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The.
uniturra31,
financial
rontrie
INCLUDING
Railway&Industrial Compendium
Public Utility Compendium
Railway Earnings Section
State & Municipal Compendium
SATURDAY, APRIL 30 1927.
VOL. 124.
i IuThronult
1
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The Financial Situation.
The security markets suffered a sharp setback the
present week. The high points reached by the DowJones stock averages on Friday and Saturday last
have so far proved to be the peaks of present movements and bonds also showed strength, the average
of 40 investment bonds reaching 97.34, the industrial
stock average 167.36 and the railroad average 133.83.
Since then there have been declines of several points
each in the case of the railroad and industrial averages. Recession started on Saturday with the bonds
and industrial stocks, the railroad average gaining
slightly on that day. There was heavy liquidation
on Monday, followed by a sharp rally on Tuesday,
mixed movement. on Wednesday and extremely
heavy liquidation on Thursday, succeeded by general
improvement on Friday, with substantial gains in
both averages.
Conspicuous on the down side during the week
have been the oils (particularly Marland) Commercial Solvents, Baldwin, General Motors, du Pont,
New York Central, Southern Pacific, Missouri Pacific, Union Carbide and Pierce-Arrow. Several
high-grade stocks, such as General Electric and International Harvester, held well in the face of a declining trend, and in opposition to the trend there
have been a number of notable advances, including
some of the sugar stocks and Bangor & Aroostook,
which latter reported $8 earnings in the first quarter
for its common stock, advancing from 71 on Monday
to 92 on Thursday, notwithstanding a statement issued on Thursday by President Todd that the earnings were abnormal, due to special causes operating
this year.
As usual, it is not easy to say why the psychology
of the market has changed suddenly from the buoy-
Bank and Quotation Section
Bankers' Convention Section
NO. 3227.
ancy of last week to the pessimism and fear of the
present week. The change does not appear to have
been due to any particular.event, though plausible
reasons for it were not lacking. Quite possibly a
sufficient number of holders concluded that stocks
were too high, and accordingly sold in sufficient volume to start a movement which gained in momentum as it proceeded, augmented by stop-loss orders, narrowly margined accounts and the customary psychological fear which is always in evidence in
a declining market.
No doubt apprehension has been increased by the
Mississippi River flood, which is turning out to be
far more of a disaster than at first appeared likely,
and which has almost certainly become a market factor. This is so partly because of damage directly
wrought to corporate interests, as for instance, it
has been reported that the Missouri Pacific had suffered damage of about $5,000,000, partly on account
of the prospective decline in production owing to the
temporary destruction of a rich producing territory,
partly because of the curtailing of a certain section
of the nation's purchasing power, and partly on account of the fear of far greater damage in case the
preparations to prevent the flooding of New Orleans
should not prove successful. There seems every
reason to believe that there is no ground for such a
fear.
The newspaper estimates of damage, running into
the hundreds of millions of dollars, are mere wild
guesses, which doubtless will prove great exaggerations, but which, nevertheless, may come near the
mark. It is never really possible to compute the
property damage accompanying a catastrophe of
this kind, but so far as the market is concerned,
sharp distinction should be made between the probable effects which will bear upon the market and
those which will not.
Many of the results of the flood will be purely temporary. Moreover, there is a compensating advantage in the possibility that the tragedy may lead to
a great national conservation program to prevent
such floods in the future, and this in turn may conceivably provide an extraordinary temporary stimulant to business over a period of years. Even at its
worst the total effect on organized business probably will be far less than now feared by many.
In discussing the business situation to-day, particularly as regards those industries which are depressed, much is heard of over-production. There is
alleged over-production of wheat, corn and other
farm products; of cotton, shoes, automobiles and
many another commodity or article. The argument
2496
THE CHRONICLE
[voL. 124.
is probably very much overworked. As a matter of with the Northern rule of Chang Tso-lin at Peking,
fact, there can very rarely be any over-production makes at least four active contenders for control in
in a real sense. There may be. over-production at a China,each with a seat of Government and each with
prevailing price, but at a lower price there would a formidable army. The total number of men under
not be. We are very far from satisfying the total of arms in China is estimated, according to Washinghuman needs for practically any of the necessities ton dispatches of April 22 at 610,000 men. Marshal
or luxuries of life. If locally any market is satisfied, Chang Tso-lin, war lord of the North, is credited
there are regions beyond, which would begin to ab- with 350,000 of these, while the active Southern
sorb the products provided the price were low forces are estimated at 210,000. A third force
of
enough. The argument of over-production leads to 50,000 men in Central China, under Wu Pei-fu,
much wrong thinking, and has even gone so far as to would appear not to have taken sides.in the
present
induce recent political attempts to limit production controversy.
or provide Government subsidies in order to counterThe Hankow Government, admittedly under the
act over-production. The trouble really lies in dif- influence of Communists, is apparently being
atferences in costs of production, and even in the tacked by the Nanking forces of Chiang Kai-shek
and
worst affected industry at present those who are by the Peking army of Chang Tso-lin. An Associated
producing at the lower or the lowest costs are pros- Press report of April 24 from Shanghai said that
pering. It is thot e who are producing at average or trenches are being dug around Hankow "in expectahigher than average coats who are suffering adver- tion of an attack by Chiang Kai-shek, who recently
sity.
formed a new Government at Nanking with the osThe textile industry provides a fine illustration of tensible purpose of purging the Cantonese of Comthis. Styles of women's clothes are charged with munist influence." A further report by the Shangcurtailing the use of cotton, and the argument of hai correspondent of the.New York "Times" on April
over-production is almost universally accepted. Nev- 27 said "the evidence indicates a battle is impending
ertheless, in March of this year the consumption of at Hankow between the Nationalists of the South
cotton by the spindles of the country broke all rec- and the People's Pacification Army of the North,
ords, and there are many concerns which are mak- the latter being Marshal Chang Tso-lin's."
Assoing most satisfactory profits. The great majority, ciated Press dispatches of Thursday from Shanghai
however, are not making profits and many are sus- also reported that "four columns of Nationalist
s are
taining heavy losses.
on their way to Canton, which recently declared its
On looking into the costs in this industry it is independence of both the Hankow and Nanking Govfound that the spindles of the type in use in 1914 ernments." In this uncertain situation the
Chinese
require about twice as much labor per pound of cot- genius for compromise and negotiation is
undoubtton goods as the automatic machinery now being edly playing a considerable part. Some foreign
obinstalled. The capital cost of the latter, of course, servers go so far as to say that the split in
the ranks
is much higher. It is also found that many of the of the Nationalists is largely factitious, arranged
so
mills are running two shifts, particularly in the as to avoid responsibility for the Nanking outrage
South. If the present-day costs for both capital and of March 24. Color is given to this interpretation by
labor of a modern Southern mill equipped with auto- the fact that only Hankow has replied to the identic
matic machinery and running two shifts, be taken at five-Power note of protest which was handed both to
unity per pound, the cost of a Northern mill simi- Hankow and to a representative of Chiang Kai-shek.
larly equipped and running two shifts is about 1.4,
Communist agitation is proceeding in the meanand the cost of a Northern mill with 1914 type of time in each of the three important inddstrial cities
equipment and running one shift, about 2. The of China, regardless of affiliation or leadership.
In
trouble here is not over-production but difference Shanghai, according to an Associated Press
dispatch
in the cost of production. The mills with the old of April 22, "martial law was declared
in the native
equipment and running only one shift are either los- city because of agitation by radical
unionists. Chiing money or not making any, and because of them nese police patrolled the
streets and suspicious Chithe industry is considered prostrate.
• nese were searched. Six radical leaders were exeThe true remedy in a matter of this kind is not to cuted in the native quarter
of Lunghwa, but their
base legislation on a theory of over-production, but names were withheld." A
further report of the Assoto attack the business problem of bringing the cost of ciated Press dated April
27 said: "Vast crowds in
production down to the best standards obtaining in Hankow are listening to
street corner speeches by
modern practice. This situation is exactly paral- radical leaders. Although
the authorities reiterate
leled on American farms and in several other there is no desire to attack foreigners,
the fear perbranches of human activity.
sists that the coolies, saturated with radical doctrines about 'imperialism' will get beyond control."
The situation in China has become thoroughly con- In Canton, the Seamen's Union declared a "lightning
fusing. The Nationalist movement, which previ- strike" on April 22, and other radical activities also
ously held sway over the whole southern part of the are reported. Drastic means to combat the agitacountry, has split into at least three elements. The tion were adopted by Marshal Chang Tso-lin in the
regime at Hankow, 600 miles inland on the Yangtze North. Twenty-four Chinese Communists, arrested
River, was in absolute control until Marshal Chiang in the raid on the Soviet Embassy compound on
Kai-shek took Shanghai and established his own April 6, were executed Thursday, according to PeGovernment at Nanking. It now appears that king dispatches to the New York "Times." The
Kwangtung Province in the South, from which the group included a woman and a young man, Li TaiNationalist armies marched northward last spring, chow, who acted as the leader of the Peking Commuhas also seceded and established a third Government, nist organization. Chang Tso-lin, the report adds,
independent of both Nanking and Hankow. This, has let it be known that he is determined to main-
APR. 30 1927.]
THE CHRONICLE
2497
tamn order and stamp out the anti-foreign Bolshevist Madfurray had been ordered to refrain from conversations on the Nanking incident with the other Minpropaganda.
isters at Peking. So far as known here, there is no
parties in China are united in disclaiming in- reason why conversations among the diplomats at
All
tentions of violence against foreigners. Such dis- Peking should not proceed as heretofore, even though
claimers amount to very little, however, in view of the recommendations of the Ministers appeared too
the continued firing on foreign vessels of all kinds drastic. What these embodied has not been disclosed.
plying the Yangtze. Foreign warships in particular Secretary Kellogg did not know definitely whether
are subject to such fire, an Associated Press dis- any of the other four Powers had accepted the forw
patch of April 26 from Shanghai reporting that the of note proposed from Peking, and did not even know
United States auxiliary "Penguin" was subjected to exactly how each country now stood on the subject.
a heavy and persistent fire from the southern bank but he has been credibly informed that all have not
of the river, midway between Nanking and Shang- accepted the proposed form." London, with larger
hai. This territory is occupied by the Cantonese. interests in the Yangtze Valley than any other forThe report continued: "A number of bluejackets eign Power, is known to favor a severe policy. A
aboard the 'Penguin' were wounded, one it is thought dispatch of April 27 from the British capital to the
mortally, and this attack proved to be the most se- New York "Herald Tribune" said: "Independent
rious affair that any of the American warships have British action against the Hankow Government
sustained since they appeared in Chinese waters. in China was predicted in diplomatic circles here toImmediately the 'Penguin' opened up with machine night following a special Cabinet meeting almost
guns and rifles, and the Cantonese replied with field wholly devoted to consideration of the Chinese situapieces, whereupon the 'Penguin' brought her big tion." It appears, nevertheless, that British policy
guns to bear upon the Chinese, who finally desisted. is largely dictated by circumstances, an Associated
The American destroyer 'Paul Jones' was also fired Press dispatch of April 22 from London reporting
on, but from the northern bank of the river, where that "negotiations for the rendition of the British
the Northerners are in control." The British de- concession at Tientsin have been satisfactorily constroyer "Cockchafer" was also fired on, the dispatch cluded and the terms referred to the respective Govadds. The occasions on which American vessels were ernments for approval." The concession, it is stated,
fired on in Chinese waters was said on April 23 to will be controlled by a council made up of five Britnumber 45 times. Nor is the anti-foreign sentiment ish members and five Chinese members, with the
manifested only in this fashion. In Hankow on Chinese Chairman possessing the deciding vote.
April 24 it was found necessary to land 50 marines
from the U. S. S. "Isabel," when Chinese pickets atThe Japanese financial crisis, which came to a
tempted to remove three Americans connected with head April 22 when a partial moratorium was dethe Standard Oil Co.'s office and take them to the creed for three weeks, showed signs of easing durheadquarters of the General Labor Union. After ing the past week. The moratorium provided for
rescuing the three Americans the sailors remained postponement until May 12 of the settlement of all
ashore for the purpose of protecting the Standard private monetary obligations with the following exOil property, which was threatened by labor mobs. ceptions: 1. Payment of obligations to the State,
The situation in Hankow is causing concern to Chi- prefectures and other public bodies. 2. Payment of
nese business men also, Consul-General Lockhart re- salaries and wages. 3. Payment of bank deposits for
porting to the State Department in Washington that the purpose of meeting salaries and wages. 4. Paythey were leaving the city "in large numbers and as ment of bank deposits other than for the purpose
quickly as possisble."
specified in subdivision 3 not exceeding 500 yen per
day. The foreign exchange banks also were authorThe reply of Eugene Chen, Cantonese Foreign Min- ized to continue foreign business so as not to interister at Hankow, to the identic notes of protest of rupt trade with other countries. As a result of the
the five Powers against the Nanking outrage of moratorium business within the Empire dropped
March 24 is still under consideration at the various appreciably, though shops and stores remained open.
capitals. Chen's reply was admittedly unsatisfac- The people manifested no excitement and there were
tory, but the split in the ranks of the Nationalists no further runs on banks, said an Associated Press
has delayed the further insistence on the demands dispatch of April 25 from Tokio. The Government
that might otherwise have developed. In Washing- steps to ease the financial situation apparently reton it was said officially on April 25 "that the United assured depositors, adds this report, as crowds asStates contemplated taking no hasty action and, due sembled at the principal establishments to deposit
to the chaotic conditions in South China, would give money. Postal savings deposits were said to have
careful consideration to the whole matter." It was increased enormously throughout the Empire and
pointed out in a special dispatch of the same date to bankers in Tokio declared that the financial panic
the New York "Times" that "recommendations sub- was virtually at an end.
mitted more than a week ago by Minister MacMurA special session of the Japanese Diet will meet
ray at Peking, after consultation with his diplomatic May 3 to consider the financial proposals of the new
colleagues from Great Britain, Japan, France an.) Government of Premier Tanaka. The chief feature
Italy, were found to be unacceptable not only t‘) of the program, designed to deal with the present
Washington, but also to some of the other four Gov- situation, was outlined April 26 by Finance Minister
ernments. The Madfurray report urged the send- Takahashi, according to a dispatch to the New York
ing of an identic note with the other Powers to Chen "Times." This consists of permission for the Bank
in reply to his unsatisfactory response to the original of Japan to make emergency advances repayable
demands for redress. The State Department, in within a decade. The Government, Minister Takamaking known its position, denied that Minister hashi is reported as saying, would guarantee the
2498
THE CHRONICLE
ivot.. 124
Bank against losses up to 500,000,000 yen (about
The Preparatory Disarmament Commission of the
$250,000,000). The exact total of the Government's League of Nations adjourned April 26, after comguarantee would not be determined until the law has pleting the first reading of the tentative draft of the
been effective for a year.
convention. Little was accomplished by the Commission other than some clarifying discussion. PresiThe anti-clerical attitude of the Mexican Govern- dent Loudon in his final address urged that a second
ment was further emphasized on April 22, when six session take place about Nov. 1, at which, he said,
of the foremost members of the Catholic Episcopate there must be limitation or reduction of armaments.
were ordered out of the country. It was cprged by The second step, he thought,"must not be taken too
the Government that they were seriously implicated soon, for it was necessary for the Governments to
in the revolutionary movement. The deported have time to weigh the situation and reflect and dis.
churchmen, who crossed the border at Laredo, Texas, cuss among themselves. It was also necessary that
are the Most Rev. Jose Mora y de Rio, Archbishop of public opinion have time to weigh the situation and
Mexico and head of the Church in the republic; the come to the assistance of the Commission." The
Most Rev. Leopoldo Ruiz y Florez, Archbishop of work of the Commission, which began its sessions
Michoacan, and Bishops Salvador Uranga of Cuer- March 21, was reviewed by M.Loudon, who said that
navaca, Ignasio Valdespino y Diaz of Aguascalientes, the Commission had reached the end of the first part
Januarius Anaya of Chiapas and Jose Marie Esche- of its work. The differences, he continued, have been
verria of Saltillo. The expulsion of the six prelates, made plain, and the difficulties exposed, while pubwith Bishop Pascual Diaz of Tabasco, expelled three lic opinion has been prepared not to expect wonders
months ago, and Archbishop Francesco Orozco y as the world political situation is not auspicious to
Jiminez of Guadalajara in hiding, removes all the the work which the committee has lad in hand.
foremost church leaders from activity in Mexico. While discussions have shown that at the present
Concurrently with the Government's move against stage there is no possibility of the adoption of any
the Episcopate, a strict censorship was established, single text, the discussions, he pointed out at the
it is stated, over all cablegrams and telegrams. The same time, have shown what the situatioa is, and the
newspapers thus far have abstained from publishing Governments, after reading the minutes of the conother than official information on the train attack in ference, can deliberate and converse among themJalisco. The last official act of the Bishops a few selves and prepare the ground for a second reading
hours before the Government agents placed them of the text. The Geneva correspondent of the New
aboard the Laredo train was to issue a statement York "Times" reports M. Loudon as declaring that
denying that the Episcopate had fostered rebellion he believed it unnecessary to thank the members of
against the Government or that priests, with the the Commission individually for their efforts. He
knowledge and authority of the Episcopate, partici- added, however, that he felt he was speaking in the
pated in the train attack. A Government statement name of the Commission if he extended thanks to the
on the deportations was issued in Mexico City on Hon. Hugh Gibson, American representative, who by
April 23, according to a dispatch to the New York his personality, his open mind and his conciliatory
"Times." The statement said: "After conferences attitude had facilitated the work of the committee.
with the principal prelates of the Mexican EpiscoThe text of the tentative draft, says the "Times"
pate, these same prelates, facing grave charges based report of April 26, "is composed of major reservaupon undeniable proofs and facing the possibility of tions and minor agreements. The limitation of efsubmitting to trial, agreed to leave the country, no fectives has been provided for because practically all
doubt to avoid responsibility, and decided to aban- European countries have conscript armies. For the
don Mexico." Associated Press reports of the same same reason there was no agreement to the limitaday asserted that large forces of Federal soldiers are tion of reserves. There was agreement to the limitapursuing various rebel groups in the State of Jalisco, tion of air force, for the good reason that the real air
where the attack on the train occurred and where the force lies in trained airmen and in industrial preprebellious movement seems most pronounced. Oper- aration which permits the manufacture of planes,
ations against rebels and bandits are also continuing neither of which can be controlled. There has been
in Guanajuato and other central States.
no agreement on the method of naval limitation beA serious deficit is also faced by the Treasury De- cause Great Britain has a navy and France and Italy
partment of the Mexican regime. To avert it, the have not. Control offers an unsurmountable obCabinet agreed, on April 24, to confer on the Secre- stacle because for one thing Italy does not wish anytary of the Treasury power "to propose and dictate body to know what she is preparing to do. The inlaws and agreements and regulations which he deems direct limitation of armament by the limitation of
expedient and to lease property of the nation which budgets has failed because it is evident that many
may be used for commercial purposes, excepting nations evade such limitation simply by the prochurches, Federal buildings and memorials which cedure of providing themselves with sufficiently big
are covered by the law of 1902." These plenary budgets to take care of any emergency."
powers are necessary, said President Calles in a
statement of April 24, in order to effect a reduction
The International Economic Conference, to be
of at least 50,000,000 pesos in this year's budget. held under the auspices of the League of Nations,
The decree provides that foreign debt payments will open in Geneva May 4. All the important naunder the Pani-Lamont agreement shall be scrupu- tions will be represented, Russia having announced
lously fulfilled, but authorizes Secretary de Oca to its intention to attend now that Moscow and Berne
postpone all domestic debt payments in accordance have reached an agreement on indemnity for the
with agreements he will make after negotiations family of the Soviet emissary who was shot during
the Lausanne Conference of 1923. Russia had been
with domestic creditors.
officially invited, but declined to attend until rela-
APR. 301927.]
THE CHRONICLE
tions with Berne were re-established, which happened on April 15. The American delegation appointed by President Coolidge, is composed of Henry
Robinson, Norman H.Davis, John W.Cleary, Alonzo
Taylor and Julius Klein. Eight experts and a secretary will accompany the delegation. Basil Miles,
who will attend on behalf of the American branch of
the International Chamber of Commerce, told the
Paris correspondent of the New York "Evening Post"
on April 28 that "the Economic Conference will ventilate European problems in which business throughout the world is showing an intelligent interest and
a desire for personal enlightenment. One of the first
problems that the conference will attack is the irregular customs barriers throughoutEurope and the fact
that outside of these barriers the United States and
Japan, the greatest industrial centres, are located."
World problems, such as population, food resources,
etc., will also be considered at the conference. The
delegations of other nations which are to attend the
conference will apparently be as large as that of the
United States.
The Central Executive Committee of the Russian
Soviet at a meeting on April 27 elected its Presidium
of twenty-seven members headed by six Presidents—
Michael Kalinin, Gregory Petrovski, Alexander
Tcherviakoff, Gasamfara Massabekoff, Netirbaj Aytakoff and Faysulla Khodgaeff. The committee, according to an Associated Press dispatch from Moscow, approved the composition of the Council of
People's Commissars, as follows:
President—Alexis Rykoff.
Foreign Minister—Georges Tchitcherin.
War—Clement Voroshiloff.
Communications—Jan Rudshutak.
Posts and Telegraphs—Ivan Smirnoff.
Finance—Nicholas Brukhanoff.
Commerce—A. I. Mikojan.
Labor—Basil Shmidt.
Workers and Peasants—Gregory Ordjonikidse.
Chairman Economic Council—Valeria Houibisheff.
Director of Statistics—Valerian Ossinski.
Some indication of the military plans of the Soviet
was given by War Minister Voroshiloff in a speech
before the All-Union Soviet Congress on April 26.
In the course of the speech, said a New York "Times"
dispatch, the War Minister urged that "women, as
well as men, must undergo some sort of military
training." The dispatch said further: "The Soviet
War Minister hotly denied what he called the British War Secretary's 'fairy tale' that Russia had the
largest standing army in the world, with 10,000,000
reservists. The real figure of the forces under arms
he said was 600,000, of whom 100,000 were permanent uncommissioned officers."
2499
command in the heart of the former realm of the
Hapsburgs. Victory in Sunday's elections would,
accordingly, have been of inestimable value to the
cause of Socialism throughout Europe. Though unable to win control of the national Government, the
Socialists again captured all civic offices in the city
of Vienna. The country districts, however,remained
decidedly conservative. Because the campaign was
fought on the issue of Socialism, the minority parties,notably the Jewish Party,were almost wiped out.
The end of the revolution in Nicaragua has apparently been brought appreciably nearer as a result of
the mediation of Henry L. Stimson, personal representative of President Coolidge. On Mr. Stimson's
invitation, three members of the revolting Liberal
Government are proceeding to Managua, the capital,
for a peace conference. They are expected to arrive
to-day. An Associated Press dispatch of April 27
said: "An air of hopefulness is apparent, in the
belief that the conference will centre around supervision of the elections by the United States, with the
object of free and untrammeled expression of the
people at the polling booths. The plan for a peace
settlement, as contemplated by Mr. Stimson, is believed to include the retention in office of Adolfo
Diaz, the Conservative President, until Dec. 31 1928,
general disarmament by both sides, guaranteed participation of the Liberals in the Conservative Government, and free elections in 1928, guaranteed by
the United States, if both sides request it." The
Conservative Government, it is said, has already expressed willingness to lay down arms immediately if
the coming conference is successful. In Washington, according to a dispatch of April 27 to the New
York "Times," officials did not look for speedy reconciliation between the two groups, believing rather
that considerable discussion might be necessary on
detailed points. War activities continue in the Central American republic while the Liberal delegates
were en route. A group of 1,500 Liberals under General Moncada was reported Thursday within forty
miles of Managua, with Conservative troops also in
the vicinity. American airplanes making observation flights were fired on several times, but no casualties resulted.
Cable advices from Brussels, under date of April
27, announced that the Bank of Belgium had lowered its discount rate to 51 2 from 6%. The 6%
/%
figure had been operative since Feb. 9 last. This,
however, was the only change noted, and official
bank rates at other leading European centres continue to be quoted at 7% in Italy; 6% in Austria;
51 2% In Denmark;
/
in Paris, Berlin and Madrid;
41 2% in London; 4% in Norway and Sweden, and
/
31 2 in Holland and Switzerland. In London the
/%
open market discount rates were a trifle firmer and
short bills finished at 3 11-16@33 7, against 358
/ 0
4
/@
3 11-16%, with three months' bills at 33
/
4%,the same
as a week ago. Money on call in London was easier
and the close was at 31 8%,in comparison with 31 4%
/
/
the previous week. At Paris the open market discount rate has been reduced from 334% to 278%.
/
/
In Switzerland, however, there has been an advance
to 31 8%,from 3% last week.
/
General elections were held in Austria last Sunday, at which Mgr. Seipel, at the head of the Anti.
Socialist Coalition, kept control of the National Government, even though hard pressed by the Socialists.
The anti-Socialists previously had a lead of only
eight seats in Parliament, and though their majority
appears to have been reduced, it remains large
enough, according to the cablegrams, to insure continued control. The Socialists claimed a gain of five
seats. The elections were viewed with concern all
over Europe, said a Vienna dispatch of April 23 to
the New York "Times," "for in reality Socialism is
making a stand against the gradual spread of Fascism in the Balkans under half a dozen guises." This
report points out that outside of Russia there is no
A further gain in gold was recorded by the Bank
nation in which the Socialists have the strength they of England in its statement for the week ended April
THE CHRONICLE
2500
27, namely, £314,736. Gold holdings therefore rose
to £154,163,109, which compares with £146,372,276
last year, and with £155,742,064 in 1925. Reserve of
gold and notes in banking department fell £162,000,
while notes in circulation rose £477,000. The proportion of reserve to liability advanced to 33.44%,
from 29.11% last week. This week's percentage is
the highest since the war. Public deposits declined
£5,075,000 and "other" deposits £11,691,000. Loans
on Government securities increased £9,985,000, but
loans on "other" securities decreased £26,624,000.
• Note circulation stands at £137,515,000, against
£141,097,425 in 1926, and £148,386,705 the previous
year. The Bank's official discount rate remains unchanged at 4½%.Below we give a detailed comparative statement of the different items in the Bank of
England returns back to 1925:
BANS OF ENGLAND'S COMPARATIVE STATEMENT.
1923.
1924.
1925.
1926.
1927.
May 2.
Apri1 27. AprU 28. April 29. April 30.
b137,515,000
Circulation
10,170,000
Public deposits
98,646.000
Other deposits
Governm't securities 47.941,000
Other securities_ _ _ - 42.155,000
Reserve notes & coin 36,397,000
Coin and builion_a154,163.109
Proportion of reserve
33.44%
to liabilities
%
Bank rate
141,097,425
18,925.367
95,656,654
39,495,328
67,822,284
25,024,851
146,372,276
148,386,705
17,048,096
105,481,216
36,851,892
76,245,186
27,105,359
155,742,064
125,616,015
10,586.588
110,992,284
42,632,755
74.345,54.5
22,254,517
128,120,530
124,191,570
13,234.545
107,635,894
45,359,445
70,130,283
23,079,330
127,520,900
21.83%
5%
22X%
5%
UM%
4%
19%
3%
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
Bank of England on the British Government's decision to return to gold standard.
b Beginning with the statement for April 29 1925 includes £27,000,000 of Bank
of England notes lesuev in return for the same amount of gold coin and bullion
held up to that time in redemption account of currency note issue.
The Bank of France in its statement for the week
ending April 27 reported a decrease in note circulation of 340,462,000 francs. Total note circulation
now stands at 52,209,954,155 francs, compared with
52,208,222,995 francs in 1926 and 43,049,852,890
francs the previous year. Advances to the State remained unchanged at 29,300,000,000 francs., In 1926
the Government's indebtedness to the Bank stood at
35,150,000,000 francs and in 1925 at 23,250,000,000
francs. Our cablegram also reports no change in
gold holdings, either in the amount held at home or
abroad, notwithstanding that the Bank of England
during the week released the gold it had been holding for account of the Bank of France, and it may be
that some of this gold is destined to remain "abroad,"
inasmuch as the American Exchange Irving Trust
Co. yesterday announced that it had received "for
the account of a correspondent abroad" a shipment
of gold on the steamship "Mauretania," amounting
to $6,000,000, and rumor later in the day had it that
this was really gold belonging to the Bank of France,
though no confirmation of this could be obtained.
Other changes of importance in the Bank of France's
return this week were: Silver increased 36,000
francs; bills discounted, 851,366,000 francs; Treasury deposits, 101,598,000 francs; general deposits,
2,030,487,000 francs. Trade advances showed a decrease of 57,694,000 francs. Comparisons of the
various items in this week's return with the statement of last week and with corresponding dates in
1926 and 1925 are as follows:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
April 27 1927, April 29 1926. April 30 1925.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold Holdings—
3,683.544.443 3,684,088,215 3,681,941,211
Unchanged
In France
1,864,320,907 1,864,320,907 1,864,320,907
Unchanged
Abroad
5,547,865,350 5,548,409,123 5,546,262,119
Unchanged
Total
317,007,489
333,882,123
341,339.073
36,000
Inc.
Silver
Bills discounted_ _ _Inc.851,366,000 3,020,933,088 4,189,652,794 5,959,290,642
advances_ _ _ _Dec. 57,694,000 1,685.574,717 2,412,945,199 3,019,686,445
Trade
52,208,222,995 43,049,852,890
Note circulation_ _ _Dec340,462,000 52,209,954,155
36,473,843
28.320,666
116,916,161
Treasury deposits_ _11113.101,598,000
deposits__Inc.2,030,487,000 6,874.140,632 2,790,893,320 2,077,036,021
General
29,300,000,000 35,150.000,000 23,250,000,000
Advances to State— Unchanged
Voi.. 124
The German Reichsbank in its statement as of
April 23 reported a decline in note circulation of
254,155,000 marks. Other daily maturing obligations, however, expanded 151,752,000 marks, though
other liabilities fell off 6,942,000 marks. Total note
circulation now stands at 3,146,678,000 marks,
against 2,645,936,000 marks last year, and 2,022,118,000 marks on April 23 1925. On the asset side of
the account, gold and bullion decreased 427,000
marks, and deposits abroad 139,400 marks. Silver
and other coin increased 10,523,000 marks, while advances fell off 37,218,000 marks. Investments remain unchanged. Other assets rose 18,995,000
marks and notes on other German banks increased
2,760,000 marks. Reserve in foreign currencies expanded 9,985,000 marks, but bills of exchange and
checks fell off 110,963,000 marks. Gold holdings
now are 1,850,337,000 marks, compared with 1,491,438,000 marks in 1926, and 1,004,098,000 marks the
previous year. Below we give a detailed comparative statement back to 1925:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes for
April 23 1927. April 23 1926. Apr023 1925.
Week.
Retchnnarks. Reichsmark:. Reichsmark:.
Retchstnarks.
Assets—
427,000 1,850.337,000 1,491.438,000 1,004,098,000
Dec.
Gold and bullion
139,400 101,248,600 260,386,000 128,937,000
Of which depos. abr'd _Dec.
Reserve In foreign currInc. 9,985,000 172,054,000 256,376,000 334,699,000
Bills of exch.& checks.Deo. 110,963.000 1,674,045,000 1,181,072,000 1,266,653,000
66,427,000
Silver & other coin _ _ _Inc. 10,523,000 113,765,000 100,626,000
27,299,000
34,979,000
21,740,000
Notes on 0th. Ger. bksInc. 2,760.000
5,958,000
7.567.000
16,035.000
Dec. 37,218,000
Advances
89,022.000 199,901,000
92,890,000
Unchanged
Investments
18,995,000 548,665,000 1,089,779,000 1,411,659,000
Inc.
