A. G.Cassin, Asst. Secretary, has been elected Secretary.
-Listing.
Golden State Milk Products Co.
The San Francisco Stock Exchange has authorized the listing of 107.060
shares of common stock, par $25.-V. 125, p. 3490.
-Earnings.
Gorham Manufacturing Co.
1928.
1927.
1926.
Year Ended Jan. 31$3,635.767 $3,296,647 $3,466,671
Gross profit from sales
2,606,056
2.349,897
Com'clal exp.& deprec. of plant prop_ 2.395,084
$1,240,682
138,650
$946.750
111.169
$860,615
94.853
Gross income
Int. cash disc, on sales, prov.
for•
rinkage of inventories, &c
sh.
Provision for Federal taxes
1,379,333 $1.057,918
$955,468
Net income for the year
1st preferred dividends
Balance, surplus
Profit and loss (net)
Surplus at beginning of year
Profit from operations
Other income
327.972
87,500
334,210
25,000
S813,706
534.387
$642,446
$596,258
$279.319
Cr.1,506
1.559,633
$642.446
Cr.82
917,104
$596,258
Dr.5.055
325.902
$1,840,458 $1,550.633
Profit and loss surplus
38,153
38.1431
Sits. 1st pref. stk. outsta nd.(par $100)
$21.32
$16.83
Earnings per share
-V. 126, p. 1988.
$917,104
38.181
$15.61
565,6271
-Report.
Great Atlantic & Pacific Tea Co. of America.
Consolidated Income
2657
FINANCIAL CHRONICLE
APR. 28 1928.]
Total earnings
Depreciation
Federal taxes
-Years End. February.
Subs.)
1927.
1926.
1928.
$24.547.717 $19,001,864 $16.188,778
3,266.597
2.827,973
2.399.517
2.870,000
2.190,000
1.815,000
Net profit
Preferred dividends
Common dividends
Surplus adjustments
$18,411,119 $13.983,881 $11,97
4,261
1 7.410.566! 1,655.049
1,214,340
1 4.761.912
3,528.054
10.333
149,756
162,720
Account (Ca. &
-Initial Dividend.
Helvetia Copper Co.
An initial dividend of 20 cents per share has been declared, payable May
15 to holders of record May 1.-V. 117, p. 559.
-Quarterly Report.Hercules Powder Co.
1925.
1926.
1927.
Quar. End. Mar, 311928.
$7.107,973 $6,577,671 36.004.731 $5.503,369
Gross receipts
604.225
667.408
700,811
797.038
xNet earns, all sources_ _
182,010
185,656
197,937
199,922
Prof. div.(13%)
$422,215
$481.752
$502,875
Balance,surplus_ _ _ _ _ $597,116
143,000
143,000
147.000
147,000
Shs.of com.out.(par$100)
$2.96
$3.42
$3.37
$4.06
Earns. per share on corn_
x After deducting all expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance to plants, accidents, depreciation,
-V. 126, p. 726.
taxes, &c., also interest on Aetna bonds.
Hoskins Mfg. Co.,
-Listed.
The Detroit Stock Exchange has approved for listing 96,040 shares
(no par) of the common stock. See V. 126. p. 1515.
-Proposed New Financing.
Houston Oil Co.
The stockholders will vote May 10 on increasing the common stock by
not exceeding 60,000 shares. The addtional stock will be used to provide
,
-year 51i% debentures.
for the conversion of a new issue of 10
The authorized issue of debentures will be 310.000.000, but only 38,000.000 will presenty be issued. The proceeds of the debentures will he used
to retire $6.833.000 of 614 ,,* notes. to reimburse treasury for advances to
Houston Pipe Line Co., a subsidiary, and to provide for general corporate
purposes.
The new debentures, which will be underwritten, will be convertible into
-V. 126. p. 1515.
common stock at $166.66 a share.
-Quarterly Statement.
Howe Sound Co.
Quarter End. March 31Production
Gold (ounces)
Silver (ounces)
Copper (ounces)
Lead (pounds)
Zinc (pounds)
Earnings
Value of metals produced
Operating expenses
1928.
1927.
2.566
:3,050
694,696
802,151
8.391,336
9,438,600
19,560,036 14,733,053
14,260,462 12,865,737
1926.
1.844
576.922
8,227.371
12,748,969
9.517.392
$3,594,968 $3,304,503 $33,317,347
2.476,457
2.597.182
2.910,426
$10,990,219 $7,417.164 $7.069,147
Balance, surplus
$840,890
$707,321
$684,542
2,025,008
1,992.218
1.960.000
Operating income
81m. com. stk. outst g (no par)
38.583
105,888
93,283
$8.23
$6.18
$5.49 Other income
Earnings per share on common
Consolidated Balance Sheet.
$879,473
$813,210
$777,826
Total income
Feb. 29'27. Feb. 28'27.
Iree. 29'27.Feb.28'27.
184.942
231,970
218,630
Depreciation
1
1
AssetsPlant and equip._15,884,743 13,512.628 Preferred stock__ _24,938,300 23,727,000
$694,531
$581.240
$3559,195
Net income before depletion
20,603,760 23,365,395 Common stock_a32,699,560 30,849,810
Cash
Earns, per all, on 496,038 abs cap.
1
1 Pref,stock of subs.
Good-will
$1.40
$1.17
$1.12
stk. (no par)
62,183,217 50,349,956
not owned
113,900
10,300
Merchandise
Notes & accept'ces 486,325
428.326 -V. 126, p. 1672.
IL S. Gov't secs-10,616,753
41,416
37,276 Acc'ts payable_ _ _ _24,806,367 16,092,567
Stocks and bonds_
Hupp Motor Car Corp.-Balance Sheet, March 31.Acc'ts receivable__ 2,348,495 1,862,198 Employees' subsc's
1927.
1928.
to capital stock_
2,591,935
1927.
1928.
Due from subset.
2,193,072 Res. for inc. tax__ 2,990,000 2,190,000
Liabilities
capital stock_
Assets
to
Common stock. _10,051,899 10,051,899
Deferrecicharges_ 1.715,566 1,045,894 Surplus
27,363,102 16,372,883 Property account
(less deprec.)___ 7.362,762 6,776,598 Accounts payable_ 5,329,248 3,073,847
100,799
113,293,964 92,386.420 Total
113,293,954 92,366,420 Accts. receivable_ 4.022,827 2.547,964 Accrued accounts_ 199,381
Total
6,047,843 5,966.174 Dividends pay.. 351,817
Consistins* of 1,150,000 shares voting and 875,008 shares non-voting. Inventories
452,025
Govt. aec_11,562.720 8,812.600 Fed, tax reserve__ 552,134
Cash &
-.V. 125. p. 2154.
1,021,842 1,003,329 Reserve for int.,
Investments
condos.. &c_ _
1
1
&c. _ _
Greater Pythian Temple Association of New York. Deferred charges__ 62,122 114,881 Stock div. reserve_ 1.404.176 1,454,906
251.298
-An issue of $1,050,000 1st mtge. serial 5%%
312,009
Bonds Offered.
Other reserves.... 312,099
137,810
Dealers'deposits__ 150.981
real estate gold bonds is being offered by Lafayette-South
11,477,094 9,638,362
Surplus
Side Bank & Trust Co., St. Louis, Mo.
Dated Mar. 28 1928, bearing int. from Apr. 1 1928. Due semi-ann.
Total
30,080,107 23,221,547
30,080,107 25,221,547
Total
Apr. 1 1928 to 1939, incl. Prin. and int. payable A. & 0. at Mississippi -V. 126, p. 2485.
valley Trust Co., St. Louis. Red. on any int. date on 60 days' notice at
103 and Int, on or before Apr. 1 1933: at 102 and int. after Apr. 1 1933, ,
-Earnings.
Hutchinson Sugar Plantation Co.
and on or before Apr. 11935. and at 101 and int. after Apr. 1 1935. Denom.' Calendar Years1923.
1927.
1926.
$100. $500 and $1,000. Mississippi Valley Trust Co. and John R. Long- Gross profits
$938.062
$891.432
3825.745
mire. St. Louis. trustees.
66.574
54,797
25,946
Sundry other profits
-The mortgage deed of trust given to secure these notes has
Security.
been approved by the Lawyers Title & Guaranty CO. of New York, and Is
$946.229
$851.691 $1,004,636
Total profits
shown by its policy of title insurance issued to the Trustees therein to con- Cost of production, depr. & delivery873.531
845.250
796,465
stitute a first lien on the fee simple title to a plot of ground, together with Prior years' rentals, taxes, & miscell.
improvements thereon. in the Borough of Manhattan, N. Y. City.
10- 325
6.019
30.846
.
debits
Located at the north side of West 70th Street between Broadway and ,
Columbus Avenue. The improvement is a 17-story and basement steel
$44,901
$70,133
$125.086
Net income
and concrete structure
paid
120.000
40,000
The Greater Pythian Temple Association was incorp. in New York on May Dividends
1924. composed of the several subordinate lodges Knights of Pythias of .
3 5,086
370.133
34.901
Balance, surplus
N, y. CIty.--V. 125. p, 104.
-V. 124, p. 3077.
Grigsby-Grunow Co., Chicago.
-Stock Offered.
-John
Burnham & Co., Inc., and C. L. Schmidt & Co., Inc.,
Chicago, recently offered 29,000 shares common stock (no
par) at $40 per share (stock is now quoted at about $75
per share).
CapitalizationAuthorized.
Issued.
Common stock (no par value)
100.000 shs. 69,000 shs.
Transfer agent, Continental National Bank & Trust Co. of Chicago,
Chicago. Registrar, First Trust & Savings Bank, Chicago.
Listing.-IAsted on the Chicago Stock Exchange.
-Organized in Illinois in November 1921 with a paid-in cash
Company.
capital of 345,000. In May 1927 capital was increased by $300,000
through the private distribution of additional stack, with which exception
the growth of the company has been developed entirely from earnings.
company manufactures, under its trade-mark "Majestic," electric power
units for radio receiving sets. Power units for the new "AC" electric
sets have been supplied to manufacturers of such well-known radios as
-Warner. Mohawk. Sonora, King, and others. Company
Zenith, Stewart
Is about to place on the market a full line of radio receiving sets equipped
with "Majestic" electric power units. Company will be the only producer of radio receiving sets in the country manufacturig every part
(excepting tubes) entering into their construction and operation. Bona fide
contracts for over 200,000 units already have been received from the company's distributers.
-The audited balance sheet as of Dec. 31 1927,shows net
Balance Sheet.
tangible assets of $2.005,854, equal to $29.50 per share of common stock.
-Net earnings as reported by the auditors, after all charges
Earnings.
including provisions for Federal income taxes, are approximately $266,770
for the year ended Dec. 31 1926 and actual earnings, after similar deductions, $553,358 for the year ended Dec. 31 1927, an average of $5.94
per share for the two-year period and equal to $8.01 per share for the
year 1927.
Diridends.-It is expected that the directors will authorize payment of
dividends at the rate of $3.20 per share per annum, payable quarterly.
July 1, &c.
-Earnings.
Gulf States Steel Co.
Quarter End. Mar.31- 1928.
$557,171
Net operating income__
219.322
Taxes, depreciation, &c_
1927.
$386,598
149,503
1926.
$389,470
132,836
Industrial Bankers of America, Inc.
-Stock Offered:
Clarence Hodson & Co., announce an advance offering to
holders of Hodson investments of 25,000 shares of 7% cumul.
pref. stock (par $100 per share) and 25,000 (no par) shares
of common stock. These preferred and common stocks, in
units of one share each, are offered at $130 a unit, to yield
7.69% on a preference dividend basis.
-The pref. stk, is cumulative and entitled to receive,out
Preferred Stock.
of the surplus or net earnings of each fiscal year, dividends at the rate of
$7 per sh. before any dive. shall be declared or paid to holders of any other
class of stock. (First div. received by purchasers of treasury stock will be
prorated for the part of the quarter held). After Nov. 1 1933, the pref.
stock may be called at $110. This stock has preference over all other stock
both as to assets and dividends.
-The common stock (after payment of divs, on pref. stk.
Common Stock.
outstanding) is entitled to receive, out of the surplus or net earnings, dividends quarterly up to the rate of($3)in any fiscal year, before any dividends
shall be declared to holders of common stock class B. (First div. received
by purchasers of treasury stock will be prorated for the part of the quarter
held.) Common stock, therefore, has preference as to dividends over the
common stock class B and has full voting power, share and share alike,
equally with the common stock class B.
C0711711911 Stock Class B.
-After the payment of $3 per all, dividends on the
common stock, the common stock class B may receive dividends up to $3
per share. Thereafter any additional dividends declared must be paid Stan
equal rate per share to holders of both classes of common stock.
Purpose.
-Proceeds of this issue will be used to add to the corporation's
working capital.
Comgany.-Established in 1918. Corporation performs, through its
subsidiaries, the service of furnishing credit to people of moderate means
who repay their loans at a legal rate of interest in monthly instalments
based upon their earnings.
Corporation controls 15 subsidiary industrial loan companies located and
doing business in eight States:
Capitalization
Authorized. To be Issued.
1925.
7% preferred stock (par $100)
3.5,000,000 $2.500,000
Common stock (no par)
250,000 shs. 25.000 abs.
5
1492587
"4 , 34 Common stock class B (no par)
200,000 shs.
-The direc-Extra Dividend of $1.
Ingersoll-Rand Co.
tors on April 26 declared an extra dividend of $1 per share,
and the regular quarterly dividend of 75 cents per share
on the common stock, no par value, both payable June 1 to
-Claim.
Hamilton Mfg. Co., Lowell, Mass.
Superior Court at Boston. Mass.. authorized the holders of record May 7. On Dec. 1 last the company
Judge 131,11op In tne
iver.; to accept $5.070 from the City of Lowell In settlement of its claim made an extra cash distribution of like amount on this issue.
r
abatement of 1926 taxes. The city assessed the buildings and
for an
-V. 125, p. 2944.
machinery at 33.516,2.50 for 1926, and receivers paid a total tax of $117,443.
lower
After conferences, the assessors agreed to $5,070the 1926 valuation of
-New Director.Inland Steel Co.
•
abatement. ("Boston
8151 °on. -lying the company
machinery by
Cyrus S. Eaton has been elected a director.
-V. 126. p. 1821.
-V. 125, p. 3649.
News Bureau.").
Net income
Earns. per sh. on 125.000
(par $100)
shs.com.stk.
V. 126. p. 16'71.
$337,849
$237,095
$256,634
$396,347
$2.42
$1.61
$1.77
$2.89
2658
FINANCIAL CHRONICLE
International Cigar Machinery Co.
-Earnings.
-
Calendar YearsGross revenue
Manufacturing costs and expenses
1927.
1926.
$2,170,662 $1,629,167
840,387
965,390
Net earnings
Depreciation
United States income tax
$1,205.272
276,189
123.151
$788,780
261,359
73.570
$805.932
686,812
Dr.32,021
$453,851
439.113
Dr.6.152
$1,460,724
650,000
$886,812
200,000
$810.724
$686,812
Net profits
Previous surplus
Adjustments account prior years
Total
Dividends paid
Surplus
-V. 126, p. 2486.
[VoL. 126.
rooms and 47 single or guest rooms, together with a garage having a
capacity of 180 cars.
The average of two independent appraisals of the land and two independent appraisals of the building, assuming completion, rendered by
appraisers familiar with values in Cleveland and its suburbs, places a
conservative value on these properties, exclusive of furnishings, of $2,560,727. On this basis the amount of these bonds is equivalent to
approximately a 59% loan.
Estimated Earnings.
-Gross annual income (excluding income from
dining room and ballroom and after deducting 15% for vacancies),$392,785:
net annual income from dining room and ballroom.$35,000; total,$427,785.
Operating expenses (incl. taxes and insurance), $132.000; net income available for interest and depreciation, $295,785.
On the basis of the above estimate, therefore, annual net earnings will
be over 3.03 times maximum annual interest charges on these bonds.
(W. J.) Latchford Co., Los Angeles.
-Bonds Offered.
LOS Angeles Investment Securities Corp. are offering at
100 and int. $100,000 1st (closed) mtge. 7% serial gold
bonds.
Interstate Department Stores, Inc.
-Sales.
Three Months Ended March 31-1927.
1928.
Sales
$3,566,574 $3,079,768
Dated Mar, 1 1928; due serially Mar. 1 1929-38, inc. Int. payable
-V. 126, p. 2486. 1822.
(M.& S.) without deduction for the normal Federal income tax up to 2%.
Denom. $1,000. $500 and $100c*. Red. all (or part, last maturities first)
International Paper Co.
-New Directors.
on any int. date at 103 and int. to and incl. Mar. 1 1932; at 102 and int., to
Daniel G. Wing, Chairman of the First National Bank of Boston, and and hid.
1935; and
Philip Stockton, President of the Old Colony Trust Co. of Boston, have the termsMar. 1 indenture at 101 and int, thereafter to maturity. Under
of the
company covenants to deposit with the trustee
een elected directors.
-V. 126, P. 2470. 2156.
on or before Mar. 1 of each year, beginning 1929, a sum equivalent to 25%
of the net earnings for the preceding calendar year (after int, and serial
Jeddo-Highland Coal Co.
-Bonds Called.
requirements
Forty-seven ($47,000) 1st mtge. (leasehod) 6% bonds due Nov. 11941. redemption of this issue but before depreciation), to be applied to the
have been called for payment May 1 next at 105 and int, at the Markle ment Trust of these bonds at the then callable price. Los Angeles InvestCo., Los Angeles. trustee.
Banking & Trust Co.. trustee. Hazleton, Pa., or at the office of J. P.
Company was incorp. in California in 1926, succeeding to the partnerMorgan & Co., New York.
-V. 125, p. 1982.
ship business of the same name, established in 1922, and is engaged in the
manufacture and sale of a
Jones Bros. Tea Co., Inc.
-Committee Reports Progress.
- johns. In the five-gallon diversified line of commercial bottles and demibottle line,
Holders of a substantial amount of the common stock of this company the Pacific Coast output and numbers the company manufactures 90% of
have deposited their shares under the plan of reorganization and consolida- bottled-water distributing companiesamong its customers all of the leading
tion which will expire on Apr. 30, according to a notice sent out by the re- two modern manufacturing plants in in California. Company operate*
the industrial area of Los Angeles.
organization committee on Apr. 24. The remaining stockholders who
Net earnings of the company available for interest on this issue and for
desire to become parties to the plan are advised to deposit their shares im- Federal taxes, for the three year
mediately with the Chase National Bank of New York, 57 Broadway, ment for interest and rent chargesperiod ended Dec. 31 1927, after adjustto be eliminated by this financing, averNew York City.
aged $31,338 per annum,
"Assuming a continuation of earnings at the 1927 rate," the committee net earnings for 1927 were after depreciation and all other charges. Similar
points out, "no dividends can be paid upon common stock of the Jones maximum annual interest$34,926. equivalent to approximately five times
charges on this issue and to more than eight
Brothers 'Pea Co.. even after the reorganization has been completed, for times average annual interest
Such earnings for 1927 were equivaabout 20 years because of accrued prior charges of the preferred stock of lent to 2.44 times combined charges. annual
average
interest and serial maturity
almost $2,000,000 together with current dividend and sinking fund require- requirements.
memta on the preferred stock.
The proceeds of this issue are to be used to acquire the land on which
"On the other hand, because of the ownership of all of such preferred the Roseberry Avenue plant is located, for the
purchase of additional
stock by the new company (the Grand Union Co.) the plan will operate equipment and for other corporate purposes.
with respect to stockholders who make the exchange (and only such stockholders to eliminate entirely such accrued prior charges and also current
Laurentide Co., Ltd.
-Control.
-preferential sinking fund charges and reduce current preferential dividends.
See Canada Power & Paper Corp. above.
-V. 126, p. 588.
This will leave the directors of the new company free to put its common
stock on a dividend paying basis as soon as the same is justified by earnings
(Robert E.) Lee Hotel (Eighteenth & Pine Trust)
and in light of the expansion program of the new company." See also
St. Louis, Mo.-Bonds Offered.
V. 126, p. 2322, 2156.
-Real Estate Mortgage
Trust Co.„ St. Louis, recently offered $425,000 1st mtge.
Kitsap County Transportation Co., Seattle.
-Bonds
Offered.
-Marine National Co. and Ferris & Hardgrove serial 6% real estate gold bonds at prices to yield from
Seattle, are offering $250,000 1st mtge. 63' % serial and 5M to 6% according to maturity.
Dated Aug. 11927; due serially, 1929-1947. Denom. $1,000,
sinking fund gold bonds at prices to yield from 5.45% to $100. Prin. and int. payable F. & A. at the office of Real Estate $500, and
Mortgage
Trust Co., St. Louis, Mo., trustee. Call. upon 60 days' notice at 105
636%,according to maturity.
,
and int. if called for payment
Dated April 1 1928; serial maturities Oct. 1 1929 to 1942. Redeemable
all or part on any int. date upon 30 days' notice, in inverse order of
maturities, at 102 up to April 1 1938 incl, thereafter at 101. Bonds
maturing Oct. 1 1942 are callable by lot. All others, in inverse numerical
order. Int. payable A. & O. at the Marine National Bank of Seattle.
Wash., trustee, without deduction for Federal income not not exceeding
135%. Denom. $500 and $1,000c5 A sinking fund impounded with the
.
trustee monthly will provide an amount sufficient to retire this entire
Issue by maturity.
The business of the company had its beginnings in the early nineties
In the operation of a small pavenger and freight boat on a route between
Kitsap County and Seattle. Company was incorporated in 1905 with a
,
capital of $40,000. This was increased in 1914 to $200,000 and through a
recent increase of capital structure, the corporation has at poresent, in
addition to $50.000 of class A pref. stock, a paid-up capital and surplus of
over $300,000, represented by 2.000 shares of class B pref. stock and
5,000 shares of common stock.
In response to the requirements of the new methods of travel, the company has changed in the past 6 years from a steamboat to a ferry company.
The first cross-Sound ferry (established to Vashon Heights and Harper in
1919) was taken over in 1921, and since then additional ferries have been
established by the company between Seattle and Bainbridge Island, between the Island and Brownsville, and between Seattle and Suquamish.
These bonds will be a direct obligation of the company and secured by a
first closed mortgage on all physical properties,leases, rights, and franchises
owned by the company.
The net earnings of the company for the past six years, available for the
service of this issue before depreciation, average over $50,000 Per year,
which is over three times the maximum interest requirements.
Kolster Radio Corp.
-Subscriptions.
-
Subscriptions for the new no par value common stock to be offered to
stockholders of record April 30 should be payable on or before May 31 at
the Farmers Loan & Trust Co., 22 William St., N. Y. city.
--v. 126.
p.2486.
cut PO
It
- - Kruskal, Inc.
Kruskal &
-Smaller Dividend.
The directors have declared a quarterly dividends of 313i cents per
,
share on the outstanding .
,0ihales of capital stock, no par value,
1
110,00
.
payable May 15 to holders of record May 5. This compares with quarterly
dividends of 50 cents per share paid from Feb. 1927 to Feb. 1928, incl.V. 126, P. 1517
.
rig
Laclede Steel Co.
-Balance Sheet?Dee. 31.1926.
1927.
LtaAtitUes4uets1926.
1927.
52.750.000 $2 750 000
Property acct....x$3,901,944 $3,357,513 Capital stock
293,443
Inventories
1,189,373 1,058.603 Accounts payable_ 258,460
11,550
19,401
639,874 Accrued wages_ __
Notes dc accts. rec. 447,925
145,001
62,709
1,945 Accr.exp. le taxes
Advances
72,046
69,037
22,127 Reserves
Investments
28.493
2,511,152 2.498,152
Surplus
U. S. Govt. bonds
407,422
and accrued int_
372,826
95,936
Cash
Total (ea, side)-$1!)10 759 $5,770,193
1
9,881
Deferred charges._
7,089
ic After deducting $1,121,977 reserve for depieciation.
-During 1927 four quarterly dividends of 2% each were paid, and
Note.
in addition an extra disbursement of 5% was made on Dec. 13.-V. 125,
9.923.
(The) Lake Shore (Lake Shore Hotels Co.), Cleveland,
-Peabody, Houghteling & Co.,
-Bonds Offered.
Ohio.
Chicago, are offermg $1,500,000 1st mtge. 63.% serial gold
bonds at par and int.
Principal and int.
4r,
- Dated April 1 1928; due g alint=eiles 531-(A. & 0.) payable at office of Peabody. Houghteling & Co., Chicago, or at
Co., Cleveland, trustee. Denom. $1,000 and $5000.
Guardian Trust
Red. on any hit, date on 60 days notice at par and int. plus a premium of
2%. Interest payable without deduction for normal Federal income tax
not in excess of 2%. Certain State taxes, as defined in the trust indenture,
refundable to resident holders of the bonds upon proper and timely
application.
Security.
-These bonds are secured by a closed first mortgage on the
tract of land, containing approximately four acres, owned in fee, and on
-story and basement brick, apartment hotel building to be erected
the 10
thereon, situated in Lakewood, a suburb adjoining Cleveland. The
building, which will be of steel frame, fireproof construction with brick
and stone exterior, will contain 113 apartments ranging from two to seven
on or before Aug. 1 1930; at 103 and int.
If called for payment after Aug. 1 1930, and on or before Aug. 1 1933;
and at 102 and int. if called for payment thereafter.
Bonds are secured by a first mtge. on the ground owned in fee and a
recently completed 14-story hotel and store building of reinforced concrete
construction erected thereon. The hotel, known as the Robert E. Lee
Hotel, is located on the northwest corner of 18th and Pine
St. Louie.
Mo. The property sectrine this loan is valued as follows: Sta.
ground, $100.000; building (at cost), $574.608; furnishings, $130,000; total, $804,608.
Lehigh Valley Coal Co.
-Merger Progressing.
-
See Lehigh Valley Coal Sales Co. below.
-V.126, p. 114.
Lehigh Valley Coal Sales Co.
-Merger Progresses.
-
Plans for a merger of the Lehigh Valley Coal Co. and the Lehigh Valley
Coal Sales Co. have progressed and probably will be presented to stockholders within a few months, J. M. Humphrey, President of the former
company, stated on Apr. 9 at the annual meeting.
Production of the Lehigh Valley Coal Co. last year exceeded 6,000,000
tons, all of which was sold to the Lehigh Valley Coal Sales Co.
-V.126. P.
1674.
Live Poultry Transit Co.
-Illinois
-Notes Offered.
Merchants Trust Co., Chicago, recently offered $200,000
53.4% equip. serial gold notes, series T.
Dated Apr. 2 1928; due serially (A. & 0.) from April 1929 to October
1938. Principal and hit. (A. & 0.) payable at Illinois Merchants Trust
Co.. Chicago, trustee. Interest payable without deduction for normal
Federal income tax not in excess of 2%. Denom. $1.000c5 Red. in
.
reverse of numerical order on any int, date upon 6() days' notice, at 100
and int., plus a premium of gi of 1% for each six months or fraction thereof
between date of redemption and maturity.
The business has been successfully conducted since 1888, the company
now owning and operating about 2.200 cars for the shipment of live poultry.
It is the largest company in the country engaged in this business, owning
about 85% of all the live poultry cars in use by railroads to-day. These
cars are leased to the railroads upon a mileage and rental basis under tariffs
regulated by the I.
-S. C. Commission.
This issue is a direct obligation of the company and is specifically secured
by 120 cars of modern all-steel type, title to which remains in Illinois Merchants Trust Co., trustee, until all notes are paid. Their present day
value has been independently appraised by experienced railroad equipment
engineers at $390.400 or $3,250 Per ear, while this issue is at the rate of only
$1,667 per car.
Payment of principal and interest of these notes is guaranteed by the
New City Car Co., a subsidiary corporation with plants at
Buffalo, N. 1(., and Kenton, Ohio. Through this guarantee, Chicago, bethis issue
comes the joint and several obligations of the Live Poultry Transit Co.and
the New City Car Co., with all earnings and assets of each company pledged
to the service of the issue.
-V.126, p. 588.
(P.) Lyall & Sons Construction Co., Montreal, Can.
-
The stockholders will vote April 30 on changing the authorized common
stock from 17.500 share of $100 par value (all outstanding) to 100.000
shares of no par value. It is proposed to issue two new no par shares In
exchange for each present common share and to offer to common stockholders the right to purchase at $40 per share one new share for each present
$100 par value common share. The prceeds, in part, are to be used to retire
the present outstanding $378.700 1st mtge.6% gold bonds.
It is also proposed to place the no par common stock on a $.3 annual
dividend basis.
The stockholders will also vote on approving an amendment giving the
preferred stockholders the privilege to convert their shares into new common stock on the basis of two of the latter for each pref,share owned.
-V.
124. P. 3506.
McCarnpbell & Co., Inc.
-Listing.
-
The Baltimore Stock Exchange has authorized the listing of $1.000,000
-year gold notes.
6% 10
Company was incorp. Jan. 16 1923, in New York, to engage in dry good
commission business. Its capital consists of the above notes, $750,201*
cumulative 7% preferred stock, and $100.000 of common stock, all of the
amounts are those authorized. The notes are dated Dec. 1 1927,due Dec. 1
1937. Secured by deposit (but not pledged) with tho trustee of stocks of
the Graniteville Manufacturing Co., Graniteville, S. C., and the Enterprise Manufacturing Co., Augusta, Ga. Issued for the purpose of increasing working capital. Trustee. Baltimore Trust Co., Raltimore„Md-
McCord Radiator & Mfg. Co.
-To Retire Bonds.
See McCord Mfg. Co., Inc., above.
-V. 126, p. 881.
APR.
28 1928.]
FINANCIAL CHRONICLE
2659
McCord Manufacturing Co.
-Bonds Called.
-
Dated March 1 1928; due serially March 1 1929 to 1935. Bankers Trust
Co., Little Rock, Ark., trustee. Int. payable M.& S. without deduction
for normal Federal income tax up to 2% per year.
Company.
-Organized in February 1928, has acquired by purchase all
properties and equipment of the Merchants Transfer Co., he Reaves
Transfer & Storage Co., and the Johnson Team & Dray do. The new
Madison Square Garden Corp.
-Balance Sheet.company
AssetszFeb.29'28. Dec.31 '27. Liabilities-. zFeb.29'28.Dec.31 /7. retail coalwill conduct a warehouse, general transfer and wholesale and
xLand,b1dg.ec equp$5188,091 $5,221,902 Capital stock---yS3,380,598 $53,380,598 Little Rockbusiness. Company now owns 25 lots in the twin cities of
and North Little Rock
Leasehold
75,955 Real est. mtges_ _ _ 1,837,250 1,854,250 garages, stables and repair shops. on which at various locations there are
75,955
The transfer equipment consists
684,368 Accounts payable.
969,626
Cash
60,001
179,721 large fleet of trucks, moving vans, and drays. Company also ownsof a
the
Notes ds accts. rec. 153,154
172,270 Accrued expenses_
97,329
storage warehouse located at the north end of the Broadway bridge in
Inventories
7,560 Tax reserve
9.209
294,404
251,332 North Little Rock, Ark.
Marketable sec__ 198.830
228,890 Dividends payable
121,825
Earnings.
-Earnings of the three companies now owned have always
Special deposits. 162,601
._
73,711 Deferred income
122.932
40,876 been substantial, and after effecting the reduction of overhead and other
Invest. In subs___ 101,535
100,506 Res, for conting.,
economies through the consolidation, the net earnings, as estimated by
Deferred charges_ _ 636,463
688,241
drc
36.911
30,717 the officers of the company, should be
times the annual
Surplus
1,666,041 1,394,086 Interest requirements on all bonds to be more than fourThe rental income
outstanding.
from the offices in the warehouse building alone will approximate one-half
57.495,484 $7,253,403
Total
Total
$7,495,464 87,253.403 of the annual bond interest.
x After depreciation of $427.658. y Represented by 324,860 shares of
Purpose.
-Proceeds will be applied in part against the purchase Price
no par value. z As after new financing.
of the various properties and for other corporate purposes.
Boston Madison Square Oarden.-During the latter part of 1927,the Boston
Square Garden Corp.,in which the Madison Square Garden Corp.
Madison
Metropolitan Chain Stores, Inc.-Pref. Stock Offered.
has a substantial investment, concluded negotiations whereby it will
operate, under leasehold, the arena to be located in the new North Station George H. Burr & Co. and Shields & Co., Inc., are offering
In Boston now under construction by the Boston & Maine RR. Construc- at 115 and div., $3,500,000
7% cumul. cony. pref. stock,
tion work on this project is progressing satisfactorily and should be completed by Nov. 1928. The building will be similar In design to the Garden series of 1928.
In New York and has a planned seating capacity of approximately 15,000.
Preferred as to dividends and as to assets up to $100
The management of the Boston Garden will be in the hands of Boston men. tive dividends payable quarterly, beginning Aug. 1 per share. CumulaIt is reasonable to expect that the undertaking will be successful and that semi-annual sinking fund commencing May 1 1934, 1928. Cumulative
payable out of net
revenues from this source will augment the earnings of the Madison Square profits or surplus after provision for dividends on the cumulative preferred
Garden Corp.
-V. 126. p. 2487.
stock, amounting annually to 3% of the greatest number of shares of 7%
cumulative convertible preferred stock, series of 1928, ever outstanding.
Marine Mortgage Co., Inc.
all or part on May 1 1931, or at any time thereafter (and at any
-Notes Offered.
-Marine Red.in event of consolidation,
merger or sale of entire assets) at $115 and
Bank and Trust Co., New Orleans, La., are offering at timeat the option
div.
Dividends exprices to yield from 5% to 53% according to maturity empt from presentof the company, upon 30 days' notice. Agent. Bankers
normal Federal income tax. Transfer
Trust Co.. New York; Registrar, National Bank of Commerce in New
$100,000 1st mtge. coll. trust 5.6% gold notes.
York.
Dated Apr. 1 1928: due serially Apr. 1 1929-1938
Denom.
Conversion Privilege.
-Convertible into common stock at holder's option
$500 and $1000* Principal and int. (A. & 0.) payable at the $1.000.
Marine
Bank & Trust Co., New Orleans, La., trustee. Callable on any hat, date upon 10 days' notice: During the period commencing with the date of
Issue, and ending Apr. 30 1931, both inclusive, at the rate of 1 shares of
upon 60 days' notice at 101 and int.
These notes are the direct and unconditional obligation of the company common stock for each share of 7% cumulative convertible preferred stock.
and in addition are secured ratably and without preference by the assign- series of 1928, and thereafter up to and including Apr. 30 1934, at the rate
of 1 R: shares of common stock for each share of 7% cumulative convertible
ment to the trustee of first mortgages on improved city real estate.
preferred stock, series of 1928.
CapitalizationAuthorized.
Outstanding.
Mark Twain Hotel Co., St. Louis, Mo.-Bonds Offered.
Cumul. prof.stock (par $100Per share)
05,000,000 $3.500,000
-Straus Brothers Investment Co., St. Louis, Mo., are Common stock(no par)
6400,000 shs. 150,202 dm.
a Including this Issue of $3.500,000 7% cumulative convertible preferred
offering $850,000 1st mtge. 6% serial gold bonds at prices
stock, series of 1928; the provisions of the remaining $1,500,000 shall. if
to yield from 5.80% to 6%,according to maturity.
and when issued, be determined by the directors at the time of issue, but
Dated Feb. 101928;dueserially 1931-40. Inapayable(P.& A.)at the
they shall not be on a more favorable basis than the 53.500.000
of Straus Brothers Investment Co. Red. at option of borrower, all oroffice of 7% cumulative convertible preferred stock, series of 1928. par value
part.
b 52,500
upon any int. date in inverse numerical order upon three weeks' published shares reserved to provide for conversion of this issue of 7% cumulative
notice, at 102 and int. Normal Federal income tax up to 2% paid by the convertible preferred stock, series of 1928.
borrower. Herman S. Strauss (officer of Strauss Brothers Investment
Co.), trustee. J. E. Lehman (office of Straus Brothers Investment Co.), Data from Letter of E. W. Livingston, President of the Company'
Company -Organized in Octover 1924, and took over from a predecessor
co-trustee.
Sect/II/v.-Funds derived from the sale of this bond issue (together with corporation the operation of a group of 68 stores. Since that time this
junior financing) will be used to erect the building described below. Bonds chain has expanded at a conservative rate, and at the present time it is
are secured by a first mortgage on the land-owned in fee simple- and on operating 93 stores in this country and in Canada, making it one of the
the Mark Twain Hotel to be erected at the southeast corner of 8th and largest Sc. to $1 chain store systems. The management expetes to add
Pine Sta., St. Louis, Mo., and by a chattel mortgage on the furnishings about 20 new stores this year and an even greater number in 1929.
Sale & Earnings-The sales and earnings for the three years ending
when installed.
Income.
-Annual gross income from stores. shops and hotel rooms has Dec. 31 1927 are as follows:
been conservatively estimated at $337,580, from which $197,902 has been
Net Profits
deducted to cover operating expenses, taxes and depreciation, leaving an
Net Profit Avail. for
Yearestimated annual net income of 3139,678
Sales.
after Taxes Corn. Stk.
-approximately 2N times the
maximum interest charge.
1925
38,675,402
$470,801
$358.189
1926
Building
.-The Mark Twain Hotel will be 15 stories high, with
11,006,875
531,647
408,797
of reinforced concrete fireproof construction. It will contain sixbasement, 1927
12,262,174
666.211
547,973
stores
*After payment of dividends on preferred stock outstanding in respective
the ground floor-one of them being a large corner store; a coffee shop on
in
the basement,three shops on the mezzanine floor, as well as 240 hotel rooms. years.
Balance Sheet.
-The balance sheet, as of Dec. 31 1927. adjusted to give
Marland Oil Co.
effect to the present financing,shows current assets of$5.052,560, as against
-Quarterly Report.
3 Mos. Mar. 31current liabilities of $734,857. This is a ratio of 6.87 to 1, and leaves a net
1928.
1927.
1926.
1925.
Gross earnings
working capital of $4,317.703.
$9.661,483 $19,350,146 $16,096,643
Oper.& admin. expo..&c 7.911.186 15,581.079 12,837,168 $16,039,305
Purpose.
-Entire proceeds
12,799,970 convertible preferred stock, derived from the sale of this 7% cumulative
series of 1928 (except the portion issued to
Net earnings
$1,750,297 $3,769,067 $3,259,475 $3,239,335 replace the old 7% preferred stocks issued in 1924, which are now being
Miscellaneous income.._
exchanged for the 7% cumulative convertible preferred stock,series of 1928.
488.515
1.280,330
1,934.188
1,816,508 or redeemed) will remain in
the business and will be used primarily for exGross Income
-V. 126. p. 2488.
$2.238,812 $5,049.397 $5,193.663 $5.055.843 pansion purposes.
Int.& amortiz., disc__ _ _
448,776
81.640
7,682
352,778
Metropolitan Title Guarantee Co., N. Y.
Deprec., depl., res. for
-Organized
drilling costs, &c
Announcement is made
3,667.028 4,739,065
1.555,915
1.080.995 Broadway, N.Y.City for by the company of the opening of offices at 280
Dividends
the transaction of general title insurance business.
2,310,853
1.887.705
The company has just been organized under the laws of New York. It
Netincome
def$1,876.992 df$2,082.161 $1,742,361 $3,622,070 will place first mortgage loans on apartment houses and private homes
The profit and loss defidt Mar. 31 1928 amounted to $3,462,445 as located in New York, and will sell to investors and financial institutions.
compared with a deficit of $1,585,453. Dec.31 1927.-V. 126. p.710.
534% guaranteed first mortgages and certificates.
Officers have been elected as follows: Morris Seltzer, President; John L.
Maui Agricultural Co., Ltd.
Bernstein, Vice-President and General Counsel; Emanuel Goldberg. Vice-Annual Report.
Calendar YearsPresident and Treasurer; George C. Woolf, Secretary, and Robert W.
1927.
1926.
Operating profit
$853,467
$679,919 Tindall, Comptroller.
Net income
The directors, in addition to those named, include: J. Cliff Blanchard.
722,981
616,174
Dividends
450,000
300,000 Sol Friedland, Abraham Herman, Samuel Maks& and Louis J. Marmelstein.
Balance,surplus
$272,981
$316.174
Surplus at end of year
Mexican Eagle Oil Co., Ltd.
-Initial Dividend on De$6,972,246 $6.699,935
-V. 120, P. 2156.
AU of the outstanding 6% 1st mtge. serial gold bonds, have been called
for payment July 1 next at 102 and int. at the office of S. W. Straus & Co.,
Chicago,
122, P. 759.
Maytag Co.
-Proposed New Financing.
-
Plans for the reclassification of the capital structure of the company
which will result in the issuance to stockholders of securities having a value
of approximately $25,090,000 are now under way. This fact was revealed
in the announcement made this week by Blyth, Witter & Co. and J. & W.
gagman & Co. that they bad arranged with the controlling stockholders
to purchase from them and the company about $22,000,000 of the securities
to be issued to stockholders under a plan of recapitalization.
It is expected that these securities will be in the form of 1st pref. stock and
cumu. preference stock, the latter carrying warrants for the purchase of
common stock.
The bankers are acquiring the securities which will be issued under the
plan to members of the Maytag family whose control of the company
through common stock ownership will in no wise be disturbed. F. L.
Maytag will continue as chairman of the Board, and E. H. Maytag as
President, the management in all particulars remaining unchanged. The
bankers will offer to purchase from minority stockholders the securities
Issued to them under the plan.
Public offering of the securities is expected to be made in the near future.
The Maytag Co. is engaged in the manufacture and distribution of electric
and gaaano-driven washing machines.
-V. 126, p. 1674.
Merchants & Manufacturers Fire Insurance Co.,
-Capital Increase-Rights.
Newark, N. J.
-
creased Par Value Preferred Shares.
-
The company has declared a dividend of 5s. 6.83d. on each 10 shares of
its 1st pref. 7% stock, while a dividend of 5s. 17d. was declared on the
1st preference shares of the newly formed Canadian Eagle Oil Co., Ltd.
The directors also reduced the par value on the Mexican Eagle let pref.
shares to 4 pesos from 10 pesos. Holders of the Mexican Eagle Oil Co.
will receive shares in the new Canadian company in amount equal to the
reduction in the Mexican shares. This is the first declaration made on the
new stock since the change in capital structure was approved and the new
Canadian company was formed. The capital readjustment consisted in a
division of assets. The present dividend distribution is equal in amount
to that previously paid on the old stock. See also V. 126.9. 1993.
Mid-Continent Petroleum Corp.
(& Subs.).Earnings.Calendar Years1925.
1927.
1924.
1926.
Net income
611.188,983 816,994,571 $15,929.232 $9,687,246
Provision for deprec_ _ _
3.953.672 3,722.166
3,593.789
3.026.391
Depletion reserve
2,275,140
2,634,525
2,540.969 3,009.307
Leaseholds abandoned &
surrendered. &c_
_
867,876
1,079,196
1.030,374
1,203.611
Interest & amortize:don:.
672.934
817,868
953.391
876.405
Federal income tax
762,341
450.000
Net income
53.298.575 88,615,713 37.000,926 $1,424,963
Divs, on pref. stock_ _
450,606
479,262
452,065
464,477
Divs. on com. stock__ _ 2,030,569
The stockholders on April 24 approved the recommendations of the
directors that the capital be increased from $500,000 to $1,000,000 by
Balance, surplus
$817.400 $8,163,646 66,536,449
6945,702
increasing the number of shares from 100.000 to 200,000 of a par value of -V. 126, p. 424.
$5 each.
shareholders also approved the recommendation that stockholders
Midvale Co.
The
-Minority Advices Against Sale of Stock
of record April 30 be offered the right to subscribe at the rate of $15 per at $50 a Share.
share on or before May 31 to one share of such new stock for each share
The Minority Stockholders' Committee has sent a letter to the minorty
to be made in full on or before May 31
held on April 30, payment therefor
stockholders announcing the position of the company at the end of last
See also V., 126, p. 2323.
year and its prospect for the future.
says
Merchants Transfer & Warehouse Co., Little Rock, committee was formed, the stock was The letteraboutin part: "When this
selling at
$23 a share and the
company was paying no dividends. At the present time the stock is selling
-Southern Securities Co., Little Rock, above $45 a share. Cash in the treasury
-Bonds Offered.
Ark.
amounts to nearly $17 a share and
,
6
Ark. are offering $130,000 1st mtge. 0 % serial gold the net working capital is nearly $32 a share. The company Is paying
a share and we have reason
of
bonds at prices to yield from 6% to 7%, according to dividends at the rate$3 $2share before long. Under to believe that this
'
will be increased to
a
these circumstances,
maturity.
we advise against a sale of stock at $50 a share and assure you that we
will
2660
[VOL. 126.
FINANCIAL CHRONICLE
The net earnings of the National Cash Register Co. and its whollyowned subsidiaries for the 3 months ended Mar.311928.after deducting all
expenses incident to operations, including repairs and maintenance and
Midwest Refining Co. (Denver).
-Resignation.
adequate provision for depreciation and taxes, including reserve for income
Henry M. Blackmer voluntarily regigned as a director late in March, taxes were $1,487,059.11 as compared with $1,354,449.97 for the first
-V. 122, p. 3220.
it was announced.
3 months of 1927.
These are the largest earnings for any first quarter in the company's
(Robert) Mitchell Co., Ltd.-Pref. Stock Offered.
- history.
The company is in splendid financial condition with no
McLeod, Young, Weir & Co., Ltd., Toronto, are offering outstanding bank loans or notes payable. Current assets funded debt,
amounted to
$500,000 7% cony. cum. sinking fund 1st pref. stock at $33,388,463 as compared with current liabilities of $4,520,001, or a ratio of
$100 and div., with a bonus of M share of common stock 7.38 to 1.
The outlook for business both in this country and abroad is good.
with each share of 1st pref. stock.
Comparative Income Account 3 Months Ended March 31.
Cumulative dividends payable by check negotiable at par at any branch
1927.
1928.
in Canada of the Royal Bank of Canada, Q.
-M. Preferred as to divs. Profits and income from all sources (after deprec. &
and assets to the extent of $107.50 per share and dies. Red., all or part.
$1,511,689
maint.)incl. prof. of
at any time on 60 days' notice at 107.50 and diva. An annual sinking fund Miscellaneous income foreign sub. cos. & branches $1,594,896
60,287
108,063
of 10% of net profits after provision for depreciation, income taxes and
dive. on the 1st pref. stock, is provided for the redemption of this issue at
Totalincome
$1,702,959 $1,571,976
not exceeding the redemption price. Transfer agent, Montreal Trust Co., Interest paid
6,138
Ltd. Registrar, the Royal Trust Co.
Prey.for Federal inc. taxes and contingencies
211,388
215,899
Convertible at any time before April 1 1933 into common stock at the
rate of three shares of common stock for each share of 1st pref. stock. In
Net profit
$1,487,059 $1,354,450
the event of the 1st pref. shares being called for redemption before that date
The consolidated
the parprofit of
1st pref. shareholders shall have the right to exercise the conversion privilege ticipating provisionsnet the shares$1,487,059 is equivalent under the comof
to 99 cents a share earned on
at any time prior let the date of redemption.
bined 1,100.000 shares of common "A"stock and 400.000 shares of common
Company.
-The business of the company was founded in 1851. Through "B"stock, compared with $1,354,449 or 90 cents a share on combined stock
excellence of, workmanship and progressive management, the business in in first quarter of 1927.
the intervening years has grown to be one of the largest of its kind in Canada.
The above earnings if applied directly to class "A" stock, were equal to
Company and its subsidiaries design, manufacture and sell architectural
on
1,100.000 shares of class "A,"
bronze and hammered and wrought iron work, bronze memorial tablets, $1.35 a share on first quarter of preceding year. against $1.23 a share
class "A"stock in
-V.126, p. 2323.
signs, coats-of
-arms, tellers' cages, counter screens and grille work for
banks, elevator enclosures, door grilles, revolving and swing doors in
National Dairy Products Corp.
-Proposed Merger.
bronze, bronze covered and cabinet woods, bronze stair rails, church
In connection with the proposed merger of this company and toe Telling
fixtures and fittings, special and contract lighting fixtures, fire protection
Belie Vernon Co.. it is announced that the former will acquire all the Tellapparatus, plumbing supplies, gravity and pneumatic tube conveyors,
mall chutes, power line fittings, and metal fittings and fixtures for railway ing-Belle common stock in an exchange on the basis of 50 shares of National
passenger and sleeping cars. A general jobbing iron and brass foundry Dairy stock for each 78 shares of Telling-Belle stock. The Telling-Belle
business is engaged in, together with contract plumbing, heating and ventila- stockholders will receive $78 a share for their National Dairy stock at the
exchange if they prefer cash. The Telling-Belle stock is to be deposited
tion work, and the sale of plumbing and stearafitting supplies.
CapitalizationAuthorized.
Outstanding. by May 24 and the agreement automatically terminates on May 20 if a
majority stock is not deposited.
-V. 126, p. 2489.
7% cony. cum. 1st rpef. stock ($100 par)_ _ _ _$500,000
$500,000
x 7% cum. 2d pref. stock ($100 par)
100,000
100,000
Natomas Co. of Calif.
-7'o Default Interest-To Change
Common stock (without par value)
25,000 shs.
50,000 shs.
x The 24 pref. stock is callable in whole or in part at 100 and dies., is Financial Structure.
convertible into common stock at the rate of four shares of common for each
The company has notified its security holders that it would be impossible
share of 24 pref. and Is to be retired by a sinking fund amounting to 20%
of the annual net profits after providing for dividends and sinking fund on to pay the interest on its bonds on July 1 1928 and that its financial struc
the outstanding 1st pref. stock and for dividends on the outstanding ture should be changed.
These bonds until def'tilted will be dealt in on the Exchange "and int2d pref. stock.
-V.126, p.2158.
Sales.
-For the past three fiscal years ending Dec. 31, sales have been as erest" and after the date of default will be dealt in "flat."
follows: 1925, $1,404.323; 1926, $2,151.138; 1927, $1.720.845. Sales
-Annual Report.
NewlYork Dock Co.
for the first two months of 1928 were 31% greater than for the corresponding
1926.
Calendar Years1927.
1924.
1925.
period of 1927.
33,738,037 $3,427.863 $3,381.716 $3,370,909
Earnings.
-For the three years ending Dec. 31 1927, net earnings, after Total revenue
566,252
412.978
344,054
255,912
providing for depreciation but before providing for Federal income taxes, Maintenance
353,041
Deprec'n & retirement_ _
349,989
346,682
342,987
after applying the effect of the present financing, were as follows:
843,386
882,459
863,122
Other expenses
896,026
Net Before
Operating
Prey,for
856,085
831,447
886,008
932,408
Inc. Taxes. Tams
Profit.
Deprec.
$39,488
1925
$71.356
$31,868
$973,635
$986,162
Net operating Income_ $1.083,251
$912,642
138.116
169,984
31,868
1926
185,350
235,409
255.149
226,802
107,868 Other income
139,737
31,868
1927
For the three years ending with December 1927, net earnings, after proGross income
31.318.660 $1,228,784 $1,139,443 $1.171,512
vision for depreciation but before providing for Federal income taxes, Bond interest
502,000
502,000
502,000
502,000
averaged $95,157 annually. For the year ending with December 1927 they Other deductions
27.355
26.888
115,481
26,708
were $107,868, equivalent to 3.07 times dividend requirements on the
1st pref.stock. After allowing for dividends and sinking fund requirements
Netinc.N.Y.DockCo_ $789,305
$554,031
$699,895
$610.735
on the preferred stocks, there was available for dividends on the common Pref. divs.(5%)
500,000
500,000
500,000
500,000
stock the sum of $1.87 per share.
Balance, surplus_
$54,031
Mohawk Rubber Co., Akron, 0.
-Debentures Offered.
- Shs.of com.out.(par$100) $289.305 $199,895 $11.0.735
70,000
70,000
70,000
70.000
$2.85
$4.13
$0.77
$1.58
Union Trust Co., Chicago, recently offered $800,000 coll. Earns, per share on corn_
Earnings for Quarters Ended March 31.
trust 6% serial gold debentures at prices to yield 432 to 6%,
1928.
1927.
1926.
1925.
according to maturity.
Revenues
$815,580
$874,550
$945,693
$744,621
500,245
410.593
372,637
378,95:1
Dated Mar. 11928; due serially 1928 to 1933. Int. payable (M. & S.) Expenses
300,883
294,744
283.389
265,871
at Union Trust Co. Chicago, trustee. Denom. $1,000 and 3500o* Red. Taxes, interest, &c
all or part on any int. date upon 30 days' notice to and incl. Mar. 1 1931.
Net income
3162,059
3169,213
$135,744
$106,113
at 103 and Int.; thereafter to and incl. Mar. 1 1932 at 102 and int.; after
Mar. 1 1932 at 101 and int. Interest payable without deduction for normal
Earns, per share on com _
$0.53
$0.63
$0.15
Nil
Federal income tax not in excess of 2%.
Company.-Incorp. in 1913 in Ohio. Company manufactures a com- -V. 126, p. 1995.
plete line of high grade automobile and truck tires. Plant is located in
North Central Texas Oil Co., Inc.
Akron, Ohio, has present capacity of 2.200 tires and 3,300 tubes a day.
-Annual Report.
Purpose.
-Proceeds will be used to reduce current indebtedness and to
Calendar Years1927.
1926.
1925.
Increase the company's working capital.
Income from all sources
$461,304
$466.165
$527,245
Earnings.
-Average net earnings for the past four years, after deorecia- Operating and general expenses
114,452
129,219
112,388
tion and Federal income taxes were $235.000, or over five times the largest
annual interest requirements on this $800,000 issue of debentures to be
Net operating income
$332,085
3351.712
$414,857
outstanding. For 1927, the net earnings were over 13 times the largest Other income
33,107
annual interest requirements of this issue.
-V. 126, p. 1364.
not sell the minority stockholders' shares at $50 under the authority given
to us last November.''
-V. 126, p. 1993.
Mortgage Security Corp. of America.
-Listing.
The Baltimore Stock Exchange has authorized the listing of $1.750,000
(par $100) 1st pref. stock,$2,202,500(par $100)2nd pref. stock, and 203.187
shares (no par value) common stock.
-V. 126. p. 2157.
Motor Products Corp.
-Debentures Called.
-year gold debentures, due Nov.
All of the outstanding 6% sinking fund 20
1 1943, have been called for payment May 1 next at par and int. at the
-V.126, p. 2489.
Trust Co.. trustee, 120 Broadway, N.Y. City.
Empire
-Management.
(J. L.) Mott Co., Inc., Trenton, N. J.
On Jan. 11928. the J. L. Mott Co., Inc., of Trenton, N. J., and its subsidiaries came under the management of Geo. H. Lath, Pres., and associates.
The Mott industry, in addition to its Trenton brass, pottery and enameled ware units, comprising 22 acres of floor space, now includes the foundry
and enameling works of the Columbia Sanitary Mfg. Co. of Louisville, Ky.
The Leib Co. of Louisville. with branches and subsidiaries at Nashville,
Tenn.; Evansville. Ind.; Benton, Ill.; Cincinnati and Toledo, Ohio. is now
a part of the Mott organization, augmenting its already extraordinary facilities for distribution.
The J. L. Mott Iron Works of New York City, with branches at Boston
and Hartford; the Mott Southern Co. of Atlanta. Ga., with branches at
Charlotte, N. C., and Jacksonville. Fla., and the Mott Co. of Pennsylvania
at Philadelphia. are also subsidiaries.
The Columbia Sanitary Mfg. Co. and Laib CO. at Louisville, now Mott
-V. 126, p. 1364.
subsidiaries, occupy 20 acres of ground.
-New Trustee.
Mutual Life Insurance Co.
George F. Baker. Jr., has been elected a trustee to fill the vacancy
caused by the death of Rodman Wanamaker.-V. 126, p. 728.
-Omits Div.
Nashawena Mills, New Bedford, Mass.
Due to general conditions of the te.tile industry and labor troubles. the
directors decided to omit the quar. die, ordinarily paid on May I. From
May 3 1927 to Feb. 1 1928, incl.. quarterly distributions of $1.50 per
-V. 124. p. 2602.
share were made.
-Control.
National Bearing Metals Corp.
-V. 126. p. 2158.
See American Brake Shoe & Foundry Co. above.
-Earnings.
National Biscuit Co.
3 Mos.End. Mar.31- 1928.
Net, after taxes, &c_ _ _ _ $3,795,131
Earns, per sh. on 2,046,$1.64
520 slas.comstk.
(par $25)
-V. 126, p. 404.
1925.
1926.
1927.
$3,756,668 $3 051 917 $2,877,031
$1.62
$1.27
$1.19
-First Quarter Earnings.National Cash Register Co.
Pres. Frederick B. Patterson reported to the directors as
follows:,
Total income
Depletion and depreciation
Federal taxes
Development costs
$351,712
133,363
26,324
$414,857
138,966
33,481
4,371
$365,192
127,582
29,832
Netincome
Dividends
$192,025
157,183
3238,039
111,980
$207,778
58,447
Surplus
$34,842
$149,331
3126,059
Shs.of cap. stk. outstanding(no par)_
212,846
266,346
248,846
Earnings per share on common
$0.72
$0.98
$0.96
Comparative Balance Sheet Dec. 31.
Assets-1927.
1926. ! Liabilities1927,
1926.
Mineral rights At
Capital stock _ _x31,994,900 81,819,900
.
leases (less res.
, Accounts payable_
9,265
5,241
for depletion)...$2,069,070 81,764,647 Fed. Inc. tat
26,324
30,157
Lease equip. (less
273.310
Surplus
308,159
res. for deprec.)_
33,588
39,371
Furn., fiat. dr auto
(less resior deP.)
3,553
4,031
Cash dr time den_. 147,982
93,781
U.S. Govt. bonds_
110,348
Accts. receivable..
38,301
71,240
Deterred assets._ _
42,128
49,220
Total (each sIde)52,334,024 32,132.038
x Represented by 266,346 shares of no par value.
-V. 125, p. 2821.
Oil Well Supply Corp.
-Annual Report.
Calendar Years
1927.
1926.
1924.
192.5.
Gross profit from oper'ns $5,384.764 36,921,027 $5,600,937 $4,384,538
Selling, adm.& gen. exp. 4,328,703
3,154.580
4.248,072
3,599,136
Net profitfrom oper_ _ 31,056,061 $2,672,955
Other income
211,225
313.814
32,001,801 $1,229,958
252,746
232,959
Total income
$1,267,286 $2,986,769 $2,234,760 $1,482,704
Depreciation
471,577
497.906
452,841
411,238
Amort. & miscellaneous_
329,480
167,312
196,142
170,201
Prov. for Fed. inc. tax_ _
75,000
82,735
318,500
213,500
Net income for year__
Preferred dividends_ _ _ _
Common dividends
$490,502 12.045,227 $1,442,710
40,833
605,150
472,500
x672.500
711,873
650,000
$606,647
- 0
6 0,060
36,647
Balance, surplus_ _ __ _def$693,871
$729,377
$790,077
Shs.ofcom.outst.(par$25) 366,567
325,000
y15,00(1
325,000
Earns. per sh. on com___
$40.44
30.04
x Of which $510,000 or $34 per shs.. was $ . on the o11. tock of 15,000
3
$ 81
p41(1
a 80
shares (par $100) for the first 9 months of 1925 and $162,050 (50c. per
share) was paid on the new common stock (par $25) on Jan. 2 1926. yShares
of $100 par value.
-V. 126. p. 1052. 2489.
FINANCIAL CHRONICLE
APR. 28 1928.]
-Canadian Co. Acquisition.- I
Ohmer Fare Register Co.
Announcement was recently made of the granting of a Dominion charter
to the Canadian Ohmer Ltd. for the purpose of acquiring the business of
Canadian Taximeters Ltd. and of marketing in Canada all products by the
Ohmer Fare Register Co. of Dayton, 0. See also V. 126. p. 2325.
-Ann. Report.
Onomea Sugar Co., Honolulu, Hawaii.
1926.
1925.
1924.
1927.
Calendar Years$2,168,519 $2,232,370 82,178,056 $2,650,405
Profits from sales
1,848,096
1,686,597
2,005,511
Oper. & market expenses 1,713.874
Balance
Other income
$454,645
65,123
8545,773
84,956
$329,960
76.803
$644,893
81,762
Total income
Miscellaneous losses_
5519.768
x92.755
8630.729
109,911
$406,763
24,312
$726,655
43,412
Net income
Dividends paid
$427,013
$520,818
$382,451
8683,243
(18%)450,000 (16)400,000 (12)300.000 (18)450,000
def$22,987
$120.818
Balance, surplus
$82.451
-V. 125, P. 3359.
x Includes Federal and all other taxes.
8233.243
-March Shipments.
Ofs Steel Co.
Month of MarchFinished products shipped (tons)
-V. 126, P. 2160. 1053.
1928.
52,568
1927.
44,928
Paauhau Sugar Plantation Co.
-Annual Report.
Income Statement for 12 Months Ended Dec. 311927.
$1.266,243
Gross proceeds from 13,035 tons sugar, 1927 crop
1,177,474
Operating expenses
Net profit on 1927 crop
Sundry Profits
Total income
• Total debits
Net profit to surplus account
Balance at Dec. 31 1926
$88,769
35,624
$124.393
20,919
$103,474
34,832
Total surplus
Dividends paid during year
$138,306
120,000
Balance at Dec. 31 1927
V. 122. p. 3221.
$18,306
Pacific Coast Biscuit Co.
-Earnings.
Calendar Years1927.
$414,556
Net profit after, deprec.& Federal taxes
Earns per sh. on 120,000 sits. corn. stk.(no par)_ _ _
$1.70
125, p.36.52.
1926.
$425,770
$1.71
-Extra Dividend.
Pacific Fire Insurance Co.
The directors have declared an extra div. of $1 per share. payable April
27 to holders of record April 26. Six months ago, an extra distribution of
-V. 125. p. 2399.
75 cents per share was made.
Paramount Famous Lasky Corp.
-Has Record First
Quarter.
The corporation estimates its profit, after all charges and taxes, includ
mg its undistributed share of earnings of the Balaban & Katz Corp.. a
65% owned subsidiary, for the first quarter of 1928 to be 82.250,000, which
amounts to $3.27 per sh. on 687,379 shs. of corn, stock outstandint.
A comparison of the same quarter's earnings for 1925. 1926 and 1927 follows:
1928.
1927.
1926.
1925.
Profit after taxes_ _ _ _ $2,250.000 $2,067,000 $1,649.000 $1,352,000
The profit for the first quarter of 1928, estimated as above, is optimal
matey 9% greater than the corresponding quarter of 1927, the previous
record first quarter for the company.
-V: 126, p. 2489.
Park & Tilford, Inc.
-To Increase Stock.
-
The stockholders will vote May 3 on increasing the authorized capital
stock (no par value)from 200,000 shares to 250,000 shares.
-V.125, p. 2947.
Peabody Coal Co.
-Bonds Offered.
-Public offering was
made April 27 of $12,500,000 1st mtge. sinkin fund 5%
.
gold bonds by Halsey, Stuart & Co., Inc. The bonds were
offered at 96.50 and mt., yielding about 5.25%. Proceeds
of the issue will be used for refunding purposes, for acquisition of property to be owned by the company and for other
corporate purposes.
Dated May 11928; due May 1 1953. Red. all or part upon 30 days'
notice at following prices and hot.: Until May 1 1933 at 105; on and from
May 1 1933 to May 1 1938 at 104; on and from May 1 1938 to May 1 1943
at 103; on and from May 1 1943 to May 1 1948 at 102; on and from May 1
1948 to May 1 1952 at 101;on May 1 1952 and thereafter to maturity at 100.
Int. payable M. & N. at the office or agency of the company in Chicago
and New York without deduction for Federal income taxes now or hereafter deductible at the source, not in excess of 2%. Halsey, Stuart & Co.,
Inc. will be appointed paying agent of the company for the making of
.
such int. payments. Denom. 81.000, $500 and $100 c5 Company will
agree to reimburse the holders of series A bonds, if requested, within 60
days after payment, for the Penn. and Conn. 4 mills and Maryland 4 ti
mills tax and for the District of Columbia personal property taxes not exceeding 5 mills per annum for each $1 of the principal, and for the Maus.
income tax on the interest not exceeding 6% of such interest per annum.
Data from Letter of Samuel Insull and Stuyvesant Peabody,
Chicago, April 25.
-Company will shortly be formed under the laws of
Ifistory & Business.
the State of Illinois oy consolidation of the present company at the same
name with several other Illinois coal companies controlled by subsidiaries
of Commonwealth Edison Co., Public Service Co. of Northern Illinois and
Middle West Utilities Co..respectively. Company will also acquire, immediately after the consolidation, the coal interests now controlled by a suosidiary of Peoples Gas Light & Coke Co. The existing Peabody Coal (Jo.
(one of the corporations entering the consolidation) has been for some
years one of the largest producers and distributors of bituminous coal in
the United States. Upon completion of the consolidation and the acquisitions aforesaid the company will have an annual production capacity of
approximately 20.000,000 tons and will own or control an estimated aggregate of over 1,000,000,000 tons of recoverable and merchantable coal. It
will own 22 mines located in Illinois. Kentucky and Indiana and will also
ritle for other companies 13 mines located in Illinois, Kentucky .West
i
ia and Pennsylvania.
Capitalization Outstanding (Upon completion of present financing).
6% preferred stock (par $199)
$15,000,000
4,842,250
Olaa A common stock (par $25)
be issued
Clam n common stock (no par value to series A at $5 per sh.)Th16 45 850
issue)
2:50 00
6;
00
(this
sinking fund 5% geld beads,
1st intge.
bonds limited by the restrictions of the mtge.
• Issuance of additional be used for
-Proceeds will
refunding purposes, for the acquisiPurpose.
by company and for other corporate purposes.
tion of property to be owned
Securitg.-Bonds will constitute a direct obligation of the company and
fixed property of the comthe mtge. securing the same will be a lien on allalso on
all fixed propertyv
pany acquired through the consolidation and
thereafter at any time acquired by the company. The mtge.
be a,
fixed property acquired by
company through the
on
1st mtge. lienand all all fixed property included thethe
in
on
consolidation
acquisitions aforeafter the consolidation and on all other fixed
said to be made immediately
the company after the
property acquired by secured by the mtge. consolidation for or on account
are issued. Theevaltteofthe
in
which any bonds
Of
fixed properties to he initially acquired by the company is very largely
excess of the lay mtge. sinking fund gold bonds, series A, to be outstandletion of the present financing.
ing upon compAdditional Bonds.
-The mtge. will provide that, subject to
Issuance of
limitations thereof, additional bonds of this series (or of other series
the
int., maturing at such times, and having such other
bearing such rates of
vieg
2661
provisions as the board of directors at the time of issuance may determine)
may be issued (a) against the deposit, par for par, of cash or obligations
of the D. S. Government or to refund bonds of another series theretofore
issued under the mtge., and (b) to the extent of 75% ofexpenditures made
by the company for future additions and extensions, and (c) to the extent
of 75% of the cost or value (whichever is less) of other fixed property acquired by the company at any time after the consolidation (except any
fixed property included in the immediate acquisitions hereinabove mentioned); provided that, in the case of bonds proposed to be issued for additions and extensions or for such other fixed property, the net earnings of
the company, to be defined in the mtge., during any period of 12 consecutive calendar months ending within 60 days next preceding the date of
issuance shall have been at least three times or during any period of three
consecutive years so ending shall have shown a yearly average of at least
twice, the annual int. charges on all bonds then issued and outstanding
and those proposed to be issued.
-In respect of each series of bonds issued
Improvement & Sinking Fund.
under the mtge., the company will be required by the mtge. to expend for
each year for additions, extensions or new property, to be subjected to the
mtge. as a 1st lien, or for the retirement of bonds of such series an amount
not less than 2% of the principal amount of bonds of such series issued prior
to the first day of such year (other than for cash or obligations of the
United States on deposit on such day with the trustee under the mtge.)
less 2% of the principal amount of the bonds, if any, of such series that
shall have been retired, prior to the first day of such year, otherwise than
through compliance with this provision; provided that the expenditures for
each year in respect of the bonds of series A shall commence with the year
1929 and shall in any case at least equal 2)4c. per ton for all coal mined by
the company from the mortgaged property during the last preceding year.
Expenditures applied for this purpose shall not have been previously used
and shall not thereafter be used as a basis for the issuance of bonds under
the mortgage.
Earnings.
-The following is a statement, as certified by independent
auditors, of the combined earnings of the various companies, the property
of each of which will be owned by the company. The fixed property of
these companies will be subjected to the 1st mtge. lien of the mortgage.
-Cal.Yrs.
1),et Earnings Before Deprec., Depletion,Fed. Taxes and Int. Charges
.
1925.
1926.
1927.
$2,084,268 $2,664,168 $2,652.921
Net earnings
$2,467,119
-year average
3
Annual int. requirements on these series A 5% gold bonds will be $625,000.
Operations in Illinois and Indiana suspended from April 1 1927 to Oct. 1
1927. Depletion was charged $269,795 in 1927. $349,170 in 1926 and
$210,642 in 1925.
-Company will own 30 year contracts for
Sales & Management Contracts.
supplying 90% of the coal requirements of Commonwealth Edison Co. and
Service Co. of Northern Illinois and a substantial part of the coal
Public
requirements of Peoples Gas Light & Coke Co. and certain subsidiaries of
Middle West Utilities Co. Based on the coal requirements of these companies for 1927 these contracts will call for an annual delivery of approximately 5,000,000 tons and the company will realize therefrom, over and
above the cost of production (without depletion) an annual amount sufficient to meet the int. and minimum sinking fund requirements for the
$12,500,000 series A bonds to be presently outstanding. In addition, the
company will have management contracts covering the operation of 10
mines controlled by the Erie RR.. two controlled by the Black Mountain
Corp., one by the Federal Coal Co., and will act under contract as sales
agent for the coal produce from the mines of the two latter companies.
Company will also hold a contract (taken over from the existing Peabody
company) for the management of the Consumers Co. (Chicago), a large
retail distributor of coal, ice and building material, and will have a substantial investment in the latter's share capital.
Property.
-Of the 22 mines to be owned by the company, 20 are located
in Illinois, 1 in Kentucky and 1 in Indiana. These mines are thoroughly
equipped and capable of profitable coal mining. Of the 116,567 acres of
Coal lands to be owned by the company, but 38,464 acres are now assigned
to existing mines, the balance, namely, 78,103 acres being held in reserve.
It is estimated that the assigned acreage contains over 278,468,000 tons
and the reserves over 621,840,000 tons of unmined, merchantable coal,
the latter being located principally in the State of Illinois.
-The active management of the company
Ownership & Management.
will be in the hands of experienced men whose ability as economical and
efficient operators has been thoroughly demonstrated. Commonwealth
Edison Co.. Peoples Gas Light & Coke Co., Public Service Co. of Northern
Illinois, and Middle West Utilities Co.(upon completion of the consolidation and the acquisitions to be made immediately thereafter) will, through
subsidiaries wholly owned except for directors' qualifying shares, control
the company through ownership of a majority of the shares of its capital
stock then to be outstanding. Such controlling shares will be deposited
under a voting trust agreement naming Samuel Instill. John F. Gilchrist
and Stuyvesant Peabody as the voting trustees. It has been arranged that
upon completion of the consolidation, Samuel Instill will become Chairman
and Stuyvesant Peabody will become President of the company.
Prospective Initial Balance Sheet of the Consolidated Compant
A
LiatilitiesMining properties:
1st mtge, sinking fund 5%
$11,351,7201 gold bonds
Coal rights owned
$12,500,000
Improvements
11,601,012 , Note payable (affiliated co.)
Iv
182,284 I 5%,due Jan. 1 1930
Coal rights leased
984,160
Sites in Chicago & vicinity &
I Accounts payable
2,510,142
Improvements thereon_ __ _ 2,576,256 Notes payable
25,700
Cash
377.043'Accrued local & State taxes.
Call loans
2,500,000 i Income tax, int., &c
827,903
Marketable securities
820,020'Reserves for contingencies__ _
96,474
Accounts receivable
3,376.697 6% pref. stock
15,000,000
Notes receivable
192,485 Class A common stock
4.842.250
Inventories
826,681 Class B common (no par value
Investments--Affillated cos._ 8,648,752
at $5 per share)
6,456,850
Other corporations
792,909
242,675 Initial surplus
I3eferred charges
1,339,863
Total
344,036.388
Total
*44,036,388
Phillips-Jones Corp.
-Smaller Dividend.
The directors have declared a quarterly div. of 75 cents per share on the
common stock, no par value, payable June 1 to holders of record May 19.
The company from Sent. 1925 to March 1928, incl., paid quarterly divt.
of $1 per share.
-V. 126, p. 1997. 1520.
Pierce Governor Co.
-Earnings, &c.
Sales of the company for the first quarter of the current year totaled
$123,547. Based on the total volume of business transacted, profits
after taxes amounted to approximately $50,000. it was announced.
V. 126. p. 1998.
-Sales.
Piggly Wiggly Corp.
1928-3 Mos.-1927.
.
Period End, Afar. 31- 1928-Month-1927
Sales
317.958,840 $15,480.732 349.400.700 $43.666.720
-V. 126, p. 1998, 1366.
-The Bank
-Bonds Offered.
Pomeroy-Mason Bridge Co.
of Pittsburgh N. A., and the Diamond National Bank of
Pittsburgh are offering at 100 and int., $600,000 lst, mtge.
sinking fund 6% gold bonds.
Dated May 1 1928; due May 1 1958. Principal and interest payable M. & N. at the Bank of Pittsburgh N. A., Pittsburgh. trustee. Denomination $1.000 and $500. Redeemable all or part on any interest
date on four weeks' notice at 103 on or before Nov. 1 1932: 1024 on or before Nov. 11937; 102 on or before Nov. 11942; 101) on or before Nov. 1
1947: 101 on or before Nov. 11952; 101 on or before Nov. 1 1957. Prin,
and int. payable without deduction of Federal income tax, not exceeding
2% per annum. Penn, personal property tax not to exceed 4 mills per
annum refunded.
Data from Letter of S. L. Tons, President of the Company.
-Company is incorp. in West Virginia, for the purProperty & Project.
pose of cmstructing, owning, and operating a toll bridge across the Ohio
River, from a point at or near Mason City, W. Va., to the City of Pomeroy,
0. The bridge and approaches will be 2,050 feet long from a point near the
south west line of Mason City, W. Va., on the improved highway known as
State Highway No. 62, to Front St., Pomeroy, which is a part of State
Highway route No. 7. in Ohio.
Security -Bonds will be secured by a closed first mortgage on all of the
assets and physical property of the company now or hereafter owned and
2662
FINANCIAL CHRONICLE
[VOL. 126.
upon its franchises, including all rights of the company thereunder. The
Purity Bakeries Corp.(& Subs.).
-Earnings.
cost of the bridge and approaches will be in excess of $950,000. This issue
16 Weeks EndedApr. 21 '28. Apr.23'27.
of bonds will be followed by 3,500 shares no par value preferred stock, and
Net inc. after deprec., fed. taxes & all other chrgs.
25,000 shares no par value common stock to be presently outstanding.
except int.
$753,879
$809,817
The property will be adequately insured for the benefit of holders of these Int. & disc, & disc, on funded debt
on funded debt
38,623
36,171
bonds. The bridge is at present 80% completed.
Earnings -It is estimated that the average annual earnings for the first
Net income
$715,255
$773,646
five years will be approximately $140,000 per annum. Net earnings, after
deducting Federal and State taxes, depreciation, and reserves for main- Dividends on stocks retired:
Pref. div. (at $7 per year)
118,293
107,299
tenance and repairs, will be approximately $110.000 per annum, or 3 times
Class A dividend (at $3 per year)
152,299
85,243
the maximum annual interest charge on this issue of bonds.
Class A participation (at maximum $2 Per rear)
101,533
Sinking Fund.
-Beginning Nov. 1 1930 a minimum sinking fund provides Dividend on $6 1st pref.
stock
12,483
for the retirement of the entire issue of bonds by maturity.
Franchise.
-The Congress of the United States has granted a franchise
Balance to common stock
$343,130
$568,621
to this company, giving the right to construct, maintain, own, and operate
140.81
(41.20
the bridge, and to collect tolls for the use thereof. The plans for the con- Earnings Per share of common stock
a On 472,415
struction of this bridge have been approved by the United States War De- equivalent to shares outstanding April 21 1928. b On 421,652 shares
210,826 shares class B outstanding April 23 1927.-V. 126,
partment.
p. 2490.
Postum Co., Inc.(& Subs.).
-Earningsfor 1st Quarter.-
Quar. Ended March 31Sales
Total exp., less miscel. income
Income tax
Net income
Shs.of corn. outstanding (no par)
Earnings per share on common
-V. 126, p. 2490.
1926.
1928.
1927.
$21,139,535 $12,704,761 $11,451,888
8,839,035 7,860,028
16,624,561
485,539
604,814
520,592
$3,910,160 $3,345,134 $3,106,321
1,370,000
1,735.047 1,468,096
92.02
$2.25
$2.26
Pro-phy-lac-tic Brush Co.
-Extra Dividend.
The directors have declared an extra dividend of 50c. a share on the common stock, pa3rable May 15 to holders of record May 5, and the regular
quarterly dividend of $1.50 a share on the pref. stock, payable June 15 to
holders of record May 31. An extra dividend of $1 a share was paid on the
common stock on Jan 5 last, and also on Jan. 3, Aug. 1 and Nov. 15 1927.
On Apr. 16 1928, the regular quarterly dividend of 50c. a share was paid
on the common stock. See V. 126, p. 1677.
-Browne,
Public Utility Investment Co.
-Stock Offered.
Urquhart & Co., Ltd. are offering at $12.50 per share the
unsold portion of 22,000 shares of common stock (no par
value).
Issued.
CapitalizationAuthorized.
-year sinldng fund
lit & coll. trust 53 % 20
,
5
None
gold bonds
$500,000
Common shares, no par value (this issue)
30,000 shs. 22,000 shs.
6,000 abs.
Deferred common shares, no par value
6.000 abs.
The no par value common shares shall be entitled to receive in any year
a dividend or dividends not exceeding in the aggregate $1 per share before
any dividends are declared, or paid, for such year, upon the deferred shares,
and thereafter the deferred shares shall be entitled to receive in any such
Year a dividend or dividends not exceeding in the aggregate $1 per share,
and thereafter the common shares and deferred shares shall rank equally
share for share for any additional dividends declared and paid in any year.
Upon the winding up of the company, or any liquidation or distribution,
whether voluntary or otherwise, of the assets of the company, both the no
par common and the no par deferred shares shall rank equally share for
share. The owners and holders of deferred shares shall have the right to
cast 5 votes for every deferred share held at any meeting of shareholders
and the owners and holders of common shares shall have the right to cast
1 vote for every common share so held. Dividends as declared and payable
will be paid by cheque payable at par at any branch of the company's
bankers, Yukon territory excepted. Trustee and transfer agent, Montreal
Trust Co. Registrars, National Trust Co., Ltd.
Company.
-Has been incorp. under the laws of the Province of Quebec
to carry on the business of an investment trust. Its operations will follow
the principles employed by representative English and Scottish investment
trusts.
The business of the company is confined to the investment and reinvestment of its resources in seasoned marketable securities, domestic and
foreign.
Assets & Earnings.
-The assets of the company,consist of cash and readily
marketable investment securities. Revenues are derived from interest,
dividends, bonuses, rights, &c., on its investments together with such
profits as may accrue upon disposal, from time to time, of the securities it
may own. At a later date it is the intention of the management to issue
bonds bearing a low interest rate. The difference between the cost of such
borrowed money and the earnings and profits to be had from these funds
will accrue to the holders of the common shares.
It is the intention of the management to conform in operation to the best
practices of successful British investment trusts. Accordingly, It is intended
it
only
to create a reserve fund out of income and profits and to
moderate dividends until a thoroughly sound condition has been established.
Directors.
-Major Peter L. Browne, M.C. (Pres. of Browne, Urquhart
& Co., Ltd.) Montreal; A. G. Urquhart (V.-Pres. of Browne. Urquhart
& Co., Ltd.) Montreal; L. A. David, K.O. M.P.P., Provincial Secretary
for Quebec; Hector Cypihot, M.D..Capitalist,
Montreal; 0. G. Dunn, of
Dunn, O'Meara & Co.. Ltd.) Quebec.
Public Utility Investing Corp.
-Bonds Offered.
-Harris
Trust & Savings Bank, Chicago, are offering at 100 and int.,
$2,000,000 coll. trust 5% gold bonds, first series.
Dated April 2 1928; due April 1 1948. Int. payable Apr. & Oct. without
deduction for Federal income tax up to 2% per annum. Prin. and int.
payable at tne office or agency of the corporation in New York. Red. at
any time all or part at 103 and int. on 30 days' notice. Denom. $1,000c*.
Guaranty Trust Co. of New York, trustee.
Data from Letter of H. C. Hopson, President of the Corporation.
-Organized in 1917 and reincorporated in 1921. Is engaged
Company.
In investing primarily in stocks and other securities of public uttity holding
and operating companies. Its investments on Feb. 29 1928 aggregated
at cost (which is materially lower than the present marxet value) over
$5,000,000. Included in such investments are stocks and other securities
of the following:
New England- Gas & Electric Assn.
American Gas & Electric Co.
North American Co.
American Light & Traction Co.
North Boston Lighting Properties.
American Power & Light Co.
Peoples Gas Light & Coke Co.
Associated Gas & Electric Co.
Shawinigan Water & Power Co.
Brooklyn Edison Co.
United Gas Improvement Co.
Brooklyn Union Gas Co.
Consolidated Gas Co. of New York. Utilities Power & Light Corp.
Chase National Bank of New York.
Columbia Gas & Electric Co.
Equitable Trust Co. of New York.
Continental Gas & Electric Co.
Fidelity Trust Co. of New York.
Investing Corp.
Eastern Utilities
First National Bank New York.
General Gas & Electric Co.
Guaranty Trust Co. of New York.
Long Island Lighting Co.
Nat. Bank of Commerce in N. Y.
Massachusetts Gas Cos.
Middle West Utilities Co.
29 1928 (Giving Effect to This Financing).
Capitalization as at Feb.
$1,000,000
Common stock, 10,000 shares (no par) capital
1,500,000
Preferred stock,$6 dividend series, 15,000 abs.(no par) capital_ 2,000,000
Collateral trust 5% gold bonds due 1948 (this issue)
-As security for the bonds there will be pledged with the
Security.
trustee, stocks of various companies, principally public utility holding and
operating companies. having a present market value of more than $2,600,000, or 130% of the principal amount of this issue of bonds. The annual
cash dividends being currently paid on the pledged collateral are, at the
present rate, substantially in excess of the annual interest requirements
of this Issue of bonds.
Indenture will provide, among other things, that corporation will maintain, with the trustee, pledged collateral having an aggregate current market value of at least 125% of the principal amount of collateral trust bonds
of the first series at the time outstanding, and that no collateral may be
withdrawn from pledge except upon redemption, cancellation, or other
retirement of bonds of the first series.
Earnings for the Years Ended December 31.
1927.
1926.
$271,474
8269,709
Total income
17.593
34,841
Total exp. & taxes (except Federal taxes)
Net earnings
Annual interest on this issue
$236,633
$252,116
$100,000
Railway & Light Securities Co.
-Bonds Offered.-Estabrook & Co., Stone & Webster and Blodget, Inc., and Par
kinson & Burr are offering $3,000,000 coll. trust 4Y gold
2%
bonds, tenth series at 943 and int, to yield about 4.90%.
Dated May 1 1928; due May 1 1953. Denom. $1,000 and $509c5
.
Int. payable M. & N., without deduction for any normal Federal income
tax not in excess of 2% at Old Colony Trust Co., Boston, and Chase Nat'l
Bank, New York. Red. all or part on any int. date on 30 days notice at
102 up to and incl. May 1 1943, thereafter at 101 up to and incl. May 1
1948, thereafter at 100M up to and incl. May 1 1951 and thereafter prior
to maturity at 100. in each case with int. Wilmington Trust Co., Whinington, Del., trustee.
Capitalization
Authorized. Outstanding.
Collateral trust bonds (including this issue)
$5,500,000 $5,500,000
Preferred stock 6% cum.($100 Par)
Common ck80:000
'
elm. 75:000 ails.
Company.
-A Marne corporation. Was organized in 1904 for the purpose
of holding for income and (or) for sale the securities of railroads and public
enterprises. It has been in successful operation for over 23 years,
utility
Unusual stability of income results from the wide diversification of the
company's present holdings, which include bonds of 42 and stocks of 30
public utility and railroad companies. The business has been profitable.
due both to the steady income from these holdings and to their market
appreciation.
Purpose.
-Proceeds are to be used to retire the first six series of 5%
collateral trust bonds, outstanding in the amount of $1,012,000, and for
the purchase of additional securities.
Security.
-The $3,000,000 Tenth Series 4% bonds are a direct obligation of the company and are secured by pledge of collateral with a present
market value of over $4,000,000. Indenture provides that the market
value of the pledged collateral, consisting of bonds, notes, stocks and other
securities shall be equal at all times to not less than 120% of the principal
amount of bonds of the Tenth Series at the time outstanding and shall
Include bonds, notes or other evidences of indebtedness of a market value
not less than 60% of the principal amount of bonds of this Series outstanding. Within the above limitations the company may make withdrawals
and substitutions of collateral in the conduct of Its business. Securities
of other than railroad and public utilities may be substituted as collateral
if the company or a successor corporation is hereafter authorized to hold
them
Retirement Fund.
-Indenture provides that the company shall deposit the
sum of $50,000 on May 1 of each year beginning in 1933 to be used by the
trustee in purchasing for cancellation bonds of the Tenth Series offered to
It for sale at not exceeding principal amount and accrued interest. Any
part of such sum not exhausted on July 1 reverts to the company.
Earnings.
-The income for the 12 mos. ended March 31 1928, and for
the fiscal years ended Jan. 31 1928 and 1927, without reflecting any benefit
to be received by the investment of the proceeds from the present issue of
Tenth Series bonds, was as follows.
Mar. 31 '28. Jan. 31 '28. Jan. 31 27.
Interest received and accrued
$242,955
$256,597
1261.928
Cash dividends received
132,824
185,813
176,522
Stock dividends sold
33,480
33,480
---Profit from sale of securities
336,769
415,077
415,075
Gross income
Expenses and taxes
$890,967
51.582
$887,007
54,278
$712,549
54,697
Balance for interest charges_ -- -- - $839,384
9657,851
$832,728
Required for interest charges (including this issue). $260,000
The balance available for interest charges in the 12 mos. ending Mar- 31
1928 is over 3 times interest charges on the entire bonded debt including
this issue of Tenth Series bonds.
-V. 126, p. 578.
Roland Park Homeland Co.
-Listed.
-
The Baltimore Stock Exchange has authorized the listing of $800,000
(par $100) cumul. preferred stock, 22,000 shares (no par value) additional
common stock and $400,000 coll. trust
% gold notes.
-V. 126, p. 1210.
Rossia Insurance Co. of America.
-Financial Statement.
The financial statement of the "Rossia" Reinsurance Group as of Jan.
1 1928 shows:
Capital
Reserves
and
and
Assets.
Surplus.
Liabilities.
Rorssia Ins. Co. of America
$16.139,091 $10,356,782 $5,782.309
Fire Reassurance Co. of N. Y
1,162,863
3,951,027
2,788,164
American Reserve Ins. Co. if N. Y _
1,333,474
3,499,642
2,166,168
Lincoln Fire Ins. Co. of N. Y
2,087.423
4,324.904
2,237,481
First reinsurance facilities
127,914.664 $17.548.596
First Reinsurance Co. of Hartford
Casualty reinsurance facilities_ _
$3,057,282 $1,138,028
Total reinsurance facilities
$30,971,946 $18,686,621
Combined increase in 1927
36,185,039 $1,774,453
-V. 125, p. 3495.
$10,366,068
6
$1,919,25
$12,285,324
34.410,586
St. Maurice Valley Corp.
-Control.
-
See Canada Power & Paper Corp. above.
-V. 126, v. 590.
San Francisco Bay Toll Bridge Co.
-Definitive Ronda.
Dillon, Read & Co. announce that interim receipts of the $4,500,00
0
1st mtge. 64% sinking fund bond issue, maturing in 1957, are now exchangeable for definitive bonds at the Central Union Trust Co., New York.
See offering in V. 125. p. 3212.
Schulte Retail Stores Corp.
-Declares Four Quarterly
Stock Dividends of 3/2 of 1%.
-The directors on April 24 declared a 2% stock div., payable 3/ of 1% quarterly, in addition to the regular cash quarterly div. of 873,. cents. The
first stock div. will be paid on June 1 to holders of record
May 15 and quarterly thereafter. (See V. 126, p. 427.).
Calendar Years1924.
1927.
1926.
1925.
Net profit before taxes.. _ $6,919,820 $6,726,910 $6,416,932 $4,341,616
Preferred dividends(8%)
376,000
753,552
596.718
752.476
Common dive. ($3.50)- - 3,905,602
Surplus
$2,260,665 $5,974.434 15,820,214 $3,965,616
Previous surplus and res. 9,033,311
4,059,450 3,882,949
4.447,900
Total surplus and res411,293,977 $10,422,334 $9,879,664 $7,848,565
Federal taxes paid
444,396
444,759
693,918
582,950
Adjustments, debits___ - a3,776,205
44,718
79,949
102,358
xStock div.on corn
(18)3,075,000($8)2,550,000
Stock div, on com
y750,000
z726,125
Prof. & loss sur. & res. $6,823,852 $9,033,311 $6,257,547 $4,059,450
a Store fixtures written down to $1, $1,976,207; good will written down
to $1. $4,999,999 total, $6,976,206; less reduced value of corn. stock,
$3.200,000, balance, $3.776.206. x Paid in pref. stock. y Paid in coni.
stock (75,000 shares no par value). z Paid in common stock (72,612
hares no par value).
-V. 126. p. 2491. 427.
APR. 281928.]
FINANCIAL CHRONICLE
Sherwin-Williams Co., Cleveland.
-Extra Div. of 12c.
An extra dividend of A of 1% has been declared on the outstanding
$14,861,125 common stock, par $25, in addition to the regular quarterly
dividend of 3%, both payable May 15 to holders of record April 30. Like
amounts were paid on this issue on Nov. 15 and Feb. 15 last. From Nov.
1925 to Aug. 1927, incl., the company paid an extra dividend of 1% and
-V. 126. p. 591.
a regular dividend of 2% each quarter.
Southern Can Co. of Baltimore.
-Proposed Sale.
-
See Continental Can Co. above.
-V. 121. p. 3143.
2663
Virginia Iron,'Coal & Coke Co.-Earnings.-
Quer. End. Mar. 31Gross operating revenueOperating expenses
1928.
$613.652
591,909
1927.
$789,964
803.688
1926.
6920,607
868,677
1925.
$829.252
749.007
Net operating revenue
Rev,from other sources..
$21.743 def$13,724
28.009
23,208
$51.930
22,558
$80.245
229,826
Total net revenue_ _ _ _
Bond interest, &c
$49,753
70.709
$74,489
84.506
6310.071
92,765
19.484
71,923
Net loss
Southern Grocery Stores, Inc.
120,956
-Profits dc Sales.
162.439
110.017 sur$217,360
The corporation reports profit on sales for March 1928, of $228,729 as -V.126, p. 1975.
compared with $196,369 in March 1927, an increase of 16%. Sales for
Wells Fargo & Co.
-Liquidating Div. of 50c. a Share.
March equalled 11,312.776. an increase of 33% over sales of the same
The directors have declared a liquidating dividend of 50c. a share out of
month a year ago. For the four months ended Mar. 31, profit on sales
totalled 1664,829 as against $554,053 in the corresponding period of 1927, surplus funds, payable June 1 to holders of record May 21. A liquidating
a gain of 19%. Sales in the same period increased over 1927, 24% to dividend of $1 a share was paid on June 1 1927.-V. 124, p. 3228.
13,416,315.-V. 126, p. 2162.
Western Oil & Refining Co., Inc.
-Sales in California
Up for First Quarter.
-
Spicer Manufacturing Corp.
-Earnings.
Total income after deprec
Adm.,selling & gen. exp.
Interest and discount_
Net prof. bet Fed. tax
Earns. per sh. on 313,750
shs. corn. stk.(no par)
1928.
$567,799
147,531
1927.
1494,918
153,611
1926.
$667,123
127,415
19,129
1925.
$490,455
142,628
30,843
$420,268
$341.307
$520,579
$316,984
$1.24
$0.91
$1.46
$0.83
Earnings Now Reflecting Activity in Automobile Industry.
-
The plants of the corporation and subsidiaries, as a result of the increased
activity in the automobile industry, are operating at capacity at present,
according to an official statement. The company is now manufacturing
96% of the universal joints and 90% of the heavy duty frames used in the
manufacture of trucks in the United States.
Current liquid position of the company is favorable.
-V. 126. p. 2000.
The New York office of this company announce that 4.168.768 gallons
of gasoline were sold in California during the first quarter this year as
against 1,431,307 gallons for the corresponding period of 1927. Beginning
next week, the company's newly chartered tanker will ply from the refinery
to the company's new terminal at Ozol, San Francisco Bay,carrying 650,000
gallons of gasoline, 11.000 barrels of fuel and bunkers each trip. A contract has been made with the City of Los Angeles for a permanent loading
wharf opposite the company's refinery. Export business continues to show
large gains over last year.
-V.126. p. 1681.
White Eagle Oil & Refining Co.-Earnings.-
Quar. End. Mar. 311928.
1927.
1926.
1925.
Sales (net)
13,084,895 13,455,032 $3,220,628 $2,912,726
Cost of sales
1 2,724.779 3,027,310 2,783.105 I 1,514,215
Gen.adm.& selling exp.I
1 564,141
Profit from operations $360,116
6427.722
$437.523
$834,369
(C. G.) Spring & Bumper Co.
Misc.income credits_ ___
-Omits Dividend.
61,028
74,548
65.837
80.490
At a meeting held Apr. 20, the directors voted to pass the dividend on
the common stock, which otherwise would have been paid May 15 1928.
Total income
6421,144
$502,270
$503,360
$914,859
A year ago, the company paid an extra dividend of 5 cents per share and a Misc, income charges......
114.241
114,264
86,445
102.006
regular quarterly dividend of 20 dints per share on the common stock,
while in August and November 1927 and in February 1928 only the regular
x Net income-------- 6306.903
$388.006
$416,915
$812,853
quarterly of 20 cents per share was paid.
Earns. per sh. on 490.000
An official announcement says: "The company is producing considershs.cap. stk.(no par)..
$0.63
$0.79
. $1.66
$0.85
able more units than they ever produced before and the requirements for
x Before depreciation, depletion & Fed, income taxes.
-V. 126, p. 1524
working capital by reason of this unusually heavy volume is such as to
Woodworth, Inc.
make this action advisable. The volume of production, likewise the re-Earnings.
quirements for working capital, are at the peak during the months from
The company, according to its bankers, reports that net earnings, before
March to June incl., after which there is a period in which receivables and taxes, for the 1st quarter of 1928 were 32% in excess of those for the same
inventories are gradually liquidated, thus permitting the retirement of quarter of 1927.-v. 126, p. 1828.
bank loans and the building up of cash balances.
"In view of this, it was thought best to defer dividends on common
Worth, Inc.
-Dividend of 40 Cents on Class A Stock.
stock."
-V. 126, p. 732.
The directors have declared a regular quarterly dividend of 40 cents per
share on the class A convertible stock, payable May 1 to stockholders of
Standard Sanitary Mfg. Co.
record April 20. On Feb. 1 last, an initial dividend of 20 cents per share
-Listed.
The Pittsburgh Stock Exchange has approved for listing 3,234,486 shares (to cover the period from Dec. 15 1927 to Feb. 1 1928) was paid on this
of common stock (no par value) and 47,864 shares of preferred stock (par issue. See offering in V. 125, p. 3363.-V. 126. p. 1524.
$100).-V. 126, p. 1679.
Wright Aeronautical Corp.-Earnings.Quar. End. Mar. 31- 1928.
1927.
Sweets Co. of America, Inc.-Earnings.1926.
1925.
Gross sales
$1,488,380 $ 537,025
Quar. End. Mar. 311928.
1927.
1926.
1925.
Net earns,after taxes_ _ _
470,898
133,670
Net profit after deprec.,
200,081
157,638
Earns per sh. on 250,000
reserve, &c
426,520
410,798 loss$5,584 loss$27,600
shs. cap.stk (no par)_
$1.88
$0.53
x Before deducting depreciation.
$0.80
$0.63
-V. 126. p. 1826.
-V. 126. p. 1827.
Telling-Belle Vernon Co., Cleveland,O.
-Consolidation.
See National Dairy Products Corp. above.
-V. 124, p. 3367.
Transportation Re-insurance Co. of New York.
Stock Offered.
-McKinley & Co. and Clinton Gilbert, New
York, are offering at $28.50 per share 70,000 shares capital
stock (par 510).
Transfer agent, The Dank of America, N.
Equitable Trust Co. of New York, New York. A., New York; Registrar
Data from Letter of William H. McGee, President of the Company.
Company.
-Has been organized in New York to
marine re-insurance only. Operations will be under write general fire and
the
Insurance Department of the State of New York as well supervision of the
as the
of similar departments in other states in which it may operate. supervision
Capital and Surplus.
-Upon giving effect to the issue and sale of its
authorized capital stock,the cash paid in capital and surplus of the company
will be as follows:
100,000 shares capital stock ($10 par)
$1,000,000
Surplus
No promotion expenses of any sort have been incurred by the 1,500,000
company
in Its formation.
The balance of the authorized capital stock of the company consisting of
30,000 shares, not included in this offering, has been subscribed for by
Individuals associated with the management.
Management.
-The management of the company will be in the hands of
William H. McGee, Gresham Ennis and George C. Bowers, executives
of Wm. It. McGee & Co., Inc., which has been successfully engaged as
underwriters of insurance since 1883 and whose business is countrywide.
Wm. H. McGee & Co., Inc., have a branch office, an agent or
pondent in practically every city of any importance in the United corresStates,
as well as agents at points in Canada,in the West Indies and in Mexico
V. 126, p. 2493.
Youngstown Sheet & Tube Co.-Earnings.-
Quar. End. Mar. 31- 1928.
1927.
1926.
1925.
b Net earnings
14,208,061 16,121.390 17,448,416 $7,423.540
Other income
763,921
671,444
729,112
452.350
Total income
$4,971,982 $6,792.835 18.177,528 17.875.890
Miscellaneous charges
413,447
451,647
409,250
340,060
Depreciation
} 1,917,759f 2,316.752 2,050,424 2,008.666
Depletion
262,208
258,642
259.446
Provision for conting
230,000
Interest and discount_
977.260
1,011.185
1.064.175
1.0,7,093
Federal tax, estimated
265.000
590.000
495,000
Net income
$1,663,516 $2,256.043 $3,804,837 13,695.626
Preferred dividends_ _ _ _
a249,219
249,219
249,219
249,219
Common dividends
51,234,507 1,234,508
987,606
987.606
Surplus
$179,790
$772,316 $2,568,012 12,458,801
Earns. per sh. on 987.606
shs. com. stk.(no par)
$1.43
$2.03
$3.60
$3.49
a Estimated, inserted by Editor. b From operations after
all expenses, including charges for repairs and maintenance. deducting
Sale of Associated Supply Co.
J. A. Crawford, Vice-President of the Republic Supply Co. of California,
earlier this month announced the acquisition from the Youngstown
pany of the Associated Supply Co. The business of the latter will becomsolidated with that of the Repunllc company, which will hereafterconact
as exclusive distributor in California of oil country tubular
goods manufactured by the Youngstown company.
Officers of the Republic Supply Co. of California include P. M. Pike,
Pres.; J. A. Crawford, 1st V.-Pres.; J. M. Cummins 2nd V.-Pres.. and
H. H. Glen, Secretary.
-V. 126, p. 1681.
Zonite Products Corp.
-New Director.
-
Ulen & Co.
-Receives Large Contract.
Thomas L. Chadbourne has been elected a director. The directors
The Persian Government has awarded a contract for the construction mentioned in the "Chronicle" of Mar. 31, page 2003. are those of the
of the Persian Gulf
-Caspian Sea Ry.. about 1,600 kilometers in length, Agmel Corp., which was recently acquired by the Zonite Products Corp.to a consortium composed of Ulen & Co. of New York; Julius Berger -Ed.1-V. 126. p. 2003.
Tiefbau, A. G., of Berlin; Phillippe Holtzman, A. G., of Frankfort,
and
Siemans-Bau Union, G.m.b.H.. of Berlin, according to advices
received
by Ulen & Co. recently. V. 125, p. 2160.
CURRENT NOTICES.
United Biscuit Co. of
America.
-Earnings.
-The "Bawl Street Journal," published by the Bond Club of New York
The report of the company and its subsidiary companies for
months of operation ended Dec. 31 1927 shows net profits, after the two in connection with the annual club field day, made famous by the late
interest
and taxes, amounting to $162,566. Company was formed in Nov. 1927 Robert A. Bould, Jaques S. Cohen and Northrop Clarey, publication of
as a consolidation of 8 biscuit companies and one carton company. The which was suspended two years ago, will reappear at the annual field day to
combined profits for the year of the businesses of the various
subsidiaries
now owned, before interest and taxes, amounted to 11,274,635.-V. 126, be held this year, but in a new form. Laurence M. Marks,Chairman of the
Executive Committee of the Bond Club field day, announces that through
p.429.
the courtesy of Mr.Cohen,who lea member ofthefirm of Baer,Cohen & Co.,
United Business Publishers, Inc.
-Transfer Agent.
- a special bond club edition of"The New Yorker" would be issued this year.
The Guaranty Trust Co. of New York has been appointed transfer agent
Mr. Cohen, whose writings have appeared in the old "Bawl Street Journal"
for the common and pref. stock. See also V. 126. p. 2493.
and other Wall Street publications, will have charge of the special editionof
United Engineering & Foundry Co.
-Extra Dividend.
the New Yorker. The special edition of the New Yorker will have only a
The directors have declared an initial quarterly dividend of 40c. a share
and an extra dividend of 20c. a share on the new common stock, no par private circulation among the members of the Bond Club. and members of
value, both payable May 11 to holders of record May 1. Like amounts the Wall Street fraternity. All of the features of the regular editions of the
New Yorker, Mr. Cohen states, will be contained in the special edition,but
were paid on this issue on Feb. 10 last.
-V. 126, p. 1058.
there features, whether of a humorous or serious nature, will be linked with
United States Cast Iron Pipe & Foundry Co.
-New the daily events of the Wall Street banking and brokerage fraternity. The
Director.
publication will carry the usual character of advertisements which were a
D. B. Stokes, V.-Pres. in charge of Sales, has been elected a Director, feature of
the old "Bawl Street Journal" but despite requests for space, the
succeeding P. J. Goodhart.-V. 126, p. 2493.
edition will carry no paid advertisements.
United States Leather Co.-Earnings.-
-The 21st annual edition of"Metal Statistics," which has juct been published, contains the same general assortment of statistical information concerning ferrous and non-ferrous metals that has been supplied in previous
years, besides which various new tables have been introduced. Statistics
are such as are generally required by producers and consumers, buyers and
11,629.444
$568,475
$124,400
Net income
$578,726
•After all charges (except interest) and reserve for depreciation. a Cen- sellers of metals and iron and steel products. This little volume is pub-V. 126. p. 2163.
tral Leather Co.
lished by the American Metal Market Co.. 11 Cliff Street, New
York City,
Quer. End. Mar. 31- 1928.
$1,581,847
*Net profit
Interest and discount_
Cr47.597
Income from invest
al927.
$790,835
222,360
al926.
$363,420
239.020
a1925.
$883,157
304,429
2664
FINANCIAL CHRONICLE
[you 126.
—The Empire Bond & Mortgage Corp. announces the removal on May 1
—Wilk, Clarke & Co.. Chicago. a new general investment company
began active business Wednesday (April 25th) handling all classifications 1928 of its executive offices from 17 East 42nd St. to 535 Fifth Ave., New
of securities. The new firm is a combination of Frederick L. Wilk & Co., York City. After the 1st of May. 1928, the telephone numbers of the
Arthur C. Lueder & Co., Simon Rubel & Co., and Alois R. Clarke, formerly corporation will be Vanderbilt 6686 to 6692 and 7021.
with the National City Co. The Lauder, Rubel and Wilk Corporations
—Kidder, Peabody & Co., members New York Stock Exchange, have
have transferred their offices and business to the new organization, which moved their up-town office to their new building which has just been
have offices at 39 LaSalle St., Chicago. Directors of the corporation completed at 10 East 45th St. The building and offices were designed by
will
are Frederick L. Wilk. Alois R. Clarke, Arthur C. Lueder, Harry P. Evans, Cross & Cross and House & Buckley.
Paul W. Edgran, Peter H. Behl, and Samuel J. Sackett. Frederick L.
—Insurance shares Corporation, fiscal agents for Insuranshares ManageWilk is president and Alois R. Clarke is executive vice-president. The new ment Co. and wholesale distribution of Insuranshares Trust Certificates,
Chicago's banking circles and have moved their
firm is composed of companies prominent in
offices to 49 Wall Street. N. Y., where they will occupy
will underwrite stock and bond issues.
the entire eleventh floor.
—J. Paul Leonard, editor of the Carolina-Virginia Retailer, and Secre—The United Light and Power Co., the United Light and Railways Co.,
tary of the Merchants Mutual Fire Insurance, has been admitted to partner- and Continental Gas & Electric Corp., announce the removal of their
in his brother's firm, Ralph B. Leonard & Co., 25 Broad St., New York Chicago office on Apr. 24 to Room 2200 Bankers Building 105 West Adams
ship
City. Mr. Leonard is known in business and banking circles as one of the Street.
leaders who led the movement for better check and collection legislation
—Jay Carton, formerly with Morton Lackenbruch & Co., has organized
some years ago. He has been active in mercantile circles throughout the firm of Jay Carton & Co., Inc.. with offices at 60 Broad St., New York.
the South. and was for many years Secretary of the North Carolina Mer- where he will handle deflated and undervalued securities.
chants Association. Ile is credited with having defeated the movement to
—Harris, Ayers & Co., 100 Broadway, New York City, have issued a
establish a merchandise sales tax in that State.
circular on Preferred Stocks of electric power and light companies which
operate under electric bond and share supervision.
—John Nickerson & Co., Inc., announces the removal of their Chicago
—E. W. Clucas & Co., 11 Wall St., New York City, have issued an
offices to 120 South La Salle St. Truman L. Chapman is the resident
manager and wholesale representative. The opening of a Chicago retail analysis of Liggett & Myers Tobacco Co. The current analysis is the
sales department is under the direction of Guy L. V. Emerson .with the second of a series E. W. Clucas have prepared.
following salesmen, John E. Griffin. W. M. Fogarty. 0. A. Stuart, S. J.
—Halsey,Stuart & Co.. Inc., have moved their New York offices to larger
l'ooley, P. D. Gates, Theo. G. Dieckman, 0. B. Newcomer. Wm. R. Dex- quarters in the new Equitable Trust Building, 35 Wall Sc.. where they will
and Harry E. Ilallenbeck. John E. Heise is occupy the twenty-second floor.
heimer. Robert L. Dawson
buying department representative.
—Berdell Borthers, members New York Stock Exchange, have moved
telephone
—Beard. Foy & Co.. one of the best known financial, corporate and in- their offices to the 15th floor, 39 Broadway. N. Y.. Their new
number is Whitehall 4051.
dustrial publicity firms in the United States, have removed their offices to
larger quarters in the State Bank Building. 120 So. LaSalle St., Chicago.
—Central Public Service Corp., Central Gas & Electric Co., and FederWilliam 0. Beard, who was for many years public relations counsel for the ated Utilities, Inc., have moved their offices to the Bankers Building. 105
Chicago Yellow Cab Co., The Omnibus Corp. and a number of other cor- West Adams St.. Chicago.
porations and George V.Foy,former associate financial editor of the Chicago
—The Central Union Trust Co. of New York City has been appointed
"Herald & Examiner," are the heads of the firm.
co-transfer agent of 10,000 shares of preferred stock of the San Francisco
Montreal investment firm of Mathewson. McLennan & Molson Bridge Securities Corp.
—The
(formerly Riddell & Mathewson. established 1881) announce the opening of
—Schlesinger & Co., specialists in bank and insurance stocks, are issuing
a New York office at 44 Wall Street with private wires to Montreal and for free distribution a circular containing an analysis of the Baltimore
Toronto. The firm are members of the Montreal Stock Exchange and American Insurance Co.
Montreal Curb Market and will transact a commission business in Canadian
—Gerald H. May. formerly with 13ayley & Mills, has become associated
Securities. John W. Norsworthy will manage the New York branch.
with M. II. Connell & Co.. .34 Pine St.. New York. and will specialize in
foreign dollar bonds.
—Alfred L. Baker St Co.. Chicago, announces that John A. Stevenson.
—Stanley & Masan. Inc., Chicago, are pleased to announce the removal
has been admitted to the partnership. Mr. Stevenson who has been in the
quarters in the State Bank Building, 120 South
Investment business in Chicago for 20 years. formerly was Vice-President of their offices to larger
La Salle St.
of the investment house of Stevenson, Perry. Stacy & Co. Other niembrs
—A.D.Mendes & Co..43 Exchange Pl., New York, have issued for disof the firm are: Hugh McB. Johnston, Thomas Coyne, Arthur M. Betts. tribution to investors a brochure entitled "Intrinsic Values vs. Popular
Hobert M. Curtis and Walter W. Crawford.
Names."
—H. Cassel & Co.. members New York Stock Exchange. 61 Broadway.
—Amiel Brinkley & Co.. Bank of Commerce Building, Memphis. Tem.,
announce the opening of an investment business for the purchase and dis- New York. announce that Robert 0. Ritchie has become associated with.
them.
tribution of municipal. railroad, public utility, foreign and real estate bonds,
—"An Investment Program for the Basiness Man or Woman" is discussed
The officers of the new company are W. L. Oates, Pres., H. C. Nail, Jr.,
in a list of investment suggeitions Issued in printed form by White, Weld
Vice-Pres., E. D. Hazlehurst, Vice-Pres., and Amiel Brinkley, formerly & Co.
with A. K. Tigrett & Co., Treas.
—Hemphill, Novas & Co. members of the New York Exchange. announce
—Edward B. Smith & Co. announce the removal of their offices to the the opening of their new offices at 15 Broad St. and 35 Wall St.. New York.
new Equitable Trust Co. building, where they will occupy one of the
—Burger. Ostend & Co., Chicago. announce that from May 1st their
largest banking spaces in the financial district. The firm has taken a ten new offices will be located in the State Bank Bldg., 120 South La galls St.
year lease on the entire twelfth floor and the entire Wall Street wing of the
—Rhoades & Co., members New York Stock Exchange, 27 William St..
-Famous Lasky Corp.
thirteenth floor. The total space occupied is approximately 23.000 square New York. have prepared an analysis of Paramount
feet.
—Goodbody & Co., members of the New York Stock Exchange. have
--Sulzbacher, Granger & Co., 1 1 1 Broadway, New York, announced to moved from the fourth to the eighteenth floor at 115 Broadway, New York.
—Ward, Gruver & Co., 20 Broad St., New York, have issued an analysis
(lay that Paul H. Byers, formerly financial writer for the New York Telegram and associated Scripps-Howard newspapers, has become associated on Goodyear Tire & Rubber Co., which is now ready for distribution.
—Hayden, Stone & Co., 25 Broad St., New York, have hunted a special
with their firm as a consultant on investment matters. Mr. Byers will
also have charge of the firm's financial publications, including the "Granger circular reviewing the present position and outlook of Fox Film Corp.
Review."
—Curtis & Sanger. 49 Wall St., New York City, have issued a recent
Financial
weekly quotation pamphlet of bank and insurance company stocks.
—Noble & Corwin's tabulation of the leading bank and trust companies
—Herbert
of New York City has been issued this year in a new and more compact New York, inAllen has become associated with Allen & Co.. 20 Broad St.
charge of the firm's Insurance Stock Department.
form. The pamphlet contains statistics of capital, surplus and profits,
—clerk, Dodge & Co., members of the New York Stock Exchange.
deposits. dividends, &c. for New York City banks and trust companies
with capital of $1.000,000 or more and is carried back over a 26-year period. have prepared a suecial study of National Dairy Products Corp.
—Smith & Gallatin, Members New York Stock Exchange and Curb
—Subscribing to the theory that the tremendous and steadily growing
Market, have moved their offices to 115 Broadway, New York.
volume of funds in this country seeking investment presages a continued
—IC. W. Clark & Co. Philadelphia, announce that Graham Dougherty
downward trend in investment return, the quarterly investment bulletin
has become associated with them in their Stock Department.
of A. G. Becker & Co. discusses what constitutes a bond yield and figures
—Exton & Newberg, members New York Stock Exchange, announce
therein two elements—pure interest and compensation for the risk taken. their removal to larger quarters at 50 Broad St., New York.
—W. R. K. Taylor, W. R. K. Taylor, Jr., DeCourcy L. Taylor, Willard
—J. K. Rice, Jr. & Co., 120 Broadway. New York, have issued an analytiD. Litt, William J. Galligan, Joseph H. McMullen. and special partner cal comparison of fire and casualty insurance companies,
Anson W. Hard will form the partnership of W. R. K. Taylor & Co. on
—Gordon & Whitney, Members Now York Stock Exchange, announce
on April 30. when Taylor, Thorne & Co. plan to dissolve. They will the removal of their offices to 115 Broadway, New York.
continue in the same offices at 49 Wall St., New York.
—Babcock, Rushton & Co. have reviewed the Consolidated Cigar Corp.
—Rudolph Guenther-Russell Law. Inc., New York, have prepared 100 and the International Match Corp., in their weekly letter.
a book in permanently bound form, containing examples of insticopies of
—Wm. West & Co., 27 l'ine St., New York, have prepared for distribututional financial advertising campaigns carried on by them during the Past tion to investors an anayLsis of Municipal Service Corp.
year. for distribution among investment banking executives interested in
—Curtis & Sanger, 49 Wall St., New York, have hawed a statistical
analysis of United States Fidelity & Guaranty Co.
sales promotion.
—Tucker, Anthony & Co., 120 Broadway, New York City, have issued a
—The International Advertising Convention and Exposition to be held in circular on United Shoe Machinery common stock.
everything
Detroit July 8th to 12th and which will contain, under one roof,
—II. T. Carey dr Co., Members New York Stock Exchange,announce the
its every phase, holds a direct interest not
relating to organized advertising in
for all engaged in marketing and removal of their offices to 50 Broadway, New York.
only for advertising executivei, but also
—Holt, Rase & Troster, 74 Trinity, Place.. New York, have issued a
selling.
special circular on the American Glanztoff Corp.
actually sending out 250,000 invitaThe Detroit Convention Board is
—Porter, Fox & Co., Chicago, have removed their offices to the new
throughout the world,'urging attendance at this
tions to business esecutives
State Bank Building, 120 South La Salle St.
amid Exposition. Representative delegations, it is stated, are
Convention
—Prince & Whitely, 25 Broad St., New York, are distributing analysis
Germany and France with the major
coming from Great Britain, from
of General Railway Signal Company.
attending this great Congress and
purpose in crossing the Atlantic that of
—A. E. Fitkin & Co., Inc., have removed their offices to the Harriman
its character.
Exposition, which Is essentially international in
Building, 39 Broadway, New York.
York. members of the New
—Wood, Low & Co.. 22 William St.. New
—E. A. Pierce & Co., Chicago, have analyzed the position of the Texas
an analysis of the Denver & Rio Corp. in their current fortnigatly review.
York Stock Exchange. have prepared
Railroad Co.. with particular reference Us its general
Ctrande Western
—Hord. FitzSimmon.s & Co., Chicago, announce the removal of their
cumulative pref. stock.
offices to 120 South LaSalle St.
mortgage sinking fund 5% bonds and its 6%
—E. A. Peirce & Co., Chicago, have moved their offices to Bankers
& Co., Inc.. announce the following changes in their
—Clarence Hodson
advertising and sales promotion Building, 105 West Adams S.
organization: Frank J. Reichert. formerly
H. Dowd, formerly with Ray
—Vanderhoef & Robinson, 34 Pine St., New York. have issued a circular
manager, now regional sales director; Charles
sales promotion manager.
on B-G Sandwich Shops, Inc.
D. Lillibridse, Inc., now advertising and
they have recently increased
--Farr & Co., 90 Wall St., New York, are distributing a review of The
—Sherritt & Co.. Chicago, announce that
the company, Great Western Sugar Co.
their organization to include the following as officers of
—"The Oil Industry and Olt Stocks" is the subject of a circular issued by
Robert al. Sherritt, Joseph A. Haberkorn and Mace D. Osenbach. G. B.
Fenner & Beane.
Trete:1r has been appointed manager of their investment department.
2665
FINANCIAL CHRONICLE
APR. 28 1928.]
ifteports anti llocuuxents.
•
......
1.1.151.11114E0
ADVERTI
UNION PACIFIC RAILROAD COMPANY
THIRTY-FIRST ANNUAL REPORT—YEAR ENDED DECEMBER 31, 1927.
New York, N. Y., April 12, 1928.
To the Stockholders of Union Pacific Railroad Company:
The Board of Directors submits the following report of the operations and affairs of the Union Pacific Railroad Company for the (alendar year ended December 31, 1927, including the Oregon Short Line Railroad Company, whose entire
Capital Stock is owned by the Union Pacific Railroad Company, the Oregon-Washington Railroad & Navigation Company,
whose entire Capital Stock (except fifteen qualifying shares held by Directors) is owned by the Oregon Short Line Railroad
Company, and the Los Angeles & Salt Lake Railroad Company, whose entire Capital Stock is owned, one half each, by
the Union Pasific Railroad Company and the Oregon Short Line Railroad Company. For convenience, the four companies
are designated by the term "Union Pacific System."
•
INCOME.
The *posted mileage at close of year and income for the calendar year 1927, compared with 1926, after excludiog eli
ffsetting acoinents between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., Oregon-Washington Railroad
o
Navigation Co., and Los Angeles & Salt Lake Railroad Company, were as follows:
Calendar Year
1927.
Calendar Year
1926.
9,676.81
1.526.31
:3.842.05
9.676.55
1.518.88
:3.800.54
.26
7.4:3
41.51
15,04:1.17
14,995.97
49.20
3203.891.622.46
140.334.442.20
3205.416.263.52
140.769.540.31
Revenues over expenses
Taxes
Uncollectible railway revenues
863,557,180.26
15,985,844.32
17,07:3.98
364,646,723.21
15.72.5.9:33.06
13,950.91
$259.911.26
:3.123.07
Railway Operating Income
Rents from use of joint tracks. yards. and terminal facilities
347.554.261.96
1.667.282.32
343.906.839.24
1,371.230.91
$296,051.41
549,221.544.28
$50.278.070.15
----2.9.028,219.60
2,149.707-51
$926.295.66
633,9:31.25
—
Operated Mileage at Close of Year.
Miles of road
Miles of additional main track
Miles of yard tracks and sidings
Total Mileage Operated
—
Transportation Operations.
Operating revenues
Operating expenses
_____
-$6,954,515.26
2,783.638.76
Hire of equipment—debit balance
Rents for use of Joint tracks, yards, and terminal facilities
Increase.
Derreume.
11.524.641.06
435.098.11
$1.089.542 95
31.352.577.28
$1.056.5E5.87
39.738.154.02
88,177.927.11
Net Income from Transportation Operations
$39,4*11.330.26
242,100,143.04
income from Investments and Sources other than
Transportation Operations.
Dividtnds on stocks owned
Interest on bonds, notes. and eqalpment trust certificates owned
Interest on loans and open accounts—balance
Rents from lease of road
Miscellaneous rents
Miscellaneous income
510.276.593.57
6.195,669.48
1.011.533.99
122.174.11
528.587.43
1C1.070.99
$8.893,880.25
5.909.970.54
1.271.990.88
122,020.26
551,636.53
380,115.11
31.382.713.32
285,698.94
31.305,966.00
51.560,226.91
52,616.752.78
_
_
32611.456.89
153.85
23,199.10
79,844.12
318.435.629.57
$17 129,663.57
857.919,019.83
659,229 306.61
$17.744.85t.84
39,004.85
469.928.92
317.794,133.79
26,841.56
424,082.08
_ __ • _
.
-2,1- .1 - 6i3.25
45.846.84
$18,253,784.61
-L---_-,,7-P0,6E6,233.22
$18.245.057.43
*8.727.18
$3,9c1.7.M.06
53.961.740.60
Total
_
-l1
Tot Income
31.310.788.78
Fixed and Other Charges.
luter&:t on funded debt
NItscellaneous rents
Miscellaneous charges
Total.
Net Income from All Sources
DISPOSITION i I NRT INCOME.
Dividends on Stock of Union Pacific stailroad Co.:
Prtferred stock:
2 per cent paid April 1. 1927
2 per cent paid October 1. 1927
Common stock:
234 per cent paid April I, 1927
25i per cent paid July 1, 1927
214. per coot paid October 1. 1927
.
21 4 per cent payable January 3, 1925
*1 ,900.870.00
1 990.37030
35,557,293.00
5,557,290.00
5 557 290.90
A 557 290.00
Total Dicid-nds
Sinking Fund Requirements
Total Approp lotions of Net Income
Surplus. Transferred to Profit and Loss
Mille the decrease in "Freight Revenue" was only $95.768.80 or .1%, there were substantial fluctuations in the
Movement of individual commodities. Unfavorable conditions in the lumber industry, with consequent curtailment
of production by mills in the Pacific Northwest, resulted
in a substantial decrease in the transportation of forest
products. There was a substantial reduction also in the
movement of manufactures, particUlarly automobiles and
sugar, because of the general decline in output by automobile manufactures and a short crop of sugar beets last year
in Idaho and Utah. Crude petroleum and Other petroleum
oils were moved in less volume due to curtailed production
of oil, principally in Kansas, and reduced operations of re-
$10,914,749.18
$49.282.15
21,319,513.96
22.229,160.C6
22.229,160.00
$26.210,900.00
226.910.900.00
• 5.676.64
826.210.000.00
826.216,576.64
36.676.64
613,4'4,336.22
- --
$14,768,172.54
61,313,837.32
$.5.676.64
fineries in Wyoming. California grapes were of excellent
quality and marketing conditions were favorable, resulting
in a substantial increase in the movement of that fruit, but
from States west of the Rocky Mountains there were decreases in shipments of other deciduous fruits and of potatoes, due principally to a light crop of pears, plums and
apples and to a small hold-over from the 1926 potato crop
and lessened demand for potatoes in the East. Good corn
and wheat crops in Nebraska, greater yields of wheat in the
Northwestern States and improved crops of oranges and
grapefruit in California resulted in substantial increases
In the transportation of these commodities. There was a
substantial increase also in the movement of coal due to
2666
FINANCIAL CHRONICLE
[Vol.. 126.
Operating results for year 1927 compared with year 1926:
Calendar Year
1927.
Average miles of road operated
9,677.63
Calendar Year
1926.
9,647.04
Operating Revenues!. Freight revenue
2. Passenger revenue
3. Mall revenue
4. Express revenue
5. Other passenger-train revenue
6. Other train revenue
7. Switching revenue
8. Water line revenue
9. Other revenue
$157,745.245.71
28.452,380.42
4,343,021.79
3,981.604.43
4,010,507.56
85,588.75
1,320,080.18
66,828.17
3,886,365.45
$157.841,014.51
29,674.038.54
4.431.818.86
4.128,205.42
4,088,970.19
67,912.24
1,261,886,37
.55,371.64
3,867.045.75
10.
Total operating revenues
Increase.
Decrease.
30.59
Per
Cent.
.3
$95.768.80
1,221,658.12
88.797.07
146.600.99
78,462.63
.1
4.1
2.0
3.6
1.9
26.0
4.6
20.7
.5
$17,676.51
58,193.81
11,456.53
19.319.70
$203,891.622.46
$205,416,263.52
$1.524.641.06
.7
Operating Expenses
11. Maintenance of way and structures
12. Maintenance of equipment
$27.991,232.06
37,393,403.04
$28,160,940.03
38,010.184.42
5169.707.97
616.781.38
.6
1.6
Total maintenance expenses
13.
14. Traffic expenses
15. Transportation expenses-rail line
16. Transportation expenses
-water line
17. Miscellaneous operations expenses
18. General expenses
-Credit
19. Transportation for investment
565,384.635.10
4,579.355.41
58,373.993.60
58,560.47
4,400,306.53
7,560,762.02
23,170.93
$66.171.124.45
4,529.212.43
58.587.843.01
50,349.38
4,247,562.12
7.233,491.01
50,042.09
$786.489.35
1.2
1.1
.4
16.3
3.6
4.5
53.7
5140,334.442.20
$140.769.540.31
5435.098.11
.3
563.557.180.26
564,646.723.21
$1.089,542.95
1.7
511,852,812.46
510.903.677.65
303,566.50
4,514.978.51
3.710.40
$949,134.81
4.133,018.14
13.72
5303.566.50
381,960.37
3,696.68
8.7
100.0
8.5
99.6
515.985.844.32
515.725.933.06
5259,911.26
1.7
$17.073.98
$13,950.91
53,123.07
22.4
28. Railway operating income
29. Equipment rents (debit)
30. Joint facility rents (debit)
$47,554.261.96
6.954,515.26
1,116.356 44
548,906.839.24
6,028.219.60
778,476.60
$926.295.66
337.879.84
31. Net railway operating income
539.483.390.26
$42.100,143.04
68.83
65.53
.30
34.785,587
13,157.043.050
378.23
1.181
$7.57
34,534.148
13.211.549.913
382.56
1.178
$7.51
251,439
20.
Total operating expenses
21. Revenues over expenses
22.
23.
24.
25.
Taxes
State and county
Federal capital stock
Federal income
All other Federal
26.
Total taxes
27. Uneollectible railway revenues
-Operating expenses of operating revenues
Per cent
Freight Traffic (Commercial Freight only)
Tons of revenue freight carried
Ton-miles, revenue freight
Average distance hauled per ton (miles)
Average revenue per ton-mile (cents)
Average revenue per freight-train mile
Passenger Traffic (Excluding Motor Car and Motor Coach)
Revenue passengers carried
Revenue passengers carried one mile
Average distance hauled per passenger (miles)
Average passenger per passenger-train mile
Average revenue per passenger-mile (cents)
Average revenue per passenger-train mile, passengers only
Average total revenue per passenger-train mile
colder weather than last year, and to the miners' strike
in Colorado which resulted in increased long-haul shipments from Wyoming and Utah mines.
The decrease of $1,221,658.12 or 4.1% in "Passenger Revenue" was due to a decrease of 5.3% in revenue passengers
carried one mile, caused principally by the continued diversion of local short-haul business to motor vehicles.
The decrease of $146,600.99 or 3.6% in "Express Revenue" was due principally to a decrease in the movement by
express of carload shipments of early fruits from Oregon
and Washington because of a smaller crop this year.
The decrease of $169,707.97 or .6% in "Maintenance of
Way and Structures Expenses" was due to ordinary fluctuations in repairs and renewals and in care of roadbed.
The principal track materials used during the year in
making renewals were as follows:
3,494.825
931.033,103
266.40
48.93
2.991
$1.46
52.10
$50,142.98
8,211.09
152,744.41
327.271.01
213.849.41
26,871.16
2.8
15.4
43.4
52,616.752.78
.003
3.06
51.352,577.28
6.2
.4
54.506.863
433
.8
4,004.975
510,150
983.163,679
52,130,576
245.49
20.91
51.27
2.34
2.982
.009
$1.53$.07
S9 1R
.7
.4
1.1
.3
• no
12.7
5.3
8.5
4.6
.3
4.6
97
The increase of $327,271.01 or 4.5% in "General Expenses" was due principally to increases in wages of clerical forces, pension payments and valuation expenses.
The table shows analysis by classes of the increase of
$259,911.26 or 1.7% in "Taxes." The increase in State and
county taxes was due to increased assessments on account
of additional investment in road and equipment and increased tax levies in the several States. The decrease in
Federal income tax resulted from decrease in taxable income. The decrease in Federal capital stock tax was due
to the abolishment of this tax effective June 30 1926.
The increase of $926,295.66 or 15.4% In "Equipment Rents
(Debit)" was due to an increase of 4.2% in mileage payments on refrigerator and tank cars and a decrease of 10.1%
in per diem collections from foreign roads.
The increase of $337,879.84 or 43.4% in "Joint Facility
New steel rails
282.10 track miles Rents (Debit)" was due principally to adjustments
of rental
Second-hand steel rails
115.83 track miles
payments for use of joint terminal facilities with other
397.93 track miles
Total
carriers.
excluding yard tracks and sidings, equivalent to 3.8% of
The increase in "Investment in Road and Equipment" is
the traek miles in main track at the beginning of the year. made up as follows:
Ties 2,797,799 (98.2% treated), equivalent to 7.2% of all Extensions and Branches
$254,746.80
9.622.575.73
ties in track at the beginning of the year. Tie plates 1,968,- Additions and Betterments. excluding Equipment
Equipment
2,966,774.82
027 and continuous rail joints 157,075.
Total Increase
512.944,097.35
The decrease of $616,781.38 or 1.6% in "Maintenance of From which there was deducted:
Cost of property retired from service and not
Equipment Expenses" was due principally to a decrease in
to be replaced
$406,391.49
locomotive repairs because of improved shop practices and
Cost of real estate retired-Debit
79,905.68
Cost of equipment retired from service
1,104,098.40
less maintenance being required due to improvements to
Total Deductions
1.430,584.21
locomotives and a small decrease in locomotive miles, parIn"Investment in Road and Equipment"
Net In
-$11,513,513.14
tially offset by increased wage schedules. Locomotives were
In August 1927 construction was authorized of a cutmaintained in good condition.