Other assets
Liabilities—
Notes in circulation Dec. 254,155,000 3,146,678,000 2,645,936,000 2,022,118,000
Oth.dally matur.oblig.Ino. 151,752,000 791,392,000 1,055,607,000 974,637,000
169,443,000 975,577,000
Dec. 6,942,000 182,280,000
Other liabilities
Continued expansion in rediscounting operations
proved the feature of the Federal Reserve Banks'
weekly statements issued at the close of business on
Thursday. According to the report for the banks
as a group, rediscounts of paper secured by Government securities increased $9,800,000. "Other" bills
expanded $19,300,000, and consequently total bills'
discounted for the week expanded $29,100,000. There
was a decline in holdings of bills bought in the open
market amounting to $5,500,000. Holdings of Government securities were diminished $14,500,000.
Total bills and securities (earning assets) moved up
$9,400,000, while deposits expanded $14,200,000 and
member bank reserve accounts $19,900,000. Federal
Reserve notes in actual circulation were reduced
$11,500,000. A gain in gold of $5,500,000 was recorded. At New York, additions to gold holdings
totaled $29,000,000. Rediscounting of all classes of
paper increased approximately $29,000,000, but open
market purchases of acceptances fell off $500,000.
Total bills and securities rose $16,000,000, while deposits were also larger, mounting $45,900,000, while
member bank reserve accounts revealed a gain of
$48,700,000. These changes, however, had comparatively little influence on the reserve ratio, which
remained unchanged, viz., 79.5% for the System as a
whole, and declined only 0.5%, to 86.3%, at the New
York institution.
Last Saturday's return of the New York Clearing
House banks and trust companies revealed another
addition to surplus, with increases in both loans and
deposits. The loan item expanded $21,585,000, while
net demand deposits increased $20,058,000, to $4,476,650,000, which is exclusive of Government deposits
to the amount of $43,302,000, a falling off in the latter item for the week of $6,460,000. Time deposits,
APR. 30 1927.]
T H141 CHRONICLE
2501
on the other hand, showed a contraction of $701,032,000. There were increases in the following items:
Cash in own vaults of members of the Federal Reserve Bank $2,355,000, to $42,889,000 (this does not
count as reserve); State bank and trust company
reserves in own vaults, $171,000, and reserves kept
by these institutions in other depositories, $391,000.
Member banks added to their reserves in the Reserve
institution the sum of $22,981,000, which operated to
increase excess reserve, notwithstanding the expansion in deposits. Excess reserves rose to $22,290,270,
from $1,115,450 a week earlier. These figures regarding excess reserves are on the basis of legal
reserve requirements of 13%, against demand deposits for member banks of the Federal System, but do
not include $42,889,000 held by these member banks
on Saturday last.
• Banks' and bankers' acceptances ruled at the levels
previously current. The tone of the market was
steady, but trading continues dull and devoid of news
features. For call loans against bankers' acceptances
the posted rate of the American Acceptance Council
remains at 3Y 0 The Acceptance Council makes
17
.
the • discount rate on prime bankers' acceptances
eligible for purchase by the Federal Reserve banks
35
/% bid and 332% asked for bills running 30 days;
33 % bid and 3/% asked for 60 days and 90 days;
4
338% bid and 33 % asked for 120 days, and 4% bid
4
%
and 378 asked for .i and 180 days. Open market
The money market remained easy during most of
the past week, continuing the trend established •
the previous week. The rate for demand lo. a 13
against Stock Exchange collateral ruled at 4% • til
Friday morning. In the "outside" market, that is,
outside the New York Stock Exchange, call rates
were down to 3%70 on Wednesday and again on
Thursday, with funds freely offered. Renewals yesterday were also arranged at the 4% rate, but toward
noon, on calls by the banks of $25,000,000, the rate
advanced to 4 % and later to 5%. This marks the
/
1
2
first time since Feb.25 that the demand rate reached
the latter figure. The stiffening was attributed to
preparations for month-end settlements. Time funds
also were easy most of the week, with transactions
arranged chiefly at 414@41 2%. A few short-term
/
/
loans were put through Wednesday at 4%. A further increase in brokers' loans by the New York reporting member banks of the Federal Reserve System was shown in Monday's statement. The gain
over the previous week was $15,508,000, carrying the
total to a new high for the year. Expansion in these
loans has been in progress, with few interruptions.
since the middle of February.
here have been no changes this week in Federal
eserve Bank rates. The following is the schedule
of rates now in effect for the various classes of paper
at the different Reserve banks:
As to specific rates for money, call loans this week
covered a range of 4@5%, although as a matter of
fact the call market was practically stationary during
the greater part of the week. For the first four days
—Monday, Tuesday, Wednesday and Thursday—all
loans on call were negotiated at 4%, which was the
only rate named, and the renewal basis for this entire
period. On Friday a brief flurry of firmness incidental to preparations for the approaching month-end
settlements, sent the quotation up, as already stated,
to 5%, but the low was still 4% and 4% the renewal
rate.
Time money was in plentiful supply and in the latter part of the week there was a disposition to lower
rates, at least for the shortest periods. Sixty day
money declined to 4h@43 %,against 4/%; ninety
A
days continued at 4 8 and four,five and six months
%
/
at 43 s@4M%, the same as a week ago. Trading
was narrow and the market dull and listless.
Commercial paper was in fairly active demand, but
as offerings continue limited the turnover was of very
moderate proportions. Quotations have not been
changed from 4@431%for four to six months' names
of choice character, with names not so well known still
requiring 41 1@41 %. Local and country banks
/ 4
were in the market as buyers.
quotations follow.
SPOT DELIVERY.
90 Dais.
60 Dave.
83itv3W
FOR DELIVERY WITHIN THIRTY DAYS
ber beaks
n-member baak
Prime eligible
Eligible
80 Days.
894 e;8%
a% bid
3 bid
DISCOUNT RATES OF FEDERAL RESERVE BANKS IN EFFECT
APRIL 29 1927.
Paper lbsturine—
After 90 After 6
Days, but
but
Witata 6 Wfaila 9
Mesas.
Wilkes 60 Days.
FILISSAL RESZSVII
BANK.
Ces'r
Sowed
Ariel & kr 0.1. Banters' nada Aricul.• Aarlearl
Littttt
Gratera't Aee4PAgee,
cad
sad
Papa. Craiimetames. Liteetock Levant's!
111.11.8.
tins.
Paper. Papa.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
Louie
Ulniespolis
Kansa.City
Dallu
Ian Francisco
a
a
4
4
4
4
4
4
4
4
4
4
4
•
a
4
4
4
4
4
4
4
4
4
4
4
4
a
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
4
•Including beakers aseeptaaus drawn for an agricultural purpose and sec
by warehoruse receipts. As
Quiet strength has characterized dealings in er g
exchange the present week. As a result price levels
have been well maintained and demand bills sold
throughout the week within a range of 4.85 1-16@
4.85 5-16, although the volume of business passing
was moderate. Generally speaking. the week was a
dull one with sterling neglected and attention concentrated on the violent gyrations occurring in Italian
lire. The spectacular rise in this currency exercised
a sentimental effect on other branches of the foreign
exchange markets, and the strength of sterling came
as somewhat of a surprise to market observers. At
4.85,demand bills are well above the quoted rates
that were prevalent when the Bank of England's
discount rate was lowered last Thursday, and only
a small fraction under the high point of the current
year. Belief is growing, however, that industrial
conditions in Great Britain are on the mend and
likely to show still more pronounced improvement in
the not distant future. Expectations that the New
York Federal Reserve Bank will lower its reserve rate,
thereby repeating the action of the Bank of England,
seems to be disappearing, and large operators are
now settling down to await further developments in
the economic and financial field. There was very little
business transacted on Friday (yesterday) owing to
the close approach of the May Day holiday, which is
quite generally observed in England and on the
Continent.
As to quotations in greater detail, sterling exchange
on Saturday last was slightly firmer; demand bills
2502
THE CHRONICLE
advanced fractionally and ranged between 4 85 1-16
and 4.851 and cable transfers at 4.85 9-16@4.85%;
%
trading, however, was not active. On Monday there
was a further gain to 4.85%@4.85 7-32 for demand
and to 4.85%@4.85 23-32 for cable transfers; this
was partly in sympathy with the strength in the lire
market. Increased firmness sent prices for demand
on Tuesday up to 4.85 3-16@4.853 and cable transfers to 4.85 11-16@4.853 ; nevertheless, the volume
4
of business transacted was not large and the advance
seemed to be, in some measure at least, due to sentimental considerations. Wednesday's market was
quiet but firm, with demand bills at 4.8534 (one
rate) and cable transfers at 4.85. A slight tendency to reaction marked dealings on Thursday, and
the range was a trifle lower, at 4.8534@4.85 5-16 for
demand and 4.85%@4.85 13-16 for cable transfers.
On Friday firmness prevailed, and demand ruled at
4.85 5-16 (one rate) and cable transfers at 4.85 13-16.
Closing quotations were 4.85 5-16 for demand and
4.85 13-16 for cable transfers. Commercial sight
bills finished at 4.85 3-16, sixty days at 4.81 3-16;
ninety days at 4.79 1-16; documents for payment
(sixty days) at 4.81 7-16, and seven-day grain bills
at 4.84 15-16; cotton and grain for payment closed
at 4.85 3-16.
Gold imports at New York for the period from
April 21 to April 27, according to the Federal Reserve
Bank, were $428,000, of which $400,000 came from
Peru. The exports for the same period were $411,000
chiefly to Mexico and the Straits Settlements. The
American Exchange Irving Trust Co. announces
that it has received for the account of a correspondent
abroad a shipment of gold on the steamship Mauretania,' amounting to $6,000,000. The Canadian gold
movement appears to have culminated for the moment. The Bank of England reported purchases of
$103,000 in gold bars and exports of £15,000 in
sovereigns to Spain. Repayment of the Bank of
France's debt to the Bank of England has been formally consummated, but the gold released does not
yet appear in the return of the Bank of France.
[You 124.
either the buying or selling; but it is quite generally
understood that interests acting for the Government
were at the bottom of a substantial proportion of the
selling. Although talk persists of the permanent
stabilization of the lire, few believe that the action
in this direction will be attempted for quite some
time; certainly not until it has been possible to note
the effect of the present trend on Italian trade and
industry.
The remainder of the major European currencies
remained virtually motionless. French francs again
ruled the entire week at 3.903 for sight bills, not4
withstanding persistent rumors that the stabilization
policy of the Bank of France was about to be changed
to permit of an advance in the French rate. Most of
this talk is based on belief that French interests will
not tolerate so wide a differential between the franc
and the lire, in favor of the latter. Partly for this
reason, speculative buying of franc futures last week
attained quite active proportions, in the hope that
the official rate was to be raised. German and
Austrian exchanges were inactive but steady. Greek
currency remains steady at around 1.32%. In the
minor Central European group no changes of moment
occurred, and the market was nervous and irregular
with a tendency to slightly lower levels.
The London check rates on Paris closed at 124.02,
comparing with 124.01 a week ago. In New York
sight bills on the French centre finished at 3.903 ,
4
(unchanged); cable transfers at 3.913 ,(unchanged),
4
and commercial sight bills at 3.89%, (unchanged).
Antwerp francs, which were unaffected by the reduction in the Belgian bank rate, closed at 13.893/
for checks and at 13.903/ for cable transfers, against
13.90 and 13.91 a week earlier. Final quotations for
Berlin marks were 23.69 for checks and 23.70 for
cable remittances, the same as a week ago. Austrian
schillings were not changed from 143'. Italian lire
finished at 5.293/ for bankers'sight bills and at 5.303/
for cable transfers. This compares with 5.25 and
5.26 the preceding week. Exchange on Czechoslovakia closed at 2.963 ,(unchanged); on Poland at
%
11.50, (unchanged); on Finland at 2.523/, (un2
Interest in Continental exchange circles was again changed), and on Bucharest at 0.63, against 0.65 a
confined to a very large extent to the erratic move- week ago. Greek exchange finished at 1.32 for checks
ments in Italian lire. As a matter of fact, the wild and at 1.33 for cable transfers.
gyrations in this currency held the attention of operators to the exclusion of almost all other consideraMovements in the former neutral exchanges were
tions. Under the impetus of a wave of speculative singularly devoid of interest. Holland guilders rebuying, the lire shot up to 5.663/
-an advance of mained steady, but unchanged at around 40.00.
2
30 points in the space of a few hours. Another ele- Swiss francs have been stationary around 19.22@
2
ment entering into this unprecedented strength was 19.223/. Even the Scandinavian group, one-time
the shortage in lire, which is explained not only by speculative favorites, ranged within a point or two.
speculative demands, but by tourist requirements, Spanish pesetas proved the exception and advanced
falling off in Italian imports and the fact that the sharply, although without any specific activity to
Italian Government has been securing large sums account therefor. The range was 17.44 to 17.64.
Bankers' sight on Amsterdam finished at 40.003/2,
here through foreigl loans. As the Government
automatically takes over the foreign currency pro- against 39.99; cable transfers at 40.013/a, against
ceeds of these loans, it stands to reason that the 40.00, and commercial sight bills at 39.9932, against
Government is the only source from whence supplies 39.98 last week. Swiss francs closed at 19.223' for
of lire can be obtained. The rise was regarded as bankers' sight bills and at 19.233/ for cable transfers,
the more noteworthy, coming as it did after a steady in comparison with 19.22 and 19.23 a week ago.
advance over a protracted period and without the Copenhagen checks finished at 26.66 and cable
stimulating influence of some special development. transfers at 26.67, against 26.663/ and 26.6732.
However, after a brief but hectic interval of strength, Checks on Sweden closed at 26.76 and cable transfers
profit taking sales and selling for acclunt of the at 26.77, against 26.79 and 26.80, while checks on
Italian Government promptly brought about a set Norway, which had dipped slightly on news of bank
back and the quotation dropped to 5.233/2, with the liquidation in Norway, rallied and finished at 25.82
close around 5.30. It was reported that the Italian with cable transfers at 25.83, against 25.80 and 25.81
National Institute of Exchange took no part in the week before. Closing rates on Spanish pesetas
Am. 30 1927.]
THE CHRONICLE
2503
were 17.59 for checks and 17.60 for cable transfers, gained $4,210,404 net in cash
as a result of the
as compared with 17.49 and 17.50 last week.
currency movements for the week ended April
28.
Their receipts from the interior have aggregated
In the South American exchanges, also trading was $5,047,
204, while the shipments have reached $836,at a minimum, although quotations were steady, and 800, as per
the following table:
slightly above those prevailing a week ago. Argentine
CURRENCY RECEIPTS AND SHIPMENTS BY
NEW YORK BANKING
paper pesos closed the week at 42.32 for checks and
INSTITUTIONS.
at 42.37 for cable transfers, against 42.26 and 42.31,
Into
Out of
I Gain or Loss
Week Ended April 88.
while Brazilian milreis finished at 11.82 for checks and
Banks.
Banks.
to Banks.
at 11.83 for cable transfers, as compared with 11.79 Banks' Interior movement
I 15,047,204
$838,800 Gain 54,210.404
and 11.85 last week. Chilean exchange closed at
As the Sub-Treasury was taken over by the
Fed12.02, against 12.03, while Peru finished at 3.64, eral Reserve Bank
on Dec. 6 1920, it is no longer
against 3.63 the preceding week.
possible to show the effect of Government operaAs to the Far East, developments have been less tions on
the Clearing House institutions. The Fedsensational than in other recent weeks. Japanese yen eral
Reserve Bank of New York was creditor at the
displayed a tendency to recovery, although quota- Clearin
g House each day as follows:
tions remained well below those of the previous week. DAILY
CREDIT BALANCES OF NEW YORK FEDERAL
RESERVE BANK
An advance to 48.00 occurred early in the week, but
AT CLEARING HOUSE.
this was replaced by another accession of weakness Saturday. Monday,
Tuesday. Wednesd'y, Thursday, Friday,
Aggregate
and the quotation dropped to
This was again April 23. April 25. April 26. April 27. April 28. April 29. for Week.
8
based on banking troubles, and the recovery was in 89.000,000 93,000,000 80.000,000
$
88,000.000 84.000,000 96,000,000 Cr. 530.000,000
response to news that the Japanese Cabinet had Note.-The foregoing
heavy credits reflect the huge mass of checks which come
to
York Reserve Bank
approved the emergency measure which guarantees thethe New Reserve System's from all parts of the country in the operation of
Federal
par collection scheme. These large credit
however, reflect only
the
the Bank of Japan's loans to banks in difficulties. House institutions, as a part cfitemsReserve Bank's operations with the balances,
Clearing
only the
payable in New York City are represented In
The large volume of checks on institutions
It is felt however that the real test of the whole the daily balances. accounted for in arriving at these balances, located outside of
New York are not
as such checks do
not pass
big House but are,
situation will come after the expiration of the Bank for through the des account of the local deposited with the Federal Reserve
collection for the
Clearing House banks.
moratorium. Hong Kong closed at 4
9/@4
9%,
agaiust 50/@50 5-16; Shanghai at 62Q63/,against
The following table indicates the amount of bul4
623 @62%; Yokohama at 47%@47 8, against lion in the princip
al European banks:
47.30; Manila 493/@497 (unchanged); Singapore,
A
2
April 28 1927.
561 @56%, against 563/g@563'; Bombay, 361 @, Banks of I
A
April 29 1926.
/
Gold. I Silver.
Total. I
Gold.
Silver.
363/2, against 361 @363i, and Calcutta 3 1
Total.
/
6A@
£
E
I
£
£
£
I
£
3634, against 36 1-8@)36XEngland..154,163,109
154,163,109146,372,276
146,372,276
France____ 147,300,268
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just past:
FOREIGN EXCHANGE RATES CERTIFIED BY
BANKS TO TREASURY UNDER TARIFF FEDERAL RESERVE
ACT OF
APRIL 23 1927 TO APRIL 29 1927, INCLUSIVE. 1922,
Country and Monetary
Unit.
Noon Buying Rate for Cable Transfers in New York.
Value in United States Money.
13,680,000 160,980,268 147,363,529
Germany b87,454,420 c994,600 88,449,020 58.003,400
Spain
103.823,000 27,738,000 131,561,000 101,475,000
Italy
45,899,000 4,258,000 50,157,000 35,702,000
Netherl'ds. 34,918.000 2,300.000 37,218,000 35,700,000
Nat. Begl_ 18,124,000 1,150,000 19,274,000 10,954,000
Switzeri'd. 18,390,000 2,822,000 21,212,000 16,727,000
Sweden
12,349,000
t 12,349,000 12,747,000
Denmark. 10,712,000
812,000 11,524,000 11,622,000
NorwaK___ 8,180,000
I 8.180.000 8,180.000
Total week 641,312,797 53,754.600 695,067,397584,846,205
Prey. week 640,856,641 53,773.600 604.630,241583,774,377
13.320.000160,683,529
994,600 58,998,000
26,566,000128,031,000
3,418.000 39,120,000
2,145.000 37.845,000
3.651,000 14,605.000
3,591,000 20.318,000
12.747,000
860,000 12,482,000
8,180,000
54,535.600639.381.80,5
54,589,600 638.363,97
a Gold holdings of the Bank of France are exclusive of gold
the present year to £74,572,866. b Gold holdings of the held abroad,amounting
Bank of
exclusive of gold held abroad, the amount of which the present year Germany are
Is £5,062,430.
C As of Oct. 7 1924.
President Coolidge on American Foreign Policy.
EUROPE
President Coolidge's speech on Monday evening at
Austria,
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the dinner of the United Press Association in this
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England, pound stertain immediate aspects of American foreign policy.
ling
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. .025209 .025213 .025212 4.8573
What he had to say on that subject was prefaced by
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Germany, reichsmark .2370
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some observations on the American press, in the
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course of which, while commending the press for the
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fullness and accuracy of its news and the freedom
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of its editorial comment, he nevertheless uttered a
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warning against the dangers of "constant criticism
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and misrepresentation of foreign peoples" and "ma.1923
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ASIAlicious and misleading partisan attacks on the conChina
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duct of our own Government in its efforts to defend
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vaded in foreign countries."
Mexican dollar__ .4566
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Tientaln or Pelyang
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European comment on this part of the speech, as
dollar
4408
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transmitted in cable dispatches from London and
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Japan, yen
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NORTH AMER.Canada. dollar
marks a covert rebuke of newspaper criticism of the
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Administration, and a plea for newspaper support of
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SOUTH AMER.the Government, whatever the party attitude of a
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.9615
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Brazil. murals
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newspaper may be. A careful reading of the speech
.1180
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Chile. Peso
1203
.1203
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hardly sustains such a construction. If Mr. Cool1.0172
1.0149
idge resents the tone of newspaper discussion regardThe New York Clearing House banks, in their ing his recent course with Mexico,
Nicaragua or
operations with interior banking institutions,
have China, his New York speech affords no evidence of
Apr1/ 23. April 25.April 26. April 27. April
28.April 29.
2501
TH P. CHRONICLE
it. What he warned against was the harmful influence of "malicious and misleading partisan attacks"
on the Government; in other words, editorial comment or alleged news which ignores facts or falsifies
them, distorted versions of events skillfully compounded of truth and error, and imputations of unworthy motives. Of such unethical conduct the better dais of American newspapers have been, on the
whole, remarkably and commendably free.
Unfortunately, it has not always been easy to
draw the line clearly between criticism of the Administration, as represented particularly by the
President, and criticism of the Government as a
whole. The evolution of the President as a party
leader, intimately concerned with the machinery of
elections and with the distribution of rewards for
party service, has done much to obscure the Constitutional conception of the President as the elective
head of the nation for the time being, and has often
involved the ,President personally in controversies
from which, in a proper view of the case, he should
have been kept free. Considering the difficulties
which such a confusion of functions presents, the
American press has contrived to steer its course with
a good deal of skill, preserving its constitutional
right of free utterance•while recognizing the constitutional independence of the Presidential office. It
would have been out of harmony with Mr. Coolidge's
character for him to ask, even indirectly, that the
right of open criticism of Government acts should
be restricted. His admonition was directed against
statements which, in whatever light they may be
viewed, are malicious or untrue.
The portions of the speech relating to foreign affairs dealt with China, Mexico and Nicaragua. With
regard to China Mr. Coolidge only reiterated what
he has already several times said. The United States
has no aggressive designs in China. The American
forces in China are there "to do what China itself
would do if peace prevailed," namely, to protect
American citizens against a lawlessness which China
at the moment is unable to control. "Ultimately,"
Mr. Coolidge declared,"the turmoil will quiet down,
and some form of authority will emerge which will,
no doubt, be prepared to make adequate settlement
for any wrongs we have suffered." The latest dispatches from China have confirmed the wisdom of
this policy. As long as the diplomatic representatives in that country are uncertain about the precise
status of the Nationalist movement, or unable to
learn the exact truth about the rumors of alliances
and deals between the various factional leaders, the
United States will best serve the interests of the
Chinese people by holding to an independent course,
abstaining alike from unnecessary show of force on
its own part and from co-operation with other Powers in what might easily develop into a coercive
policy.
What was said about Mexico puts our relations
with the Calles Government in a distinctly more
hopeful light. Mr. Coolidge gave forcible reasons
for thinking that the question of the right of Mexico
to confiscate American property, if such were really
its intention, could not very well be arbitrated without seeming to"waive, tentatively at least, the sound
principle that private property is not to be taken
without just compensation. The better method of
reaching a settlement, Mr. Coolidge pointed out,
was that of negotiation, and in that direction he was
[Vol,. 124.
able to announce what appears to be an encouraging
advance. "I am glad to report," he told his hearers
of the United Press, "that the Mexican Ambassador
has recently declared to me that she (Mexico) does
not intend to confiscate our property, that she has
shown diligence in capturing and punishing those
who have murdered our citizens, and expressed the
wish, which we so thoroughly entertain, of keeping
cordial and friendly relations." With this attitude
prevailing, it should be possible before long to reach
an understanding which will remove our relations
with Mexico from the field of controversy. The cordial reception which is reported to have been given
to Mr. Coolidge's speech by the Calles Government
augurs well for the success of such negotiations as
the two Governments may undertake.
Far the most important part of Mr. Coolidge's
speech, however, related to Nicaragua and the
smaller States of Central America. After a brief
reference to the recent disorders in Nicaragua, and
the dispatch of Henry L. Stimson, former Secretary
of War, as a special agent to gather further information, Mr. Coolidge declared that "toward the Governments of countries which we have recognized this
side of the Panama Canal we feel a moral responsibility that does not attach to other nations. We
wish them to feel that our recognition is of real
value to them, and that they can count on such support as we can lawfully give when they are beset
with difficulties. We have undertaken to discourage revolutions within that area and to encourage
settlement of political differences by the peaceful
method of elections. . . . It is a curious circumstance that some of those who have been willing to
have us take mandates over far-off countries in Asia.
where we have no interest that does not attach to all
humanity, are most critical when we are attempting
to encourage the maintenance of order, the continuity of duly established government, and the protection of lives and property of our own citizens under
a general reign of law in these countries that are
near at hand and where we have large and peculiar
interests."
Very likely this declaration is being given an undue significance. In some quarters it is taken as
implying a further development of the Monroe Doctrine, not in the form of extending the doctrine to
countries to which it has not hitherto been held to
apply, but by giving to the doctrine a new and more
immediate force in the case of the States which lie
between the United States and the Panama Canal.
In the case of Nicaragua, the United States has the
right to construct an inter-oceanic canal across the
country, and to build a naval base, for which it has
paid $3,000,000. There seems little likelihood that
the construction of a canal will soon be seriously
considered, but the right itself is equally unlikely to
be surrendered. Yet there appears no warrant for
assuming that the special "moral responsibility"
which Mr. Coolidge imputes to the United States
involves, even in his mind, anything akin to a protectorate over the countries referred to. It probably
means no more than that the United States, as far
as its foreign policy is concerned, cannot be indifferent to what is going on in the internal affairs of
the States this side of the Panama Canal, whenever
anything develops that seems to threaten American
interests and American rights. In other words, that
domestic 'disorder in countries near to the Canal
APR. 30 1927.]
THE CHRONICLE
constitutes a jeopardy of which the United States
will feel compelled to take notice.
It would be improper to assume that Mr. Coolidge,
who has resolutely insisted upon keeping the United
States out of entangling situations in other parts of
the world, has in mind an imperialistic program in
Central America. What seems clear, on the other
hand, is that Nicaragua and its neighbors have come
to represent, to Mr. Coolidge's mind, a special sphere
of American influence, primarily because of their
nearness to the Panama Canal, but also because of
certain territorial rights which the United States
has acquired in Nicaragua. There will be no sound
incentive for pushing such influence further if its
exercise shall result in insuring to the countries concerned the peaceable political life which they have
often seemed to lack.
Principles vs. Policies in Political Campaigns.
Before Congress meets again campaigns for the
nominations for President will be well under way.
Sectionalism will rally round its prospective standard bearer. Parties will seek for the winning plank
in a lengthy platform. And the people will pursue
their customary vocations hoping that the coming
session will not make the life of the business man
any harder than it is at present. Chameleon-like,
politics will strive to take on the color of the most
opportune theory of progress and prosperity. If
good times extend over into the mid-year of 1928,
policies of negation will diminish; if hard times
begin to press down, there will be wailing prophets
everywhere. Drowning men catch at straws and
hard-pressed farmers grasp at Governmental policies
which promise relief. It is a condition so far from
the implications of the Constitution, that the
"Founding Fathers," if brought to earth again,
would scarcely recognize the fundamental principles
upon which they founded a Government.
Principles endure, though they may be obscured;
fallacies perish by their very nature. It may be idle
even to speculate upon the issues of a campaign that
has hardly begun. But these issues, in part, are
forming,if we could only discern them. And,following precedent, they are more likely to concern policies than principles. For instance, we read in the
news that the cohorts of the Mid-West are arming
for another struggle to secure farm relief. We read
that in the Far West the proponents of the Boulder
Dam project will press on until victory is obtained.
And also we read vague hints of slaughter and covert
threats at political annihilation. Then, it is said, a
cabalistic union is to be cemented between the agriculturists of the West and South. "For Corn and
Cotton" is to be the battle-cry! Suppose ultimately
a bill similar to the McNary-Haugen measure,
through this form of expediency is enacted. What
relation has it to individual rights under a limited
form of government? The President in his veto
message called the bill he vetoed "economic folly"
and that's what it is to any unprejudiced mind. And
it is economic folly born of political expediency. It
may debauch Government,if enacted, but can change
no fundamental principle thereof. And it may help
or harm the farmer, but can change not at all the
primal force of supply and demand.
Had there been no war,had war had no aftermath,
had the last fifteen years flowed along normally,
good years and lean years for the farmers, this farm
2505
relief question naturally would not have appeared
to corrupt politics and bedevil the Government. But
agriculture and Government existed before this unfortunate period and will exist afterward,in essence
and in principle practically unchanged. Could anything more clearly illustrate that by means of this
farm relief measure and similar ones we are making
the Government a vehicle and agency of reform?
That we are pitting an artificial law against a natural one? That we are eclipsing great and abiding
principles of political rule in a free Government by
policies that are here to-day and gone to-morrow?
That we are making opportunism the balancing pole
of a tight-rope walker to get across from one Administration to another? That the votes of a disgruntled class and section are more important to political parties than the entire vote of the whole people?
And what of the incumbents of office, legislative
and executive, who bend before these political
storms, as uncertain in their appearance as flood
and famine? More—what of citizens who assemble
and resolve that this artificial relief must come or.
"by the eternal" no man who stands in the way shall
be elected? Reduced to fact, this sort of government is but the tyranny of minorities. To-day it is
farm relief; to-morrow it may be mercantile relief.
Look at this merchant, now quiescent and innocuous.
On the one hand threatened with death at the hand
of chain stores put over him by huge aggregations of
capital; on the other hand impoverished and attenuated by penniless farmers, installment buying wage
earners and mail order houses. Why not make a
campaign on the slogan "Help the merchant, save
the middleman"? The farmer and the merchant
saved and satisfied, why not continue the policy of
Government relief for superannuated preachers and
teachers and pensions for old age, regardless of vocation or worthiness?
This is not government of, for, and by, the people!
It is not government, but the lack of it. If political
expediency is to continue to make a Government,
originally great, its tool, then Government will degenerate into the operation of temporary political
issues, often fallacies and "follies," and cease to exist as a mighty whole for the protection of the individual liberty of its citizens. Toward this we seem
to be driving with unrestrained zeal and uncontrolled passion. Already they tell us that our agriculture must be protected as well as our manufactures. Since a tariff applied to agriculture in the
same way in principle as applied to manufactures
affords no relief, then a subsidy, a price-fixing, surplus-removing, revolving fund equalizing, must be
applied to farm products and producers. Think of
free men fighting and jostling each other to get to
feed-troughs of the Treasury, that section, class and
occupation may receive aid and alms!
Having beaten our swords into plowshares, we
now propose to beat our shields of government into
swords of plunder. Obsessed with the constant creation of boards, commissions and committees for regulation and control, we are grown bold to turn Government into an aid society for the equalization of
occupations and their monetary returns. Who or
what can equalize in use or benefit to mankind a
bushel of wheat and a pound of steel? Who can by
statute laws protect equally a farm, a mind and a
mill? What power lies in Government to fix price
without first fixing the needs and desires of people's?