The decrease of $213,849.41 or .4% in "Transportation off line, approximately 54 miles, between Egbert, Wyoming,
Expenses
-Rail Line" was due principally to a reduction on the main line 32 miles east of Cheyenne, and Creighton,
In prices and quantities of locomotive fuel consumed, par- Wyoming, near the westerly end of the North Platte Branch,
which will provide a shorter route from the west and south
tially offset by increase in wages, chiefly of switchmen.
Am. 28 1928.]
FINANCIAL CHRONICLE
2667
GENERAL BALANCE SHEET—ASSETS.
(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., OregonWashington Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Co.)
December 31,
1927.
Investments— "
Road and Equipment
Less:
Receipts from improvements and equipment fund
Appropriations from income and surplus prior to July 1, 1907, credited to
this account
Total
701. Investment in road and equipment
702. Improvements on leased railway property
704. Deposits In lieu of mortgaged property sold
705. Miscellaneous physical property
Total
706. Investments in affiliated companies—
Stocks
Bonds, notes, and equipment trust certificates
Advances
Total
707. Investments in other companies—
Stocks
Bonds, notes, and equipment trust certificates
Total
Visited States Government Bonds and Notes
743. linking fends
Total Investments
Current Assets
708. Cash
709. Demand Loans and Deposits
711. Special deposits
712. Loans and bills receivable
713. Traffic and car service balances receivable
714. Net balance receivable from agents and conductors
715. Miscellaneous accounts receivable
716. Material and supplies
717. Interest and dividends receivable
718. Rents receivable
719. Other current assets:
Baltimore and Ohio Railroad Co. capital stock applicable to payment of
extra dividend of 1914
Miscellaneous items
Total Current Assets
December 31,
1926.
$885,182,950.60
$873,669,437.46 $11.513,513.14
$23,823,091.13
Increase.
Decrease.
$23,823,091.13
13.310.236.52
13.310.236.52
$37,133.327.65
$37,133,327.65
$848,049,622.95
$836,536,109.81 $11,513,513.14
$21.520.37
216.249.21
1.968.779.50
$19,019.12
342.430.78
2.262.609.68
32,206.549.08
32.624,059.58
$20.495.548.46
26.078.444.69
9,186,119.02
$20,483,584.46
23,630,904.87
9.023.246.45
$55.760.112.17
$53,137,735.78 32.622.376.39
393.904.166.63
76.627.577.36
$89,891.599.93 $4,012.566.70
69.997.954.25 6.629.623.11
$170.531.743.99
$159.889.554.18 $10.642.189.81
$332.013.361.56
$31.999.543.75
$143.039.63
$2,501.25
$126.181.57
293.830.18
$417.510.50
$11.964.00
2,447.539.82
162.872.57
$194,405.65
$13.817.81
$51.366.02
$1,108,704,429.38 $1,084,381,408.75 $24,323,020.63
$6,920.270.84
22,500.000.00
75,367.44
6.601,102 17
4,581.668.39
1.184,377.22
4,181.303.04
16,002.243.47
1.80.3.201.07
167,068.76
$38,972,343.47
131.702.20
51,332.00
138,746.20
202,475.01
7,044.00
151.143.01
$64,199,636.60
$67,634,940.18
$33,435.303.58
47,479.63
1,896.87
4,736.025.18
1.125.914.24
4.464.115.52
16,118,333.28
1.663,749.82
163,860.96
822.500.000.00
27,887 81
6.599.205.30
$32,052.072.63
154,356.79
58.462.98
139.451.25
3.207.80
282.812.48
116.089.81
Deferred Assets
720. Working fund advances
722. Other deferred assets:
Land contracts, as per contra
Miscellaneous items
$67.643.09
$34,664.06
62.378.08
3.758.629.44
82,692.97
4.007,684.34
320,314.89
249.054.90
Total Deferred Assets
33.888.650.61
34.145.041.37
3256.390.76
.34,170.96
1,048,544.96
1,268.762.60
33,504.66
1,080.411.78
1,163.799.94
104,962.66
$2,321,478.52
$2,247,716.38
$73.762.14
Unadjusted Debits
723. Rents and insurance premiums paid In advance
725. Discount on funded debt
727. Other unadjusted debits
Total Unadjusted Debits
(1,...,1 Tra...1
SI 179 lld 195_11 Sl IKR 1.114
inn
$12,979.03
$666.30
$31.866.82
AR ton 711R AAR is
to points on the North Platte Branch, and also develop new guests, and of a hydro-electr
ic plant which will assure an
territory in southern Wyoming, of which part is a rich agri- ample supply
of water and electric current for power and
cultural region and tile remainder well adapted to the rais- light in the operation
of the new facilities. Additional faing of livestock.
cilities for the accommodation of tourists were
constructed
Extensions of the Lyman Branch from Sears, Nebraska, at Bryce Canyon and
Zion National Park. All of these imsoutherly 3.44 miles and southeasterly 2.60 miles were con- provements
will be completed at the beginning of the toure
structed and opened for operation during the year. These ist season, June
1, 1928.
lines were built for the purpose of developing additional
An issue of $26,835,000 face value debenture bonds,
known
territory for the growing of sugar beets.
as Union Pacific Railroad Company Forty Year
Four and
During the year the Utah Parks Company, whose entire One Half
Per Cent. Gold Bonds, was made under an incapital stock is owned by the Los Angeles & Salt Lake Rail- denture
dated July 1, 1927 and sold on that date for the
road Company, made an agreement with tile United States purpose of retiring
and refunding $26,835,225 face value of
National Park Service for the operation of tourist facilities Union
Pacific Railroad Company Twenty Year Four Per
at Grand Canyon National Park and acquired the fran- Cent Convertible Bonds
which matured on that date. These
chises and property of the Utah & Grand Canyon Transpor- bonds mature
on July 1, 1967 and bear intereot at the rate
tation Company, which was operating motor coaches be- of four and one
half per cent per annum from July 1 1927,
tween Zion National Park and Bryce Canyon on the one payable semi-annually
on January 1 and July 1 of each year.
hand, and Grand Canyon National Park on the other, thus They are redeemable as
a whole only, upon not less than
extending its own motor coach operations, which were in- sixty days' previous
notice, on July 1 1932, or any semiaugurated in 1923 between Cedar City, Zion National Park, annual interest date
thereafter to and including July 1
Cedar Breaks and Bryce Canyon, to the Grand Canyon and 1962 at 1021 2% of their
/
principal amount, and on any semiincluding in its five-day motor coach circle tour, reached by annual interest date thereafter
at a premium equal to onethe Union Pacific through Cedar City, Utah, three Na- quarter of one per cent of such
principal amount for each
tional Parks, namely, Zion, Bryce Canyon and Grand Can- six months between the date
designated for redemption
yon, a National Park having been established by Congress and the date of maturity, in either
case with accrued inat Bryce Canyon.
terest to the date designated for redemption.
The discount
Construction was authorized of a central lodge and guest and expense incident to the sale
of these bonds was
charged
cabins at the Grand Canyon, capable of accommodating 294 to Profit and Loss.
[VoL. 126
FINANCIAL CHRONICLE
2668
GENERAL BALANCE SHEET—LIABILITIES.
(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., OregonWashington Railroad irk Navigation Co., and Los Angeles irk Salt Lake Railroad Co.)
Decrease.
Increase.
Dec. 31 1927.
Dec. 31 1926.
751. Capital Stock—
Common stock
Preferred stock
$222,293,100.00
99.543,500.00
$222,293,100.00
99,543,500.00
Total Capital Stock
7.55. Funded Debt
3321,836.600.00
411.317.075.00
$321.836,600.00
412,770,925.00
5733.153.675.00
5734.607.525.00
$395,596.73
5379.809.26
*$15,787.47
$1.731.091.6€
11.850,172.2E
$1,695,160.90
10.900.860.05
$35,930.76
949,312.21
12,884.974.17
170.335.01
9,876,159.43
158.739.10
3,008,814.74
11,595.91
137.031.59
5.116,439.00
145,484.95
5.049.435.30
67.003.70
129,942.50
118,763.00
11,179.50
141.819.63
5,557.290.00
136.400.00
1,668.114.1€
482.164.70
153,152.41
148.973.65
5.557,290.00
39.000.00
1,683.888.39
.506.724.82
145.480.64
97.400.00
Total
—
754 Grants in Aid of Construction
51.453,850.00
51,453,850.00
—
Current Liabilities
759. Traffic and car service balances payable
760. Audited accounts and wages Payable
761. Miscellaneous accounts payable:
Due to affiliated companies
Other accounts payable
•
762. Interest matured unpaid:
Coupons matured, but not presented
Coupons, and Interest on registered bonds due first proximo
763. Dividends matured unpaid:
Dividends due but uncalled for
Extra dividend on common stock declared January 8 1914, payable to
stockholders ol record March 2 1914. unpaid
Dividend on common stock payable third proximo
764. Funded debt matured unpaid
766. Unmatured interest accrued
767. Unmattwed rents accrued
768. Other current liabilities
540.158.927.09
Total Current Liabilities
-Deferred Liabilities
770. Other deferred liabilities:
Principal of deferred payments on land contracts, as per contra
Contracts for purchase of real estate
Miscellaneous items
771. Tax Liability
58,453.36
7,154.02
15,774.23
24.560.12
7,671.77
$336,025.960.23 $4,132,966.86
$62,378.08
1.060,000.00
7.903,882.93
9.879.165.77
5203,445.41
201.181.73
$19.505.426.78
$19.121.114.53
$384.312.25
$2.863,207.16
65,140,992.96
$2.412.709.10
59,622.268.20
$450.498.06
5,518,724.76
678.366.09
3.140,527.88
Total Deferred Liabilities
-Unadjusted Credits
773. Insurance Reserve
Reserve for fire insurance
776. Reserve for depreciation
778. Other unadjusted credits:
Contingent interest
Miscellaneous items
$82,692.97
1.660,000.00
7,700.437.52
9.677.984.04
989,009.00
3.933,236.71
571,823.094.09
Total Unadjusted Credits
$365,036,719.69
Total Liabilities
-"Surplus
Appropriated for additions and betterments
Reserved for depreciation of securities
Funded debt retired through income and surplus
Sinking fund reserves
$20,314.89
..._
$311.542.91
792.708.83
366,958.123.01 $4,864,971.08
—
$357,092,532.03 $1,944,167.66
-- —
$30.309,935.20
34.972.570.88
536,828.66
145,239.43
365.904.574.17
216,440.025.03
Total Appropriated Surplus
784. Profit and Loss—Credit Balance
530.182.674.16 •$127.261.04
34.972.570.88
536,828.66
207,169.80
$65.899,243.50
965,330.07
203,743,963.24 12,696,061.79 .
3282.404.599.20
Total Surplus
As this consolidated balance sheet excludes all intercompany items, securities
of the Los Angeles .1,c Salt Lake Railroad Company owned by other System
companes are not included. The difference between the par and face value
of such securities as carried on the books of the Los Angeles iSz Salt Lake
(less unextinguished discount on the bands and discount charged to Profit
and Loss but added bacir in consolidating the accounts, and the amounts
at which the securities are carried on the books of the owning System companies is set up here to balance
$31,672,876.22
5269.643,206.74 512.761.392.46
$31.673,367.91
$61.930.37
...
$491.69
1.43
1
$1,179,114,195.11 $1.153,409,106.61 $10.705.06•
•These amounts respectively represent donations made during the year by counties and municipalities and by ind viduals and companies In part
payment for improvements. such as road crossings, drainage projects, and industry spur tracks, the cost of which was charged to "Investment In Road
and Equipment." These amounts are so accounted for to conform with regulations of the Interstate Commerce Commission.
Grand Total
CHICAGO AND NORTH WESTERN RAILWAY COMPANY
SIXTY-EIGHTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1927
To the Stockholders of the Chicago and North Western
Railway Company:
The Board of Directors submits herewith its report of the
operations and affairs of the Company for the year ending
December 31 1927.
Average mileage of road operated
Operating Revenues:
Freight
Passenger
Other Transportation
Incidental
Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Investment—Cr
8 465.15
3108.330.428.43
25,183.382.18
13.532.420.04
3,080,729.04
3150,132,959.69
$22,230.790.83
29,389,959.05
, .
58.118.912.92
1,088.549.53
4,238,657.21
Cr.560,318.30
Gross Income
V35,211.83
12,995,820.21
140.424.75
1,1.171,456.79
Net Income
Dividends:
7% on Preferred Stock
4% on Common Stock
$9.926,062.81
31,567.650.00
6,333,228.00
7,900,878.00
Balance Income for the Year
$2,025,184.81
GENERAL I1E3IARKS.
116,994.267.10
77.93
Percentage of Expenses to Revenues_,
533.138.692.59
Operations
Net Revenue from Railway
Deductions from Revenue:
(6.52% of RevRailway Tax Accruals
$9.783.807.24
enues)
33,461.67
Uncollectible Railway Revenues
2.828,804.23
Equipment Rents—Net
234,925.93
Facility Rents—Net
Joint
12.880.999.07
Net Railway Operating Income
Non-operating Income:
Rental Income
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and
Accounts, and Other Items
Deductions from Gross income:
Rental Payments
Interest on Funded Debt
Other Deductions
320,257.693.52
$829.059.79
1.476.124.00
32,724.41
501,917.88
2,839.826.08
323,097.519.60
In the annual report of last year reference was made to
the program under way for revision and enlargement of
Prov.so Yard. Substantial progress has been made on this
program during the year. The less than carload freight
transfer house was completed and placed in operation on
October 1 1927. The main building is 1,420 feet long and
026 feet wide, and contains two receiving platforms each
1,420 feet long and 44 feet wide, and ten loading platforms
each 1,420 feet long and 22 feet wide, which are served by
24 tracks, with a total car capacity of 690 cars. This building Is of steel-frame construction on pile foundation. The
platforms are timber on pile foundation. Thirty-five tractors and 2,000 trailers have been provided for transferring
freight. There have also been provided auxiliary facilities
consisting of a three-story concrete and brick office and record building, a ten-ton electrically operated gantry crane
APR. 28 1928.]
2669
FINANCIAL CHRONICLE
-ton
New passenger equipment consisting of:
for handling machinery and other heavy freight, a 150
5 Gasoline-Electric Motor Passenger Cars.
track scale, a tractor garage, and an incineration plant. A
2 Baggage-Dormitory Cars.
yard consisting of 33 tracks, having capacity of 60 to 100
4 Dining Cars.
cars each, was completed to serve as a receiving yard for
8 Baggage Cars.
cars from the Indiana Harbor Belt Railroad. A repair yard
3 Combination Baggage-Passenger Cars.
containing 14 tracks, capable of holding 34 cars each, to100 Passenger Coaches, equipped with roller bearings, capable of seating
98 passengers each, and designed especially for suburban passenger
gether with necessary buildings for housing materials, loservice.
cated near Wolf Road, was completed, and the grading for
20 Combination Passenger-Baggage Cars of similar design and construction, also intended for suburban passenger service.
an east-bound classification yard, which will be of the gravity type, was begun.
In addition to the foregoing, the Company constructed at
Track elevation work in Chicago in the vicinity of May- its shops, 1,000 steel underframe automobile cars, 1,335
fair was substantially conipleted. Four main tracks on the steel underframe box cars, and rebuilt 10 baggage cars.
Wisconsin Division for a distance of 1.2 miles, have been
elevated, together with three main tracks on the Mayfair
During the year 1927, our Medical and Surgical DepartCut-off for a distance of 1.08 miles, and yard tracks at
Hopkins, made
Mayfair yard. An extension of this elevation northward on ment, under the administration of Dr. C. W.
examination of all trainmen who have
the Cut-off from Lawrence Avenue to the Chicago River, a a complete physical
distance of .91 of a mile, was begun, and the elevation of to do with the operation of trains. In all there were 9,633
card index system was inthe Mayfair Cut-off and the third and fourth track line trainmen examined. A careful
north of the Chicago River, for distances of .85 and .23 of stalled, by virtue of which the Medical Department will fola mile, respectively, was authorized and will be carried out low through the history of each employee and maintain a
permanent record with relation to his physical condition.
during the year 1928.
it was gratifying to know that out of the entire number
Automatic train control installation on the Galena Division from Chicago to Clinton, Iowa, was begun and will examined, only 89 were disqualified, of whom 69 were penbe completed about May 1 1928. With the completion of sioned. The other 20, who were not pensioned, were found
this section of train control, the entire main line between to be suffering from defective vision, hearing, heart trouble,
Chicago and Council Bluffs, Iowa, a distance of 485 miles, diabetes, nephrites, &c., &c., which made them unsafe and
they had to be dropped entirely.
will be protected by automatic train control.
This complete thorough examination of all trainmen
A new station was established 1.7 miles north of Arlington Heights, known as Arlington Park, where a race track will, under the system adopted, be made every two years,
has been established by the American National Jockey and all men of fifty years of age or over, or men who are
Club. Extensive platforms, side tracks and a pedestrian wearing glasses or who are suffering from any condition
subway have been provided to accommodate the large pas- that should be watched are being re-examined in the year
senger traffic resulting from the operation of this race 1928, and will be re-examined at least once every year or
oftener, if under the reports such re-examination is for any
track.
A brick and stucco passenger station 22 x 79 feet was reason indicated.
Dr. Hopkins, in his summary of the work, which was carconstructed at Lombard, Illinois, replacing a frame building, and a frame and stucco passenger station building 21 x ried on under his jurisdiction, concludes his report to the
48 feet, was constructed at Land O'Lakes, Wisconsin, re- President as follows:
"I may say that our examination blanks for this work were adopted by
placing a frame building destroyed by fire.
the medical and surgical section of the American Railway Association,
The enlargements of the tie treating plants at Riverton, for recommendation to all railroads for use as standard practice. A number
and also in Australia have made inquiries as to
Wyoming, and Escanaba, Michigan, mentioned in last year's of railroads of this countrythe campaign and are awaiting the result of our
the method of conducting
report, were completed and put in operation in February findings.
and July, respectively.
A water treating plant of 21,000 gallon capacity was comDuring the year 1927 wage increases were granted,
pleted and placed in service at South Pekin, Illinois.
A 5,000 ton capacity ice-house was constructed at Madi- which added approximately $1,360,000.00 to the payroll.
In anticipation of the coal strike your Company was re
son, Wisconsin.
A 150 ton mechanical coaling station of reinforced con- quired to store in excess of 1,000,000 tons of coal. The
crete was constructed at De Kalb, Illinois, replacing an old strike, however, was one of unusual duration, with result
that your Company was obliged to go into the open market
plant which was destroyed by fire.
A large heating plant was constructed at the Chicago Ave- and purchase coal from eastern fields, on account of which
nue engine house, with a system of pipe connections so operating expenses were increased, after due allowance for
arranged that the suburban passenger locomotives Which quality of fuel, approximately $685,000.00.
In addition to the increase in operating expenses due to
are cared for at this point may be supplied with hot water
and steam, ready for departure, without the, necessity of increased wages and the coal strike, there was also an
fires in their fire boxes, thereby resulting in the abatement increase of $841,057.00, caused by the retirement of old
of smoke attendant upon firing up and holding engines with and worn out.equipment in excess of similar retirements in
the year 1926.
their fires burning, together with the saving in coal.
The surplus after interest and dividends decreased $2,Base yards for the purpose of bettering the industrial
switching in the Chicago Terminal were constructed at 583,757.00.
Therefore, the three items mentioned, to wit: increase in
Avondale, Weber and Cragin, and a suburban passenger
wages, coal strike and increased retirement of equipment
coach yard was constructed at Des Plaines.
A freight car storage track, 2,200 feet in length, was con- equal $2,886,057.00, exceeding the decrease in surplus by
structed at Combined Locks, Wisconsin, to improve switch- $302,300.00. In other words, without these increases in operating charges over 1926, your Company's surplus would
ing conditions at industries in that locality.
At Carter, Wisconsin, a spur track 2,700 feet in length and have exceeded the surplus for 1926 by $302,300.00, notwitha wye track 1,000 feet long, were built to connect with the standing a decrease in gross revenue of $4,202,764.00 for the
year. The operating ratio for 1926 was 78.13% and in 1927
logging railroad of the Oconto Lumber Company.
Approximately 175 new industry tracks were built on the It was 77.93%.
system during the year, most of which were for the service
of newly established industries; the balance for the accomCAPITAL STOCK.
modation of enlarged plants of existing industries. One of
Pursuant to resolutions adopted by the Board of Directors
the most important of these was at Belle Fourche,
the issue of common stock
South and
Dakota, at. which point the Utah-Idaho Sugar Company in Stockholders, providing for
exchange for the preferred and common stocks of the
constructed a large refinery for the manufacture of sugar
Minneapolis and Omaha Railway Comfrom sugar beets, which will be raised in this territory on Chicago, Saint Paul,
pany, the common stock and scrip of this Company was inirrigated land. In addition to the construction of
during the year by,the issuance of that
industry
tracks at this plant, the Company constructed two main creased $1,702,442.87
amount in exchange for 7,642 shares of the preferred stock
spurs, one 12.13 miles in length, extending from
Nisland and 7,786 shares of the common stock of the Chicago, St.
southeasterly to Yale, along the Belle Fourche River
and Paul, Minneapolis and Omaha Railway Company, on the
through the territory irrigated from the Belle Fourche Irribasis of three shares of North Western common for two
gation System, and the other 3.74 miles in length,
shares of North Westsouthwest from Redwater through the irrigated extending shares of Omaha preferred, and five
valley of ern common for seven shares of Omaha common.
the Redwater River. These lines were placed in
operation
The only other change during the year in the Capital
In October. 2,969 carloads of freight, with revenue of
$330,- Stock was the purchase by the Company of $30.00 of its
000.00, resulted from the operation of this industry in
1927. Common Stock Scrip.
Substantial increases will follow in future years
as addiThe authorized Capital Stock of the Company is Two
tional land is brought under cultivation.
Hundred Million Dollars ($200,000,000.00) of which the folThe Company acquired new motive power during the year, lowing has been issued to December 31 1927.
consisting of:
12 Heavy Freight Locomotives.
8 Switching Locomotives.
1 Oil-Electric Switching Locomotive.
New freight equipment consisting of:
591 Steel Underframe Stock Cars.
100 Steel Flat Cars.
250 Steel Ore Cars.
500 Steel Hopper Cars.
500 Steel Underframe Box Cars.
Held by the Public:
Common Stock and Scrip
Preferred Stock and Scrip
$158,444,925.25
22,395.120.00
Total Stock and Scrip held by the Public
$180.840.045.25
Held in Treasury:
$2.343,687.15
Common Stock and Scrip
3,834.56
Preferred Stock and Scrip
Total Stock and Scrip held in Treasury
2.347,521.71
Total Capital Stock and Scrip, December 31 1927-- _$183,187,566.96
2670
FINANCIAL CHRONICLE
[VOL. 126.
LIABILITIES.
FUNDED DEBT.
Dec. 311926.
Capital Stock.
Dec. 311927.
At the close of the preceding year, the amount of Funded
(See statement, page 12 [pamphlet report.()
$
$
Debt held by the Public was
$255,544,100.00 179,137,632.38 Held by Public
180,840,045.25
The above amount has been increased by Bonds and
2,347,491.71 Held in Treasury
2,347,521.71
Equipment Trust Certificates sold during the year ending
December 31 1927. as follows:
181,485,124.09
Total Capital Stock
183,187.566.96
C.& N. W.Ry. First and Refunding Mort29.657.75 Premium Realized on Capital Stock
29,657.75
gage. 4%%,sold to reimburse the Company for past expenditures made for conTotal Capital Stock and Premium— _183,217,224.71
181,514,781.84
struction, and in redeeming and retiring
underlying bonds
320,572.000.00
C. & N. W. By. Equipment Trust CertifiLong Term Debt.
cates of 1925, 4%% (secured by Series
(See statement, page 22 (pamphlet report.()
"R" and "9" equipment of the Equipment Trust of 1925):
255,544,100.00 Funded Debt Held by the Public
277,977,200.00
Series "R"
31.950,000.00
Funded Debt Held in TreaSury and Due from
Series "9"
2.610,000.00
Trustee:
4,560,000.00
36,480,000.00
Unpledged
15.163,000.00
25,132.000.00
35,500.000.00
Pledged
35,500,000.00
$280,676,100.00 327,524,100.00
Total Long Term Debt
328,640.200.00
And the above amount has been decreased during the
year ending December 31 1927, by Bonds and Equipment
Trust Certificates redeemed, as follows:
Current Liabilities.
C.& N. W. By. Sinking Fund of 1879,6%
$49,000.00
C.& N. Y. By. Sinking Fund of 1879. 5%
103,000.00
4,211,240.33 Traffic and Car Service Balances Payable_ -- 4,084,737.91
C. Re N. W. By. Sinking Fund Debentures
6.509.348.01 Audited Accounts and Wages Payable
6,424,767.41
251,000.00
of 1933, 5%
323,138.56 Miscellaneous Accounts Payable
275,872.93
C. & N. W. Ry. Equipment Gold Notes of
757,060.84 Interest Matured Unpaid
745.111.34
1920. 6% (including $1.000.00 unpre10,549.20 Dividends Matured Unpaid
26,199.70
sented and transferred to "Current Lia2,135,462.46 Unmatured Interest Accrued
2,237,397.04
bilities")
664,900.00
364,667.91 Other Current Liabilities
272,595.74
C. & N. W. By. Equipment Trust Certificates of 1920,6%:
Total Current Liabilities
14.311,467.31
14,066,682.07
$186,000.00
Series "J"
267.000.00
Series "K"
453,000.00
Unadjusted Credits.
C. & N. W. By. Equipment Trust Certifi7,135,689.00 Tax Liability
6,807,241.00
cates of 1922, 5%:
515,995.26 Premium on Funded Debt
$345,000.00
557,432.17
Series "M"
44,259,584.66 Accrued Depreciation—Equipment
45,443,238.59
317,000.00
Series "N"
1,233,080.40 Other Unadjusted Credits
662,000.00
2,033,976.57
C. & N. W. By. Equipment Trust CertifiTotal Unadjusted Credits
53,144,349.32
cates of 1923, 5% (including 22,000.00
54,841.888.33
Series "0" unpresented and transferred
to "Current Liabilities"):
3412.000.00
Corporate Surplus.
Series "0"
104.000.00
Series "P"
2,608,027.86 Additions to Property Through Surplus
2,767,407.25
516,000.00
66,545,610,81 Profit and Loss
65,791,762.56
2,698.900.00
Total Funded Debt Redeemed
69,153,638.67
Total Corporate Surplus
68,559.169.81
Leaving Funded Debt held by the Public. December
Total Liabilities
649,325,164.92
3277,977,200.00 645,648,337.14
31 1927
LANDS.
During the year ending December 31 1927 32,834.00 acres
and 40 town lots of the Company's Land Grant lands were
sold for the total consideration of 539,052.73. The number
of acres remaining in the several Grants December 31 1927
amounted to 113,660.49 acres, of which 1.068.38 acres were
under contract for sale, leaving unsold 112,592.11 acres.
PROFIT AND LOSS—DECEMBER 31 1927.
Dr.
Charges for the Year Ending December 31 1927:
Depreciation accrued prior to July 1 1907. on equipment
retired or changed from one class to another
$585,988.08
Net loss on property sold or abandoned and not replaced.. 1.296,001.05
Debt discount Incurred during the year extinguished
through surplus
1,569.380.31
Credit Balance, December 311927. carried to Balance Sheet 65.791,762.56
369,243,132.00
Appended hereto may be found statements, accounts and
statistics relating to the business of the fiscal year and the
condition of the Company's affairs on December 31 1927.
The Board gratefully acknowledges its appreciation of
the loyal and efficient services rendered by officers and
employees during the year.
By order of the Board of Directors.
Cr.
Credit Balance, December 31. 1926
$66,545,610.81
Credits for the Year Ending December 31 1927:
Credit Balance of current year's Income, brought forward
from Income Account (see statement [pamphlet report],
2.025,184.81
page 24)
594,583.51
Net profit from sale of Land Grant lands
77,752.87
Net Miscellaneous Credits
369.243,132.00
FRED W. SARGENT, President.
Chicago, April 2 1928.
ADDITIONS AND BETTERMENTS.
COMPARATIVE GENERAL BALANCE SHEET.
(8,389.24 Miles)
Dec. 31 1927.
ASSETS.
Dec. 311926.
Investments.
i
i
529.655,225.14
509.950.501.80 Investment in Road and Equipment
835,888.55
874,529.57 Miscellaneous Physical Property
2,175,835.79
2,183.335.79 Investment in Affiliated Companies
Investment in Other Companies:
Capital Stock of Chicago. St. Paul, Min10.337.152.29
neapolis and Omaha By. Co. (149,200
10,337.152.29
Shares) acquired by purchase
Capital Stock of Chicago, St. Paul, Min11.586.528.56
neapolis and Omaha By. Co. (130,060
Shares), acquired in exchange for C. &
13,288,971.43
N. W. By. Co. Common Stock
Preferred Stock of Union Pacific Railroad
3,910.575.93
3.910,575.93
Company i41,715 Shares)
195,292.50
Miscellaneous
220.642.50
540,713.33
538,992.12 Other Investments
Total Investments
539,602.258.56
560,939,654.96
Current Assets.
10,196,995.90
Cash
130,000.00
Bills Receivable
Loans and
Traffic and Car Service Balances Receivable_ 1,371,771.33
Net Balance Receivable from Agents and
2,701,427.28
Conductors
5.730,242.26
4.824.106.32 Miscellaneous Accounts Receivable
12,564,849.27
13,509,202.23 Materal and Supplies
389,707.28
ft 268.413.01 Other Current Assets
7,430.401.67
70,000.00
440,528.79
2,684.797.25
Total Current Assets
29.227.449.27
33.064,993.32
Additions and Betterments to the property of the Company for the year ending December 31 1927 were as follows:
Expenditures for Road:
Balla-gang
Rails Mad other Track Improvements
Bridges, Trestles and Culverts
Track Elevation or Depression
Crossing Improvements
Additional Yard Tracks and Sidings
Signals and Train Control
Station and Office Buildings
Fuel and Water Stations
Shop Buildings and Enginehouses
Shop Machinery and Tools
Doc.
Grain Elevators
Assessments for Public Improvements
Yard and Other Improvements, Proviso, Illinois
Track Connection, Wiscona to Whitefish Bay, Wis
All Other Improvements
$13.202,946.48
Total
Expenditures for Equipment:
$62,070.40
1 Oil-Electric Switch Locomotive
190,632.19
5 Gasoline-Electric Motor Cars
4,864,976.84
-train Cars
2,426 Freight
36,429.09
38 Work Equipment Oars
1,392,268.92
Improvement of Equipment _____
Account Trust Equipment of 1925:
-Train Cars and 94
1.350 Freight
5,177.553.84
Passenger-train Cars
Account Trust Equipment of 1927:
20 Steam Locomotives,500 Freight
train Cars and 43 Passenger3,660,457.16
train Cars
Total
30.366.93
2,347.491.71
.
36,480.000.00
35.500.000.00
2,460.770.67
$251,287.66
1.637.034.82
1,388,029.65
1.218,858.38
279,848.02
1,631,026.75
432,160.25
355,594.11
277.884.72
533,629.86
221,472.00
89,373.68
56,440.03
130,456.99
3,999,390.96
480,639.01
219,909.59
15,384,388.24
Unadjusted Debits.
Advances account Equipment Purchased
4,542.84
under Trust Agreements
Capital Stock and Scrip. C. & N. W. By.
2,347,521.71
Co., Held in Treasury
Company Bonds Held in Treasury and Due
from Trustee: (See Statement, page 22
[pamphlet report)).
15,163,000.00
Unpledged
35,500,000.00
Pledged
2.305.452.09
Other Unadjusted Debits
Total Expenditures for Road and Equipment----$28,587.334.72
The credits to "Investment in Road and Equipment" for
property retired during the year ending December 31 1927,
were as follows:
Retirements of Road
32,820,575.88
Retirements of Equipment:
68 Steam Locomotives— - $695,011.60
25 Passenger-train Cars_ - 120,058.03
4,969 Freight-train Cars --- 4,393,230.49
381 Work Equipment Cars 164,552.58
689,182.80
Other Items
55,320,516.64
6,062.035.50
Total
8,882,611.38
Total Retirements of Read and Equipment
Net Additions to "Investment in Road and Equipment" $19004.723.34
76.818.629.31
645,648,337.14
Total Unadjusted Debits
Total Meets
649,325,164.92
APR: 28 1928.]
FINANCIAL CHRONICLE
2671
FUNDED DEBT, DECEMBER 31 1927.
(8,389.24 Miles)
Bonds
Held by the
Public.
33,855.000
$20.500,000
$1,000
$1,000
4,693,000 Oct.
1,950,000 May
2,610,000 Oct.
..,,; fq.i g g g 14
1:
k;A
1 1928-40
1 1928-42
1 1928-42
Pi
4,693,000
1 1928-38
1 1928-38
..... ..m ... .......
..; . . .
3,795.000 June
3,487.000 June
al gg
1,674,000 Mar. 1 1928-36
2,403,000 Apr. 1 1928-36
1,683,000 May 1 1928-36
>z
awIppal
& PP P.4 OZO
''''' —, ..:-.7...7 .4.-7 ,..7,..7 ...7...7...7
clowa, ... '40., oo Q. 4o,.;
400,000 Jan. 1 1928
356,000 July 1 1928-29
5,319,200 Jan. 15 1928-35
Ov 001 .g21
$277.977.200
1,683,000
........"
4,532,000 Dec. 1 1928-38
1,248,000 Feb. 1 1928-39
851,023,000
$15,000,000
$400,000
356.000
$15,000,000 June 1 1930
15,000,000 Mar. 1 1936
20.572,000 May 1 2037
15,250,000 May 1 2037
$15.000.00 May 1 2037
1
1
1
1
1
1
1
1
1
1
a•Oriciiiit:i
$51,022,000
-Year Secured Gold Bonds
$15,000.000
C.& N. W. By. 10
-Year Secured Gold Bonds
c.& N. W. By. 15
15,000,000
0 & N. W. By. First and Refunding Mtge.
.
20,572,000
15,250,000
& N. W. Ity. First & Refunding Mtge.,57o
0:& N. W. By. First & Refunding Mtge.,89 _
c.& N. W. By. Equipment Trust Certificates of 1917
Series If
Series I
0.& N. W. By. Equipment Gold Notes of 1920
5.319,200
C.Sc N. W. By. Equipment Trust Certificates of 1920:
Series J
1,674,000
Series K
2.403,000
Series L
c & N. W. By. Equipment Trust Certificates of 1922:
.
Series M
3,795,000
Series N
3,487,000
o & N. W. By.Equipment Trust Certificates of 1923:
.
Series 0
4,532,000
P
Series
1,248.000
0 & N. W. By. Equipment Trust Certificates of 1925:
.
Sarin; Q
Series R
1.950,000
Series 8
2.610,000
$7,725,000 Oct.
528,000 Jan.
3,900.000 Jan.
4,000,000 Aug.
2,500,000 Jan.
3.750,000 Jan.
1,120,000 Jan.
15,000.000 Mar.
2,500,000 Mar.
10,000,000 July
.4.0-4.444=4
Total of Bonds assumed subsequent to
General Gold Mortgage of 1987
1933
1935
1935
1936
1941
1941
1947
1947
1947
1948
XXX
.1,,,rd.
$7,724,000
528,000
3,900.000
4.000,000
2,500,000
3,750,000
1.120,000
15,000,000
2.500,000
10,000,000
XXX
XX
rom mmo woo mm mm
no,
First Mortgage Bonds on New Lines Assumed Subsequent to General Gold Mortgage of 1987:
Fremont,Elkhorn & Missouri Valley RR. Consol_
Minnesota & South Dakota By. First Mtge
Iowa.Minnesota & North Western Ry.First Mtge.
Sioux City & Pacific RR.First Mtge
Milwaukee & State Line Ry. First Mtge
Manitowoc.Green Bay & N. W. Ry. First Mtge- _
St. Paul Eastern Grand Trunk By. First Mtge
Milwaukee, Sparta & N. W. By. First Mtge
Des Plaines Valley By. First Mtge
St. Louis,Peoria & N. W.By. First Mtge
$20.500,000 $162,645,000
XXXXXX
ommmmma.oTrm
$8,030,000
54,355,000 Nov. 1 1987
1,375,000 Nov. 1 1987
1,375,000
........
.......
23,663,000 Nov. 1 1987
.-1,4.-1.
1,375.000 Nov. 1 1987
5,031.000
18,632,000
il . 0.0.0.q.:1,NP
0, d
.d
.g4,0
i8az 44z
............
30.554.000 Nov. 1 1987
1.375,000
' d
e
'0'6 z"0 t; 0O•D tio
Q
6
$20,007.000
31,316,000 Nov. 1 1887
30,554,000
$134,115,000
Total Funded Debt
1 1929
1 1929
1 1929
1 1933
44.4N.O.44.44i..44ot
$249.000
...7...7.4..1
.“ .1
4
$19,758,000
31,316,000
$3.617,000 Feb.
4,649,000 Oct.
4,570,000 Oct.
7.171.000 May
Payable.
.
O.& N. W. Ry. General Mtge. Gold of 1987,5%
0AN.W.Ry.Gen.Mtge Gold of 1987,due from Trustee
$40,000
76.000
22,000
111,000
Rate.
,4
N
C.& N. W. By. General Mtge. Gold of 1987,4%% _
O.& N. W.By. General Mtge. Gold of 1987,4%%
$3,577,000
4,573,000
4,548,000
7.060.000
Interest.
Date of
Maturity.
Total of
Bonds.
Pledged.
X
X
m .0 ,i, ..t. m
Total of Bonds for which General Mortgage
Gold Bonds of 1987 are reserved
C.&N.W.By. General Mtge. Gold of 1987.3%%
C.& N. W.By. General Mtge. Gold of 1987 4%
Unpledged.
momm
Bonds for which General Mortgage Gold Bonds of
1987 are Reserved:
M.L. S.& W.By.Ext.& Imp. Sink. Fund Mtge_
C.& N. W.By. Sinking Fund of 1879,6
C.& N. W.By. Sinking Fund of 1879,5 o
0.& N. W.Ry. Sinking Fund Debentures of 1933
Bonds Held in Treasury
and Due from Trustee.
$15.163.000 '835.500.000 8328.640.000
*Pledged as security for the $15.000,600 C.& N. W.By. 10
-year Secured Gold Bonds and 815,000.0000. & N. W. Ry. 15
-year Secured Gold Bonds.
COMPARATIVE STATEMENT OF INCOME ACCOUNT.
Year Ending
Dec. 31 1926.
- verage mileage of road operated
A
Operating Revenues:
Freight
gr
gth:rn ansportation
Incidental
Total Operating Revenues
Operating Expenses:
Maintenance of Way and Structures
Maintenance of Equipment
Traffic
Transportation
Mismllaneous Operations
General
Transportation for Investment—Cr
Total Operating Expenses
Net Revenue from Railway Operations
Deductions from Revenue:
Railway tax Accruals.. ..
Uncollectible Railway Revenues
Equipment Rents—Net
Joint Facility Rents—Net
Total Deductions
Net Railway Operating Income
Non-operating Income:
Rental Income
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts, and Other Items
Total Non-operating Income
Gross Income
Deductions from Gross Income:
Rental Payments
Interest on Funded Debt
Other Deductions
8.458.91
Year Ending
Dec. 31 1927.
8,465.15
Increase.
Decrease.
6.24
$110,229,474.60 $108,330,428.43
26.592,517.32 25.183,382.18
14.288,344.85 13.532.420.04
3.225,387.37
3.086.729.04
81.899.046.17
1.409.135.14
755,924.81
138.658.33
$154,335.724.14 $150.132,959.69
$4,202,764.45
$23,290,735.95 $22.230,790.83
31,917.474.48 29,389.959.05___-- 2,453.744.30
2.487,715.86
$33.971.56
58,127,865.55 58.118,912.92
1.081,255.15
1,088.549.53
7,294.38
4,075,241.37
4,238,657.21
163,415.84
Cr.357,933.35 Cr.560.318.30
$1,059.945.12
2.527,515.43
--
1:91165
202,384.95
6120.588,383.45 8116.994.267.10
83.594,116.35
$33.747,340.69 $33,138,692.59
$608,648.10
$9,278.362.96
39,530.45
1,901.712.54
232,595.55
$9.783,807.24
33.461.67
2.828.804.23
234,925.93
$505,444.28
$11.452,201.50 $12.880.999.07
$1,428,797.57
$6,068.78
927,091.69
2,330.38
$22,295,139.19 $20.257.693.52
92,037,445.67
$798,083.19
1.383,404.72
34,243.00
489,671.98
$829.059.79
1,476,124.00
3 . 4.41
2 72
5 1, .
0 917 88
$30.976.60
92,719.28
..
.........
$2.705,402.89
$2.839.826.08
$134,423.19
825,000,542.08 823,097,519.60
$10,286.96
12,406,812.11
163.601.68
$1.518.59
81.903.022.48
$35,211.83
12,995.820.21
140,424.75
$24,924.87
589,008.10
Total Deductions
812.580,700.75 813.171,456.79
8590,756.04
Net Income
812.419.841.33
89,926.062.81
81.567.650.00
6,243,250.00
31,567,650.00
6,333.228.00
$89.978.06
Total Dividends
37,810.900.00
87.900.878.00
189.978 4 i
Balance Income for the Year,carried to Profit and Loss
$4,608.941.33
82,025,184.81
Dividends:
On Preferred Stock (7%)
"" On Common Stock (4%)
liSaWS:05
82.493,778.52
12_58.1.7sst nn
2672
[Vou 126.
FINANCIAL CHRONICLE
CHICAGO SAINT PAUL MINNEAPOLIS AND OMAHA RAILWAY COMPANY
FORTY-SIXTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 31 1927.
To the Stoekkolders of the Chicago, Saint Paul, Minneapolis
and Omaha Railway Compamp
The Board of Directors submits herewith its report of
the operations and affairs of the Company for the year
ended December 31 1927.
Mileage of road operated, 1,746.53.
Operating Revenues:
320,071.438.70
Freight
4,647,981.65
Passenger
1,774,639.72
Other Transportation
353,044.63
Incidental
$26,847,104.70
Operating Expenses:
$4.273,991.69
Maintenance of Way and Structures
4,890,233.92
Maintenance of Equipment
413,805.02
Traffic
11,207.906.40
Transportation
150,078.56
Miscellaneous Operations
914,749.91
General
Cr.50,520.14
Transportation for Investment—Cr
21,800.245.36
81.20
Percentage of Expenses to Revenue
Net Revenue from Railway Operations, forwarded
Deductions from Revenue:
Railway Tax Accruals (4.94 per cent. of
$1,326,540.29
Revenues)
7,555.97
Uncollectible Railway Revenues
619.449.94
Equipment Rents—Net
413,891.88
Joint Facility Rents—Net
$5,046,859.34
Net Railway Operating Income
Non-operating Income:
Rental Income
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts, and Other Items
$2,679,421.26
Gross Income
Deductions from Gross Income:
Rental Payments
Interest on Finnled Debt
Other Deductions
Net Income
2,367,438.08
$56,698.96
37,660.45
5,586.32
FUNDDD DEBT.
95,719.84
195,665.57
$2.875.086.83
$2,003.51
2,513,550.02
39,648.37
2,555,201.90
$319,884.93
$723,432.56
The freight revenues for the year increased
year. The imor 3.74%, as compared with the preceding
provement in the agricultural conditions through the terby an inritory served by the Company was reflected
transportation of agricultural prodcrease in revenue from
in freight
ucts, which somewhat exceeded the total increase
revenue.
there was an inIn the transportation of wheat, alone,
preceding
crease in tons handled, as compared with the
with increase in revenue therefrom of
year, of 28.36%,
due
38.67%. The increase in revenue per ton was largely
approximately eight miles, or 5.25%, in
to an increase of
the average haul per car of wheat.
showed a large
The transportation of barley, likewise,
handled was doubled, and
increase; the number of tons
more than
the revenue, with increased average haul,
doubled.
Products of mines also contributed to the increase in
coke
freight revenues through increased movements of coal,
a
sand and gravel. Other commodities, however, as
and
increase of moment, or small degeneral thing showed no
creases.
Passenger revenues for the year continued the decline
preceding six years, the dewhich had characterized the
for the year being $290,015.72 or 5.87%, as compared
crease
with the year 1926.
Contrary to the experience of the past few years during
largewhich the decrease in passenger traffic occurred very
"short haul" local business, the decrease in 1927,
ly in the
as compared with 1926, extended equally to all classes of
the traffic.
Although the increase in gross revenues totaled $414,065.69, operating expenses increased $527,296.67, or 2.48%,
as compared with the preceding year. The increase in
charges for Maintenance of Way and Structures was $480,154.62, which was attributable to increased charges for ties,
rails, other track material and ballast, together with the labor cost of application.
Charges for Maintenance of Equipment were held to practically the basis of the preceding year, the increase being
$1,256.35.
Transportation Expenses, while showing an increase of
$33,445.38, continued to show the result of various economies effected, the year closing with a further reduction in
ratio to operating revenues of .52%. Evidences of increased
efficiency in train operation were an increase of 6.89%,
in gross tons handled per train, an increase of 1.19%, In
the daily mileage of locomotives, and, due in part to the
greater volume of grain, coal, sand and other heavy commodities handled, an increase of 9.64%, in the tons of
freight handled per train.
During the year 1927 there were added to the freight
equipment of the Company, five hundred steel underframo
box cars.
At the close of the preceding year the amount of Funded
Debt, held by the Public, was
$46,082,200.00
The above amount has been increased by the Equipment
Trust Certificates sold during the year ended December
31, 1927, as follows:
Chicago, Saint Paul, Minneapolis and
Omaha Railway Equipment Trust Certificates of 1917, Series "C," 4i4 %-- - $369,000.00
Chicago, Saint Paul, Minneapolis and
Omaha Railway Equipment Trust Certificates of 1917, Series "D,"
%830,000.00
1,199.000.00
$47,281,200.00
And the above amount has been decreased during the
year ended December 31, 1927. by Equipment Trust
Certificates redeemed, as follows:
Chicago, Saint Paul, Minneapolis and
Omaha Railway Equipment Gold
Notes.6%,redeemed
$156,800.00
Chicago, Saint Paul, Minneapolis and
Omaha Railway Equipment Trust Corificates of 1917, Series "A," 7% redeemed
110,000.00
Chicago, Saint Paul, Minneapolis and
Omaha Railway Equipment Trust Certificates of 1917, Series "B," 7%, redeemed
95,000.00
Total Funded Debt redeemed
361,800.00
Leaving Funded Debt held by the Public, Dec. 31, 1927_$46,919,400.00
CAPITAL STOCK.
There has been no change since the close of the preceding
year in the Capital Stock and Scrip of the Company.
The Company's authorized Capital Stock is Fifty Million
Dollars ($50,000,000), of which the following has been issued to December 31 1927.
Outstanding:
Common Stock and Scrip
Preferred Stock and Scrip
Owned by the Company:
Common Stock and Scrip
Preferred Stock and Scrip
$18,559,086.69
11,259,859.09
$29,818,945.78
$2,844,206.64
1,386,974.20
4,231,180.84
Total Capital Stock and Scrip, December 31, 1927
$34,050,126.62
Appended hereto may be found Statements and Accounts
relating to the business of the Company for the year, and
the condition of its affairs on December 31 1927.
The Board desires to express its appreciation to the officers and employees of the Company for their loyal and efficient service during the year.
By order of the Board of Directors.
FRED W. SARGENT, President.
St. Patti, Minnesota, April 2 1928.
COMPARATIVE GENERAL BALANCE SHEET
(1,676.71 Miles)
December 31
December 31
ASSETS.
1927.
1926.
Investments—
$90,135,651.50
$86.361.063.86 Investment in Road and Equipment
497,933.89
544,237.46 Miscellaneous Physical Property
392,885.18
385,302.99 Investment in Affiliated Companies
15,200.76
. 11,492.74 Other Investments
$90,332,097.05
$583.333.39
50,634.71
462,781.08
796,226.40
2,392,443.11
$4,265,418.69
573,230.55
2,844,206.64
1,386,974.20
410,000.00
634.09
432,416.40
0,1477461.88
$99,744,977.62
Total Investments
$91,041,671.33
Current Assets—
Cash
Traffic and Car Service Balances Recelvable
Net Balance Receivable from Agents and
Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Unadjusted Deb4tsDiscount on Funded Debt
Common Stock and Scrip, C. St. P. M. &
0. Ry. Co., Held in Treasury
Preferred Stock and Scrip, C. St. P. M. k
0. Ry. Co., Held in Treasury
Equipment Trust Certificates of 1917 Series
"0," Held in Treasury
Consolidated Mortgage Bond Scrip Due
from Central Union Trust Company_
Other Unadjusted Debits
Total Unadjusted Debits
$50,290.50
$432,559.40
107,506.90
7,397,495.52
340,595.20
$8.278,157.02
Unadjusted Credits—
Tax Liability
Premium on Funded Debt
Accrued Depreciation—Equipment
Other Unadjusted Credits
rsttoS urgus
a
er
$1,174,736.97 Addir ffn
Cot
5,940,259.66 Profit and Loss
$7,114,996.63
$99,744,977.62
634.09
473,834.54
$790,334.21
3,454,938.48
184,545.24
51,281.00
8,072.50
433,880.58
500.00
Through Surplus.... $1,184.155.04
5,209,803.74
$6,393,958.78
$100,360,163.81
Total Liabilities
—2,662.26
Deductionsfrom Revenue—
Railway Tax Accruals
$1,274,029.01 $1,326,540.29
Uncollectible Railway Rev7,555.97
enues
12,843.83
619,449.94
Equipment Rents—Net
254,250.98
413,891.88
Joint Facility Rents—Net..—
438,857.40
+352,511.28
—5,287.86
+365,198.96
—24,965.52
$1.979,981.22 $2,367,438.08 +3387,456.86
.1‘on-operating Income—
Rental Income
Dividend Income
Income from Funded Securities
Income from Unfunded Securities and Accounts
Other Items
TotalNonoperatingIncome
Gross Income
$55,141.94
38,584.88
+1.557.02
—924.43
$56,698.96
37.660.45
5,579.51
5,586.32
+6.81
34,751.36
65,675.84
27,319.02
68.400.82
—7,432.34
+2,724.98
—$4,067.96
$195,665.57
$199.733.53
93,379,822.63 $2,875,088.83 —$504,735.80
Deductionsfrom Gross Income—
$1,747.77
Rental Payments
2,530,882.34
Interest on Funded Debt
1,608.18
Interest on Unfunded Debt.35,842.30
Other Deductions
+$255.74
—17,332.32
+679.44
+1,518.45
$2.003.51
2,513,550.02
2,287.62
37.360.75
$2,570,080.59 92,555,201.90 —914,878.69
Total Deductions
$809,742.04
Net Income
Dividends—
On Preferred Stock (5%)......-
$562,965.00
$319,884.93 —$489,857.11
$562,965.00
Total Dividends
$562,965.00
$562,965.00
Bal. Income for the Year,
carried to Profit & Loss..
$246.777.04 def.$243,080.07 —$489,857.11
ADDITIONS AND BETTERMENTS.
$4,923,552.01
$8,072,492.31
Total Corporate Surplus
Cr.50,520.14
1.386,974.20
$348,901.11
89,995.92
7,435,885.93
197,709.35
Total Unadjusted Credits
Cr.47,857.88
Net Railway Operating Income
33,180.089.10 $2.679,421.26 —$500,667.84
$46,920,034.09
Current Liabilities—
S894,201.38 Traffic and Car Service Balances Payable
2,327,871.66 Audited Accounts and Wages Payable_
95,942.05 Miscellaneous Accounts Payable
56,983.50 Interest Matured Unpaid
4,072.50 Dividends Matured Unpaid
429,292.17 Unmatured Interest Accrued
500.00 Funded debt Matured Unpaid
$3,808,863.26 Total Current Liabilities
$3,793.837.07 84,273,991.69 +3480,154.62
+1,258.35
4,888,977.57 4,890,233.92
413.805.02
—1.628.63
415.433.65
+33,445.38
11,174,461.02 11,207.908.40
150,078.56
+9,758.50
140,320.06
+6,972.71
914.749.91
907,777.20
Total Deductions
$34,050,126.62
Total Long Term Debt
Operating Expenses—
Maintenance of Way and
Structures
Maintenance of Equipment....
Traffic
Transportation
Miscellaneous Operations
General
Transportation for Invest-._
ment--Cr
2,844,206.64
Long Term Debt—
(Bee statement,page 17 pamphlet report.)
$46,919,400.00
$46,082,200.00_Funded Debt Held by the Public
Equipment Trust Certificates and Scrip
410,634.09
634.09
Owned by the Company
$46,492,834.09
Total Operating Revenues326,433,019.01 326.847,104.70 +9414,085.89
Net Revenuefrom Railway
Operations
$5.160,070.32 95,046,859.34 —$113,210.98
$100,360.163.81
Total Capital Stock
+3723,432.56
—290,015.72
—19,094.78
—236.37
32,739.07
504,627.45
574,988.34
2,644,948.35
$4,755,939.97
Total Assets
ACCOUNT.
Increase(1
Decrease(—
—55.5
Total Operating Expenses.$21,272,948.69 921,800,245.36 +9527,296.87
$4,562,552.51
Total Current Assets
COMPARATIVE STATEMENT OF INCOME
Year Ended
Year Ended
Dec. 31 1926. Dec. 31 1927.
Aver,mileage ofroad operated
1,802.08
1.746.53
Operating Revenues—
Freight
$19,348.006.14 $20,071,438.70
Passenger
4,937,997.37 4,647,981.65
1,774,639.72
Other Transportation
1,793,734.50
353,044.63
Incidental
353,281.00
$805,249.30
LIABILITIES.
Capital Stock—
(See statement, page 11 pamphlet report.)
$29,818,945.78 Held by Public
$29,818,945.78
4,231,180.84 Held in Treasury
4,231,180.84
934,050,126.62
2673
FINANCIAL CHRONICLE
APR. 281928.]
Additions and Betterments to the property of the Company for the year ended December 31 1927 were as follows:
Expenditures for Road:
Widening Cuts and Fills
$47,121.73
Ballasting
25,798.82
Rails and Other Track Material
324,063.87
Bridges, Trestles and Culverts
189,810.91
Grade Crossings and Crossing Signals
36,110.35
Additional Yard Tracks and Sidings
30,355.06
Station and Office Buildings
31,109.05
Water Stations
29,661.93
Shop Buildings and Enginehouses
36,487.84
Shop Machinery and Tools
46,463.85
All Other Improvements
53.820.81
Total
$850.804.02
Expenditures for Equipment:
PROFIT AND LOSS ACCOUNT, DECEMBER 31 1927.
Trust Equipment added, 500 Box Cars
$1,114,704.07
Charges for Year Ended December 31 1927:
Improvement of Equipment
105,488.08
Debit balance of current year's Income brought forward
from Income Account (see statement page 19 Pamphlet
1.220,172.15
Total
report)
$243,080.07
$2,070,978.17
Depreciation, accrued prior to July 1 1907, on equipment
Total Expenditures for Road and Equipment
retired or changed from one class to another
322,519.64
The credits to "Investment in Road and Equipment" for
Net loss on property sold sr abandoned and not replaced
51,549.04 for property retired during the year ended December 31 1927.
Surplus appropriated for investment in physical property_
were as follows:
Miscellaneous Debits
132..196:50 Retirements of Road
80
$202,187.94
7
Balance Credit, Dec. 31 1927, carried to Balance Sheet
5,209,803.74 Retirements of Equipment:
$237,237.57
26 Locomotives
$5,968,567.06
28 Passenger-Train Oars
164,800.24
699,504.48
1,072 Freight-Train Cars
Balance December 31 1926
8,474.66
35,940.259.66
15 Company Service Cars
Credits for Year Ended December 31 1927:
14,183.64
Other Items
Unrefundable Overcharges
6,182.46
1.124,200.59
Donations
9,418.07
Total
Miscellaneous Credits
12,706.87
1,328,388.53
Total Retirements of Road and Equipment
$5.668,567.06
Net Additions to "Investment in Road and Equipment" $744.587.64
FUNDED DEBT, DECEMBER 31 1927.
Bonds Held
by the
Public.
North Wisconsin Railway First Mortgage Bonds
Chicago Saint Paul Minneapolis & Omaha Railway
Consolidated Mortgage Bonds and Scrip,6%
Consolidated Mortgage Bonds.334%
Superior Short Line Railway First Mortgage Bonds
Chicago Saint Paul Minneapolis & Omaha Railway
Debenture Gold Bonds of 1030
Chicago Saint Paul Minneapolis & Omaha Railway
Equipment Trust Certificates of 1917, Series "B"......
Chicago Saint Paul. Minneapolis & Omaha Railway
Equipment Trust Certificates of 1917, Series "C"--.Chicago Saint Paul Minneapolis & Omaha Railway
Equipment Trust Certificates of 1917, Series "D"........
Chicago Saint Paul Minneapolis & Omaha Railway
Equipment Gold Notes
Total
Bonds Owned by Company
and Due from Trustee.
Pledged.
Unpledged.
$485,000
24,467,000
3,734.000
1,500.000
Total
of
Bonds.
Interest
Date
of
Maturity.
Rate
1
6
$485.000 Jan.
1930
24.467.634 June 1
3,734.000 June 1
1,500.00) June 1
1930 6
1930 33
1930 5
13,900.000 Mar. 1
$634
Payable.
Jan.
1 July
1
June 1 Dec. 1
June 1 Dec. 1
Mar. 1 Sept. 1
1930
5
Mar. 1 Sept. 1
380.000
380.000 Jan. 1 1928-31
7
Jan.
369.000
369.000 Nov. 1 1928-36 4% May 1 Nov. 1
13.900.000
1
830,000 Nov.1 1928-37 4% May 1 Nov. 1
830,000
1,254,400 Jan.15 1928-35
1,254,400
348.919.400
1 July
3834
146.920.034
6
Jan. 15 July 15
2674
FINANCIAL CHRONICLE
[VOL. 126.
THE CHICAGO ROCK ISLAND AND PACIFIC RAILWAY COMPANY
AND SUBSIDIARY COMPANIES
FORTY-EIGHTH ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31 1927
To the Stockholders of The Chicago Rock Island and Pacific Railway Company:
Your Directors submit herewith the Annual Report for year ended December 311927:
Operating Revenues
Operating Expenses
INCOME ACCOUNT.
YEAR ENDED DECEMBER 31 1927 COMPARED WITH PREVIOUS YEAR.
1927.
1926.
Increase.
$140,086,990.58 $137,911,415.30 $2,175,575.28
103,333.049.94
102,812.255.58
520,794.36
Revenues over Expenses
Taxes
Uncollectible Railway Revenues
$36.753.940.64
7,935,957.17
44,017.20
$35,099,159.72 $1,654,780.92
7,490.679.63
445,277.54
68.619.67
Railway Operating Income
Rents from use of joint tracks, yards and terminal facilities
$28,773,936.27
1,210,835.79
$27.539,860.42 $1.234.075.85
1.000,612.99
210,222.80
$29,984.772.06
328,540,473.41
$1,444,298.65
6,548,049.17
6,182,344.49
Decrease.
365,704.68
Hire of equipment
-debit balance and rents for use of joint tracks, yards and terminal
facilities
Net Railway Operating Income
Income from investments and sources other than transportation operation
$23,436.722.89
1,166 995 17
822.358.128.92 81,078,593 97
957.834.86
209,160.31
Total Income
Deduct:
Interest and Other Charges
824,603,718.06
$24,572.47
$23.315.963.78 81,287.754.28
12,038,887.75
Net Income from All Sources
$12,564,8.30.31
DISPOSITION OF NET INCOME
Dividends on Preferred Stock'
7% Preferred
6% Preferred
11,800,982.30
238.80545
$11,515,881.48 $1,048,948.83
$2,059.547.00
1,507,638.00
$3,567,185.00
83.567.185.00
$8,997.645.31
12.10
3,717,900.00
Surplus for Common Stock
Per cent earned
Dividends on Common Stock(5%)
$2,059,547.00
1,507,638.00
87,948,696.48 81.048,948.8.3
10.62
1.48
3,717.900.00
Surplus. Transferred to Profit and Loss
$5,279,745.31
87.948.696.48
$2,668,951.17
The Company's net income for the year was $12,564,830.31, the largest in its history; exceeding by 9.11% the net
income for 1926, the highest previous year, which was $11,515,881.48. The railway operating revenues (or gross revenues)
amounted to $140,086,990.58, which likewise establishes a record for such revenues.
After paying the full dividends on the 7% and 6% preferred stock, respectively, the balanee remaining for the common
stock amounted to ,997,645.31, or $12.10 per share, as compared with $7,948,696.48, or $10.62 per share, in 1926.
Dividends aggregating 5% were paid on the common stock, leaving a balance of income amounting to $5,279,745.31,
which was invested in additions and betterments to the Company's property.
PHYSICAL PROPERTIES.
The Company continued its program of betterment and enlargement of the property, and, in addition, added the following equipment:
35 Locomotives:
2,75e "Freight cars:
68 Passenger cars;
5 Dinirm cars:
flris electric motor cars:
1 104on tractor:
257 Units work equipment;
having a value of $11,466,190.74. Equipment retired from the service during 1927 had a book value of $4,000,920.29, and
in making changes from one class to another there was also a reduction in the book value of equipment of $114,248.01, making
a net increase in investment value of equipment of $7,351,022.44 for the year.
The Company is continuing to experiment with gasoline and gas electric motors as substitutes for steam locomotives
on branch lines, and we are convinced that ultimately these cars will effect substantial economies in operation, and also
improve the service.
The two branch lines referred to in last year's report were completed and placed in operation-one from Billings to
Ponca City, Oklahoma, 28 miles, and the other from Amarillo to Stinnett, Texas, 57 miles; we also completed the last section of the double track on the Kansas Division, which furnishes a double track line between Kansas City and Herington,
150 miles, for the heavy traffic to and from the southwest and California.
TAXES.
increase. State and local taxes have gone up from $5,478,969 in 1920 to $6,143,441 in 1927, and
Taxes continue to
the total expenditure for taxes has increased from $5,894,857 in 1920 to .036,732 in 1927. During the year just past the
Company paid out for taxes $5.64 out of every $100 taken in, while only $5.11 went to the stockholders for dividends.
GENERAL.
In previous years there has been submitted a comparison of certain selected statistics, and,for your information, the 1927
figures are added:
Total tons carried (thousands)
Average miles hauled per ton
Tons hauled per mile of road
Freight Service:
Cars per train
Oross tons per train
Net tons per train
Net tons per loaded car
Net tons per mile of road per day
Per cent loaded of total car miles
Per cent east-bound of total loaded car miles
Per cent east-bound of total car miles
Oar miles per car day
Pounds of coal per 1,090 gross ton miles (excluding locomotives and tenders)
Passencer Service:
Passenger train cars per train
Ratio of passenger train to freight train mileage
Number revenue passengers per train
Number revenue passengers per passenger car
Pounds of coal per 100 car miles
1912.
1922.
1925
18.969
25,939
31,868
242.46
256.39
248.31
572.340
819,416
985.632
1926.
33,786
246.15
1.036,501
1927.
34,335
250.17
1.066,730
25.8
840
348
18.6
2,016
72.6
46.9
48.9
24.6
*286
30.7
1,161
455
21.2
2,540
69.9
55.6
49.7
29.2
207
36.5
1.319
514
21.4
3.038
65.9
53.5
49.2
30.3
179
38.1
1,388
536
21.9
3,183
64.3
54.7
48.8
32.0
170
39.9
1,451
.555
22.3
3,296
62.3
55.3
49.7
34.3
160
5.4
109.51
51.2
13.5
*2,051
5.9
90.95
55.5
14.0
1,975
6 .3
93.08
50.5
12.0
1,726
6.5
91.07
50.0
11.6
1.644
6.6
92.05
47.6
11.1
1,506
*Based on year ended June 30 1912.
These figures indicate that the Rock Island System as a transportation machine is continually improving in efficiency,
and it is believed the Company is beginning to realize the results of the careful management since Federal control.
APR. 28 1928.]
FINANCIAL CHRONICLE
2675
We carried out during the year a very constructive financial program. With the approval of the Inter-State Commerce
Commission, the Company issued $40,000,000 of Twenty-five Year Secured 434% Gold Bonds, maturing September 1 1952.
These bonds are secured by $45,000,000 of First and Refunding Mortgage 4% Gold Bonds, which were in the treasury.
The Trust Indenture securing the new bonds makes provision for an aggregate issue of $80,000,000, to be secured by First
and Refunding Bonds pledged in a similar ratio, and contains a provision that, when the First and Refunding Mortgage
matures in 1934, the Company will execute a new mortgage of substantially the same rank and lien, and that all of the 43,. %
Twenty-five Year Bonds then outstanding shall be equally and ratably secured with all other bonds to be issued under the
new mortgage.