2506
THE CHRONICLE
There is a glut, a surplus, of wheat—lands too fertile, acres too many, the slogan "eat more bread"
insufficient to bring consumption and production together—naturally this surplus seeks a foreign market; naturally some of it is sold at a reduced price
at home; naturally wheat growers are bound to the
nature of the soil that best grows wheat; naturally
rotation of crops is a question of the possibilities of
the individual farm or unit—hence invoke the power
of Government to do that which natural conditions
and relations do not and cannot do. Was there ever
a greater absurdity?
So this confronts us in the next campaign. Think
of reducing Government to a politico-economic machine for the purpose of equalizing all temporal inequalities! Think of patriots voting only for their
pockets! Think of statesmen kneeling and saying
their prayers to half a dozen States as to the belly
of some frowning Buddha, for party advantage!
Think of a confederacy that was a rope of sand and
an indissoluble union split into political shards and
_falling into pieces because an election impends!
Again the East must become the power that devours
the West. Again sections of a common country, under one rule and one flag, will renew the war dance
around the fires of hate, bigotry and prejudice. A
pleasant prospect, an ennobling effort. Ah, "Protection"—any method in an emergency. Meantime
the tariff goes serenely on. It is not that it should
be abolished, but that some offset be created. It is
not that pampered iron and steel be brought low, but
that wheat and hogs be enthroned in the domestic
economy of a hundred millions.
If all this does ensue, perhaps we can get an object
lesson out of it in Principle vs. Policy. Shall we
continue to make Government a football of politics
or rescue it from the politicians? Shall we continue
class legislation or abandon it? Shall we ignore
natural laws, such as supply and demand; shall we
defy them, and undertake to fix price and production
by statutes that have no power beyond our territorial limits? Shall we by the attrition of sectional
and class legislation take from the individual rights
privileges and powers sacredly guaranteed by the
Constitution? In a word, suggested by this farm
relief question, shall we make the chief issue of the
campaign a return to the original purpose and power
of our Government? If so, the question itself will
sink into a minor place, otherwise it will be a battle
over a folly and a fallacy, that win or lose, must take
its place in the limbo of experiments that fail. Which
will it be?
The Mississippi River Flood.
Excessive rains along its tributaries, often accompanied by cloudbursts, have poured an inestimable
volume of water into the lower reaches of the Mississippi River, causing an overflow described as the
greatest since the "coming of the white man." Early
in the week the river was pictured as a wide lake
extending from St. Louis to New Orleans. Estimates of the losses, it was said, could not be "exaggerated." At that time one hundred lives (since
increasing to several hundred) were said to be the
known toll of the raging torrent, with the danger
below Memphis causing intense anxiety. A correspondent, on the scene at that city, which was the
centre of relief work, on Sunday wrote: "How many
thousands of farms in the flood zones from Cairo to
[VOL. 124
Southern Louisiana are under water is a question
no man can now answer. The fact that 6,000,000
acres are inundated indicates the vastness of the
agricultural loss,for at least 90% of the flooded land
is said to be farm land. Taking 100 acres as the
average size of a farm, this would mean 60,000 farms
caught in the deluge, and 60,000 farms means three
or four times that many people who will have lost
their means, temporarily, perhaps, of a livelihood."
In addition to the agricultural loss, whatever it
may prove to be, the lumber industry through the
stoppage of mills will suffer severely. Add to this
the homes destroyed and damaged, whole towns having been submerged, and it is given as the "opinion
of some of the best posted men in the Mississippi
Valley" that "the loss in buying power and the
money damage may approximate $1,000,000,000."
Thus we have the main outlines of a most deplorable
calamity, and yet in the end it is certain that the
damage wrought will be found to have been greatly
exaggerated, as always happens in such cases. Already the situation has been appreciably bettered
by the blowing up of a section of a levee at New
Orleans, furnishing an outlet for a.great volume of
water that might have inundated the Crescent City
if it had not been released.
On the reverse side of this gloomy recital it is
gratifying to record the prompt action of the Government and the Red Cross in relief measures. With
a Cabinet committee headed by Secretary Hoover
everything is being done on the part of the Administration that is possible to relieve suffering and to
prevent loss of life. The President as official head
of the Red Cross early issued a call for contributions
from the people and this has been responded to in a
characteristically generous spirit. Supplies and
equipage from the army stores have been rushed to
the flooded areas on right-of-way trains. But only
when the waters subside, two or three weeks hence.
will it be possible actually to measure the extent of
the devastation.
We have often spoken of the imperative economic
need for the improvement of these interior waterways. Another flood like the present will not come
perhaps in a lifetime. But lesser floods will come
annually with a proportional loss in life and in property values. There is no agency that can cope with
this problem but the national Government. It can,
and ought to at once, utilize the plans worked out by
the Mississippi Valley River Commission and begin
a work that though it may take a decade or two to
complete will be of incalculable benefit to ali the
people. Talking with an engineer who worked for
the Commission for ien years, he suggested the possibility of an even greater disaster than the present
should the Ohio and Missouri rivers at some future
date pour their flood waters at the same time into
the main channel. We do not believe it is impossible
to meet this flood situation. Plans have been worked
out and are now available. The ultimate task is gigantic. There are elements involved in control that
are extremely doubtful, but engineers believe that a
comprehensive general plan, backed by sufficient
appropriations, will turn a menace into a beneficence.
If a billion is now to be lost, what untold billions
in the far future could and would be saved by a relatively small outlay now! If little Holland can conquer the North Sea, and build fertile areas for its
APR. 30 1927.]
THE CHRONICLE
oncoming generations, puissant United States can
accomplish this most necessary and beneficial task
for the population that thickens in one of the richest
valleys of earth. It is not properly an emotional
undertaking but one of calculation and determination. Year by year the dikes may rise in proper
places until the whole is knit into a system of control, redeeming effectually vast areas subject to annual overflow, preventing the devastations of extraordinary floods, furnishing incalculable water
power in the very heart of things, and saving waste
of years that cannot be measured. If we make bold
in this advocacy at a time like this it is because, far
from the danger, we are still Impressed by the desolation and dread that touches our common humanity.
How many times in aeons of the past this vast valley of the Mississippi has been flooded it would be
idle to conjecture. But we know that the drainage
system of these interior rivers makes possible our
agricultural pre-eminence. The rank vegetation
here nourished has made our inexhaustible coal beds.
Our rolling prairies are of inestimable value. The
very rainfall so abundant in this vast section, now
exaggerated into this unusual overflow, is a boon
beyond measure. Nature here is prodigal, though
sometimes erratic. It is the work of man to salvage
his benefaction, by utilizing his powers of protection
to the end of conservation. Astronomers speculate
over possible canals in Mars as an indication, perhaps, of a higher civilization than we have attained.
But since the steam shovel will do the work of many
men, since the engineer can compute the volume and
pressure of an overflow, since we have already essayed to build canals in our own territory and at the
narrow neck of Panama, we are already prepared to
undertake the task of leading these floods through
escape that will save lands and people. The bounty
that has been given us it is our duty to make secure.
All our future rests primarily in our agricultural
heritage. Herein is dominion worthy the name.
Methods of Farm Relief Here and Abroad.
Our article on "The Challenge to the Farmer," of
March 12, in which we called attention to the great
advance made by Denmark in her entire agricultural
system as the result of her Folk High Schools, has
awakened interest in different directions. It has
brought to us among other things a copy of the
"Journal" of the Agricultural Discussion Society of
the Orkney Islands, which gives an account of similar advanced methods in that little-considered region. The Danish system is well understood there,
and there is a detailed account of the application
of thoroughly modern methods in every department
of farm life, from Business Methods and Agricultural Education to Stock Feeding and Fur Production, with much suggestive comment. Their member
of Parliament, for instance, who visited Denmark
for the purpose, says the Danish system is of worldwide importance, and,in addition, in reporting practical details, emphasizes two general conclusions.
One is that while "the benevolent attitude of the
Government is beneficial in creating a favorable atmosphere which is promotive of a healthy independence, efforts to bring political pressure to bear to
obtain State aid destroys this spirit, and nothing is
more regrettable." The other is that "it is the very
worst business when a farmer either from ignorance
or some other cause buys a farm for more than its
2507
economic value, or attempts to work one with insufficient capital. The inevitable result in either case
will be that the land is starved and will never produce what it should." Both situations had to be
faced in Denmark and were met by extensive and
intelligent co-operation. This put the small holders,
with 86% having under 75 acres, and 90% of the
total holdings being worked by owner occupiers,"on
a footing of equality with the farmers proper."
Much was done to direct and free the farmer's
energies for the main object of "production from the
soil." But these efforts would be ineffective without the influence of a co-operation which led to that
organization of the industry on business lines "which
is an essential to sucess in the world to
-day."
All this turns upon supplying adequate education
for those immediately concerned, and is what Great
Britain is to-day attempting on a large scale. After
three years study a Government Commission headed
by the Master of Balliol at Oxford has reported action in Denmark's line of adult education. Leading
statesmen like Viscount Haldane, Premier Stanley
Baldwin, J. R. Clynes and Lord Grey have joined the
movement. The village community is made the unit
of the new system. In each an institute under local
control is made the centre of educational, social and
recreational activity. Courses of adult education
are being pushed and are already greatly extended
as the chief line of direct advance, with county libraries, of which there are to-day 89, and halls for exhibitions, public lectures, concerts, plays and the
like. Branch libraries are opened by the counties in
the small villages and where this is not possible
books are distributed to the homes. Each library
forms study groups, of which a single county at the
North reports 74 classes of adults. Practically the
entire rural population of Great Britain is now
within reach of these libraries. The Danish system
of Folk High Schools is also started. Britain, it
will be seen, is far on the way to obtaining what Lord
Haldane says is the supreme goal, "a community of
outlook, and an outlook based on high principles."
Another response comes to us from the far Northwest. Our correspondent, writing from Alberta,
says: "We are situated in the part of the Great
Plains Region which is semi-arid. A large portion
of our population have gone out ruined financially
or broken-hearted. A great deal of the unrest is due
to the fact that the post-war deflation hit the farmer
in two directions, the price went down, and bad
years reduced the yield; and parents could not afford to send their children away to the fine agricultural college which the Government had established.
It has been closed for some time and there is no adequate community support for high schools for the
rural areas."
He regrets that the farming classes are apt to
treat articles in financial papers and the utterances
of bankers and executives as coming from a favored
class, and prejudiced, however true the statements
may be, and he encloses some local documents to
show the effort making to meet the situation. They
will be recognized as applicable to conditions existing in corresponding sections with us.
At the fourth annual convention of the Alberta
Co-Operative Credits Society in Edmonton in March
a member of the Co-operative Credits Board, himself
a farmer, in what was evidently a well-informed and
convincing address, dealt with the financial prob.
2508
THE CHRONICLE
lem in a large way. He pointed out that there are
three divisions of agricultural credit; the short-term
personal, the intermediate or chattel credit,
and the long-time or mortgage credit. The first, or
short-term credit, is not adaptable to the agricultural industry. The second, or intermediate term
credit, is a form introduced with an extreme limit of
six months to three years based on chattel security,
especially for breeding, rearing and fattening livestock. The third, or long-term credit, running for
years,secured by mortgage,is used for the purchase of
additional land or to make extensive improvements,
with provisions often for gradual amortization.
The chief difficulty is with prolonged debt. To
guard against this, the character of the borrower
and his thrift, with the character of the soil, the cost
of equipment and of inevitable deterioration, the
drain of taxes, interest and payments, and the definiteness of plans of repayment, are the important
factors of the financial engagement. To meet indebtedness there must be careful adjustment to the
conditions, keeping down expenses, less hired help
than is now common,the avoiding of wasteful rivalry
to keep up appearances with neighbors, and watchful intelligence guiding steady work. Seven or eight
months of labor and four or five of idleness are incompatible with success.
Another testimony from Calgary called attention
to the difference between the condition of the farmer
in "marginal" lands in the United States and the
farmer on similar land in Canada. With us there
are too many farmers on lands that are not agricultural, too many that are over-capitalized far beyond
their producing value, and too many, according to
the account of our departmental officials, not adequately organized.
In Canada this is not altogether the case. There
are some farms that might well be abandoned, but
Canada does not suffer from over-capitalization, as
there has been no increase in land prices since 1912;
and Canada is fully if not over-organized; but she is
far behind us in systematized rural land credit. The
United States differs in her great domestic market
protected for the time by the tariff. But that condition will not last. When attractive prices stimulate
large production and a surplus more than the home
market will consume a problem arises for which no
one has yet brought forward a remedy. It is hard
to beat natural laws in the long run.
In both countries the strong movement of population, especially of the young from country to city, is
the pressing problem. The proportion of decrease in
agricultural population in Canada is astonishing.
In 1891 69% of the population was engaged in agriculture; in 1921 only 50%, and that for an overwhelmingly agricultural country.
[Vor.. 124.
The movement in both lands is charged to the development of labor-saving machinery. But this is
quite as prevalent in urban life as in agriculture.
The patent fact is that life in the town is less laborious, better paid, more interesting and amusing, with
more leisure hours, and admits of greater personal
comfort and agreeable social intercourse. The farm
is in fact generations behind the town in conditions of life and can no longer compete with
it. That, at the least, serves as the rural side of the
question.
It is undoubtedly true that with the centring of
economic life in the factory, the office, the store and
the bank,public opinion, as this correspondent holds,
naturally concentrates upon problems of industry,
trade and finance, and the chief concern of the producing population and of the Government is gradually monopolized by these issues. The mind of Canadians has been increasingly occupied with the problem of creating the comparatively great industrial
society that has developed in that country. Her land
resources have been deemed so inexhaustible that she
has given little thought to the problem of their utilization. The agricultural consciousness of the people
has in fact become less intense.
With this as now her view of the situation, the
duty of awakening her people, knowledge of the new
movement going on in other lands is widely interesting, and indeed imperative.
While our Federal Reserve System, and especially
our Land and Co-operative Farm banks, have gone
far beyond anything Canada has done to settle the
farm credit requirements, we have nothing to compare with the Danish system of recreating agricultural society on a basis of specific adult education
or providing a complete and satisfying farm
life, or to supply "the community outlook" of the
British scheme. Our agricultural colleges or university departments, excellent as in their lines they
are, still are too remote from the agricultural life
of the country to have produced marked effect or
created new conditions.
Meanwhile, the director of the Agricultural Service Bureau of Lawras, Brazil, recently here, told of
a new plan, the "Agricultural Mission," which has
enabled the farmers in Brazil to modernize their
work, increase the quantity of their crops and get
into close touch with the outside world. By its service, which includes teaching, research and demonstration, it is doing what on a limited scale our
Agricultural Department has been doing of late in
the South. This method is valuable as far as it goes,
but is far less thoroughgoing than that which we
have described and which aims directly at creating
a new intellectual and social atmosphere for the nation's agricultural life.
Indications of Business Activity
STATE OF TRADE—COMMERCIAL EPITOME.
FridayNight, April 29 1927.
Night,
General trade has felt the benefit to some extent of late
of better weather at the West and South. Of course, the
great floods in the Mississippi Valley are a distinct detriment. But the waters in the more northerly portions of the
Mississippi River and its tributaries seem to be subsiding,
the roads are becoming passable and the soil is drying out.
Further south it is, of course, a different matter. The river
from Vicksburg southward will be watched with a certain
anxiety. The cutting of the levee at a point 15 miles south
of New Orleans will have a beneficial effect for New Orleans, though unavoidably attended with regrettable effects
on the population below the city. The extent of the loss to
the coming cotton crop is purely a matter of conjecture.
If the water recedes within six weeks there Will be full time
for planting, while the soil will be improved by the sediment left behind. There has been fear, of course, that the
long staple yield in particular of the Mississippi delta may
suffer more or less severely. This fear was reflected in a
AM. 30 1927.]
THE CHRONICLE
recent advance of 100 points or more in Alexandria, Egyptt
where, needless to say, long staple cotton is the leading feature. But to-day Alexandria prices dropped some 60 points,
so there would appear to be less anxiety on this point. Outside of the flooded districts, planting of the cotton crop is
proceeding apace. It has been favored this week by fair,
and latterly, warmer weather. Manchester has reported a
better demand for cloths and Worth Street has been firm,
with a fair business in gray goods. Long stapled yarns have
advanced rather sharply in Philadelphia. In general cotton
goods have been firmer because of the advance in the raw
material. Wool has been quiet and steady, with fair results
at English auctions, though there does not appear to be much
life or snap in the wool market at this time, either at home
or abroad. Car loadings have fallen to a total below that
of a year ago. The bituminous coal strike, of course, explains this decrease.
Taking trade in general over the country, it would be the
better for warmer weather. The condition of the industries
is more or less irregular. Iron and steel are certainly dull.
The sales of both for April will probably show a decrease as
compared with those for March. A falling off in the steel
output is apparent. There is no impending scarcity of coal;
the output keeps pace with the trade. Crude petroleum has
recently declined, owing, as everybody knows, to over-production, and lower prices for refined, especially gasoline.
The sales of oil well supplies have fallen off noticeably.
The fourth daily peak is reported to have been reached in
the Seminole oil output, namely, 347,000 barrels, an increase
in 24 hours of 7,000 barrels. A tie-up of building is said to
be threatened here following a strike and lockout in the
plumbing trade growing out of the plumbers' modest demand
for $14 a day. There is a brisk business in rayon. Silk
wills are active so far as broad goods are concerned; others
are slow. There is more business being done in leather.
The furniture trade is rather slack. The canning industry,
like some others, is suffering from the effects of larger
output than the market would stand, but the Pacific Coast
trade is now being augmented by buying by the Far East.
China is not buying so much. The civil war naturally militates against business there. Cotton has advanced only
moderately on the Mississippi Valley floods, because cotton
people are largely in the dark as to just how much damage
to the crop or cotton farms has been done. They may not
get much enlightenment for a week or two. It is said that
9,000,000 acres have been submerged, but it is not clear just
how much cultivated cotton land is comprised in this area.
Purely tentative estimates as to the possible loss are of
little use. The weather at the South much of this week has
been better; rains have largely ceased for some days past
and this has tended of late to undermine cotton prices, or
at least to rein in any advance. To-day New York, New
Orleans and Liverpool cotton markets all declined moderately.
May wheat has advanced 4 cents this week, reflecting a
strong cash situation and a steady demand for export, even
If of late it has been largely for Manitoba. A cold, wet, late
season in the spring wheat belt in the American Northwest
and in Canada has tended to strengthen wheat prices, apart
from the foreign demand, and the May premium has risen.
The export purchases of rye by Germany and other European countries have been constant and would no doubt have
been larger but for the rise of 4 to 5% cents, which left exporters' limits behind. A notable export feature was the
sales to Europe to-day of over 300,000 bushels of oats;
Europe, it is estimated, may have to buy 25,000,000 bushels.
The season in the oats belt is late and the acreage will fall,
it appears, far below early expectations in Illinois, Iowa,
Minnesota and South Dakota. Corn prices have been advanced by wet weather in the belt and the influence of a
rising wheat market. Corn is considered cheap by comparison with hogs, although corn is a fraction higher than a year
ago; the receipts are very small. It is said that the persistent and puzzling dulness of the trade in cash corn is due
to the excellent condition of the pastures all over the country, the best for years past, so that there is very little feeding of either corn or oats to livestock on the farms. Provisions have advanced in response to a rise in grain; and
despite the recent complaints of the dulness of the cash
trade, the exborts of lard last week were close to 18,000,000
pounds, or nearly 10,000,000 pounds more than in the same
week last year.
Coffee has declined, as Brazil.has seemed more disposed
to sell, especially the low grades, which can be delivered
2509
here on contracts. No delivery notices were issued, and
to-day prices advanced somewhat. The common impression
is that the Defense Committee will find it difficult to sustain prices, though they are already about 4 cents lower on
Rio than a year ago. As the approaching Brazilian crop is
generally accounted a large one, the outlook is apparently
not the most reassuring imaginable for those who would
maintain prices. Raw sugar has dropped an eighth of a
cent and futures are also noticeably lower, with trade dull.
It is said that the general trend of prices is upward; but
the cold, stormy weather at times and the big floods in the
Mississippi Valley have been rather unpromising features
for the moment. A conspicuous drawback is the dulness of
refined sugar.
The stock market has been irregular, but has shown rallying power though some of the outside public are beginning to
look a bit askance at the high quotations current for some
shares. To-day, despite a rise in the money rate to 5%,
stocks rallied after an early decline, though bonds were
lower, partially as a reflex of the Southern floods. It would
seem that the overflowing of cotton lands in the Mississippi
Valley, which cannot be far from its climax, can hardly be
adduced as a sound argument for lower prices of meritorious bond issues. Foreign exchange has latterly been
quiet. It is said that the Japanese financial situation is
gradually mending. In London securities of late have been
firm, and the feeling is more cheerful. That is also the case
in Paris, where the market was firm to-day. Take it for all
and all, the outlook in France seems to be more promising;
the longest lane proverbially must have a turning.
Biddeford, Me., wired that continued improvement is reported in the mills of the Pepperell Manufacturing Co. there.
In other sections of the State the textile situation is somewhat spotty. At Lewiston, Me., business is the largest outside of Biddeford. At Dover-Foxcroft part time exists in
some of the mills; also in Waterville. Nashua, N. H., reports that the Nashua Manufacturing Co. is having a better
business than for several years past. The Jackson mills
and the Nashua mills of the Nashua Manufacturing Co.,
manufacturers of blankets and India Head cloths, are now
running at a higher rate of capacity than for some time.
New Bedford advices state that during April there "has
been further development of the active period among New
England cloth mills. Pressure for deliveries has brought
night work in a great many plants, and the output of cloth
is probably greater than at any time since 1919. In some
lines the supply of skilled help is not equal to the demand,
but this situation is more or less obscured by the idleness
prevailing among yarn mill workers. The demand for cloth
seems to be sufficient to assure reasonably full operations
of the cloth mills during the summer months, and whatever
curtailment is in store for the New England branch of the
industry will probably come entirely in the yarn mills. Furthermore, conditions of the secondary distributive markets
for cotton goods seem to indicate a very strong demand for
goods in the fall."
Spartanburg, S. C., wired that the mills of South Carolina during March operated most of their total spindleage,
less than 1% being idle, and all spindles of the State were in
operation on an average of 13.5 hours a day. At Greenville,
S. C., the Lullwater mill, which has been idle since March
1926, is likely to resume operations shortly. New York
carpet manufacturers have been investigating it. The Lullwater mill has 5,500 spindles and 36 looms. It is one of a
chain of mills, capitalized at $500,000, of which Walter T.
Candler, of Atlanta, Ga., is President and Treasurer. The
other links of the chain are in Georgia towns. German
mills are busy for six months to come; cannot accept new
orders. Gray goods are reported as sold up to next September. Ninety-eight per cent of spindles are operating full
time out of a toatl of 10,863,605 ordinary and 952,894 thread
spindles, although the cotton industry keenly feels Alsatian
competition. Many weaving mills having adopted wool and
rayon or cotton and rayon mixed fabrics, the domestic volume of the rayon industry has been greatly increased.
Nearly all plants are anticipating double production in the
course of the year.
An offer of an opportunity to return to work was made
to the 10,000 plumbers and helpers in all five boroughs of
New York, who have been locked out by the Greater New
York Master Plumbers' Association as a result of the strike
of 3,500 plumbers and helpers in Brooklyn, begun April 1,
provided the Brooklyn strike was called off and arbitration
accepted. The Brooklyn strikers coolly ask an increase of
2510
THE CHRONICLE
$2 a day over the present daily wage of $12, a 45-hour, fiveday week and time and a half for overtime; only this and
nothing more.
Chain store sales in March gained 14.6% over those of
March last year. Wholesale trade in general in March fell
off 8% from that of March last year.
Early In the week it was cool here. It was as low as 37
at New York, 42 at Buffalo, 48 at Chicago, 50 at Detroit, 54
at Cincinnati, 46 at Milwaukee, with 64 at Minneapolis. At
Kane, Pa., on the 25th inst., 8 inches of snow fell. On the
24th temperatures below the freezing point, with accompanying frosts, were general in New England. At Greenville, Me., it was 20 degrees; at Eastport, Me., 30; at Burlington, Vt., 36; at Northfield, Vt., 22; at Boston, 28, and at
Concord, N. H., 24. Here on the 27th inst. It rained and on
the 28th it was generally clear over the United States. At
Chicago it was 44 to 66; at Cincinnati, 46 to 70; at Indianapolis,44 to 70; at Kansas City,62 to 84; at Boston, 44 to 54;
at Philadelphia, 42 to 60; at Buffalo, 36 to 44; at St. Paul,
48 to 64; at Winnipeg, 40 to 56, and at Montreal, 32 to 50.
To-day it was 57 degrees here in the afternoon, and the forecast was for light rains and slightly cooler weather. There
has been comparatively little rain of late throughout the
South. Some wet weather in the grain belt has hindered
seeding.
This afternoon the levee was cut on the left bank of the
Mississippi Riv. at Poydras, 14 miles below New Orleans, but
the opening proved somewhat disappointing. After the levee
has been cut as planned, the river at New Orleans will fall
in from three to six days, the rate of fall depending
upon
the width of the opening in the levee. This fall will be
followed, it is expected, by nearly stationary stages until
the flood crest passes. Above New Orleans the reduction
in the flood will be less pronounced, and until the effects
of the crevasse water now returning rapidly at Vicksburg
are known, the situation calls for continued vigilance and
adequate preparation. Every precaution should be taken,
the Government says, against the following stages: Natchez,
58.5 feet between May 1 and 10; Baton Rouge, 48 to
84.5
feet between May 4 to 18; Plaquemine, 43.5 to 44 feet;
Donaldsonville, 38 to 38.8 feet, and Melville, 47.5 to 48 feet
between May 1 and 20. Above Vicksburg the river is now
falling generally, although slowly. The stages on April
28
were as follows: St. Louis, Mo., 34.6 feet, fall of 1 foot;
Cairo, Ill., 51.7 feet, fall of 0.8 foot; Helena, Ark.,
56.7:
Vicksburg, Miss., 55.9, rise of 1 foot; Natchez, Miss., 55.1,
rise of 0.1 foot; Baton Rouge, 45 feet, stationary; Donaldsonville, La., 35.4, fall of 0.1 foot; New Orleans, La., 20.8
feet, stationary, with a rising tendency; Shreveport, La.,
37.2, rise of 0.5 foot; Alexandria, La., 39, rise of 0.3 foot;
Monroe, La., 46, rise of 0.5 foot. Flood warnings have also
been issued for the Rio Grande from below Albuquerque to
Marcial, N. M. To-day at New Orleans, before the opening
of the levee, the gauge still showed 20.8 feet, which compares with 13.6 feet a year ago; at Shreveport it was 37.4,
against 20.2 in 1926; at Vicksburg, 56.3, against 39.6, and at
Memphis, 44.7, against 22.6.
[VOL. 124.
Trade.
Sales of department stores increased less than usual in March
and were
slightly smaller than last year, owing in part to the
lateness of Easter.
Sales of mail order houses and chain stores, however,
were somewhat
larger than a year ago. Inventories of department stores
increased slightly
more than is usual in March in anticipation of the expansion in
retail trade
before the Easter holidays, and at the end of the month they
were in atiout
the same volume as a year ago. Wholesale trade in March
ccntinued
slightly smaller than in the corresponding period a year ago.
Stocks of
merchandise carried by wholesale firms were seasonally larger at
the end
of March than in February, but in most lines continued
smaller than
last year.
Freight car loadings which showed seasonal increases in March
declined
in the first ten days of April. owing to the smaller shipments
of coal, but
continued larger than in the corresponding period of previous years.
Loadings of miscellaneous freight and of merchandise in less-tha
n-car-load lots
were in large volume.
Prices.
The general level of wholesale commodity prices declined further
in
March,reflecting decreases in most of the important groups of commodities.
Prices of non-agricultural commodities as a group declined to the lowest
level since the war, while the average for agricultural products which
advanced somewhat from November to February, remained practically
unchanged in March. During the first half of April prices of winter wheat,
sugar, cotton, silk, bituminous coal, and hides advanced; while those of
hogs, crude petroleum, gasoline, and non-ferrous metals declined.
Bank Credit.
There was some decline in the volume of loans for commercial purposes
and in loans on securities at member banks in leading cities between the
middle of March and the middle of April. Member bank holdings of
United States securities, which had increased considerably in the middle of
March in connection with the operations of the Treasury, have declined by
more than $100,000,000 since that time, but are still about $200.000,000
larger than in the early months of the year.
At the Reserve banks total bills and securities, which have fluctuated
near the $1,000,000,000 level since the end of January, showed little change
during the six weeks ending April 20. Discounts for member banks were
in about the same volume on that date as on March 9, while acceptances
showed a decrease, and holdings of United States securities a slight
increase.
During the first three weeks of April quoted rates on prime commercial
paper and on acceptances were the same as in the latter part of March,
While call money averaged somewhat higher.
Gain in Wholesale Trade in New York Federal Reserve
District During March as Compared with February.
The Federal Reserve Bank of New York reports that
"sales in a majority of lines of wholesale trade were substantially larger in March than in February, in accordance
with the usual seasonal tendency, but the volume of business
in dollars continued in most cases below that of a year ago,
partly due to price declines. A weighted average of all
reporting lines shows a decline of nearly 8% from March
1926 sales." the Bank says, adding:
Hardware sales were slightly larger than a year ago for the first time this
year, and shoe sales continued above last year's volume. The decline in
men's clothing sales was the smallest in six months, but women's clothing
sales continued to be considerably smaller than a year previous. After
allowance for the lower vexes this year, quantity sales of cotton goods
and silk goods were rrobably larger than in March 1926, although dollar
sales remained somewhat smaller. Machine tool sales were considerably
below the sales of a year ago, and diamond and jewelry sales continued
much smaller.
Stocks of silk goods and hardware were smaller than a year previous for
the first time in several months, and cotton goods stocks continued smaller
in value, though probably not in quantity. Stocks of groceries, shoes,
drugs and diamonds and jewelry were larger than at the end of March 1926.
Commodity.
March1927from
Percentage Change
February 1927. March 1927 from March 1926.
Stock
Stock
Accts
Net End of Net End of Cones RecetrSales. Monlh. Sales. Mouth.
able
Groceries
+17.3
-7.1
-6.3
+6.1
-4.5
-2.0
Men's clothing
+11.9
Federal Reserve Board's Summary of Business Condi- Women's
-5.5
-7.9 +1.1
dresses
+10.1
-13.9
Women's coats and suits
tions in the United States
+18.9
-Further Increase in
-23.0
-2.0 -23.0
Cotton goods
-Jobbers
+5.6 +5.4 -2.5 -7.4 -2.5 -8.1
Industrial Activity-Prices of Commodities
Cotton goods-Commission
+25.9
-12.2
Silk goods
+12.1 *-7.3 -3.1 *-2.0 -7.9 -2.5
Drop to Lowest Level Since War.
Shoes
+46.5 -3.8 +4.4 +10.7 +0.4 +0.3
Drugs
+42.5 -8.3 -1.3 +11.7 +21.3 +25.8
Industrial activity increased further in March and was Hardware
+29.2 -2.2 +3.1 -3.1 +8.4 -3.6
Machine tools_x
larger than a year ago, while the general level of prices Stationery
+6.1
-17.2
+2.3
-5.7
+6.2 -17.0
continued to decline, the Federal Reserve Board reports Paper
+20.7
Diamonds
-10.3( +6.0 1-28.5 f +9.3 -12.8 -2.5
in its monthly summary of business conditions in the United Jewelry
+14.1
J-13.2 1
Weighted Average
+18.3
States, issued April 27. Distribution of commodities at
-2.2 -3.0
*Quantity, not value; reported by the Silk Association of
Amer ca. x Reported
wholesale and retail was somewhat smaller than a year ago, by the National Machine Tool Builders' Association.
says the Board, which further summarizes conditions as
follows:
Department Store Sales in New York Federal Reserve
Production.