By this plan we have taken advantage of the Company's improved credit position and completed at this time a portion
of the financing which otherwise would have to be done in 1934, when the First and Refunding Mortgage matures. The
new bond issue funds into twenty-five year obligations all the short term note issues maturing in thenext few years,including
the last of the notes given to the Government during Federal control; and it provides a means for obtaining additional capital
between now and 1934, and, in the meantime, effects a reduction in interest charges. The Company is in the best capital
position it has enjoyed for many years.
Cheerful acknowledgment is made of the most competent counsel and assistance of Mr. E. N.Brown, Chairman of the
Executive Committee.
The Board acknowledges the faithful and loyal service of the officers and employees, and again urges you as stockholders
to take an active interest in the affairs of the Company and in matters pertaining to railroads in general.
By orders of the Board of Directors.
Respectfully submitted,
CHARLES HAYDEN,
J. E. GORMAN,
Chairman of the Board.
President.
Telephone Franklin 0976
New York
St. Louis
Chicago
Minneapolis
Cleveland
Los Angeles
Atlanta
Resident Partners:
C. it. Whitworth, A.C.A.C.P.A.
R. C. Brown. 0.A.0.P.A.
Members of
American Institute of Accountants
Cable Address "RetexoEngland
London
Birmingham
Canada
Montreal
Toronto
Winnipeg
Calgary
Edmonton
Vancouver
Victoria
Regina
Also Principal Cities in
South America
TOUCHE. NIVEN & CO.
Public Accountants
10 South La Salle Street
Chicago
March 26 1928.
AUDITORS' CERTIFICATE.
We have audited the books and accounts of The Chicago Rock Island and Pacific Railway Company and Subsidiary
Companies for the year ended December 31 1927, and certify that the annexed balance sheet and relative income and profit
and loss accounts are in accordance therewith and exhibit, in our opinion, a true and correct view of the financial position
of the Company at the date stated and of the operations of the system for the year then ended.
TOUCHE, NIVEN & CO., Public Accountants.
ROCK ISLAND LINES.
1
-INCOME ACCOUNT
YEAR ENDED DECEMBER 31 1927 COMPARED WITH PREVIOUS YEAR.
Increase.
1927.
Amount.
operating Revenues:
Frei lit revenue
Passenger revenue
Mail revenue
Express revenue
Other transportation revenue
Dining and buffet car revenue
Miscellaneous revenue
Total railway operating revenue
Expenses:
Maintenance or way and structures
Maintenance of equipment
Traffic
Transportation
Miscellaneous operations
General
Transportation for investment-Cr
Decrease.
1926.
Per
Cent.
Amount.
$105,256,592.91 3102,203,023.50 $3,053,569.41 2.99
22,791,552.52 23.857.116.75
$1,065,564.23
2,631,856.39
2,597,827.86
34,028.53 1.31
3.375,111.45
3,658.132.38
283,020.93
2,753,898.15
2,292,987.56
460,910.59 20.10
805.834.10
814,135.94
8,301.84
2,472,14,5.06
2.488,191.31
16.046.25
$140,086.990.58 $137,911,415.30 32,175.575.28
4.47
7.74
1.02
.64
1.58
$18,585,992.99 $17.145,108.94 $1,440,884.05
27,586.674.71 28,607.807.94
3,012.323.65
3,021.626.71
50.634.306.87 49,843,489.52
785,817.35
1,112,072.55
1,123,752.37
3,969,557.19
3,934.833.87
34,723.32
1,667,878.02
869,363.77
Per
Cent.
8.40
0perating
Total railway operating expenses
Net revenue from railway operations
Railway tax accruals
Uncollectible railway revenue
Total railway operating income
Other Income:
Rent from equipment (other than freight cars)
Joint facility rent income
Miscellaneous rent income
Income from lease of road
Miscellaneous Income
Total other income
Total income
Deductions from Income (Excepting Interest):
Hire of freight cars-debit balance
Rent for equipment (other than freight cars)
Joint facility rents
Miscellaneous rents
Rent for leased roads
Other income charges
Total
Balance before deduction of interest
Interest on bonds and long term notes
Interest on equipment notes
Interest on bilb payable and accounts
Total interest
Net income from all sources
DISPOSITION OF NET INCOME.
Dividends on Preferred Stock:
7% Preferred
6% Preferred
$103,333,049 94 $102,812,255.58
$1,021,133.23
9,303.06
3.57
.31
11,679.82
1.04
1.58
.8R
698,514.25 80.35
$520,794.36
.51
$36,753.940.64 $35,099.159.72 $1,654,760.92
7.935,957.17
7,490,679.63
445,277.54
44.017.20
68,619.67
4.71
5.94
$28,773,936.27 $27.539,860.42 31.234,075.85
4.48
Y5.8
- -i
$482.875.47
727.960.32
278.295.30
31,169.46
857,530.41
$357,987.35
642.625.64
206,096.11
34.765.51
716,973.24
$124,888.12 34.89
86.334.68 13.28
72,199.19 35.03
$2,377,830.96
$1.958,447.85
$419.383.11 21.41
33.596.05 10.34
140,557.17 19.60
$31,151,767.23 $29,498,308.27 $1,653,458.96
5.61
•
9.14
8.47
34.104.905.31
512,884.31
1,930,259.55
4.670.53
158,056.97
168,188.38
$3,761.214.70
472,822.84
1,948,306.95
4,928.30
161,008.53
158,526.54
$343.690.61
40.061.47
$6,878,965.05
$6,506,807.86
$372.157.19
5.72
$24,272,802.18 $22,991,500.41 $1.281,301.77
5.57
$18,047.40
257.77
2,951.56
$3,877.49
9,661.84
.93
5.23
1.83
.91
6.09
39.997,304.71
1,050,814.41
427,499.81
$176,958.55
59.271.88
1.77
5.64
$11,707,971.87 $11.475,618.93
$232.352.94
2.02
312.564,830.31 311.515.881.48 31.048,948.83
9.11
$10,174.263.26
1,110,086.29
423.622.32
$2,059.547.00
1.507,638.00
3.567.185.00
32,059,547.00
1.507.638.00
33,567.185.00
Surplus for common stock
Per cent. earned
Dividends on common stock (5%)
$8,997,645.31
12.10
3,717,900,00
$7.948,696.48 31,048.948.83 13.20
10.62
1.48 13.94
3,717.900 00 100.00
Balance surnlus (carried to profit and loss)
.5 0 ,
71'NA:11
,
t7
043.696.48
$2.668,951.17 33.58
[VOL. 126.
FINANCIAL CHRONICLE
2676
ROCK ISLAND LINES.
2—PROFIT AND LOSS.
527,730,306.51
Credit balance, December 31 1926
$5,279,745.31
Surplus, after dividends for year ended December 31 1927
2,461,267.68
Profit on sale of St. Louis Southwestern Railway Company stock
Peoria Railway Terminal Co.—Reinstating as a part of the cost of the seeurities of the Peoria Terminal Company,
amount written off to profit and loss in 1915 in respect to Peoria Railway Terminal Company capital stock and
937,999.00
first and refunding bonds
11.710.48
Profit and loss on property and securities sold
48,685.69
Sundry credit adjustments, etc., not affecting current fiscal year
$8.739.408.16
Less:
Depreciation on equipment sold, dismantled and destroyed
Loss on tracks removed
Loss on structures sold, removed and destroyed
Property abandoned—Homestead-Watonga and Winnfield-Packton Lines
Discount on securities sold
Expenses in connection with issuance of funded securities
Galveston Terminal Ry.—Advances
Sundry debit adjustments, etc., not affecting current fiscal year
5654,228.99
206,124.72
353,274.69
120,497.91
3.097,326.45
40,511.70
36.513.97
139,674.42
4.648,152.85
4,091.255.31
Credit balance, December 31 1927---------------------------------------------------------------------------------- 531.821.561.82
II—CONDENSED GENERAL BALANCE SHEET
DECEMBER 31 1927 AND COMPARISON WITH PREVIOUS YEAR.
1927.
ASSETS.
1926.
Increase.
Decrease.
Investments:
$437.213,752.14 $416,675.066.71 $20,538,685.43
Investment in road and equipment (see page 17. pamphlet report)
710,029.99
573.523.74
136,506.25
Improvements on leased railway property (see page 18. pamphlet report)
$53,222.68
2,363.603.14
2,416,825.82
Miscellaneous physical property (see page 33, pamphlet report)
Investments in affiliated companies (see pages 31 and 32, pamphlet report)__ —
2,822,292.48
2,288,623.26
533,669.22
Stocks
0,703.951.48
6,005,951.48
698,000.00
Bonds
8,841,034.95
9.762,994.79
----Notes and advances
Other investments (see page 32, pamphlet report):
2,732.01
2,728.00
4.01
Stocks
42.100.00
42,106.00
Bonds
67,429.65
721,232.19
653,803.19
Notes and advances
$459,353,295.37 $4438,489,050.00 $20,864.245.37
Total investments
Current Assets:
Cash
Time drafts and deposits
Special deposits
Loans and bills receivable
Traffic and car service balances receivable
Net balance receivable from agents and conductors
Miscellaneous accounts receivable
Material and supplies
Interest and dividends receivable
Rents receivable
Other current assets
$8,291,603.85
7.000,000.00
12,046.244.99
28,788.26
1,157,471.28
869,768.70
3.104.434.99
8,866,374.06
153,804.60
55,244.34
603,633.67
Deferred Assets:
Working fund advances
Other deferred assets
82,827.22
24,721.63
178,154.77
20,334.06
173,528.40
1,502,465.71
91,248.69
$43,169.17
31,393.99
•
Grand total
5623.21
16,495.20
$91,681.57
$17,118.41
511,253.24
2,433.903.08
5205,752.70
2,770,211.90
5194,499.46
336,308.82
52,445,156.32
Total unadjusted debits
543,792.38
47,889.19
$74,563.16
Total deferred assets
Unadjusted Debits:
Rents and insurance premiums paid in advance
Other unadjusted debits
1926.
1927.
Securities issued or assumed—
Unpledged (see page 32. pamphlet report) ___$11.666,477.50 $21,600,477.50
Securities issued or assumed—
52.535,000.00 41,601,000.00
Pledged (see page 32, pamphlet report)
T"qs
51.146,939.67
56,990,000 00
10,637,301.07
8.439.97
$42,177,368.74 $27,546,750.15 $14.630,618.59
Total current assets
Stock:
Capital Stock:
7% Preferred
*6% Preferred
Common
$9,438,543.52
10,000.00
1,408,943.92
20.348.29
1.335,626.05
890,102.76
3,277,963.39
10,368.839.77
70,977.38
30,522.71
694,882.36
'
$2,975,964.60
$530,808.28
8504,050,383.59 5469.103,446.32 534,946.937.27
LIABILITIES.
Total
held in treasury—Common (see page 32, pamphlet report)
Total outstanding in hands of the public
Funded Debt:
Funded debt unmatured (see page 20, pamphlet report)
Less held in treasury (see page 32, pamphlet report)
Total outstanding in hands of the public
Non-negotiable debt to affiliated companies (see page 30, pamphlet report)
829,422,189.00 $29,422,189.00
25.127.300.00 25,127,300.00
75,000,000.00 75,000,000.00
5129,549,489.00 $129,549,489.00
517.477.50
517.477.50
$129,032.011.50 $129,032,011.50
$352,233,030.00 $312,742,235.00 $39,490.795.00
63,684,000.00 62,684,000.00
1,000,000.00
$288,549,030.00 $250,058,235.00 $38,490,795.00
87,100.00
87,100.00
Total funded debt
5288,636,130.00 $250,145,335.00 $38,490,795.00
Total capital liabilities
$417,668,141.50 $379.177,346.50 $38,490,795.00
Current Liabilities:
Loans and bills payable (see page 30, pamphlet report)
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 interest accrued
Unmatured rents accrued
Other current liabilities
Total current liabilities
Deferred Liabilities:
Other deferred liabilities
Total deferred liabilities
Unadjusted Credits:
Tax liability
Accrued depreciation—Equipment
Other unadjusted credits
Total unadjusted credits
.
Corporate Surplus:
. .Additions to property through income and surplus
Profit and Loss: Credit balance (see page 13, pamphlet report)
Total corporate surplus
$623,000.00
1,670,239.20
7.185,220.45
211,368.32
1,345,730.57
3.954.75
5.000.00
2.528,171.82
489.638.63
883,589.51
$6,000.000.00
1,964,454.48
9,303,322.24
291,660.50
1,171.626.41
3,804.75
197,000.00
2.019,460.66
475,779.73
920.854.97
$5,377,000.00
294,215.28
2.118,101.79
80,292.18
$174,104.16
150.00
508,711.16
13,858.90
192,000.00
37,265.46
57,402,050.49
$14,945.913.25 $22,347,963.74
$643,953.99
$639,556.06
$4,397.93
5643.953.99
$639,556.06
$4,397.93
55,448.580.68
29.897,627.91
2.563,173.59
85,422,969.39
27,654.656.40
5.384,238.21
$25,611.29
2,242.971.51
51.061,430.85
31,821,561.82
52,821,064.62
5552.481.82
$37.909,382.18 $38.461.864.00
5746.409.51
27.730,306.51
$315,021.34
4.091.255.31
532,882,992.07 $28,476,716.02
$4,406,276.65
Grand total
5504,050.383.59 $469,103,446.32 $34,946,937.27
(See Dases 33 and 34. oaronhlst rennet. for indirect obligations.)
liabilities of the companies forming the Rock Island Lines, the holdings of The Chicago Rock Island and Pacific
NOTE.—In stating the assets and
Railway Company in the bonds and capital stock of the auxiliary lines, together with loans between the various companies, have been eliminated
from the liabilities and a like reduction made in the assets pertaining thereto; the figures shown, therefore, represent the book value of the assets
and the liabilities without duplication.
*Under the final decree in thereeelseeship cause, 510.000,000 six per cent, preferred stock was reserved to be issued in settlement of such claims
as might be allowed by the Special Master. Up to December 31 1927 $127.300 of this stock had been issued.
FINANCIAL CHRONICLE
Am. 28 1928.]
2677
MISSOURI PACIFIC RAILROAD COMPANY
ELEVENTH ANNUAL REPORT—FOR kah TWELVE MONTHS ENDED DECEMBER 31 1927.
St. Louis, Mo., March 1 1928.
To the Stockholders:
There is submitted herewith report of the operations and
affairs of the Company as of December 31 1927.
CORPORATE INCOME STATEMENT.
FOR THE YEAR ENDED DECEMBER 31 1927, COMPARED WITH
THE PREVIOUS YEAR.
1927.
Decrease.
1926.
Railway Operating Revenues 125,728.405.41 133,990,294.39 8,261.888.98
Railway Operating Expenses_ 99,565,997.86 102,851,943.72 3,285,945.86
Net Revenue from Railway
Operations
26,162,407.55 31,138,350.67 4,975,943.12
Railway Taxes and Uncollectihie Railway Revenue
4,815,607.56
Railway Operating Income_
Other Operating Income
5.649,504.35
833,896.79
21.346,799.99 25.488,846.32 4,142.046.33
1,502.895.16
1.282,312.93 x220,582.23
Total Operating Income
22,849,695.15 26,771,159.25
Deductions from Operating Income
5,950,196.72 6,437,373.49
Net Railway Operating Income 16,899,498.43 20.333,785.76
Non-operating Income
3,823,766.75 3.621.286.12
Gross Income
20,723,265.18 23,955,071.88
Deductionsfrom Gross Income 16,322,068.90 15,323,404.87
Net Income transferred to
Profit and Loss
4,401,196.28 8,631,667.01
x Increase.
3,921,464.10
487,176.77
3,434,287.33
x202,480.63
continued diversion of short haul passenger traffic to motor
vehicles operated over public highways is illustrated by
the increase in the Average Distance Each Passenger Carried of 7.21 miles, or 8.59%. The Average Revenue Per
Passenger Per Mile was $0.0318, compared with $0.0327
last year.
Total Railway Operating Expenses decreased $3,285,945.86, or 3.19%.
Expenditures for Maintenance of Way and Structures
were $21,820,236.37, including $2,131,812.31, covering direct
cost of restoring flood damages, an increase of $558,208.60.
Maintenance of Equipment Expenditures show a decrease of
$2,768,039.56, and the Transportation Expenses a decrease
of $1,243,770.63, or 2.62%, with expenditures in the current
year of $384,851.89, inchlent to the flood. The extraordinary expenditures resulting from the flood amounted to $2,532,486.44.
Hire of Freight Car charges show a reduction over the
previous year of $650,002.06. The average miles per car
per day for 1927, was 38.80, compared with 39.66 in 1926,
37.22 in 1925, 33.02 in 1924 and 26.61 in 1923.
PENSION SYSTEM.
One hundred thirty-eight employees were retired in 1927
and fifty pensioned employees died during the year. Since
the inauguration of the Pension System, July 1, 1917, seven
4,230,470.73
hundred eighty-four employees have been retired, of whom
one has returned to service. The total number of deaths
FEDERAL VALUATION.
to date, is two hundred seventy-three. At the close of the
• The Inter-State Commerce Commission served its tenta- year, five hundred ten retired employees were receiving penaveraging $59.45 per month, involving a monthly extive valuation on your Company, May 23, 1927. This valu- sions,
penditure of $30,318.50.
ation is based upon an inventory of the property as of
CAPITAL STOCK.
June 30, 1918, to which prices intended to represent those of
1914 and prior, have been applied. The valuation does not
No changes have been made in the Capital Stock duringinclude miscellaneous physical property or investments in the year.
FUNDED DEBT.
other Companies.
Following the formal protest to this tentative valuation,
Long Term Debt outstanding in the hands of the public
filed in accordance with the law, on June 18, 1927, the hear- increased $5,323,340 the detail of changes being shown on
ing on the protest began September 20 1927, and was still in page 13 [pamphlet report].
First and Refunding Mortgage 5% Bonds, Series F, to
progress at the close of the year.
the amount of $108,968,000 were issued during the year;
$95,000,000 were sold and $13,968,000 placed in the TreasINCOME.
ury.
A brief comparative statement of the Corporate Income
First and Refunding Mortgage 6% Bonds, Series D, to
Is shown above, subdivided to indicate the "Net Railway the amount of $28,683,000 and 6% Bonds, Series E, to the
Operating Income" defined in the Transportation Act of amount of $25,000,000 were retired during the year.
Fifteen year 7% Sinking Fund Notes amounting to $13,1920.
A detailed statement of Corporate Income is given on 391,500 called for redemption January 17, 1927; Three year
5% Secured Gold Notes amounting to $12,000,000 which
page 8 [pamphlet report].
matured July 1 1927, and the 6% Notes issued to the United
States Government aggregating $8,309,760 were paid.
OPERATIONS.
The issue of Series F 5% Bonds to retire the Series D(Compared with Previous Year).
& E 6% Bonds and the 6% Notes issued to the United
The Operating Revenues were disappointing, due to the States Government, effected a saving of $573,312.60 in anstrike of coal mine employees, April 1st, 1927, which ex- nual interest charges.
Equipment Trust Obligations amounting to $2,282,400 matended over a period of six months; the disastrous flood
tured and were paid during the year.
of the Mississippi River and its tributaries, which paralyzed
The Funded Debt Outstanding is shown on pages 14 to
Industry in the South and the effect of these upon general 16, inclusive [pamphlet report]. Detailed description of the
business in the territory served by our lines.
Mortgages will be found on pages 19 to 25, inclusive [pamTotal Railway Operating Revenues for the year were phlet report].
$125,728,405.41 as compared with $133,990,294.39 in the preNEW LINES.
vious year, a decrease of $8,261,888.98, or 6.17%. The deConstruction of the Hot Springs Branch Extension, 12.19'
crease in Freight Revenues was $7,125,238.19, or 6.60%.
miles, and the Nashville Branch Extension, 9.57 miles, was
The principal decreases were Products of Agriculture, completed during the year. A spur 3.29 miles, extending
$1,794,798.74, and Products of Forests, $1,696,064.22, due to from Tioga to Camp Beauregard, La., and 9.96 miles of
track belonging to the Coal Belt Electric Railway Company,
a lack of production in the territory affected by the flood. formerly
operated under a trackage contract, were acquired
Products of Mines decreased $3,533,309.57, due principally by purchase and added to the owned mileage of the Comto the closing of the majority of the coal mines served by pany.
The lease of the Marion & Eastern Railroad, resulted in
our rails, on account of the strike beginning April 1st, 1927,
and the change to pipe line transportation of crude petro- an increase of 6.96 miles to the operated mileage. The destruction of the Texas & Pacific Railway Company's bridge
leum.
Corn, Oats, Hay, Straw and Alfalfa, included in the Prod- at Melville, La., during the flood, made it necessary to enter
ucts of Agriculture, show a decrease of $1,067,890.78; Cot- into trackage agreements with the Southern Pacific Company and the Gulf Coast Lines, for use of tracks between
ton, Cotton Seed and Products, a decrease of $820,382.14.
The decrease in revenue from Bituminous Coal, included Bunkie and Livonia, La., increasing the mileage operated
in Products of Mines, was $1,231,748.68; Clay, Gravel, Sand under trackage rights, 19,27 miles. The net increase hi opand Stone, show a decrease of $206,402.17, and Crude Pe- erated mileage was 48.37 miles, details of which appear on
pages 42 to 45 [pamphlet report].
troleum, $2,277,603.74.
The Total Number of Tons of Revenue Freight Handled,
ROAD AND EQUIPMENT.
decreased 7.41%, and the Ton Miles decreased 7.36%. The
The expenditures for the year include the construction of
Average Revenue Per Ton Mile was 10.74 mills as com24.12 miles of second main track between St. Louis and
pared with 10.65 mills in the previous year.
The Passenger Revenue for the current year was $14,- Cole Junction, Mo., also changes and additions to the auto652,502.50, as compared with $16,035,972.47, a decrease of matic block system, reconstruction of bridges, changes in
8.63%. Passengers Carried shows a decrease of 13.59% and alignment and elimination of tunnels; installation of autothe Passengers Carried One Mile, a decrease of 6.18%. The matic block signals in Arkansas; enlargement of yard and
3,231,806.70
x998,664.03
2678
FINANCIAL CHRONICLE
[VoL. 126.
terminal facilities at St. Louis, Mo., Poplar Bluffs, Mo.,
Osawatomie, Kansas, and Texarkana, Ark.; raising of
tracks and rebuilding of bridges at various points on the
line. The construction of a twenty-two story office building in St. Louis, will be completed in 1928.
There was delivered and put into service during the year
the following equipment:
The details of charges to Road and Equipment are shown
on page 18 [pamphlet report], a summary of which follows:
5 Mountain Type Locomotives, 250 Steel Hopper Bottom Coal Cars.
15 Switching Locomotives,
250 Stock Cars,
I Consolidated Type Locomotive. 2 Locomotive Cranes,
5 Steel Dining Cars,
1 Ditcher,
3 Steel Cafe Club Cars
2 Dump Cars.
10 Steel Baggage Cars,
2 Rail Unloaders.
6 Steel Mail
-Baggage Cars,
1 Snow Plow,
10 Steel Coach-Baggage Cars.
6 Water Cars,
10 Steel Coaches,
5 Boarding Cars,
1165 Box Cars,
1 Marine sue Driver,
1250 Automobile Cars,
1 Steamboat Yawl.
Equipment
Less Retirements
New Lines Constructed
New Lines PurcJaased
Second Main Track
Road
Less Retirements
$12,439,925.66
272,227.06
$9,243,507.42
1,506,381.32
Assets and Liabilities Not Appraised June 1 1917
Total Charges to Road and Equipment
$458,823.73
11,135.61
4,631,556.89
12,167,698.60
7,737,126.10
0%2,340,429.63
$22.665,911.30
By Order of the Board of Directors.
L. W. BALDWIN, President.
MISSOURI PACIFIC RAILROAD COMPANY
GENERAL BALANCE SHEET DECEMBER 31 1927, COMPARED WITH DECEMBER
31 1926.
ASSETS.
December 31
December 31
1927.
1926.
.
$
$
Investments—
Investment in Road and
Equipment
481.040,722.61 458,374,811.31 +22,665,911.30
Improvements on Leased
Railway Property
48,258.51
33,399.43
+14,859.08
Sinking Funds
638.44
644.94
—6.50
Deposits in Lieu of Mortgaged Property Sold_ _ _
25,792.19
38,618.13
—12,825.94
Miscellaneous Physical
Property
2.733.918.64
2,498.582.30
+235,336.34
Investments in Affiliated
Companies—Pledged
37.306,134.20 34,910,448.65 +2,395,685.55
Investments in Affiliated
Oompanies—Unpledged_ 26,807,971.24 23,757,818.57 +3,050,152.67
Investment in Securities Issued, Assumed or otherwise carried as a Liability
by the Accounting Company—Pledged
4,165,065.10 —4,165.065.10
Other Investments—
Pledged
363.758.50
362,668.45
+1,090.05
Unpledged
737,894.29
856.128.94
—118,234.65
Total
549.065.088.62 524,998,185.82 +24,066,902.80
Current Assets—
Cash
Special Deposits
Loans and Bills Receivable_
Traffic and Car Service
Balances Receivable_-_ _
Net Balance Receivable
from Agents and Conductors
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Rents Receivable
Other Current Assets
Total
Deferred Assets—
Working Fund Advances__
Other Deferred Assets
2,273.696.83
1,755,920.63
+517.776.20
2,611,644.32 *14.362,885.61 —11,751,241.29
23,845.45
+6,141.92
17,703.53
886.349.78
1,672,074.54
3.895.583.14
12.235,839.07
323.502.50
36,000.00
75.734.24
947,227.88
1,524,684.20
—60.878.10
+147.390.34
3,916,952.85
—21.369.71
14.468,627.71 —2,232,788.64
387,014.32
36,000.00
124,853.60
—63,511.82
—49,119.36
24,034.269.87 37.541,870.33 —13,507,600.46
32,373.27
145,944.65
32,340.13
176,469.31
+33.14
30,524.66
178,317.92
208,809.44
—30,491.52
Unadjusted Debits—
Rents and Insurance Premiums Paid in Advance_
122.217.52
Other Unadjusted Debits__ 1.535,934.10
Total
1,658.151.62
119.535.70
1.294,593.37
+2.681.82
+241,340.73
1,414,129.07
+244.022.55
Total
Grand Total
LIABILITIES.
December 31
December 31
1927.
1926.
Increase(+)or
Decrease (—).
574.935.828.03 564,162,994.66 +10,772,833.37
Note:
The following Securities not
included in Balance
Sheet Accounts:
Securities Issued or Assumed—Unpledged - _ 13,968.000.00 7,014,600.00 +6.953.400.00
Securities Issued or Assumed—Pledged
21,998,500.00 —21.998,500.00
Stock—
Capital Stock:
Common
Preferred
Total
82,839.500.00 82.839.500.00
71,800,100.00 71,800.100.00
154,639,600.00 154,639,600.00
Long Term Debt—
Funded Debt Unmatured_ _325,694,320.00 320.360,980.00
Total
Increase(+)or
Decrease (—).
+5,333.340.00
325,694,320.00 320,360,980.00
+5.333,340.00
Total Capital Liabilities_480,333,920.00 475,000.580.00
+5,333,340.00
Current Liabilities—
Loans and Bills Payable__ _
Traffic and Car Service Balances Payable
Audited Accounts and
Wages Payable
Miscellaneous Accounts
Payable
Interest Matured Unpaid
Funded Debt Matured Unpaid
Unmatured Interest Accrued
Unmatured Rents Accrued_
Other Current Liabilities
Total
Deferred Liabilities—
Other Deferred Liabll tiesTotal
7,000,000.00
+7.000,000.00
869,515.88
900,364.67
—30,848.79
11,280,559.33
14,828.909.43
—3,548,350.30
309,346.83
1,200,124.32
326,206.73
1,502,559.83
—16,859.90
—302,435.5'
1,627,000.00
15.000.00
+1,612.000.00
3.984,419.03
337.766.73
412,940.50
3,567,102.53
319,337.47
480,631.99
+417,316.50
+18,429.26
—67.691.49
27,021.672.42 21,940.112.65
+5,081,559.77
589,364.28
570,495.11
+18.869.17
589,364.28
570,495.11
+18,809.17
Unadjusted Credits—
Tax Liability
3,072,667.22
3,777,392.91
Insurance and Casualty Reserves
7,736.34
284.97
Accrued Depreciation—
Equipment
13,514,554.51 11,057.907.07
Other Unadjusted Credits_
483,710.86
892,991.51
Total
17,078,668.93 15,728.576.46
—704,725.69
+7.451.37
+2,456,647.44
—409,280.65
+1.350,092.47
Corporate Surplus—
Additions to Property
through Income and Surplus
923,883.42
841,047.08
+82,836.34
Profit and Loss
48,988,318.98 50,082,18.3.36 —1,093,864.38
Total
49,912,202.40 50,923.230.44 —1,011,028.04
Grand Total
574,935,828.03 564,162,994.66 +10,772,833.37
Note:
The following Capital Liabilities not included in
Balance Sheet Accounts:
Funded Debt—
Unpledged
13,968.000.00
7.014.600.00 +6.95.3,400.00
Pledged
21,998,500.00 —21,998,500.00
Total
13.968.000.00 29,013,100.00 —15,045,100.00
Total
13.968.000.00 29,013.100.00 —15.045.100.00
* Includes deposit of $13,156,000.00 offset by a liability carried in "Funded Debt Unmatured," representing
Missouri Pacific Fifteen-Year
7% Sinking Fund Notes, called for redemption January 17 1927, and paid during the year except as to $16,450.41 still outstanding.
The Capital Liabilities shown above include the securities issued under the Reorganization Plan for bonds of various issues
dealt with by the Plan,
including 51,634.000 principal amount, not acquired on December 311927. which are accordingly not shown as Liabilities.
The company is guarantor jointly with other companies of the securities of certain terminal companies none of which are in default.
CURRENT NOTICES,
--An opportunity for research and writing in flnancia land legal fields is
represented in an awarc of prizes to be made again this year by a committee
under the chairmanship of Ralph E. Heilman, Dean of the School of Commerce of Northwestern University, Chicago. The prizes which the Committee is enabled to offer are made possible through a gift of the Chicago
Trust Compnay. The most important prize amounting to $2,500 is a triennial one, awarded in 1927 and to be again awarded in 1930. Secondary
prizes are offered for annual monographs amounting respectively to $300
and $200 which the committee of award is enabled to give through a donation made by Chicago Trust Company. An extensive list of topics for this
competition is published, relating to business development and the modern
trust company, an example of which is "Financing of Automobile Installment Sales" by Harold Emerson Wright, which won the first prize in the
1926 competition. Various other subjects in the field of general finance are
included, such for instance as "Life Insurance Trusts", "Bank Credit
Analysis" and "The Investment Analysis of Public 'Utility Securities".
The award of smaller prizes for annual monographs under this offer results
not only in the monetary award but the publication of the winning papers
by the A. W. Shaw Company of Chicago. as well.
It is stated that the committee of award has adopted a liberal policy in
respect to subjects that may be used for essays, as it wishes to encourage
research not only by academic students of finance and law, but also by
attorneys and by men and women engaged in practical business and financial pursuits. An announcement of the prizes and suggested subjects will be
mailed on request sent to the secretary of the committee of award. Professor
Leverett S. Lyon, The Institute of Economics, Washington. D. C.
—A very comprehensive volume of investment information has just been
issued by Frederick Peirce & Co.. of Philadelphia and New
York, under the
title "The Peirce Theasurua of Security Distribution and
Investment."
This book is described as "a novel and unparalleled treasury of financial
thought." In its 672 Pages of text and 63 illustrations,
it covers a wide
range of subjects and appeals to three distinct and widely diversified
classes
of readers, namely, investors, investment houses and security salesmen.
The entire work Is written in an inviting style that entirely distinguishes it
from the usual cut and dried financial publications. They
say: "That this
work is not an attempt to revolutionize the principles of sound investment,
but is merely a beacon to light the path of progress and action
in a profession
that is already progressing by leaps and bounds. When it
is remembered
that the elements entering into this new book have been Individual successes, highly prized by many thousands of people, who have individualy
read one or more of them, and that at least three wore epic-makin publicag
tions—the first of their kind in financial literature—the versatility and
appeal of the various writings can be readily appreciated. Taken together.
they afford a comprehensive and liberal financial education. It is said that
for the bondman, it's a fountain of inspiration, and, for the investor, a
reservoir of knowledge. All of the sections of the work were written by
members of the Peirce organization, actively engaged in tho bond business.
Frederick Peirce & Co. are the publishers, as well as the authors of The
Peirce Thesaurus of Security Distribution and Investment, and copies may
be obtained from them.
—The First National Company of Detrout, Inc. announces the removal
Or its offices to the fourteenth floor of the new National City Company
Building at 52 Wall Street.
APR. 28 1928.]
FINANCIAL CHRONICLE
2679
.The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
-ETC.
-WOOL
-DRY GOODS
-METALS
PETROLEUM-RUBBER-HIDES
export in 1927 is officially stated at 15,115,000 sacks-nearly
1,500,000 more than in 1926. The average value realized is
given as .£4 3s. per sack in 1927 as against £5 is. in 1926.
Meantime, at a rough calculation, 12,000,000 sacks are retained stored in one form or another in Brazil. These stocks
Friday Night, April 27 1928.
may be reduced to 10,000,000 or thereabouts by export up
COFFEE on the spot was quiet and rather irregular. to the end of June, after which the new crop will begin to
%
Santos 4s 221% to 228 c.; Rio 7s 151%c. and Victoria 7-8s 15c. come in. Prospects point to a small or very moderate crop
lds were firm but slow of sale at the recent advance, and this year, so that control may be continued successfully, but
aside from occasional small filling in orders there is very little the ultimate fate of the large carry-over is not so clear.
doing in them. Fair to good Cucuta 233 to 24c.; Ocana The situation implies that a great proportion of the proceeds
22 to 23c.; Bucaramanga, natural 24 to 25c.; washed 271% to of the crop will be tied up instead of freely circulated, and
281%c.; Honda, Tolima and Giradot 27% to 280.; Medellin it is consequently not favorable to general enterprise and
%
281% to 28%c.; Manizales 273 to 281%c.; Mexican, natural importation. The government's policy of suspending public
washed 26 to 283c.; Surinam 25 to 273/20.; Ankola 35 to 39c. works not absolutely urgent, so as to avoid deficit, will exerThe arrivals of mild coffee in the United States since April cise a similar influence. It is recognized that the control at
1st aggregate 231,438 bags against deliveries for the same time •present enforced in so abnormal a situation, preventing as
of 230,054 bags, leaving the stock on April 23rd, 316,147 well as regulating exportation, can only be an emergency
bags. The stock a week ago was 342,258 and a year ago expedient. Loans at interest to farmers on security of their
380,969 bags.
plantations can never be a regular substitute for the free sale
On the 23rd inst. there was no material change in the cost of their crops to realize what they will bring. The necessary
freight offers from Santos. A few were slightly higher; operations for carrying out this emergency policy will entail
and
none lower. On the 24th inst. cost and freight market was very considerable expenditure, which must be set against
quiet. Santos 4s sold for immediate shipment at 21.90c.; price results secured. Brazil is so dependent on coffee exVictoria 7-8s for May-June shipment at 14.100.; Victoria port that restrictions can only be imposed with moderation
7-8s 10 points higher than quoted, on the 23rd, i.e., 14.45c. and for immediate national advantage.
The Rio offerings were unchanged at 14.20c. for 7s and
Some think jobbing interests who delivered in March seem
14.95c. on 7-8s for prompt shipment. Little or no change prepared to take any reasonable amount of tenders in May at
the Santos offers. They included for prompt shipment the discount. This may clarify the situation here. As to
in
Bourbon 2-3s at 23.55c.;3s at 22.10 to 23.60c.• 3-4s at 22.35 the disposition of the Victorias and Rios hanging over, the
'
to 230.; 3-5s at 21.85 to 23c.; 4-5s at 21.10 to 220.; 5s at market there seemsto sho enough uncertainty to cheek trad%
%
213/2 to 213 c.;5-6s at 203 to 21.400.; 6s at 20.80 to 21c.; ing. With so little coffee afloat, the Santos market may,
7-8s at 18.80c.• part Bourbon 3-4s at 221% to 22.85c.; 3-53 it is said, improve gradually and with the other coffees going
'
/
%
at 22.15 to 22%c.; 5s at 203 to 21.10c.; 6-7s at 191 2c.; into different channels the general belief is that the old con%
peaberry 3-4s, 223 c.; 4s at 21.90 to 221%c.; 5-6s at 22.10c., tract will liekwise soon shown a upward trend. On the 25th
21%c.
and 60 at
inst. Rio futures closed 23 to 12 points lower and Santos 4 to
Cost-and-freight offers on the 25th inst. were irregular, 23 points off, with sales estimated at 44,500 of Rio and 33,750
slightly lower and others a little higher, with the of Santos. Some reports stated that 100,000 bags of the
some being
majority unchanged. On the 26th inst. cost-and-freight coffees which were received in March on the No. 7 contract
offers from Santos showed little change; Rio easier. For might I e tendered for delivery on the 26th.
prompt shipment, Bourbon 2s were quoted at 23.90c.;
On the 26th inst. the notices had less effect than was ex2-3s at 23.35c.; 3s at 23.10 to 23.600.; 3-4s at 23.10c.; 3-5s pected. They were promptly stopped. May fell 10 points
%
%
at 22.10 to 230.; 4-5s at 21.30 to 213c.; 5s at 21 to 215 c.; early, then rallied, and Rio ended 5 to 14 points net higher
5-6s at 20% to 21.30c.; 6s at 20.80 to 21c.• 6-7s at 19%c.; with sales of 35,000 bags. Boston was supposed to have
/
1
c.
7-8s at 18.80c.; part Bourbon 2-3s at 23%c.;is at 23 to 232 bought March Santos and Europe December. Santos was
3-4s at 22.30 to 22.60c.; 3-5s at 22.20 to 221%c.; peaberry 3s 8 to 10 points higher. To-day Rio futures closed irregular,
-4s at 22%c.; 4s at 22c.; 5s at 21% to 213c.; being 2 points off to 2
at 23.10c.• 3
higher, with sales of 24,000 bags.
'
Rio 7s at 15.10c.; 7-8s at 14.85c.; Victoria 7-8s for prompt Santos closed 10 to 16 points higher, with sales of 19,000 bags.
shipment were here at 141% to 14.40c., and for May-June at Cables were higher. Brazil seemed to be supporting Decem14.100. To-day cost-and-freight offers from Brazil were ber and March. Final prices show a decline for the week
plentiful at irregular prices, some a little lower and some a of 1 to 4
trifle higher. For Santos Bourbon 2s, prompt shipment, follows: points on Rio iutures. Rio coffee prices closed as
23.900.; 2-3s, 23.35 to 24%c.; 3s, 23 to 231%c.; 3-4s, 22.40 Spot ithofficlal 15.00 I July
14.32
13.97(
14.27 ®
I Sept,..14.17
Mar
13.70 ® 13.72
to 23.10c.; part Bourbon 2-3s at 23.35 to 24%c.• 3s at 22.90 May
Santos coffee prices closed as follows:
to 23.6004 3-4s at 22.60c.; 3-5s at 21.95 to 22.40c.; peaberry
3-45 at 22.700.; 4s at 21.85 to 22.30c.; 4-5s at 21%c.; 5s at Spot unofficial -41
I July
21 55 ® nom Dec
20.54
01.80 nom I Sept
21.17( nom I Mar
20.22®
211% to 213c.; Rio 7s at 15.15 to 15.20c.; 7-8s, 14.95c.; May
Victoria 7-8s at 14.15c. for prompt and 14.10c. for MaySUGAR.
-Prompt Cuban raws were firmer on the 24th
inst. with futures up and notices stopped. Some 20,000
June shipment.
To-day spot Rio was easier at 143/8c.; Santos 4s, 221% to bags of Cuban raw due next week sold at 2 c. 0. & f.
%
5
23c. Futures on the 23rd inst. advanced 6 to 14 points on Prompt Cuban raws later were quiet at 2 11-160. London
A
A
Rio with sales of 16,750 bags and 7 to 18 on Santos with terminal on the 26th was steady at 3 d.off to 3 d.higher but
/
2
d.
sales of 12,500 bags. Firmer cables and covering offset some at 3:15 p. m. was firmer and generally %el. to 11 above
liquidation on the eve of notices due on the 28th. Santcs opening quotations. Here 207 notices were issued. Some
advanced 50 to 275 reis. Rio was 125 reis lower to 25 higher. 3,500 tons of Santo Domingo raw sugars for May shipment
Wall Street bought March Santos. Old longs sold in the sold to Uruguay, S. A., at 2.64c. f.o.b.
The reduction in the British duty on raws and the fact
fear of a heavy notice issue on the 26th. Futures on the
25th inst. fell 4 to 6 points. Boston was believed to be that the refiners are said to be poorly supplied with sugar
selling March to local shorts.
with the exception of what remains for delivery between
On the 26th inst. there were 278 notices issued here of now and the first week in May were factors offset by May
which 57 were Rio and 221 Victorias. The issue caused some liquidation in futures. The Continent was disturbed by
irregularity. On that day No. 7 May coffee futures notices the reduction in the British duty on raw sugars without an
having been stopped offerings became light and covering equal reduction in refined and white sugars. It virtually
One comment was that closes the British market to European producers. It hits
caused a rise of 12 to 17 points.
Thursday would be first notice day in coffee and that the them hard. The largely increasing home consumption and
immediate future, so far as the old contract is concerned, the improved statistical position are mitigating features for
depends largely just on what disposition may be made of the the Continent. Havana advices stated that the Sugar Excoffee received during March. Should the Boston interests port Co. has announced that it will consider bids on May 2
elect to throw the majority of these overboard, naturally on 50,000 tons, reserving the right to reject any or all bids.
Some think it is well to take a more cheerful view of the
there may be some extreme fluctuations.
According to one view the severe test of the present un- near future, adding that first May notice day has passed
large crop of coffee in Brazil has been success- and the market has actually advanced. The English budget
precedentedly
fully met by the Bra,zilian Coffee Defense Institute,supported has been fixed to suit the Cuban producer and the English
by the stringestgovernment measures to control exports. The refiner, and there ought to be, and there no doubt will be, a
Rio de Janeiro correspondent of the London "Times makes more cheerful and hopeful feeling. Some even predict that
that statement. He adds that the total crop is still estimated there will be no demoralization of any sort in the month of
,
at about 22,000,000 sacks for all Brazil, equal, more or lessi May on any subsequent notice day, nor on any other first
-produc- notice days, during the rest of this season. They think that
to the total annual consumption in all countries
tion being, therefore, in excess of consumption to the extent the situation in sugar is inherently sound. Receipts at Cuban
of the 7,000,000 sacks or so produced elsewhere. Brazil's ports for the week were 142,366 tons against 150,136 in the
COMMERCIAL EPITOME.
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."
2680
FINANCIAL CHRONICLE
[VoL. 12.6.
same week last year; exports 170,622 tons against 95.137 1 to 5 points on 207 May notices. There is not enough
last year; stock (oonsumption deducted), 1,229,484 tons storage room here. Duty free was offered at 4.40c.; no
.
against 1,469,553 last year; centrals grinding, 53 against 64 buyers;25,000 Cuba now loading sold at 2/c. Some 15,000
last year. Of the exports, Atlantic ports received 55,321 bags Porto Rican raws due Monday sold to an operator at
tons; New Orleans, 15,655 tons; Savannah, 5,945; Galves- 4.28c. delivered or about 1 point above 23/2e. c. & f.
ton, 3,982; interior of United States, 5,150; Europe, 21,531;
To-day London terminal opened easy•at 13/d. lower to
2
Panama, 38. Receipts at United States Atlantic ports for Yid. up and at 3.15 p. m. was Y to 23d. lower than the
4d.
the week were 74,396 tons against 97,520 in previous week, opening and 13/2d. to 3d. lower than last night's closing.
81,312 in same week last year and 100,817 in 1927; meltings In London 96 test sellers of June at 13s. and of July at 13s.
56,000 against 54,000 in previous week, 69,000 last year and 1.3.d. with bids of 12s. 9d. for June. Cables from Liver70,000 two years ago; importers' stocks 320,468 tons against pool said there were sellers of 96 test for May at 12s. 11 Yid.
300,613 in previous week, 150,164 last year and 150,855 two and for June at 13s. Terminal was quiet. A good business
years ago; refiners' stocks 147,559 tons against 149,018 in in refined was reported. Other Liverpool cables said that
previous week, 125,199 last year and 151,711 two years ago; San Domingos sold for June shipment at 13s. Here lower
total stocks, 468,027 tons against 449,631 in previous week, London cables caused further liquidation and hedge selling
275,363 last year and 302,566 two years ago.
and future closed unchanged to 2 points lower. For the
Cable advices from London on the 24th stated that the week prices are off 7 to 8 points. Spot raws at 2 17-32c.
duty on raw sugar imported into the United Kingdom is are 1-16e. lower than a week ago. Prices closed as follows:
2.820
2.820 -.reduced one farthing per pound, by the Churchill budget. Spot unofficial 2 i7-32 Sept
1 Jan
May
2.60®
Dec
2.890
2.740 ---.
Mar
Some private adviees stated that the reduction is 24 pence July
2.720 _-per cwt. of 112 pounds. This reduction was smaller than
LARD
generally expected. It was thought likely to have a stabiliz- ern 12.50on the spot was firm at one time with Prime Westto
ing effect, however, upon the sugar markets generally. America, 14c.;12.60c.; refined to Continent, 12%c.; South
Brazil,
Europe is said to be rather poorly supplied and has awaited for prime Western on150. On the spot was 12.65 to 12.75e.
the 24th inst. Futures advanced 12
the budget before submitting further bids on the Cuban to 15 points at one
time
raws, outside the quantity originally set aside for export to corn higher, Liverpool with hogs firm, cash lard stronger,
up 6d. to is. 6d. and packers buying
countries exclusive of the United States. Now that the lard,
Hog
matter of duty is practically settled, the British refiners, week ribs, &c. and receipts were 90,400 against 98,700 a
previously
101,600 last year.
it is supposed, will open negotiations with Cuba for adFutures on the 25th inst. closed unchanged to 3 points
ditional supplies. Futures on the 23rd inst. closed 1 to 3
points lower, with sales of 64,000 tons of which about higher. Hogs were steady and ribs were slightly higher.
33 1-3% were exchanges. May longs sold at first and The strength of corn, steady cash markets and some Eastern
bought later months. Cuban interests were supposed to have demand were bracing factors. Western hog receipts were
sold July and September to a fair extent. But commission 90,800 against 102,000 a week ago and 93,600 last year.
Arrivals at Chicago were estimated at 22,000. Liverpool
houses bought late and covering of hedges helped to bring was
732 to 9d. higher. To-day lard futures ended 3 to 5
about a steadier tone. On the 25th inst. London ter points lower. Hog
minal opened unchanged to 13.4d. higherand at3.15 p.m.was barely steady. At products were irregular. Hogs were
one time prices were slightly higher on
A
unchanged to 3 d. lower than opening quotations. British
buying, some covering and higher grain
refined was reduced 2s. 4%d. per cwt. owing to budget commission housethe upturn
markets, but on
offerings increased. Western
redetion tax. Private cables from London said it was hog receipts were 84,000 against
72,000 a year ago. Chicago
impossible to foresee the effects of British budget as yet. expects 6,000 to-morrow.
Private cables from Liverpool said the raw market was un- of lard on the 26th inst. New York cleared 160,000 lbs.
Cash business was only fair.
changed. Refined was reduced 2s. 43.d. with trade large Final prices show a rise for the
week, however, of 12 to 18
buyers.
points.
One idea was that it looks as though the early arrival duty- DAILY CLOSING PRICES OF LARD
FUTURES IN CHICAGO.
free sugars will again have to be absorbed at 4.36e. or the
Sal.
Mon. Tues.
Wed. Thurs. Fri.
219-32e. c.& f. basis,before anyimprovementcan be expected, May
11.97
12.15
12.27 12.30 12.27 12.22
12.27
12.45
12.57 12.62
12.55
12.60
but with these eventually taken care of and refiners then July
September
12.60
12.75
12.90
12.87
12.90
12.90
having to come in the market for Cubes, sellers of which for
PORK firm; Mess $31.50;family $32.50 to $34.50;fat back
the most part confine indifferent to present prices, a distinctly
better tone should develop. These prices, it is believed, are pork, $25 to $27; Ribs, in Chicago cash 11.62e., basis of 50
very attractive for the accumulation of contracts in the later to 60 lbs. average. Beef quiet but firm; Mess, $23 to $24;
1928 positions. There was a sale earlier of 25,000 bags packet,$25 to $27;family,$29 to $31; extra India Mess,$44
Cuba now loading to an operator at 25 c., and there were to $45; No. 1 canned corned beef, $3.40; No. 2, $6; 6 lbs.
A
rumors that another operator paid 4.37e. delivered, or a South America $16.75; pickled tongues, $55 to M. Cut
point above 2 19-32c. c.&f. on a lot of duty free. If storage meats firm; pickled hams 10 to 20 lbs. 153 to 163ic.; pickled
facilities were greater operators would, it is said, be very bellies 6 to 12 lbs. 17 to 183.c.; bellies clear, dry salted,
ready buyers of both duty free and Cubes at the prevailing boxed, 18 to 20 lbs. 15kic.• 14 to 16 lbs. 153c. Butter,
'
prices. Refined 5.95 to 6c., with new business small and lower grade to high scoring 42 to 470. Cheese, 22 to 30°4
Eggs, medium to extras 273. to 323c.
withdrawals fair.
OILS.
-Linseed was rather quiet and easier. One big
It was remarked that while stocks in licensed warehouses
available for exchange purposes have increased 15,000 tons crusher was willing, it is said, to accept 9.6c. for carlots in
to approximately 312,000 tons, the largest quantity ever held cooperage basis. Others were quoting 9.8c., but it was inby operators in New York, from all indications, interests timated that on a firm bid 9.7c. would have been taken.
identified with the ownership of these sugars are disposed to Later on a better inquiry was noticeable but actual sales
Require further supplies rather than reduce their commit- were limited to small lots. In 5 and 10-bbl. lots ex-warements. This, it was added, cannot help but impress one house, 10e. to 10.2c. was quoted. More interest was shown
with the fact that tenders issued against May will lodge with by paint makers in the summer deliveries. Cocoanut,
interests well situated to take delivery. From a technical Manila coast tanks, 838c.; spot N. Y. tanks, 8/8c. Corn,
/
standpoint some are favorably impressed with the market, crude tanks plant low acid, 93'c. Olive, Den. $1.25 to
and the recent reduction in speculative long accounts should $1.40. Chinawood, N. Y. drums carlots spot, 153/30.;
accrue, they think, to the markets strength as soon as fun- Pacific Coast tanks spot, 13 Mc. Soya bean, coast tanks,
%
damental conditions are asserted. Stocks in United States 93 c. Edible corn, 100-bbl. lots, 12e. Olive, 2.10 to 2.30.
ports April 18th, 564,000 tons against 377,000 at the same Lard, prime, 16e.; extra strained winter, N. Y., 13c. Cod,
time in 1927 and 403,000 in 1926. Cubes available to Dec. Newfoundland, 68c. Turpentine, 543 to 60c. Rosin,
31, 2,310,000 tons against 2,420,000 in the same time in $8.30 to $11.25. Cottonseed oil sales to-day, including
1927 and 2,520,000 in 1926; duty free available to Dec. 31, switches, 29,000 bbls. P. Crude S. E., 9o. bid. Prices
1,145,000 tons against 1,120,000 in 1927 and 986,000 in 1926; closed as follows:
10.600
1July
beets old and new, 700,000 tons against 550,000 in 1927 and Spot
10.734410.72 October ___10.9944 -May
10.60010.67 Auguat__ 10.85010.86 November_10.91 10.95
535,000 in 1926; Louisiana, 75,000 against 40,000 in 1927 June
10.62010.70 September 10.95010.95 December_10.88 10.95
and 75,000 in 1926; total, 4,794,000 tons against 4,507,000
Linseed later
in 1927 and 4,519,000 in 1926; consumption, April 18 to Dec. Crushers asked was slightly more active with prices higher.
9.8 to 10c. for raw oil in carlots cooperage
31, 4,500,000 tons against 4,075,000 in 1927 and 4,215,000
basis, and for 5 and
in 1926;carry-over United States and Cuba, Dec. 31, 294,000 Paint manufacturers 10-bbl. lots 10.2 to 10.4e. was quoted.
bought to a greater extent.
tons against 432,000 in 1927 and 304,000 in 1926. ConsumpPETROLEUM.
-California gas was advanced to 100.
tion for 1928 is figured at 6,100,000 tons as against 5,700,000
in 1927 and 6,100,000 in 1926. Operatiors have about 300,- by the Acewood Petroleum Co. and the Walburn Petroleum
000 tons of Cuban centrifugals in the port of New York Co. This compares with a price of 98 0. at refineries and
/
10%c.in tank cars delivered to nearby trade for U.S. Motor
available for exchange delivery.
Prague cabled April 25: "Yesterday's British reduction gasoline made from other crudes. The Standard Oil Co. of
in import duty on raw sugar and maintenance of present duty New Jersey and the Pan American Petroleum Co. raised the
/
duty on refined detrimental, ruinous to Continental refiners price 3e. to 93 0. at local refineries for U. S. Motor. The
and upsetting trade because importation of refined into more seasonable weather has brought out a better demand
Britain is prohibited. Trade slightly bullish on account of for gasoline. A larger demand is expected to appear in a
few days. In the main, prices are tending higher. Later
improved statistics."
Futures on the 25th inst. closed unchanged to 1 point on the Sinclair Refining Co. advanced prices along the Atlanlower on most months. March was off 1 point. Sales tic seaboard Mc., thus meeting the advance of the Pan
were estimated at 31,700 tons. Refined was dull at 5.95 to American Petroleum Co. Nearly all the big local refiners
6c. The futures trading on the 26th inst. was about 42,750 are quoted 9Y refinery for U.S. Motor and 103 c.in tank
1c.
4
tons. Prompt raws were unsettled later with futures off cars delivered to nearby trade. The Carson Petroleum Co.
Am. 28 1928.]
FINANCIAL CHRONICLE
was asking. 10c. for May gasoline. Export demand was
better. Kerosene demand was better than anticipated for
this time of the year because of the cold weather of late.
%
Prime white 41-43 gravity,63 c. refinery, and 73 c. in tank
%
cars delivered to nearby trade. For 43-45 water white tank
ears, refinery, 7c. Bunker oil, Grade C was steady at $1.35
refineries. Diesel oil quiet but steady at $2 refinery.
New York export prices: Gasoline, cases, cargo lots,
U. S. Motor spec. deod., 25.40c.; U. S. Motor, bulk, refinery, 93%c.; Kerosene, cargo lots, S. W. cases, 17.40c.;
%
bulk 41-43, 63c.; W. W. 150 deg. cases, 18.40c.; bulk
43-45, 7c.; Bunker Oil, f. a. s. dock, $1.413/2; f. o. b. refinery, $1.35; Diesel oil, Bayonne, bbl., $2 plus 63/se.
lighterage; New Orleans export prices: Gasoline, U. S.
Motor bulk, 83/sc.; 64-66 gray. 375 e. p., 93/sc.; U. S. Motor,
60-62, 400 e. p., 83c.; 61-63 390 e. p., 9e.; Kerosene, prime
%
white, 63%c.; water white, 73%c.; Bunker Oil, Grade C for
bunkering, $1.05 to $1.15; cargoes, 90 to 95c. Service
station and jobbers' prices: Gasoline, U. S. Motor bulk
refineries, 93c.; tank cars, delivered to nearby trade,
%
103c.; Boston, tank cars, terminal, 93% to Ile.; delivered
%
tank cars, Boston, 10% to 11c.; California, U. S. Motor at
terminal, 10c.; U. S. Motor delivered to N. Y. City garages
in steel bbls., 17c.; Up-State and New England, 17c.;
Naphtha, V. M. P. deordorized steel bbls., 18c.; Kerosene,
water white 43-45 gray, bulk refienry, 7c.; delivered to
nearby trade in tank cars, 8c.; Prime White, 41-43 gray.
bulk, refinery, 63c.; 41-43 D delivered to nearby trade in
%
3
tank carsz 7%c.;tank wagon to store, 150.; Fuel oils, Grade C
bunker oil, f. o. b. rfeinery, 1.35c.; spot f. a. s., 1.413/sc.;
Diesel oil bulk, N. Y. harbor ref. per bbl., 2c.; Furnace Oil,
bulk refinery, 38-42 gravity, 53c.; tank wagon, 10e. Later
%
a better export demand was reported. Several large exporters in the Gulf were quoting 83% to 9c. for U. S. Motor.
Some were willing to accept 83/2c., however, but it is generally expected that prices will go higher very soon. The
price for 64-66 gravity 375 e. p. was 93/sc. in bulk. France
purchased on quite a liberal scale recently. Several bulk
cargoes of gasoline are understood to have been closed in the
last few days. Improvement continues in the local market.
Kerosene was in good demand and steady.
Buckeye
$2.35 Eureka
$2.60
Bradford
2.80 Illinois
1.50
Lima
1.55 Wyoming, 37 deg- 1.30
Indiana
1.32 Plymouth
1.23
Princeton
1.50 Wooster
1.57
Canadian
1.95 Gulf Coastal "A"_ 1.20
Corsicana heavy
1.00 Panhandle.44 deg. 1.06
Oklahoma, Kansas and Texas
40-40.9
$1.40 Elk Basin
$1.33
32-32.9
1.16 Big Muddy
1.25
52 and above
1.70 Lance Creek
1.33
Louisiana and Arkansas
Bellevue
1.25
32
-32.9
1.16 West Texas, all deg
0.60
35-35.9
1.25 Somerset light
2.35
Spindletop. 35 deg and up---- 1.37 Somerset
1.45
Pennsylvania
$2.80
Corning
1.55
°Abell
1.35
Worthem, 40 deg.. 1.40
Rock Creek
1.25
Smackover, 24 deg .90
RUBBER.
-On the 23rd inst. New York fell 50 to 70
points with trading in only 680 lots. London ended 34 to
Md. lower, though the stock fell off during the week 2,126
tons, now being 56,819 tons against 65,511 a year ago. Outside trade was light. Liquidation, factory indifference and
lower cables were the factors that told. New York ended on
that day with April 16.30c.; May 16.60; July 17; Sept. 17.50;
Dec. 17.80; Jan. 17.80; Mar. 17.80 to 17.90. Outside
prices: Smoked sheets, spot and Apr. 17 to 173%; May-June,
%
173% to 173/sc.; July-Sept., 1734 to 173c.; Oct.
-Dec., 173.
/
1
to 18c.; Spot, first latex crepe 17 to 173%; clean thin brown
crepe 15% to 16e.; specky brown crepe, 143% to 15c.; rolled
brown crepe 1434 to 143c.; No.2 amber 1634 to 163 ;No.3
%
%
amber 16 to 163%c; No. 4 amber 1534 to 1534 to 153 c.;
%
Paras, up-river fine spot 1734 to 17303.; coarse 1434 to 143 c.
/
%
London closed with spot and May 7% to 8d.;June 8 to 8Md.;
July-Sept.83(1.; and Oct.
4
-Dec. 18%d. Singapore advanced
Md in some cases; May8%d.;July-Sept.8Md.and Oct.8Md
Some of the members of the New York Produce Exchange
are requesting the Committee of Information and Statistics
to take under consideration the installation of a continuous
ticker quotation service of the New York Rubber Exchange
due to the general interest in that market among the members of the Produce Exchange. London cabled to the Exchange April 25th: "Representatives of Dutch, French and
Belgian rubber growers met today at Brussels to exchange
view regarding the rubber situation. The proceedings were
quite secret." New York on the 24th inst. ended 10 points
off to 10 higher with sales of only 507 lots or 1,267 long tons.
The opening was unchanged to 30 points higher with London
31 to %d. higher but London closed Md. off to Md. higher.
8
There was no snap in either market.
On the 25th inst. prices advanced 20to 50 points. There
was less activity. Commission houses bought and shorts
covered. London was higher. On the Exchange here May
closed at 17 to 17.10c.• June at 17.30c.; July at 17.50c.;
at
Sept. at 17.90c.; Nov.' 17.900. and Dec. at 18 to 18.10e.
Outside prices, smoked sheets spot and April, 1734 to 173 c.;
%
May-June, 173% to 1734c.; July-Sept., 17% to 18c.; Oct.
spot first latex crepe, 173 to 175 8c.;
4
Dee., 18 to 183%c.;
/
crepe, 163% to 16%c.; specky brown crepe,
clean thin brown
153% to 16c.• rolled brown crepe, 14% to 15c.; No. 2 amber,
'
163% to 165/sc.; No. 3 amber, 16 to 163%c.; No. 4 amber,
/
/
1534 to 1530.; Paras, up-river fine spot, 1734 to 17303.;
coarse, 1434 to 143%e. In London, on the 25th trading was
quiet but prices were unchanged to Md.higher;spot and May
8 to 8Md.; June, 834 to 83/sd.; July-Sept., 89/s to 83/sd.,
Singapore
-Dec. 83/d. Sinpore unchanged to Md. up;
and Oct.
-Dec., 73./sd.
Jd.; Oct.
May and July-Sept., 7Y-
2681
New York prices on the 26th inst. closed with May, 17 to
17.20c.• July, 17.50 to 17.70c.; Sept., 17.90e.; Oct., 18c.;
Dec.,'
18.10 to 18.20e. Outside prices: Smoked sheets
spot and April, 17 to 173/se.; May-June, 1734 to 178/sc.;
,
July-Sept., 175 to 17 Mc.; Oct.
%
-Dec., 173 to 185/so.;
%
spot first latex crepe, 1734 to 179/c.; clean thin brown crepe,
s
15% to 16c.;specky brown crepe, 15M to 15%c.;rolled brown
crepe, 14% to 15c.; No. 2 amber, 163 to 165/sc.; No. 3
,
%
amber, 1534 to 16c.• No. 4 amber, 153% to 15343.; Pares,
4
up-river fine spot, ' to 173/sc.; coarse, 1434 to 143 e.
,
17%
%
New York ended on the 25th inst. unchanged to 20 points
higher with sales of 631 lots' 72 transferrable notices were
issued. London was M to Md. higher.
To-day prices at New York ended unchanged to 10 points
lower. It was a dull affair. Commission houses and factories sold a little. London closed at 8Md. for spot, 83
,
0.
for May, 83/s to 89/sd. for June, 83/sd. for July-Sept., and
-Dec. Final prices here show an advance for
834d. for Oct.
the week of 10 points. To-day Singapore closed quiet at
net advances of Md. to Md.
HIDES were firm but rather quiet for frigorifico and other
kinds. Buyers balked at following the recent advance.
Recent sales included 9,000 Argentine steers at 30 11-16c.
The amount of unsold hides at the end of last week was
67,000. City packer hides were in less demand. Last trading sales were 26e. for native steers, 255/sc. for butt brands
and 25c.for Colorados. Country hides were in rather better
demand. Common dry hides, Cueuta,s and Orinocos, 350.Maracaibo, Central America and Savanillas, 33c.; Sena,
Marta, 34c.• New York City calfskins 5-7s, $2.55; 7-9s,
$3.25 to $3.30; 9-12s, $4.25 to $4.
'
-The demand late last week was
OCEAN FREIGHTS.
better. Grain rates were weaker later.
CHARTERS included grain, 20 loads Montreal to west Italy. including
Africa, 16c.. 17c. and 18c.: west Italy, 16, 1634 and 17c.. May 14-28:
North Pacific lumber May-June to St. Lawrence, $15: sugar, north side
Cuba to north of Hatteras, 11c.; agriculture's, New York Leningrad prompt,
gyic.; tankers, clean oil, San Pedro to north of Hatteras, 72c., May;
mazout oil, Batoum U. K.
-Continent, 16s. 3d.: Batoum Copenhagen, 17s.
9d., May-June; mazout oil, Novorossisk Sulina. 6s. 6d.: Novorossisk
-Sept.; mazout oil, Novorossisk Sulina, 6s. 6d.; NovoBremen, 15s., Aug.
rosisk Bremen, 158., May; clean, Curacao U. K.
-Continent. 15s. 3d.; CuraK.-Continent, 16s. 9d., May
cao Gulf, 5s. 6d.; Gulf
-June; grain, Mont7.54d., May, with options: 20.000 qrs.: 34,000 qrs.
real to Avonmouth, 2s.TJ.
Montreal to Mediterranean basis 1555c. May 15-28; time, Cartagena to
,
north Hatteras prompt, $1.25; prompt West Indies round $1.20: continuation West Indies round, $1.05; tankers, clean, to one port 'Cl. K.
-Continent.
Bordeaux-Hamburg range. 17s. 3d.; gas oil. Gulf to north Spain, May,21s.;
lumber, Gulf. last half May,to Plate, $14 and $14.25:sugar, Santo Domingo
-Continent, May. 18s. 6d.: Cuba to U. K.
to U. K.
-Continent, 16s. 3d.;
option Genoa. Marseilles, 17s. fid., April
-May; cotton, Gulf to Murmansk,
8Mc.. June; tankers, Gulf to Bos,,on, 20;c.. May; time, reported fixed
transatlantic timeform from West Indies at $1.35.
COAL-Anthracite has been in fair demand at wholesale. The retail demand is chiefly for stove and egg.
Bituminous has been quiet and steady. In the East it is
believed that no further rail rate reductions are in contemplation. Bituminous, f. o. b. New York tidewater
piers, navy standard, $5 to $55.40; high grade medium
volatile, $4.90 to $5; high volatile steam, $4.30 to $4.60;
Hampton Roads f. o. b. piers: Navy standard, pure,
$4.50 to $4.60; Pool I, mixed,$4.15 to $4.25; Nut and slack,
$3.50; Kanawha screened, $4.60 to $4.85; Kanawha run of
mine, $4.30 to $4.55; Anthracite, f. o. b. mines, company:
Grate, $8; Stove, $8.60; Pea, $5; Rice, $2.25; Egg, $8.25;
Nut, $8.25; Buckwheat, $3 to $3.50; Barley, $1.70; Coke,
Connellsville, furnace 47 hour $2.50 to $2.75; foundry, 72
hour, $4.50 to $4.75; by-product, foundry, Boston delivery,
$11.50; foundry, Newark, f. o. b.,$9 to $9.30.
TOBACCO.
-A fair trade took place in foreign tobacco,
but otherwise business has been slow. Java has been wanted
since bad crop reports were received from that country.
New Sumatra has attracted some attention. The tone of
the market in general is called steady at the age old quotations. Wisconsin binders, 25 to 30e.• Northern, 40 to 45o.;
Southern, 35 to 40c.; New York State, seconds, 35 to 40e.;
Ohio, Gebhardt, binders, 22 to 24c.; Little Dutch, 21 to 22e.;
Zimmer Spanish, 30c.; Havana, First Remedios, 90 to 95c.;
Second Remedios, 70 to 75c.; Pennsylvania, broadleaf filler,
10c.; broadleaf binders, 20 to 255/se.; Porto Rico, 60 to 80c.;
Connecticut No. 1, second 1925 crop, 65c.; seed fillers, 20c.;
medium wrappers, 65e.; dark wrappers, 1925 crop, 40c.
COPPER was stronger. Surplus stocks and unsold copper
for April shipment have virtually disappeared. The minimum price was 145/sc. delivered Connecticut Valley. A better export demand was reported. Daily export sales have
averaged about 1,500 tons this week, against 1,000 to 1,200
last week. Exports in March were 43,799 tons against 39,141
tons in February. Imports were 21,864 tons in March
against 23,754 in the previous month. In London on the
24th inst. spot standard advanced 3s. 9d. to £61 13s. 9d.for
spot and £61 17s. 6d.for futures; sales, 100 tons spot and 300
futures; electrolytic unchanged at £66 10s. for spot and £67
for futures. Later on sales increased here. Any improvement in copper for some time past has been in sentiment only,
but now it has developed into actual business. Sales are of
larger volume than recently. Scrap copper of all descriptions advanced M per pound. Germany was reported to
ic.
be inquiring for wire. In London on the 25th inst. standard
fell Is. 3d. to £61 12s.6d.for spot and £61 16s.3d.for futures;sales200tonsspotand 200futures; electrolytic unchanged.
Later trading was active. There was a good export
demand. Sales were estimated on the 26th inst. at 2,000
tons, or the same as was sold on the 25th. Tuesday's export
sales were said to have been 5,000 tons which will make the
daily average better than at first estimated. Most of the
2682
sales of late have been in May shipment. For June shipment
very little demand prevailed. Prices were firm at 143(
delivered to the Connecticut Valley and 143%e. c. i. f.
Europe. In London on the 26th inst. standard fell Is 3d to
£61 lls 3d.for spot and 261 15s for futures; sales 125 tons
futures. Electrolytic was unchanged at £66 10s forspot
and £67 for futures.
TIN was more active early in the week. On the 24th inst.
prices were higher following an advance in London of £1.
The better statistical position helped to strengthen prices on
that day. Straits shipments, it is estimated, will be from
6,000 to 6,500 tons during April or about 1,500 tons less
than those of recent months. Shipments for the first three
weeks of April were 4,490 tons. In London on the 24th inst.
spot standard advanced £1 to £233 10s.; futures up 17s. 6d.
to £233 7s. 6d.• sales, 100 tons spot and 600 futures; Spot
Straits advanced £1 to £238 10s.• Eastern c.i.f. London
dropped Li to £235 5s. on sales of 150 tons. Later on trading here became quieter and prices were easier. March-April
4
Straits shipments sold at 513 c. In London on the 25th
inst. spot standard fell 5s to £233 5s.; futures advanced 5s.
to £233 12s. 6d.; sales, 50 tons spot and 200 futures; spot
Straits declined 5s to £238 5s.; Eastern c.i.f. London was up
£2 15s. to £238 on sales of 175 tons. Later prices declined
with trade slow. On the New York Exchange 25 tons of
-May shipments sold at 513%e. and 25 tons March-April
April
/
at 515.0. Outside trading was at 5158e.for May and 513.e.
%
for June. Spot was nominally 513 e. One authority predicted that the average price of pig tin over the next two
years will be about45e. per pound. Spot standard in London
on the 26th inst. fell £1 to £232 5s.; futures off £1 2s. 6d. to
£232 10s.; sales, 200 tons futures; Spot Straits fell Li to
£237 5s.; Eastern c.i.f. London dropped £2 to £236; sales,
200 tons.
LEAD was rather more active and firm. Ore sales in the
tri-State district last week were the largest in some
time being 4,000 tons. Smelter stocks are small. Ore was
$77.50. New York, 6.10e.; East St. Louis, 6c. In a few
instances it is said sales were made last week in the Middle
West at 5.973%c. East St. Louis. In London on the 24th
inst. spot was unchanged at £20 16s. 3d.; futures up is.
3d. to £20 17s. 6d.; sales 350 spot and 600 futures; On the
25th inst. prices there declined 3s. 9d. to £20 12s. 6d. for
spot and £20 13s. 9d for futures; sales, 150 tons spot and
250 futures. Despite another decline in London on the
26th inst. prices here remained steady, with leading producers quoting 6c. East St Louis, and a liberal amount reported sold at that price. Yet there were rumors of concessions in some quarters. Spot in London on the 26th
inst. fell 5s. to £20 7s. 6d.; futures declined 2s. 6d. to £20
us. 3d.; sales, 950 tons futures.
ZINC was firm at 5.80c. East St. Louis. There was a
better inquiry but actual business is still small. The Joplin
district reports that some of the mines which closed several
weeks to improve the zinc situation have reopened. Production increased from 8,000 tons to 10,000 tons per week. In
London on the 24th inst. spot advanced 2s 6d to £26 7s 6d;
futures up 7s 6d to £26; sales 1,275 tons futures; on the 25th
inst spot there declined 6s 3d to £26 is 3d;futures off 3s 9d to
£25 16s 3d; sales 200 tons spot and 475 futures. Later
trade was quiet. Prices were unchanged at 5.80 to 5.823/2e.
East St. Louis. In London on the 26th inst. spot was unchanged at £26 is 3d; futures fell 2s 6d to £25 13s 9d; sales
350 tons spot and 200 futures.
-Output has it seems, decreased with new orders
STEEL.
in some cases 50% smaller. Pittsburgh states the output
at 80% against 85% recently. Most descriptions have declined. Bars, plates and shapes are $1 per ton lower. Steel
sheets are $1 to $3 lower. Wire products are rather unsteady. The composite price of finished steel, according to
the "Iron Age," has dropped for the first time in some weeks.
It is 2.355c. per pound as against 2.362e. recently. Steel
conditions in general, however, are better than a year ago,
but that is small comfort at the moment. Pittsburgh corn-.
ments on some weakness of price. Automobile body material prices have dropped $3. Black sheets No. 24 gauge are
quoted at $2.80 to $2.82 Pittsburgh and blue annealed $2
and $2.10 Pittsburgh. Galvanized sheets $3.65 and $3.75
Pittsburgh. Structural shapes, bars and plates have been,
it is said, sold well into the second quarter and the market is
called fairly steady at $1.85 base Pittsburgh, which is not
Track accessory
very inspiriting. Light steel rails are $36. is small.
Small
makers are shipping freely, but new business
and large spikes are quoted at 2.80c. with 3c. for boat spikes.
Tie plates 2.15c.
PIG IRON was dull and Pittsburgh, cut basic nearly $1
lower; now quoted at $17 f.o.b. furnace; Valley basis about
Malleable and
$16, though these interests still quote $17. low-phosphorus
No.2foundry sold at $7.25 valley. Eastern
iron maker sold at $23 furnace on $5.50 freight rate in single
carloads or 100 tons. Valley producer's pnce is unchanged
at $27 valley. Last week New York sales of pig iron were
8,000 tons. Quite a little Dutch iron sold at unchanged
prices. At Philadelphia 650 tons were received. At Youngstown trade was slow at $17 valley. Basic was dull. Of late
some 3,000 tons of basic have been sold,.it seems, at $17 in
the Central West. Eastern Pennsylvania pig iron is nominally $19.50 to $20; Buffalo, $16 to $16.50; Chicago, $18
to $18.50.
[VOL. 126.
FINANCIAL CHRONICLE
WOOL has been in moderate demand and steady. Ohio
and Penn.fine delaine,48 to 49c.; blood 51 to 52c.; % and 54
blood, 52 to 53c.; Territory clean basis, fine staple, 1.15 to
1.20; fine medium, French combing, 1.07 to 1.10; medium
clothing, 1.02 to 1.05; % blood staple, 1.15; % blood, 1 to
1.05; 54 blood, 95 to 1.00; Texas clean basis, fine 12 months,
1.15 to 1.18; fine 8 months, 1.07 to 1.10; fall, 1 to 1.05;
pulled, scoured basis, A super 1.10 to 1.12; B 1 to 1.07; C,
85 to 90e.; Domestic mohair original Texas, 63 to 65c.
Foreign clothing wools: Australian clean basis in bond,
64-70c.; combing super, 1.10 to 1.15; 64.70s, clothing,
90 to 92c.
Liverpool cabled Apr. 23 that the East India auction sales •
opened with offerings of medium white and yellow wools
holding firm and gray wools irregular. Boston comment on
this sale was as follows: "Advices on the opening of the
Liverpool East India sales to-day agree that prices generally
were firm and unchanged to about 5% lower. There were
no choice wools suitable for the clothing trade offered and
the quantity of these wools to be offered in the sale is unusually light for this series, amounting to only 950 bales of
jorias, 100 bales of super vicaneres and 400 bales of ordinary
white vicaneres. These wools will come up for sale during
the next three days. Total offerings for the series are 27,450
bales. The sales will close Friday April 27."
COTTON
Friday Night, April 27 1928.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
92,378 bales, against 72,882 bales last week and 73,019 bales
the previous week, making the total receipts since the 1st
of August 1927, 7,654,224 bales, against 11,959,762 bales for
the same period of 1926-27 showing a decrease since Aug. 1
1927 of 4,305,538 bales.
Receipts atGalveston
Texas City
Houston
New OrleansMobile
Pensacola
Savannah
Charleston
Wilmington
Norfolk
New York
Boston
Baltimore
Tues.
Wed.
Sat.
Mon.
6,444
4,015 10,548
1,960
2,329
1,016
2,381
3,699
425
1.515
377
595
689
40
37
1.631
1,126
281
214
100
21
Totals this week_ 15,102 13,893
6.633
Thurs.
At
Total.
4,017
2.189 33,846
189
189
3,248 1,741 1,366 2,929 13.625
2,698 4,209 2,086 4,01. 19,036
1,143 1,066
2
1,
940
-------------112
112
-t-2,528 1,473
-..„ 1.616 8.763
412
1,038
468
316 3.737
726
629
698
708 3.737
112
508
157 ..
-------735
------------ .
140
-_-iog 991
527
527
22.452 16,948 9.050 14,933 92,378
The following table shows the week's total receipts, the
total since Aug. 1 1927 and stooks to-night, compared with
last year:
1927-28.
Receipts to
April 27.
1926-27.
Stock.
This Since Aug This Since Aug
Week. 11927. Week. 11926.
1928.
1927.
Galveston
33.846 2.069,770 12,7623.153,331 307,968 412.411
898 168,365
189
88,916
Texas City
28,578
28.576
13.625 2.438.940 16,566 3.701.331 611,237 615,713
Houston
--- 176,961
Corpus Christie- 2,444
____
Port Arthur,&c_ _
19.036 1,369.038 21.6782.311,911 342.951 501,493
New Orleans
Gulfport
4,940 259.202 2,940 362,038
Mobile
11.697
32,522
112
52
12,494
Pensacola
14,015
8
617
Jacksonville
582
58.5
Savannah
8.763 588,904 11,104 1,046.178
29.658
61,180
Brunswick
3.737 239.985 7.453 533,876
Charleston
24,742
62,903
___ _
Lake Charles_ _ _ _
756
3,737 121.169 4,819 135,419
Wilmington
29,444
21,708
Norfolk
2,735 207,806 5,326 403,702
65.04:
84,454
N'isort News, &c_
374
6.439
140
495
New York
27,420 135,259 219,050
Boston
991
524
6.754
27,155
3.666
1,289
64.483 1,519
Baltimore
527
69,341
1,558
1,580
Philadelphia
155
4.689
5,853
7,073
Totals
92.378 7.654.224 86.136 11959.762 1,498.241 2,050.537
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts atGalveston---Houston*_ ___
New Orleans_
Mobile
Savannah _ .._ ..
Brunswick
Charleston..,
Wilmington_ _
Norfolk
N'port N.
,&c.
All others---
1927-28. 1926-27. 1925-26. 1924-25. 1923-24 1922-23.
12.762
33.846
19,366
13,293
13,436- 8,885
16.566
13,625
37,582
25,846
15,268
21,678
19,036
26,302
12,658
19,576
9,421
2.940
4.940
2,260
690
841
836
8,763
11,104
13.291
3,220
6,811
3,120
7.453
3,737
2,293
1,139
1,690
1,575
4,819
3,737
1,217
433
1.105
353
5,326
2.735
9.398
5,676
1,268
4.869
3.488
3,739
1,959
1.070
3,016
1,302
Tot, this week
86,136 115,448
92.378
64.025
28.589
64,783
Since Aug.1-- 7.654.224 11959,762 8,829.885 8.767.620 692.t cza7 x Red rAq
* Beginning with the season of 1926, Houston figures nclude movement of
cotton previously reported by Houston as an interior town. The distinction
between port and town has been abandoned.
The exports for the week ending this evening reach a total
of 113,061 bales, of which 25,302 were to Great Britain,
6,943 to France, 22,637 to Germany, 16,170 to Italy, 25,900
to Russia, 9,378 to Japan and China, and 6,731 to other destinations. In the corresponding week last year total exports were 170,193 bales. For the season to date aggregate
exports have been 6,196,392 bales, against 9,407,682 bales
in the same period of the previous season. Below are the
exports for the week.
Ain. 28 1928.]
FINANCIAL CHRONICLE
Exported to—
Week Ended
Great
Apr. 27 1927.
OerExportsfrom— Britain. France. many.
Galveston
Houston
New Orleans__
Mobile
Pensacola
Savannah
Charleston
Wilmington __
Norfolk
New York
Los Angeles
Seattle
Total
Total
Total
3.814
8,239
3.804
2;933
112
7,259
1,080
4
7,864 14,550
1,772
3,400 11,350
5,775
2,653
8,592
350
600
9,378
6,731 113,061
3,850
2.800
5,338
1.828
-334
25,302
6.943 22,637 16,170 25,900
18,599
31,618
8,132 37,905 3,886 18,733 46,675 36,173 170.193
8,107 14.830 10,267 6.700 44,162 14.397 130,081
From
Exported to—
Aug. 1 1927 to
Great
GerA.pr. 27 1928
Japan&
Britain.1France. many. 1 Italy.1 Russia. China.1 Other.
.hportsfr,
Galveston---Houston
Texas City—
Corpus Christi
Port Arthur._
New Orleans_
Mobile
Pensacola....
Savannah
Charleston_
Wilmington.Norfolk
Lake Charles_
New York__
Boston
Baltimore_
Philadelphia _
hos Angeles._
San Diego_._
San Franclsc.
Seattle
Total.
900 32,903
2,119 13,379
2.593 37,107
300
300
112
819 8,280
4.930
2,800
3,824
6.018
2,808
600
202
3:g26
344
630
Japan&
Italy. Russia. China. Other.
282.550326.636
286,241 302.987
22.026 3,878
24,310 34,321
1,344
900
217.66 92.75
49.719 1,989
2.134
__.
145,603 5:232
43,191 1,881
7.2 0 1
---54.734
6-'
45.831 12,411
2,853
247
2,24.
775
26,736 7,313
1,843
8893''
Total.
387,460177.524 34,450277.987334.741 1,821,348
407,087 156,939 66.200250,442 167,863 1,637,759
6,03
_ __I
____
100 32.038
57,001 4:059 3.100 23,972 15,182 161,945
2
----------------2,444
248,492113855 110517203653 104,521,091,464
102.994, 3,670
-.-_ 24.050 6.975j 188.397
8.865
370
____
__
12,494
1,12.
338,432 10,123
____ 38.7051 23,62
- .
561,718
340,957 6,065
__-_ 5.30 22,021 219,415
17,300 62,842 --------I
311
87,642
67,470 1,250
__ 2.25
3,597 129,901
756
41,767 3,5135
---31.iii 138,337
• -------------3.027
6.675
1.841
--------267
4.354
4.
377 --------808
1,805
33,18
591
____ 21,851
361 90.039
1,843
4..
--------2.076
398
4.118
1, I I
1,900
----
2-,e.
1 215,64; 793.69 1,859,0,50542,87 14,267854.870 15,9866,196,392
Total
Total 1926-27 2.342,615916,3.2,591,361 665,36 252.47015776001062
-.......1 11495-2112.041_122 212.2421_54R.1110277 92 154 102000 2201922 0059,407,682
1R9 it ago elm
NOTE.—Exports to Canada.—It has never been our practice to include
In the
table reports of cotton sir pments to Canada. the reason being that virtually
above
all the cotton destined to the Dominion comes overland and It is impossible to get
returns concerning the same from week to week, while reports from the customs
districts en the Canadian border are always very slow in corning to hand. In view.
however, of the numerous inquiries we are receiving regarding the matter, we will say
that for the month of March the exports to the Dominion the present season have
been 19,123 bales. In the corresponding month of the preceding season the exports
were 26,896 bales For the eight months ended March 31 1928 there were 173.931
bales exported as against 195.424 bales for the corresponding seven months of 1926-27.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On Shipboard Not Cleared for—
Great
GerOther CoastLeaving
April 27 at— Britain. France. many. Foreign wise.
Total.
Stock.
Galveston __... 8.700 5,700 5.000 26.100 2,500 48.000
259,968
4,259 2,562 3.935 7.588
New Orleans—
---- 18.344 324.607
Savannah
4,000
---_
2,000
-__300 6,300
23.358
24.742
Mobile
1,500
-_-_
-- - _
4,200
50 5,750
5,947
Norfolk
1.500
--- ---1,500
63,548
Other ports *
2,500 1,500 2,00
4.000
---- 10,000 706.177
Total 1928— 20,959 9,762 14.435 41,888 2.850 89.894
1.408,347
Total 1927
25,030 13,708 22.484 73.807 3.692 138,730
Total 1926
25.633 14.387 18.008 48.768 4.423 111.219 1,911.807
Ms 2030
3P Estimated.
Speculation in cotton for future delivery has been more
active at rapidly rising and new high prices, owing to wet
cold weather, widespread floods, and a delayed season
throughout the belt. The season is called one to three
weeks late and some are beginning to ask whether the lost
ground can be made up. There are those who are a bit
dubious on that point, though fine weather in May, June
and July could admittedly do wonders. Another factor
in the rather meteoric rise was the smallness of the May
notices on the 25th inst. It took most people by surprise.
Often in past months they had approximately 200,000 bales.
On the 25th they were for only 500 bales and the next day
for 1,500. In New Orleans on the 25th they were for only
000 bales. The effect of this with bad weather was electrical. New highs were made on Wednesday, Thursday and
to-day, when May got up to 21.35c., with brisk buying by
the trade and outsiders. The May position was considered
tight. Contracts were inclined to be scarce except when
profit-taking appeared. The certificated stock here is
down to 124,219 bales, against approximately 200,000 bales
earlier in the year. Spot cotton was in better demand and
higher. Liverpool, Alexandria, Bremen and Havre advanced. Alexandria on the 25th inst. rose 40 to 50 points
on reports of a locust plague which seems serious enough
to cause lower prices for Egyptian securities in London.
The speculation here broadened. Large Wall Street and
Chicago operators were supposed to be buying. Certainly
outsiders bought more freely. The talk in cotton circles
was that the rise in stocks might possibly be near its culmination and that the man in the street stood a better
chance in commodities not excepting cotton. The steady
rise in cotton to new highs seemed to confirm this impression. Back of it all was the lateness of the season with
floods in six States. The season was said to be later than
usual for even late seasons. Some reports asserted that
planting in at least parts of the belt was the latest for
years past; perhaps later than ever before. The gloomy
2683
tone of the weekly report had a profound effect here and
across the water. Weevil emergence is late and slow, but
the past, it is feared, may catch a late crop. The pink worm
is feared by some. Manchester reports a better inquiry
for cloth. But the dominant factor in the cotton markets
of the world are the ill-starred rains all over the American
belt, flooded rivers, delayed planting and a growing fear
that unless later weather conditions are practically ideal,
there will be no such thing as regaining the lost ground.
The weekly report said the week had been decidedly unfavorable for cotton. While the temperatures averaged
near normal in most of the belt, high winds and the cool
wave near the close of the week offset the previously favorable temperatures in much of Texas, while heavy rains
and continued wet soil were unfavorable in the eastern
portion of the belt. The weather was especially detrimental in southern Alabama, the southern half of Georgia and
northern Florida where in many places the soil was badly
washed and the stands of cotton ruined, which will necessitate heavy replanting. Much replanting will be necessary
also in Arkansas and considerable of the early-seeded has
been killed in Louisiana. In Texas progress and condition were poor to only fair. Planting and replanting made
considerable advance, but the top-soil is too dry for germination in some places. In Oklahoma the week was too
cool and much too wet, with considerable complaint of soil
erosion and flooded lowlands.
In central and southern Alabama, the rivers are in flood
and farm work has ceased or is greatly retarded. In
southern Alabama rains and cold necessitate replanting.
Railroads and highways in Alabama have been damaged.
This is suggestive. The full extent of the damage is yet to
be determined. Germination in Mississippi is mostly poor,
owing to heavy rains and low temperatures. The scarcity
of seed may hamper replanting in many localities of Louisiana. In South Carolina considerable cotton was killed by
the frost of the 17th inst. Planting was delayed in North
Carolina. Very little planting was done in Tennessee owing
to the coldness and wetness of the soil. On the 21st inst.
there were heavy rains or cloudbursts in Alabama, Arkansas, Mississippi and Georgia. On the 23rd Georgia had
7.60 inches of rain, Alabama, it was said, 5 to 20 inches.
Louisiana 5 inches, Mississippi 4%, and heavy rains also
prevailed the next day. It was feared that the washing
rains might have swept the fertilizers off the soil OT greatly weakened it.
On the other hand, the rise has been sharp and rapid
this month. Some think a reaction is due. The technical
position is weaker. Much of the short interest has been
eliminated. A long account is being built up. Outsiders
are often a weak element. Besides, it is largely a weather
market. A sudden change to good weather could conceivably precipitate a sharp decline. The use of fertilizer is
35% larger than last year. Weevil emergence is smaller
than in 1927, whatever the reason. The size of the crop
is
not fixed in April. Of late there has been less rain all
over the belt. Temperatures in the 90s returned to parts
of Texas on the 25th. The New Bedford strike continues.
At Bombay almost all the mills closed on the 25th involving 150,000 operatives. Manchester notes that East
India
bids are unsatisfactory. The Shanghai auctions are disappointing. The exports of raw cotton from the
United States
are still small.
To-day prices were 35 to 45 points higher on cold
weather all over the belt and increasing apprehensionswet
to the outcome of the crop this season. Some parts as
will
have to be replanted for the second or third time.
And
there are persistent reports in some parts of the belt
of
scarcity of seed. Cables were higher than due. Mills were
still calling. The outside public was buying freely. This
trading is beginning to be a feature of the situation. Spot
markets were up 25 points, with increasing business. The
sales are running well ahead of those at this time last year,
and also are larger than they were recently. Worth Street
was firmer with a better demand. Manchester's trade is
expanding. Very many feel that a reaction is due after
an advance during the week of nearly $7.50 a bale, and
during the month of $12.50. There were moderate reactions.
They were seized upon, however, by sold-out bulls anxious
to get in again. Contracts at times were scarce. Final
prices show a rise for the week of some 135 to 145 points.
Spot cotton ended at 21.85c. for middling, an advance for
the week of 140 points.
The official quotation for middling upland cotton in
New York market each day for the past week has been: the
April 21 to April 27—
Set. Mon. Tues. Wed.Thurs. Fri.
Middling upland
20.60
20.65
21.90
21.30
21.60
21.85
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
Closed.
Saturday--- Steady. 15 pts. adv_ Steady
Monday ___ Steady.5 pts. adv. Barely steady- _
Tuesday _ _ _ Steady, 25 pts. adv. Firm
Wednesday Steady. 40 pts. adv Firm
Thursday-- Steady. 30 pin. adv. SteadyFriday
Steady, 25 ;its. adv.. Steady
Total
Since Aug. 1
SALES.
Spot.
Contr'cl Total.
300
500
800
300
200
200
180
180
1,180
284.563 825.700 1.111,263
[VOL. 126.
FINANCIAL CHRONICLE
2684
-that is,
AT THE INTERIOR TOWNS the movement
-The highest, lowest and closing prices at
FUTURES.
the receipts for the week and since Aug. 1, the shipments for
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
Friday.
corresponding periods of the previous year, is set out in detail
Tuesday, Wednesday, Thursday,
Saturday, Monday,
Apr. 27.
26.
Apr.
Apr. 25.
Apr. 24.
Apr. 23.
Apr. 21.
below:
Agra20.09-20.09
Range.20.13
Closing_ 20.07May
Range... 20.05-20.15 20.15-20.30 20.06-20.41 20.47-20.81 20.95-21.26 21.06-21.45
20.16-20.18 20.37-20.38 20.80-20.81 21.09-21.10 21.30-21.34
Closing_ 20.10June
Range__
20.29 -20.67 -20.97 -21.16Closing_ 20.01 -20.08July
Range._ 19.90-20.00 19.96-20.14 19.89-20.2520.27-20.58 20.73-21.05 20.83-21.28
20.21-20.23 20.54-20.56 20.85-20.8621.02-21.05
Clo8ing_ 19.93-19.96 20.00Aug.
21.00-21.0020.99-21.05
Range..
20.9720.8020.4820.1519.96 Closing_ 19.86Sept.
20.67-20.8020.85-21.22
-20.10-20.10 20.02-20.02
Range..
19.92 -20.10 -20.43 -21.00 -20.95Closing_ 19.81PaRange. 19.74-19.85 19.81-20.00 19.72-20.01 20.05-20.30 20.46-20.82 20.62-21.09
Closing_ 9.75-19.78 19.84-19.85 19.96-19.97 20.29-20.30 20.63-20.6520.87-20.89
Nov.
Range-20.81 20.5620.2319.9019.79Closing_ 19.71Dec.
9.64-19.75 9.73-19.90 19.62-19.89 19.92-20.19 20.36-20.67 20.47-20.95
Range..
Closing_ 9.67-19.69 19.74-19.76 19.84-19.86 20.17-20.18 20.50-20.51 20.75-20.80
Jan.
20.41-20.90
Range.. 9.58-19.67 9.67-19.79 19.58-19.86 19.90-20.17 20.35-20.62 20.74-20.75
20.16-20.17
Closing_ 9.58-19.60 9.69-19.70 19.84- - 20.44
Apr. 27Stock at Liverpool
Stock at London
Stock at Manchester
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
bales_
1927.
1928.
773.000 1,415.000
1926.
800,000
182,000
80,000
78.000
851,000 1.597,000
1925.
904.000
3,000
130,000
880,000 1.037,000
192,000
210,000
6,000
96.000
19.000
298,000
218,000
11,000
92.000
35.000
3,000
12,000
914,000 1,136,000 1,523,000
Total Continental stocks
110.000
1.765,000 2,733,000
Total European markets
80,000 279.000
India cotton afloat for Europe...... 171,000
95.000
American cotton afloat for Europe 385.000 524,000
93.000 276.000
Egypt.Brazil,&c.,afloatforEurope 95.000
364.000 397.000 838.000
Stock in Alexandria, Egypt
999.509
1,004,000 669,000
Stock in Bombay. India
al.498,241a2,050,537 1.479.275
Stock in U. S. ports
5,823
Stock in U. S. interior towns.. - a737,026 a824,696
8.838
3.629
H. S. exports to-day
1.669.000
481.000
284.000
I 1 ,000
104,000
34.000
661,000
290,000
18,000
125.000
42,000
152,000
321,000
88.000
145.000
913,000
709,656
510,646
6,022.896 7,380.071 5,485.607 4,545,302
Total visible supply
descriptions are:
Of the above, totals of American and other
American
514.000 688,000
554,000 1,072,000
bales
Liverpool stock
118,000
160.00064,000
59.000
Manchester stock
595,000
865.000 1,078,000 463,000
Continental stock
279,000 321,000
524,000
385.000
American afloat for Europe
709,656
999,509
al.498,241a2,050,537
U.S. port stocks
510,646
a737.026 a824,696 1,479,275
U. S. interior stocks
5,823
8.838
3,629
exports to-day
U. S.
4,101,896 5,718.071 3,804,607 2,942,302
Total American
East Indian, Brazil, &c.
219,000 343,000 286,000 216,000
Liverpool stock
3,000
London stock
12,000
16.000
22,000
19,000
Manchester
74,000
60,000
58,000
49.000
Continental stock
152,000
110,000
80.000
171,000
Indian afloat for Europe
88.000
95,000
93,000
95,000
Egypt, Brazil, &c., afloat
145,000
364.000 397,000 276.000
Stock in Alexandria, Egypt
913.000
838.000
1,004.000 669.000
Stock in Bombay, India
Total East India, &c
Total American
_ 1,921,000 1,662,000 1.681,000 1,603,000
4.101,896 5,718,071 3,084,607 2.942,302
6,022,896 7,380.071 5,485,607 4,545,302
Total visible supply
12.956.
9.94d.
8.35d.
11.61d.
Middling uplands, Liverpool_ _ _ _
24.40c.
18.90c.
15.30c.
21.85c.
Middling uplands, New York.-- 22.40-i.
33.65d.
17.50d.
16.30d.
Egypt. good Sake', Liverpool-.-. 13.75d.
20.756.
18.006.
10.504.
Peruvian, rough good. Liverpool_ 10.00-i.
11.454.
8.604.
7.556.
Broach, fine, Liverpool
12.104.
9.154.
8.00d.
10.95d.
Tinnevelly, good, Liverpool
in the port stocks, in previous years
a Houston stocks are now included
they formed part of the interior stocks.
Continental imports for past week have been 128,000 bales.
last
The above figures for 1928 show a decrease from an
1927,
week of 74,290 bales, a loss of 1,460,352 from of 1,319,increase of 492,952 bales over 1926, and a gain
-966 bales over 1925.
Receipts.
Ship- Stocks
ments. April
27.
Season. Week.
Receipts.
Week.
Ala.,Birming'm
1,108
88,495
Eufaula
159
19,317
Montgomery,
767
75.293
Selma
143 58,283
364
Ark.,Blytheville
78,440
31
Forest City
36,905
51,245
Helena
Hope
227, 48.649
48
Jonesboro_ _
31,983
466 106,414
Little Rock
21
Newport_ _
48,569
125 124,246
Pine Bluff_
' 35,430
5
Walnut Ridge
4,980
Ga., Albany
64, 50,699
Athens
1,179 122,065
Atlanta
4,322, 261,297
Augusta
841 50,887
Columbus....
4091 63,127
Macon
450, 35,161
Rome
363; 96,423
La., Shreveport
240: 152,696
Miss..Clarksdale
326' 35,015
Columbus.._
364 158,158
Greenwood_ _
240 40,243
Merldian
Range-36,524
20.15 -20.45 -20.73Natchez
19.86 19.69Closing_ 19.6079
17,950
Vicksburg- - Ifarch
16
27,689
Yazoo City._
Range.. 9.62-19.75 9.68-19.86 9.60-19.92 9.94-20.20 20.35-20.60 0.44-20.86
20.46 -20.72- Mo., St. Louis_ 5.480 333,194
19.70-19.7119.89-19.92 20.15Closing_ 19.6224,054
350
N.C..Greensb'ro
Raleigh
Range of future prices at New York for week ending
Okla.. Altus x _
Apr. 27 1929 and since trading began on each option:
Chickasha x..
Okla. City x_
1,003 734,550
15 towns._
Range Since Beginning of Option.
Range for Week.
.Option for
S.C.. Greenville 3,708 287,513
Greenwood x..
Apr. 24 20.09 Apr. 24 18.35 July 12 1927 26.67 Aug. 31 1927
April 1928._ 20.09
8 1927
Mem phis 10,0601,404,642
May 1928__ 20.05 Apr. 21 21.45 Apr. 27 17.06 Feb. 2 1928 25.07 Sept. 19 1027 Tenn.,
Nashville x
17.32 Feb. 3 1928 21.77 Sept.
June 1928
393 54,148
Feb. 2 1928 24.70 Sept. 8 1927 Texas, Abilene_
July 1928._ 19.90 Apr. 21 21.28 Apr. 27 17.10
25,996
109
27 1928
Austin
Aug. I928__ 20.99 Apr. 27 21.08 Apr. 27 17.65 Feb. 8 1928 21.08 Apr. 27 1928
27,594
502
Brenham
24 21.22 Apr. 27 17.45 Jan. 28 1928 21.22 Apr.
Sept. 1928__ 20.02 Apr.
92,527
577
Apr. 27 1928
Dallas
Oct. 1928__ 19.72 Apr. 24 21.09 Apr. 27 19.72 Apr. 24 1928 21.09 Mar. 22 1928
Ft. Worth x_
17.25 Jan. 28 1928 18.80
Nov. 1928
533
74,450
Apr. 27 1928
Paris
Dec. 1928._ 19.62 Apr. 24 20.95 Apr. 27 16.99 Feb. 4 1928 20.95 Apr. 27 1928
29,725
Robstown _
Jan. 1929._ 19.58 Apr. 21 20.90 Apr. 27 17.00 Feb. 2 1928 20.90
121
35,869,
San Antonio_
Feb. 1929
57,8451
742
27 1928
Texarkana __
Mar. 1929._ 19.60 Apr. 24 20.86 Apr. 27 18.52 Apr. 2 1928 20.86 Apr.
88.2521
508
Waco
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks, as
well as afloat, are this week's returns, and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
Movement to Apr. 29 1927.
Movement to Apr. 27 1928.
Towns.
Week, Season,
1,578 8,467
1,190 6,573
1.453 16,427
2,049 12,130
503 9,885
447 8,682
605 9,719
754 2,569
222 2.091
953 11.904
2,632
1:616 19,193
198 1,306
,
1,150 5,272
1,701 27,537
5,206 55,665
258
658
648 4,089
2,000 11,139
4,159 33,687
1,747 30,381
852 4,058
1,826 49,113
633 5,248
500 16,187
163 3,622
270 7,658
5,675 4,245
441 11,221
Ship- Stocks
ments. April
29.
Week.
782
357
726
231
94,349
26.230
122,501
94,952
461 10,827
343 9,971
2,386 29,823
2,159 20,069
175
95,169
2,150 17,691
252 203,077
1,252 27,999
28,717
185,054
3
8,776
227
49,819
1,118 251,848
4,276 366,238
47,096
193
1,585 104.505
238
51,132
1,000 166,620
888 189,972
42,726
182 181,792
122
52,752
162
49,768
35,406
5
44,773
5,397 539,533
982
46,771
35
18,753
1.276 207,810
1,607 189,340
1,739 182,471
260
1,160
2,317
3,181
432
1,137
1,250
1,601
4,862
2,784
1.393
307
5,748
1,694
5,549
608
61
1,428
1,232
1,807
2,427
9.291
40.586
85.776
2,748
5,928
22,147
42,000
48,404
5,784
40.905
5,830.
10,764
6,045
10.276
5,028
25,661
4,269
6,507
6,562
10,532
2
3,955 41.46.
5,002 53,286
6:034 328,022 7,195 75,869
3,151
7.773
16,429 194:669 21,6802,109,064 30,137 173,907
7,595
88 1,232
184
1,859
424 1:666
78,236
102
282
658
4821 1,579
33,978
544 11.681
143
90 6,095
28,839
1.2461 25.911 1,371 185,835
574 10.368
35 121,192 1,095 9,857
348
5671 2,513
185
56,499
238
1,201
"tiia 5,187
187 3,327
61,741
838 4,916
457 9.713
Total. 57 towns 35,6865,227.442 68,901737,026 53,8536,668,007 87.671824.696
The above total shows that the interior stocks have
decreased during the week 33,372 bales and are to-night
87,670 bales less than at the same time last year. The
receipts at all towns have been 18,167 bales loss than the
same week last year.
NEW YORK QUOTATIONS FOR 32 YEARS.
1928
1927
1926
1925
1924
1923
1922
1921
21.85c.
15.30c.
18.556.
24.10c.
30.50c.
29.05c.
18.15c.
12.30c.
1920
1919
1918
1917
1916
1915
1914
1913
41.35c,
29.65c.
26.75c.
20.40c.
12.15c.
10.50c.
13.25c.
11.85c.
1912
1911
1910
1909
1908
1907
1906
1905
11.75c,
15.25c.
15.05c.
10.75c.
11.00c.
11.30c.
11.7.56.
7.556.
.
13.85c
.
10.75c
9.69c.
8.38c
9.81c.
6.12c.
6.31c.
7.62c.
1904
1903
1902
1901
1900
1899
1898
1897
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:
-1926-27
1927-28-Since
Week. Aug. 1.
5.675
330,551
1,920
231,406
62
13,382
243
28,442
3,831
212.270
8,883
344,094
April 27Shipped
Via St. Louis
Via Mounds, &c
Via Rock Island
Via Louisville
Via Virginia points
Via other rountes, &c
since
Week.
5,549
6,150
247
499
4,745
9,794
0
26,984 1,710,87
Total gross overland
20.614 1,160,145
Deduct Shipments
Overland to N. Y., Boston, &c _ _ 1,658
77,831
533
Between interior towns
18,970
12,243 543,187
Inland, &c., from South
Total to be deducted
120,498
21,896
768,537
15,047
910,931
520,157
6,180
2,538
578
11,931
639.988
14,434
Leaving total net overland*
Aug. 1.
551,950
314,330
21,155
48,533
227,101
547.801
11,937
799.939
* Including movement by rail to Canada.
The foregoing shows the week's not overland movement
this year has been 6,180 bales, against 11,937 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 279,782 bales.
-27
-1926
--1927 28
Since
In Sight and Spinners'
Since
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
Receipts at ports to April 27_ _ _ _ 92,378 7,654.224
86,136 11,959,762
799,939
11,937
Net overland to April 27
520,157
6.180
Southern consumption to Aprll 27100,000 4,181.000 115,000 4,063,000
Total marketed
198,558 12.355,381
Interior stocks in excess
367,177
*33.372
Excess of Southern mill takings
over consumption to April 1.........
210,534
213,073 16.822,701
294,361
35,974
Came into sight during week-165,186
Total in sight April 27
12,933,092
177,099
North. spina's's takings to Apr.27 14,570
763.202
1.229,400
26,136
17,880.264
1,656,042
*Decrease.
Movement into sight in previous years:
Week1926
-May 1
1925
-May 2
1924 May 3
Bales. I Since Aug. 1169.90111925.26
82,07411924-26
113,9991 1923-24
Bales.
15.183.874
13,983.348
10,614,763
APR. 28 1928.]
FINANCIAL CHRONICLE
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.
-Below are the closing quotations
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
Holiday 20.05
20.25
20.55
20.85
21.05
New Orleans..- _ 20.00
19.96
20.22
20.66
20.94
21.08
Mobile
19.90
19.95
20.10
20.40
20.70
20.85
Savannah
20.10
20.16
20.37
20.70
Holiday 21.02
Norfolk
20.25
20.25
20.44
26.63
20.88
21.00
Baltimore
20.55
20.65
20.55
21.00
21.30
21.45
Augusta
20.00
20.00
20.25
20.56
20.88
21.06
Memphis
19.40
19.45
19.65
20.00
20.30
20.50
Houston
Holiday 20.00
20.20
20.55
20.85
21.00
Little Rock.
-- 19.30
19.30
19.58
20.00
20.30
20.50
Holiday 19.60
Dallas
19.80
20.20
20.35
20.50
Fort Worth
19.60
19.80
20.15
20.35
20.50
Week Ended
Apra 27.
NEW ORLEANS CONTRACT MARKET.
-The closing
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Week
E
2685
Receipts at Ports.
1927.
1928.
Stocks at Interior Towns.
1925.
1927.
1926.
Receiptsfrom Plantations
1925. I 1927.
1926. 1925.
Jan.
!
20..122,215296.254203361 1,217,543 1.487,981,1,979,161 78.070274,403182,628
27..120.405258.932 171,156 1,180.096 1.467,4291.966,783 S2.958238.38158.778
Feb.
i
3__ 139,567235,198 173.227 1,134,087 1,404,189I1,930,287 93.5581171.9 136,731
10-- 111.825228,441 148,354 1,087,654 1,350.179 1.912,997 65,39 174.431 151,064
17-- 107,419206,770 148.404 1.049,180 1,305,580 1,893,776 68.945162,171 128,456
24.. 75.323210,19 120,512 1,023.120 1,279.194 1,866,224 49.2631184.80 93,687
Mar.
I
2- 62.281 196,159 118,766 987,384 1,224,580 1 836,790 26,5451141.54 88.669
9._ 70,755217.975105,260 941.0431,168.286 1,810,852 24,434161,681 79.322
16__ 73,234227,561121,458 916,246 1,097,531 1,760,002 48.437156.80,
23-- 76,637 185,888 104,414 887,170 1,036,360 1,730,985 47.561124,71 75.397
30.... 38,473 168,766110.433 863,788 984.188 1,679,443 65,091116.59 68,891
Apr.
I
7.- 80,232 140,92: 91,081 835,361 922.735 1,630,308 51,805 79,47 41,896
13._ 73.019 131,2!,104,943 803,203 589,9251.575,256 40,861 98,79 49.891
20._ 72,882 102.307 71,673 773,381 1,541.7731 594,768 43,060 38.1
14.711
27__ 92,378 86,136 115,448 737,026 824.6961,479,275 59,006 50.162 62,498
WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings,
Week and Season.
1927-28.
Week.
1926-27.
Season.
Week.
Season.
Visible supply April 20
6.098,695
7,559,047
Visible supply Aug. 1
4,961.754
3,646,413
19.75May
19.7620.03-20.05 20.44-20.46 20.89 -21.09- American in sight to April 20_ - 165.166 12,933.092 177.099 17,880,264
Bombay receipts to April 26_ _ _ 102,000 2,666,000
June
77,000 2.498,000
Other India ship'ts to April 26....
July
19.60-19.61 19.66-19.68 19.89-19.90 20.24-20.25 20.59-20.60 20.78-20.79
7,000
499,500
4,000
340,000
August --Alexandriareceipts to April 25..
19.000 1,198,860
19.000 1.508,000
September
Other supply to April 25*b
7.000
485,000
8,000
599,000
October
19.36-19.37 19.45-19.47 19.58-19.60 19.91-19.93 20.27-20.29 20.51-20.52
November
Total supply
6.398.881 22,744,206 7.844.146 26.472.077
December_ 19.35-19.38 19.43-19.45 19.58-19.61 19.92-19.93 20.25 -20.51
Deduct
January -- 19.4019.47 Bid 19.65-19.94-19.96 20.23-20.25 20.49 Bid Visible supply April 27
6,022,896 6,022.896 7,38.0,071 7,380,071
February _
March
19.40 Bid 19.47 Bid 19.70 Bid 20.00 -20.25 -20.51 Bid Total takings to April 27_a____ 375,985 16.721.310 464,075 19,092,006
Of which American
Tone
274,985 12,210,950 380.075 14.400,606
Of which other
Spot
Quiet
Quiet
101.000 4.510.360
Steady
84,000 4.691.400
Steady
Steady
Options _
. Steady Barely st'y Very st'dy Very st'dy Steady
* Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
Steady
Steady
a This total embraces since Aug. 1 the total estimated consumption by
CENSUS BUREAU REPORT ON COTTON GINNING. Southern mills, 4,181,000 bales in 1927-28 and 4,063,000 bales in 1926-27
-This report, giving the final figures for the season, will be takings not being available-and the aggregate amounts taken by Northern
spinners, 12,540.310
in 1927-28
found complete in an early part of our paper, in the depart- and foreignwhich 8.029,950 balesbales 10,337.606 and 15.029.006 bales in
1926-27 of
and
bales American.
b Estimated.
ment headed "Indications of Business
Saturday.
Apr. 21.
Monday,
Apr. 23.
Tuesday, Wednesday, Thursday,
Apr. 24. Apr. 25. Apr. 26.
Friday,
Ayr. 27.
Activity."
INDIA COTTON MOVEMENT FROM ALL PORTS.
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that generally the
1927-28.
1928-27.
1925-26.
weather has been unfavorable for cotton in practically all
April 26.
Since
Receipts at
SinceI Since
parts of the cotton belt. Heavy rains and wet soil have
Week. Aug. 1. Week. I Aug. 1. Week. Aug. 1.
delayed farm work and planting and in some places stands of
102,000 2,688.000 77,000 2,498.000 88,000 2.863,000
cotton have been ruined by wash-outs. It is likely that much Bombay
replanting will be necessary in Arkansas. In Texas the progFor the Week.
Since August 1.
ress of the early crop has been poor to fair.
Exports
Great Conti Japan&
fromGreat
Conti- Japan &
Mobile, Ala.-Thel weather has been the most unBritain. ,sent. China. Total. Britain.
nerd.
China.' Total.
favorable in years. The heavy rains have flooded all the
2.000
1ba
lowlands. The cool weather and wet ground are rotting B 927
10,000 56,000 68,
63,000 453.111 893,0001,409.000
seed and general replanting will be necessary.
1926-27..- 1,000 7,
7,000 273,0001,301.0001,581,000
Rain. Rainfall.
1 day 0.01 in.
dry
dry
dry
dry
3 days 0.88 in.,
2 days 1.14 in.
dry
dry
2 days 1.18 in.
1 day 0.06 in.
3 days 0.40 in.
3 days 0.59 in.
3 days 2.58 In.
dry
1 day 0.22 in.
1 day
1.30 in.
3 days 3.04 in.
3 days 1.93 in.
5 days 4.72 in.
5 days 2.63 In.
4 days 5.42 In.
4 days 3.91 in.
4 days 3.30 in.
4 days 5.46 in.
3 days 3.65 in.
3 days 1.47 in.
dry
3 days 2.87 in.
3 days 5.51 in.
4 days 4.02 in.
3 days 4.03 in.
2 days 1.50 in.
4 days 5.14 in.
4 days 4.79 in.
4 days 4.56 in.
2 days 1.00 in.
3 days 3.75 in.
1 day
1.21 in.
4 days 1.32 in.
3 days 3.04 in.
5 days 6.24 in.
3 days 0.95 in.
3 days 1.66 in.
3 days 2.34 in.
4 days 4.11 in.
3 days 1.06 in.
3 days 1.90 in.
3 days 1.10 in.
4 days 1.95 in.
Galveston, Texas
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Lullng
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Pine Bluff
Alexandria, La
Amite
New Orleans
Shreveport
Columbus
Greenwood
Vicksburg
Mobile, Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charleston, S. C
Greenwood
Columbia
Conway
Charlotte, N.0
Newborn
Weldon
Memphis, Tenn
Thermometer
high 80 low 56 mean 68
high 92 low 38 mean 65
high 86 low 46 mean 66
high 90 low 56 mean 73
high 84 low 54 mean 69
high 80. low 52 mean 66
high 88 low 40 mean 64
high 84 low 34 mean 59
high 88 low 36 mean 62
high 86 low 50 mean 68
high 92 low 46 mean 69
high 80 low 44 mean 62
high 80 low 48 mean 64
high 80 low 44 mean 62
high 94 low 50 mean 72
high 9() low 48 mean 69
high 82 low 42 mean 62
high 79 low 42 mean 61
high 89 low 35 mean 62
high 78 low 39 mean 58
high 81 low 39 mean 60
high 78 low 43 mean 61
high 81 low 46 mean 64
high 79 low 42 mean 61
high 84 low 50 mean 67
high 84 low 49 mean 67
high 83 low 45 mean 64
high __ low __ mean 72
high 86 low 48 mean 67
high 76 low 44 mean 60
high 83 low 46 mean 65
high 84 low 46 mean
high 79 low 52 mean 65
Co
high 77 low 43 mean 60
high 80 low 49 mean 65
high 83 low 48 mean 66
high 90 low 52 mean 71
high 85 low 52 mean
high 82 low 56 mean 69
71
high 81 low 42 mean 63
high 85 low 53 mean 69
high 82 low 49 mean
high 83 low 58 mean 66
high 81 low 45 mean 71
73
high 82 low 52 mean 67
high 88 low 53 mean 71
high 78 low 46 mean
high 82 low 48 mean 62
high 81 low 38 mean 75
high 75 low 42 mean 60
59
The following statement we have also
graph, showing the height of rivers at thereceived by telepoints named at
8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
April 27 1928. Arpil 29 1927.
Feet.
Feet.
13.5
20.8
31.4
44.7
35.5
17.3
24.6
37.4
43.1
56.3
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
plantations. The figures do not include
the
overland receipts nor Southern consumption; they are simply a statement of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
the outports.
, 1925-26._
Other India
1927-28....
1926-27 _ _
1925-26._
•
5,000 8,000 48,000 59.000
42.000 424,000 1,452,0001,918,000
1,000 6,000
_ 4,000
5,000 23,000
89.500 410,000
31,000 309
93,000 416
7,000
4,000
28,000
499,500
5
340.00009,000
Total all
3,000 16,000 58,000 75,000 152,500 883,0001 893
1927-28..
,0001.908.500
1926-27. _ 1.000 11,000 22,000 34.000 38,000 582,000 1,301,000 1,921,000
l925-26_ _ 10,000 31.000 46,000 87,000 135,000 840,000 1,452.0002,427.000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
25,000 bales. Exportsfrom all Indian ports record an increase
of 41,000 bales during the week, and since Aug. 1 show a
decrease of 12,500 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
April 25.
1927-28.
Receipts (centars)This week
1926-27.
000
e•551051
95.
•
000
95,
90.000
.7 KAM,O,
This Since
Week. Aug. 1.
Export (bales)-
1925-26.
To Liverpool
3.000 121,650
To Mahcnester, &c
7,000 133.898
To Continent and India_ 12,000 327,413
To America
- 100.090
This Since
Week. Aug. 1.
'70.40nnn
,
•
This Since
Week. Aug. 1.
____ 198.035 5.000 165,019
--__ 155,361 5,500 169,081
6.250 316,337 5.750290.179
--- 113,399 4.750 136.217
Total exports
22.000 683.051 6.250 783.132 21.000 760,496
Note.
-A canter is 99 lbs. Egyptian ba on weight about 750 bls.
This statement shows that the receipts for the week ending April 25 were
95,000 cantars and the foreign shipments 22.000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns, is steady, in cloths is firm. Demand for India is
improving. We give prices to-day below and leave those for
revious weeks of this and last year for comparison.
1928.
sys coy
Twist.
1927.
gyi Lb.. Shirt- Cotton
tsp. Common Midair°
to Mai.
(lords
d.
Jan.6. s.d.
27-- 15 41834 186
Feb.
3____ 141441534 13 5
10___. 1434416 135
17..... 1434141614 18 5
24 _ 1434 1416,4 13 6
.
Mar.
16 @la% la 5
2
9.-- 15 @16)4 13 5
18---- 15 01634 13 5
23-- 1534417 013
15;0617 0 13 6
80
Apr.
7____ 1534417 0 13 7
13____ 1634417)4 14 0
20-- 155(417% 14 0
27
16 (5171414 1
82. Cop
Twist.
834 Lbs. Shirt- Cotton
ings. Common Middro
to Finest.
two
s. d. d.
6.
6. s. el.
s. d.
@140
10.32 12 013 12 1 412 8
6.
7.26
418 7
@137
014 0
(314 0
9.79
10.07
10.25
10.40
1134413X
12 013A
1234014
123401434
7.47
7.69
7.75
7.77
@137
(313 7
(413 7
014 0
(§14 1
10.63
10.54
10.77
10.96
10.86
123401434 126
1234014,a 12 5
1234014)4 12 5
12341414% 12 4
1250)14% 12 4
@130
012 7
@12 7
(312 6
412 6
7.93
7.70
7.54
7.71
7.86
414 1
014 2
1314 2
014 3
10.91
11.11
11.25
11.61
1234 ®14H 12 3
12341414)4 12 3
1234141434 12 3
12;4 ar.`141,4 10 a
412 5
412 5
012 5
ra,..,
7.76
777
8 07
.
....7.;
12
12
12
12
1 012 3
2 @124
3 012 6
4 012 6
2686
FINANCIAL CHRONICLE
[Vol.. 126.
face. 'Second clears seem to have sold more freely later
-Shipments in detail:
SHIPPING NEWS.
Bales, for export to the Continent to mix with. native product.
-Kearny,223
YORK-To Manchester-Apr. 20
NEW
?i? Later prices were again advanced here 10 to 20c. That
-Apr. 20--Samaria, 121
To Liverpool
5,336 means new high levels for the season. Soft winter straits
5,336
To Bremen-Apr. 21-Ulla,334
334 were at a top of $9. But the demand was still small. On
pr. 23-Isaro,
To Genoa-A
4
To Havre-Apr. 24-Pipestone County. 4
the 26th spring patents were up to $8.30 to $8.50; rye from
GALVESTON-To Venice-Apr. 18-Carla, 2.400......Apr. 24.
2,500 $7.90 to $8.40. Clearances on the 23rd inst. were 75,876
ca ,
-Apr. 24-Scantic, 50
To Piraeus
300 sacks to Greek, English and German ports; on the 25th,
To Trieste-Apr. 18-Carla, 300
To Liverpool-Apr. 19-N tonian, 3,492
4°
. 2
3 322 37,110 sacks.
To Manchester-Apr. 19-Nitonlan, 322
Wheat has greatly appreciated in value during the week.
To Genoa-Apr. 20-Monviso,2.205; Teresa Oder°, 1,659_ 4.664
Apr. 24-Scantic,800
It advanced on the 23rd inst. some 2%c. with Liverpool
Leghorn-Apr. 20-Monviso. 400
To
14,550 higher than was due and closing % to %d. higher. Rains,
To Murmansk-Apr.20-Ootmarsum,14,550
5,775 too, were still needed in parts of Nebraska, Kansas and
To Japan-Apr. 2o-Etna Meru, 5,775
850
24-Lafcomo,850
To Barcelona-Apr.Havre-Apr. 19-Gonzenheim, 2,008
Oklahoma, although there were good rains in some parts
-To
NEW ORLEANS
2,933 of the West and Southwest. Foreign crop reports were in
•
Apr. 20-Carplaka, 925
-Oak19--Gonzenheim, 6.173---Apr. 25
To Bremen-Apr.
7,523 some cases none too favorable. The condition of the Gerwood, 1,350
1,069
.
1 060
To Hamburg-Apr. 19-Gonzenheim.__Apr. 20--Scantic. 100 2,800 man crop on April 1st was 84% of a 10-year average
To Genoa-Apr. 19-Edgehill, 2,700_
against 109 a year ago. Winter killing seems to have been
To Antwerp-Apr. 20-Carplaka, 1000
. 50
1 601 extensive in various foreign countries. Poland removed
To Ghent-Apr. 20--Carplaka. 1,051
To Venice-Apr. 20--Scantic, 600
425 the import restriction. Argentine offerings were few. Ex-Apr. 20-Scantic, 425
To Piraeus
To Murmansk-Apr. 20-Winserm, 11,350 ..Apr. 21-Car- 11,350 port sales were reported of anywhere from 500,000 to 1,000,
-Apr. 14-Santatecla, 100..
To Guayaquil
156 000 bushels. Hard winters were in good demand from
tago, 56
450 domestic sources. And premiums were firmer. Interior
To Oporto-Apr.26-Jomar,450 7,374
-Barbadian,
To Liverpool-Apr. 25
7
'865 and Eastern mills were buying. Spring wheat was quiet.
To Manchester-Apr.25-Barbadian,865
361 The United States visible supply decreased last week 1,531,
To Rotterdam-Apr.25-Lakewood,361
50
-Carlton.50
To Barcelona-Apr.25
548 000 bushels against 4,035,000 last year. The total is still
CHARLESTON-To iverpool-April 20--Sundance, 548
5 2
., .3,,. nearly 22,000,000 bushels larger than last year, I. e., 63,To Manchester-Apr.20-Sundance, 532
To Bremen-Apr. 25-Manchester Hero, 1.875
620,000 bushels against 41,977,000 in 1927. On one day
To Hamburg-Apr. 25-Manchester Hero, 1,975 --Apr.21to show the size of the trading in these times, the transacSAN PEDRO-To Liverpool-Apr.20--Greylock.259480 tions in wheat at Chicago were 80,199,000
London Shipper,221
bushels. On the
-President
Japan-Apr.19-Takaoka Maru,200_ -Apr.23
To
350 24th inst. prices closed 1% to 2c. higher, with active coverLincoln,150
To Manchester-Apr. 21-London Shipper, 150 24-Murla, 150 ing and new baying on large abandonment of acreage in
To Bremen-Apr. 21-Heidelberg. 1,256Apr.
1,8,33, Kansas, Ohio, Illinois and Indiana despite recent rains.
572
-To Hamburg-Apr. 19-Villaperosa, 3,031
HOUSTON
Crop prospects in the main were called poor. Warmer
-,
-Etna Mara.2,653
To Japan-Apr.20
1,531 weather is needed. Seeding is delayed over a wide area
To Genoa-Apr.21--Scantic, 1,537
235 of the Northwest by cold weather. Recent freezes did harm.
-Apr. 21-Scantic, 235
To Venice
100
-Apr. 21--Scantic, 100
To Piraeus
850 Private reports next week are not expected to be encourTo Barcelona-APr. 23-Lafcomo.850
25-Skipton Castle, 3,804
To Havre-Apr. 25--Sldpton Castle, 1,169
llgt aging. The cash demand was good, with premiums strong
-Apr.
To Ghent
5,537 on hard and soft wheat. Spring wheat was slow. ExSAVANNAH-To Liverpool-Apr. 21-Coldwater, 5,537
1,722 port demand was limited to Canadian wheat and that mar--Coldwater, 1.722
To Manchester-Apr. 21
202
To Havre-Apr. 21-Coldwater. 202 400
400 ket did not follow ours owing to the largeness of its sup-Apr. 21-Coldwater.
To Rotterdam
200 plies.
-Apr. 21-Coldwater, 200
To Ghent
219
To Antwerp-Apr. 21-Coldwater. 219 Maximus, 112
112
On the 25th inst. prices advanced to the high of the sea-West
PENSACOLA-To lAverpool-Apr. 23
150 son with Liverpool and Winnipeg higher, unfavorable
MOBILE-To Rotterdam-A r. 17-Braddock, 150
150
rlion. 150
1
To Bareelona-Apr.
weather in the West and Southwest and a forecast of conNORFOLK-To Liverpool-Apr. 24-Kerhonkson, 2,450 ..Apr.
27-Ninian,829
.
3 545 ...
279 ti_nued cool conditions. Moisture is lacking. Prices closed
.
24-Kerhonkson 545
To Manchester-Apr.
0006% to 3%c. higher at Chicago. Heavy profit taking was
PORT TOWNSEND-To Japan-Apr.21-Yokohama Naru,ccoo_ 2,800
encountered at $1.60 and higher for July, and this together
WILMINGTON-To Venice-Apr. 27-Cania, 2,800
113,061 with selling by commission houses caused some reaction.
Total bales
Some reports from the Central West stated that the abai
-By cable from Liverpool we have the folLIVERPOOL.
&c.,at that port: doned area would be increased. Orop advices from the
lowing statement of the week's sales,stocks,
27. West and Southwest were unfavorable, especially in the
-- April 6. April 13. April 20. Aprir
25.000 40,000 41,000 dry sections. Private crop reports to be issued early next
31,000
ales of the week
22,000 week are expected to be bullish, with the weather so nn17,000 27.000
17,000
... Of which American
1,000
2,000
2,000
1.000
Actual exports
71.000 61,000 favorable for growing in April. Export demand was not
53,000 49.000
Forwarded
765,000 798,000 763,000 773,000 large, sales being estimated at only 400,000 to 500,000
Total stocks
541,000 559,000 541,000 554,000
Of which American
52,000 80,000 46.000 69,000 bushels, mostly Manitoba. Cash demand was fair. Hard
Total imports
32,000 48,000 32.000 53,000
and in some instances higher
Of which American
223,000 214,000 228,000 211,000 wheat premiums were firm,
afloat
Amount
138,000 129,000 127,000 102.000 with some demand from Eastern mills. The Kansas weekOf which American
ly report said: "There have been no marked changes in
The tone of the Liverpool market for spots and futures the Kansas wheat situation. Additional rains generally
the past week and the daily closing prices of
each day of
over State have been beneficial. Conditions in all counties
spot cotton have been as follows:
except extreme northwest as good or better than a week
ago. Heavy abandonment in northwestern counties indiFriday.
Saturday. Monday, Tuesday, Wednesday, Thursday,
S.
cated and much abandonment of wheat ground being plaitMarket. { Quiet and Moderate Quiet.
ed to spring crops." Sir Henry W. Thornton, President of
Moderate
A fair
Good
tin12:15
demand. badness. demand. the Canadian National Railways said of crop conditions in
P. M. changed. demand,
11.616. Canada: "Indications are that the wheat acreage will equal
11.53d.
11.35d.
11.23d.
11.306.
11.266.
M1.1.17prds
last year, and with good condtlions during the next two
7,000
10,000
8.000
6,000
7.000
4,000
or three weeks a slight increase may be expected. InSales
Quiet at Steady at Very ot'dy. Quiet but
quiries for farm land since the first of the year have been
Futures.1 Firm at Quiet but 3 to 5 pts. 11 to 14 13 to 15 st'y, 5 to 7
6108
4 to 6 pts. st'y,
Market
pts. adv. pts. adv. ids. adv. more numerous than during any similar period since the
advance. pts. adv. decline.
opened
war. Generally speaking, crop conditions in Canada are
st'y Quiet but Firm at Steady at
Steady at Barely
as favorable as at this time last year." The "Modern MillMarket. I Quiet but
12 to 14 st'y. 14 to 22 to 26 Ste 10
to 6 8 to 10
ert'y, 5
4
er" said: "Wheat prospects in soft wheat States are poor.
ntm. adv. Dt8. dec. 16 ptsaiv. pta. adv. pts. adv.
-.. ..A.,
- ..
• •
A big part of the acreage has been abandoned and condiLiverpool for each day are given below: tions of crop on remaining area is only fair at best. Weathures at
- ----- -- er has been unfavorable for progress of crop, in most of
Frt.
Wed. Thu rs.
Tues.
Mon.
Sat.
- Kansas. In Oklahoma the promise is good. Beneficial
Apr.21
4.0012.15 4.0012.15 4.00
.
12.15 12.30 12.15 4.00 12.1514.0012.15P• m IL III• p. m lp. ro. p, m rains were received in this territory. Damage reports come
to
m P• m•
from northwestern corner of Kansas and from western
Apr. 27. P• M• P• m P. m•P. m P• m•n•
4.
d.
4.
d.
d.
d.
moisture."
4. I 4.
d.
d.
d.
4.
11.03 11.11 1.11 11.21 Nebraska due to insufficient
10.85
10.73
10.74 10.80 10.8310.68 10.70 10.80 10.86 10.98 11.06 11.06 11.16
10.81
April
10.65
On the 26th inst. prices advanced 1% to 2e. and then re10.78
10.69 10.75
11.09
May
10.63 10.70 10.72 10.63 10.59 10.74 10.75 10.92111.01110.9911.06 acted. Liverpool was 1% to 2%d. higher; it seems to re10.98
June
10.61 10.57
10.61 0.6010.6310.5410. 10.701.7310.90 10.91 10.97 10.98 alize that bad crop reports from the United States are
10.89
July -----------10.83110.68 10.70
60 10.65'10.66 10.82
August
10.54110.57 10.4810.45 10.58 10.59 10.75 10.83 10.82 10.91
Dry parts of Kansas and Nebraska had no
September ___---_ 10.48 .4910.5210.4310.3910 10.53 10.68 10.76 10.75 10.83 based on facts.
.