District in March Lower Than Year Ago-Sales in
Industrial production, after increasing continuously for three months,
First Quarter Above Last Year's.
was larger in March, when allowance is made for usual seasonal changes,
than in any month since last September. Output of bituminous coal,
"Retail trade in this district, as reported by leading decrude petroleum, and steel ingots, and mill consumption of raw cotton in
partment stores, was less than 1% larger in March than a
March were larger than in any previous month. Since April 1, howevex,
steel mill operations have been somewhat curtailed, and bituminous coal year previous," says the Federal Reserve Bank of New
output has been reduced by about 40% since the beginning of the miners' York in its May 1 "Montly Review,"
which goes on to say:
strike on April 1. The consumption of silk and wool, sugar
meltings, flour
production and the output of rubber tires increased in March. Production
of automobiles has shown seasonal increases since the first of the year, but
has been in smaller volume than a year ago. The value of building contracts
awarded in March was larger than at any previous time, and the production
of building materials has increased considerably in recent weeks.
The largest increases in contracts, as compared with last year, were in
the Middle Western States, while the largest decreases occurred in the
Southeastern States. In the first half of April contracts awarded were
in slightly smaller volume than in the same period of last year.
A considerable amount of Easter trade which was done
in March last
year, no doubt, was delayed until April this year. Three-f
ifths of all
reporting stores had smaller sales in March than a year
orevious, and sales
in most localities within the district either were below a year previous or
showed smaller increases than in other recent months.
Sales in the first quarter of this year average about 2%
larger than a
year ago. Apparel store reports showed an average Increase of
about 2%
in March, and the first quarter sales were about 5% larger than in 1926.
Mail order sales in March were slightly larger than a year previous,following
decreases in January and February.
APR. 30 1927.]
THE CHRONICLE
2511
Stocks of merchandise remained smaller than a year ago, and the rate of 1925. In the western districts alone, grain and grain products loading
stock turnover continued to be somewhat higher. Collections in March totaled 20,731 cars, a decrease of 1.348 cars under the same week
last year.
slso compared favorably with those of a year ago. The collections of reLive stock loading amounted to 25.850 cars, a decrease of 1.453 cars
porting stores were 51% of accounts outstanding at the beginning of the under the same week last year and 4.357 cars below the same
week in 1925.
month, compared with 50% in March 1926.
In the western districts alone, live stock loading totaled 19,429 cars, a
decrease of 1,235 cars below the same week last year.
Per Cent of Charge
Forest products loading totaled 68,274 cars. 7,417 cars below the same
Percentage Change
Accounts Outstanding
week last year and 8.713 cars under the same week in 1925.
March 1927 from
Feb. 28, Collected
Ore loading amounted to 12,591 cars. 1,412 cars below the corresponding
LocalUy.
March 1926.
In March.
week in 1926 and 8,010 cars below the same week two years ago.
Stock on
Coke loading totaled 11,670 cars, a decrease of 843 cars under the same
Net Sates. Hand End
1927.
1926.
week last year but 552 cars above the same week two years ago.
of Month.
All districts except the Pocahontas and Southern reported decreases In
New York
the total loading of all commodities compared with the same week in 1926
+0.4
--0.2
52.8
50.7
Buffalo
-0.2
--11.6
55.8
53.0
while all except the Northwestern and Southwestern reported increases
Rochester
-0.7
+1.2
88.7
70.8
compared with the same period in 1925.
Syracuse
--19.7
+3.4
Loading of revenue freight this year compared with the two previous
Newark
+5.3
+1.2
isTo
1874
Bridgeport
--13.2
years follows:
--9.6
Elsewhere
--2.8
35.1
+4.0
- 176
3
1927.
1926.
1925.
Northern New York State
--19.5
Five week In January
4.524,749
Central New York State
4.428,256
4,456,949
Four weeks in February
Southern New York State
3,823.931
3.677.332
3,623.047
Hudson River Valley District
+2.6
Four weeks in March
-4,016.395
3.877,397
3,702.413
Capital District
Week ended April 2
992,745
928,303
923.400
Westchester District
+2.0
Week ended April 9
959,474
All department stores
929,343
+0.6
- b-A5
5
1- 7i
918,400
9
Apparel stores
Week ended April 16
+1.8
+3.1
42.7
956,875
41.6
964.794
923,844
Mail order houses
+1.4
Total
15,274,169 14,805,425 14.548.053
Sales classified by departments showed much the same tendencies as in
February. The largest increases were in women's wear and hosiery and in
smaller departments, such as books and stationery, and silverware and
jewelry, while other important departments, including furniture and sboes, Conditions in Manufacturing Industries
-More Pershowed relatively small increases, and men's wear, yard goons, and musical
sons at Work at Slightly Higher Pay Than in
Instruments and radio showed substantial decliens.
Previous Month, According to National Industrial Conference Board, Inc.
More persons Were at work at slightly higher average pay
in the manufacturing industries of the United States during
Books and stationery
+17.7
-2.8
February than during the previous month, according to the
Jewelry
Silverware and
+13.6
-4.2
Women's and misses' ready-to-wear
National Industrial Conference Board, 247 Park Avenue,
+11.2
+9.7
Hosiery
+9.6
+0.6
New York. Wage earnings rose above those of the previous
Home furnishings
+8.3
-0.3
Toys and sporting goods
+7.4
-2.4
month as well as above the level attained in February a year
Toilet articles and drugs
+6.3
-3.6
Linens and handkerchiefs
+5.7
+4.3
ago, while employment, although slightly lower than in
Shoes
+3.2
+5.3
Luggage and other leather goods
February 1926 showed an increase over January. The con+1.7
+3.0
Furniture
+1.2
+9.8
tinued Improvement in industrial activity since the first of
Men's furnishings
-0.5
+1.2
Women's ready-to-wear accessories
the year, the Conference Board points out, leaves little or no
Silks and velvets
--10.3
Woolen goods
--11.5
basis for the feeling of uncertainty which prevailed in some
--29.8
Men's and boys' wear
--12.0
+5.1
Cotton goods
quarters earlier in the year. Moreover, simultaneously with
--12.8
--7.3
Musical instruments and radio
--39.8
--17.7
the rising trend of activity and wage earnings, the cost of
Miscellaneous
--I1.5
living continued to decline throughout the first three months
of this year, enhancing the purchasing power of earnings
Volume of Chain Store Business in New York Federal correspondingly
and thus auguring well for business condiReserve District During March as Compared with
tions in the immediate future. The Board, under date of
Last Year.
April 26, adds:
Net co',
Stock on Hand
Percentage Change Percentage Change
March 1927 from March 31 1927 from
March 1926.
March 31 1928.
The May 1 "Monthly Review of Credit and Business
Conditions" by the Federal Reserve Agent at New York
has the following to say regarding chain store business:
Stability with a moderate but unmistakable upward trend is the outstanding characteristic of current industrial activity as reflected in wage
earnings, employment and plant utilization, according to the monthly
check-up made by the Conference Board throughout about 2,000 key estabShoe and candy chain stores did a considerably smaller volume of business lishments in 25 different industries. Employment
in February was found
in March than a year previous, due to the late Easter, and ten-cent store, to be 1.6% greater than in January, while the average number
of hours
drug and variety chains reported smaller increases over 1926 than in Febru- worked per wage earner per
week also increased slightly, from 48.2 hours
ruary, probably due to the same cause. Grocery chains showed larger in January to 48.6 hours per
worker per week in February. Average weekly
increases in sales than in February.
earnings per worker, skilled, unskilled, male and female combined in all
manufacturing industries in February, although the increase for the month
Percentage Change March 1927 from March 1926. again
was slight, reached the highest level since late in 1920, advancing
Tape of Store.
No. of Stores.
Total Cahn. cm., per Store. from $27.26 in January to $27.63 in February, and they now stand 120%
higher than in July 1914. The cost of living as computed by the ConferGrocery
+7.9
+18.6
+9.9
ence Board for March stood only 64.1% higher than in July 1914, making
Ten-cent
+8.2
+7.1
-1.0
Drug
the purchasing power of the industrial worker's average weekly pay about
+24.2
+12.1
-9.8
Tobacco
+4.1
33% greater than it had been just before the war, wage earnings having
+7.5
+3.3
Shoe
+9.6
-12.2
-19.8
risen considerably more than prices. From January to March of the current
Variety
+15.9
+21.9
+5.2
Candy
year "real weekly earnings," that is money earnings expressed in terms of
+5.6
-9.4
-14.2
purchasing power, increased 4%.
Total
+8.0
+14.6
+6.1
Average hourly earnings, a sensitive indicator of changes in wage rates,
which have been remarkably steady ever since the summer of 1923, irreRailroad Revenue Freight Car Loadings Lower Because spective of the trend of industrial activity, showed also a slight increase,
from 56.5 cents in January to 56.7 in February, as against 55.8 cents in
of Mississippi Floods and Coal Strike.
February 1926.
Remarkable gains were again made in the automobile industry, where
Reports filed on April 28 by the rail carriers with the Car
Service Division of the American Railway Association employment increased 19.1% from January to February alone, after having
increased 8% from December to January. Hourly earnings in this Industry ,
showed 956,875 ears loaded with revenue freight for the also showed measurable increases.
week ended on April 16. Due principally to the floods along
the Mississippi River as well as the strike of bituminous
miners, this was a decrease of 7,919 cars under the corresponding week last year. It was, however, an increase of 33,031
cars above the corresponding week in 1925. The total for the
week of April 16 was a decrease of 2,599 cars compared with
the preceding week this year, with all commodities showing a
decrease under the preceding week with the exception
of
miscellaneous freight and ore. Miscellaneous freight loading
for the week of April 16 totaled 381,802 cars, an increase of
16,430 cars over the corresponding week last year and 23,040
cars above the same week two years ago. Coalloading totaled
152,778 cars, a decrease of 14,481 cars under the same week
in 1926 due to the strike of bituminous miners, but 17,057
cars over the corresponding week in 1925. Continuing, the
statement says:
Business Outlook as Viewed by Guaranty Trust Co.
The exceptional degree of optimism that has persisted in
the face of the moderate trade reaction during the last six
months is probably attributable in the main to two factors,
states the current number of the "Guaranty Survey," issued
on Monday by the Guaranty Trust Co. of New York. "One is
the growing realization that minor recessions inevitably
occur even in the most prosperous times, and.that there is
some reason to believe that such recessions have become less
significant than they formerly were in their bearing on the
more important trade movements," the "Survey" continues.
"The other is the marked preponderance of favorable over
unfavorable elements in the immediate business outlook.
The "Survey" then proceeds as follows:
Loading of merchandise and less than carload lot freight for the
week
totaled 268,984 cars, an increase of 4,065 cars over the same week
last
year and 10,310 cars above the corresponding week two years ago.
Grain and grain products loading totaled 34,926 cars, a decrease of 2,808
cars under the same week In 1926 but 3.152 cars over the same week in
Favorable Factors Predominant.
Practically none of the traditional forerunners of trade reaction is apparent at the present time. Commercial inventories are unusually small.
There is certainly no sign of inflation in commodity prices. Money rates
are easy, and both long and short-term funds are abundant. The level of
•
2512
[VOL. 124
T H 144 CHRONICLE
purchasing power in industrial communities is without precedent. Goods
produced are moving freely into consumption. The building and automobile
industries remain very active, and the cotton textile industry is gaining.
Most of the large business organizations are in a strong financial position.
Transportation efficiency is at the peak.
On the other hand, it must be recognized that certain groups, notably in
agricultural sections, are out of line with the general prosperity; that
over-production is threatened in a few basic industrial lines; that competition is becoming more, rather than less, severe; that business failures have
increased; that the revolution in merchandising methods during the last
few years has placed many manufacturers in a difficult position, to which
they have not yet become entirely adjusted; that the coal strike must exert
an unfavorable influence in some localities; that conditions in a number of
foreign countries are highly unsettled, and that the future of international
commerce and finance depends on the outcome of certain questions for
which a final solution has not yet been found.
It remains true, however, that most of the unfavorable factors are as
yet mere potentialities, with little or no bearing on the course of trade in
the immediate future. As for the significance of current reports, most of
these indicate a moderate, but nevertheless encouraging, seasonal expansion.
$741,707, or 194.2%, over March 1926. Decatur is second with $613,025;
Rockford is third with $422,243; Joliet fourth with $385,600. In home
building, outside the metropolitan area, East St. Louis is first, providing
for 111 families in March; Rockford is second, with accommodations for
101 families; Decatur is third, with 97 families.
The first three months of 1927 show a total of $127,885,620. Exclusive
of Joliet, for which figures for the corresponding period of 1926 are not
available, there is a gain in these three months of $28,918,411 over January through March 1926. Chicago alone, with a total of $108,452,730,
shows an increase during the first three months of 1927 of $28,964,920
over the corresponding period of last year, which more than accounts for
the increase for the whole State.
For the first three months of 1927 Evanston leads all cities in the
metropolitan area outside Chicago, with a total of $4,491,900; Berwyn is
second, with $2,619,600; Oak Park is third, with $969,160; Cicero fourth,
with $931,250. During this period, Chicago has provided for 11,293 families in housekeeping dwellings; Berwyn for 424 families; Evanston for 416.
Outside the metropolitan area, during the first three months of 1927
East St. Louis has authorized building worth $1,922,371; Decatur is second, with $948; Rockford is third, with $760,228; Joliet fourth, with
$635,950; Springfield fifth, with $609,232. In home building during the
same period, East St. Louis leads the down-State cities with accommodations for 184 families; Rockford is second, with 174 families; Decatur
third, with provision for 154 families.
The Coal Strike.
The first few weeks of the coal strike have tended to bear out the general expectation that the country's business would not be seriously affected
by the suspension of operations in the unionized mines of the central comWe annex the following details:
petitive field. Not only has the general business situation been entirely
free from visible manifestations of reactionary effects following the suspenNUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED
sion, but the coal trade itself has exhibited no such unsettlement as has
IN ILLINOIS CITIES IN MARCH 1927 BY CITIES, ACCORDING
usually attended an interruption of mining in the past.
TO KIND OF BUILDING.
The principal reason for the apathy with which the public has regarded
the strike is seen in the decline in the power of the miners' unions during
1927. March 1926
March 1927.a
February
the last three years. This, in turn, has been due to the terms of the wage
Cities.
agreement signed at Jacksonville in 1924. The Jacksonville agreement,
No. Estimated No. Estimated Estimated
Cost.
Cost.
Bldgs.
Cost.
Bldgs.
which expired on April 1, provided for a scale of union wages that placed
the unionized mines in an extremely unfavorable competitive position. Whole State
6,573 $59,905,534 3,068 841,941,141 $45,048,670
Since the amount of labor and capital employed in the industry was already
in excess of normal requirements, the natural result was that the relative Chicago
4,137 $49,338,290 1,880 $36,287,155 $35,868,475
2,436 10,569,244 1,188 5,653,988 9,182,195
importance of the non-union mines increased steadily, until at the begin- Outside Chicago
549,410
Aurora
138,965
107
49
273,882
ning of the strike it was estimated that approximately two-thirds of the
872,900
829,700
Berwyn
244 1,465,500
132
91,500
total output was being produced by these mines.
Bloomington
23,500
18
84,500
5
109,850
Blue Island
68,678
20
47
114,900
The strike took on a new aspect early this month, when one of the large
4,000
Canton
None
5
72,300 None
companies in the Pittsburgh district announced that it would continue
510,036
Cicero
84
488,972
34
279,808
operations on an "open shop" basis. This action is strictly in line with
85,000
Danville
153,200
7
85,000
26
Decatur
201,800
476,550
219
813,025
82
recent tendencies in the industry. A year and a half ago another Pittsburgh
East St. Louis
742,750
381,878
186 1,123,585
96
company, the largest coal producer in the world, took the same step, with
Elgin
112,025
142,455
130
153,480
68
such success that it is not at all surprising to find others following the
Evanston
162 2,399,050
91 1,260,100 1,564,800
Freeport
example.
55,220
28,400
169,952
18
5
Glen Ellyn
14
95.230
85,200
285,600
19
The effects of the strike are further minimized by the heavy coal stocks
Highland Park
40
131.740
25
153,511
421,248
that have been accumulated during the last few months and the large
Joliet•
•
43
385,600
51
97,450
excess productive capacity of the non-union mines. It is reported that
Maywood_a
151,725
357,730
84
291,125
33
Moline
117.328
31
42,928
118,503
108
some of the mines not affected by the strike have recently been operating
Murphysboro
1
5,000 None
None
49,800
at considerably less than capacity rates because a larger output was not
Oak Park
122
531,050
87
251,315
815.897
justified by the demand. Although some non-union mines are closed, the
Peoria
66
121,935
282,555
184
378,390
Quincy
large majority remain in operation. Output for the week ended April 9
42
96,548
21
53,905
142,125
Rockford
225
422,243
88
180,250
310,825
was 27% below the weekly average for the past year.
Rock Island
48
97,531
68,062
129,285
77
The.fundamental weakness in the position of the coal industry is re97
245,212
53
262.530
Springfield
530,875
flected in the attitude of the public toward the present controversy. With
Waukegan
104
374,236
43
86,475
842,120
152,404
Wilmette
31
160,638
24
163,075
the non-union mines, which before the strike produced perhaps two-thirds
Winnetka
36
289.230
15
137.430
25.100
'of the total output, capable of supplying almost the entire domestic de•No figures available before April 1926.
mand, it is evident that actual or threatened over-production is an everpresent factor in bituminous coal markets. The ability of the industry to
NUMBER AND COST OF BUILDINGS AS STATED BY PERMITS ISSUED
realize satisfactory levels of wages and profits must await the diversion
IN ILLINOIS CITIES FROM JANUARY TO MARCH 1927, BY
of a large amount of the labor and capital now employed in coal mining
CITIES, ACCORDING TO KIND OF BUILDING.
to other lines of effort. Such a readjustment would be a costly process,
and it is not likely to be effected voluntarily as long as the country's coal
RESIDENTIAL BUILDINGS.
TOTAL.
mines remain in as many different hands as they are at present. If it
were possible to obtain concerted action, a drastic weeding-out of the less
Jan.
-Mar.
January-March 1927.
1926.
January-March 1927.
efficient units would probably be preferable in the long run to the enorCities.
mous waste entailed by periodic suspensions of mining.
Families
Provided for
Estimated No. Estimated (HouseEstimated
No.
Cost.
Cost.
Bldgs
Cost.
Bldgs.
keeping
Building Construction in Illinois During March
Dwellings).
N
0
278
74
411
157
180
175
65
62
590.150
172,721
760,228
280,283
809,232
611,088
372,811
550.310
1,910.885
267,685
763,245
395.894
906,125
968,820
308,264
140,600
C.N1.-0W0N,Q4COM
VCONNMWn0iN
All cities reporting building figures to the Illinois Department of Labor
show an increase over February in the value of building authorized during
March, with the exception of Highland Park, Rock Island, Springfield and
Wilmette. A decrease, however, between March 1926 and March 1927 is
reported by 14 cities, as follows: Aurora, Bloomington, Cicero, Freeport,
Glen Ellyn, Highland Park, Maywood, Moline, Murphysboro, Oak Park,
Quincy, Rock Island, Springfield, Waukegan. For Joliet the figures for
March 1926 are not available, therefore no comparison can be made.
Chicago building increased $13,049,135, or 36%, over February 1927
and $13,469,815, or 37.6%, over March a year ago. Outside Chicago,
Evanston leads all cities in the metropolitan area in value of March building, with a total of $2,399,050, a gain of $1,138,950, or 90.4%, over February of this year. In this area, Berwyn is second with a total of $1,465,500, a distinct gain over February; Oak Park is third, with building valued
at $531,050; Cicero is fourth with a total of $488,972. All of these cities
show an increase from February to March of this year, but Oak Park and
Cicero show a decrease this month from March a year ago. In the number
of families provided for in housekeeping dwellings in the metropolitan
area, Chicago leads with 5,294 families; Berwyn is second with new facilities for 234 families; Evanston provides for 215.
Down-State, East St. Louis again leads all cities, with a total of $1,123,.
585 in March, an increase of $380,835, or 51.3%, over February, and of
Peoria
Quincy
Rockford._
Rock Island_
$nringfleid_._
Waukegan_
Wilmette_ _
Winnetka
.NMON0.00N 71p0000.00
,
Gain of 42.8% over February.
Whole State__ .11,307 *$127,885,620 $98,331,259 4,443 $81,437,130
Building as shown by permits issued in 28 Illinois cities
7,051
68,250,550
increased from $41,941,141 in February of this year to $59,- Chicago Chicago 4.258 108,452,730 79,487,810
Outside
19,432,890 18.843,449
13,186,580
Aurora
180
496,942
838,555
309,050
905,534, a gain of 42.8%. Excluding Joliet, for which buildBerwyn
404
2,519,600
2,072,100
2,338,600
Bloomington.
27
101,000
227,000
60,000
ing figures were not available before April 1926, 27 cities
Blue-Island
81
216,718
180.550
173,350
In the State with a total of $59,519,934 this month, show an
Canton
5
72,300
5,775
None
Cicero
137
931,250
942,486
816,700
increase of $14,471,264, or 32.1%, over March a year ago.
Danville
38
256,200
312,800
184,900
Decatur
355
948.775
899,800
728,500
Although the percentage of gain from February to March
E.St.Louis._
319
1,922,371
731,888
649,130
Elgin
226
1927 is only 42.8% as compared with an increase of 61.1%
310,605
506,397
188,000
Evanston__._
298
4,491,900 2,475,200
3,007,500
between January and February, the total-estimated cost of
Freeport
27
239,320
206,092
48,500
Glen E1lyn.36
192.230
662,900
168,400
March building is far ahead of last month's valuation, says
Highland P1.
79
437,051
642,007
304,500
Joilet_a
110
635,950
a
352,100
the monthly "Survey," made public April 24 by the Bureau
Maywood_b _
143
969.905
554,450
b
Moline
of Industrial Accident and Labor Research of the Illinois
161
246,265
181,757
91,600
Murphysboro
2
51.800
8,500
8,500
Department of Labor. Continuing, the Bureau says:
Oak Park
228
969,150 1,210,851
837,200
413,450
108,550
594,800
176,800
327,850
498,000
331,000
489.600
13,548
11,293
2,245
64
424
16
27
None
129
27
154
184
40
416
9
21
26
49
b
17
2
93
81
26
174
53
64
90
29
40
•Including figures for additions, alterations, repairs and installations not shown
In this table. a Figures for Joliet not available before April 1926. b Classified
figures are not available for Maywood.
March Index of Real Estate Market Activity Below that
of February
-Figures for Twelve Months.
Real estate market activity for the month of March is
reflected in an index figure of 173, according to the compilaiton made monthly by the National Association of Real
Estate Boards from official records of transfers and conveyances recorded in 41 typical cities. As to the March index,
the association on April 26 said:
APR. 30 19271
THE
CHRONICLE
2513
The March index is four points under that of March of 1926, but five
Shoes.
points higher than the figure for the corresponding month of 1925 and 13
Sales, accounts receivable, and collection totals for March in the wholesale
points higher than that of March of 1924. It is seven points lower than the shoe
trade showed marked increases over February, the percentage gains
February index for the present year, but three points in the lead of the being
33.1. 14.7 and 22.6; stocks were slightly reduced. As compared
index for January.
with a year ago there were declines in all four items, with sales dropping
The average number of transfers and conveyances recorded in the 41
15.3 and collections 4.8%.
cities in the years 1916-1923 during each month is taken as the norm
Department Store Trade.
(100) of the association's calculations for that month.
The long-time trend for the period covered by the association's records
The late Easter had little retarding effect on department store sales for
is indicated by the successive index numbers for the month, which are as March which, according to reports of 86 firms, totaled 1.9% in excess of
follows:
last year when the holiday came earlier. More than half of the reporting
March 1916, 75; March 1917, 77; March 1918, 63; March 1919, 86; firms, however, showed individual declines in this comparison. The
March 1920, 133; March 1921, 101; March 1922, 115; March 1923, 150; aggregate increase over February amounted to 20.2% which was but slightly
March 1924, 160; March 1925, 168; March 1926, 177.
under the February
-March increase of 1926. For the first quarter of 1927
The index record for the past 12 months is as follows: For 1926: March, aggregate sales were 1.1% larger than in the same period of 1926. Stocks
177; April, 173; May, 163; June, 178; July, 176; August, 169; September, were about average for March, increasing 7.3% in the monthly and declin164; October, 160; November, 160; December, 155. For 1927: January, ing 1.9% in the yearly comparison; the ratio of total sales to average stocks
was 31.9 as compared with 30.6 a year ago. Outstanding orders at the end
170 February, 180 (March, 173).
of March were 6.9% of 1926 purchases, as compared with 7.1 on Feb. 28.
Collections averaged 41.0% of total accounts outstanding at the beginning
Increased Activity In New England Industry Reported of the month; a year ago this figure was 41.9; collections and accounts
outstanding decreased 2.0 and 2.2_, respectively, from February, and
By Federal Reserve Bank of Boston.
increased 10.3 and 7.4% over March 1926.
"New England industry during recent weeks has been
more active than at any time during the past year" so the
Federal Reserve Bank of Boston reports in its May 1
"Monthly Review." In its summary the bank gives the
following account of business conditions:
The New England Business Activity Index rose 4% in March. compared
With February, and as a result was well above the average index of industrial
activity in this district for the past several years. The improvement has
been general throughout the more important industries and was not the
result of extraordinary activity in merely a few lines. Although preliminary
reports from certain industries and districts where floods and other extreme
weather conditions prevail have indicated some slowling down in activity
during April. no such reports have been made regarding New England conditions. Department stores in this district during the three weeks preceding Easter reported a considerably larger volume of sales than during
the corresponding three weeks last year,. Pre-Easter trade of the New England stores, in fact, was larger this year than ever before. Contracts
awarded for new construction in New England during March were larger
than in any previous month and have continued in good volume during
April. One feature of the building situation has been the improvement
in activity in commercial and industrial buildings and public Works, which
was even greater than that in residential building. Sales of new automobiles in New England during the first three months of thLs year were larger
than in the corresponding period of 1926, due to an increase in sales of larger
cars, which has more than offset a decline in the combined sales of the two
most prominent low-priced four-cylinder cars. New England mills consumed
more Wool during March than in any month since May. 1923, Which is a
somewhat better record than is reported by woolen mills in other parts of
the country. Cotton mills in this district during March consumed almost
exactly the same amount of cotton as in the same month last year, which
in turn was the best month since early in 1923. Consumption in the cottongrowing states, however, during March was the largest on record. The
shoe industry of this district has not been quite as active during recent
weeks as it was a year ago, whereas shoe factories in other parts of the coun
try have been more active. The decline in this district was due to a lower
rate of production of men's shoes, which more than offset an improvement
in the output of women's shoes. General employment conditions in this
district have shown some slight improvement during recent weeks, but the
chief feature continues to be the extraordinarily low rate of labor turnover
for such an active period of business. Money rates were fairly stable in
April.
Merchandise Conditions in Chicago Federal Reserve
District-Late Easter Has Little Effect on Department Store Trade.
Surveying wholesale and retail trade, the Federal Reserve
Bank of Chicago in its May 1 "Monthly Business Conditions
Report" says:
Wholesale Trade.
The five lines of wholesale trade reporting to this bank showed sales
and
collections as seasonally larger in March than in February; as
compared
With a year ago, hardware and grocery totals increased in both items,
while
shoes and drugs declined; dry goods firms reported smaller
collections.
Grocery sales for the first quarter of 1927 totaled 2.8% ahead of the
same
period in 1926; in all other lines sales for the three months were less
than a
year ago. Outstanding accounts increased over February in all lines,
and
decreased as compared with March 1926, for all but groceries.
Groceries.
Respective increases in March over February and a year ago
for the
wholesale grocery trade were 18.9 and 2.3% in sales; 4.5 and
2.0% in
accounts outstanding, and 12.9 and 4.7% in collections; stocks
declined
10.5 and 22.3% in the two comparisons. Unemployment has had
an
adverse effect on the grocery business in certain sections.
Hardware.
March sales and collections of hardware firms advanced 47.7 and
23.9%,
respectively, over February. and 5.7 and 4.2% over March 1926.
Stocks
changed little in either comparison; accounts outstanding were
13.0%
larger than a month previous and slightly smaller than last year.
Handto-mouth buying is evidencing itself in more rapid turnover, smaller
stocks
on hand, and an apparent shifting of the usual March peak to a later
month.
Dry Goods.
Wholesale dry goods sales and collections increased over February
by
8.2%, respectively; as compared with a year ago, sales were
33.7 and
about the same and collections were 4.3% less. Stocks at the end of the
month declined slightly from Feb. 28 and 25.3% from the correspondng
date of 1926; outstandings increased 6.9% in the month-to-month and
decreased 3.2% in the yearly comparison.
Retail Furniture Trade.
Twenty-four furniture dealers and 23 department stores report total
furniture sales for March as heavier than in February and a year ago by
6.1 and 3.8%, respectively, and total stocks at the end of the month as
7.2 and 0.1% larger in the same comparisons. Installment sales of furniture
stores increased 3.1 and 6.7%, and collections on these advanced 10.6%
over February, but dropped 5.6% below a year ago. Total collections
followed a similar trend. Outstanding accounts exceeded those of both
Feb. 28 this year and March 31 1926.
Retail Shoe Trade.
March sales of 40 retail shoe dealers increased 32.4% over the preceding
month but declined 4.3% from March last year; more than half the firms,
however, showed gains in the latter comparison. Sales for the first quarter
of 1927 were slightly under those for the same period in 1926. Stocks were
larger than at the end of the previous month, and smaller than a year ago;
collections increased over March 1926, but fell below the preceding month;
the ratio of outstandings to sales was 82.4, as compared with 96.4 for
February and 82.5 for March 1926.
Manufacturing Activities in Chicago Federal Reserve
District-Midweit Distribution of Automobiles.
Seasonal expansion in the distribution of new and used
automobiles in March, although sales, except of used cars,
were below the levels of a year ago, is indicated in the
May 1 "Monthly Business Conditions Report" of the Federal
Reserve Bank of Chicago, which summarizes as follows
manufacturing activities and output:
Autemtobile Production and Distribution.
-First quarter production of
passenger automobiles in the United States totaled 799.270 in 1927, as compared with 973.801 in the same period of 1926. In March this year there
were 341,665 passenger cars produced, a gain of 31.1% over the preceding
month, but a decline of 10.4% from a year ago; output was 6.4% greater
than in March 1925, and about equal to that of March 1924. Trucks
produced in the United States during March totaled 45,056. as compared
With 38,118 in the preceding month and 41,612 in March last year. Production of trucks for the first quarter of 1927 was 120,417, while in the
first three months of 1926, 103,970 were produced.
Seasonal expansion in the distribution of new and used automobiles
continued through March, although sales, except of used cars, were below
the levels of a year ago. Sales made on the deferred payment plan were
42.3% of total retail sales, according to 28 dealers reporting the item, as
compared with 42.1 in February and 43.3 a year ago. Stocks held at the
end of March averaged about the same as a month previous and were
not so heavy as on the corresponding date of 1926.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
Changes in March 1927 from previous months.
Per Cent Change from
-
Companies Included.
Feb. 1927.
New carsWholesale
Number sold
Value
Retail
Number sold
Value
On hand March 31
Number
Value
Med cars
Number sold
Salable on hand
Number
Value
March 1928.