----------10.4310
October --------10.3610.4210.4510.3610.3210.410.4610.6010.6910.6710.75 rain and none was forecast. Export sales were 1,200,000
November
10.4510.3610.31 10.4 10.45 10.60,10.69 10.67 10.75 to 1,300,000 bushels of Manitoba and durum to the United
0.74
December --------10.36 10.42
----------10.3610.4210.4510.3610.31 10A 10.45 10.59 10.6810.66 0.73
Kingdom and the Continent. But the technical position was
January
10.45 10.58 10.6710.66
.41 10.44 10.35 10.31 10. 10.45 10.5810.6710.66 . 3
February ---------10.3610
10.35 10.31 10.
found to be weak after a rise of 7 cents since the 24th. ReMarch -----------10.3610.41 10.44 10.35 1 .
10.5710.67 0.65 10.72
.
.
_ 10.3610.41 10.44
A nr11
/
alizing and other selling left the price on the 26th 14c.
lower on May and %c. lower on other months. To-day
4c. in the various markets. TradBREADSTUFFS
prices advanced 2% to 41
lag was brisk. New highs were again reached. The early
April 27 1928.
Friday Night,
recent advances rally was due to firm cables and a lack of rain in the dry
Flour was still in the main quiet at the
buyers, sections and a better foreign demand. There was a setin prices. All advances are very coolly received by
was back at one time on heavy realizing, but the close was at
both domestic and foreign. A little export business sur- the highest of the day. Liverpool was higher. So was
done. More may have been done than appeared on the
,
1, m
g:ggi
APR. 28 1928.]
FINANCIAL CHRONICLE
2687
Buenos Aires. Argentine exports for the week were esti- action from the top prices of the day on realizing. Final
mated at 5,559,000 bushels; Australia 2,208,000. According prices show an advance for the week of 1 to 2%c.
DAILY CLOSING PRICES OF OAT IN NEW YORK.
to reports, Lake navigation will not open before May 1st
Sat. Mon. Tues. Wed. Thurs. Fri.
to May 15th. Cash markets were firmer. The Southwest No.2 white
76% 76% 78% 7934 7934 som
reported a good cash demand. The Argentine surplus was
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
increased 3,500,000 bashels, to 174,500,000 bushels. ArgenSat. Mon. Tues. Wed. Thurs. Fri.
May
6134 613 63% 64% 63$ 6434
tine shipments to date are nearly 105,000,000 bushels, indi- July
54% 53% 54% 56
56
57%
cating a surplus there of about 70,000,000 bushels for the September
47% 47% 47% 48% 48
48%
next 8 months. Final prices show a rise for the week of DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
to 8%c.
7%
May
72% 7334 7534 7534 7434 75%
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
July
6734 68% 6936 70% 70
71
Sat. Mon. Tues. Wed. Thurs. Fri.
October
56% 5634 5734 5734 5734 5734
215
205
205
220 219% 22334
red
No. 2
Rye advanced 1% to 3c. on the 23rd inst. on news that
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Poland had removed import restrictions and reported ex159% 15934 163%
15334 154% 156
May
155
154
156% 15934 158% 162% port sales here of 100,000 to 200,000 bushels. Besides wheat
July'
150% 151% 152% 156% 155% 159% was higher. The rye belt in this country needs more rain.
September
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG. The United States visible supply decreased last week 29,Sat. Mon. Tues. Wed. Thurs. Fri. 000 bushels as against, it is
true, a decrease in the same
150
152% 154% 152%
151
May
154% 156% 154% 158% week last year of 2,580,000 bushels. But the total is only
152
, 153
15%
July
143 4 144% 146% 149% 147% 149% 5,410,000 bushels, against 10,747,000
October
a year ago.
Indian corn on the 23rd inst. advanced early 1%c., reaching new high levels with country offerings small, receipts
moderate and shorts disposed to cover. Moreover, the
United States visible supply decreased last week 2,671,000
bushels, bringing down the total to about 3,000,000 bushels
smaller than that of a year ago; that is, to 37,380,000
bushels against 40,171,000 at this time in 1927. The receipts
are expected to continue moderate until after planting is
finished. Later, on the 23rd inst., there was a reaction
due to profit-taking in which most of the advance was lost.
The East shipping demand at Chicago was rather sluggish. The Chicago trading on one day in corn was 51,511,000 bushels. On the 24th inst. prices fell lc. on good
weather and increased contract stocks, large receipts and a
drop of %c. at Buenos Aires. But later Chicago rallied
and closed % to %c. net higher on a wet forecast and
reports that vessel room had been chartered at Chicago
for the movement of 2,000,000 bushels of grain on the opening of navigation. Offerings were readily taken. The cash
demand was better from the East. Country offerings were
small and likely to continue so until farmers have time
to attend to marketing. The Kansas weekly report stated:
"Preparation of corn ground well advanced generally. Planting becoming general in southern counties and is starting
in central counties." On the 25th inst. prices were 1 to
12 higher. The advance in wheat had its effect. There
/
1c.
was a good cash demand for Eastern account Carlot receipts at Chicago and the Southwest were small. Private reports stated that farm work was being retarded
by unfavorable weather. Ahid the government weekly
weather report was bullish. Warmer weather is needed.
Prices reached a new high level for the season.
On the 26th inst. prices were lc. higher, going to new
high levels on the distant months, but encountered heavy
realizing, and ended 13 net lower. Buenos Aires closed
/
4c.
unchanged and Rosaria %c. higher. To-day prices advanced % to C. with wheat higher and shorts covering.
Buying was rather general. There was some set-back on
commission house selling, and considerable realizing. Larger receipts are expected and the indications pointed to better weather. Low temperatures prevailed in some parts.
Cash markets were steady, but demand was rather small.
Some sold corn against purchases of wheat. Final prices
/
1
2
show an advance for the week of 1% to 2 e.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
We
12734 128
128% 130% 128% 12934
No.2 yellow
PRICES OF CORN FUTURES IN CHICAGO.
_DAILY CLOSING
Sat. Mon. Tues. Wed. Thurs. Fri.
105M 1051 M
107% 106% 107%
MaY
IN
IN' 1N
110% 109% 110%
July
109% 109
September
109% 110% 100% 1103
Oats advanced Ma to lc. on the 23rd inst. for a time, with
quite a good demand and other grain higher, but later
on the same day a reaction eliminated the rise and left
prices % to %c. net lower. The weather was good for farm
work. Cash prices were slightly lower on the light weight.
The United States visible supply decreased last week 1,086,000 bushels against 1,407,000 in the same week last year,
so that the total is now only 12,490,000 bushels against
32,779,000 a year ago.
The Kansas weekly report said: "Oats made rather slow
recovery from recent freezes. However, stands generally
good and with advent of more favorable weather conditions
should make marked improvement." On the 24th inst. prices
advanced 1 to 2%c. on delayed seeding, strong cash premiums, tightness of the May position, smallness of the receipts and an excellent spot demand besides general buying of near months. On the 26th inst. prices closed 1 to
/
1c.
12 higher with other grain higher and receipts light.
Another influential factor was the high premiums paid for
the cash article.
On the 26th inst. May reached a new high with other
grain and then reacted and ended %c. lower. July was
wanted and advanced on bad crop advices and ended %c.
higher. To-day prices closed % to C. higher. It was an
active market Shorts covered and commission houses
bought. The strength of other grain helped. The weather
was cool over a large section of the belt. Cash markets
were steady. Receipts were small. There was some re-
The gap
is being gradually narrowed, but the prospects for a foreign market seem better now than they were a year ago.
On the 24th inst prices advanced 2%c. to 3c. on buying by
Northwestern and cash interests, smallness of stocks and
impending big shipments, it is believed, from terminals on
the opening of navigation. Winter killing was reported
in the Northwest.
On the 25th inst. a new high level for the season was
reached. Prices closed 2 to 43c. higher. Some export business was reported. Poland is said to have removed haport duties effective April 30th. That country was reported to have purchased about 400,000 bushels. The forecast was for colder weather. Cash markets were firm.
On the 26th inst. prices reached new high ground with other
grain and then reacted with them, ending unchanged to
Y
2c. higher. Export demand was indifferent
To-day
prices closed 1 to 1%e. higher in sympathy with a rise ix
wheat Shorts covered. July reached the previous high
of the season. Trading was less active. Germany was
said to be anxious to resell some rye. Berlin was % lower
c.
to / higher. Cash rye was firm. Final prices show
1
2
rise for the week of 5 to 11 cents.
DAILY CLOSING PRICES OF RYE FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
128% 130% 133
137
137% 13$X
124
126
128% 13234 133%
116
117% 119% 121% 120% 134%
121%
May
July
September
Closing quotations were as follows:
GRAIN
Oats, New York
No. 2 white
8114
No. 3 white
3
773i07S- 1
Rye, New York
1.2934
No. 2 f.o.b
1.54%
1.26% Barley, New York
Malting
1.11
FLOUR.
Spring patents
$8.30®$8.70 Rye flour, patents
87.90058.40
Clears.first spring
7.25( 7.75 Semolina No.
4%
Soft winter straights__ _ 8.6544 9.00 Oats goods 2, pound3.754 3.80
Hard winter straights__ 8.10@ 8.50 Corn flour
3.00 ® 3.05
Hard winter patents__ 8.35(4 8.75 Barley goods
Hard winter clears__ 6.95
7.20
Coarse
3.48
Fancy Minn. patents_ - 9.70 10.55
Fancy pearl NOS. 1,2,
mills
i
9.85(10.55
other3
and 4
6.50(0 7.00
For
tables usually given here, see page
2601.
Wheat, New York
No. 2 red, f.o.b
No,2 hard winter,f.o.b. _ _
Corn. New YorkNo.2 yellow
No.3 yellow
22334
_1.82
WEATHER BULLETIN FOR THE WEEK
-The general summary of the weatherENDED
Apr. 24.
issued by the Department of Agriculture, indicatingbulletin
the influence of the weather for the week ended Apr. 24
follows:
At the beginning of the
.
week temperatures
sections east of the Mississippi River and alsowere liliv
over the West and Northwest, but at the same time it was warmer than the
seasonal average in
the central and southern Great Plains under the influence
of low pressure
central over eastern Kansas. There was rather
general precipitation in
the northern Great Plains and the Northwest on the first
as the "low" moved eastward it brought rain or snow to few days, and
of the East. There was a reaction to colder following many sections
the moderately
warm weather caused by the passage of the
it remained generally cooler than usual overstorm area on the 20th, and
most northern sections until
the 21st.
Widespread precipitation over interior districts was reported
on the
morning of the 21st. caused by moderately
Ohio Valley. On the remaining days of the low pressure over the lower
week there was general rain
or snow in nearly all sections of the East, and at the close
the
moved to the Atlantic coast, with some heavy rains reported "low" had
ern stations on the 22d and 23d when several falls of over from southhours were recorded. Temperatures were above normal in 2inches in 24
the South during the closing days of the week, but at the same
the seasonal average over most northern portions. time it was cooler than
Chart I shows that the week, as a whole, was much
over all sections of the country, except the Southern cooler than normal
and Pacific States;
making the third consecutive week
most districts. That just closed had with abnormally cool conditions in
markedly low
season from the Ohio and lower Missouri Valleys temperatures for the
northward and northeastward where the weekly means were 6 deg, to
as much as 14 deg, below
normal. In the South about normal warmth
prevailed, which was also true
for the far Southwest and Pacific Coast
States. In the East freezing tem..
peratures at some time during the week
extended as far south as southcentral Virginia, but farther wed freezing was
not
order stations south of the Ohio River and northern reported from first
Missouri. The lowest temperature reported was 2 deg, above zero at
Devils Lake, N.Dak.. On
Chart
thel9t II shows the weekly totals and
geographic distribution of precipitation. It indicates that the amounts were
mostly heavy from Arkansas and Louisiana eastward to the Atlantic
to fairly heavy from the Ohio Valley eastward Ocean, and were moderate
and northeastward.
the western half of the country precipitation was mostly
Over
light, except that
substantial falls were reported from a few
sections,
Northwest. In the far Southwest the amounts were principally in the far
mostly negligible.
A continuation of subnormal temperatures
States, with frequent freezes in the latter, and in Central and North
cloudy and rainy weather
over most of the eastern half of the country, made
week of unfavorable weather for farm work and the third consecutive
for growth of spring
crops in most places. Preparations for planting
corn and the seeding
cotton in the principal producing areas made
of
generally slow progress
the week, with but little field work accomplished
in some of the during
portant corn States. Spring work and the
advance of vegetation more Imconsiderably behind an average season quite
are
generally from the
Mississippi
now
2688
FINANCIAL CHRONICLE
Valley eastward, while conditions continued unfavorable for seeding in the
Spring Wheat Belt.
There was some frost damage to tender vegetation,including early blooming fruits, in the middle Atlantic area, but the more important Peach
sections of the Southeast have apparently escaped material harm. Heavy
rains were damaging in parts of the Southeastern States, particularly in
the southern portions of Georgia and Alabama and in northern Florida.
Beneficial rains occurred in parts of the Southwest where drought has prevailed, especially in western Oklahoma and much of western Kansas, but
it continued too dry in other sections, particularly in most of Nebraska
and in more local areas elsewhere. Warmer and drier weather is generally needed over the eastern-half of the country, and also in the spring
wheat region.
SMALL GRAINS.
--The winter wheat remaining in the Ohio Vally States
shows little or no improvement because of the continued cold weather,
although slight advance was reported from some local areas; the crop
needs more warmth and sunshine. Progress was slow also in most sections of the western half of the belt, except that satisfactory growth was
noted in all but the northwestern portions of Kansas, and rains were beneficial quite generally over western Oklahoma. It continued much too
cold and dry in Nebraska, and moisture is still needed in some other sections of the western Great Plains. Favorable reports continue from the
Pacific Northwest, and moisture was beneficial in Atlantic coast areas.
The weather continued unfavorable for seeding and for germination
and growth of early-seeded grain in the Spring Wheat Belt. The early
crop was practically at a standstill in the southern portion, while generally cold weather, with snow in some districts, greatly interfered with
seeding in the north. It was too cold and wet for oats in the cental valley
States, and especialy unfavorable for germination in northern sections.
In the upper Mississippi Valley conditions have been unfavorablefor germination for three weeks or more. Rice in Louisiana needs drier weather.
CORN.—Preparations for corn planting made fair to good progress in
some local areas of the Ohio and extreme lower Missouri Valleys, but, in
general, the cold, or cold rainy weather, delayed field operations and very
little corn was planted during the week. Some was put in, however, in
the Mississippi Valley area as far north as Buchanan County, Mo., while
fair progress in 'Preparation was noted in parts of western Iowa. In the
southern Great Plains and Texas the crop shows some improvement, with
slow recovery in Oklahoma from the heavy frost damage of last week.
COTTON.—The week was decidedly unfavorable for cotton. While the
temperature averaged near normal in most of the belt, high winds and
the cool wave near the close of the week offset the previously favorable temperatures in much of Texas, while heavy rains and continued wet soil
were unfavorable in the eastern portion of the belt. The weather was
especially detrimental in southern Alabama, the southern half of Georgia,
and northern Florida, where, in many places, the soil was badly washed
and the stands of cotton ruined, which will necessitate heavy replanting.
Much replanting will be necessary also in Arkansas, and considerable of
the early-seeded has been killed in Louisiana. In Texas progress and
condition were poor to only fair: planting and replanting made considerable advance, but the top soil is too dry for germination in some places.
In Oklahoma the week was too cool and much too wet, with considerable
complaint of soil erosion and flooded lowlands.
[Vol,. 126.
THE DRY GOODS MARKET
New York, Friday Night, April 27 1928.
While prices in most divisions of the textile markets are
firmer with advances noted in some cases, actual business
has failed to show much improvement. About the only
exception is found in the floor covering division. As an
aftermath to the eminently successful rug and carpet auction recently conducted by the Alexander Smith & Sons
Carpet Company, reports indicate that activity is quite pronounced with total business exceeding previous expectations. The more popular priced merchandise is moving in
large proportions, with prospects favoring a continued
broad movement. Elsewhere in the textile markets, conditions are not quite so promising. Although various situations •have forced higher asking prices, buyers have not
responded in any marked degree. In fact, as a rule, forward business continues conspicuous by its absence. Examples of this are to be found in both the cotton and woolen
goods divisions. As to the former, raw cotton prices have
advanced upwards of three dollars per bale during the
past week owing to poor prospects for the new crop. As
a result, sellers have either advanced or withdrawn quotations, but this has failed to attract buyers who continue
to adhere, more or less, to their practice of confining orders to immediate needs. A similar situation exists in
the woolen and worsted section. Continued strength of
prices for the staple has resulted in sellers advancing quotations on most cloths from Ave to seven and one-half
cents a yard. While the rise has not been followed uniformly by all manufacturers, general action is considered
inevitable. Response here is better than has been the
case with cottons, as a fair amount of duplicate business
has been received. Raw silk has also advanced in both
primary and domestic markets, but business in finished
goods is only considered fair.
The Weather Bureau also furnishes the following resume
DOMESTIC COTTON GOODS.—Despite the fact that
of the conditions in the different States:
Virginia—Richmond: Week mostly cold, with light to moderate rain- raw cotton has been very active, with prices rising owing
fall. Preparation of soil and spring planting well along. Winter wheat to the unfavorable start of the new crop, it has found but
and oats thin and considerable winterbilled. Corn, potatoes, truck, and pas- little reflection in the markets
for domestic cotton goods.
tures backward; latter greening up. Severe frost first of week seriously
damaged strawberries, early vegetables, and fruit bloom, except apples. While there has naturally been some increase in business,
Warm,sunny weather needed.
sellers still complain that orders are slow. The rise in the
North Carolina.—Raleigh: Unfavorable week, as too cool, cloudy, and
wet, with heavy rainfall, especially in east. Little work done. Planting staple has forced the latter to adopt a firmer attitude which
cotton delayed; some coming up in southeast. Some progress in setting in some cases has resulted in
their withdrawing lists in
out tobacco on Coastal Plain, and early corn up. Frost on 17th caused
considerable damage to potatoes, beans, and other tender truck, mainly an effort to obtain higher levels. Mills likewise seem more
in northeast; no material damage in main peach section, though some in determined not to accept business
which does not show a
north and west.
South Carolina.—Columbia: All vegetation vigorous. Winter cereals, profit. On the other hand, buyers do not display any parpotatoes, and truck improved, but frequent rains retarded spring plow- ticular anxiety and have failed to
place orders for foring and planting in large areas. Considerable young corn and cotton
killed by frost on 17th in northern sections, necessitating much replant- ward delivery. The improvement in orders applies chiefing: some early corn in south being cultivated. Tree fruits and straw- ly to immediate needs. Inquiries have broadened
and have
berries generally excellent; apples blooming.
Georgia—Atlanta: After a few days of dry weather, which were rather resulted in a larger volume of orders for such items as
cool, musing poor germination and slow growth, week closed with exces- cotton duck, fine goods and colored cottons.
Fine goods
sive rains throughout interior. Rivers above flood stages, lands badly
washed, and stands of cotton and corn ruined in northern half of southern appear to be selling best, with dsitribution doubtless exdivision and much of central portion, which will necessitate much re- ceeding production. The latter has been
checked to some
planting. Very little planting of cotton done and growth poor to very
poor. Farm work practically at standstill, with warm, dry weather greatly extent by the strike at the New Bedford mills in New
needed.
England, although there have been but few complaints as
Florida.—Jacksonville: Lowlands in west and most interior of extreme
north too wet fore part of week; improved midweek and work advanced, to any tangible effects from the strike—such as difficulbut heavy, damaging rains Sunday morning in same districts stopped work. ties in procuring goods. However, in the event of the
Much replanting of corn and cotton necessary. Melons fair in most of trouble
being extended over a long period, its consequences
north and central, but cool nights unfavorable for corn and melons. Citrus
drooping, Rain badly needed in southeast.
will probably be far reaching. Meanwhile, colored cottons
Alabama,—Mentgemery: General rain Friday to Sunday night, mostly
heavy to excessive, especially in south portion where damage to railroads, have been selling in larger quantities, the same being true
highways, and crops reported, but extent undetermined. Rivers in cen- of print cloths. Distribution of cotton duck
is also better,
tral and south portions in flood; farm work stopped or greatly retarded
Corn planting and bedding sweets progressed first part of week; oats Pro- owing to its improved statistical position, due to mill adgressing slowly and condition poor to good. Potatoes, pastures, and truck herence to a drastic schedule of curtailed production. Print
crops mostly fairly good progress and condition. Cotton planting continued in south and central portions first part of weak; progressed slowly cloths 28-inch 64 x 64's construction are quoted at 6%c.,
in scattered areas of north portion; much replanting necessary in south and 27-inch 64 x 60's at 5%c.. Gray goods in the 39
-inch
portion account excessive rains and previous cold.
Mississippi.—Vicksburg: Cool nights at beginning of week and mod- 68 x 72's construction are quoted. at 6%c., and 39-inch 80
erate to heavy rains Thursday to Sunday made progress of cotton and x 80's at 11c.
corn generally slow, with germination mostly poor and some replanting
WOOLEN GOODS.—As anticipated when low levels were
probable; color of corn poor, with sunshine generally inadequate.
Louisiana.—New Orleans: Rather warm and dry weather first part announced at the openings a few months
ago, a number
favorable for work and crops and considerable replanting of cotton ac- of woolen and worsted
firms are now beginning to insticomplished but scarcity of seed delaying replanting in many localities,
latter part of week by heavy rains in north and east. tute various price advances. Thus, the continued strength
and work stopped
Early-planted cotton mostly killed by wet and cold of preceding week. of raw wool has found reflection in
an advance of from
Corn improved in growth and color. Sugar cane, potatoes, truck, and
five to seven and one-half cents, and in some cases as
pastures generally good.
Texas.—Houston: Effect of near-normal temperatures offset by high, much as ten cents a yard in cloth
prices. While all quotadrying winds and scant moisture, except in northeast where moderate to
heavy rains. Progress and condition of winter wheat, oats, and spring tions have not been raised, it is considered only a quesand pastures fair to good; winter oats heading in north and tion of time before all houses will have
oats, barley,
established higher
east Corn made some improvement, but condition only fair. Progress
high winds and cool wave at levels. Although some seem to think that the advances
and condition of cotton poor to fair, withreplanting
made considerable will react against the seller, it
planting and
close of week unfavorable;
is generally expected that
progress, but top soil too dry to germinate seed in portions of central
business will continue to improve. There has already been
west and south.
week; general rains, heavy to ex- a moderate and encouraging
Oklahoma.—Oklahoma City: Cool
increase in the volume of men's
cessive in east and moderate to heavy in west, beneficial for small grains
wear orders, with prospects favoring further
west portion. Progress
and supplied needed soil moisture for planting in from poor to fair. Oats and women's
of winter wheat poor; condition spotted, ranging
progress in planting corn and expansion.
fair to good progress and condition. Slow replanting necessary account
FOREIGN DRY GOODS.—Linen markets have failed
cotton as too cool and wet: considerable
slowly
washing soil and flooding lowlands. Potatoes and corn recovering
to show any visible signs of improvement this week. As
preceding week.
from heavy frost damage ofCotton deteriorated due to cool, wet weather; a matter of fact, sales, as
planted
well as distribution of dress
Arkansas.—Little Rock:
southern portion; some
planting is well under way in central and of replanting necessary. Pro- linens, have tended to fall off, and this has been quite disin most northern portions; but a great deal killed by freeze in some locali- couraging. Practically no interest
crop
has been shown in housegress of corn poor in nearly all portions; well along, but much replanting
ties, and injured elsewhere; plantingoats meadows, and pastures.
hold linens with towelings especially dull. The latter is
necessary. Very favorable for wheat,
rains
vi
Tennessee.—Nashville: Corn planting and other work delayed by while due to the ruthless competition among cotton manufacnter wheat fair,
turers who have been underselling and offering their wares
and cold ground; progress poor. Progress of
growing rapidly. moderate frost damage to early vegetables, at very low prices. Of course,
spring oats
clover
plants prothis has succeeded in pracstrawberries, and peach trees on lowlands. Bedded tobacco
planted. Young
tically stopping business in linen towels. Elsewhere, comgreasing satisfactority. Few fields of cotton
excellent.
Kenturky.—Louisville: Mostly too cool. Unfavorable for growth and petition for the limited business in sight continues very
progress in soil preparation first keen and even the offering of attractive quotations does
germination
half. Very little corn
3r
and by heavy rainsinmost districts
half, but stoppeddiscouraged anting; fair progr last_ acreage
not seem to provide buyers with much incentive. Burlaps
or cotton planted. Oats all up to good stand; increased growing in east.
slowly. have been irregular with demand limited. Light weights
four leaves, but
Tobacco plants Plentiful and showing
poor; weekly progress fair;
Condition of winter wheat mostly poor to very
are quoted at 8.00c., and heavies at 9.70c.
slight improvement in some fields in west.
APR. 28 1928.]
FINANCIAL CHRONICLE
Sitate an Tity gevartuxtut
NEWS ITEMS
Cleveland, Ohio.
-Voters Elect to Retain City Manager
Government.
-A proposal to abolish the city manager form of
government and return to the mayoralty form was defeated
by the voters on April 25 by 43,798 to 41,035.
Copenhagen (City of),
-$12,000,000 Gold Bonds Sold
Kuhn, Loeb & Co. and the international Acceptance Bank,
jointly, offered and quickly sold on April 25, $12,000,000
43% gold bonds of the City of Copenhagen, at 94.50 and
accrued interest yielding 4.88% to maturity. Due May 1
1953. Principal and Interest payable in New York City, in
United States gold coin of or equal to the standard of weight
and fineness existing May 1 1928, without deduction for any
Danish Government or municipal or other Danish taxes, imposts, levies or duties, present or future. Coupon bonds in
demons of $1,000 and $500. Interest payable May and Nov.l.
According to the offering circular the bonds are redeemable at
the option of the City, in whole or in part, by lot,on May 1
1928, or on any interest date thereafter, at 100% and accrued
interest, on sixty days' published notice. Further information regarding this loan may be found in our "Departmentof
Current Events and Discussions" on a preceding page.
Estonia (Republic of).
-Remainder of $4,000,000 Loan
Sold.
-The last of the $4,000,000 7% gold bonds of the
Republic of Estonia originally offered by Hallgarten & Co.,
at 94.25 and accrued interest to yield 7.40% to maturity
V. 124, p. 3663
-have been sold by a syndicate composed of
Hallgarten & Co., William R. Compton & Co. and S. W.
Straus & Co., at 94 and interest yielding over 7.45% to
maturity. Dated July 1 1927. Coupon bonds in denoms of
$1,000 and $500. Due July 1 1967. Interest payable semiannually January 1 and July 1. Principal and interest payable in N. Y. City at the office of Hallgarten & Co., fiscal
agents of the loan, in gold coin of the United States of
America of the standard of weight and fineness existing on
July 1 1927, without deduction for any present or future
Estonian taxes, stamp duties, impositions or charges whatsoever and payable in time of peace or war, whether holders be
subjects of a friendly or hostile country. According to the
official offering circular, a cumulative sinking fund, calculated to retire the entire issue by maturity, operates by purchases at or below par or by drawings at par. Redeemable
in whole or in part on July 1 1937, or on any interest payment
date thereafter, at par upon 6 months' previous notice. Further information regarding this loan may be found in our
department of "Current Events and Discussions" on a preceding page.
Parana (State of).
-$4,860,000 7% Gold Bonds Sold.
The Chase Securities Corp and Blair & Co., jointly, offered
and quickly sold on Apr.25 an issue of $4,860,0007% external
sinking fund gold bonds of the State of Parana, U. S. of Brazil, at 98 and int., to yield 7.15%. Dated Mar. 15 1928.
Coupon bearer bonds in denoms of $1,000 and $500. Due
March 15 1958. Principal and semi-annual interest,
September 15 and March 15, payable in New York City in
United States gold coin of the present standard of weight and
fineness at the principal office of The Chase National Bank
of the City of New York or, at the option of the holder, in
London in sterling, at the fixed rate of exchange of $4.86 to
the pound sterling, at the offices of Lazard Brothers & Co.,
Ltd. without deduction for any present or future taxes of the
United States of Brazil or any taxing authority thereof or
therein. Redeemable in whole or in part, at the option of the
State, on March 15 1938, or on any interest date thereafter on
three months notice at 102 and accrued interest. The bonds
according to the offering circular are non-redeemable except
for sinking funds before March 15 1938. Further information
regarding this loan may be found in our "Departmen
rent Events and Discussions" on a preceding page. t of CurRhode Island (State of).
-Legislature Adjourned.
1928 legislature adjourned sine die on April 21, The -The
Providence "Journal" of April 21 gave the following summary
of
important legislation enacted and defeated during the
session:
2689
Measure providing jail sentences for drunken drivers;
Saugy bill providing for licensing of gasoline stations. killed in Senate.
Lewis bill changing system of tax revenue from assessed valuation to
tax
levied on amount of tax locally assessed.
McCoy resolution giving Governor Power to Disband recalcitrant
military units.
Bliss bill penalizing conspirators in militia.
BOND PROPOSALS AND NEGOTIATIONS.
ADAIR COUNTY (P. 0. Greenfield), Iowa.
-BOND SALE.
-The
$70,000 issue of annual primary road bonds offered for sale on
Apr. 20V. 126. p. 2358
-was awarded to a group composed of the Adair County
Bank of Greenfield; the Greenfield Savings Bank of Greenfield; the
First
National Bank of Fontanelle and the First State Bank of Adair County
of
Orient as 4;1% bonds, at par. Dated May 1 1928 and due $7.000 from
May 1 1934 to 1943, incl. Optional after 5 years.
AIKEN COUNTY (P.O. Aiken), S.C.-BOND SALE.
-The $1,150.000
Issue of 4;1% coupon highway bonds offered for sale on Apr.25-V.126
,
p. 2358
-was awarded to a syndicate composed of the Guaranty
New York, the Peoples Security Co. of Charleston, Caldwell & Co. of
Co. of
Nashville and Ames, Emerich & Co. of New York, at a price
a basis of about 4.34%. Dated Apr. 1 1928. Due on Feb. 1 of 101.449.
as follows:
$106,000. 1936: $111,000, 1937; $117.000. 1938; $123,000, 1939; $129,000
from 1940 to 1944, incl. and $48,000 in 1945.
BONDS OFFERED FOR SUBSCRIPTION.
-Above bonds are now being
offered to the public by the purchasers at prices to yield 4.20%. according to
maturity. According to the offering circular the bonds are tax free in
South Carolina, and interest is exempt from all Federal income taxes.
The bonds are direct general obligations of Aiken County, payable primarily from unlimited ad valorem taxes to be
against all the taxable
property in the County. The proceeds of the leviedwill be advanced to the
issue
State Highway Commission under an agreement whereby the Commission
will reimburse the County from the State highway fund.
ALACHUA COUNTY SPECIAL ROAD AND BRIDGE DISTRICT
NO. 8 (P. 0. Gainesville), Fla.- BOND SALE.
-The $100.000 issue of
5;1% coupon road and bridge bonds offered for sale on Apr. 6-V.
-was awarded to W. L. Slayton & Co. of Toledo at a price of126. 13.
1866
97.57.
a basis of about 5.47%. Dated July 1 1926 and due on July 1, as follows:
$2,000, 1929 and 1930; $3,000, 1931 to 1938; $4,000, 1939 to 1944: $5,000.
1945 and 1946; $7,000. 1947 to 1950. all incl., and 810.000 in 1951.
ALAMEDA COUNTY (P. 0. Oakland), Calif.
-BOND OFFERING.
Sealed bids will be received until Apr. 30 by Geo. E. Gross, County Clerk.
for the purchase of a $247,000 issue of 5% estuary tube bonds. Due in
1942 and 1943. Int. payable semi-annually at the County Treasurer's
office.
ALBANY, Albany County, N. Y.
-FINANCIAL
-MATURITY
STATEMENT.
-A corrected statement received by us states that the
$800,000 3'%% series A water bonds scheduled to be sold on May 1-V.
126. P. 2533
-mature $40,000. on April 1,from 1929 to 1948, incl.; and not
$20,000. April 1. 1929 to 1968, incl.; as previously published.
Financial Statement as of March 1 1928.
Total bonded debt (not including proposed bonds)
$20,671.603.32
Water bonds
$3,556,000.00
Sinking funds for bonds other than water
bonds
2,141,960.26
Total deductions
5.697,960.26
Net bonded debt
Real estate, assessed valuations, 1928
Personal property valuations, 1928
Special franchises, 1928
$14.973,643.06
$201,830,845.00
1,372.000.00
6,175,520.00
$209,378,365.00
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
-BOND OFFERING.
Sealed bids will be received by John Ia. Johnson, County Auditor, until
10 a. m. May 5,for the purchase of an issue of $3,412.56 6% bonds. Dated
March 1 1928. Due serially from 1929 to 1933, incl.
ALLEN TOWNSHIP SCHOOL DISTRICT (P. 0. Avilla), Noble
County, Ind -BOND SALE.
-The $76,050 *5% coupon school bonds
offered on April 21-V.126, p. 2195
-were awarded to the Fletcher Savings
& Trust Co. of Indianapolis, at a premium of $3,341.80 equal to $104.39
a basis of about 3.81%. Dated April 15 1928. Due as follows: $2,925.
July 15 1929. $2.925; Jan. and July 15 1930 to 1941 inclusive; and $2,925.
July 15 1942. The following bids were also received:
BidderPremium.
Union Trust Co
$3,043
City Securities Corp
2,969
Inland Investment Co
2.843
Meyer-Riser Bank
2,451
ASHTABULA, Ashtabula County, Ohio.
-MUNICIPAL
PLANT TO BE SOLD.
-At an election held on Apr. 24. the
ized by about 1,000 votes to sell the Municipal owned Powervoters authoring to the "Cleveland Plain Dealer" of Apr. 25. A similar Plant accordwith defeat at the November elections. The Cleveland Electricproposal met
Illuminating
Co.. is reported to have offered a tentative price of $2,225,000 for the
plant.
ASOTIN COUNTY SCHOOL DISTRICT NO.7(P.O. Asotin), Wash.
-BOND SALE.
-A $25,000 issue of 4 M % scgool bonds has recently been
purchased at par by the State of Washington. Due in from 2 to
23 years.
ATLANTIC, LEE AND PUNGOTEAGUE MAGISTERIAL DISTRICTS (P. 0. Accomac), Accomac County, Va.-BOND SALE.
-The
$86,000 issue of coupon road improvement refunding bonds offered for sale
on Apr. 17-V. 125, p. 1866
-was jointly awarded to the Investment Corp.
of Norfolk and Davis & West of Norfolk as 455% bonds, for a premium
of $1,505, equal to 101.744, a basis of about 4.31%.Denom. $1,000. Due
on June 1, as follows: $6,000, 1933 to 1937; $8.000, 1938; $9,000. 1939;
0.000. 1940; $8,000. 1941 to 1943 and $9,000 in 1944.
AURORA SANITARY DISTRICT,Kane County,Ill.
-BOND SALE.
-The $504,000 4% coupon sanitary sewer bonds offered on Apr.24-V.126,
p. 2533
-were awarded to W. W. Armstrong & Co. of Aurora, at 99.14 a
basis of about 4.15%. Due June 1, as follows: $31,000. 1929; $33,000,
1930; $35,000, 1931; $37,000. 1932: $39.000. 1933: $41,000, 1934; $43,000,
1935: $45,000, 1936; $47,000, 1937: $49,000, 1938; $51,000, 1939; and
$53,000. 1940.
Important Legislation Passed By General Assembly of
1928
Resolotion creating commission to investigate State
Public Welfare Commission and all departments thereunder.
AVONDALE SCHOOL DISTRICT, Chester County, Pa.
-BOND
Special legislative committee to study and recommend
-The $6,000 4% coupon school bonds offered on Apr. 23-V. 126.
reorganization and SALE.
consolidating of State boards and commissions.
p. 2358
-were awarded to the National Bank of Chester County. at 100.51
Act incorporating North Atlantic Terminal Railroad
Company to take a basis of about 3.87% to optional date and a basis of about 3.97% If
over Southern New England Railway properties.
allowed to run full term of years. Dated Apr. 11928. Due Apr. 1 1958
0. Law to control and regulate motor vehicle lights and to
allow parking optional after Apr. 1 1933.
conditionally without lights.
Act changing date of Cumberland election from June to November.
BACA COUNTY SCHOOL DISTRICT NO.59(P.O. Walsh), Colo.
Act amending law of evidence, known as Sayles bill, to admit
-A $24,000 issue of 431% school building bonds has been
certain BOND SALE.
memoranda and records in evidence.
purchased recently by the International Trust Co. of Denver. Dated
Repeal of Whitten Thoroughfare Plan law.
May 1 1928. Due $1,000 yearly from 1935 to 1958, incl.
Resolutions urging Congress to support move to submit
questions involved in Eighteenth Amendment to the people.
BARRE, Washington County, Vt.-BOND SALE.
-The 810.000
Forty-eight hour law for children under 16 years of age.
4% coupon flood bonds offered on Apr. 24-V. 126. p. 2358
-were awarded
Submission to people next November of $300,000 to provide
to Harris, Forbes & Co. of New York City, at 99.77, a basis of about
for State
airport.
4.02%. Dated May 1 1928. Due May 1, as follows: $5,000. 1933 to
Reciprocal motor vehicle law; and statute requiring dual braking system 1937 incl.: and $7,500. 1938
to 1947 Inclusive.
on motor vehicles.
The following bids were also submutted:
.. Hartford bill to prevent fraud in sale of gasoline and oil.
BidderPrice Bid.
ir• measure authorizing metal containers to safeguard ballots
transported E. H. Rollins & Sons
99.69
from polling places.
Atlantic-Merrill Oldham Corp
Additional $500,000 bond issue to complete Washington bridge.
99.14
National City Co
Mathieu police commission bill for Woonsocket.
99.033
BEACH HAVEN, Ocean County, N. J.
Measures Failing of Passage.
-BOND OFFERING,-Sealed
bids will be received by A. Paul King, Borough Clerk, until
8 p. m.(dayAct submitting to electors modifications of the Volstead act.
light saving times) May 8, for the purchase of an issue
State-wide uniform caucus act.
Jett bonds series 1. Dated May 1 1928. Denom. $500.of 534% coupon,
wipiereem
Newport city manager charter bill.
No more bonds
•1
to be awarded than will produce a premium of $500
Act to stiffen penalties for driving while drunk.
and int. payable at the Beach Haven National Bank over 8.35.000. Prig.
& Trust Co.
..Heath
2690
FINANCIAL CHRONICLE
Haven. A certified check payable to the order of the Borough Treasurer.
for 2% of the bonds bid for, is required.
BEACHWOOD,(P. 0. Warrensville R. F. D.), Cuyahoga County,
Ohlo.-BOAD OFFERIAG.-Sealed bids will be received by the Village
Clerk, until 12 m. May 8,for the purchase of an issue of $294,799.75 534
coupon assessment street improvement bonds. Dated May 15 1928.
Due Oct. 1, as follows: $28.799.75. 1929: 129,000. 1930: $30.000, 1931:
129.000. 1932; $30,000. 1933;_129,000, 1934; 130,000. 1935; $29,000, 1936:
and $30.000, 1937 and 1938. Principal and interest payable at the Guardian
Trust Co.. Cleveland.
-An issue of
-BOND SALE.
BEAUMONT, Jefferson County, Tex.
11.500,000 school bonds was purchased on Apr.24, by a syndicate composed
of Eldredge & Co.,and the Detroit Co., both of New York,Geo. L. Simpson
& Co. of Dallas and Caldwell & Co. of Nashville as follows: $837,000 as
4)4% bonds, due as follows: 315,000 from 1929 to 1938: $30,000. 1939 to
1948: $45.000. 1949 to 1956, all incl. and 127.000 in 1957. 3663.000 as
44% bonds, due as follows: $18,00041957; 145.000,1958 and $60.000 from
1959 to 1968 incl. Premium paid was $225. equal to 100.015, a basis of
about 4.32%. Prin. and int. Is payable at the office of the Director of
Finance or at the National City Bank in New York.
BEDFORD VILLAGE SCHOOL DISTRICT, Cuyahoga County,
Ohio.
-BOND OFFERING.
-Sealed bids will be received by R. P. Orchard,
Clerk Board of Education, until 12 m. May 4, for the purchase of an issue
of 343.000 5% school bonds. Dated Oct. 1 1927. Denom. $1,000. Due
today on Oct. 1 1928 to 1952,incl. A certified check payable to the order
of the Board of Education,for 2% of the bonds offered, is required.
-A $16.000
-BOND SALE.
BELZONI, Humphreys County, Miss.
Issue of 6% city hall and fire department bonds has been purchased by the
Meridian Finance Corp.of Meridian,for a premium of$500,equal to 103.125,
a basis of about 5.53%. Due 11.000 from 1929 to 1944, bid.
-The $14.000
-BOND SALE.
BENTON COUNTY(P.O. Fowler), Ind.
-were awarded to
% road bonds offered on April 21-V. 126. p. 2533
the Fletcher Savings & Trust Co. of Indiana_polls, at a premium of $481.90
equal to 103.442 a basis of about 4.82%. Due hi semi-annual instalments
from 1929 to 1938 inclusive.
BENTON COUNTY UNION HIGH SCHOOL DISTRICT NO. 1 (P.
0. Corvallis), Ore.
-Sealed bids will be received
-BOND OFFERING.
until 3.30 p.m.on Apr.28, by Leora B. Turner, District Clerk,for the Purchase of a $55,000 issue of school bonds. Dated May 1 1928 and due on
May 1 as follows: 31.500, 1931 and 1932:$2,000. 1933 to 1935:12.500. 1936
to 1938;13,000, 1939 and 1940:13.500, 1941 to 1943:14.000. 1944 and 1945:
14.500. 1946 and 1947 and $5,000 in 1948. A $500 certified check must accompany the bid.
-W. G.
-BOND OFFERING.
BERKLEY, Oakland County, Mich.
Baker Village Clerk, will receive sealed bids until 8 p. m.(eastern standard
3,for the purchase of an issue of $77.000 Districts No.80 and 81
time) May
special assessment pavement bonds. A certified check payable to the
order of the Village Treasurer, for 12,000 is required.
-Sealed bids
-BOND OFFERING.
BILOXI, Harrison County, Miss.
will be received until May 8. by the City Commissioner, for the purchase
of an issue of $100,000 school bonds. (These are the bonds voted on Apr.
14 by a count of 412 to 71-V. 126. p. 2533).
-BOND OFFERING -Sealed
BLOOMFIELD, Essex County, N. J.
bids will be received by J. Cory Johnson, Town Clerk. until 8 p. m. (daylight saving time) May 8, for the purchase of the following issues of 431%
coupon or registered bonds, no more bonds to be awarded than will produce
a premium of 11,000 over each of the issues listed.
1507.000 municipal building bonds. Due June 1. as follows: $10,000.
1929 to 1941 incl.; 111,000. 1942 to 1948 incl.: and 115,000. 1949
to 1968 inclusive.
192.000 temporary improvement bonds. Due June 11933.
Dated June 1 1928. Denom. $1,000. Prin. and Interest payable in
gold at the Bloomfield Trust Co., Bloomfield. A certified check, payable
to the order of Raymond Edgerley. Town Treasurer, for 2% of the bonds
bid for is required. Legality approved by Thomson, Wood & Hoffman
at New York City.
-The $75.000
-BOND SALE.
BLOOMINGTON,Monroe County,Ind.
-were
% coupon school bonds offered on Apr. 24-V. 126, p. 2358
awarded to the Union Trust Co. of Indianapolis. at a premium of 33.939.
equal to 105.24. Dated May 1 1928. Due serially on Jan. and July 1
from 1931 to 1940 incl. Other bids were as follows:
Premium.
Bidder
$3,017.00
Fletcher American Co
3,013.00
Fletcher Savings & Trust Co
2,743.00
Inland Investment Co
2,768.00
City Securities Corp
SCHOOL DISTRICT (P. 0. Blundale), Ga.-BOND
BLUNDALE
-Sealed bids will be received by E. H. Flanders, Secretary
OFFERING.
of the District, until 11 a. m. on May 3, at the office of!. W. Rountree,
attorney, in Swainsboro, for the purchase of a $20,000 issue of 534%
school bonds. Denoms. $500 and 3100. Dated Apr. 2 1928. Due from
Anr. 1 1929 to 1958, incl. Prin. and int. (April 1) payable in New York
City.
BOISE LOCAL PAVING DISTRICT NO. 29 (P. 0. Boise), Ada
-The $16.514.25 issue of coupon paving
-BOND SALE.
Counly, Ida.
-was awarded to the
bonds offered for sale on Apr. 10-V. 126, p. 1700
High & Fritchman Co. of Boise as follows: 6)4% rate for the first $10,000
and the remainder of the issue at 7%. Dated Jan 1 1928 and due on or
before 1938. The other bids were as follows:
W. S. Bruce & Co. of Boise, 6)4% for the first $14.000.
First National Bank of Idaho,7% for the entire issue.
-BOND SALE.
BOKESCREEK TOWNSHIP, Logan County,Ohio.
The 31,600 6% special assessment ditch construction and improvement
bonds offered on April 14-V. 126. P. 1701-were awarded to the Farmers
State Bank of West Mansfield, at par. The bonds are dated Oct. 11927.
-Frank L.
-BOA D OFFERING.
BOSTON, Suffolk County, Mass.
Brir, City Treasurer, will receive seale bids until 12 M. May 1, for
issues of registered bonds aggregating $4,the purchase of the following
200.000:
% Dorchester Rapid Transit bonds. Due May 11973.
$1,200,000
,
750,000 34% street widening and extension bonds. Due $50,000,
May 1 1929 to 1943, incl.
500,000 34% Long Island, new buildings and additions and equipment
and furniture bonds. Due $25.000. May 1 1929 to 1948. incl.
% sewerage bonds. Due $25,000, May 1 1929 to 1948,incl.
500,000
500,000 34% highways, making of bonds. Due $25,000, May 1 1929
1948, incl.
to
House Officers' Bldg.
170.000 3%% Boston City Hospital, Act of 1924.
Due May 1 as follows: $12,000, 1929 to 1938,incl., and $10,000,
incl.
1939 to 1943,
May 1 1929
100,000 34% sewerage bonds. Due $5,000,Act of 1924.to 1938, incl.
Power plant
90,000 334% Boston City Hospital Loan,
alterations. Due $6,000, May 1 1929 to 1943,incl.
additions and
% Columbus Ave. bridge bonds. Due May 1 as follows:
85,000
$5,000, 1929 to .933. incl.; and $4,000, 1934 to 1948, incl.
bonds. Due May 1 as follows:
50.000 3g % New Central Fire Station $2,000. 1939 to 1948, incl.
$3,000 1929 to 1938, incl., and
purchase and improvement of Beach Land
3
50,000 34% Tenean Beach as follows: 13,000, 1929 to 1938, incl.,
bonds. Due May 1
and $2,000, 1939 to 1948, incl. of 1924, new surgical building.
50.000 3%% Boston City Hospital, Act
Due May 1 as follows: 14,000. 1929 to 1938, incl., and $2,000,
to 1943, Incl.
of 1924, power plant additions
45.000 3 39%
% Boston City Hospital. Act
19
incl.
and alterations bonds. Due $3.000, May 1 1929 to 1943.
1924, new surgical building.
25,000 34% Boston City Hospital. Act of to 1938, incl., and 11.000,
as follows: $2,000, 1929
Due May 1
1939 to 1943, incl.
house officers' building
85.000 34% Boston City Hospital, Act of 1924. 1929 to 1938, incl.,
bonds. Due May 1 as follows: 16,000.
and $5.000, 1939 to 1943, incl.
of the
Dated May 1 1928. Principal and int. payable at the officeCity of
City Treasurer. A certified check payable to the order of the
Boston,for 1% of the amount of bonds bid for, is required.
-TEMPORARY LOAN -The ShawBOSTON,Suffolk County, Mass.
mut Corp. of Boston. was awarded on April 24. a $3,000,000 temporary
loan on a 3.92% discount basis. Interest to follow. The loan Is dated
April 26. 1928 and matures on Oct. 4 1928.
[VoL. 126.
-E. J.
BREMEN, Fairfield County, Ohio.-BOND OFFERING.
Young, Village Clerk, will receive sealed bids until 12 ix. (eastern standard
time) April 30, for the purchase of an issue of $6,584.60 5% Judgment
bonds. Dated April 1 1928. Due $1,316.92. Oct. 1 1929 to 1933, incl.
Prin. and int. payable at the office of the village Treasurer. A certified
check, payable to the order of the Village, for 5% of the bonds offered, is
required.
BRISTOL, Mass.
-The Taunton Savings Hank
-TEMPORARY LOAN.
ofTaunton, was awarded on April 24 thefollowing loans aggregating $85,000
on a 3.75% discount basis.
$75,000'ftberculosis Hospital Maintenance loan.
10,000 Industrial Farm loan.
-W.0.
BROADALBIN. Fulton County, N. Y.
-BOND OFFERING.
Cleveland. Village Clerk, will receive sealed bids until 3 p. m. May 3, for
the purchase of an issue of $100,000 coupon or registered water bonds,
Interest rate not to exceed 6%. Dated May 15 1928. Denom. $1,000.
Due 14.000. May 15 1933 to 1957 incl. Prin. and int. payable at the
Equitable Trust Co., New York City. A certified check for 2% of the
bonds offered is required. Legality approved by Reed, Hoyt & Washburn
of New York City.
BROWN COUNTY (P. 0. Green Bay), Wis.-BOND OFFERING.
Sealed bids will be received by H. J. Neville, County Clerk, until 11 a. m.
on May 1, for the purchase of a $250,000 issue of 4 4% tuberculosis sanatorium bonds. Denom. $1,000. Dated July 1 1921 and due $25,000
yearly from July 1 1928 to 1937, incl. Prin. and int. (J. & .J.) payable at
the office of the city treasurer in gold. A certified check for 2% must ac
company the bid.
BUCKLIN SCHOOL DISTRICT (P. 0. Bucklin), Linn County, Mo.
-PURCHASER-PRICE PAID.
-The 322.000 issue of434% school bonds
-was purchased by the Fidelity National
sold recently
-V. 126, p. 2358
Co. of Kansas City (Mo.) for a $500 premium, equal to 102.27, a basis of
about 4.26%. Due $1,000 yearly from 1929 to 1946 and $2,000. 1947 and
1948.
BURBANK HIGH SCHOOL DISTRICT (P. 0. Los Angeles) Los
-BOND OFFERING.
-Sealed bids willbe received,
Angeles County,Calif.
until May 7 by L.E.Lampton,County Clerk,for the purchase of a $502,000
Issue of5% school bonds. Prin. and int. payable at the County Treasurer's
office.
BURBANK SCHOOL DISTRICT (P. 0. Los Angeles), Los Angeles
-Sealed bids will be received by
-BOND OFFERING.
County, Calif.
L. E. Lampton, County Clerk, until May 7,for the purchase of a $263,000
Issue of5% school bonds. Int. payable at the office of the County Treasurer
CALCASIEU PARISH GRAVITY DRAINAGE DISTRICT NO. 2
-The $40,000 Issue of coup. drainage
-BOND SALE.
(P. 0. Vinton), La.
bonds offered for sale on Apr. 23-V. 126, p. 1701-was awarded to the
Calcasieu National Bank of Lake Charles as 54% bonds, at par, Denom.
1500. Dated May 1 1928. Due in from 1 to 17 years.
-BOND SALE.
CAMBRIA (P. 0. Lockport), Niagara County, N. Y.
-The Lockport Exchange Trust Co. of Lockport, was awarded on April
25, an issue of $15.120.86 Town's share road bonds, as 44s, at 100.10, a
basis of about 4.23%. Dated May 1 1928. Due March 1 as follows:
$5,000, 1949 and 1950, and 15.120.86, 1951. Principal and interest
payable at the National Exchange Trust Co., Lockport.
-BOND OFFERING.
CAMERON COUNTY (P. 0. Brownsville), Tex.
-sealed bids will be received by Oscar C. Dancy, County Judge, until 11
a. m. May 1 for purchase of a $1,000,000 issue of 431 or 5% coupon series
C, road bonds. Denom. $1,000. Dated May 1 1928. Due $40,000
yearly from Mar. 1 1933 to 1957, incl. Prin. and int.(M. & S.) payable
at the Seaboard National Bank in New York City. Clay, Dillon & Vandewater of New York City will furnish legal approving opinion. A $10,000
certified check, payable to the Commissioner's Court of the County, must
accompany the bid.
-The 1131,642.39
-BOND SALE.
CANTON, Stark County, Ohio.
434% special assessment improvement bonds offered on April 23-V. 126.
-wore awarded to Otis & Co. of Cleveland, at a premium of $26.00
p. 2359
equal to 100.019. The bonds mature serially from 1929 to 1938 Incl.
-The fol-IDS.
CAPE MAY COUNTY (P. 0. Cape May), N. J.
lowing is a list of other bids submitted for the $318,000 434% General
Finance bonds awarded on April 18. to Harris. Forbes & Co. of New York
City, at 100.87 a basis of about 4.12%-V. 126, p. 2534:
Price Bid.
Bidder$320.612.02
Marine Bank Wlldwood
320,468.80
Union Bank, Wlldwood
320,363.50
Ocean City Title & Trust Co
320,222.22
First National Co
320,219.65
C. C. Collings & Co
320,180.30
Batchelder, Wack & Co
320,549.00
Ocean City National Bank
CARLSBAD UNION SCHOOL DISTRICT (P. 0. San Diego), San
-The 126,000 issue Of 534% school
-BOND SALE.
Diego County, Calif.
-has been awarded to
bonds offered for sale on April 16-V. 126. p. 2359
Peirce, Fair & Co. of San Francisco for a premium of 32.526, equal to
a basis of about 4.33%. Denom. $1,000. Due as follows:
109,715,
11.000, 1930 to 1935: $3,000. 1936 to 1941 and 32,000 in 1942. The other
bids and bidders were as follows:
Rate.
Premium.
Bidder534%
31,893,60
Alvin H. Frank & Co
1,566.00
534
William R. Stoats Co
5347
1,459.00
Dean Witter & Co
667.42
534
Security Trust & Savings Bank of San Diego
988.00
Bleg-Hoffine Co
15
66.66
8.50
Freeman, Smith & Camp Co
434%
-An issue
CARTER COUNTY (P. 0. Grayson), Ky.-BOND SALE.
of 3100,0004%% road bonds has recently boom awarded at par to the Well,
Roth & Irving Co. of Cincinnati.
(These bonds were voted over a year ago by a majority of 4 to 1.)
CARTERVILLE TOWNSHIP (P. 0. Carterville). Williamson
-The price paid for the $18,000 6°! road
-PRICE PAID.
County, Ill.
-V. 126.
bchals recently awarded to the Hanchett Bond Co. of Chicago
-was a premium of $500 equal to 100.238 a basis of about 4.98%.
p. 2534
Dated Sept. 11927. Due June 1, as follows: $3,000, 1930; 52,000, 1931:
13,000, 1932; 12,000, 1933; 53,000. 1934 and 1935; and 12,000, 1936.
-BOND SALE POSTCENTERVILLE, Hickman County, Tenn.
-The sale of the $75,000 issue of 434% coupon water & sewerage
PONED.
system bonds which was scheduled to take place on Apr. 13-V. 126, P.
-has been postponed until after the election which is to take place
2359
on May 24.
CHARLES CITY SCHOOL DISTRICT (P. 0. Charles City), Floyd
-The $49,000 Issue of 4% coupon school
-MATURITY.
County, Iowa.
bonds that was sold on Apr. 13-V. 126. p. 2534
-to Geo. M. Bechtel &
Co. of Davenport at par, is due on May 1, as follows: 12.000. 1929; 16,000.
1930 to 1932: 15.000. 1933 to 1937 and $4,000 in 1938.
CHICAGO, Cook County, III.
-A syndicate com-BOND SALE.
posed of the First Trust & Savings Bank. Harris, Forbes & Co., Illinois
Merchants Trust Co., Continental National Co., William R. Compton Co..
Lee, HiggInson & Co., Field. Glore & Co., and the Northern Trust Co.,
was awarded on Apr. 26, the following issues of 4% gold bonds aggregating
11,655.000 at 99.664 a basis of about 4.05%.
5,400,000 river straightening bonds. Due Jan. 1 as follows: $70,000.
1929:$310,000, 1930 to 1946 incl.: and 160,000, 1947.
2,450,000 Ashland Ave. widening and improving bonds. Due Jan. rail
follows: $110,000, 1929; and $130,000, 1930 to 1947 incl.
2,000,000 Westetn Ave., widening and improving bonds. Due Jan. 1
as follows: $110,000. 1929: and $105,000. 1930 to 1947 Ind.
765,000 Halstead St. improvement bonds. Due $45,000, Jan. 1 1930
to 1946 incl.
615,000 Peterson and Ridge Ave.. street impt. bonds. Due Jan. 1 as
follows: $30,000, 1933; and $45.000. 1934 to 1946 incl.
425,000 Ashland Ave. street inapt. bonds. Due 585,000, Jan. 1 1930
to 1934 incl.
Dated July 1 1927. Denom. $1,000. Prin. and int. payable at the
office of the City Treasurer or at the American Exchange Irving Trust Co.,
New York. Legality approved by Chapman & Cutler of Chicago. The
bonds are being offered as follows:
I
APR. 28 1928.]
FINANCIAL CHRONICLE
-1929,to yield 3.75%; 1930. to yield 3.80%; 1931.
Maturities and Prices.
to yield 3.85%; 1932-1933, to yield 3.90%; 1934-1947, to yield 3.95%.
The "Herald Tribune" of Apr. 27, published the following list of other
bids:
Price Bid.
BidderFirst National Bank; White, Weld & Co.; Old Colony Corp.;
Kountze Bros.; Redmond & Co.: Stone, Webster & Blodget;
Phelps, Fenn & Co.; A. G. Becker & Co.: Central Trust of Illinois;
Taylor,Ewart & Co.;F.L.Putnam & Co
99.55
Guaranty Co., Equitable Trust Co.;Eldredge & Co.; Ames.Emerich
& Co.; Detroit Co. Inc.; Guardian Detroit Co.; W. A. Harriman
'
& Co., Inc.; Kean, Taylor & Co.; Arthur Sinclair: Wallace & Co.;
Hannahs. Bailin dr Lee; Otis & Co.; H. L. Allen & Co.; R. M.
Schmitt & Co.; First National Co. of Detroit
99.4369
National City Co.; Halsey, Stuart & Co.; Griswold-First State Co.;
Bancitaly Corp.; R.W.Pressprich & Co
99.4089
E. H. Rollins & Sons; Roosevelt & Son; Geo. B. Gibbons & Co.; Inc.;
Remick, Hodges& Co.;B.J. Van Ingen & Co.; Howe,Snow & Co.;
Dewey,Bacon & Co.; Pulleyn & Co.: A.B. Leach & Co.: Curtis &
Sanger; Graham, Parsons & Co.; Minton, Lampert & Co.; First
National Co. (St. Louis); Stern Brothers (Kansas City); J. R.
Thompson Securities Co
99.3517
CHICAGO SANITARY DISTRICT, Cook County, III.
-BOND OF-Sealed bids will be received by Michael Rosenberg, Chairman
FERING.
of Committee on Finance, until 10 a. m. (standard time) May 3, for the
purchase of the following issues of 4 % bonds aggregating $11,000,000:
$10,000,000 sewer bonds (55th issue). Due $500,000, May 1 1929 to 1948,
incl.
1,000,000 sewer bonds (54th issue). Due $50,000. May 1 1929 to 1948
incl.
Dated May 1 1928. Denom. $1,000. All bonds registerable as to principal. Prin. and int. payable at the office of the District Treasurer. A
certified check payable to the order of the District Clerk, for 3% of the
bonds offered, is required. Legality approved by Wood & Oakley of
Chicago.
CHICKASHA, Grady County, Okla.
-BOND OFFERING.
-Sealed
bids will be received until 8 p. m. on May 10, by C. A. Chincholl, City
Clerk, for the purchase of a $20,000 issue of fire equipment bonds. Int,
rate is not to exceed 5%. Dated June 1 1928 and due $2,000 from June 1
1931 to 1940, incl. A $500 certified check, payable to the city, must accompany the bid.
CINCINNATI CITY SCHOOL DISTRICT, Hamilton County, Ohio.
-BOND SALE-The following issues of 41.4"% bonds, aggregating $330,-were awarded to Assel, Goetz &
000, offered on April 23-V. 126, p. 2196
Moerlein of Cincinnati, as below:
$200,000 school site bonds at a premium of $162, equal to 100.08, a basis
of about 3.985%. Due Sept. 1, as follows: $7,000, 1929 to 1948,
incl., and $6,000, 1949 to 1958, incl.
130,000 school building bonds at a premiu. of $452, equal to 100.34, a
basis of about 3.97%.Due $10,000, Sept. 1 1941 to 1953, incl.
Dated May 1 1928.
CLAYTON COUNTY (P. 0. Elkader), Iowa.
-BOND SALE.
-The
$200,000 issue of primary road bonds offered for sale on Apr. 19-V.126, p.
1701-was awarded to Geo. M. Bechtel & Co. of Davenport as 4j%
bonds, for a premium of $775, equal to 100.377, a basis of about 4.16%•
Dated May 1 1928 and due $20.000 annually from May 1 1934 to 1943,
incl. The other two bidders also bid for 411s, as follows:
First National Bank, Elkader, Ia. Premium $750.00.
White-Phillips Co.. Davenport, Ia. Premium $600.00.
CLEBURNE,Johnson County, Tex.
-BOND SALE.
-A $65,000 issue
of 5,/ street refunding bonds has been purchased by the Brown-Crummer
Co. of Wichita. Dated Jan. 2 1928. Due from Mar. 1 1929 to 1967, incl.
Prin. and int. (M. & S.) payable at the Seaboard National Babk in New
York City.
CLERMONT, Lake County
Fla.
-MA TURITY-BASIS.--The
$75,000 issue of 6% coupon refunding bonds that was purchased by W. L.
Slayton & Co. of Toledo
-V. 126, p. 2359
-at a price of 95, is due on
Apr. 1, as follows: $4.000 from 1931 to 1940 and $5,000 from 1941 to
1977, all incl., giving a basis of about 6.60%.
CLEVELAND HEIGHTS, Ohio.
-BOND OFFERING.
-Charles C.
Frazine. City Clerk, will receive sealed bids until 11 a. m.(eastern standard
time) April 30, for the purchase of an issue of $75,000 431% coupon fire
station bonds. Denom. $1,000. Due Oct. 1. as follows: 87,000, 1929:
$8,000, 1930: $7,000, 1931* 38,000, 1932; 87,000, 1933; 88,000, 1934;
$7.000, 1935: $8,000, 1936; ,000, 1937, and $8,000, 1938. Prin. and int.
payable at the office of the Director of Finance or at the Legal Depository
of the City in Cleveland. A certified check payable to the order of the
Director of Finance for 3% of the bonds offered is required.
FINANCIAL EXHIBIT.
Assessed value for taxation:
1918
844.629,000.00
1920
85.446,500.00
1922
85.473,020.00
1926
145,451,610.00
1927
161,647,510.00
Estimated actual value
202.059,388.00
Total bonded debt, incl. this issue
7,694,274.92
Cash value of sinking funds held for debt redemption
1,888,910.72
Special Assessment bonds included in total debt
5.220,133.00
General bonds included in total debt
2,474,141.92
%
CLYDE, Sandusky County, Ohio.
-BOND SALE.
-The following
Issues of 6% Duane St. paving bonds aggregating $21,585 offered on April
23-V. 126, p. 2196
-were awarded to the Provident Savings Bank tir Trust
Co. of Cincinnati, at a premium of $1,652.45, equal to 107.65, a basis of
about 84.61% •
$17.585 special assessment bonds. Due $1,758.50. Mar. 1 1930 to 1939,
incl.
4,000 Village's portion bonds. Due $400, Mar. 1 1930 to 1939, incl.
Dated March 1 1928. Other bids were as follows:
Bidder
Premium.
Guardian Trust Co
$939.00
A. E. Aub & Co
1,510.00
Roth & Irving Co
Well,
1,041.00
Clyde Savings Bank & Trust Co
835.50
COLLIER COUNTY (P. 0. Everglades), Fla.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. on May 21, by E. W. Russell,
Clerk of the Board of County Commissioners,for the purchase of a $400.000
issue of 6% road and bridge bonds. Denom. $1,000. Dated July 1 1927
and due on July 1, as follows: $10,000, 1931 and 1932; $15,000, 1933 to
1935; $20,000. 1936 to 1938: $25,000. 1939 to 1943 and 330.000 from 1944
to 1948, all incl. Prin. and int.(J. & J.) payable in New York City in gold.
Chester B. Masslich of New York City will furnish legal approval. An
$8.000 certified check, payable to the Clerk, must accompany the bid.
COLUMBIA, Richland County, S. C.
-BOND OFFERING.