+25.5
+30.4
+3.1
-5.7
35
35
33
33
+35.3
+38.9
-25.1
-18.4
80
80
77
77
-0.2
+4.1
-35.8
-24.8
51
51
48
48
+40.0
+15.4
81
78
-OA
+0.4
-2.1
+2.8
51
51
48
48
Feb. 1927. March 1928
Shoe Manufacturing, Tanning and Hides.
-A compilation from the reports sent direct to this bank by 32 shoe factories in the Seventh District
showed March shipments 10.4% above current production, and the volume
of each larger than in the preceding month or a year ago, the gain over
February being accounted for by the greater number of working days.
Approximately four weeks' future operations at the present distribution
rate were assured from the unfilled orders on the books of 22 companies.
Stock shoes reported on hand by 28 manufacturers were equivalent in tots 1
to 68.7% of the quantity shipped to their customers during March.
CHANGES IN THE SHOE MANUFACTURING INDUSTRY IN MARCH
1927 FROM PREVIOUS MONTHS.
Per Cent Changefrom
Feb. 1927.
Companies
Included.
March 1928.
Production
+10.2
32
+10.7
Drugs.
Shipments
+12.5
32
+12.1
Increases of 20.7 and 18.3% over the preceding month and declines
+0.5
28
-2.1
of Stocks shoes on hand
--7.8
22
-20.1
7.8 and 6.9%, respectively, from a year ago were shown in March sales Unfilled orders
and collection totals of wholesale drug firms; stocks increased slightly in
Leather sales billed to customers increased in March over the preceding
both comparisons; outstanding accounts at the end of the month averaged month, while production declined, according to a compilation made from
an increase of 7.0% in the former and a decline of 12.8% in the latter reports of representative tanners in the Seventh District. In the year-tocomparison.
year comparisons, gains and recessions were about evually divided. De
TITE CHRONICLE
2511
mand for belting and harness improved over February. Leather prices
ranged from steady to slightly firmer.
The volume of sales of packer green hides and calfskins showed a marked
expansion lin March over the preceding period. Purchases by tanners in
the Seventh District exceeded those in February. March receipts and
shipments of hides and skins totaled a little less at Chicago than a month
previous, according to a compilation by the local Board of Trade. Chicago
quotations ranged from steady to slightly firmer.
Industrial Employment Conditions in Chicago Federal
Reserve District.
The May 1 "Monthly Business Conditions Report of the
Federal Reserve Bank of Chicago" says that "the customary
seasonal expansion in industrial activity in so far as reflected
in employment figures, as of short duration this spring,
beginning and ending with the increase noted for February."
The report goes on to say:
Early in March there was again a slight decline, data for the week ending
the fifteenth of the month registering 0.5% lower employment than the
month privious. This decline was shared in by practically all of the
reporting groups, building materials offering the main exception. At
brick yards and stone quarries there was a considerable increase in both
men and payrolls, glass factories also showed some gains, while cement
plants reported practically no change in employment,depending on a heavy
accumulation of stocks for the increase in demand. Saw mills and planing
mills added to their forces, but the lumber group as a whole showed no
increase on account of the declines experienced in the manufacture of
furniture and musical instruments. The vehicles group, comprising the
automobile and railroad car manufacturing industries, maintained the February gains, but gave little sign of any further expansion. At Detroit,
however, according to reports by the Employers' Association of the city,
employment continued to,expand until the latter part of March,since which
time there has been a slight recession-the second week of April registering
a decline of 0.7% from the corresponding week in March.
The heaviest decline in employment during the month (Feb. 15
-March 15)
was experience by the leather industry, including the manufacture of boots
and shoes. Decreases reported for many of the food and textile products
were of a seasonal nature; thus, the clothing industry has reached the close
of a rather dull season. Metals and metal products which showed an upward trend during February, lost part of the gain for that month largely
because of curtailments made by the electrical apparatus industry.
Increased activity in building and especially the resumption of road
work provided additional chances for employment to many. There has
been some increase in the demand for farm help which has been rather less.
however, than the average for the season. The ratio of applicants to
available positions at the free employment offices of Illinois showed a
reduction,falling from 204% to 174;in Indiana the ratio declined from 163%
to 120; but for Iowa it showed an increase, rising from 339% at the close
of February to 352 at the close of March.
EMPLOYMENT AND EARNINGS
-SEVENTH FEDERAL RESERVE
DISTRICT.
Number of Wage Earners.
Industrial Croups.
Per
Mar. 15 Feb. 15 Cent Mar. 15
1927.
1927. Change. 1927.
Metals Ar metal products
(other than vehicles)__ 152,000 152,948
Vehicles
33.431 33,468
Testiles dr textile products 27,270 27,716
Food & related products_ 48,642 49,244
Stone clay, and glass
14,302 13,403
products
Lumber and its products_ 33,548 33,545
10,470 10.473
Chemical products
16,839 17,092
Leather products
3,328
3,230
Rubber products
30,670 30.785
Paper and printing
All groups (10)
Total Earnings
Week Ended
Week Ended
370,050 171,902
Feb. 15
1927.
Per
Cent.
Change.
-0.6 $3,796,066 $3,835,054
-0.1 1,018,623 1,009,174
-1.6 692.524
710,257
-1.2 1,322,110 1,311,967
-1.0
+0.9
-2.5
+0.8
+6.7
+0.0
-0.0
-4.1
+3.0
-0.4
+6.6
424,096
829,662
293,372
352.925
84,364
983,213
397.983
830,270
293,985
376,707
87,196
998,048
-6.3
-2.3
-1.5
89.796,955 89,850,641
-0.5
Franklin Fourth Street National Bank of Philadelphia
Finds Business Moving at Pace Approximating
That of Years Ago.
Stating that "business has moved through the first four
months of 1927 at a rate approximating the extraordinary
pace ofone year before" the Franklin Fourth Street National
Bank of Philadelphia has the following to say in its
business forecast in its May letter, "Trade Trends":
In some important lines activity' actually has exceeded the ascendent
levels of 1926. Apparently, however, the peak of spring industrial.operations was reached in March. During April, there was some small seasonal
contraction of production in certain important industries, but general
activities continued close to the records of last year.
In the main, the underlying economic forces continue sound. Credit
remains abundant and industry is unembarrassed by burdensome stocks of
goods. It is estimated that the Increase in inventories of industries during
1926 was not more than 4% despite unprecedented production. That
large outputs of the early months of 1927 have proceeded directly into the
channels of consumption is indicated by the great total of freight traffic
since the beginning of the year.
Toward the close of 1926, industry experienced some decided lessening
of the velocity of activities. It is now clear that this decline was merely
the correction of what was threatening to become serious overproduction
in some lines. The watchfulness of producers in keeping their operations
In line with demand is one of the most important constructive influences
in the current economic situation.
During March, new high records were made for steel ingot production,
building contract awards, cotton sonsumption,silk consumption, crude oil
output, soft soal production, and bank clearings. Trade and outdoor work
in the South and Southwest, were retarded in April by excessive rains.
The coal strike has had a negligible effect upon industry, but prices of some
grades of coal have begun to stiffen.
While prosperous times prevail business is characterized by the keenest
sort of competition and by spotty conditions. With prices at the lowest
level in three years, with wage rates holding at peak levels, a premium is
placed in industry upon efficient methods of production. Only by keeping
costs low are profits possible. In 1926, earnings of industry increased over
hose for 1925. but the major part of the increase represented gains by large
t
[VOL. 124
corporations most able to offset the low prices by higher efficiency. Reports of many industrial companies during the first quarter reveal smaller
profits than for the corresponding period of 1926, due to lower prices.
Meanwhile, with good employment and high wages the buying Power of
the public remains high.
Business Conditions in Philadelphia Federal Reserve
District-Production and Distribution, Though
Large, Below High Levels of a Year Ago.
According to the Federal Reserve Bank of Philadelphia,
"seasonal business expansion has been somewhat less than
usual during the past two months and the current volume of
production and distribution in the Philadelphia Federal Reserve District, though large, is below the record high levels
reached in the spring of 1926." In stating this in its "Business Review," dated May 2, the Bank adds:
Factory output in the district, as measured by reports of employment,
wage payments and employee-hours worked, was practically constant in
February and March, but in April a decline in employment of nearly 3%
is indicated by preliminary figures. At this level the number on factory
payrolls is less than at any time since 1924.
In the bituminous mining industry there has also been a slackening, owing
to the suspension which has been effective in union fields since April 1.
Curtailment has not stimulated the market, however,and demand is actually
quieter than it was before the strike. Anthracite collieries have been more
active in the last few weeks and buying of steam sizes has improved.
There has been further expansion of building in the Philadelphia district.
Contract awards in March, as in January and February, were considerably
larger than in the same month of last year, although residential building
was in smaller volume and constituted a much smaller share of the total.
The market for building materials, especially for cement, has shown good
seasonal strength, and factories making these products are working at
within 10 or 15% of capacity.
The iron and steel industries of the district have experienced some recent
slackening in demand and operations, following an active first quarter. In
March production of pig iron and steel both in this district and in the
country as a whole was at a very high rate; daily output of steel ingots was
the greatest on record. Prices have been fairly steady in recent weeks at
levels somewhat below those of last year.
March also witnessed great activity in the cotton and silk industries as
indicated by the heaviest mill consumption of raw cotton and mill takings
of silk ever recorded. Good business is being done in cotton goods, and
prices both of goods and raw cotton, have been fairly steady of late at levels
much below those of last year. Quotations for silk goods also are steady
and demand is fair, after some improvement since the middle of March.
The wool industries are quiet and prices of domestic wool have weakened,
despite the rising quotations in the foreign raw wool market. Mill operations in this district are at about 70% of capacity.
A poor market exists for most grades of hosiery, except women's fullfashioned, which has experienced some improvement in the last month.
Business in carpets and rugs has not improved since the Smith auction, at
which record sales were made, and operations average less than two-thirds
of mill capacity. Clothing producers report a fair volume of spring business
at steady prices, and factories in the district are operating at 70% of capacity. The market for packer hides and for sole leather has strengthened,
but demand for goatskins and for black and colored kid has weakened since
last month. The shoe industry is fairly active and demand is a little better
than it was last month.
The later occurrence of Easter this year was probably partly responsible
for the poor showing made in March by various lines of retail and wholesale
trade. Retail sales of reporting stores were 9% smaller than in 1926, and
the wholesale volume declined more than 2%, with losses registered by all
lines but electrical supplies and groceries. Freight car shipments in the
Allegheny district, however, during the last four weeks have been 6.6%
ahead of those in the same period of 1926 and debits in the district, despite
lower wholesale prices, Were 2.1% larger in March 1927 than in the same
month a year earlier.
City Conditions.
-A seasonal improvement has occurred in most of the
leading city areas of this district as compared With conditions prevailing in
February. In contrast with a year before, however, March proved to be
a slightly less active month industrially and commercially than the corresponding period of last year. While nearly all cities listed in the accompanyingtableshowedapfxiable gains in savings deposits, the volume of check
payments and retail trade declined in most areas from the totals of March
1926. Factory employment and wage payments also declined somewhat,
but the consumption of electric power increased in all cities but Scranton.
The value of building permits, too, registered gains, except for Johnstown,
Scranton, Williamsport, Philadelphia and Harrisburg. . . .
Retail Trade.
Preliminary reports on retail sales in this district during the four weeks
ended April 15 are divided between those showing greater volume of sales
and those registering smaller business than in the same period of last year.
Prices, 'while in some cases below last month's level, remain generally
unchanged.
Owing partly to the fact that Easter in 1926 was about a fortnight earlier
than this year. March sales by reporting firm.s declined about 9% from the
total of a year before, and the volume of retail business in the first quarter
of this year Was 5% under that for the same period of 1926. As shown by
the accompanying table*, large decreases are reported by department and
men's apparel stcres in Philadelphia; shoe and credit houses also registered
pronounced declines. The greatest improvement is noted In the sale of
silverware and jewelry, leather goods and luggage, women's coats, silk
underwear,juniors' and girls' ready-to-wear, furniture and bedding, musical
instruments and radio; whereas, the largest lessees occurred in woolen and
cotton dress goods, neckwear and veilings, handkerchiefs, men's clothing
and furnishings, boys' wear, women's suits and dresses, millinery, knit
underwear, toys and sporting goods.
Total stocks at the end of March were slightly under those on the same
date of last year, although supplies held by apparel, shoe and credit stores
were noticeably heavier. The rate of turnover since Jan. 1 has not been as
rapid as that in the corresponding period of 1926. Receivables at the end
of the month increased nearly 4%, and outstanding orders gained about
11% over the volume of a year earlier. Collections, too, were more active,
the only marked decline being in shoes.
Wholesale Trade.
Trading at wholesale continues at a fair rate and sales generally are
somewhat larger than those of four weeks ago. Shoes, groceries, hardware,
dry goods and paper show the greatest increase, while several jewelry and
*We are obliged to omit the tables-[Ed.]
APR. 30 1927.]
T H RI CHRONICLE
2515
electrical supplies firms report declines. Orders for quick delivery pre- it. It will cost $100
more than the present sedan type.
dominate. Prices remain unchanged, except for some declines in electrical
The Essex Super-Six speedabout, a two-passenger car of the
supplies, hardware and groceries.
March sales were about 24% above the February volume but were more roadster type, is now on display. To assist in
high-speed
than 2% under those in the same month of last year. Principally because performance this car is built along
sweeping lines. The
Easter this year occurred about two weeks later than in 1926, business in
rear deck is stream-lined like a speedboat, the curves condry goods, shoes and jewelry during March was smaller than a year before.
Sales of drugs, hardware and paper also decreased, but those of groceries veying smartly to a point at the rear.
and electrical supplies gained over the total for March 1926. With the
An entirely new departure in delivering cars is described
exception of drugs and jewelry, stocks at the end of March were lower than
those on the same date of last year. and accounts outstanding also were by the "Wall St. Journal" of April 26 in the following terms:
An enclosed "motor wagon" without axles, chassis or foot-pedals
smaller in all but two lines. The ratio of accounts outstanding to sales In
, conMarch was about 15% higher than that of a year earlier. Collections, while trolled from either side in a standing position, is on display for the first
time at the National Retail Delivery Association convention at
greater than in February, did not come up to the total of March 1926.
Chicago.
The truck called "Pak-Age-Car" is aimed as a final blow at horse
drawn
vehicles used where frequent stops are necessary.
The truck is being manufactured by the Package Car Corporation
at the
Business Conditions in San Francisco Federal Reserve Union Stock Yards. The new cars will be distributed entirely through
a
dealer organization now being established. Truck with body
District in March-Seasonal Increases in Industrial
equipped
sells $950 f. o. b. Chicago.
Output and Volume of Trade.
In the San Francisco Federal Reserve District, according
to Isaac B. Newton, Chairman of the Board and Federal
Reserve Agent, Federal Reserve Bank of San Francisco,
"seasonal increases in industrial output and in volume of
trade were quite generally reported during March 1927,
and the business record for the month compared favorably
with that of March 1926. During the first quarter of 1927
the general business situation was characterized by relative
stability at levels slightly above the trend of recent years.
Satisfactory physical conditions have prevailed in most
farming and livestock areas," Mr. Newton reports in his
summary dated April 20, and adds:
Average daily volume of check payments (bank debits) at banks in 20
principal cities of the district was considerably larger during March 1927
than during March 1926, but the relatively low level of the 1926 figures
rather than the high level of the 1927 figures was responsible for much of
the increase. This bank's index of hank debits, adjusted for seasonal
variations, stood at 161 (1919 average=100) during March 1927, the same
figure as was recorded for January and February 1927. A year ago the
Index stood at 150.
The latest Erskine model just announced by the Studebaker Corp. of America is a Custom Coupe for four, with a
rumble seat for the additional two passengers in the rear
deck. Like other Erskine models, the Custom Coupe
reflects an individuality that sets a new note in body design.
The smartness of the body lines and paneling is further accentuated by the contrasting tones of the lacquer finish.
Automobile Trade Active in Philadelphia Federal
Reserve District.
According to the Federal Reserve Bank of Philadelphia,
spring trading in automobiles in Philadelphia continues
very active. In its survey, the bank says:
Retail sales by 14 distributors of this district were more than 77%
greater in March than in February and exceeded those of a year before
by nearly 35% in number and 25% in value. The total of wholesale
business increased about 56% over that of the previous month and was
62% in number and 42% in value in excess of sales in March 1926. The
greatest improvement in sales, both at wholesale and retail, occurred in
the cars selling under $1,000 and over $2,000. While the medium-priced
automobiles show substantial gains over the February total, they showed
a decline in number and value from the volume of a year earlier. The
demand for used cars, however, was much greater in March than either
in the preceding month or a year ago. This is also true of automobiles
sold on deferred payment.
As a result of the large turnover, stocks of new cars at the end of March
were noticeably smaller than those on the same date a month previous
and last year. Stocks of used cars, on the other hand, while lower than
at the end of February, were materially heavier than at the end of March
1926.
BANK DEBITS*-TWELFT'H DISTRICT.
Index for 20 Principal Cities.
March
Feb.
Jan.
March
Feb.
1927.
1927.
1927.
1926.
1926.
Without seasonal adjustment
173
182
166
159
175
With seasonal adjustment
161x
161
161
150
158
* Daily average, 1919 average = 100. iRevised.
The evidence concerning general business conditions, furnished by
figures of bank debits, is not wholly corroborated by other available data
of industry and trade. These data reveal, as do the debits, seasonal
expansion in volume of operations during March as compared with February.
but show,in the aggregate,little change as compared with March a year ago. AUTOMOBILE TRADE
-PHILADELPHIA FEDERAL RESERVE DISTRICT
This conflict of evidence is repeated In comparative statements of condition of reporting member banks. Thus far In 1927 their loans have been
March 1927 Change from
considerably larger than during 1926, while their demand deposits, which
ordinarily respond with a fair degree of accuracy to changes in business
14 Distributors.
Feb. 1927.
March 1926.
activity, have only approximated deposits of a year ago. Month to
Number. Value. Number. Value.
month changes in the condition of reporting member banks and of the
Federal Reserve Bank of San Francisco during '1927 have been largely Sales, new cars, wholesale
+56.4% +56.6% +61.6% +41.8%
seasonb.1 in character.
Cars under 51,000
+60.4% +60.8% +100.2% +96.8%
Cars $1,000 to $2,000
+41.4% +42.9% -0.5% -5.7%'
Seasonal expansion in industrial activity was reported during March
Cars over $2,000
+78.4% +74.8% +95.7% +53.5%
and volume of employment was larger than in February. Industrial output,
Sales, new cars, at retail
+77.2% +77.4% +34.9% +24.9%
however, both for March 1927 and the first quarter of 1927 is estimated
Cars under $1,000
+76.1% +75.7% +40.5% +40.6%
to have been smaller than during the corresponding periods of 1926. The
Cars $1,000 to $2,000
+63.8% +50.3% -20.2% -24.0%
Cars over $2,000
+110.0% +98.7% +9.2% -0.1%
volume of trade transacted during March 1927 was also seasonally greater
Stocks of new cars
-6.8% -10.9% -3.0% +2.4%
than that transacted during February 1927, and is estimated to have
Cars under $1,000
+3.2% +4.6% -13.1% -11.3%
approximated that of a year ago. Total sales of retail stores were larger
Cars 51,000 to $2,000
-10.7% -10.3% +13.1% +26.0%
and of wholesale dealers smaller during the first quarter of 1927 than In
Cars over 52,000
-21.4% -20.4% -7.8% -9.8%
Sales of used cars
the first quarter of 1926.
+52.4% +501% +47.6% +28.4%
-5.7% -1.2% +17.5% +21.2%
The trend of prices continued downward during March, prices of both Stocks of used cars
Retail sales, deferred payment
+98.5% +158.0% +18.3% +3.7%
agricultural and non-agricultural commodities participating in the movement. Contrary to the general trend, prices of livestock, except hogs,
and of lumber, copper and lead advanced. Substantial declines in gasoline
prices in principal California cities were recorded during March and April.
Canadian Automobile
New Models Presented in Automobile Markets.
A number of new automobile models were introduced
during the week in the motor markets. The Marmon
Motor Car Co. presented a new four-door brougham on the
Marmon Eight Chassis. This body type will be available
in color options that are adaptable to that type of body,
and interior fittings and upholstery will be the same as in the
other standard Marmon Eight closed cars.
On May 1 the new Dodge four-cylinder car is to make
its appearance, involving radical changes in its power plant,
according to available information. New features, say
the engineers, will give it 20% greater acceleration, 15%
more power and 20% greater mileage on fuel. A switch
has been made to the standard gear shift as used by the
majority of current cars and the transmission has been redesigned to meet the new requir ment.
The Reo Motor Car Co.'s new Wolverine model also is
to be disclosed soon. At first it will be confined to a single
body type which is a two-door brougham priced at less than
$1,200. The body characteristics follow those of the same
type in the Flying Cloud models.
The Hudson Motor Car Co. this week adds to its Essex
lino a de luxe sedan, incorporating a body five inches longer
than present ones and partial aluminum construction with
Production.
March production of automobiles in Canada, as reported
to the Department of Commerce by the Dominion Bureau
of Statistics, was as follows: Passenger cars, 19,089, trucks,
3,534; as compared with production in February of 14,826
passenger cars and 3,829 trucks, and production in March,
1926,of 17,989 passenger cars and 4,385 trucks.
West Coast Lumbermen's Association Weekly Report.
Seventy-two mills reporting to the West Coast Lumbermen's Association for the week ended April 16 manufactured
70.365,678 feet, sold 78,143,629 feet and shipped 72,108,650
feet. New business was 7,777,951 feet more than production
and shipments 1,742,972 feet more than production.
COMPARATIVE TABLE SHOWING PRODUCTION, NEW
SHIPMENTS AND UNFILLED ORDERS.
Week EndedApril 16.
April 2.
April 9.
Number of mills reporting
72
72
72
Production (feet)
64,686,427
73,875,636
70,365,678
New business (feet)
76,050,691
78,143,629
76,813,391
Shipments (feet)
72,463,038
72,108,650
80,714,783
Unshipped balances:
Rail (feet)
130,971,655 127,605,461 117,571,055
Domestic cargo (feet)
99,883,477 105,803.408
111,442,190
77,960,772
Exports (feet)
80,850,081
76,587.797
BUSINESS
March 26.
74
73,406,888
81,822.926
76,194,383
125,662,127
102,422,119
76.874,548
Total (feet)
323,263,926 305,449,710 229,962,260 304,958,794
First 15 Weeks of1925.
1924.
1926.
1927.
Average number of mills_
103
119
78
129
Production (feet)
1,105,713,757 1,491,401,368 1,515,344,711 1,532,587,863
New business (feet)
1,182,047,201 1,584,860,229 1,516,140,188 1,457,499,104
Shipments (feet)
1,097,394,373 1,510,943,487 1,518,567,041 1.547.797,883
American Mills Consumed 96% of Japanese Raw Silk
-Average Price of Raw Silk
Exports in 1926
Rayon Production and Imports.
In the manufacture of silken things, largely for the use of
American men and women, American mills consumed 96%
of the Japanese raw silk exports during 1926. European
countries took the remainder from Japan, according to statistics published in the annual report of the Silk Association
of America, Inc. Regarding the report and the information
contained therein, the association says:
The 1926 figures for American silk imports from Japan are 421,000
bales, or 84% of the total American imports, which were over 504,000 bales.
Of the balance of the silk imports, 15% came from China, and about 1%
came from other countries, mainly France and Italy. American imports
Increased 3% over the 1925 imports.
Regarding Chinese silk, American silk manufacturers took nearly onehalf of the Shanghai exports, totaling approximately 41,000 bales, which in
spite of the disturbances in that country, were a slight increase over the
year previous. The other half of the Shanghai exports went to the three
continents of Europe, Asia and Africa.
The average price of raw silk per pound is given by the association's
report for 1926 as $6.12 for Japan Best No. 1 to Extra, as compared with
$6.47 for this grade in 1925 and $6.13 in 1924. Prices for the same quality
during the first ten weeks of 1927 have been under the 1926 figure.
Of the American production of rayon, the association's report for 1926
records a total of 62,816,000 pounds, or an increase of 21% over the 1925
figure. This production figure is more than four times greater than is
recorded for the year 1921, five years ago.
Imports of rayon yarns, threads and filaments for 1926 are recorded at
a total of over 10,000,000 pounds, which is an increase of approximately
46% over the year previous.
The story of 1926 1 nthe silk industry is further described in the report
by the review of the association's progress given by the Secretary, Ramsay
Peugnet, which summarizes 49 arbitration cases held during the year, and
gives a record of over 7,000 silk entries liquidated by the Traffic Bureau;
over 2,000 trade names for silk registered by the Trade Mark Bureau, and
over 109,000 reports sent out by the Statistical Bureau.
Reviews by representatives of twenty branches of the silk trade outline the
1926 trends in the silk business. Explaining the downward trend of raw
silk prices in part by the rapid appreciation of yen exchange, R. Fugita
of Hara & Co. says it served to make acute the economic depression in
Japan which began at the time of the earthquake in 1923. The raw silk
industry of Japan is still suffering from the effects of that great disaster.
Summing up the favorable aspects of the silk industry, T. B. Hill of C. K.
Eagle & Co., Inc., names general prosperity, capital requirements obtain.
able at reasonable rates, peak consumption of raw silk, reasonable stability
of raw silk prices, deliveries of yardage at a peak, silk favored by fashion,
and the improvement in styling silks. He defines the unfavorable conditions as hand-to-mouth buying policy of retailers, production beyond consumption requirements and disregard of the law of supply and demand.
Unfortunate designing of silks was a factor in the break of printed silks,
says E. Irving Hanson of H. R. Mallinson & Co., adding: "This country
must attain the position where the poorly executed, garish print is the ex
ception, just as it is in France to-day."
Of dyestuffs, H. A. Metz of General Dyestuff Corporation, says in part:
"Several new colors were placed on the market by the domestic manufacturers during 1926, a number of entirely new colors were imported and
introduced to the trade. The silk dyer has never had so large a selection of
dyestuffs from which to choose for his many-sided requirements as he has at
the present time."
"One of the most continuously prosperous twelve months that the tie silk
manufacturers have enjoyed for some time," is the way Carl Schoen of
Carl Schoen Silk Corporation described the closing year. He further describes this period as a transitional one, in which the dollar tie is giving
way to the dollar-and-a-half tie.
Activities of Hosiery Mills in Philadelphia Federal
Reserve District.
The following table, compiled by the Bureau of the Census,
shows the activities of the hosiery mills,in the Third Federal
Reserve District in March and a comparison with those of
February, is issued by the Federal Reserve Bank of Philadelphia:
Men's
Full-fashioned.
In Doz.Pairs.
March
1927.
Production__
Shipments__
Stock, finished
&in the gray
Orders booked
Cancellations
received___Unfilled orders
end of mo___
-
Productio0-Shipments-Stock finished
& in the gray
Orders booked
Cancellations
received--,
Unfilled orfier
nn A nf nIn
Men's
Seamless.
P. C.
P. C.
Change
Change
from March from
Feb.
1927. Feb.
1927.
1927.
28,200 +15.4 226,806 +16.6
23,991 +43.5 218,699 +32.5
Women's
Full-fashioned.
March
1927.
Women's
Seamless.
P. C.
P. C.
Change
Change
from March from
Feb.
1927.
Feb.
1927.
1927.
624,768 +18.5 135.877 +26.8
637,474 +31.2 137,997 +34.9
51,322 +1.1321,485 -8.5 895,591 +0.2 339,784 +1.1
25,578 +30.2 240,350 +12.9 520,559 +57.1 165,038 +26.3
324 -25.3 12,962 +137.0
25,567
-6.3 403,424
Boys' and
Misses'.
Ds Doz.Pairs.
124
111E CHRONICLE
2516
27,064
+3.6 1,377,111
Children's and
Infants'.
-8.3
1,518 -44.3
-4.3 135,008 +38.8
Athletic
and Sport.
P. C.
P. C.
P. C.
Change
Change
Change
March from March from March from
1927. Feb.
1927. Feb.
1927. Feb.
1927.
1927.
1927.
Total
March
1927.
P. C.
Change
from
Feb.
1927.
29,414 +7.0 138,853 +7.3 82,393 +18.9 1.264,331 +17.3
+30.0
36,860 +28.8 199,776 +23.6 89,296 +21.7 1,344,093
-18.8 73,850 -6.9 1,999,928 -4.6
36,578 -7.2 281,318
1,147,479 +32.2
27.622 +3.6 102,829 +19.1 59,503 +8.4
45,583
+3.0
332 -18.8 143.539 -40.3 83.715 -28.1 2,209,697
-6.4
304
41
-9.8
332 -78.6
3,079 -27.2
Domestic Exports of Cotton, Cotton Cloths, Yarns,
Threads and Hosiery.
The Department of Commerce at Washington on April 27
issued its monthly report on the domestic exports of cotton,
cotton cloths, yarns, thread and hosiery for the month of
March and the three months ending with March, with comparisons for the corresponding periods a year ago. The exports of raw cotton were larger this year in both quantity
and value both for March and for the three months, 1,129,537
bales having been shipped out in March 1927 as compared
with only 519,732 bales in March 1926. The value of these
exports in March this year was $80,456,022, against $54,063,574 in March last year. For the three months' period ending
March 1927 the exports of raw cotton amounted to no less
than 3,255,836 bales as compared with but 1,825,844 bales in
the three months ending with March 1926. The value of
these exports was $229,498,709, as against $197,007,782. On
the other hand the exports of cotton cloths and cotton manufactures decreased in quantity and value, both for March
and the three months. Below is the report in full:
DOMESTIC EXPORTS OF COTTON. COTTON CLOTHS, YARNS,
THREADS AND HOSIERY.
Month of Mardi.
1926.
1927.
3 Months Ended March.
1926.
1927.
3,255,836
1,825,844
519,732 1,129,537
Raw cotton, incl. linters, bales_
554,063,574 380,456,022 $197,007,782 $229,498,709
Value
$11,479,191 $10,931,122 $33,118,505 529,078,444
Cotton manufacturers, total
Cotton cloths, total sq. yds
41,448,023 44,728.313 120,347,801 120,760.033
$6,484,664 $5,898,804 818,686,790 $15,902,077
Value
510,880
369.488
175,045
105,516
Tire fabrics, sq. yds
$147,180
$144,145
$49,080
$43.581
Value
3,579,627
2,762,814
1,126,367 1,399,061
Cotton duck, sq. yds
$404,613 $1,073,660 $1,110,753
$427,450
Value
Other Cotton Cloths
9,719,192 11,166,889 28,289,988 30,859,204
Unbleached, sq. yds
$1.125,861
$989,677 $3,253,479 $2,716,746
Value
6.987,883 6,183,799 21,733,853 18,971.817
Bleached, sq. yds
$722,236 $3,004,816 $2,109,794
$966,421
Value
7,314,997 9,292,888 22,321.151 23,143,767
Printed, sq. yds
81.118,143 $1,248,606 $3,294,536 33,152,002
Value
9,170,570 9,917,030 24,266.156 25,737,595
Piece dyed, sq. yds
$1,638,579 $1,521,623 54466,722 54,043,640
Value
7,023,498 6,593,601 20,604,351 17,957,143
Yarn dyed, sq. yds
$962,969 $3,449,438 $2,621,962
Value
$1,164,629
Cotton yarn, thread. &e.
3.421,258
4,608,690
1,141,632 1,597,481
Carded yarn, lbs
1,391,652
$485,296 81,382,980
3858,969
Value
2,368,412
2,568,313
978,046
899,121
Combed yarn, lbs
8681,268 81.832,139 $1,759,323
$682.867
Value
Sewing, crochet, darning and
123,915
315,026
349,525
133,811
embroidery cotton, lbs
8112,193
8342,140
8325,910
$136,493
Value
422.301
1,350,868
1,162,715
481.979
Cotton hosiery, doz. pairs
$707,996 32,486,010 $2,024,078
8868,079
Value
Wave of Price Reductions Occurs in Gasoline Markets
Crude Prices Quiet at Recent Low Levels.
Up to a late hour on April 29 no new price schedules
were announced by crude oil distributors but on the other
hand, gasoline prices declined in many sections of the country.
The demoralization is caused by continued over-production
especially in the Seminole, Okla., field which on April 28
was reported as having produced 340,155 barrels the precedday.
Effective April 22 the Standard Oil Co. of Kentucky
reduced tank wagon and service station prices of gasoline
lc. at Covington, Ky., to 20 and 23c., respectively, including
the 5c State tax. On the following day, the Navy Gasoline
& Sup. Co., at Denver, Colo., reduced its price of gasoline
to 15c., including the 2c. tax. The company operates 75
stations. It was reported that the Continental Oil Co.
would not meet the eut.
In Boston, Mass, on April 25, the Tide Water Oil Sales
Corp. reduced gasoline one cent a gallon to 19 cents at pumps
in Boston vicinity.
Reports from Cleveland, Ohio, under date of April 26
declared that the Standard Oil Co. of Ohio has been offering
to customers since April 20, throughout Ohio, what is known
cent a
as a quantity discount. Discounts range from
gallon on 300 gallons on tank wagon deliveries of gasoline
up to 2 cents a gallon on deliveries of 2,500 gallons or over
a month. Customers at service stations are allowed discount
ranging from 1 cent a gallon on 300 gallons up to 2 cents on
600 gallons or over a month. Discounts are off current
tank wagon and service station prices, which are 18 cents
and 20 cents, respectively, according to available information.
The Standard Oil Co. of New Jersey on April 26 reduced
the export price of gasoline and refined oil Mc. a gallon
in cases. The new price for gasoline is 23c. a gallon, export
refined oil 16.15e. and water white 17.15c.
Other price reductions accurred in Boston, on the 26th,
when the Jenney Mfg. Co. reduced gasoline two cents per
gallon, making the new prices 17 cents wholesale and 19
cents retail. The Atlantic Refining Co. at once reduced
APR.
30 1927.]
THE CHRONICLE
gasoline in Boston two cents a gallon to 17 cents from tank
wagons and 19 cents at retail, meeting Jenney's price schedule. Later the same day, the Atlantic Co. extended this
two-cent reduction throughout New England, exclusive of
State taxes.
In New York and the metropolitan territory, a reduction
of 2 cents a gallon in the retail price of the New Traffic
Tydol gasoline was announced April 27 by the Tide Water
Oil Sales Corp., making the price 20 cents a gallon. The
reduction was made to eliminate confusion in the wide
range of gasoline prices in the New York City area.
In April 29, the Standard Oil Co. of New York reduced
the tank wagon price of kerosene 1 c. a gallon to 15c, throughout its territory.
Prices in the wholesale market at Chicago stood as follows
on April 29: U. S. motor grade gasoline 6%@6%c.; 41-43
water white kerosene 4 W4X(3.; 24-26 gravity fuel oil
$1.023/ @1.07%.
Crude Oil Production Increases.
An increase amounting to 25,600 barrels occurred in the
daily output of crude oil during the week ended April 23,
bringing the total output up to practically the same figure
reached two weeks ago, according to advices received from
the American Petroleum Institute. The Institute estimates
that the daily average gross crude oil production in the
United States for the week ended April 23 was 2,478,100 barrels, as compared with 2,452,500 barrels for the preceding
week and with 2,478,300 barrels for the week of April 9.
The daily average production east of California during the
week of April 23 was 1,837,100 barrels, as compared with
1,812,600 barrels, an increase of 24,500 barrels. The following are estimates of daily average gross production by districts for the weeks noted:
(In Barrels)Oklahoma
Kansas
Panhandle Texas
North Texas
West central Texas
East central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern
Wyoming
Montana
Colorado
New Mexico
California
2517
March increased materially over the February volume and
was 6.9 and 2.4%, respectively, greater than in March of
last year, says the Federal Reserve Bank of Philadelphia,
which adds:
Purchases by municipalities also increased. Sales of electricity for
lighting purposes, however, declined seasonally from February's totals,
but exceeded those of a year earlier by more than 8%. Production of
electricity by reporting central stations was 9.3% greater in March than
In February and 8.4% greater than in March 1926. The largest increase
over a year ago occurred in the output of hydro-electric plants. Percentage changes are given in the accompanying table:
Electric Power
.
Philadelphia Federal Reserve District
13 Systems.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
March 1927.
1,368,000 RW
433,138,000 KWH
29,232,000 "
330,994,000 "
72.912,000 "
332,860,000 "
70,430,000 "
8,745,000 "
61,685,000 "
221.928,000 "
2.022,000 "
49.082,000 "
170.824,000 "
40.502.000 "
Change
Change
from
from
Feb. 1927. Mar. 1926.
0
+9.3%
+18.8
+6.6
+18.6
+1.1
-10.0
-2.2
-11.1
+3.6
+0
+4.7
+3.4
+9.9
+7.7%
+8.4
+52.6
+1.6
+41.5
+7.6
+8.3
+5.9
+8.7
+5.9
+11.4
+2.4
+6.9
+26.5
Steel and Iron Foundry Operations in Philadelphia
Federal Reserve District in March.
With regard to steel foundry operations in its district the
Federal Reserve Bank of Philadelphia announces that the
volume of production, shipments and unfilled orders was
somewhat smaller in March than in the preceding month,
although the value of shipments increased nearly 22%.
Compared with a year ago, both the physical and dollar
volume of shipments was greater, but production and unfilled
orders were considerably smaller. Stocks of pig iron and
scrap at the end of March were lighter, while those of coke
were heavier than on the same date last year. Details follow:
DAILY AVERAGE PRODUCTION.
STEEL FOUNDRY OPERATIONS.
Apr.23'27. Apr. 16 '27. Apr. 9 '27. Apr. 24'26.
Philadelphia Federal Reserve District.
721.850714,700725,100462,150
115.650
113,850
117,000
102,800
124,700
121,950
121,100
8.700
March,
Per Cent Change Per Cent Change
88,50089,550
90,780
80,000
1927.
Year Ago.
Month Ago.
186,000
185,200
184,600
79,550
41,150
41,550
42,150
55,750 Capacity
,
12,490 tons
0
o
36,550
36,950
37,450
39,750 Production
7,512 tons
-19.9
-8.7
49,850
51,500 Shipments
52,350
52,250
6,484 tons
-1-8.2
-0.4
115,500
122,400
108,500
170,700 Value
31,165,801
+17.1
+21.7
138,700
80,900 Unfilled orders*
132,350
137,900
3,279 tons
-51.6
-17.1
12,600
18,850
21,000
19,200
Value *
$684,506
-47.2
-13.8
106,000
109,000
102,500 Raw stock-Pig Iron
107,500
1,808 tons
-47.2
-8.2
72,600
56,300
56,600
62,000
Scrap
8,676 tons
-8.8
+7.3
21,450
15,050
15,050
14,550
1.713 tons
Coke
+11.0
+4.6
9,950
6,600
8,450
7,500
• Figures of one plant omitted.
3,200
4,100
6,400
3,900
641,200
641,000
604,500
639,900
Total
2,478,100 2,452,500 2.478.300 1,955,950
The estimated daily average gross production of the Mid-Continent field,
including Oklahoma, Kansas, Panhandle, north, west central, east central
and southwest Texas, north Louisiana and Arkansas, for the week ended
April 23 was 1,475,000 barrels, as compared with 1,470,550 barrels for
the preceding week, an increase of 4,450 barrels. The Mid-Continent production, excluding Smackover, Ark., heavy oil, was 1,890,750 barrels, as
compared with 1,379,800 barrels an increase of 10,950 barrels.
In Oklahoma, production of North Braman is reported at 6,600 barrels,
against 6,650 barrels; South Braman, 3,450 barrels, no change; Tonkawa,
23,200 barrels, against 23,150 barrels; Garber, 16,650 barrels, against 16,800 barrels; Burbank, 42,500 barrels, against 43,350 barrels; BristowSlick, 27,260 barrels, against 27,300 barrels; Cromwell, 13,250 barrels,
no change; Papoose, 6,950 barrels, against 6,900 barrels; Wewoka 17,850
barrels, against 17,350 barrels; Seminole, 289,700 barrels, against 284,700
barrels; Earlsboro, 43,600 barrels, against 41,300 barrels.
In Panhandle Texas, Hutchinson County is reported at 103,500 barrels,
against 101,950 barrels, and balance Panhandle 21,150 barrels, against 20,000 barrels. In east central Texas, Corsicana Powell, 19,200 barrels, against
19,300 barrels; Nigger Creek, 5,750 barrels, against 5,800 barrels; Reagan
County, west central Texas, 26,900 barrels, against 28,100 barrels; Crane
and Upton counties, 64,150 barrels, against 60,200 barrels; Brown County,
29,900 barrels, against 30,050 barrels; and in the southwest Texas field,
Luling, 17,900 barrels, against 17,950 barrels; Laredo District, 14,650
barrels, against 14,850 barrels; Lytton Springs, 2,150 barrels, against 2,300
barrels. In north Louisiana, Haynesville is reported at 7,800 barrels,
against 7,850 barrels; Urania, 10,800 barrels, against 11,150 barrels, and
in Arkansas, Smackover light, 11,000 barrels, against 11,200 barrels; heavy,
84,250 barrels, against 90,760 barrels, and Lisbon, 4,200 barrels, against
4,450 barrels. In the Gulf Coast field, Hull is reported at 19,950 barrels,
against 17,300 barrels; West Columbia, 10,250 barrels, against 10,100 barrels; Spindletop, 54,650 barrels, against 50,800 barrels; Orange County,
5,950 barrels, against 5,350 barrels, and South Liberty, 3,050 barrels,
against 3,700 barrels.
In Wyoming, Salt Creek is reported at 45,000 barrels, against 39,950
barrels; and Sunburst, Mont., 12,500 barrels, no change.
In California, Santa Fe Springs is reported at 43,000 barrels, no change;
Long Beach, 93,500 barrels, no change; Huntington Beach, 74,500 barrels,
against 76,000 barrels; Torrance, 23,500 barrels, no change; Dominguez,
17,500 barrels, no change; Rosecrans, 11,000 barrels, no change; Inglewood,
37,000 barrels, no change; Midway Sunset, 89,000 barrels, no change;
Ventura Avenue, 51,600 barrels, against 50,200 barrels, and Seal Beach,
86,000 barrels, against 31,500 barrels.
Increase During March in Consumption of Electric
Power by Industries in Philadelphia Federal
Reserve District.
Consumption of electric power by industries and street
railroads in the Philadelphia Federal Reserve District during
As to iron foundry operations, the Bank says:
March showed a pronounced gain over February in production,shipments
and unfilled orders. Compared with a year ago, unfilled orders increased
more than 9%, but the total output and shipments decreased. Stocks of
pig iron and scrap at the end of March were smaller 'while supplies of coke
were much greater than on the same date of last year. Changes are given
below:
IRON FOUNDRY OPERATIONS.
Philadelphia Federal Reserve District.
March,
1927.
Capacity
Production
Malleable iron
Gray iron
Jobbing
.
For further manufacture_ _
Shipments
Value
Unfilled orders
Value
Raw stock-Pig iron
Scrap
Coke
12,076 tons
6,921 tons
708 tons
5,213 tons
3,850 tons
1,363 tons
6,037 tons
$692,569
4,801 tons
$848,024
6,865 tons
3,126 tons
2.499 tons
Per Cent Change Per Cent Change
Year Ago.
Month Ago.
0
-7.0
-3.8
-7.4
-1.6
-20.8
-4.2
-2.3
+9.2
+20.2
-8.0
-1.5
-1-27.4
o
+15.1
+44.8
+12.0
+16.9
+ 0.1
+20.5
+19.7
+11.2
+17.3
+10.5
-2.8
-4-15.1
Lower Prices General for Non-Ferrous Metals
-Copper
Trade Awaits April Statistics.
The tone of the market for non-ferrous metals has been
easy throughout the week and lower prices were named for
copper, lead, zinc, tin, silver and platinum. The lower
prices, which obtained in London as well as here, failed to
attract buyers, "Engineering and Mining Journal" reports.
Companies manufacturing brass and sheet copper report
a continuance of excellent business, fully up to the 1926
rate, though wire business is slack. This publication goes
on to say:
Copper producers generally quote 13 cents a pound, delivered in the East,
a decline of % cent from the ruling quotation named a week ago. No great
activity is expected in copper until the April statistics are issued around the
tenth of the month. Indications are that these will be distinctly favorable
and will confirm the March trend. One good block of copper was sold for
delivery as far ahead as July
-August. A decline in the c.i.f. price resulted
in a little more buying for export.
Sales of zinc have been well below the average rate for the year to date.
Business was placed as low as 6.10 cents a pound for all deliveries. The
market is nearing the export parity. Further curtailment in production is
likely as ore approaches $40 a ton.
A moderate volume of lead business was transacted in the St. Louis
market, though at definitely lower price levels, 6.55 cents being the prevail-
2518
THE CHRONICLE
lug figure since Monday. The New York market has been exceedingly dull.
Some contract sales took place at 7 cents, New York.
The speculative situation in London caused a decline in tin to a low of
66H cents for prompt Straits on Monday. Since then both the foreign
and domestic markets have recovered some of the lost ground.
Steel Orders Continue to Decline, but Trade Volume
Compares Favorably with Last Year's Level—
Pig Iron Market Is Quiet.
Sales of steel in April will show quite a drop from March,
though the volume is still so large that it compares favorably
with April of last year, according to the opinion of the "Iron
Age" as expressed in its April 28 market review. The
slower market has helped to bring a narrowing of price irregularities, resulting, however, in two or three definitely lower
quotations. Production of steel ingots for the general
Pittsburgh territory, including the Valleys, is estimated at
80% of capacity, a drop of 10 points in the month. Chicago
district operations are put at only 2% under the March peak,
and the South, centered at Birmingham. has modified its
pace but little. The indications thus are for a record
breaking April output, says the "Age," adding:
A factor in checking shipments and purchases has been the floods in the
Mississippi Valley. Rain-soaked roads in the Northwest also have brought
about postponements. Emergency calls for track material have come for
the flood-stricken regions, which, of course, will need to buy later for repair
and rehabilitation. If the coal strike is to be regarded as affecting demand,
it is merely negative in that consumers are well covered by orders placed
prior to April 1.
It is the flow of specifications against contracts more than new buying
that is maintaining the high state of operations. Outstanding are the
bookings of structural steel and tank material. An expansion in projects
taking 50 to 300 tons has helped the smaller fabricating companies, which
a month ago were at a 25% operating basis. For oil storage tanks some
150.000 tons of plates are under consideration, including the now Wyoming
field.
The Steel Corporation will furnish 13,000 tons of steel for the Bamberger
department store in Newark and a leading independent fabricator has
booked 11,000 tons for a Chicago office building. Other structural steel
business brings the week's totals to 57,000 tons in awards and 31,000 tons
in new projects.
Railroad buying included 1,500 freight cars for the Pere Marquette and
300 for the Soo Line and 12 locomotives for the Burlington. Action on
some 6,000 cars for the Illinois Central may be postponed because of the
Mississippi floods. The Pennsylvania RR. has taken bids on six car floats
requiring 3,600 tons of plates and shapes. The Lehigh & New England
is inquiring for 200 box cars.
Schedules of steel for the automobile trade indicate a better May output
than was expected. Sheets, strip steel and bars are all adversely affected
by the uncertainty in this large consuming industry. Sheet output is put
at an 81% rate against 93% in March. Prices for early delivery are lower
than for the more extended shipment, but are substantially unchanged from
those of recent weeks, save that black sheets are more common at 2.70c.,
Pittsburgh, and 2.75c., Ohio mill.
A steel bar demand much ahead of the corresponding period of April last
year is reported from Chicago. In the East conditions have not prevented
a wider acceptance of a 1.85c., Pittsburgh base, against 1.90c., which
obtains usually only on the smaller orders. A 1.85c. base in Detroit is
attributable to use of water transportation. The first cargo of several
hundred tons left Buffalo this week for that city.
Leading makers of bet-rolled strips are naming prices which are a recognition of the competition of the heavier strips with blue annealed sheets.
establishing 2.30c., Pittsburgh, for widths of 12 to 14 inch for Nos. 13 and
14 gages, and 2.40c. for Nos. 15 and 16 gages.
Bolt and nut plants, following heavy ordering in March, are at a 70%
producing rate, or higher than in more than a year and comparing with
55% for all of 1926.
Opening of navigation on Eastern waterways has stimulated demand for
pig iron for barge delivery. In the past fortnight pipe companies in the
Philadelphia district have placed close to 40,000 tons for water shipment
dividing the business among eastern New York State and New England
furnaces.
A gradual tapering of foundry operations continues to be reported at
Cincinnati. Detroit and in the East. A threatened molders' strike at
Chicago has resulted in suspensions of pig iron shipments. With buying
light in most districts, prices show little change except at Cleveland, where
foundry grade has declined 50c. a ton to $19, furnace, for local delives
and to $18. furnace, for shipment to competitive territories. Chicago iron
is also weaker for outside deliveries.
Imports of iron and steel in March amounted to 61,872 gross tons. Of
this amount 7,492 tons was pig iron and 34,672 tons rolled and finished steel.
The total represented a large increase from 49,460 tons in February, made
up of 4,417 tons of pig iron and 26,349 tons of finished steel.
Exports in March totaled 171,094 tons, about 1% higher than in March
1926. The figure is slightly above February, but otherwise the smallest
since last June
The "Iron Age" composite price for finishes steel is down to 2.339c. a
lb., from the 2.367c. level of the nine preceding weeks. This is the lowest
point since August 1922, and is just $2 a net ton below last year at this time.
The pig iron composite price remains at $19.21 a ton for the fourth week
as shown in the accompanying table:
Finished Steel.
Pig Iron.
April 26 1927, 819.21 per Gross Ton.
April 26 1927,2.339 Cents per Pound.
2.367o. One week ago
$19.21
One week ago
2.367e. One month ago
19.13
One month ago
2 4390. One year ago
20.88
One year ago
1 689c. 10-year pre-war average
15.72
10-year pre-war average
Based on average of basic iron at ValBased on steel bars, beams, tank plates,
plain wire, open-hearth rails, black pipe ley furnace and foundry irons at Chicago,
and black sheets, constituting 87% of the Philadelphia, Buffalo, Valley and BirUnited States output of finished steel. mingham.
Low.
High.
High.
Law.
1927__2.453c., Jan. 4 2.339c., Arr. 26 1927_319.71, Jan. 4 818.96, Feb. 15
1926-2.453c., Jan. 5 2.403c., May 18 1926._ 21.54, Jan. 5 19.46, July 13
1925-2.5600., Jas. 6 2.3960., Aug. 18 1925_ 22.50. Jan. 13 18.96, July 7
1924-2.7890., Jan. 15 2.460c., Oct. 14 1924_ 22.88, Feb. 26 19.21, Nov. 3
1923__2.824C., Apr. 24 2.446c., Jan. 2 1923.- 30.86, Mar. 20 20.77, Nov.20
[VoL. 124
slight margin of increase in new business and production
over last April, observes the April 28 summary of conditions
in the market issued by the "Iron Trade Review." Steel
prices have been subjected to pressure, but in the main have
held firmly. Pig iron remains quiescent in the absence or
spot purchases to round out second quarter commitments
and.quotations largely are untested. The present sensitive
market reflects recent tendencies in buying, consumers buyng so decidedly for current requirements only that the
slightest deviation in general business is registered immediately at the mills. An effort to keep the capacity engaged
is mirrored in the intensified selling effort. In the aggregate
the demand for steel is rolling up sufficient tonnage to keep
the industry engaged at a comfortable average of 86%, and
the outlook for a good second quarter continues bright, adds
ihe "Review," from which we quote further as follow:
Flood conditions in the Mississippi basin are having a mixed effect. The
recent heavy rains were welcomed in the upper reaches of the river and seem
a forerunner of better crops and enlarged purchasing power. In the lower
portion of the valley floods have restricted normal spring buying, but are
necessitating the purchase of considerable track material for reconstruction
of railroad lines.
Recent curtailment,in beehive coke production has not remedied the
glutted condition and this week 313 more ovens are going out. In many
districts consumers of coke are using stocks which they accumulated as a
bituminous coal strike defense measure. Pig iron, like coke. still displays
no effects of the strike. Markets all over the country are dull, with the
possible exception of eastern Pennsylvania. Little progress has been made
In the past week toward a more stable sheet market. Consumers still drive
for low prices and some makers go $2 to $3 below the quoted market for
tonnage. The Chicago sheet market is relatively stronger than Pittsburgh
and Mahoning Valley. Full finished sheets hold firmly despite the failure
of expected automotive industry demands to materialize fully. It is now
believed that May schedules of automotive makers will show considerable
improvement. Independent sheet steel executives will hold a meeting in
Pittsburgh this week to canvass the situation. Structural shapes dominate
the finished steel markets in all districts except Chicago, where bars lead.
Activity in plates is less marked in all districts, although pending tonnages
at Chicago are close to 20,000 tons, largely due to over production in oil.
Production of Buttweld pipe is tapering off and mill stocks are the heaviest
in months. Full schedules of lapwelded mills are based upon backlogs
rather than new business.
The "Iron Trade Review's" composite price on 14 leading iron and steel
products this week is $36.64. This compares with 836.64 last week and
$36.81 the previous week.
An advance in the price of sheet steel of $4 to $6 per ton
is indicated in press dispatches of April 29. These report that
the United States Steel Corp. and other producers will
follow this advance in price which is the first announced by
the Youngstown Sheet & Tube Co. Respecting the matter,
the New York "Times" on April 29, stated:
United States Steel Corp. and other producers in the Pittsburgh district
will meet the advance of $4 to $6 a ton on sheet put into effect by the
Youngstown Sheet and Tube Co., according to an announcement from
Pittsburgh yesterday. Several independents have said they would follow
the advance. The American Sheet and Tin Plate Co.,a subsidiary of United
States Steel, Is expected to put the new scale into effect immediately.
Several sheet mills had been reported planning to close down rather than
continue to operate at a loss.
Bituminous Coal Prices Barely Steady—Anthracite
Market Continues to Improve.
While the statement between operators and miners in
the Central Competitive Field and the Southwest holds up
production in those areas, the industrial consumers still
rely upon accumulated stockpiles for the bulk of their current
requirements observes the weekly summary issued by the
"Coal Age" on April 27. The undertone of the market for
bituminous coal is barely steady. Bituminous production
is still considerably under presuspension estimates. The
labor controversy seems little nearer solution, declares the
"Age" adding:
Atlantic seaboard markets are marking time. The only substantial
movement is on contracts. In the Southeast, operators are in keen competition for business, with interest centered upon the lake trade. To date
there has been no movement of eastern Kentucky or West Virginia highvolatile coals to take the place of Illinois and Indiana fuel. Mine stocks of
the latter coals are substantial, although much of the unbilled steam tonnage
on wheels in the mining fields of those states actually has been sold. The
"Coal Age" index of spot bituminous prices on April 25 was 174 and the
corresponding weighted average price was $2.11, both figures showing no
change compared with the week previous.
Production of anthracite continues to rise and a better tone prevails
throughout the market. Much of the tonnage mined is moving out on orders placed earlier in the month.
Weakness was the outstanding feature of the Connellsville beehive
coke market. Prices on furnace coke sagged 10 cents. There was no
quotable change in the range on spot foundry grades, but the undercurrent
was weaker.
East is East and West is West no longer in so far as coal
production is concerned. It is all East with a few exceptions
declares the' Coal and Coal'Pia& Journal" this week. The
production of bituminous coal for the week ending April 16
is a little less than that of the previous week but still around
eight million tons and really a gain, when you allow for Good
Friday and the Saturday following, continues the "Journal's"
Restrained contraction continues to mark the demand review of
conditions, issued April 28.
finished steel lines, but this is in conformity to the
for most
A check up of idle and part idle (because of slack demand) open-shop
experience of recent years and not sufficient to wipe out the mines by railroad sources estimates the potential supply that can be shipped
THE CHRONICLE
APR. 30 19271
2519
BEEHIVE COKE.
by open-shop mines at eleven million tons, or more than enough to suppl
the present weekly consumption of our country. So. Mr. Open-sho p
Production of beehive coke during the week ended April 16 is estimated
that you will be satisfied with your
at 176,000 net tons, a decrease of 17,000 tons, or 8.8%, when compared
Operator, may the hope be repeated
splendid demonstration of ability to more than supply the demand without
with the preceding week. Cumulative production since Jan. 1 is approxispoiling a good prospective market with overproduction.
mately 2,866,000 tons, about 86% less than in the corresponding period in
In the western part of the eastern territory one large company has ceased 1926.
giving out the number of men working and the tonnage produced, but
Estimated Production of Beehive Coke (Net Tons).
underground and grapevine information convinces that they have lost in
Week Ended1927
1926
neither except due to slack demand. A near and powerful neighbor is still
Apr, 16 Apr.9 Apr. 17
to
to
1927.13 1927.c 1926.
strengthening its preparations for a formal bow as open-shop producer in a
Date.
Date.a
139.000 159.000 188,000 2,292.000 3,632,000
manner that bodies success for the effort; for while apparently firm in the Pennsylvania & Ohio
necessity of its intention to be able to meet open-shop competition, it has West Virginia
16.000 17,000 13,000 253,000 248,000
Ala., Ky.. Tenn.& Ga
made a fair and conciliatory preposition to its employees.
5,000 3,000 16,000
88,000 298,000
Virginia
In the meantime the closed-shop miners' officials are reported busy com8,000 8,000 6.000 109,000 147.000
bating the legal status that has been raised through the arrest of pickets. Colorado & New Mexico
4,000 3,000 6,000
61,000
88,000
It is hoped that a reasonable settlement can be reached rather than another Washington & Utah
4.000 3,000 4.000
63,000
57,000
Homestead riot precipitated, and the operators seem to be working to that
United States total
176,000 193.000 233.000 2,866,000 4.470.000
end; however, with no fear of a real fight, if a fight has to be, in order to
Daily average
29.000 32.000 39.000
31,000
49.000
preserve a fair share of business for that section. In northwestern West
a Minus one day's production first week in January to equalize number of day
Virginia some operators are reported to have reduced wages further in order
In the two years. b Subject to revision. c Revised since last report.
to keep running, but the slack demand prevents a fair estimate of the wisdom
of such action at this time where there are many former closed-shop miners
working in such mines. In Ohio the operators are standing at "attention,"
with "eyes right" toward western Pennsylvania, with marching equipment Analysis of Imports and Exports 0! the United States
ready to start for the front in an effort to open their mines on a competitive
for March.
basis just as soon as any increase in demand warrants it. We step over
The Department of Commerce at Washington, April 27,
Indiana, where the operators are at "parade rest," with the Iception of the
strippers, who signed a new old agreement, with one eye on eastern Ken- issued its analysis of the foreign trade of the United States
tucky and the other on Ohio, While both ears are open to any movements for the
month of March and the three months ending with
over in Illinois.
In Illinois, the third state in production of coal, the operators are "mark- March. This statement indicates how much of the merchaning time." Some with a vision see "the mighty eastern hordes advancing," dise imports and exports for the two years consisted
of crude
open-shop competition drawing closer to their border and even invading
materials, and how much of manufactures, and in what
their home market. They are sort of "between the old fellow and the deep
blue sea," handicapped by their miners'license law on the one side and open- State, and how much of foodstuffs and whether crude or
shop competition already in their largest markets. They are fortified to partly or wholly manufactured. The following is
the report
some extent by a certain amount of freight protection; but this by some is
in full:
not considered ample, and they feel like fighting it out one time as well as
another. Ample stocks of bituminous are reported, and importation of ANALYSIS OF
EXPORTS FROM AND IMPORTS INTO THE UNITED
Welsh anthracite are resumed with dealers also buying U. S. anthracite
STATES FOR THE MONTH OF MARCH 1927.
are resumed with dealers also buying U. S. anthracite, but trade generally
(Value in 1,000 Dollars.)
is quiet. By some it is believed that if the strike is not settled by May 15
or soon thereafter it will become a strike more than in name only and of
Month of March.
Three Months Ended March.
long duration with entanglements that may make it a matter of real conseGroup.
quence.
1926.
1927.
1928.
1927.
Domestic Exports- I Value.
Bituminous Coal Output Holds Up Well-Anthracite
Production Increases.
Notwithstanding the observance of certain religious holidays and the suspension of operations in the union controlled
fields, there was a decrease from the previous week of only
238,000 tons in the production of bituminous coal during the
week ended April 16, according to the report of the United
States Bureau of Mines. The output fell from 8,255,000 to
8,017,000 net tons. On the other hand, the output of anthracite rose to the highest level reached in any week since the
middle of January, declares the Bureau, from whose report
we quote additional details as follows:
Crude materials
Crude foodstuffs and
food animals
Mid. foodstuffs
Semi-manufactures
Finished nitre
Value,
Value.
82,959 22.7 107,412 27.0
286,200 26.0
332,732 28.3
15,596 4.3 19,978 5.0
40.516 11.1 37.187 9.3
53,527 14.7 57.972 14.6
172,324 47.2 175.492 44.1
43,613 4.0
130.145 11.8
153.293 14.0
485.225 44.2
63,144 5.4
116,726 9.9
172,560 14.7
489,148 41.7
Value.
Total domestic exports 364.922 100.0 398,041 100.0 1,098,476 100.0 1,174,310 100.0
9,484
Foreign exports
10,803
25,672
26.606
Total
Imports
Crude materials
Crude foodstuffs and
food animals
Mid. foodstuffs
Semi-manufactures
Finished mfrs
Total
374.406
408,844
1,124.148
1,200,916
197,775 44.7 151,255 39.9
571,675 45.8
419,410 40.1
51.103 11.5 43,061 11.4
40.152 9.1 46,989 12.4
75,202 17.0 64.597 17.0
78,667 17.7 73,396 19.3
141,846 11.4
105,004 8.4
219,162 17.6
209.270 16.8
129,868
113,746
182.628
201.410
12.4
10.9
17.4
19.2
2,899 100.0 379.298 100.0 1.246.957 100.0 1,047,062 100.0
BITUMINOUS COAL.
Production of bituminous coal in the week ended April 16, the second
week of the suspension of mining that began in many of the organized
districts on April 1 is estimated at 8,017,000 net tons. In comparison with
the first week of the suspension this is a decrease of 238,000 tons. Factors
in the decrease are the state of consumer demand and the observance of the
Easter holy days by many of the mine workers.
Estimated United States Production of Bituminous Coal (Net Tons),
Including Coal Coked.
1927
1926
Cal. Year
Cal. Year
to Date.
Week.
Week.
to Date.a
April 2
11,054,000 172,008.000
9.040,000 148.499,000
Daily average
1,842,000
2,209.000
1,586,000
1,907,000
April 9.1)
8,255,000 180,263.000
9,420.000 157,919.000
Daily average
1,376,000
2,149,000
1,570,000
1.883.000
April 16_c
8,017,000 188,280,000
9,306,000 167.225.000
Daily average
1,336,000
2,094,000
1,551,000
1,861.000
iMinus one day's production first week in January to equalize number of days
In the two years. b Revised since last report. c Subject to revision.