-Sealed
bids will be received by G. F. Cooper, City Clerk and Treasurer, until
11 a. m. on May 1, for the purchase of an issue of $117,000 coupon assessrate is not to exceed 6% stated in a multiple of 11' of
ment bonds. Int,
,
1%. Denom. 31.000. Dated May 1 1928 and due on May 1. as follows:
$9,000. 1929; 312,000, 1930 and 1931; $13.000. 1932 to 1937, incl. and
$6,000 in 1938. Prin. and int. (M. & N.) payable in gold in New Ycrk.
Reed Hoyt & Washburn of New York City will furnish legal approval. A
certified check for 2% of the bid, payable to the city, is required.
COLUMBUS,Franklin County, Ohio.
-NOTE SALE.
-The $175.000
promissory note issue offered on April 23-V. 126, p. 2534
-was awarded
to Stephens & Co. of New York, at a premium of $88.00, equal to 100.05.
The issue is to bear interest at the rate of 4%. Dated MaY 15 1928.
Payable Nov. 15 1929 at the agency of the City of Columbus in New York.
COLUMBUS COUNTY (P.O. Whiteville), N. C.
-BOND OFFERING.
-sealed bids will be received until May 8. by G. C. Ratcliffe, Clerk of the
Board of County Commissioners, for the purchase of a 375,000 issue of
school funding bonds.
CONCORD, Merrimack County N. H.
-BOND OFFERING.
-Sealed
bids will be received by the City Treasurer, until 3 p. m. May 2, for the
purchase of an issue of $130,000 4% public improvement and refunding
Dated May 1 1928 and maturing serially from 1929 to 1938 incl.
bonds.
CONEJOS COUNTY SCHOOL DISTRICT NO. 13 (P. 0. Capulin),
-A $6,000 issue of 514% school building bonds
-BOND SALE.
Colo.
that
2691
was recently voted has been purchased by the U.S. National Co.of Denver.
Dated May 1 1928. Due in 20 years and optional in 12 years.
CONWAY HIGH SCHOOL DISTRICT NO. 1(P.O. Conway), Harry
County, S. C.
-BOND OFFERING.
-Sealed bids will be remived until
2 p. m. on May 3. by E. S. C. Baker, Chairman of the School District.
for the purchase of an issue of $124,000 school bonds. Int. rate is to be
not less than AM or more than 5%. Dated May 1 1928. Due from
1938 to 1958. incl. Prin. and semi-annual hit. is payable at a bank in
New York City. Legality of bonds will be approved. A $1,000 certified
check, payable to the District, must accompany the bid.
COPIAGUE FIRE DISTRICT (P. 0. Copiague), Suffolk County,
N. Y.
-BOND SALE.
-The $80,000 coupon fire bonds offered on April 24
-V. 126, P. 2534
-were awarded to Farson, Son & Co. of New York City.
as 4;is, at 100.079, a basis of about 4.23%. Dated May 1 1928. Due
$4,000. May 1 1929 to 1948, incl.
CORPUS CHRISTI INDEPENDENT SCHOOL DISTRICT (P. 0.
Corpus Christi), Tex.
-BOND DESCRIPTION.
-The $400.000 block of
% school bonds that was sold recently to the Federal Commerce Trust
Co. of St. Louis
-V. 126, P. 1551-at a price of 104.334, is further described as follows: Denom.$1.000. Dated Mar. 1 1928 and due on Mar. 1.
as follows: $4,000, 1929 to 1938: 38.000, 1939 to 1948; $12.000. 1949 to
1958 and $16,000. 1959 to 1968. all incl., giving a basis of about 4.45%.
Prin. and int.(M. & S.) payable at the Hanover National Bank in New
York City.
CUERO INDEPENDENT SCHOOL DISTRICT (P. 0. Cuero), Tex.
-BOND SALE.
-The $125,000 issue of 5% school bonds offered for sale
on Apr. 19-V. 126. P. 2534
-was awarded to the Dallas Trust Co. of
Dallas for a premium of$6,600, equal to 105.28. a basis of about 4.57%•
Dated May 1 1928. Due as follows: $2,000, 1929 to 1933: 53.000. 1934 to
1943; $4,000, 1944 to 1953, and $3,000. 1954 to 1968, all incl.
CUMBERLAND VALLEY TOWNSHIP SCHOOL DISTRICT (P. 0.
Cumberland, Md. R. D. 3), Bedford County, Pa.
-BOND OFFERING.
-Sealed bids will be received by J. T. Growdens, Secretary Board of
Directors, until May 4,for the purchase of an issue of 130,000 43(% school
bonds. Denom. $500. Due April 1 1958. optional at any time.
DANE COUNTY(P.O. Madison), Wis.-PRICE PAID.
-The $660,000
Issue of 43(% coupon highway bonds that was sold on Apr. 17 to the Central
Wisconsin Trust Co. of Madison
-brought a premium of
-V. 126. P. 2535
812,100, equal to 101.833. a basis of about 4.03%. Due from May 1
1936 to 1939 incl.
DAUPHIN COUNTY (P. 0. Harrisburg), Pa.
-BOND SALE.
-The
Guaranty Co. of New York, was awarded on April 20, an issue of $500.000
4% road bonds at a premium of $9,203.65 equal to 101.85 a basis of about
3.77%.
DAVIS COUNTY (P. 0. Bloomfield), lowa.-BOND SALE.
-The
$200,000 issue of 43 % primary road bonds offered for sale on Apr. 19-was awarded to Geo M.Bechtel & Co. of Davenport for a
V. 126, p. 2535
premium of $277, equal to 100.138, a basis of about 4.24%. Dated May 1
1928 and due $20,000 yearly from May 1 1933 to 1942. incl. Optional
after 5 years.
DEARBORN, Wayne County, Mich.
-BOND OFFERING.
-Myron A.
Stevens, City Clerk, will receive sealed bids until 8 p. in. (eastern standard
time) May 2, for the purchase of the following issues of 6% special assessment bonds aggregating $38,000:
$27,300 Sewer Dist. No. 16 bonds. Due April 1, as follows: $5,300. 1929:
$5,000, 1930 and 1931. and $6,000, 1932 and 1933.
10,700 Sewer Dist. No. 15 bonds. Due April 1, as follows: 32,700, 1929;
and $2,000. 1930 to 1933, incl.
Dated April 1 1928. A certified check payable to the order of the City
Treasurer for 5% of the bonds offered is required.
BOND OFFERIAG.-Sealed bids will be received by the sibFr
-mentioned official until 8 p. m.(eastern standard time), May 2,for the purchase
of an issue of $1,200 6% Special Assessment Sewer District No. 13 bonds.
Dated Apr. 1 1928. Denoms. $300 and $200. Due Apr. 1, as follows:
$200, 1929 to 1931 incl.; and $300, 1932 and 1933. A. certified check
payable to the order of the City Treasurer, for 5% of the bonds offered is
required.
DECATUR SCHOOL DISTRICT NO.61,Macon County,III.
-BOND
SALE.
-The Harris Trust & Savings Bank of Chicago, was awarded at
public auction on Apr. 18. an issue of $400.000 school building bonds as
4s. at par. Dated June 20 1928. Due $20,000, June 1, 1929 to 1948 incl.
DECATUR SCHOOL DISTRICT (P. 0. Decatur), Newton County,
-BOND DESCRIPTION.
-The $50,000 school bonds that were
Miss.
recently purchased by the Memphis Bank & Trust Co.of Memphis
-V.126.
-at a price of 100.57, is more fully described as follows: $25,000
p. 2359
4 83 .onds and $25.000 5% bonds. Due in 1953. giving a basis of about
4 /
.
0 b
DEL MONTE SCHOOL DISTRICT (P. 0. Salinas), Monterey
-BOND SALE.
County, Calif.
-The $11,000 issue of 5% semi-annual
school bonds offered for sale on Apr. 17-V. 126, P. 2360
-was awarded
to Pierce, Fair & Co. of Los Angeles, for a premium of $421, equal to
103.827, a basis of about 4.27%. Due $1,000 from 1929 to 1939. incl.
Other bids and bidders were:
Bidder
Premium. '
Central National Bank of Oakland
Wm. R. Stoats & Co
"37191..0053
Neale, Kelty & Supple
342.00
Anglo-London-Paris Co
270.00
DEICALB COUNTY (P. 0. Auburn), Ind.
-BOND OFFERING.
Sealed bids will be received by the County Treasurer, until 10 a. m. May 25
for the purchase of an issue of $6,846.40 6% Albert Buchanan et al drainage
bonds. Dated May 11928. Demon $855.80. Due annually one bond each
year. Principal and Interest payable at the office of the County Treasurer
DRUID HILLS SCHOOL DISTRICT (P. 0. Decatur), De Kalb
County, Ga.-BOND SALE.
-A $250.000 issue of school bonds has been
purchased by the Trust Co.of Georgia of Atlanta,for a premium of 313.010.
equal to 105.204.
-W. F.
DUNCANSVILLE, Blair County, Pa.
-BOND OFFERING.
Noon, Borough Secretary, will receive sealed bids until 6 p. in. May. 4. for
the purchase of an issue of$10,000 5% coupon water bonds. Dated May 15
1928. Denom. $500. Due May 15 1948 optional after 3 years. A certified check payable to the order of the Borough Treasurer, for 2% of the
bonds offered is required.
DURHAM TOWNSHIP SCHOOL DISTRICT (P. 0. Durham),
Bucks County, Pa.
-Sealed bids will be received by
-BOND OFFERING.
H. K. Riegel, Secretat7 of School Board, until 10:30 a. m.(eastern standard
time) May 5, at the First National Bank, Riegelsville, for the purchase of
an issue of $6,600 5% school bonds. Dated April 15 1928. Denoms.
$1,000, $500 and one bond for $600. Due Oct. 15, as follows: $1,000.
1930 to 1935 incl.; and $600, 1936. Principal and hit, payable at the
above-mentioned bank. A certified cheek for 5% of the bonds offered is
required. Issue subject to approval by the Department of Internal Affairs
In Pennsylvania.
-NOTE SALE.
-A $70,000 issue
DYERSBURG, Dyer County, Tenn.
of 5% tax anticipation notes has been purchased at par by the Union &
Dec 1rs Ba. & Trust Co. of Memphis. Dated Mar. 1 1928. Due on
Plaute 1928nk
ELKHART COUNTY (P. 0. Goshen), Ind.
-BOND OFFERING.
Elizabeth Miltenberger, County Treasurer, will receive sealed bids until
10 a. m. May 16 for the purchase of an issue of $19.000 434% Clarence
A. Kauffman Clinton Township highway improvement bonds. Dated
May 15 1928. Denom. $475. Due $475 May and Nov. 15 1929 to 1948
ERIE COUNTY (P. 0. Erie), Pa.
-BOND OFFERING.
-Harvey M.
Wilkins, County Comptroller, will receive sealed bids until 11 a. m.(eastern
standard time) April 30, for the purchase of an issue of 3500.000 series 1
4% road bonds. Due $100,000. May 1 1948 to 1952 inclusive.
EUREKA SPRINGS, Carroll County, Ark.-INT. RATE, PRICE
PAID.
-The $55.000 issue of auditorium bonds that was purchased by
M. W. Elkins & Co. of Little Rock-V. 126, p. 1868-bears interest at 6%
and the bonds were sold at a price of 101.03.
FALL RIVER, Bristol County, Mass.
-BOND
SALE.-Thefol2los_wivng
issues of 4% coupon bonds aggregating $300,000 offered on Apr,
2692
FINANCIAL CHRONICLE
126, p. 2535
-were awarded to the National City Co. of New York, at
100.988. a basis of about 3.72% •
$250,000 Public Improvement Loan No. 29.. Due $25,000, Apr. 2,
1929 to 1938 incl.
250,000 Highway Loan No.45. Due $50,000, Apr. 2 1929 to 1933 incl.
Dated Apr. 2 1928.
The following is a list of other bids received:
BidderPrice Bid.
Old Colony Corp
100.907
Estabrook & Co
100.289
Eldredge & Co
100.472
-BOND SALE.
-The
FARMINGTON, Hartford County, Conn.
$200,000 4% coupon high school bonds offered on April 25-V. 126. P.
-were awarded to Estabrook & Co. at 101.423 a basis of about 3.87% •
2360
Dated May 1 1928. Due $5,000, May 1 1929 to 1968 inclusive. Other bids
were as follows:
Bidder-.
Price Bid
Putnam & Co
$101.33
B. M. Grant & Co
100.433
Dewey, Bacon & Co
100.176
100.437
Rutter & Co
H. L. Allen, G. L. Austen & Gibson, Leefe & Co
100.336
100.659
Conning & Co. and R. L Day & Co
Thomas Finn & Co.. R.T.Barnes & Co.and Charles W.Scranton- 101.097
-BOND OFFERINO.-Sealed
FARRAGUT Fremont County, Iowa.
bids will be received until May 1, by the Town Treasurer, for the purchase
of a $75.000 issue of 4% shcool bonds.
FERGUS COUNTY SCHOOL 'DISTRICT NO. 44 (P. 0. Moore),
Mont.
-BOND OFFERING.
-Sealed bids will be received until 2 p. m. on
May 14 by Mrs. A. M.Gorman, District Clerk,for the purchase ofan $8,000
Issue of school bonds. Int. rate not to exceed 6%. A $500 certified check
Is required.
-The $90,000
-BOND SALE.
FORT WAYNE, Allen County, Ind.
-were•
4% school construction bonds offered on Apr. 24-V. 126. p. 1869
awarded to the First National Bank of Fort Wayne.at a premium of $2,781
equal to 103.09, a basis of about 3.66%. Dated May 1 1928. Due May 1,
as follows: 53,000. 1929 to 1933 incl.: $4.000. 1934 to 1938 incl.; $5,000.
1939 to 1943 incl.; and R6.000, 1944 to 1948 inclusive.
Other bids were as follows:
Premium.
Bidder51.909
Harris Trust & Savings Bank
2.295
Broadway State Bank
2,715
Lincoln National Bank
-The following
°Mo.-BOND SALE.
FOSTORIA, Seneca County,
issues of bonds aggregating $39.558.90 offered on Apr.24-V. 126, p. 2360
were awarded to the Provident Savings Bank & Trust Co. of Cincinnati:
$24,000 5% water works bonds. Dated Sept. 15 1927. Due 911,000,
Mar. and Sept. 1 1929 to 1940 incl. Denom. $1,000.
9,000 534% city's portion street improvement bonds. Due $500 Mar.
and Sept. 1 1929 to 1937 incl.
6,558.90 534% special assessment street improvement bonds. Due as
follows: $608.90. Mar. 1 and $350 Sept. 1 1929: and $350 Mar.
and Sept. 1 1930 to 1937 incl.
-BOND OFFERING
FRANKLIN COUNTY(P.O. Columbus),Ohio.
Sealed bids will be received by the Clerk Board of County Commissioners.
until 10:30 a. m. (eastern standard time) May 12, for the purchase of the
following issues of 434% improvement bonds aggregating $25,530:
$13,150 Wilson Road extension bonds. Due as follows: $150 Mar. and
$500 Sept. 11929;$500 Mar. and Sept. 1 1930 and 1931; and $500
Mar. and $1,000. Sept. 1 1932 to 1938 incl.
12.380 Schott Road bonds. Due as follows: $380 Mar. and $500 Sept.
1 1929; $500 Mar. and Sept. 1 1930 to 1933 incl.; and $500 Mar.
and $1,000. Sept. 1 1934 to 1938 incl.
Dated July 1 1928. Prin. & int. payable at the office of the County
Treasurer. A ceritfied check payable to the order of the Board of County
Commissioners, for 1% of the bonds offered is required.
-BOND OFFERING.-Yrank
FREMONT, Sandusky County, Ohio.
J. Winters. City Auditor, will receive sealed bids until 12 m. May 1, for the
Purchase of an issue of $5,000 5% sewer system bonds. Due $1,000,
April and Oct. 1 1929 to 1933 inclusive. A certified check payable to the
order of the City Treasurer, for 10% of the bonds offered is required.
FREMONT AND HANCOCK UNION FREE SCHOOL DISTRICT
-BOND SALE.NO. 4 (P. 0. Long Eddy), Sullivan County, N. Y.
-were
The $20,000 6% school bonds offered on April 18-V. 126, p. 2360of $1.of New York City, at a premium
awarded to R. F. DeVoe & Co.
253.80 equal to 106.269 a basis of about 4.65%. Dated May 1 1928.
Due $2,0)0,May 1 1929 to 1938 incl.
Other bids were as follows:
Price Bid.
Bidder$20,111.11
Estmor Corp
20,626.60
George B. Gibbons & Co
20.431.60
Farson, Son & Co
10,270.00
bonds)
Callicoon National Bank (For 1st 5
-The $150,000
-BOND SALE.
GALVESTON,Galveston County,Tex.
Issue of 5% coupon fire boat bonds offered for sale on Apr. 26-V. 126. p.
for a
-was awarded to Stranahan, Harris & Oatis, Inc. of ToledoDated
2535
premium of $7,049, equal to 104.699, a basis of about 4.55%. highest
incl. The second
Feb. 1 1928 and due from Feb. 1 1929 to 1952
bid was an offer of 104.13 tendered by R. M.Grant & Co. of New York.
-Myron W.
-BOND SALE.
GENESEO, Livingston County, N. Y.
Greene of Rochester was awarded on Apr. 24, an issue of $9,000 5% fire
a basis of about 4.33%. Due $1,000,from 1929
apparatus bonds at 102.90,
to 1937 incl.
-The $15,000
-BOND SALE.
GLANDORF, Putnam County, Ohio.
-were
126. P. 1552
street improvement bonds offered on April 3-V.at a premium of $501
awarded to the First National Bank of Ottawa as 6s,
equal to 103.34.
GRAND HAVEN SCHOOL DISTRICT, Ottawa County, Mich.
the
-The following is a complete list of other bids submitted for
BIDS.
of Chicago,
$125,000 school bonds awarded as 43(s, to John Nuveen & Co.
at 101.084 a basis of about 4.12%-V. 126, p.2535:
Premium.
Bidder
$1,350.00
A. B. Leach & Co
1,335.00
Detroit Trust Co
1,285.00
Security Trust Co
1,135.00
Bond Co
Hanchett
1,130.00
Federal Securities Corp
1,120.00
Harris Trust & Savings
937.00
Whittlesey McLean & Co
935.00
Stranahan, Harris & Oatis
775.00
Guardian, Detroit
700.00
Bank of Detroit
411.00
Braun Bosworth & Co
325.00
Lewis & Co
213.00
Griswold First State
-ELECTION SALE.
-PRE
GRANTS PASS, Josephine County, Ore. has been purchased at par
A $400,000 issue of 436% water system bonds election to be held soon.
subject to an
by Ferris & liardgrove of Spokane
DRAINAGE DISTRICT
GRATIOT AND CLINTON COUNTIES bids will be received by the
-Sealed
-BOND OFFERING.
NO, 121, Mich.
the purchase of an
Board of Drain Commissioners, until 9 a. in. May 8, for 1 1928. Denom.
issue of $10,000 6% drainage bonds. Dated June 1931; and $3.000,
1930 and
$1,000. Due Mar. 15, as follows: $2,000, office of the County Treasurer
1932 and 1933. Prin. and int, payable at the
the Drainage Board
of Gratiot. A certified check payable to the order of
for $200 is required.
-A $38.000 iSt3110 Of
-BOND SALE.
GREELEY, Weld County, Colo.
purchased by Peck, Brown
% improvement bonds has recently been
of 99.067. Due on or before 1950.
& Co.of Denver at a price
43(
-BOND SALE.
GREECE(P.O. Rochester), Monroe County, N. Y.
improvement
The $95,000 5% series No. 8, coupon or registered streetto Batchelder,
-were awarded
bonds offered on April 20--V. 126, p. 2361
4.35%. Dated
Wack & Co. of New York City at 104.06, a basis of about1941, incl.; and
April 1 1928.Due April 1. as follows: $7,000, 1929 to
54.000, 1942.
[vol.. 126.
Other bids were as follows:
Bidder
Bid.
-Price
George B. Gibbons & Co
103.85
Dewey, Bacon & Co
104.00
Pulleyn & Co
104.01
R. F. DeVoe & Co
103.02
Farson, Son & Co
103.85
Sage, Wolcott & Steele
103.62
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 8 (P. 0.
White Plains), Westchester County, N. Y.
-BOND SALB.-The
$25,000
% coupon or registered school bonds offered on Apr. 25V.126,P.2361-were awarded to Sherwood& Merrifield,Inc. of New York
City, at 104.026, a basis of about 4.15%. Dated Apr. 1 1928. Due
$2,000, Apr. 1 1934 to 1948 incl. The bonds are being offered to investors
priced to yield 4.05%.
GREENLAWN WATER DISTRICT (P. 0. Huntington) Suffolk
County, N. Y.
-BOND SALE.
-The $175,000 coupon or registered water
bonds offered on April 24-V. 126, p. 2536 were awarded to Harris, Forbes
& Co. of New York City, as 4s, at 100.043 a basis of about 3.977. Dated
May 1 1928. Due May 1, as follows: $12,000, 1933 to 193einclusive;
$13,000, 1939 to 1945 incl.; and $12,000, 1946.
GREER, Greenville County, S. C.
-BOND .SALE.
-A $73,000 issue
of 434% waterworks and sewerage bonds has been purchased by the Citizens
& Southern Co. and J. H. Hillsman & Co.. Inc., both of Atlanta. Denom.
$1.000. Dated Jan. 1 1928 and due on Jan. 1 as follows: $4,000 in even
years from 1932 to 1966. incl., and $1,000 in 1967. Prin. and int. (J• & J.)
payable at the Chase National Bank in New York City.
GREENWOOD, Leflore County, Miss.
-BOND SALE.
-The $20,000
Issue of 5% street improvement bonds offered for sale on Apr. 17-V. 126,
p. 2536
-was awarded to the Meridian Finance Corp. of Meridian for a
premium of $216, equal to 101.08.
GROSSE ILE TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0
Grosse Ile), Wayne County, Mich.-BON.D OFFERINp.-Mrs. Mary_
E. Wilton. Secretary Board of Education, will receive sealed bids until 7.30
p. in. April 30,for the purchase of an issue of $125,000 school bonds rate of
interest not to exceed 4347, Due $6,250, Mar. 1 1930 to 1949 incl. A
certified check payable to the order of the Board of Education, for 5% of
the bonds offered is required.
HAMILTON, Butler County, Ohio.
-BOND SALE.
-The 5156.000
coupon Electric Plant improvement bonds offered on Apr. 24-V. 126.
-were awarded to the Detroit Trust Co. of Detroit, as 434s, at a
la• 2198
premium of $1253, equal to 100.803, a basis of about 4.149. Dated Jan.
11928. Due Jan. 1, as follows: 310,000, 1930 to 1938 inclusive; and $1.000,
1939 to 1944 inclusive.
HAMILTON COUNTY (P. 0. Noblesville), Ind.
-BOND SALE.
The $7,900 434% Clay Township road improvement bonds offered on April
-were awarded to Breed, Elliott & Harrison of Indian9-V. 126, p. 1869
apolis, at a premium of $278, equal to 103.50, a basis of about 3.81%•
Dated March 15 1928. Due May and Nov. 15, from 1929 to 1938, incl.
HARRIMAN, Orange County, N. Y.
-Sealed
-BOND OFFERING.
bids will be received by Elwood F. Fowler, Village Clerk, until 6.30 P. In.
May 1, for the purchase of an issue of $50,000 5% coupon water bonds.
Dated July 1 1927. Denom. $1,000. Due July 1, as follows: $3,000.
1938 to 1953,incl.; and $2,000, 1954. Prin, and int. payable at the Monroe
National Bank, Monroe. A certified check, payable to the order of the
Village for 10% of the bonds offered, is required. These are the bonds
originally scheduled for sale on Apr. 16-V. 126. pp. 2361-2536.
HARTFORD CITY, Blackford County, Ind.
-The
-BOND SALE.
5114.000 5%, school building bonds offered on April 23-V.126,p. 2198
were awarded to the Fletcher Savings & Trust Co. of Indianapolis, at a
premium of $10,641 equal to $109.33 a basis of about 4.91%. Dated April
16 1928. Due $5,700. Dec. 15 1929 to 1948 inclusive.
HEMPSTEAD CENTRAL HIGH SCHOOL DISTRICT NO. 1 (P. 0.
Valley Stream), Nassau County, N. Y.
-BOND SALE.
-The 5750.000
coupon school bonds offered on April 24-V. 126, p. 2361-were awarded
to a syndicate composed of the National City
Harris, Forbes & Co.
and Bankers Trust Co., all of New York City, as 4.20s, at 101.109, a basis
Co.,
of 4.13%. Dated April 1 1928. Due April 1 as follows: $5,000, 1930
to 1934, incl.; 510,000, 1935 to 1939, incl.; 515,000, 1940 to 1944. incl.;
$20.000, 1945 to 1949, incl.; 525M00, 1950 to 1954, incl.,• $35,000, 1955 to
1959, incl., and $40,000, 1960 to 1964, incl. Other bids on a 4.20% hit.
rate were as follows:
Bidder
Rate Bid.
White, Weld & Co
100.25
Phelps, Fenn & Co
100.65
eo
George B. Gibbons & Co
100.513
Sherwood & Merrifield
100.267
H. L. Allen & Co
100.88
Dewey. Bacon & Co
100.527
HEMPSTEAD SCHOOL DISTRICT NO. 1 (P.O. Hempstead),Nacsau County, N. Y.
-BOND OFFERING -Sealed bids will be received by
J. P. Calkins Clerk Board of Education, until 8 p. m. May 16,for the purchase of an issue of 5500,000 434% coupon or registered school bonds.
Dated July 11928. Denom. $1,000. Due $25.000, July 1 1935 to 1954
incl. Prin. & int, payable at the Second National Bank,Hempstead. A
certified check payable to the order of the Board of Education, for 2%
of the bonds offered is required. Legality approved by Hawkins, Delafield & Longfellow of New York City.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 11 (P. 0.
Ocean Side), N. Y.
-BOND SALE.
-The 8150,000 coupon or registered
school bonds offered on April 23-V. 126. p. 2361-were awarded to Dewey.
Bacon & Co. of New York. as 4.20s, at 100.537 a basis of about 4.14%.
Dated April 1 1928. Due 56.000. April 1 1929 to 1953 incl. The bonds
are being reoffered to the public for investment priced to yield 4.05% for
the entire issue.
HENRICO COUNTY (P. 0. Richmond), Va.-BOND SALE.
-The
$200,000 issue of 434% coupon Sanitary District No. 1 bonds offered for
sale on Apr. 20-V. 126,13. 2361-was awarded to the Bankers Trust Co. of
New York City, at a price of 105.659, a basis of about 4.18%. Denom.
$1,000. Dated June 1 1927 and due on June 11957.
HOLLYWOOD,Broward County, Fla.
-BOND SALE.
-The $228,000
Issue of 6% refunding bonds unsuccessfully offered for sale on Dec. 21-has since been awarded at private sale to Parson, Son &
V. 125, p. 3514
Co. of New York City at a price of 90. a basis of about 8.08%. Dated
Nov. 1 1927. Due on Feb. 1 as follows: $30,000from 1931 to 1934;$35.000.
1935 and 1936 and $38,000 in 1937.
HOLLYWOOD PARK DISTRICT,Cook County,III.
-BOND OFFER-Sealed bids will be received by the Park Commissioners, until
ING.
8 p. m. May 1, for the purchase of an issue of $46,000 5% park bonds.
Dated June 1 1928.
HOMERVILLE CONSOLIDATED SCHOOL DISTRICT (P. 0.
Homerville), Ga.-BOND OFFERING.-Sealed bids will be received until
May 1, by II. C. Hughes, Chairman of the District, for the purchase of a
$50,000 issue of school bonds. A $2,500 certified check must accompany
bid.
HOUSTON, Harris County, Tex.
-A special
-BOND ELECTION.
election will be held on May 29,for the purpose of voting upon the proposed
Issuance of $4,000,000 in bonds for general school purposes. According to
advices received: The present tax is 87 cents for maintenance and bonds
inherited from the city and 18 cents to take care ofsinking fund and interest
charges of a $7,000,000 bond issue voted in 1925 and 1926 and now exhausted. Present $1.05 rate is the legal limit without vote of People.
New schedule falls within 1 cent of the $1.25 limit. A special act of the
State Legislature is necessary to increase latter amount.
HURON, Erie County, Ohio.
-Sealed bids will
-BOND OFFERING.
be received by G. J. Specker, Village Clerk, until 12 in. May 21 for the purchase of an issue of 322,360.55 5% special assessment street impt. bonds.
Due Sept. 1. as follows: 51,360.55, 1929; 52.000, 1930 to 1935, incl.; and
53,000. 1936 to 1938, incl. A certified check, payable to the order of the
Village Treasurer. for 1% of the bonds offered, is required.
ILLINOIS, State of (P. 0. Springfield).
-$15,000.000 BONDS TO 73E
SOLD MAY 15
-The "Herald Tribune"of April 25,reported the proposed
sale of $15,000,000 State bonds on May 15. No details have yet been recalved as to the proposed financing, but it is assumed that the bonds will
APR. 281928.]
FINANCIAL CHRONICLE
2693
mature serially and be disposed of at public auction as has been the custom
LENOIR, Caldwell County, N. C.
-BOND OFFERING.
-Sealed bids
of the State in the past.
will be received until 7.30 p. m.on May 21, by John M.Crisp, Town Clem,
for the purchase of an issue of $100.000 coupon or registered water bonds.
JACKSON COUNTY (P. 0. Maquoketa), Iowa.
-BOND SALE.The $45,000 issue of 434% annual primary road bonds offered for sale Int. rate is not to exceed 6% stated in a multiple of M of 1% and the same
-was awarded to Geo. M. Bechtel & Co. of for all the bonds. Denom.$1,000. Dated May 1 1928 and due on May 1.
Apr. 20-V. 126. P. 2361
Davenport for a premium of $300,equal to 100.666. a basis of about 4.12%. as follows: $2,000, 1931 to 1944 and $3,000, 1945 to 1968, all incl. Prin.
Dated May I 1928 and due $5,000 yearly from May 1 1934 to 1942, incl. and hit. (M. & N.) payable in New York City in gold. Reed, Hoyt &
Washburn of New York City will furnish legal approval. A certified check
Optional after 5 years.
JACKSON COUNTY SPECIAL ROAD AND BRIDGE DISTRICT for 2% of the bid, payable to the Town, is required.
NO. 6 (P. 0. Marianna), Fla.
-BOND ,SALE.
-A 640,000 issue of road
LEOMINSTER, Worcester County, Mass.
-BOND OFFERING.
and bridge bonds has been purchased at par by the First National Bank Sealed bids will be received by Charles D. Hamden, City Treasurer, until
of Marianna.
11 a. m. (daylight saving time) May 1, for the purchase of the following
issues of 4% coupon
JERSEY CITY, Hudson County, N. J.
-BOND OFFERING.
-Sealed $50,000 sewer bonds.bonds aggregating $94,000:
Dated May 1 1928. Due May 1,asfollows: $3,000,
bids will be received by William B. Quinn. Director of the Department of
1929 to 1938, incl., and $2,000, 1939 to 1948, incl.
Revenue and Finance, until 11 a. m. (daylight saving time) May 7, for
44,000 permanent pavement bonds. Dated Mar. 1 1928. Due Mar. 1,
the purchase of the following issues of 434% coupon or registered bonds no
as follows: 95,000, 1929 to 1932, incl., and 94,000, 1933 to 1938.
more bonds to be awarded than will produce a premium of $1,000 over each
incl.
of the issues given below:
Denom. $1,000. Prin. and int, payable at the First National Bank,
$1,339,009 general improvement bonds. Due May 1 as follows: $53,000.
Boston. Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
1929 to 1939, incl., and 954,000. 1940 to 1953. Incl.
280,000 school bonds. Due $28,000. May 1 1929 to 1938, incl.
Financial
Dated May 1 1928. Denom. $1,000. Principal and interest payable Net valuation for year 1927 Statement April 13 1928.
$22,143,477.00
in gold at the office of the City Treasurer. A certified check payable to Debt limit
545,557.80
the order of the City for 2% of the amount of bonds bid for is required. Total gross debt including these issues
1,331,800.00
Legality approved by Reed, Hoyt & Washburn of New York City.
Exempted debt:
Water bonds
JOHNSON COUNTY (P. 0. Iowa City), Iowa.
9367,000.00
-BOND OFFERING.,
School bonds
Sealed bids will be received until April 30, by the County Treasurer,for the
438,000.00
Sewer bonds
purchase of an issue of $130,000 434% primary road bonds. Due seially
50,000.00
from 1932 to 1942, incl.
855,000.00
KENEDY, KARNES COUNTY, Tex.
-BOND OFFERING.
-Sealed
Net debt
$476,800.00
bids will be received by the Secretary of the Board of Education, until
68,757.80
May 15, for the purchase of a $25,000 issue of 434% semi-annual school Borrowing capacity April 13 1928
bonds. Due $1,000 yearly from 1929 to 1953, incl.
LEWIS COUNTY(P.O. Lowville), N. Y.
-BOND OFFERING.
-E.H.
Barnes, County Treasurer, will receive sealed bids until 10 a. m.August 20,
KENMORE, Summit County, Ohio.
-BONDS NOT SOLD.
-The
$360,000 5% sewer construction bonds scheduled for sale on April 20- for the purchase of an issue of 9180,000 4g% coupon road bonds. Dated
V. 126. p. 2362
-were not sold as an injunction was obtained restraining the Sept. 1 1928. Denom. 51,000. Due 510,000. March 1 1929 to 1946, incl.
municipality from issuing the bonds. The following bids were received for Prin. and int. payable in Lowville. A certified check for $5,400 is required.
the issue:
LEWISTON, Nez Perce County, Ida.
-The fol-LIST OF BIDDERS.
BidderInt. Rate. Premium. lowing Is a complete list of the firms bidding for the 935,000 issue of
%
Federal Securities Corp
434%
$216.00 coupon street improvement bonds offered and sold on Apr. 9-V. 126. P.
Ryan. Sutherland & Co
4 %
%
3,744.00 2537
-to the Old National Bank & Union Trust Co. of Spokane for a
Seasongood & Mayer
3,610.00 premium of $120, a basis of about 4.46%.
%
Otis & Co
380.00
434%
BidderPremium.
.
Braun. Bosworth & Co
%
510.00 Benwell & Co. of Denver
$1.50 (per bond)
434%
KERN COUNTY UNION HIGH SCHOOL DISTRICT (P. 0. Ferris & Hardgrove of Spokane
45.50
434%
Bakersfield), Calif.
-BONDS VOTED.
-At a special election held on Apr. American Bank & Trust Co. of Lewiston
77.70
%
14 the voters approved the proposition to issue $300,000 in school bonds by Murphy & Fevre of Spokane
434.'"
120.00
a count of 1.152 to 130.
*Bosworth, Chanute Loughridge & Co. off4M o
321.00
Denver
14%%
276.00
KERSHAW COUNTY (P. 0. Camden), S. C.
* These bids do not include furnishing of bonds.
-BOND SALE.
-The
$100,000 issue of 5% coupon highway bonds offered for sale on Apr. 24V. 126, p. 2362
-was jointly awarded to Braun, Bosworth & Co. of Toledo
LIBERTYVILLE, Lake County, III.
-0. J.
-BOND OFFERING.
and the Detroit Trust Co. of Detroit, for a premium of 94,329, equal to Boehen, Village Clerk, will receive sealed bids until 8 p. m. May 1,for the
104.329, a basis of about 4.48%. Dated Apr. 1 1928 and due on Apr.
Purchase of an issue of 951,000 5% water plant and fire truck bonds. Apas follows: $5,000, 1930 and 1931 and $6,000 from 1932 to 1946, incl. 1. proval of this issue was given at an election on April 17.
KIANTONE (P. 0. Jamestown), Chautauqua County, N. Y.
LINCOLN COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Carrizozo),
BOND OFFERING.
-Samuel P. Kidder, Town Supervisor, will receive
-Sealed bids will be received until 10 a. m.
sealed bids until 3 p. m.April 30,at the office of Lloyd C. Dahman,201-202 N. Mex.-BOND OFFERING.
Hotel Jamestown Bldg., Jamestovrn for the purchase of an issue of $17,500 on May 19, by M.B. Paden, County Treasurer, at the First National Bank
coupon or registered highway bondsinterest rate not to exceed 5%. Dated of Carrizozo, for the purchase of a 950.000 issue of school bonds. Int. rate
April 1 1928. Denoms. 31.000 and $500. Due April 1, as follows: 91,500. is not to exceed 6%. Denom. $1,000. Dated July 1 1928. Due as fol1930 to 1940 incl.; and $1,000, 1941. Prin. and int. payable in gold at the lows: 93.000 from 1933 to 1942 and 94.000, 1943 to 1947, all Ind. Prin.
Manufacturers & Traders-Peoples Trust Co., Buffalo. A certified check and semi-annual Int. payable at the office of the State Treasurer or at
payable to the order of the Town for $150 is required. Legality approved the office of Kountzo Bros. in New York. Pershing, Nye, Tallmadge &
Bosworth of Denver will furnish approving opinion. Bids for less than 95%
13y Clay, Dillon & Vandewater of New York City.
of par of the bonds will be rejected. A certified check for 5% of the bids,
KOSSUTH COUNTY (P. 0. Algona), Iowa.
-BOND SALE.
-The payable to the County Treasurer, is required.
$200,000 issue of 4%% coupon primary road bonds offered for sale on Apr.
20.-V. 126, p.2362
LINCOLN SCHOOL DISTRICT NO. 4 (P. 0. Livingston), Park
-wasawarded to the White-Phillips Co. of Davenport
for a premium of $570. equal to 100.285. a basis of about 4.19%. Denom. County, Mont.
-BOND OFFERIAG.-Sealed bids will be received until
$1.000. Dated May 1 1928 and due $20,000 yearly from May 1 1934 to 7.30 m. on Apr. 28, by F. A. Ross, District Clerk, for the purchase of a
1943, incl. Optional after May 1 1933. The only other bidders were as 945,000 issue of semi-annual school bonds. Int. rate is not to exceed 6%.
follows:
No bids for less than par accepted. Dated July 1 1928. Due on July 1
BidderPremium. 1948 and optional after July 1 1933. (These are the bonds previously
Harris Trust & Savings Bank
offered on Apr. 2I
-V. 126, p. 2199.)
$406.50
Northern Trust Co. of Chicago
220.00
LOCHMOOR, Mich.-BOAD SALE.
-The $300,000 sewer system
LA CROSSE SPECIAL TAX SCHOOL DISTRICT(P.O.Gainesville),
bonds offered on Apr. 17-V. 126. p. 2199
-were awarded to the Guardian
Alachua County, Fla.
-BOND SALE.
-The 920,000 issue of 6%
annual school bonds offered for sale on Apr. 16-V. 126, p. 2362 semi- Detroit Co. of Detroit, at a premium of 54.705 equal to 101.568. The
-was bonds mature in thirty years. Other bids were as follows:
awarded to Prudden & Co. of Toledo at a price of 90.
BidderRate Bid.
LAKELAND, Polk County, Fla.
-BOND SALE.
-We are unofficially
101.566
informed that an issue of $1,500,000 534% refunding bonds has been jointly Detroit Trust Co. and First National Co
Griswold First State Bank
101.456
purchased at par by the Florida National Bank of Jacksonville and the Fidelity Trust Co
100.63
Hanchett Bond Co. of Chicago.
Security Trust Co. and Bank of Detroit
100.56
LAKE PLACID, Florida.
-BOND ELECTION.
-Five proposed
Issues will be voted upon at a special election scheduled to be held on bond
LONDON GROVE SCHOOL DISTRICT (P. 0. Avondale), Chester
May
22. The issues aggregate $200,000 as follows:
County, Pa.
-BOND SALE.
-The $73,000 4% coupon school bonds
$32,000 for the town's one-third of an $81,000 paving program: $5,000 is offered on Apr. 23-V. 126. p. 2362
-were awarded to the National Bank
included for paying two-thirds where paving abutts city property. of Chester County, West Chester, at 100.51, a basis of about 3.88%. to
970,000 for water system.
optional date and a basis of about 3.89% if allowed to run full term of years.
$10,000 for white way.
Dated Apr. 1 1928. Due Apr. 1 1958, optional after Apr. 1 1933. A. B.
$75,000 for recreation park, Incl. country club, boats, boat house, golf Leach & Co. was the only other bidder offering 100.13 for the bonds.
links, base ball field and other sports facilities.
LOS ANGELES COUNTY ROAD DISTRICT NO. 269 P. 0. Los
$8,000 for fire truck.
Angeles), Calif.
-BOND SALE.
bonds has
LA PORTE COUNTY (P. 0. La Porte), Ind.
-A $260,000 issue of 6%
-BOND OFFERING.
- been purchased by the Brown-Crummer Co. of Wichita. road
Dated Feb. 6
Lyman A. Ohming, County Treasurer, will receive
a. m. May 9, for the purchase of an issue of $175.000 sealed bids until 11 1928 and duo from Feb. 6 1929 to 1938, incl. Prin. and int.
&
5% Earl
road construction bonds. Dated April 2 1928. Denom, Travis et al payable at the office of the county treasurer.
91,750. Due
$8,750, May and Nov. 15 1929 to 1938 incl.
LOS BANGS SCHOOL DISTRICT (P. 0. Los Banos), Merced
County, Calif.
-BOND SALE.
LEBANON, Lebanon County, Pa.
-A $25,000 issue of 6% school bonds
OFFERIA0.-Georg. has been purchased by the Central
Biely, City Clerk, received sealed bids -BOND 27, for
National Bank of Oakland,for a premium
on April
the
issue of $105.000 4% coupon city improvement bonds. purchase of an of $4,200, equal to 116.80, a basis of about 4.38%. Due 51,000 yearly
Denom. $1,000 from 1930 to 1954 incl. Other bidders were:
and 9500. Due serially May 1 1933 to 1949,incl. A
certified check for 5%
of the bonds bid for, was required.
Premium.
Bidder.
Bond & Goodwin & Tucker, Inc
$3,953
LEE COUNTY (P. 0. Fort Meyers), Fla.
-BOND SALE.
-The $100,- Bank of Italy
3,949
000 issue of bridge bonds offered for sale on Apr.
3.739
- Dean Witter & Co
was awarded to the Florida Municipal Corp. of 25.-V. 126, p. 2199
Jacksonville at a price of R. H. Moulton & Co.
3,195
108.19.
Pierce, Fair & Co
2,676
LEE COUNTY (P. 0. Fort Madison), lowa.-BOND
U. S. National Balm,for 5s
1.251
SALE.
-The
$200,000 issue of 434% coupon primary road bonds
offered for sale on
LYFORD INDEPENDENT SCHOOL DISTRICT (P. 0. Lyforci),
Apr. 20-V. 126, p. 2362
-was awarded to Geo. M. Bechtel &
Co. of Willacy County, Tex.
-CORRECTION.
-BOND SALE.
-The $60,000
Davenport for a premium of $1,371. equal to 100.685,
4.14%. Dated May 1 1928 and due $20,000, from Maya basis of about issue of5% coupon school bonds reported sold on Feb.28-V.126, p. 1553
Incl. Optional after 5 years. The other bidders far the 1 1924 to 1943, to Kauffman, Smith & Co.. Inc., of St. Louis at a price of 101.50 was
issue were:
purchased by Prudden & Co. of Toledo.
Harris Trust & Savings Bank of Chicago.
Iowa State Bank of Fort Madison.
LYNDONVILLE, Caledonia County, Vermont.
-The
-BOND SALE.
560.000 4% coupon electric light plant bonds offered on April 24-V. 126.
LEE COUNTY (P. 0. Sanford), N. C.
-BOND OFFERING.
-Sealed p. 2537
-were awarded to Harris,Forbes& Co. of New York. at 100.012, a
bids will be received until May 7, by John W.McIntosh, Clerk
of the Board basis of about 3.98%. Dated
of County Commissioners, for the purchase of two issues of
Jan. 1 1928. Due $6,000, Jan. 1 1930 to
bonds aggre- 1939 inclusive.
gating $92,000, as follows: $50,000 school funding and
$42,000 funding
The following bids were also received for the issue:
bonds.
BidderPrice Bid.
LENOIR COUNTY (P. 0. Kinston), N. C.
-BOND SALE.
-The E. II. Rollins & Sons __________________________________________99.22
$50,000 issue of coupon school bonds offered fdr sale on Apr.
23-V. 126, National City Co_ ________________________________________98.88
-was awarded to W. K. Terry & Co. of Toledo as 46%
p. 2362
for a premium of $929, equal to 101.858, a basis of about 4.35%. bonds. Atlantic-Merrill Oldham Corp _________________________98.69
Dated
May 1 1928 and due on May 1, as follows: 91,000 from 1930 to 1937
LYON COUNTY (P.
-At a
and special election held on 0. Kuttawa), Ky.-BONDS VOTED.
$2,000 from 1938 to 1958, all incl.
Apr. 18. the voters approved the proposition to
The following is a complete list of the other bids and bidders:
issue $200,000 in road bonds. The final count has not been determined,
Bidder
but earlier
Premium. bond issue reports, with four precincts missing, were 1,502 in favor of the
First National Bank of Kinston
and 141
9881.00 issue will give Lyon against it. With State aid, the passage of the bond
Provident Savings Bank & Trust Co. of Cincinnati
County 9800,000 for road construction.
743.00
A. T. Bell & Co. of Toledo
McKEESPORT SCHOOL DISTRICT, Allegheny County, Pa.
655,00
N. S. Hill & Co. of Cincinnati
BOND OFFERIA0.-W. T. Norton, Secretary Board of School Directors.
576.00
%%tin, Bosworth & Co. of Toledo
517.00 will receive sealed bids until 8 p. m. May 14, for the purchase of an issue
Weil, Roth & Irving Co. of Cincinnati
454.00 of $580,000 4% coupon school Imilding bonds. Dated May 1 1928. De
First National Co. of Detroit
102.00 nom. $1,000. Due $20,000, May 1 1929 to 1957, incl. A certified check.
Reasongood & Mayer of Cincinnati
63.00 payable to the order of the School District for $1.000, is required.
Wachovia Bank & Trust Co. of Winston-Salem
20.00
MALVERNE, Nassau County, N. Y.
-BOND OFFERING.
-Sealed
Otis & Co. of Clevland (434% bonds)
746.65 bids will be received by Thomas A. Hays, Village Clerk, until 8
P. m.
2694
[VoL. 126.
FINANCIAL CHRONICLE
MONTGOMERY COUNTY (P. 0. Rockville), Md.-CERTIFICATE
(daylight saving time) Maya2, forlthe purchaselof anlissue of $16,000
.Dated OF.INDEBTEDNESSilliSALE.-The Board of County Commissioners
coupon or registered fire bonds rate of interest not to exceed 5%
$2,000, April 1 1929 to 1936 incl. awarded on Apr.24,an issue of $200,000 certificates of indebtedness bearing
April 1 1928. Denom. $1,000. Due
Prin. and Int. payable in gold at the Lynbrbok National:Bank, Lynbrook. Interest at the rate of4.34% and redeemable within thirty months,to Baker.
A certified check payable to the order of the Village for $500 is required. Water &Mo.of Baltimore, atipar andlaccruedlinterest.
-The
Legality approved by Clay. Dillon & Vandewater of NewiYork,CitY.
7
IlisW011,111Pennington County,TS. Dak.-BONDS NOT SOLD.
0=- $1,000 issue of schoolfbutlding bonds offered for sale onIAPr. 30-V. 126.
MANITOWOC COUNTY (P. 0. Manitowoc),1Wis.-BO1D bids will oe received until 10 a. m. onliMay 4, by Viola p.12041-was notlsoldias nolbids]werelreceived for them.
ING.-Sealed
Kasten. County Clerk, for the purchase of a $250,000 issue of 434% series
MOUNT•JEWETT4SCHOOL DISTRICTIMcKean‘County, Pa.B highway improvement bonds. Denom. 81.000. Dated May 1 1928 BONDIOFFRRING.-SealedibIctsjwill be received by S. Philips, Treasurer
and due on May 1, as follows: 596,000. 1933 and 1934 and $58,0001in 1935. Boarchof Directors, untillMay 5,tfor the purchase of an issue of 0,500 5%
All expenses of legality and printing to be borne by the purchaser. Prin. series iBeschooltbonds.411Dated Aprilli 1928. Denom. $501). Due 1500.
and int. (M. & N.) payable at the office of the County Treasurer. A April 1 1929 to11945
certified check for 2% of the bid is required.
•"*Mankrf PCIASANT(P.6715forth Tarrytown) Westchester Countr.
-The
MARCELLUS, Cass County, Mich.-BOND1 SALE.
-BOND OFFERING.
-Sealed bids will be received by Charles J.
N. Y.
-were awarded to Marasco. Town Supervisor, until 3 p. m., May 4, for the purchase of the
434% funding bonds offered on Apr. 24-V.126, p. 2537
Dated Apr. 24 following issues of coupon or registered bonds aggregating 5129,000:
the G. W.Jones Exchange Bank, at par and accruid int.
1928. Due 52.000, Oct. 1 1930 to 1939 incl., optional at any time. Cress, $66,000 highway improvement bonds. Dated May 1 1928. Due May 1,
McKinney & Co. offered par and accrued int.plus $11 no reason was given
as follows: 53.000, 1930 to 1939 incl., and 54.000, 1940 to 1948 lnc.I.
for not awarding the bonds to this bidder.
Bidders to state rate of interest.
63.000 434% highway improvement bonds. Dated Apr. 1 1928. Due
MARICOPA COUNTY SCHOOL DISTRICTS(P. 0.Phoenix), Ariz.
April 1, as follows: 52.000. 1930 to 1950 incl.. and $3,000, 1951 to
-Sealed bids will be received until 2 p. m. on May
-BOND OFFERING.
1957 incl.
14, by Jno. B. White, Clerk of the Board of Supervisors, for the purchase
Principal and interest payable at the First National Bank, North Tarryof three issues of bonds. aggregating $74,000 as follews.
check payable to the order ofthe Town for 2% ofthe bonds
$38.000 Buckeye High School District bonds. Dated Apr. 15 1928 and town. A certified
offered is required. Legality approved by Reed, Hoyt & Washburn. of
due $2,000 from Apr. 15 1931) to 1948 incl.
High School District bonds. Dated May 1 1928 and New York City.
24,000 Litchfield
-A
-BOND SALE.
due on May 1, as follows: $2,000, 1938 to 1941; 52,500, 1942 to
MOUNT VERNON, Franklin County, Tex.
1946 and 83,500. 1947.
860.000 issue of sewer and water bonds has recently been purchased by a
12.000 School District No. 79 bonds. Dated May 1 1928 and due on local investor.
May 1, as follows: $1.000 from 1938 to 1943 and 81.500 from 1944
itIMONTE VISTA COUNTY WATER111DISTRICT (P. 0. Pomona),
to 1947, all inclusive.
-A $75,000 issue of 5% coupon water system bonds
-BOND SALE.
Int. rate is not to exceed 6%. Denom. $500. Prin. and semi-annual Calif.
of Los Angeles.
hit, payable at the office of the County Treasurer or at the Bankers Trust has recently been purchased by the California Securities Co.
Denom.$1,000. Dated Mar. 1 1928 and due on Mar. 1 as follows: $2,000
certified check for 5% of the bid is required.
Co. in New York City. A
$3,000, 1944 to 1962 all incl. Prin. and int. (M•
1935 to 1943 and
- from 1) payable at the Pomona Commercial & Savings Dank of Pomona.
-BOND OFFERING.
MARIN COUNTY (P. 0. San Rafael), Calif.
& 5.
Sealed bids will be received until May 8, by the County Clerk, for the
-The two
-BOND SALE.
NASHVILLE, Davidson County, Tenn.
,
3220,000 issue of 43i% semi-annual highway bonds. Due
purchase of a
issues of coupon bonds aggregating $135,000, offered for sale on Apr. 24from 1942 to 1945, incl.
-were awarded as follows:
issue V. 126, p. 2363
-The $42,000
-BOND SALE.
MARION, Marion County, S. C.
improvement bonds as 4% bonds. Due 514.000 yearly from
- 570.000 street1 1929 to 1933 incl.
of coupon water works bonds offered for sale on Apr. 20-V. 126. p. 2362
May
was awarded to J. H. Efilsman & Co. of Atlanta as 434% bonds for a pre65.000 general improvement bonds as 431% bonds. Due on May 1, as
follows: $4,000 from 1934 to 1943 and $5 000, 1944 to 1948. all incl.
mium of $16, equal to 100.03, a basis of about 4.49%. Denom. 81.000.
Dated Apr. 1 1928 and due $2,000 from Apr. 1 1929 to 1949, incl. A comThe premium paid was $125, equal to 100.092. a basis of about 4.19%•
plete list of the bids and bidders is as follows:
Dated May 1 1928. The principal of the bonds may be registered in New
Rate. Premium. York City. Prin. and int. (M. & N.) payable at the National Park Bank
Bidder$327.75 in New York, or at the office of the city treasurer.
4ti%
Caldwell & Co.. Nashville, Tenn
718.20
434i
S. C. Nat. Bank. Charleston, S. C
A complete list of the bidders and their bids is as follows:
612.00
Rate %.St. Imp. Rate %.Gen.Imp
Charleston, S. C
BidderPeoples Security Co.,
5
2
0
16.00
14. 0 N. S. Hill & Co
4
4;4 $66,266
$70.287
431
Hillman & C
*J. H. Hillmo..Inc., Atlanta
Co. of Knoxville. Rutter
Aub & Co.. Cincinnati, Ohio
A. E.
183.00 Bankers Trust
°
4
4
65,050
70,050
4
Bosworth & Co., Toledo, Ohio
& Co
50.00 Kaufmann Smith & Co
4 7
65,046
70.049
431
Weil. Roth & Irving, Cincinnati, Ohio
223.00 Taylor Wilson & Co., Assel Goetz &
4
Atlanta
Robinson, Humphrey Co.,
56.00
434%
,
$
65,177
43
70,000
434
Assel, Goetz & Co. of Cincinnati
Moerlin
65,145
4
70,160
Pulleyn & Co.. First Nat'l Co.,of Detroit-4
* Successful bid.
65,106
$
4
70,017
4
-The $28,484 Harris Trust & Savings Bank
-BOND SALE.
Calhoun County, Mich.
MARSHALL,
65,012
4
70,015
44
-were awarded to Detroit Trust Co
2363
434% paving bonds offered on April 23-V. 126, p. $505 equal to 101.756. J. C. Bradford & Co
65,067
4a
70,000
431
the Bank of Detroit, of Detroit, at a premium of
70.01565,015
4
Commerce Union Bank
The bonds are dated May 1 1928.
65,000
70,041
434
4
E. H. Rollins & Sons
65,065
70,000
43/
-The above-mentioned concern purchased on the same Caldwell & Co., American National Co_ A
BOND SALE.
bonds dated May 1
65,125
43,4
70.000
4
date an issue of $7,000 434% paving improvement
*C. W. McNear & Co
1928 and maturing $1,000 from May 1 1929 to 1948 incl. The price
* Successful bid.
Paid above covered both issues.
-The
-BOND SALE.
Mineola), N. Y.
NASSAU COUNTY (P. 0.
MARSHALL SCHOOL DISTRICT (P. 0. Marshall), Mo.-BOND following issues of 4% coupon or registered bonds aggregating $1,900,600
offered for
-The $65,000 issue of 434% semi-annual school bonds Mississippi offered on Apr.25-V. 126. p. 2363
SALE.
-were awarded to a syndicate composed
-was jointly awarded to the
sale on Apr. 25-V. 126. p. 2537
of the Bancitaly Corp., Curtis & Sanger. Dewey, Bacon & Co. and Pulleyn
Valley Trust Co. and Kauffman, Smith & Co., both of St. Louis for a pre- & Co.. at 100.43, a basis of about 3.94%:
mium of $2.731.30, equal to 104.202, a basis of about 4.13%. Dated Apr. $1.600.000 series "W" road improvement bonds. Due May 1, as follows:
15 1928. Due from 1930 to 1948,incl.
8100,000. 1930; $150,000. 1931; 5100,000. 1932 to 1937 incl.;
-BOND OFFERING.
$162,000. 1938; 5385.000. 1939: and 5203.000. 1940.
MARSHALLTOWN, Marshall County, Iowa.
300,000 series "B" road and highway bonds, Due May 1, as follows:
Sealed bids will be received until 7.30 p.m. on Apr. 30, by Anne McMahon,
.
$200,000, 1940 and 8100.000. 1941.
the gurchase of an issue of$125.000 coupon Liberty Memorial
City Clerk,for
Dated May 11928.
not to exceed 434%. Dated May 1 1928. Due as
bonds. Int. rate
The bonds are now being offered by the successful syndicate for investfollows:$12,000 on May 1. and 57,000,'Nov. 11933;$3.000. May and Nov.
3.85%. The bonds it is stated are exempt from all
1940; $4.000
1 1934 to 1937: 53.000, May 1 and 54.000, Nov. 1 1938 to 1944 to 1946: ment at prices to yieldare tax-free in New York State, and are considered a
Federal income taxes,
May and Nov. 1 1941 to 1943;$4.000, May and $5,000 Nov. 1
New York State.
and $6,000 on Nov. 1 1947. Optional after May 1 1929. legal investment for savings banks and trust funds infollowing complete
$4.000. May 1
sends us the
Principal only of the bonds may be registered. Open bids will be received Philip F. Widersum, County Comptroller,
when all sealed bids are in. Chapman & Cutler of Chicago will furnish list of bids submitted:
Amount Bid for all Bonds.
Name of Biderlegal approval. A certified check for 2% of the bid is required.
Sanger, Dewey, Bacon & Co.. Pulleyn
-The $50.000 Bancitaly Corp., Curtis &
-INTEREST RATE.
MATADOR, Motley County, Tex.
$1,908,189
& Co
Issue of water works bonds that is'to be offered for sale at public auction First Nat'l Bank of N. Y., Barr Bros. & Co., Salomon Bros. &
-will bear interest at the rate of 5,534 and 6%.
1,906,251
on May 1-V.126, p. 2537
Hutzler
Hannahs, Ballln
-A special H. L. Allen & Co., Detroit Co.. Rutter & Co.,
MAYSVILLE, Mason County, Ky.-BOND ELECTION.
1,905,301
& Lee
be held on May 12, in order to have the voters pass upon a Redmond & Co., Graham Parsons & Co., B. J. Van Ingen & Co.,
election will
buildings. The
bond issue for 8119,000 to provide school grounds and Colored School,
1,903,591
Wack & Co., R.H.Moulton & Co
Batchelder,
money will be divided as follows: Sixth Ward, $15,000;
1,903,401
Eldredge & Co., R. W.Pressprich & Co
$40.000; Auditorium, $30,000: Gymnasium, $28,000; and Remodeling, Geo. B. Gibbons & Co., Roosevelt & Co., R. M.Schmidt & Co.,
$6,000; total, 8119.000.
1,902,527
Stone, Webster & Blodgett
- Harris Forbes & Co., National City Co., Bankers Trust Co
1,901,708
-BOND OFFERING.
MEDINA COUNTY (P. 0. Medina), Ohio.
Board
Sealed bids will be received by L. F. Garver, Clerk. 7, for of County Com- Guaranty Co. of N. Y., Remmick Hodge & Co., Keen Taylor 1.901,577
the purchase of
& Co
missioners, until 12 m (eastern standard time) May
an issue of $32.107.36 534% road improvement bonds. Due Oct. 1, as
-BOND SALE.
NESHOBA COUNTY (P. 0. Philadelphia), Miss.
follows: 86,107.36. 1928: $6,000, 1929; 57,000, 1930 and 1931, and $6,000. An $84.000 issue of 4ti% court house bonds has been purchased by A. K.
the County Treasurer, for
1932. A certified check payable to the order of
Tigrett & Co. of Memphis for a premium of $1,590, equal to 101.892.
$1,000 is required.
-TEMPORARY LOAN.
NEW BEDFORD, Bristol County, Mass.
-The following The Merchants National Bank of New Bedford, was awarded on April 24
-BOND SALE.
MELROSE, Middlesex County, Mass.
aggregating $110.000 offered on Apr. 25-V.
issues of 3Y4 % coupon bonds to Estabrook & Co. of Boston, at 100.41, a a $500,000 temporary loan on a 3.75% discount basis. The loan matures
-were awarded
within 7 months.
126, p. 2537
basis of about 3.67%:
-BOND SALE.
-A
NEWBERRY COUNTY (P. 0. Newberry), S. C.
May 1 1929 to 1948 inclusive.
$40.000 sewer bonds. Due $2.000,department equipment bonds. Due $441.000 issue of 57 highway bonds has been purchased by Stranahan,
°
35.000 water mains and water
Harris & Oatis of Toledo. Dated Mar. 15 1928. Due from May 15 1929
to 1933 inclusive.
$7.000. May 1 1929
54.000, May 1 1929 to 1933 incl. to 1943 Incl. Prin. and int.(M.& N.) payable at the National Park Bank
20.000 continuous sidewalk bonds. Due
May 1 1929 to 1943 inclusive. in New York City.
15000 surface drainage bonds. Due 81.000,
-BOND SALE.
Dated May 11928.
NEWFANE (Newfane), Niagara County, N. Y.
list of other bids:
City Treasurer, sends us the following
The
Price Bid. The Farmers and Mechanics Savings Dank of Lockport, was awarded on
Bidder
100.345 Apr. 25, an issue of $17,667.04 Town's share road bonds as 4.408, at a price
Old Colony Corp
100.299 of 100.10. a basis of about 4.387. Dated May 11928. Due Mar. 1 as
,
R. L. Day & Co
100.288 follows: $2,367.04. 1929: and $1°000, 1930 to 1938 incl.
National City Co
100.107
-BOND SALE.
-The
NEW HAMPSHIRE (State of) P. 0. Concord.
E. H. Rollins & Sons
DISTRICT, Butler County five issues of bonds aggregating $586,000 offered on Apr. 27-V. 126, P.
MIDDLESEX TOWNSHIP SCHOOL be received by Zeno F. Hennin- 2538
-were awarded to Estabrook & Co. of New York,as 4s as follows:
-Sealed bids will
-BOND OFFERING.
at 102.42.
Pa.
a. m. (eastern standard time) May 15, for 5200,000 Franconia Notch bonds 1948 incl. a basis of about 3.72%. Due
ger, District Attorney. until 10
510,000, July 1 1929 to
% bonds aggregating Immo;
of
the purchase of the following issues
106,000 Lanconia State School bonds. Dated June 1 1928. Due $50.434
bonds. Denoms. $1,000. Due April I, as follows: $4,000.
$25,000 school
000, June 1 1937 and 550.000. June 11938.
1938 to 1943 incl.; and $1,000. 1944. $3,500, 1930 to 1935, incl.:
170,000 New Hampshire State Hospital Nurses' Home bonds. Dated
$500. Due
June 1 1928. Due June 1 aft:follows: 535,000, 1934 and 1955:
23.000 school bonds. Denoms.
and $2,000, 1934.
and $50,000, 1936 and 1937.
Dated April 1 1928.
60,000 Lanconia Armory bonds. Due 830.000, June 1 1932 and 1933.
50,000 New Hampshire Industrial School bonds. Due $25,000, June 1
SCHOOL DISTRICT(P.O. Cape May C. H.),
MIDDLE TOWNSHIP
1930 and 1931.
-The $81,000 school bonds
-BOND SALE.
Cape May County, N. J.
The above four issues were awarded at 101.73.
-were awarded to Rufus. Waples &
offered on Apr. 25-V. 126. p. 2537
premium of $761.40, equal to 100.94. a
-BOND OFFERING Co. of Philadelphia, as 434s, at a
NEW MEXICO, State of (P. 0. Santa Fe).
Due June 30, as follows:
Sealed bids will be received by Warren R. Graham, State Treasurer, until
basis of about 4.39%. Dated June 30 1928.
1948 inclusive.
84,000. 1930 to 1943 incl.: and 85,000, 1944 to
10 a. m.on May 22, for the purchase of 0576.000 issue of Valencia County
-The road bonds. Int. rate is not to exceed 6%. Denoms. are optional with
-TEMPORARY LOAN.
MONTCLAIR, Essex County, N. J.
April 10. a $148,000 purchaser. Dated Jan. 1 1928. Due $19.000 from Jan. 1 1929 to
First National Trust Co. of Montclair, was awarded on
1932. incl. Prin. and semi-annual int. payable at the Seaboard National
temporary loan on a 4.45% discount basis.
Bank in New York City or at the office of the State Treasurer. A certified
- check for 2% of the bid is required.
-BOND SALE.
Y COUNTY (P. 0. Red Oak), Iowa.
MONTGOMER
,
A $200.000 issue of 431*% primary road bonds has recently been purchased
-The
-TEMPORARY LOAN.
equal to
NEWTON, Middlesex County, Mass.
by_Geo.M.Bechtel & Co. of Davenport for a premium of $1,325,
Second National Bank of Boston. was awarded on Apr. 24 a $.300,000 tern100.662.
4g
APR. 28 1928.]
FINANCIAL CHRONICLE
porary loan on a 3.80% discount basis. The loan'is payable on Oct. 29
1928 in Boston or at holder's optional in New York. Legality to be approved by Ropes, Gray, Boyden & Perkins of Boston. The following bids
were also received:
Discount Basis.