The total amount of soft coal produced during the calendar year 1927 to
April 16 (approximately 90 working days) amounts to 188,280,000 net tons.
Figures for corresponding periods in other recent years are given below:
1922
1923
1924
137.832,000 net tons 1925
164,727.000 net tons 1926
153,388,000 net tons
143,655,000 net tons
187,225,000 net tons
Domestic Exports of Grain and Grain Products.
The Department of Commerce at Washington gave out on
April 25 its monthly report on the exports of principal grain
and grain products for March and the nine months ending
with March, as compared with the corresponding periods a
year ago. Total values show a very substantial increase
over the same month of 1926, being $20,549,000 in March
1927, against $15,617,000 in March 1926. Wheat exports in
March this year were 5,084,000 bushels, as against 3,770,000
bushels a year ago; exports of wheat flour amounted to
867,000 barrels, against 695,000 barrels; barley exports were
no less than 2,121,000 bushels, against but 436,000 bushels;
rice exports 36,657,000 pounds, against only 2,318,000 pounds,
and rye exports 783,000 bushels, against 365,000 bushels.
Corn, oats and malt, however, went out in smaller quantities
in March 1927 than in March 1926. The details are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS AND GRANI PRODUCTS,
ANTHRACITE.
The total production of anthracite during the week ended April 16 is
estimated at 1,762,000 net tons. This is the highest weekly output on
record since Jan. 15, and exceeds the production in the preceding week of
April 9 by 111,000 tons, or 6.7%. It is, however, 324,000 tons, or 16%
lower than the output in the corresponding week of 1926.
Barley
Value
Malt
Corn
Value
Cornmeal
Estimated United States Production of Anthracite (Net Tons).
Hominy and grin;
1927
1926
--- Oats
Value '
Cal. Year
Cal. Year
Oatmeal
Week.
to Date.
to Date.a
Week.
Week EndedRice
18.642,000
1,549.000
11,503,000
April 2
1,127.000
Value
1,793.000
13,296.000 Rice, broken
1,851.000 20.293.000
April 9
22,055.000
2.086.000
15,382,000 Rye
1,762.000
April 16
Value
a Minus one day's production first week In January to equalize number of days Wheat
Value
two years.
n the
Flour
Value
Cumulative production from Jan. 1 to April 16 amounts to 22,055,000
tons, an increase of 43% when compared with the output in the corre- Biscuits, unsweetened
Biscuits, sweetened
years are as follows:
sponding period in 1926. Figures for earlier
Macaroni
26,725.000 net tons
15,382,000 net tons 1924
1926
116
"Total value
28.755.000 net tons
24,975,000 net tons 1923
1925
March,
1926.
bush.
bush.
bush.
bbls.
lbs.
bush.
lbs.
lbs.
lbs.
bush.
bush.
bbls.
lbs.
lbs.
lbs.
436,000
$361,000
261,000
2,128.000
$1,784,000
35.000
1,657,000
305,000
$143,000
9.686.000
2,318,000
$126,000
4,231,000
365,000
8385,000
3,770,000
$6,038,000
695.000
$5,192.000
1,038,000
521,000
852.000
1927.
9 Months Ending March,
1926.
1927.
2,121.000 24.099.000 13,338.000
81,718,000 .$21.488.000 $10,334,000
2,054,000
2,554,000
193,000
2.036,000 17.632,000 13,646.000
$1,616.000 $16,682,000 810,983,000
311,000
468,000
36,000
3.065,000 19.078,000 26,154,000
3.552,000
222.000 23,727,000
$126.000 812.523.000 $1,745,000
3,328,000 128.442,000 89,306,000
36.657,000 21.444,000 163.535.000
$1,537.000 $1,273,000 $6,699.000
7,595.000 15,562,000 48,957,000
6.824,000
783,000
7,688.000
$890,000 $29,622.000 $8,154,000
5,084.000 43,213.000 128,468,000
$7,417.000 $ 67.924.000 $185,149,000
7.362.000 10,493,000
867,000
85.696.000 853.820.000 170.822,000
1,017.090 11.596,000 f 6,293,000
1 4,667.000
415.000
6.152,000
746.000
6.597,000
$15.617.000 520.840.non *m8.332.000 S308.406.000
2520
THi CHRONICLE
[VOL. 124.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The consolidated statement of condition of the Federal
Reserve banks on April 27, made public by the Federal
Reserve Board, and which deals with the results for the
twelve Reserve banks combin 'd, shows increases for the
week of $9,400,000 in bill and ,( curity holdings of $19,800,000 in member bank reserve depos ts and of $4,200,000 in
cash reserves, and a declin- of $11,500,000 in F deral Res rye
note circulation. Holdings of discounted bills were $29,100,000 above the preceding week's total, while-I,oldings of
Government securities declined $14,500,000 and of acceptances purchased in open market $5,500,000. After noting
these facts, the Federal Reserve Board proceeds as follows:
The Federal Reserve Bank of New York reports an in reuse oi 829 OCO ,(60
In discount holdings. Philadelphia an increase of $7 500.000. St. Louis
$4.400,000. Chicago 84.000,000, and Kansas City $3.400.000. while the
Boston bank reports a decline of $7.900.000 in discounts, Zkhr ond $4.100.000. San Francisco $3,100,000, and Cleveland and Atlanta 82.400000
each. Open market acceptance holdings of the St. Louis Rest Inv Bank
declined $3,300,000. Holdings of all classes of Government secnritics declined during the week. Treasury certificates by 37,000,000. Treasury notes
by $4.300.000, and United States bonds by 33,200,000.
The principal changes in Federal Reserve note circulation during the
week comprise an increase of $4,800,000 reported by the Federal Reserve
Bank of Cleveland, and declines of $5,600,000 and $3,500,000, respectively,
by New York and Chicago.
Net demand deposits were $29.000,000 below last week's total, the inYork district being more than offset by
declines of $20,000.000 in the Chicago district, $15,000,000 in the Boston
district and smaller amounts in all other districts except San Francisco,
where a small increase was reported. Government deposits declined $84.000,000. reductions being reported by banks in all Reserve districts.
Borrowings from the Federal Reserve banks were $17,000,000 less than
on April 13, the principal changes being a reduction of $56.000,000 in the
New York district and an increase of $21,000,000 in the Chicago district.
crease of $37,000,000 in the New
On a subsequent page—that is, on page 2554—we give the
figures in full contained in this latest weekly return of the
member banks of the Reserve System. In the following is
furnished a summary of the changes in the principal items as
compared with a week ago and with last year:
Loans and discounts. total
Secured by U. S. Govt. obligations__
Secured by stocks and bonds
All other
Investments,total
U.S.securities
Other bonds, stocks and securities___
Reserve balances with F.R.banks
Cash in vault
Net demand deposits
Time deposits
Government deposits
Total borrowings from F. R. banks
Increase (+) or Decrease (—)
During
Week.
Year.
—829,000,000 +8445.000.000
+3,000.000
—3,000.000
+22.000,000
+262.000,000
—54,000.000
+186.000,000
+288,000,000
+12,000.000
+9.000.000
+3.000.000
+288.000.000
+54,000.000
—23,000.000
—15,000.000
—10,000.000
+217,000.000
—29.000.000
+485.000,000
—65,000.000
—84,000,000
+15.000.000
—17,000,000
The statement in full, in comparison with the preceding Summary of Conditions in World's Market According
to Cablegrams and Other Reports of the
week and with the corresponding date last year, will be found
Department of Commerce.
on subsequent pages—namely, pages 2553 and 2554"A
summary of changes in the principal assets and liabilities
The Department of Commerce at Washington releases for
of the
banks during the week and the year ending publication to-day (April 30) the following summary of
April 27 1927 is as follows:
conditions abroad, based on advices by cable and other
Increases(+)or Decreases(—) means of communication:
During
Week.
Year.
Total reserves
+$4.200.000 +8253,300,000
Gold reserves
+5.500,000 +243,800,000
Total bills and securities
+9.400,000 —108.700,000
Bills discounted, total
—70.100.000
+29,100,000
Secured by U.S.Government obligations +9.800,000
—18,600,000
Other bills discounted
+19.300.000
—51,500.000
Bills bought in open market
—5,500,000
+42.900.000
U. S. Government securities, total
—14,500.000
—70,500,000
Bonds
—3,200,000 —27.300,000
Treasury notes
—4,300,000 —61.400.000
Certificates of indebtedness
—7,000,000
+18.200,000
Federal Reserve notes in circulation
—11.500,000
+56.300,000
Total deposits
+14.300,000
+71.700.000
Members' reserve deposits
+19,800.000
+66,700.000
Government deposits
—5.200,000
+7,700,00
The Member Banks of the Federal Reserve System
Reports for Preceding Week—Brokers' Loans
in New York City.
The Federal Reserve Board's condition statement of 671
reporting member banks in leading cities as of April 20 shows
an increase for the week of $12,000,000 in investments and
reductions of $29,000,000 in loans and discounts,$29,000,000
in net demand deposits,$84,000,000 in Government deposits,
and $17,000,000 in borrowings from the Federal Reserve
banks. Member banks in New York City reported increases
of $17,000,000 in loans and discounts, $13,000,000 in investments and $27,000,000 in net demand deposits, together with
reductions of $24,000,000 in Government deposits and $49,000,000 in borrowings from the Federal Reserve bank.
Loans on stocks and bonds, including United States Government obligations, were $25,000,000 above the previous
week's total, the principal changes including increases of
$28,000,000 in the New York district and $13,000,000 in
the Chicago district and declines of $17,000,000 and $7,000,000 in the Boston ,and Philadelphia districts, respectively.
"All other" loans and discounts declined $54,000,000 during
the week, all districts except St. Louis and Kansas City reporting smaller figures than a week ago. Loans to brokers
and dealers, secured by stocks and bonds, made by reporting
member banks in New York City, were $16,000,000 above the
April 13 total, loans for their own account and for account of
others increased $13,000,000 and $9,000,000, respoctively,
while loans for account of out-of-town banks declined $6,000,000. As previously explained, the figures for these
member banks are always a week behind those for the
Reserve banks themselves. The statement goes on to say:
Holdings of United States securities were $9,000,000 above the previous
week's total. Holdings of other bonds, stocks and securities increased
83.000,000 during the week, an increase of $12.000,000 in the New York
district being partly offset by a reduction of $8,000.000 in the Chicago district.
CANADA.
General trade is reported to be brisk in Montreal, steadily improving in
Toronto and active in Winnipeg. Other large centres report a fair volume
of business. Easter trade was above the average. Agricultural conditions
are reported as generally satisfactory. Domestic butter production is abnormally low and Western Canada is not expected, it is said, to have an
exportable surplus of creamery butter until June. A shipment of 20,000
pounds of new Zealand butter was distributed at Regina on April 20.
Wheat prices at Winnipeg were strengthened recently by a good export
demand and the departure of more than forty vessels carrying the season's
initial grain cargoes from the head of the Lakes. The St. Lawrence canals
opened on April 25.
The pulp and paper industry is buying much new equipment and mines are
placing good-sized orders for machine tools. Automobile sales are increasing rapidly. Coke prices are from 10 to 25 cents lower per ton on account
of the slow demand. March production of pig iron amounted to 75,367 long
tons, an increase of 49% over the February figure; steel ingots and castings produced totaled 107,381 long tons, an increase of 93% over February. The demand for raw hides is improving; leather prices are firm.
Canadian sugar refiners have increased sugar prices 10 cents per hundredweight.
IRISH FREE STATE.
The budget for the current fiscal year, ending March 31 1928, has been
presented to the Irish Free State Parliament. Revenues of £23,800,000
and expenditures of £27,000,000 are provided for, but of the latter item
£3,400,000 is for non-recurrent items which will be covered by borrowing.
The income tax would be reduced from 4s. to 3s. in the pound, a total tax
reduction of £500,000. No new duties are proposed, but a drawback
would be established on important parts of shoes manufactured for export
and on oatmeal manufactured into oat cakes for export. Exchequer returns
for the fiscal year just closed place revenues at £25,060,378 and expenditures at £27,075,137. £2,500,000 has been raised during the past six
months by the issue of short-dated bills.
GREAT BRITAIN.
A general decline in the open market money rates followed the reduction on April 21 of the Bank of England discount rate from 5% to 41%.
/
2
According to the Ministry of Labor statistics, the average increase in the
cost of living over July 1924 was 65% on April 1, as compared with 71%
on March 1. Official figures for 1926 show a further reduction in farm
acreage. Wheat acreage was greater than during the previous year; and,
under the stimulus of the Government subsidy to sugar beet production,
the area planted to that product was more than double that of 1925. A
new record was shown in the number of cattle, but there was a decrease in
the number of horses maintained on the farms. The number of unemployed
on April 11, according to the unemployment registers, was 1,078,300, which
is 4,500 more than was reported for the previous week and 44,000 more
than was shown for the end of last April. Coal production is generally in
excess of demand.
THE NETHERLANDS.
The Easter retail trade in The Netherlands was highly satisfactory, but
wholesale trade was quiet. Automotive sales continue to improve. Values
of merchandise imports from the five principal sources of supply during the
first quarter of 1927 were as follows: Germany, 160,000,000 florins; Bel
62,000,000 florins; Great Britain, 61,000,000 florins; France, 30,000,000 florin,; United States, 72,000,000 florins, and Dutch East Indies,
29,000,000 florins. Exports to those countries were valued at 105,000,000
florins, 41,000,000 florins, 104,000,000 florins, 31,000,000 florins, 13,000,000 florins and 31,000,000 florins, respectively. With the exception
of important increases in imports from Great Britain, the import values
show little change as compared with the first quarter of 1926. Values
of exports to Germany declined very sharply as against the corresponding
period of last year, while the values for the other countries rose slightly.
Imports from the United States are exclusive of American automobiles
assembled at Antwerp and also of merchacndise shipped via the Lloyd Royal
APR. 301927.]
THE CHRONICLE
Beige line, which are credited be Belgium. Exports to the United States
do not include diamonds and colonial products, which are classed as transit
merchandise.
FRANCE.
Imports into Prance during the first three months of this year were
valued at 13,273,000,000 (canes and exports at 13,999,000,000 francs. The
export balance was accordingly 726,000,000 francs, as compared with an import balance of 1,585,000,000 francs for the first quarter of 1926. The
excess of exports over ito,ports during March of this year was 280,000,000
francs. Total tax returns under the general budget during the first three
months of this year were 8,465,000,000 francs, of which 8,251,000,000
francs were from normal and permanent sources. In addition, the receipts
a the Autonomous Office, which was established to handle National Defense
Bonds, amounted to 1,363,000,000 francs during the same period. As compared with the first quarter of 1926, the tax receipts show a very marked
gain. Unemployment continues to fall. During the week ended April 16
there were 73,000 persons out of work, of whom 64,000 were receiving
doles.
3ERMANY.
Wholesale prices are remaining firm, with the Government index at
135. Interest rates are remaining at the same level, with monthly money
still a little over 7% and call money fluctuating between 5 and 6%. The
number of protested drafts is being somewhat reduced, the daily average
being 150 at the end of March. On the other hand, there was a tendency
for an increased number of bankruptcies in March; these amounted to 577,
an increase over 473 in February. Receiverships remained the same figure
as in the previous month, amounting to 132. Unemployment is continually
decreasing, and the number of unemployed receiving assistance is certainly
below 1,400,000, although figures for the beginning of April have not yet
been made public. It is reported that a large number of unemployed have
been absorbed in the industries of the Rhineland and Westphalia in the last
few weeks.
ITALY.
The sharp rise in the quotation of the Italian lira on the New York
exchange on April 21, when it reached $0.0517, reflects Italy's present
trading position as well as the influence which the present influx of American loan is exercising over the Italian currency problem. With a steadily
Increasing fund of dollars, and the relatively small demand for foreign
exchange in connection with payments due for purchases abroad, Italian
currency has been placed in an especially favorable position. March imports stood at 2,073,000,000 lire, which is a decrease of 344,000,000 lire
as compared with last year, and exports of 1,408,000,000 lire, which represents a decrease of 87,000,000 lire from the exports for March 1926. These
figures indicate that exports are still well maintained, while the reduction in
Imports have decreased the Italian adverse trade balance.
CZECHOSLOVAKIA.
The Czechoslovak Government is taking steps to develop the inland
market for future issues of Government bonds. The prevailing surplus of
short-term funds led to the successive reduction of the National Bank's
rediscount rate from 6% to 51
/ in October 1926 and from 51 to 5%
2
%
/
2
in March 1927; the last reduction was followed by the private banks and
savings rates are now standard at 4%. These shifts in money values were
followed by rapid advances of Government bonds on the market, several
issues exceeding a 6% parity. The Minister of Finance announced early in
April that steps would be taken to discourage any excess over a 6% parity
and that no further reductions of the 4% saving rate was to be expected.
This, it is believed in Italy, presages the issue of Government long-term
5% and 51
/ obligations and is introduced to encourage the domestic ab2
%
sorption of such new issues.
RUMANIA.
'
Rumanian customs revenues for the first two months of 1927, according
to data published by the Ministry of Finance, totaled 1,313,341,000 lei
(present rate of exchange $0.0061), against 1,136,455,000 lei collected for
the same period in 1925, thus showing an increase of 176,886,000 lei, or
about 15% in 1927. The entire increase accrued to import duties, which
yielded 818,683,000 lei, against 523,777,000 lel in 1925, while export duties
decreased from 505,766,000 lei in 1926 to 396,342,000 lei in 1927, and other
charges from 107,000,000 lei in 1926 to 98,000,000 lei in 1927. The above
total of customs revenues of 1,313,341,000 lei also indicates a relative
excess of 122,000,000 lei, or about 10%, for the two months over the
budgetary estimates for the period. The differences in collections of customs revenues between the two periods resulted from the reductions in the
schedules of export duties on grain, livestock and other products, and the
Increase in import duties on a number of manufactured and semi-manufactured products.
AUSTRIA.
Developments during April brought further moderate improvements in
practically all industrial lines, notably textiles, iron and steel, electrotechnical products and ready-made clothing. The position of the
National
Bank remains satisfactory, and the money market is easy. Crop
prospects
are excellent, unemployment is on the decline, with no labor
difficulties
reported, and savings deposits are growing steadily. The general
business
tone is decidedly optimistic. In particular, business circles are hopeful
of
beneficial results from the economic conference in Geneva.
2521
LITHUANIA.
Preliminary estimates of the budget receipts and expenditures for 1926
budget year show that by the enforcement of strict measures of economy
the Government waS able to realize the budget with a surplus of 1,040,000
lits ($104,000). The new budget for 1926, which is balanced at 229,535,630 lits ($22,953,563) is about 50,000,000 lits ($5,000,000) less than the
1926 budget. Operations of the State Bank during 1926 returned a net
profit of 1,102,500 lits ($110,250). A dividend of 8% was declared and
140,000 lits was added to the reserve capital.
TURKEY.
A slight revival of commercial activity is reverted, but the volume of
sufficient to indicate any change in the general economic
trade has not been
situation. Exchange has remained firm, with only minor fluctuations. The
character of legislation recently proposed shows a tendency toward closer
co-operation between the Government and private enterprise for the solution
of the country's economic problems. Among the more important measures
under consideration are the establishment of a State bank, the consolidation
of the various State railway administrations under one head, and the encouragement of domestic industry by various means. Trade figures for 1926
show an excess of imports over exports of £,T49,169,700 (average for
1925, 1 £.T equals $0.542), or 25%, as compared 'with 22% in 1924 and
71% in 1923. As a source of imports, the United States retained fifth
place among the countries of origin, after Italy, England, Germany and
France, in the order named. Turkish purchases from the United States,
however, showed greater expansion than from any of the other leading countries mentioned
JAPAN.
Owing to the failure of Suzuki & Co. and the ensuing depression in financial circles, the Japanese Government officially announced a moratorium
of 21 days, effective on April 22. Salary payments of national, prefecture
and municipal Governments are exempted under the moratorium order, as
also are bank deposits of less than 500 yen. An extra session of the Diet
was announced on April 22 to convene for one week beginning May 3, for
consideration of measures to relieve the financial situation.
CHINA.
Extreme caution marked import trade throughout China during March,
reported at almost all points. Conditions at Shanghai
and decreases were
have become quieter and better prospects are reported for the new season
silk business. The port of Tientsin reported a large increase in exports to the
United States, which totaled $4,887,000 in March. Brisk demands were
reported for kid and lamb fur skins, bristles and walnuts, and shipment of
raw cotton to the United States increased. Automobile Bales at Tientsin
during March were the lowest ever reported for that month, which ordinarily registers the highest sales for the year. Several bus lines, which
had been projected from Tientsin during this summer, were postponed to a
more propitious occasion.
HAWAII.
Hawaiian business was more active during April, with collections better.
Merchandise imports from continental United States continue strong, and
inter-island traffic for April, both freight and passengers, was heavy.
Real estate, except with beach and business property, was dull. The
situation in the island is enlivened by the present price of sugar, which is
about $11 per ton above prices at this time last year. Heavy rains during
the month made ideal crop and harvest conditions, particularly for pineapples. Reservoirs and artesian basins are reported to be filling rapidly,
insuring ample water supply for irrigation purposes during the coming
summer months.
PHILIPPINE ISLANDS.
Philippine business in general is seasonally quiet. Machinery import lines,
however, are more active, as sugar mills are ordering replacement equipment. The current grinding season closes with the first of May, when
preparations begin for the next season. The copra market is firm, although
arrivals continue to decline. Three oil mills are not operating and one is
operating only spasmodically. The provincial equivalent of resecado (dried
copra) is now 12.75 pesos per picul of 139 pounds. One peso equals $0.50.)
United States grades at abaca are slightly easier and United Kingdom
grades continue quiet. Grade F is now quoted at 38 pesos per picul; 1, 33;
JUS, 24; JUK, 21.50, and L, 19.50. The last two prices are only nominal.
Abaca production is about normal.
NETHERLANDS EAST INDIES.
Netherlands Indian crop forecasts are good, especially rice, and present
price levels for agricultural produce assure good profits. Trading circles
in general report good normal business. Some reaction is felt from the
situation in China and Japan, but no serious trade difficulties have developed. Sugar trade, which slumped with the announcement of the Suzuki
difficulties, quickly recovered. The islands' rubber market Is steady, witb
more stable prices. Textile prices remain firm, although demand has somewhat slackened. Imports of automotive products in 1926 included 10,282
passenger cars and 2,188 trucks.
BRITISH MALAYA.
British Malayan trade values for March were 20% over February, dos
mainly to increased rubber exports. Trade conditions in February, however,
were under normal, as a result of low rubber prices and generally disturbing effects of floods. Exports for March totaled 116,078,000 Straits dolFINLAND.
lars ($64,954,000), compared with 78,213,000 dollars ($43,788,000) in FebAt the end of February, Finland's national debt had been
reduced by ruary, and imports were valued at 88,918,000 dollars ($49,758,000), against
91,400,000 marks to 2,754,600 marks (1 mark equals $0.025).
The re- 73,485,000 dollars ($41,122,000) the previous month. Bath import and
duction took place in the foreign indebtedness and was
accomplished export values of March were somewhat less than in the corresponding month
through the final payment of the so-called Gutzeit loan. According
to last year.
agreement, the redemption of the 1921 Scandinavian loan was begun
Speculative buying of rubber decreased and spot sales increased in
by
the payment of the first installment of one-fifth, nominally 50,000,000 March, creating greater optimism in the
local market. The average price
marks. Calculated in dollars, the national debt on the last day of
for the month was 70 Straits cents (about $0.39) a pound. Total Malayan
February amounted to $94,600,000, as compared with $102,500,000 at the
end exports of rubber amounted to 41,346 long tons, compared with 27,528 tons
of the previous month. The funds for the redemption of various loans Jo February. Tin prices increased slightly to 154.45 ($86.40) per picul
falling due during the early months of 1927 were secured through the
$15,- of 133 1-3 pounds. Exports of tin for the month also advanced, amount000,000 loan contracted in New York at the first of October.
ing to 7,258 long tons, of which 63% went to the United States, 26 to
Great Britain, and 8 to Europe. Exchange rates on New York and London
LATVIA.
continue steady. The average value of the Straits dollar in March reDuring 1926 the Latvian railroads figured very prominently in the
Soviet mained at 60.5598.
Russian transit traffic. A total of 121,000 metric tons of Russia's
imports
BRITISH INDIA.
were conveyed by Latvian railroads, the bulk of which came from Germany
Numerous holidays in April tended to limit Indian business, particularly
via Eydkuhnen and Griva, and the remainder was transported from Riga,
Libau and Windau. These goods were mainly machines, apparatus and export lines, but the general business situation remains healthy, with a satisfactory outlook. Trade demands in April were easier, with little demand
metal ware, drugs, chemicals and dyes, wool and cotton, textiles, colonial
of heavy deflation by the
products and other articles. Russian. exports transported by the Latvian except for financing cotton exports. On account
scarce. Cotton prices declined
railroads during the year are reported to have totaled 202,000 metric tons, Government since April 1, funds are rather
steadily during the month. Wheat and linseed were active and the demand
the bulk of which passed via Riga and the remainder via Libau, Windau and good. The
automobile business was seasonally fair, with strong competition
Griva. The principal items comprising these exports were flax, lentils,
between American and European lines. Imports into India during March
grains, feedstuffs, lumber and wood products, petroleum products, animal were only slightly
under those for the same month in 1928, but exports
products, dairy products and other articles in smaller quantities.
declined in value about 32,870,400 rupees.
2522
[VoL. 124.
THE CHRONICLE
AUSTRALIA.
General business conditions in Australia improved noticeably during
April owing to the advance of the autumn ems= and to an increase in the
overland movement of wheat. Due to the increase of loans over deposits,
a hardening of financial conditions is anticipated. The present demand for
money is strong and many banks are adopting a policy of higher rates to
discourage the tendency. The growing adverse trade balance is said to be
responsible for the present condition of finances, and the action of bankers in restricting credit is, it is reported, for the purpose of bringing about
a greater equality between imports and exports. Bank clearances at both
Sydney and Melbourne show increases over last year, indicating active
business conditions.
ARGENTINA.
Bank balances are large and exchange is still around par. Although
stocks of goods are low, imports are light. This is due to the fact that
many importers and the retail dealers outside of Buenos Aires are buying
cautiously because they still owe large debts contracted during the past
year. Some slight improvement in imports was, however, registered during
the week ended April 21. Sales of American steel have greatly improved,
which is thought to be due to increasing activity in construction work in
Buenos Aires and other large cities. Prices of British tin have risen recently, but the prices of the American product have fallen. Sales of automobiles, which were on the increase during the hist three months, have
declined, owing to the approach of the winter season. Exports of all
Argentine products continue to be strong and particularly of cereals, which
for the week ended April 16 were 100,000 tons larger than those of the
previous week. Total exports of cereals from Jan. 1 to April 21 amounted
to almost 5,000,000 tons. The corn crop is large, but prices are very low.
The cattle market has improved slightly, March killings by all packing
plants having been heavy. The hide market is steady.
BRAZIL.
General business conditions in Brazil during April have been less favorable than in many months, due to uncertainty in business circles with
regard to exchange developments; to the slow retail demand on account
of tight money, to the comparatively large stocks resulting from heavy
buying during the early months of the year prior to the adoption of a
schedule of increased import duties for a number of lines; to the numerous
holidays, and to the disturbed conditions resulting from the discontinuance
of free entry of materials fpr the State and municipal Government, and for
certain privileged private concerns such as operators of public utilities.
Exchange has held comparatively firm at 8,470 milreis for sight dollars.
The stabilization bureau has been functioning since the 16th, but less than
$400 worth of gold has been presented for deposit. It is considered in Brazil
to be doubtful that any considerable sums of private funds will be deposited because of the intention of the Government to allow convertible notes
to circulate concurrently with the present large inconvertible circulation.
Coffee markets have been very dull, big short interests maintaining the
market at about 1 cent per pound above other comparable markets. The
price for spot fours has been 25.200 milreis per 100 kilos. Growing weather
continues excellent, with estimates for the new Sao Paulo crop at 15,000,000
bags and for the Rio crop at 5,000,000 bags. Some new crop coffees are
already entering Rio, and Sao Paulo picking is well started. Cotton prices
are also lower, but sugar prices remain unchanged.
Almost without exception import lines have been slow.
CHILE.
Although caution is still being exercised in the conduct of business in
Chile, a more hopeful spirit is manifest. The improvement noted in March
trade continued throughout April, but there appears to be little inclination to extend buying to untried lines. The announced Government policy
of favoring national industry has not appreciably increased the purchases
of domestic manufacturers, whose output, although somewhat higher than
in recent months, still remains below normal. The work of repairing recent
earthquake damage is causing an increased demand for certain classes of
construction materials. The banking situation remains unchanged. Credits
are easier and collections against notes are normal, but are more difficult
on open accounts of retailers and in agricultural sections. The volume of
transactions on the stock exchange has been considerably increased, although
still below normal. The agreement of the nitrate producers to sell unrestrictedly has Lot caused any immediate increase in sales. The Government
Is reported to have agreed to float an internal loan up to 100,000,000 pesos
to be used for making loans to Chilean nitrate companies. The Secretary
of the Treasury announces a policy of broader intervention in the iodine
Industry, and the right to take over the control of the industry at any time.
for 90 days, but the operators still consider these prices high enough to
be profitable. However, the rise in the exchange value of the boliviano
offsets these gains to some extent from the point of view of the operators.
The principal imports in April consisted of corrugated and sheet iron, coal,
piping and empty sacks from Great Britain; of kerosene, lubricating oil
and electrical apparatus from the United States; of flour from the United
States and Chile, and of rice from Italy.
COLOMBIA.
Navigation on the Magdalena River is fair. Although the water is low,
navigation can be maintained with some regularity and only in the event of
another serious dry spell, such as was experienced in 1926, would traffic
on the river again be paralyzed. In the meantime every effort is being
made to move the cargo awaiting shipment at Barranquilla to inland points.
Largely as a result of the paralyzation of river traffic in 1926, caused by
the unsual dry season of that year and the later disorganization of the
traffic due to labor strikes, the price of essential 'commodities rose to abnormally high levels. A committee has been appointed by the Government
to study the situation.
VENEZUELA.
Business conditions throughout Venezuela in April showed no improvement from the preceding month and retail trade continues dull. Bank collections are somewhat better than last month, but are still slow. Exchange
averaged $0.188 (par $0.193), which is a little lower than the prevailing
rate in March, but about the same as in February. Imports through La
Guaira during March totaled 9,630 tons, of which 33% came from the
United States. Exports through La Guaira amounted to 2,043 tons, of
which 1,135 tons consisted of coffee and 712 tons of cacao. The United
States purchased 442 tons of the cacao, but none of the coffee, the latter
being shipped mostly to Germany, winch is the largest buyer of coffee
from the La Guaira district. Petroleum development continues at a rapid
rate in the Maracaibo region, and it is estimated in Venezuela that 4,000,000 barrels will be produced during April, as compared with 2,685,000
barrels in April of 1926.
BRITISH GUIANA.
Economic conditions in British Guiana continue depressed, with retail
business poor and bank collections difficult. Prices of sugar have shown
a strengthening tendency, resulting in a slightly improved outlook for this
industry. Conditions in the balata market are discouraging and the diamond
market is depressed and uncertain. These two latter industries suffered
severely during the past year from the unusual dry spell that prevented
working of the diamond mines and gathering of the balata in the interior
forests, and from the lack of capital to carry on development.