Bidder
3.86%
Old Colony Corp
3.925
Bank of Commerce & Trust Co
3.93
First National Bank
S. N. Bond & Co
4 0
Shavrmut Corp. of Boston
1
74
.
NEWTON COUNTY DRAINAGE NO. 3 (P. 0. Decatur), Miss-A $39,000 issue of 5% drainage bonds has been purchased
BOND SALE.
by a local investor. Dated Oct. 1 1927 and due on Oct. 1, as follows:
$200 from 1928 to 1932: $1,000, 1933 to 1938; $2,000, 1939 to 1946 and
$3,000, 1947 to 1951, all incl.
NORFOLK COUNTY(P.O.Portsmouth), Va.-BOND OFFERING.
Sealed bids will be received until 10 a. in. on May 17 by A. B. Carney,
Clerk of the Board of County Supervisors, for the purchase of an issue of
$150,000 4%% road and bridge improvement bonds. Denom. $1.000.
Dated May 1 1928 and due on May 1 1948. Prin. and int.(M.& N.)
payable at the office of the County Treasurer. Caldwell & Raymond of
New York City will furnish legal approval. A $3.000 certified check.
payable to the Chairman of the Board of Supervisors, must accompany
the bid.
-BOND DESCRIPTION.
OAK HARBOR, Island County, Wash.
The $11,000 Issue of general improvement bonds that was recently purchased by Geo. H. Burr, Conrad dr Broom of Seattle at a price of 100.099-is more fully described as follows: 5% interest bearing
V. 126, p. 2364
bonds. Dated Apr. 1 1928. Due in from 2 to 25 years. Basis of about
4.99%•
OAKLAND, Alameda County, Calif.
-BOND OFFERING.
-Sealed
bids will be received by Frank C. Merritt, City Clerk, until noon on Apr.
26, for the purchase of a $1,000,000 issue of 43% harbor improvement
bonds. Denom.$1,000. Dated July 1 1926 and due on July 1, as follows:
$38,000, 1929 and $26,000, 1930 to 1966 incl. Prin. and int. (J. & J.)
payable at the office of the City Treasurer in gold. Validity of bonds will
loe approved by Orrick, Palmer & Dahlquist of San Francisco. A certified
check for I% of the bid, payable to the City Clerk, is required. (This
amplifies the report given in V. 126, P. 2538.)
OAKLAND, Alameda County, Calif.
-HIGH BIDDER.
-The AngloCalifornia Trust Co. of San Francisco and the Detroit Co. of New York,
jointly were the highest bidders for the $1,000,000 issue of 434% harbor
improvement bonds offered for sale on Apr. 26-V. 126, p. 2538. Denom.
$1,000. Dated July 1 1926. Due on July 1 as follows: $38,000 in 1929
and $26000 from 1930 to 1966 incl. Prin. and int. payable at the office
of the City Treasurer. The award will not be made until Apr. 30.
O'BRIEN COUNTY (P. 0. Primghar), lowa.-BOND SALE.
-The
$200.000 issue of coupon primary road bonds offered for sale on Apr. 19-was awarded to the White-Phillips Co. of Davenport as
126, p. 2042
bonds, for a premium of $570, equal to 100.285, a basis of about
Denom.$1.000. Dated May 1 1928 and due on May 1 as follows
$10,080 in 1932; $20,000 from 1933 to 1939 and $25,000 in 1940 and 1941.
Optional after 5 years. The other bids were as follows:
BidderPremium.
First National Bank of Primghar
$565.00
Northern Trust Co. of Chicago
210.00
ODEM SCHOOL DISTRICT (P. 0. Odem), San Patricio County,
-BOND SALE.
-The $70,000 issue of semi-annual school bonds ofTex.
fered for sale on Apr. 24-V. 126, P. 2364- was awarded to the Thomas
Investment Co. of Dallas, as 5% bonds, for a premium of $3,300, equal to
104.714, a basis of about 4.64%. Dated Apr. 10 1928. Due $1,000 from
1929 to 1938 and $2,000 from 1939 to 1968, all inclusive.
O'DONNELL, Lynn County., Tex.
-BOND OFFERING.
-Sealed bids
will be received until 6 p. m. on May 10, by R. C. Carroll, City Treasurer,
for the purchase of a $40,000 issue of6 % semi-annual water works bonds.
A certified check for 5% of the bid is required.
ONEIDA CITY SCHOOL DISTRICT, Madison County, N. Y.
BOND SALE -The $60.000 4% coupon or registered school bonds offered
on April 20-V. 126,,P. 2538
-were awarded to the Oneida Valley National
Bank, at 100.10 a basis of about 3.97%. Dated April 1 1928. Due
$12,000, April 1 1929 to 1933 inclusive.
OPELIKA, Lee County, Ala.
-BOND OFFERING.
-Sealed bids will be
received until 8 p. in. on Apr. 30, by W. S. Harris, City Clerk, for the purchase of a $65.000 issue of 6'7 semi-annual sanitary sewer bonds. Denoms.
0
$500 and $1,000. Dated May 1 1928. Due $6,500 from 1929 to 1938.
incl.
OXFORD, Calhoun County, Ala.
-BOND SALE.
-A $10.000 issue of
0% refunding bonds has been purchased by Steiner Bros. of Birmingham.
Denom. $500. Dated Feb. 1 1928 and due $500 yearly from Feb. 1 1931
to 1950 incl. Prin. and int. is payable at the National Park Bank in New
York City.
off
OXFORD SCHOOL DISTRICT, Oakland County, Mich.
-BOND
SALE.
-The Harris Trust & Savings Bank of Chicago, was recently
awarded an issue of $18,000 4%% coupon school bonds. Dated Nov. 1
1927. Denom. $1,000. Due Mar. 1. as follows: $4,000, 1935; $5,000,
1937 and 1938; and $2,000, 1939 and 1940. Principal and interest payable
at the Oxford Savings Bank. The bonds are being reoffered for investment priced to yield 4.05% according to maturities.
Financial Statement (as officially reported).
Real value of taxable property, estimated
$7,000,000
Assessed valuation for taxation, 1927
3,212,130
Total debt (this issue included)
179,500
Assessed valuation for taxation, 1927
3,212,130
Total debt (this issue included)
179,500
Population (est.), 2,500.
PAFtMA, Cuyahoga County, Ohio.
-BOND OFFERING.
-John H.
Thompson, Village Clerk, will receive sealed bids until 12 in. May 21,
for the purchase of an issue of $88,130 43 ,. special assessment street improvement bonds. Dated June 15 1928. Due Oct. 1, as follows: $8,130,
1929; $8.000, 1930; and $9,000, 1931 to 1938, incl. A certified check.
payable to the order of the Village Treasurer, for 2% of the bonds offered.
Is required.
PATTON TOWNSHIP SCHOOL DISTRICT, Cambria County, Pa.
-The $25.000 4%% school bonds offered on April 7-V.
-BOND SALE.
-were awarded to A. B. Leach & Co. of Philadelphia, at a
126, p. 1872
premium of $1,522.37, equal to 106.08, a basis of about 3.75%. Dated
April 10 1928. Due on April 10 in each of the following years: 1938, 1943,
1948, 1949, 1951 and 1952.
-BOND SALE.
PERU, Miami County, Ind.
-The $85,500 47 coupon
0
school construction bonds offered on Apr. 21-V. 126, p. 2538
-were
awarded to the Fletcher Savings & Trust Co. of Indianapolis, at a premium
of $2,681.80, equal to 103.06. The bonds are dated Apr. 21 1928 and
mature semi-annually on Jan. and July 1 of each year. Other bids were as
follows.
BidderPremium.
Howard National Bank
$2,318.67
Fletcher American Co
2,033.00
Inland Investment Co
1,858.00
Trust Co
Union
1,313.00
Meyer Kiser Bank
1,112.00
Wabash Valley Trust Co
541.00
PHILADELPHIA, Pa.
-$47,000,000LOAN AUTHORIZED.
-According
to the Philadelphia "Ledger" of Apr. 25, the voters at an election held on
-year
Apr. 24, authorized the issuance of 847,000,000 bonds including a 50
-year loan of $8,700,000. The transference
issue of $38,300,000 and a 15
of a $10,000,000 loan previously authorized for subway purposes to completion of the Locust St. project was approved. The $38.300,000 loan
which has 27 items, includes highspeed transit development and various
other improvements and the $8,700,000 loan will be used entirely for street
repairs.
-BOND OFFERING,
PHILIPPINE ISLANDS (Government of).
Sealed bids will be received until 2 p. in. on May 10 by Major General
McIntyre, Chief of the Bureau of Insular Affairs, for the purchase
Frank
of two issues of coupon bonds, aggregating $1,500,000 as follows:
2695
$750,000 43 % Iloilo Port Works bonds. Dated April 1 1928. and due
on April 1 1958. Interest is payable on April and Oct. 1.
750,000 4%% Cebu Port Works bonds. Dated March 1 1928 and due on
March 1 1958. Interest is payable on March and Sept. 1.
Bids will be received at Room 3042, Munitions Buildings in Washington,
D. C. Denom. $1,000. Prin. and int, is payable at the United States
Treasury at Washington, in gold coin. The following statement was made
by the U. S. Attorney General in commenting on the legality of the $10,000,000 Philippine Government Public Improvement bonds dated Aug. 1
1921:
"This issue and sale of bonds is authorized explicitly by the national
power and, while in the strict and legal sense, the faith of the United
States of America is not pledged as a guaranty for the payment of the loan,
or for the due use of the proceeds, or the observance of the sinking fund
requirements, the entire transaction is to be negotiated under the auspices
of the United States of America, and by its recognition and aid. There
can be no doubt, therefore, that the national power will take the necessary
steps in all contingencies to protect the purchasers in good faith of these
securities."
A certified check or bank draft for 2% par of the bid, payable to the
above named Chief, is required.
Philippine Statistics.
Population of the Philippine Islands (est. 1927)
11,997,000
Assessed value of taxable real property as at Dec.311927-3832.023,816.50
Current receipts for year ending Dec. 31 1927
38,419,045.94
Current expenditures for year ending Dec. 31 1927
35,148,257.62
Imports for year ending Dec. 31 1927
115,851,471.00
Exports for year ending Dec. 31 1927
155.574,085.00
Total bonded indebtedness on April 1 1928
73.726,500.00
Cash
31 1927
86,384,401.34
Balances in sinking funds Dec. 31 1927
.
*19,271.405.87
*This balance has recently been reduced by the cancellation of $7,982.000
face value of Philippine Government bonds formerly held in the sinking
funds, which were cancelled to reduce the outstanding indebtedness of the
Government of the Philippine Islands.
PHOENIX UNION HIGH SCHOOL DISTRICT (P. 0. Phoenix),
Maricopa County, Ariz.
-BOND SALE.
-The $625,000 issue of school
bonds offered for sale on Apr. 19-V. 126, P. 2042
-was awarded to a syndicate composed of Benwell & Co. of Denver, Otis & Co. of Cleveland and
Brann, Bosworth & Co. of Toledo, as follows: $500,000 as 4%% bonds and
$125,000 as 49' bonds, for a premium of $187.50, equal to 100.03, a basis
of about 4.189. Denom. $1,000. Dated Apr. 15 1928 and due on Apr.
15,1948.
Rate of
Point of
Name of BidderPrincipal,
Int.
Premium.
Delivery.
The Nat. City Co., N. Y-4625,000.00 434%
$1,133.13 Chicago.
Kauffman, Smith tic Co., St.
Louis, Mo.; Com. Trust
Co., Kans, City; Stern
Bros. & Co., Kans. City_ 625,000.00 4%% $17,261.00 St. Louis.
Do
{ 325,000.00 434%{
187.00
Do.
300,000.00 45
A,
The Inter. Trst. Co., Den.;
Peck-Brown&Co.,Den.;
$1,005.90
The Ill. Mer. Trst. Co.; 625,000.00 434%
Phoenix.
for each
The First Trust & Say.
$1,000.00
Bank, Chicago
Do
125,000.00
100.00
Do.
500.000.00 434%
G.W.Vallery & Co., Den.;
Seasongood & Mayer,
Den., Chi.
Cincin.; John Huvean & 625,000.00 4%%
16,625.00 or N.Y.
Co., Chi.; M.F.Schlater
& Co.,, N. Y.City
j
Do
625,000.00 434%
x
Do.
Chi.;
A. G. Becker Sc
Co..
A. B. Leach & Co., Ohm.. _ 367,000.00
1.00 Chicago.
B.J. Van Ingon & Co.,Chi- 258,000.00
T
,
Do
625,000.00 4 7
0
1.288.0
1. 0
0
Taylor, Wilson & Co., Cin.;
Stifel, ,
'
Melons & Co.,St.
Louis; Liberty Cen. Trust
Co.,St. Louis;Title Guar.
& Trust Co., Cincinnati... 625,000.00 434%
3,316.00
The Valley Bank,Phoenix
310,000.00 43i%
31.00 Phoenix.
rrTrust & Says. Bilk.,
Harris
Chicago
315,000.00
31.00
Do.
Do
625,000.00 4 %
567.00
Do.
Do
625,000.00 4 %
Do.
17.062.50
A. T. Bell & Co., Chicago;
Howe. Snow & Co., Chi.;
Merchants Trst. Co., St.
Paul; Kalman & Co., St.
625,000.00
%
3,281.25 St. Paul.
Ith privilege of immediately refung the bonds to be due serially
atxP4a1;41011%w•
PIERCE COUNTY SCHOOL DISTRICTS(P.O. Tacoma), Wash.
BONDS SALE.
-The two issues of coupon bonds, aggregating $96.500.
offered for sale on Apr. 14-V. 126, p. 2042
-were awarded to the State
of Washington, as follows:
$66,500 school district No. 204 bonds as 434s. at par. Due in from 2 to 12
years.
30,000 school district No. 68 bonds as 4%s at par. Due in from 2 to 9
tc{
4T
y,
Thereyeere. other bidders.
w ars no
PIERCE TOWNSHIP SCHOOL DISTRICT (P. 0. Pekin), Washington County, Ind.
--BOND SALE.
-The Inland Investment Co. of Indianapolis, was awarded on Apr. 16, an issue of $12,200 school building bonds
at a premium of $817, equal to 106.69. The bonds are registered in form
and are in denoms. of $500 each.
PIONEER, Williams County, Ohio.
-BOND SALE.
-The $18,500
5% coupon refunding bonds offered on Apr. 13-V. 126, p. 1872-were
awarded to Slier, Carpenter & Reese of Toledo, at par. Dated Mar. 1
1928. Due as follows: $1,100, Mar. and Sept. 1 1929 to 1936 incl.; and
$900 Mar. 1 1937.
-ANNEXATION AUTHORPITTSBURGH, Allegheny County, Pa.
IZED.
-At an election held in the Borough of Hays, the voters by a large
majority authorized the annexation of the Borough to the City of Pittsburgh. After all returns had been in the count showed 462 voted yes
and 184 against.
-At a special
PLYMOUTH, Wayne County, Mich.
-BONDS VOTED
election held on April 18, the voters authorized the issuance of $40,000
paving bonds.
-The
-BOND SALE.
PORTER COUNTY (P. 0. Valparaiso), Ind.
$136,500 4;4% coupon road improvement bonds offered on April 19V. 125, p. 2364
-were awarded to the Fletcher Savings & Trust Co. of
Indianapolis, at a premium of $4,749.70 equal to 103.47. Due semi
annually in equal annual instalments. The following bids were also
received:
Bidder
Fletcher American Co
P$447,410:93u..7086
City Securities Corp
Inland Investment Co
3.979.00
PRAGUE SCHOOL DISTRICT (P. 0. Prague), Lincoln County,
Okla.
-BOND OFFERING.
-Sealed bids will be received until 2 p. in. on
Apr. 30, by E. E. Long, Clerk of the Board of Education,for the purchase
of a $26,000 issue of school bonds.
RAMSHORN IRRIGATION DISTRICT (P. 0. Morrill), Scottsbluff County, Neb.-BOND SALE.
-The 840,000 issue of 6% irrigation
bonds offered for sale on Apr. 17-V. 126, p. 2201-has been awarded to
Heath. Schlessman & Co. of Denver, Denom. $500. Due serially from
1933 to 1941.
REFUGIO COUNTY RECLAMATION AND CONSERVATION
-BOND SALE CORRECTION.
DISTRICT NO. 1 (P. 0. Refugio), Tex.
-A $17,000 issue of 5%% district bonds has been purchased at par by the
First National Bank of Refuglo. Due from 1929 to 1945. (This report
corrects sale report in V. 126, p. 2365.)
RICHLAND COUNTY (P.O. Richland Center), Wis.-BOND SALE.
-An issue(of $127,0004%% highway construction bonds has recently been
2696
FINANCIAL CHRONICLE
[VoL. 126.
SALEM TOWNSHIP (P. 0. Greensburg), Westmoreland County,
purchased by a local investor for a 'premium of $2,350, equal to 101.85,
-BOND OFFERING.
-Sealed bids will be received by R. M. Job.
a basis of about 4.16%. Denom. $1,000. Due on May 1, as follows: Pa.
Township Secretary, until 2 p. m. May 16, at the office of Crowell & White536,000, 1933; 565,000, 1934 and $26,000 in 1935.
head, Bank and Trust Bldg., Greensburg, for the purchase of an issue of
RICHLAND, LEXINGTON AND SALUDA COUNTIES (Joint $49,000 4%% Township bonds. Dated June 15 1928. Denom. $1,000.
-The Due June 15 as follows:$7,000, 1929:38.000. 1930 to 1932 incl.; and $9,000.
-BOND SALE.
County Obligations), (P. 0. Columbia), S. C.
$1,800.000 issue of 4%% coupon highway bonds offered for sale on Apr. 1933 and 1934. A certified check payable to the order of the Treasurer.
-was awarded to a syndicate composed of the Win. for $500 is required.
25-V. 126. p. 2201
the Detroit Co., Taylor, Ewart &
R. Compton Co., A. B. Leach &
-BOND OFFERING.
SALT LAKE CITY,Salt Lake County, Utah.
Co..
Co.. Howe, Snow & Co. and Curtis at Sanger, all of N. Y. City, and the
MacDonald
Peoples National Bank of Rock Hill at a price of 101.029, a basb of about Sealed bids will be received until 10:30 a. m.on May 10 by Ethel anticipation
4.37%. Denom. $1,000. Dated Apr. 15 1928. Due on Jan. 1 as follows: City Recorder, for the purchaser of an issue of $1,000,000 tax
585,000. 1932; 590,000, bonds. Due on Dec. 31 1928. Int. rate is to be stated by the bidder
$43,000, 1929; 535.000, 1930; $40,000. 1931;
on the
1933 and 1934: 5110,000, 1935: 5115.000. 1936: 5120.000, 1937: $125,000, and if all the other conditions are equal, the bid is to be awardedfollows:
1938; $135,000, 1939 to 1944, incl., and 5137.000 in 1945. Prin. and int. basis of low int. rate. Bids are asked on two propositions as
Co., the Gris- (a) Bidder to furnish the money, the necessary legal proceedings, blank
(J. & J.) payable in gold in New York. C. W. McNear &
wold-First State Co., Arthur Sinclair. Wallace & Co., Kountze Brothers and bonds, approving attorney's opinion, the cost of delivery and cost of
R. M.Schmidt & Co. made the second best offer for these highway obliga- paying prin. and int. at date of maturity. (b) Bidder to furnish the
money, the city to provide legal proceedings, blank bonds, approving
tions with a bid of 100.83.
-At attorney's opinion, cost of delivery and cost of paying prin, and int. at
-BONDS VOTED.
ROCK ISLAND, Rock Island County, 111.
date of maturity. A $10,000 certified check, payable to the city, must
an election held on Apr. 17, the electors authorized the appropriation of accompany the bid.
$300.000 by the flotation of a bond issue the proceeds of which Win be used
-The
-BOND SALE.
to build a Tricity transhipment Mississippi River Terminal. The pro- SALUDA COUNTY (P. 0. Saluda), S. C.
$11,000 issue of Pine Grove TI). refunding bonds offered for sale on Apr.
posal was approved by a majority of 3 to 1.
of Charleston
19-V. 126. p. 2365
-was awarded to
-BOND OFFERING.- as 5% bonds,for a premium of ill, the Peoples Security Co.about 4.99%.
ROCKVILLE CENTRE,Nassau County, N.y.
equal to 100.10. a basis of
George S. Utter, Village Clerk, will receive sealed bids until 8 p. m. May 2,
Apr. 1 1928 and due $500 yearly from Apr. 1 1929 to 1950, incl.
for the purchase of an issue of $25,000 coupon or registered water works ex- Dated
to exceed 6%. Dated June 1 1928. De
SAN BERNARDINO HIGH SCHOOL DISTRICT (P. 0. San Bertension bonds interest rate not
-BOND OFFERING.
-Sealed bids will be received by
nom. $1,000. Due June 1, as follows: 52,000, 1929 to 1940, incl.; and nardino), Calif.
$1.000, 1941. Prin.and int.payable in gold at the Nassau County National John H. Osborn, City Clerk, until Apr. 30, for the purchase of a $30,000
Bank. Rockville Centre. A certified check, _payable to the order of the issue of 5% school bonds. Due in 1945 and 1946.
Village for 5% of the bonds offered, is required.
SAN BERNARDINO COUNTY WATERWORKS DISTRICT No. 4
-Lynn 0 .Butts, (P. 0. San Bernardino), Calif.
-BOND OFFERING.
-BOND SALE.
-Sealed bids will be
ROME, Oneida County, N. Y.
City Treasurer, will receive sealed bids until 11 a. m.(daylight saving time) received until April 30, by the District Clerk, for the purchase of a $40,000
May 8. for the purchase of an issue of $126,840 coupon assessment bonds issue of 6% water works bonds. Due from 1935 to 1960, incl.
rate of interest not to exceed 6%. Dated May 1 1928. Denoms. $1,000
SAN LUIS
and $710. Due $31,710. May 1 1929 to 1932 incl. Prin. and int. payable DISTRICT OBISPO COUNTY ACQUISITION AND IMPROVEMENT
-BOND SALE.
San Luis Obispo),
in gold at the National Park Bank, N. Y. City. A certified check payable An issue of NO. 2 (P. 0.coupon or registered Calif.
improvement bonds has
5146,400 7%
required. Legality approved by Clay.
to the order of the city for $2,500 is
recently been purchased by John S. Mitchell & Co. of Los Angeles. Denom.
Dillon & Vandewater of N. Y. City.
$1.000. Dated Mar. 19 1928 and due on Mar. 19 as follows: $9,700 from
-A 1933 to 1946 incl. and $10,500 in 1947. Prin. and in (J. & J. 2) payable
-BOND SALE.
ROSEBUD COUNTY (P. 0. Forsyth), Mont.
issue of $130,000 4% road and bridge refunding bonds has recently in gold coin at the office of the County Treasurer.
been purchased by Geo. W. Vallery & Co. of Denver. Denom. $1,000.
-A $10,000 issue of 6%
SASSER, Terrell County, Ga.-BOND SALE.
Dated July 1 1928. Due serially in from 1 to 20 years.
water works bonds has recently been purchased by a local investor at a
-Sealed price of 110.25, a basis of about 5.01%. Dated Feb. 10 1928. Due from
-BOND OFFERING.
ROSEBURG, Douglas County, Ore.
bids will be received until 7:30 p. m. on May 7, by Harold E. Shealy, City 1933 to 1953. incl.
Recorder, for the purchase of a $25,000 issue of 5% semi-annual park
SAUNEMIN TOWNSHIP (P. 0. Saunemin), Livingston County,
bonds. Denom. 500. Dated May 1 1928. Due $2,005 from May 1. III.
-H. C. Speer & Sons Co. of Chicago, was awarded on
-BOND SALE.
1929 to 1938. incl. A $500 certified check, payable to the city, must April 19, an issue of $60.000 road bonds. These bonds were authorized at
accompany the bid.
an election held on April 13.
ROYAL OAKS AND TROY TWPS. FRACTIONAL SCHOOL
SAYVILLE FIRE DISTRICT (P.0. Sayville), Suffolk County, N. Y.
DISTRICT NO.4(P.0. Royal Oak R. F. D. No. 5), Oakland County, -BOND OFFERING.
of
-Thomas Brace, Director of School District, Fire Commissioners, -Sealed bids will be received by the Clerk Board
Mich.
-BOND OFFERING.
until 7 p. m. May 8, for the purchase of an issue
April 27, for
will receive sealed bids until 8 p m.(eastern standard time)
school bonds interest rate of not to of $15,000 4%% fire apparatus bonds maturing serially from 1929 to 1935
the purchase of an issue of $53,000
exceed 5%. Dated May 11928. Due May 1, as follows: $1,500. 1931 to inclusive.
SCALP LEVEL SCHOOL DISTRICT (P. 0. Johnstown), Cambria
1936 incl.: 52.000, 1937 to 1946 incl.; and $3,000, 1947 to 1954 incl. A
-Sealed bids will be received by Charles
County, Pa.
-BOND OFFERING.
certified check for $1.000 is required.
Secretary Board of Education, will until 2 p. m. April 28. at
0. Rugby), Pierce County, N. It. Lehman. Charles C. Greer, 308 Swank Bldg., Johnstown, for the purRUGBY SCHOOL DISTRICT (P.
the office of
-Sealed bids will be received until 2 p. m. on chase of an issue of$20,000 5% school bonds. Dated May 1 1928. Denom.
Dak.-BOND OFFERING.
May 7, by Stanley F. Casey, Clerk of the Board of Education, at the office $1,000. Due May 1, as follows: 55,000, 1933; and $1,000. 1934 to 1948
issue of
of the County Auditor in Rugby, for the purchase of a $50,000 Denom. inclusive. A certified check payable to the order of the District, for $500
coupon school building bonds. Int. rate is not to exceed 5%.
on May 1, as follows: 52,000, 1931 to is required.
51.000. Dated May 1 1928 and due
SCHENECTADY, Schenectady County, N. Y.
-FINANCIAL
1938; $3,000. 1939 to 1944 and 54,000, 1945 to 1948, all incl. Prin. and
Dorsey,
-We are now in receipt of the following statement showing
int.(M. & N.) payable at bank designated by purchaser. Junell, certified STATEMENT.
the financial condition of the City at the present time,issued in conjunction
Oakley & Driscoll of Minneapolis will furnish legal approval. A
-V.126, p. 2539.
check for 2% of the bid, payable to J. G. McClintock. District Treasurer, with the scheduled sale on Apr.30,of $596,000 bonds
FINANCIAL STATEMENT APR. 19 1928.
is required.
$8.033,754.92
-BOND Bonded debt, not incl. above listed issues
Forest City), Ark.
SAINT FRANCIS COUNTY (P. 0.
1,480,600.00
Temporary Loan Notes
-Sealed bids will be received until 10 a. m. on May 1, by
OFFERING.
the purchase of a $14.664 issue of 535%
Linn Turley, County Clerk, for
26,514.354.92
Dated May 1 1928.
county bonds. Denoms. $1,000. one for $664.
Deduct:
Due from 1929 to 1931 incl. Prin. and semi-annual int, payable at bank
Water bonds, included in above, issued since
or trust company set by purchaser.
Jan. 1 1908
5760.080.00
-BOND OFFERMich.
Special Assessment bonds, included in above
ST. JOSEPH COUNTY (P. 0. Centreville),
payable from and out of assessments to be
-Sealed bids will be recerved by the Clerk Board of County Road
ING.
collected
111,954.92
Commissioners until 2 p. m. (standard time) May 3, for the purchase of
Sinking funds, other than for Water Debt- 83,671.32
the following issues of 4%% special assessment bonds aggregating $34,560:
Bonds included in above, maturing in 1928,
$24,000 Road District No. 32 bonds. Due May 1, as follows: $2,000, 1930
tax for payment of which is included in
to 1932 incl.; and 53.000, 1933 to 1938 incl.
1928 levy
695,950.00
10,500 Road District No. 33 bonds. Due May 1, as follows: $1,000, 1930
1,651,576.24
to 1936 incl.: $1,500, 1937: and $2,000, 1938. order of the Board
Dated May 1 1928. A certified check payable to the
Net Debt
27,862,778.68
of County Road Commissioners, for 2% of the bonds offered is required.
of Detroit.
Assessed valuation for 1928 taxes:
Legality approved by Miller, Canfield, Paddock & Stone
Real estate
2188,923,461.00
ST. LOUIS COUNTY (P. 0. Clayton), Mo.-BOND OFFERING.
Franchises
4.555,060.00
be received by P. G. Denser, County Treasurer, until
Sealed bids will
Personal property
245.250.00
issue of 4%% hospital
noon on May 21, for the purchase of a $500,000
follows:
bonds. Denom. $1,000. Dated May 1 1928 and due on May 1 as
$193,723;771.00
in 1938 and 1939; $40,000, 1940 and
820,000 from 1933 to 1937: $30,000
Population, 1925 State census, 92,786; Government est., 1927, 93,200
and $20,000.
1941; 550,080, 1942 to 1944: 540.000, 1945; $30,000, 1946First National
SCOTT COUNTY (P. 0. Gate City), Va.-BOND SALE.
-A $70,000
1947 and 1948. Prin. and int.(M. & N.) is payable at the bidding forms.
furnish required
issue of 5% road improvement refunding bonds has recently been purBank of St. Louis. County Treasurer will
part of an chased by the Well, Roth & Irving Co. of Cincinnati. Denoms. $500 and
A certified check for 1% of the bid is required. (This issue is
51000. Dated Apr. 1 1928 and due 52,500 from Apr. 1 1929 to 1956 incl.
authorized block of $1,000.000.)
and int. (A. & 0.) payable at the Chase National Bank in New
- Prin. City.
-BOND OFFERING.
SALAMANCA, Cattarangus County, N. Y.
April 30, York
George H. Elliott, City Clerk, will receive sealed bid. until 8 p. m.
SCOTT COUNTY (P. 0. Davenport), Iowa.
-An
East and West State
-BOND SALE.
for the purchase of the following issues of registered
not to issue of $160,000 4%% refunding road bonds has recently been purchased
street improvement bonds aggregating $152.987.55 rate of interest
at par by the White-Phillips Co. of Davenport.
exceed 5%.
$5,587.55.
$114.587.55 series B city's share bonds. Due April 1. as follows: 1948 incl,
SENECA COUNTY (P. 0. Waterloo), N. Y.
-The
1929; $5,000, 1930 to 1934 incl.; and $6,000. 1935 to follows: $130,731.70 coupon or registered highway bonds -BOND SALE. 24offered on April
Due
38,400.00 series A special assessment bonds. 1948. April 1. as
V. IN, p. 2539
-were awarded to Parson, Son & Co. of New York City.
$2.000, 1929 to 1947 incl.; and $400,
Trust Co., as 4s, at 100.145 a basis of about
1928. Due
Dated April 1 1928. Prin. and int. payable at the Salamanca Gardner, Mar. 1, as follows: 56,731.70, 1929; 3.98%. Dated Mar. 1 and $10.000.
56.000, 1930 to 1948 incl.;
Salamanca. A certified check payable to the order of Fred W.
1949.
$500 is required.
City Comptroller, for
The following bids were also submitted for the bonds:
-Helen
Bidder-NOTE OFFERING.
Rate Bid.
Int Rate,
SALEM, Columbiana County, Ohio.
100.099
4.00%
Auditor, will receive sealed bids until April 27. for the pur- Harris, Forbes & Co
Woerther, City
100.484
disposal plant notes. Dated April 1 Batchelder, Wack & Co
4.10%
chase of an issue of 5150,000 5%
for George B. Gibbons & Co
Treasurer,
100.347
4 10%
.
1928. A certified check payable to the order of the City
Dewey, Bacon & Co
108.287
4.10%1
was required.
1% of the notes offered
Pulleyn & Co
100.048
4.10%11
OFFERING.
-Helen
-BOND
SALEM, Columbiana County, Ohio.
27, for the
12 m.
SHAKOPEE, Scott County, Minn.
-A $6,000 issue of
-BOND SALE.
Woerther, City Auditor, will redve sealed bids until bonds.April
Dated April 1 water works extension bonds has been purchased by the First National
purchase of an issue of $13,721 5% coupon fire truck certified check payable Bank of
A
Shakopee as 43 % bonds, at a price of Par.
serially on Oct. 1 1929 to 1938 incl. bonds offered is required.
1928. Due
to the order of the City Treasurer, for 2% of the
SHELBY COUNTY (P. 0. Memphis), Tenn.
-BOND OFFERING.
-$100.000 issue of Sealed bids will be received until noon on May 5, by E. E. Jeter, Chairman
-BOND SALE.
SALEM, Marion County, Ore.
sewer bonds offered for sale on Apr. 16-V. 126, of the County Court, for the purchase of a $:350,000 issue of 4)(% County
4% coupon sanitary
of San Francisco and Institutions, Series of 1928, bonds. Denom. $1,000. Dated Apr. 1 1928.
-was awarded jointly to Dean Witter & Co. Int. payable on Apr. Due
p. 2365
$10,000 in 1938 and $20,000 from 1939 to 1955, incl. These °ends
Ferris & Hardgrove of Spokane at a price of 102.47.
other bidders:
are part of those authorized by Chap. 155, Private acts of Tennessee,
& Oct. I. The following is a complete list of the
Price Bid. 1925. The county will furnish approving opinion of Thomson, Wood &
BidderHoffman of New York City. A $1,000 certified check, payable to the
Freeman, Smith & Camp Co. and Geo. H. Burr, Conrad & Broom-101.573 above
100.037
named chairman, must accompany the bid.
Lumbermen.s Trust Co. and Atkinson, Jones & Co
102.32
Peirce, Fair & Co
102.18
SHELTON, Fairfield County, Conn.
-A local in-BOND SALE.
Federal Securities Corp. of 111
vestor was recently awarded an issue of $22.000 4% sewer construction
102.125
Co
A. D. Wakeman Co. and Wells-DickeyDetroit Trust Co
101.749 bonds at par. Dated June 1 1928. Due $2,000 June 1 1930 to 1940 incl.
Trust Co. and The
Security Savings &
Premium. Int. payable on June 1 and Dec. 1.
$1,987.00
A. B. Leach & Co., Inc.
SHOREWOOD (P. 0. Milwaukee), Milwamkee County, Wis.1,770.00
Fred Glenn & Co
-Sealed bids will be received until 7.30 p. m.von
1.040.00 BOND OFFERING.
Chickering & Co. & G. W. Near Co
May 7. by Theodore B. Olsen, Village Clerk, for the purchase of a 545.000
- Issue of 434% water main bonds. Denom. $1,000. Dated July I 1928
DISTRICT (P. 0. Salem), Marion County, Ore.
SALEM SCHOOL
to 1938
BOND SALE.
-A $10.008 issue of 5% school bonds has recently been and due on July 1, as follows: 81.000, 1929 to 19331 $2.000, 1934le at the
and 23,000. 1939 to 1948.fall incl.saPrin. and int. (J• & )payab
Purchased by Peirce, Fair & Co.of Portland at a price of 103.38.
Ara. 281928.]
FINANCIAL CHRONICLE
office of the village treasurer. Expenses of printing to be borne by purchaser.
-A $12,000
SHOSHONI, Fremont County, Wyo.-BOND SALE.
issue of 534% refunding water bonds has been purchased recently by Peck,
Brown & Co. of Denver. Due in 30 years and optional in 15 years.
SIOUX FALLS, Minnehaha County, S. Dak.-BONDS DEFEATED.
-At a special election held on Apr. 17, two propositions aggregating
$275,000 were defeated owing to the measure which mils for a 60% majority
on propositions.
One was to issue $175,000 bonds to reconstruct and make additions to
and equip a coliseum. The other would have authorized issuance of bonds
to the amount of $100000 to equip a municipal electric light plant and a
system for providing light, heat and power for municipal, industrial and
domestic purposes.
SLIPPERY ROCK TOWNSHIP SCHOOL DISTRICT (P. 0. R. D.
-BOND SALE.
-The
No. 1 Elwood City), Lawrence County, Pa.
$33.000 43‘,% coupon school bonds offered on April 9-V. 126. p. 2201-were awarded to M. M. Freeman & Co. of Philadelphia, at a premium of
$514.80 equal to 101.56 a basis of about 4.07%. Due Nov. 1, as follows:
31,500, 1929 to 1943 incl.; $2.000, 1944 to 1947 incl.; and $2,500. 1948.
'Other bids were as follows:
Premium.
BidderLawrence Savings & Trust Co
Prescott, Lyon & Co
276.00
J. W.Holmes & Co
SOUTH MIDDLETOWN TOWNSHIP SCHOOL DISTRICT (P. 0.
-BOND OFFERING.
Carlisle R. D. 6), Cumberland County, Pa.
D. E. Burr, Secretary Board of Education, will receive sealed bids until
7 p. m. May 14, for the purchase of an issue of $39,000 4% coupon school
bonds. Dated May 1 1928. Denom. $1,000. Due May 1, as follows:
$1.000. 1930 to 1948, incl.; and $2.000, 1949 to 1958, incl.; optional after
five yearsSTAMFORD, Fairfield County, Conn.
-BOND SALE.
-Remick.
Hodges & Co. of New York City, were awarded on April 21, an issue of
$210,000 4% bonds maturing $7,000. from 1929 to 1958 incl. at 100.7987 a
basis of about 3.92%.
The bonds are now being offered by the successful bidder priced to yield
3,85%. According to the news item the bonds are considered a legal investment for savings banks and trust funds in New York, Massachusetts
and Connecticut. The City has a net bonded debt of $1,846,736 and
estimated population of 50,000 it is stated.
STARKE COUNTY (P. 0. Knox), Ind.
-BOND OFFERING.
-Sealed
bids will be received by the County Treasurer, until 1 p. m. May 1,for the
purchase of an issue of $30,000 431% asylum construction bonds. Dated
May 1 1928. Denom. $1,500. Due $1,500, June and Dec. 1 1929 to 1938
incl.
STERLING COUNTY (P. 0. Sterling City), Texas.
-PRICE PAID.
-The $201,000 issue of 5% road bonds sold on April 9-V. 126. p. 2539
to R. J. Edwards. Inc., of Oklahoma City, was awarded for a premium of
$4,500. Tat to 102.28, a basis of about 4.805%. Due on Apr. 10 as
follows: 4,000, 1931 to 1934; $5,000, 1935 to 1943; $8,000, 1944 to
1948 and 10,000, 1949 to 1958, all inclusive.
TAN
STRUTHERS, Mahoning County, Ohio.
-BOND SALE.
-The $14.753.64 coupon street improvement bonds offered on April 20-V. 126, P.
-were awarded to Seasangood & Mayer of Cincinnati, as 4s,at a
2366
premium of $111.00 equal to 100.75 a basis of about 4.60. Dated April
15 1927. Due Oct. 15, as follows: $1.600, 1929 to 1932 incl.; $1,953.64.
1933; and $1,600, 1934 to 1937 incl. The following bids were also received:
BidderInt. Rate. Premium.
Seasangood & Mayer
534
$592.00
Well, Roth & Irving Co
534
629
52
9 ..01
Ryan, Sutherland & Co
4%
101.00
'Otis & Co
4%
74.0
SWAMPSCOTT, Essex County, Mass.
-TEMPORARY LOAN.
-The
$100,000 temporary lean offered on April 20-V.126, p.2539
-was awarded
, the Sagamore Trust Co. of Lynn, on a 3.63% discount basis. The loan
to
matures on Nov. 10 1928 and is payable at the Fist National Bank, Boston.
SWANTON, Fulton County, Ohio.
-BOND OFFERING.
-H. D.
Allen, Village Clerk, will receive sealed bids until 2 p. m. May 14, for the
purchase of an issue of $1,740 5% special assessment improvement bonds.
Dated March 1 1928. Due serially on Sept. 1 1928 to 1938,incl. A cent/led check, payable to the order of the Village Treasurer, for 10% of the
bonds offered, is required.
-BOND SALE.
SWANTON, Fulton County, Ohio.
-The $20.746.60
5% special assessment paving bonds offered on Apri. 23-V. 126, P. 2366
were awarded to the Farmers-Merchants Deposit Co. at a premium of
$125. equal to 100.06, a basis of about 4.99%. Dated March 1 1928.
Due $2,074.66, Sept. 1 1929 to 1938 incl. Spitzer, Rorick & Co. of Toledo,
offered to take the issue at 5% plus a premium of $130.
TETON COUNTY SCHOOL DISTRICT NO.30(P.O.Power), Mont.
-Sealed bids will be received until 2 p. m. on May
-BOND OFFERING.
14. by C. J. Orttz, District Clerk, for the purchase of a $35,000 Issue of
-school bonds. A $200 certified check must accompany the bid.
IR(These are the bonds unsuccessfully offered on Apr. 9-V. 126, P. 1706)
-BONDS REGISTERED.
TEXAS, State of (P. 0. Austin).
-The following bonds were registered by G. N. Holton, State Comptroller, during
• the week ending Apr. 21:
Purpose.
Place.
Amount.
Mature.
Rate.
Lnd. School District
Serially 5%
50,000 Shamrock
0. H.& Jail Refunding
Serially 4;i%
326,000 El Paso Co
40 years 5%
10,000 Wilmer & Hutchings_I. S. D.
Road Refunding
Serially 4.4*31,000 Grayson Oo
R District No. 1
.200,000 Ellis Co
Serially oi
R District No. 6A
Serially
166,000 Ellis Co
R. District No. 7
70.000 Ellis Co
Serially 5
70,000 South San Antonio I. S. D.
Bridge Rep
Serially
43.000 McCulloch Co
Court H. Refunding
Serially 44..
26,000 Hays Co
R. & B. Refunding
Serially 5%
%
46,200 Robertson Co
Road 1
Serially 5
• 201,000 Sterling Co
C.& D. No. 15 Repair
10 years 5
p1.500 Nueces Co
Ind. School District
Serially 5 %
30.000 Booming
ne,
INTICONDEROGA UNION FREE SCHOOL DISTRICT NO. 5, Essex
-A special meeting will be held on
-BOND ELECTION.
County, N. Y.
April 28, on which date the voters will be asked to approve a proposal to
appropriate $500,000 bonds to erect a new high school building.
County, OhiopoTOLEDO CITY SCHOOL DISTRICT, LucasMay P.Foster, ,
-Sealed bids will be received by
Clerk
BOND OFFERING.
Board of Education, until 12 m. May 16, for the purchase of an issue of
bonds,
$270,000 434% coupn school bon. Dated June 1 1928. Denom. $1,000.
Due $9,000, Sept. 1 1929 to 1958 Inclusive. Principal and interest payable
at the United States Mtge. & Trust Co., New York. A certified check
foleis oZ d
b tr
tareasurer of the Board of Education for 1% of the bonds
Err
-BOND OFFERING.
OIRTONAWANDA, Erie County, N. Y.
--Sealed
bids will be received by the City Treasurer, until 8 p. m. May 14, for the
purchase of an issue of $94,000 434% street improvement bonds. Dated
July 1 1928. Denom. $1,000. Due July 1 1939. Prin. & int. payable
at the Chase National Bank, New York. A certified check payable to
the order of the City Treasurer, for $1,000 is required. Legality approved
by Thomson, Wood & Hoffman of New York City.
libTaoY; Obion County, Tenn.
-BONDS VOTED AND SOLD.
-At a
special election held on Nov. 18.the voters ratified the proposal to issue $24,000
% bonds for the construction of a sewer system by a count of 118
to 46. The bonds have already been sold to the Security National Bank
of Jackson. They are due in 30 years.
-We are unoffiIP TULSA, Tulsa County Okla.-BONDS OFFERED.
dally informed that sealed bids were received until April 27,by R.J. Moore,
City Auditor, for the purchase of two issues of bonds aggregating $1,365,000, as follows: $1,250.000 Union Station bonds and $115,000 fire station
7 bonds.
2697
UNION SCHOOL TOWNSHIP, Fulton County, Ind.
-BOND SALE.
-The $45,000 434% school construction bonds offered on Apr. 24V. 124, p. 2366
-were awarded to the Fletcher Savings & Trust Co. of
Indianapolis, at a premium of $2,267, equal to 105.03. Dated Mar. 1
1928. Due serially.
VAN BUREN COUNTY (P. 0.Keosauqua) Iowa.
-BOND SALE.
The $200,000 issue of 431% primary road bends offered for sale on Apr.
18-V. 126. p. 2366
-was awarded to the White-Phillips Co. of Davenport
for a premium of $276, equal to 100.138. a basis of about 4.22%. Denom.
$1,000. Dated May 1 1928 and due $20,000 yearly from May 1 1934 to
1943, incl. Optional after five years. The other bids were as follows:
BidderPremium.
Geo. M.Bechtel & Co. of Davenport
$275.00
J. L. Thermo of Keosaugua
200.00
VIENNA TOWNSHIP SCHOOL DISTRICT NO. 1 (P. 0. Clio),
Genesee County,Mich.
-BOND OFFERING -Sealed bids will be received
.
by Charles E. Taylor, Chairman of School Board, until 8 p. m. May 1. for
the purchase of an issue of $30,000 school bonds, rate of interest not to exceed 5%. Dated May 1 1928. Denom. $1,000 and $500. Due $1.500.
May 1 1929 to 1948, incl.
-BOND ELECTION.
VISALIA, Tulare County, Calif.
-A special
election will be held shortly in order to vote upon the proposed issuance
of $100,000 in bonds for an airport. It is said that this action followed
presentation of a petition in the form of resolutions from almost every
civic and service organization and lodge in the city. Purchase of extra
land, making 120 acres in all, four runways, hangars for twenty-five ships,
radio beacons,as well as Neon and beacon lights and an administrative building costing $25,000, are included in the plan.
WADSWORTH,Medina County, Ohio.
-BOND OFFERING.
-W..G.
Bowman. Village Clerk, will receive sealed bids until 12 m. May 7, for the
purchase of an issue of $8,000 534% bonds. Dated April 1 1928. Denom.
$1,000. Due 51,000. Oct. 1 1929 to 1936, incl. Prin, and int. payable at
the order of the Village Treasurer. A certified check, payable to the order
of the Village Clerk, for 2% of the bonds, is required.
WALLA WALLA COUNTY SCHOOL DISTRICT. NO. 17 (P. 0.
-BOND SALE.
-The $12,000 issue of coupon
Walla Walla), Wash.
school bonds offered for sale on Apr. 21.-V. 126, p. 2202
-was awardee
4
to the State of Washington as 48 % bonds, at par. Due in from 2 to 20
years. The old National Bank & Trust Co. of Spokane offered a premium
of $44.40 on 4%s.
WALTHAM, Middlesex County, Mass.
-LOAN OFFERING.
-Sealed
bids will be received by H. W. Cutter, City Treasurer, until 10:30 a. m.
(daylight saving time) April 30, for the purchase on a discount basis of a
$200.000 temporary loan dated Apr. 30 1928 and payable Oct. 30 1928.
Legality to be approved by Storey, Thorndike, Palmer & Dodge of Boston.
WARREN COUNTY (P. 0. McMinnville), Tenn.
-BOND SALE.
-A
$48,000 issue of 5% road bonds has recently been purchased by Caldwell
& Co. of Nashville.
WARSAW SCHOOL DISTRICT NO. 7 (P. 0. Warsaw), Wyoming
-L.S. Dugan,a local investor, was awarded
-BOND SALE.
County, N. Y.
on April 20,an issue of $900 5% school bonds at a premium of $15.00. equal
to 101.66, a basis of about 4.60%. Due $100, Jan. 2 1930 to 1938, incl.
WASHINGTON SCHOOL TOWNSHIP, Randolph County, Ind.
-Sealed bids will be received by William F. Swain
BOND OFFERING.
Trustee, until 10 a. m. May 12, for the purchase of an issue of $68.000
434% construction bonds. Dated May 1 1928. Denom. $500. Due
semi-annually on Jan. and July 1 1929 to 1943,incl. Prin, and bat, payable
at the Citizens Banking Co. of Lynn.
WATERFORD UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
-BOND SALE.
Waterford), Erie County, N. Y.
-The $60.000 431%
coupon or registered school bonds offered on Apr. 24-V. 126, p. 2202
were awarded to the Manufacturers & Traders-Peoples Trust Co.of Buffalo,
at a premium of $311.40, equal to 100.519, a basis of about 4.20%. Dated
Mar, 1 1928. Due Mar. 1, as follows: 81,000, 1929 to 1931 incl.: $2,000,
1932 to 1938 inclusive $4,000; 1939 to 1948 inclusive; and 53.000, 1949.
The following is a list of bids submitted:
Manufacturers & Traders-Peoples Trust Co •
$60,211.40
Clinton H.Brown,Inc.(check of H.L.Allen & Co.)
60.282.00
Pulleyn & Co
60,191.40
George B. Gibbons & Co ,Inc
60.180.60
Parson,Son & Co
60,167.72
Rutter & Co
60,158.00
Dewey,Baeon & Co
60,137.00
A.B.Leach & Co.,Inc
60,085,00
Batchelder. Wack & Co
60.040.00
WATERTOWN, Jefferson County, N. Y.
-BOND SALE.
-The
$500,000 coupon or registered school bonds offered on Apr. 26-V. 126.
2540
-were awarded to E. Lowbar Stokes & Co. of New York City, as 4s
at 100.49, a basis of about 3.95%. Dated April 1 1928. Due $20,000
April 1 1929 to 1953 incl. The bonds are being offered for investment
at prices yielding from 3.75% to 3.85%, according to maturities.
WATERTOWN, Middlesex County, Mass.
-BOND SALE.
-The
following issues of 3j% coupon bonds aggregating $290,000 offered on
Apr. 24-V. 126, p. 2540
-were awarded to Brown Bros. & Co. of New
York, at 100.562, a basis of about 3.62%:
$110,000 Hosmer School Addition bonds. Due $11,600, May 1 1929 to
1938 inclusive.
100,000 Arsenal St. construction bonds. Due $10,000, May 1 1929 to
1938 inclusive.
60,000 water mains bonds. Due $12,000, May 1 1929 to 1933 inclusive.
20,000 water mains bonds. Due May 1. as follows: $2,000, 1929 to 1933
inclusive; and $1,000. 1934 to 1943 inclusive.
Dated May 1 1928. Other bids were as follows:
BidderRate Bid.
E. H. Rollins & Sons
100.265
F. B. Moseley & Co
100.09
Curtis & Sanger
100.187
Shawmut Corp
100.237
R. L. Day & Co
100.139
Stone, & Webster and Blodget, Inc
100.154
Estabrook & Co
100.472
National City Co
100.219
Union Market National Bank
100.468
-BOND OFFERING.
WAYNE COUNTY (P. 0. Wooster), Ohio.
F. C. Redick, Clerk Board of County Commissioners, will receive sealed
bids until 12 m. May 3, for the purchase of an issue of $64,000 5% road
improvement bonds. Dated Apr, 1 1928. Denom. $1,000. Due $8,000,
Oct. 1 1929 to 1936 incl. Principal and interest payable at the office of the
County Treasurer. A certified check payable to the order of the Board of
County Commissioners, for 3% of the bonds offered is required. Legality
approved by Squire, Sanders & Dempsey of Cleveland.
-L. J.
-BOND OFFERING.
WEBSTER, Monroe County, N. Y.
Van Alstyne, Village Clerk, will receive sealed bids until 8 p. m. (Eastern
standard time) May 9, for the purchase of $46,500 coupon or registered
bonds. Rate ofinterest notito exceed 5%. Description of the bonds is given
below:
$36,000 water bonds. Due $2,000. Aug. 1 1930 to 1947 incl.
10,500 sewer bonds. Due $500, Aug. 1 1930 to 1950 incl.
Dated May 1 1928. Prin, and int. payable in gold at the Union Trust
Co., Rochester. A certified check payable to the order of the Village for
$930 is required. Legality approved by Clay, Dillon & Vandewater of
New York City.
WEST GROVE SCHOOL DISTRICT, Chester County, Pa.
BOND SALE.
-The $26,000 4% coupon school bonds offered on April 23V. 126, p. 2367
-were awarded to the National Bank of Chester County,
West Grove, at 100.51, a basis of about 3.97%. Dated April 1 1928.
Due April 1 1958.
WEST SENECA SEWER DISTRICTS (P. 0. Gardenville), Erie
-The following issues of coupon or regis-BOND SALE.
County, N. Y.
tered bonds aggregating $96,000 offered on April 20-V. 126, p. 2201
were awarded to Pulleyn & Co. of New York City, as 4s. at 100.267 a
basis of about 4.20%:
[VOL. 126.
FINANCIAL CHRONICLE
2698
WINSLOW SCHOOL DISTRICT NO. 1 (P. 0. Holbrook), Navajo
County, Ariz.
-BOND OFFERING.
-Sealed bids will be received until
2 p. m. on May 7, by G. H. Madden, Superintendent of the Board of
Supervisors, for the purchase of an issue of $160.000 school bonds. Int.
rate is not to exceed 5%. Denom. $1.000. Dated May 1 1928. Due
as follows: $6,000, 1933 and 1934: $11,000, 1937 and 1938; $2,000, 1939:
$3.000, 1940; $14,000, 1941 and 1942: $15,000. 1943 to 1945 and $16,000.
1946 to 1948. Prin. and int.(M. & N.) payable either in Holbrook or in
New York City. Pershing, Nye, Tallmadge & Bosworth of Denver will
furnish legal opinion. A certified check for 5% of the bid, payable to the
Board of Supervisors, is required.
(This corrects report appearing under Navajo Co. in V. 126, p. 2362).
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.
-BOND
OFFERING.
-0. P. Kraft, President Board of County Commissioners,
will receive sealed bids until 11.30 a. m. (Eastern standard time) May 12,
for the purchase of an issue of $50,517.44 5% County,' share highway
improvement bonds. Dated May 1 1928. Due Sept. 1 as follows: $5,517.44, 1929; and $5,000, 1930 to 1938 incl. Prin. and int. payable at the
office of the County Treasurer.
A certified check payable to the order
WHITMAN COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Colfax), of the County Auditor,for 5% of the bonds offered is required.
a. m.
-Sealed bids will be received until 10
-BOND OFFERING.
Wash.
YANKTON, Yankton County, S. Dak.-BONDS VOTED.
on May 12, by Mabel Greer, County Treasurer, for the purchase of a
-At a
$25,000 issue of school bonds. Int. rate is not to exceed 6%. Denoms. special election held on Apr. 17. the voters strongly approved of the proposias agreed upon. Dated when issued. Due in from 2 to 20 years and tion to Issue $75,000 in bonds for the installation of a water supply plant.
optional after 2 years. Bidders must specify whether they will furnish
blank bonds. Prin. and semi-annual int. payable in New York, the State
YATES COUNTY (P. 0. Penn Yan), N. Y.
-BOND OFFERING.
Treasurer's office or the County Treasurer's office. A certified check for Sealed bids will be received by Harry 0. Bennett, County Treasurer, until
5% of the bid is required.
10 A. M. May 1,for the purchase of an issue of $116.000 4% highway improvement bonds.
Due
WHITMAN COUNTY SCHOOL DISTRICT NO. 193 (P. 0. Colfax), 1943 to 1946 incl. Dated Mar. 1 1928. Denom. $1,000. of the$29.000.
A certified check payable to the order
County
-BOND SALE.
-The $10,000 issue of coupon school bonds offered Treasurer, for $1,000 is required.
Wash.
-was awarded to the Lamont State
-V. 126, p. 2203
Apr. 2I
for sale on
Bank of Lamont as 4 % bonds,for a premium of $26.25, equal to 100.262,
YAZOO-DELTA CONTINUOUS HIGHWAY TAsfING DISTRICT
a basis of about 4.45%. Due in from 2 to 10 years. The Bank of Winona (P. 0. Hernando), De Soto County, Miss.
-BOND SALE.
-A $25,000
offered par for 4.905 and the Farmers National Bank of Colfax offered par Issue of 5 % highway bonds has been purchased by A. K. Tigrett & Co.
for 5s.
of Memphis for a premium of $370. equal to 101.48, a basis of about 5.10%•
WILDWOOD CREST (P. 0. Wildwood), Cape May County, N.J.- Dated Nov. 1 1927. Duefrom 1928 to 1952. incl.
-Sealed bids will be received by Harry L. Nickerson,
BOND OFFERING.
YELLOWSTONE COUNTY SCHOOL DISTRICT (P. 0. Worden)
,
Borough Clerk, until 8 p. m. (daylight saving time) May 7, for the pur- Mont.
--Sealed bids will be received until May 26
-BOND OFFERING.
chase of an issue of 5,35% coupon or registered boardwalk improvement by. B. T. Gaither, Clerk of the Board of Education, for the purchase of a
bonds no more bonds to be awarded than will produce a premium of $1,000 $27,500 issue of school bonds. Int. rate is to be named by the bidder.
over $60,000. Dated April 1 1928. Due April 1, as follows: $3,000, 1929 Dated July 1 1928. Due in 1948 and optional after 1933.
to 1936 incl.; and $4,000, 1937 to 1945 incl. Prin. and int. payable in gold
YOUNGSTOWN, Mahoning County, Ohio.
at the Wildwood Title & Trust Co., Wlldwoed. A certified check payable
-BOND OFFERING.
to the order of E. G. Middleton. Collector and Treasurer, for 2% of the James E. Jones. Director of Finance, will receive sealed bids until 12 m.
bonds bid for is required. Legality approved by Caldwell & Raymond of (central standard time) May 18, for the purchase of the following issues of
New York City.
5% special assessment bonds:
bonds. Due Oct. 1, as follows:
-The $624,814.39 962.88, 1930 to 1933 inclusive. $124,962.87, 1929: and $124,WINCHESTER, Litchfield County, Conn.
-BOND SALE.
- 327,018.14 bonds. Due Oct. 1, as follows: $65,403.62, 1929; and $65,4% coupon school bonds offered on Apr. 24-V. 126, p. 2240
$195,000
were awarded to R. L. Day & Co. and Conning & Co. jointly, at 100.298,
403.63, 1930 to 1933 inclusive.
a basis of about 3.97%. Dated May 1 1928. Due May 1, as follows:
Prin. and int. payable at the office of the Sinking Fund Trustees. A
36,000, 1930; and $7.000. 1931 to 1957 incl. The bonds are now being certified check payable to the order of the above-mentioned official for 2%
offered by the successful bidders on a yield basis of 3.90%. The following of the bonds offered Is required.
bids were also received:
Rate Bid.
Bidder
100.22
R. M. Grant & Co
100.194
Co. and Putnam & Co
Estabrook &
100.19
Rutter & Co
H. L. Allen & Co.. G. L. Austin & Co., and Gibson Leefe & Co...100.156
100.00
-Sealed bids will be re
BLIND RIVER, Ont.-BOND OFFERING.
Winsted Savings Bank and Mechanics Savings Bank
calved by M. F. Dyke. Town Clerk and Treasurer, until 12 m. May I, for
-E. W. the purchase of an issue of $40.000 43 % coupon continuation school bonds.
-BOND OFFERING.
WINSLOW, Kennebec County, Me.
5
,
Town Treasurer, will receive sealed bids until 3 p. m. (eastern The bonds mature in equal annual instalments of both principal and interest
Blackwell,
standard time) May 2. for the purchase of an issue of $150,000 4% coupon In 1 to 20 Years.
4
high school bonds. Dated May 11928. Denom. $1,000. Due $10,000,
LORETTEVILLE, Que.-BOND oFFERING.-A Martel, Secretary
Nov. 1 1930 to 1944 incl. Prin. and int. payable at the Federal Trust Co.,
Waterville.or at holder'soption atthe First National Bank,Boston. Legal- Treasurer, will receive sealed bids until 6.30 p. m. May 1, for the purchase
of an issue of $200,000 5% thirty-year serial bonds dated May 1 1928 and
ity to be approved by Ropes, Gray, Boyden & Perkins of Boston.
payable at Loretteville. Quebec and Montreal. Denoms.to suit purchaser.
FINANCIAL STATEMENT APR. 1 1928.
RIVIERE DU LOUP,Que.-BOND OFFERING.
-Sealed bids addressed
Last assessed valuation
$3,271,335.00 to J. Label. Secretary-Treasurer, will receive sealed bids until May I, for
163,566.65 the purchase of an issue of $69,000 5% improvement bonds.
Debt limit 5% of valuation
The only outstanding debt of the Town consists of Library Notes in the
-BOND SALE.
-The $32,500 5% local imSEAFORTH, Canada.
sum of $10,000, payable $5,000. 1929 and 1930.
provement pavement debentures offered on April 14-V. 126. p. 1874
WINDSOR TOWNSHIP RURAL SCHOOL DISTRICT, Lawrence were awarded to McLeod, Young, Weir & Co. of Toronto, at 99.67.
-BOND OFFERINO.-Sealed bids will be received until 12 m.
County,Pa.
-The $200,000 city bonds
SHERBROOKE, Que.-BOND SALE,
(eastern standard time) on May 12, by the Clerk Board of Education, for
the purchase of an issue of $20.000 school bonds in denominations of $1,000 offered on Apr. 25-V. 126, p. 2541-were awarded to Rene T. Lerclerc,
Inc. of Montreal, as Ois. at 99.01.
and dated Sept. 1 1927.
$56,000 District No.8 bonds. Due 32,000, April 1 1929 to 1956 incl.
26,000 District No. 7 bonds. Due $1,000, April 1 1929 to 1954 incl.
14.000 District No.5 bonds. Due $1,000. April 1 1929 to 1942 incl.
Dated April 1 1928.
-At
-BONDS VOTED.
WHEELER COUNTY (P. 0. Wheeler), Tex.
-the propted
the special election held on April 21-V. 126. p. 1873
issuance of $1.000.000 in road bonds was approved by an unofficial count
,
%•
of 1,453 to 699. The bonds will probably bear interest at 434' or
They will mature serially in 30 years.
WH1TESTONE IRRIGATION DISTRICT (P. 0. Loomis), Wash.
-A $253.805 issue of irrigation bonds has recently been
BOND SALE.
purchased at par by the State of Washington.
-BOND SALE NOT
WHITMAN COUNTY (P. 0. Pullman), Wash.
-The sale of the $312,000 issue of 4;4% refinancing
CONSUMMATED.
-V. 126.
State College bonds to the Marine National Bank of Seattle
and
-was not consummated as the attorneys would not approve the
p. 2203
CANADA, its Provinces and Municipalities.
FINANCIAL
FINANCIAL
CHARTERED 1853
We Specialize in
City of Philadelphia
United States Trust Company of New York
45-47 WALL STREET
3s
/28
31
48
/
41 48
/s
41 2
5s
/8
51 4
12
5/8
$2,000,000.00
•
•
Capital,
Surplus and Undivided Profits, . $22,002,900.30
This Company acts as Executor, Administrator, Trustee, Guardian, Committee, Court Depositary, and in all other recognized trust capacities.
It receives deposits subject to check and allows interest on daily balances.
It holds and manages securities and other property, real and personal, for
estates, corporations and individuals, and acts as Trustee under corporate mortgages, and as Registrar and Transfer Agent for corporate bonds and stocks.
Biddle & Henry
1522 Locust Street
Philadelphia
Private Wire to Now York
Call Canal 8437
WHITTLESEY.
McLEAN &CO;
MUNICIPAL BONDS
EDWARD W. SHELDON, Chairman of the Board
WILLIAM G. GREEN Asst. Vice-President
WILLIAM M. KINGSLEY, President
ALTON S. KEELER, est. Vice-President
PELL, lit Vice-President
WILLIAMSON
STUART L. HOLLISTER, Asst. Comptroller
FREDERIC W.ROBBERT,V.-P.&Comptroller HENRY B. HENZE, Asst. Secretary
-P.
WILFRED J. WORCESTER,V. & Secretary HENRY L. SMITHERS, Asst. Secretary
THOMAS H. WILSON, Vice-President
CARL O.SAY WARD, Asst. Secretary
ELBERT B. KNOWLES, Asst. Secretary
ROBERT S. OSBORNE, Asst. Vice-Pres.
ALBERT G. AT WELL,Asst. Secretary
WILLIAM C. LEE,Asst. Vice-President
TRUSTEES
JOHN SLOANE
ARTHUR 017RTISS JAMES
FRANK LYMAN
FRANK L. POLK
WILLIAM M. KINGSLEY
JOHN J. PHELPS
THATCHER M. BROWN
OGDEN MILLS
LEWIS CABS LEDYARD
WILLIAMSON PELL
CORNELIUS N. BLISS
EDWARD W. SHELDON
-JR,.
WILLIAM VINCENT ASTOR LEWIS CABS LEDYARD,
CHAUNCEY KEEP
LOUISVILLE,KY.
LOUISVILLE, KY.
& SON
J. J. B. HILLIARDExchange
CITY OF LOUISVILLE
BONDS
Investment Bonds
Louisville Securities
Henning Chambers & Co.
419 W. Jefferson St., LOUISVILLE, KY.
Members N Y Bledk Etchs
11 W. Jefferson St.
LOUISVILLE, Kitt
PENOBSCOT BLDG., DETROIT
MINING ENGINEERS
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Building
PHILADELPHIA
Menibere New York Stock