MEXICO.
Although there was some seasonal improvement in business during the
month of April on account of the Easter holidays, the movement was less
than usual and the general situation remains unsatisfactory. The automotive trade particularly has been hard hit, and while sales of the lowest
priced passenger cars are at approximately the same level as last year, those
of medium and high priced cars are considerably below normal. Promulgation of the several new decrees increasing consular fees and surcharges
on parcel post shipments and requiring exporters to Mexico to declare the
tariffs classification that have had an adverse effect on business. Approximately 13,000 metric tons of wheat were imported free of duty under
the decree permitting such importation during the period from March 10 to
April 15 1927. About 9,000 tons were imported from. the United States
and the balance from Canada. The first train to run over the completed
Southern Pacific Railroad reached Guadalajara on April 17. Formal inauguration of this service has been set for May 8. Long distance telephone service between Mexico City and Tampico was inaugurated on April 22.
Petroleum exports during March were unofficially estimated at 4,395,000
barrels, as against the unofficial calculations of 4,500,000 for February
1927, and an actual figure of 8,345,421 barrels for the same month of 1926,
GUATEMALA.
General business conditions in Guatemala continued dull throughout April,
although there was considerable activity in building and construction,
which stimulated the demand for hardware and building materials. The
standard grades of coffee were quoted at 22 cents a pound, or 2 cents a
pound higher than the February price. The entire crop has been gathered,
80% has been sold and 15% consigned. The final estimate places the crop
at 75,000,000 pounds, of which 85% has been shipped to the foreign buyer.
Sellers are finding it necessary to fill commitments for the best grades
with lower grades, owing to the heavy demand for the best and little demand
for the inferior grades.
ECUADOR.
The general economic condition of Ecuador remains unchanged. Exchange
HONDURAS.
has been steady, at around 4.93 sucres to the dollar, bankers' selling rate
for demand drafts on New York. Progress has been made towards the estabBusiness activity continues dull throughout the republic of Honduras,
lishment of a central bank. Cacao receipts at Guayaquil from March 24 to and although imports during April were small, merchants are
reported to
April 21 amounted to 64,500 Spanish quintals (Spanish quintal=101 be overstocked. Exchange continues at the usual rate of 2 pesos 16
cenpounds) and exports to 76,000 Spanish quintals. It is stated that total tavos to the dollar. Important legislation was passed by the last
Congress,
receipts for March and April will probably amount to 136,000 Spanish which adjourned on April 10. The new budget was approved providing for
quintals, or 39,000 less than was previously estimated. There is consider- receipts and expenditures estimated at 9,192,205 pesos, which is
2,161,967
able witch broom and monilia in evidence and these diseases are reported pesos less than the 1926-1927 budget. The import and export tariff was
to have seriously affeCted cacao production. April receipts are reported revised and is to go into effect on Aug. 1 1927. A new water law and a
to have amounted to 45,000 Spanish quintals, of which about 30,000 Spanish large mahogany contract to American capital were ago approved.
325,039
quintals still remain unsold. Its price on April 21 was 87 sucres ($17.72) ounces of silver bullion, valued at $128,710, were exported during April to
per Spanish quintal, but most of this product is being shipped to Europe, as the United States. The United States absorbed 1,320,000 bunches of
that continent pays 95 shillings per Spanish quintal, including coast and bananas during March, as compared with 1,075,000 in February. England
took 293,000 bunches during March.
freight.
PERU
WESTERN NICARAGUA.
Peruvian imports and exports of general merchandise are still subBusiness conditions in Western Nicaragua improved greately during the
normal, although exports of oil and ore continue to be normal. The quantity, quality and price of the new cotton crop, the movement of which has month of April. The Eastern trade enlivened retail sales, as was evialready begun are, considered satisfactory and the outlook for trade is denced by comparatively large payments to importers during the latter part
promising. Figures show that the gold reserve of Peru on March 31 of the month. This favorable trend was, however, largely seasonal. The
amounted to £P5,123,745, as against £P5,131,206 on Feb. 28; the note Cordoba circulation is practically the same as the March circulation of
circulation to £P5,847,306, as against £P5,998,115, and the bank clear- 4,178,000. The volume of importations decreased from 2,700 metric tons
ings to £P7,088,623, as against £P4,992,459. A contract embodying cer- for the entire month J1 March to 800 for the first 21 days in April. Custain tentative agreements reached between the Peruvian Government and toms duties on imports through Corinto during April amounted to $151,000,
the Polish Colonization Mission is being drawn up providing for the immi- as compared with $167,000 in March. The coffee and sugar crop estimates
remain at 200,000 quintals each. During the month of April 2,000 short
gration of 3,000 Polish families to Peru.
tons of coffee were shipped, which brings the season's total to 6,300 tons.
BOLIVIA.
The total sugar shipped to April 27 is 3,800 tons.
Bolivian business conditions in April were satisfactory, especially with
SALVADOR.
regard to the retail trade, whose volume and prices have shown a tendency
Business activity in Salvador improved decidedlo during the month of
to increase, owing to the fact that the Government utilized part of the
,
first $1,000,000 which it received out of the recent loan of $14,000,000 to April in comparison with February and Starch. This improvement is
the month attributed largely to pre-Easter buying. Contrary to the weakness of
nay the salaries in arrears of its employees. Exchange during
waa steady, averaging 2.92 holisinnos to the dollar. The mining industry prices in world markets, Salvadorean coffee is now selling at a premium,
continues to work at fuU capacity. London tin prices have declined some- due to the small crop and the strong financial position of those holding
what to an average of £304.14.9 per ton for spot and 41297.15.10 per ton coffee.
Arm 30 1927.]
THE CHRONICLE
PORTO RICO.
The volume of business in Porto Rico during April was slightly below
the levels of the corresponding period of 1926. The improvement in business over the sluggish conditions of March was less than was expected, but
the slight gains made in sugar prices have been an encouraging factor in
the economic situation and the approaching tobacco liquidations are expected locally to stimulate business, particularly in the tobacco district.
Retail trade in San Juan was fairly brisk in most lines, but wholesalers
report that business activity in the smaller towns and rural districts was
barely fair. Collections continued fairly prompt in San Juan but slow in
the outside districts. Commercial loans were normal in volume, but the
liquidations of crop loans were slightly behind schedule. Sales of pork
products were reported to be running considerably below those of the same
period of last year. Fruit shipments are increasing, but the prices received
have been slightly weaker. The Insular Department of Agriculture revised sugar estimate places the production at 616,073 short tons, exceeding
the last estimate made in December by 3,573 short tons.
HAITI.
Little activity in business was shown during April, but the credit situation continues easy, with collections fair. Foreign trade remained inactive in both exports and imports, but purchases of cotton goods showed
a alight recovery from the slack conditions prevailing in the preceding
months. Imports of foodstuffs continue to be depressed, while gasoline,
paint and machinery showed an increase in values. Conditions appear to
be favorable for a good coffee crop in the 1927-28 season, and the interest
In tobacco production continues. The reorganization of the judicial system
of Haiti and plans to insure security of land ownership are being actively
discussed. The financial condition of the Government continues strong and
both public and private construction continues active.
2523
It was similarly announced by Mr. Wikawa that the
above translation from the official Japanese text was hastily
made by the staff of the Commission and although believed
to be accurate, is not vouched for.
The Commission on April 25 made known the receipt of
the following cablegram from Tokio, relative to the application of the moratorium to banks:
Regarding the application of the moratorium edict the member banks of
Tokio Clearing House made agreements to the following effect:
1. An exception may be made on payments of deposit, which is limited
to 500 yen to-day by the edict, when such payment is from surrent deposit
or deposits of call, which is result of necessary commercial transaction.
2. Same policy shall be applied to the overdraft and exchange transaction.
3. Transactions between member banks and foreign exchange transactions shall be left to the will of the banks concerned.
The member banks made the following resolution relative to the kind of
bills to be cleared at the Clearing House on and after April 25:
1. Cheeks endorsed by a member bank (including a Clearing House
agent) on or after April 25.
2. Checks or bills drawn by a member (including a Clearing House
agent) against its own account on or after April 25.
3. An order for payment by State prefectures, or other public bodies.
Checks of Bank of Japan and postal exchanges.
Similar agreement and resolution has been made by member banks
belonging to Osaka and Kobe Clearing Houses.
On April 25 the following official cable advice was received
by the Japanese Financial Commission from Tokio:
-day,
By Imperial Edict No. 98 dated, promulgated and effective to
DOMINICAN REPUBLIC.
the moratorium has been extended from Japan proper to include Korea.
accessories of South Manchuria Railroad,
The general situation in the Dominican Republic during April indicates Kwantung Province, including
relief from the business depression which has existed for some time. The and Karafuto.
gradual improvement in wholesale and retail trade and in collections, is
It is noted that Formosa, the home of the Bank ofTaiwan,
encouraging, although there was no decided increase in the volume of businot included. Associated Press advices from Tokio on
ness in April over that of preceding months. Banks report the credit is
situation as fair, with a tendency toward improvement. Merchants are still April 23 in indicating that the moratorium might be extended
somewhat overstocked. Imports are showing a decided increase for the to Formosa, stated:
first time during the year and the export trade is satisfactory. Ample
Extension to Formosa. Korea and Kwalagtung of the three weeks'
rains have broken the drought and have improved the prospects for the
proper by yesterday Imperial Edict is
tobacco and cacao yields so that general crop conditions are now more moratorium decreed for Japan
this morning virtually decided to extend
favorable with the exception of sugar, which has suffered severely from expected soon. The Government
reconsidered the fecision after a conmosaic disease. The sugar yield is unsatis- the moratorium to Formosa, but
the lack of precipitations and
factory and the total harvest is expected locally to be approximately 300,- ference with commercial officials.
Since the Bank of Formosa (the Taiwan Bank) suspended in Japan
000 short tons as compared with a yield of 394,000 short tons in 1926. The
remain open in Formosa. the financial situation
recent fall in sugar prices has had a further unfavorable reaction. With Proper and decided to
there has been most precarious, the baks doing little except to pay defavorable prices prevailing, the tobacco yield is unsatisfactory, the estireport that various strikes have started
mate of 500,000 bales being now reduced to approximately 350,000 bales. positors. Meager dispatches
In Formosa, but news from the Wand is believed to be guarded discreetly.
The cacao crop is normal and the price satisfactory.
While the Japanese Diet, convoked for May 3, is expected to take
stringent measures for financial stabilization, the natrue of the Governmanet's plans has not been made public.
Japanese Banking Conditions Helped by Moratorium—
In stating on April 25 that the situation had eased and
Text of Decree—Measures of Relief to be Prethat no further runs on the banks were expected, Associated
sented to Diet Next Week.
Press advices from Tokio (published in the New. York
It was indicated in Associated Press cablegrams from "Evening Post") stated:
Tokio on April 25 that with the three week moratorium
No further runs on the banks are expected. The Bank of Japan is exin effedt, Tokio bankers declared the financial crisis as tending assistance without limit to the needy institutions, and the public,
sums.
virtually at an end. This moratorium and the events re-assured, is re-depositing huge
An unexpected atmosphere of calm and optimism prevailed when various
leading up to the decree was refrered to in our issue of a banks opened their doors to-day.
Crowds assembled at the principal establishments to deposit money and
week ago, page 2371. The Japanese Financial Comthe banks were not subjected to runs, the depositors apparently being remission on April 23 announced the receipt of a cablegram assured by the governmental steps to ease the financial situation and the
from Tokio giving the text of the decree as follows:
statement by the Bank of Japan last night that it was prepared to make
closed,
IMPERIAL EDICT NO. 96.
Dated April 22, Second Year of Shows (1927).
Relative to the postponement of payments of private monetary obligations
and also of the period for the preservation of rights on bills, &c.
1. Payment of any private monetary obligation arising on or before
April 22, Second year of Shows (1927), due between the aforesaid date and
May 12, Second year of Shovers (1927), and which was incurred by obligors
residing in or having a place of business in the district to be specified in
succeeding Imperial edict, shall be postponed for twenty-one days; Provided,
however, in case the obligor has a place of business outside of said district,
the aforesaid shall not apply in so far as transactions ofsuch place of business
are concerned.
II. The provisions of Article I. do not apply to the payments enumerated
below:
1. Payment of obligations of the State, prefectures and other public
bodies.
2. Payment of salaries and wages.
3. Payment of bank deposits for the purpose of meeting salaries and
wages.
4. Payment of bank deposits, other than for the purpose specified in
subdivision 3, not exceeding Y.500 per day.
III. Any legal Act relative to bills and other similar paper of value
required to be done for the purpose of preserving rights thereon between
April 22, Second year of Shown (1927), and May 12, Second year of Shossa
(1927) shall be valied within the district provided in Article I where said
action is taken within twenty-one days from the date upon which said action
would otherwise have been required to be done.
Additional Article: This edict shall be effective from the date of promulgation.
Promulgated April 22, Second year of Shown (1927).
Acting Financial Commissioner Wikawa stated that the
above translation from the official Japanese text received by
cable was hastily made by the staff of the Japanese Financial
Commission, and although believed to be accurate, is not
vouched for. A still later edict was announced as follows:
advances to any bank. A number of small savings accounts were
however, the depositors taking thetr money to the post office banks.
Banker Says Yen Won't Fall.
Osaka reported that when its banks reopened to-day a feeling of confidence was displayed. Deposits flowed in and there were no runs.
Kenji Katsina. President of the Yokohama Specie Bank, told the Associated Press
The financial earthquake was certainly quite severe, but that which remains has stood the test. The weak ones have gone down consequently.
the ground is much firmer. The moratorium will give the Government
time to prepare and.dopt a thorough stabilization plan; therefore, we believe the trouble is practically over.
Furthermore, we think tha,t the after-effect will certainly be good for
Japan's trade, and one inevitable result will be a drop in commodity prices.
Those speculating on any severe further fall of the yen will regret it.
because basic conditions do not justify a lower rate.
The Bank of Japan's outstanding paper currency was estimated to-day
at about 2,500,000,000 yen, or 61,250,000.000
Osaka Exchange Closed.
A large force worked all day yesterday and throughout the night at the
Bank of Japan arranging for advances of more than 250,000.000 yen (about
$125,000.000) to the banks which opened to-day. The Bank of Japan is-yen and 200
-yen
-50
sued for the first time two new kinds of paper money
notes.
of twenty-one days announced by the Cabinet on Friday
The moratorium
has been extended to all the colonies excect Formosa. Thus far the moratorium has not excited the people. While shops and stores remain open
and business is going on as usual, an appreciable drop in trade has been
noted.
A similar decrease in trade is reported from Osaka, where bankers are said
to have agreed to permit overdrafts in responsible quarters and to make
short-term loans. The Osaka Stock Exchange and Cotton Yarn Exchange
and the Yokohama Raw Silk Exchange have announced they will remain
closed during the moratorium period.
With a view of keeping up the yen rate, the Government has decided to
ship 10,000,000 yen in silver bullion to Shanghai in the immediate future.
Diet Bill is Drafted.
A bill to be presented to the Diet next week guaranteeing the Bank of
IMPERIAL EDICT No. 97.
Japan against possible loss through its efforts to stem the financial crisis has
•
Dated April 22d, Sewed Year of Showa (1927).
been tentatively drafted along the following lines:
accordance with the provisions of Imperial
The District to be specified In
First, it will apply mainly to losses after expiration of the moratorium.
Second, it will provide for removal of various limitations on securities
No. 96, Second Year of Shows (1927) shall be as follows:
Edict
accepted by the Bank of Japan, thus facilitating the bank's acceptance of
Japan Proper.
real estate and other immovable property and mortgages as security.
Additional Article: This edict shall be effective from the date of promulgaThird, estimated aid for the Bank of Japan will be determined shortly,
tion.
but the final figure will be left until a yeariafter expiration of the moratorium.
Second Year of Shows, (1927)•
Promulgated April 22.
2524
TITE CHRONICLE
Fourth. the Fifteenth Bank and other private banks which suspended
business will have the special favor of applying for advances from the Bank
of Japan..
It is intimated in Government circles that the Finance Department as
well as the Bank of Taiwan (Bank of Formosa) readjustment investigation
commission will study the question of reform of the Bank of Taiwan.
From the Copyright cablegram to the New York "Times"
from Tokio the same day (April 25) we quote the following:
The banks reopened this morning without excitement and the policemen
posted at the banks which suffered runs on Friday found nothing to do.
A statement issued by Mr. Kuroda, the new Vice Minister of Finance,
warning the public against reckless withdrawals, helped to reassure the
public, but all evidence suggested that the temporary closure had effectively
cured public neriousness.
The money withdrawn on Friday was going back today, but in some
cases into different banks. Reports that the Tokio banks had made an
agreement not to open new accounts during the twenty-one day moratorium now in effect, were unfounded. Any one can open a new account
In any bank.
The moratorium regulation limiting withdrawals to 500 yen—applies
only to old deposits. Deposits made subsequent to the moratorium may
be used in full.
Taiwan's Debts Abroad to Be Met.
Osamu Matsumoto, Chief of the Banking Bureau of the Finance Ministry, in an interview today stated that the Government would take full
responsibility for the Taiwan Bank's note issue. He declared that the authorities would take every step necessary to protect Japanese credit abroad.
Without being able to make an official statement to that effect, he indicated that all of the foreign obligations of the Taiwan Bank would be fully
met. Those who are represented mainly by current business, well-secured
and deposits for exchange purposes.
Mr. Matsumoto confirmed the report that negotiations are now proceeding for important banking amalgamations. This consolidation forms part
of the Government's plan for dealing with the emergency.
From an unofficial but well-informed source your correspondent learns
that the Taiwan's Bank's resources in New York are more than sufficient
to meet all claims, while those in London are equal to the bank's commitments.
The Tokio banks were said to have announced on April 26
unrestricted payments against bank deposits made on or
after Monday of this week. According to Associated Press
accounts from Tokio April 26, from which we also quote the
following:
The Finance Department says the Tokio office of the Bank of Formosa
(Taiwan) and its other branches in Japan proper are expected to reopen
within a few days, anticipating favorable action by the Diet on the Government's plans for assistance.
The Fifteenth Bank and some others are similarly expected to reopen.
The moratorium protects these banks from runs. It is understood that
the Government's plans in the Diet will assist only those suspended banks
which reopen before the expiration of the moratorium.
• Financial circles are apparently optimistic, but thorough recovery, it is
believed, will require a long time; consequently removal of the gold embargo Is not in sight.
Certain industrial enterprises are suffering from the present situation.
The cotton spinners have agreed to reduce their output by 15% during the
next six months.
Advices regarding the approval by the Cabinet of a draft
of TE7fiscal bill were contained in the following message to
the New York "Times" (copyright) from Tokio, April 28:
Though some important details remain to be adjusted, the Cabinet has
decided that the Taiwan Bank will re-open before the moratorium expires.
The shareholders of the Fifteenth Bank will meet soon to consider ways
and means for re-opening.
The money borrowed by the Bank of Japan is now being returned, close
on 100,000,000 yen having come back to-day. The total advances, which
at the height of the crisis reached 2,035,000,000 yen, were this afternnon
1,600,000,000, 'while the note issue has contracted from 2,651,000,000 yen
to 2,120.000.000.
The Cabinet to-day approved the draft of Finance Minister Takashi's
emergency loan bill. Its main provisions closely follow the forecasts already cabled. The Government's guarantee amounts to 500,000,000 yen.
A commission composed of Finance Department and Bank of Japan officials
will supervise transactions and pass on all security accepted.
The securities recognized for the emergency loans comprise reliable stock
certificates, debentures, warehouse bonds, commercial and other secured
bills and real estate mortgages. Loans on public bonds will be given up
to the full correct price.
In the case of other securities, where prices have fallen owing to the recent
crisis, the commission may use its discretion in allowing higher valuation.
The loans are repayable in a decade.
[VoL. 124.
The President orders a reduction of at least 50,000,000 pesos in this year's
Government budget, the utmost possible economy in all Government expenditures and the sharpest vigilance in collecting all taxes, duties and
revenues due the Government.
The decree provides that foreign debt payments under the Pani-Lamont
agreement will be scrupulously fulfilled, but authorizes Secretary de Oca
to postpone all domestic debt payments in accordance with the agreements
he will make after negotiations with domestic creditors.
In order to raise revenues the decree authorizes Senor de Oca to sell or
mortgage such Government property or real estate as he deems necessary.
This, it is said by some here, may involve the sale of Catholic Church property, as for more than fifty years the Government has considered such property nationalized, although the Church authorities have not agreed to that
theory.
The decree gives Senor de Oca absolute authority to fix and limit every
Government expenditure and places him in supreme control of the collection of every penny of Government revenue, instead of having, as at present, the various taxes, fees and duties collected through other departments
and not directly through the Treasury.
A Government statement accompanying the Presidential decree says:
"For the purpose of making the decree effective in every way, and especially in order to permit an interpretation of necessary severity to be given
the Presidential mandate, the Secretary of the Treasury is empowered to
dictate such laws, decrees and regulations as he judges should be ordered."
Senor de Oca also issued a statement that the decree, which will become
effective immediately, may be considered as the beginning of a regime of
utmost economy, in which every foreign debt and obligation will be rigor.
ously fulfilled and every Government expenditure not vitally necessary
eliminated.
The decree provides that there shall be no appeal from the Secretary's
apportionments of the money each Government department may spend, and
no increases from these allowances will be granted in any circumstance.
The Secretary also receives full authority to reorganize the Treasury
Department and the agencies of all the other departments which collect
Government funds in whatever manner he pleases to effect his absolute control of the nation's purse.
The Secretary is further instructed to arrange with the Mexican banks to
which the Government owes money for an extension of payments due last
year, this year and next year.
The decree orders suspension of payments upon the floating debt, except
in cases where special agreements already have been entered into. Meanwhile, as with the Mexican bankers, Senor de Oca is empowered to negotiate with the general creditors for agreements regarding future payments.
Thus It would seem that domestic creditors generally will wait for their
money until the Treasury is placed upon a more satisfactory basis.
By a more vigilant collection of taxes, duties and revenues of all kinds,
Secretary de Oca hopes materially to increase the income while trimming
the budget. He may also order higher duties and taxes to an extent necessary to bring in the desired revenue.
The official statement of President Calles reads, in part,
as follows, it is reported in the cablegram (copyright) to the
New York "Times":
In view of the situation at present facing the National Treasury caused
by the diminishing normal income and the necessity of spending large sums
which are being invested in works for the benefit of the country and which,
unless covered, would cause an unfavorable balance in the budget and a
heavy deficit, the Secretary must administer the public Treasury during the
present fiscal year according to the following dispositions:
1. The total amount of budget expenses, with the exception of the public debt, must not exceed 250,000,000 [pesos] during the current fiscal
year.
2. In offices depending on the executive power which constitute independent branches in the budget, the Secretary will fix the reduction of the
sums allotted to cover the services that each department has in respect of
personnel and expenses. Especially he will see in what manner lump sums
in the budget or those destined for purchases can be postponed or suppressed.
Proposal., Are Detailed.
In respect to the public debt, the following reforms are established, with
the desire of strictly complying with the obligations of an external character, including all the obligations that derive from the convention of Oct.
23 1925 [the Pani-Lamont agreement providing for payments on the foreign debt]:
Conference with bank creditors of the nation on the application of suspension of payment of the sums which should be paid in cash under the
budgets for 1927, 1928 and 1929, in this manner distribute proportionally
the obligations contracted in the budgets for the years previous to those
mentioned.
Arrangements with the creditors of the Government in connection with
the floating debt for extension of the date of payments, with the game object as under Section B.
Suspension of all payments on the floating debt which are not the object
of special agreements, dictation of the necessary arrangements for the
floating debt and a careful study of the credits which might affect its
increase.
Japan Embargoes Specie—Forbids7ShipmentitoAmerica
The same paper indicates that under the decree the Secas Result of Financial Difficulties.
retary of the Treasury is empowered "to propose and dictate
From the New York"Evening Post" we take the following laws and agreements and regulations which he deems expeAssociated Press cablegram from Tokio, April 23:
dient and to lease property of the nation which may be used
Finance Minister Takahashi has issued an order suspending the shipment for commercial purposes, excepting churches,
Federal buildofspecie to America. He also has ruled that there must be no manipulation ings and memorials which
are covered by the law of 1901"
of foreign exchange.
It is announced that the main Tokio office of the Bank of Formosa (Tat
wan Bank, Ltd.) and its branches in Japan proper suspended on April 18.
that the head office and branches in Formosa continued business.
but
Visit to United States of President Machado of Cuba—
Feted by President Coolidge, New York Bankers,
&c.—Not Here to Contract Loan.
Mexican Decree Conferring Powers of Financial
During the past week President Gerardo Machado of
Dictator on Secretary of Treasury—Provision
Cuba has been the guest at numerous functions arranged
for Foreign Debt Payments—Postponein his honor in Washington and New York. The Cuban
Domestic Debt Payments.
ment of
President arrived in Washington on April 22 for a brief
The issuance of a decree by President Calles of Mexico visit to the
United States, and a formal statement issued
conferring the powers of financial dictator on Montes de in his
behalf at Washington on that date said:
Secretary of the Treasury, was made known in press
Oca,
The acceptance of acts of courtesy which will be held during the Presiadvices from Mexico City on April 24. The purpose of the dent's visit to New York does not bear any relation to Cuban finances,
either national or
decree is to avert a threatened Treasury deficit; according Cuba is contrary toprivate. The policy of the present Government of
contracting of any loans, as the President has many
times publicly declared.
to the Associated Press dispatches, which state:
APR. 30 1927.]
THE CHRONICLE
The statement also said:
2525
people would find some way to keep President Machado in
The President of Cuba, by his visit to the United States, has desired, office indefinitely. In part the "Times" continued:
people,
in the first place, to evince his sympathy toward the American
To this the Cuban President replied that, while he was willing to serve.
upon the twenty-fifth anniversary of the establishment of the Republic he wanted it understood that he was in no sense a dictator, and that the
of Cuba and to give a further proof of his admiration for the continuous time had passed when self-perpetuating governments could exist in Cuba.
aggrandizement of the United States of America.
He also assured Mr. Lamont and the many other prominent financier
The friendship between Cuba and the United States is already tradi- gathered at the luncheon that American capital in Cuba would be protected
tional, having been sealed on the fields of battle in the year 1898, it has at all hazards. . . .
never been weakened.
Mr. Lamont told President' Machado at the luncheon that he had won
The President of Cuba is co-operating in order to give the greatest the admiration of Americans by the masterly way in which he had overthe forthcoming Pan-American conference which will be come the difficulties that had confronted his country.
Importance to
held in January of next year in the City of Havana, and keenly desires
t met
"At the very outset," said Mr. Lamont."most complex situation .
that, if it be possible, both the President and Secretary of State Kellogg, you in the overproduction of sugar. Not only did you meet it courageously,
in a spirit of Pan-American good-will, visit the neighboring Republic of but all your financial and fiscal policies have been guided by prudence and
Cuba during the holding of that Congress, which will no doubt be attended wisdom. We congratulate you on the long view of Cuba's development that
by representative personalities from :]1 parts of America.
you and your Cabinet have shown."
Replying in Spanish, President Machado said he highly appreciated what
President Machado called at the temporary White House
had been said because of the high appreciation in which the firm of Morgan
on April 22 to pay his respects to President Coolidge and & Co. was held the world over. He went on to say that in Cuba all the
President and Mrs. Coolidge later in the day returned the rights of foreigners were being sedulously respected and that the Cubans
were determined to comply with every obligation which modern civilization
call at the Cuban Embassy. On that day President Ma- demanded.
was quoted as saying that "the eventual modification of
chado
"Liberty, harmoney and order were the objects being sought." he conthe Platt Amendment embodied in the permanent treaty timued, and added: "My ambition is not to reate dreams and illusions, but
between the United States and Cuba would be beneficial to to give to all what they are entitled to the way of material welfare and
civic rights."
both countries." On April 23, through the medium of in"The wealth of foreigners in Cuba must and will be protected." he went
terpreters, President Coolidge and President Machado dis- on. "Capital in Cuba will be defended as it is in the United States. That
the wealth of Cuba as it rates on Cuban soil."
cussed relations between the two countries at an hour's wealth is alsoMachado praised the United States and said Cuba had not
President
House. Later, at a luncheon ten- forgotten that this country helped it to emerge as a power and to become
conference at the White
dered by the governing board of the Pan-American Union, a factor in the world. He spoke of President Coolidge as his friend and
toast to the President.
remarks by
assurances of mutual national friendship were exchanged by closed his those at the proposing awere Edward J. Derwin, J. Herbert Case,
lunchenon
Among
executive, and at night Martin Egan, Elbert H. Gary, Charles Hayden, Russell C. LeffIngwell,
Secretary Kellogg and the Cuban
General Machado and his party were dinner guestslat the Gates W. McGarrah, Charles E. Mitchell, S. Z. Mitchell, Frank L. Polk,
James Speyer and William H.
Charles
temporary White House. According to the New York Woodin.II. Sabin, Mortimer L. Schiff,
"Times," President Machado, responding to Secretary
Yesterday (April 29) General Machado was the principal
Kellogg at the Pan American Union, said in part:
guest and speaker at a special meeting, at noon, of the
This reception awakens in my spirit, too, a feeling of boundless sympathy
of the State of New York. William
and gratitude toward this great nation, a feeling which was kindled in our Chamber of Commerce
bosoms the day we learned that a strong army was coming to help us solve L. De Bost, President of the Chamber, presided. After the
the dilemma of "independence or death," under which banner we had chosen speeches, a luncheon was served.
an army which came, not with the idea of conquest, but
to place ourselves;
with the sole purpose, unique in history, perhaps, for its complete disinterestedness, of shedding their blood in order to give effect to a joint resoluBank of France Repays £33,000,000 to Bank of England
tion of the C ngress of their nation which affirmed in the face of the world
Advanced by Latter During World War—Return of
that "Cuba is and of right ought to be free and independent."
I speak to you as President of a State that is the direct result of PanGold Held as Security by Bank of England.
Americanism. Pan-Americanism is the consequence and the product of
The Bank of France by paying on April 22 its debt Of
similitude of our political institutions,
three concurrent factors—tradition,
which are inspired by the same spirit of continental fraternity and the ab- £33,000,000 to the Bank of England obtained in return
sence of conflicts and opposing interests.
nearly 500,000,000 gold francs to the value of more than
We have reached International life in the same manner and under the
aegis of the same fundamental principles. In any one of our nations in £18,350,000, which the Bank of England had held as a
the hour of rebellion, it would have been possible to write, accept and swear guarantee of the French debt since 1915. In making this
to the Declaration of Independence of the United States of America.
statement a cablegram (copyright) from Paris April 22 to
In our time it is economic strife that divides nations. Strictly speaking.
We have no economic rivalries because our products are not competitive and the New York "Times" said:
The transfer of all or part of the gold will be carried out during the next
in the case of those that might compete, nature herself has providentially
come to our aid, giving us different seasons, so that a product that is being few days, arrangements having been completed for its shipment in small
cases, each containing four pounds of the precious metal. The Bank of
harvested in the South at the same time is being sown in the North.
This absence of all economic and political conflicts in my opinion con- France probably will repatriate a part of the amount, but may leave a part
to know each other on interest in England, New York or Amsterdam or sell part to obtain
stitutes the principal factor of our union. As we come
better, we become closer friends. All the problems we have are psycho- dollars or other stable currencies.
logical, the consequence of individual appreciations, of passing circumThe Associated Press from Paris on the same date in
stances and sometimes even the product of a passing wave of opinion.
referring to the payment stated:
A tribute was laid on the tomb of the Unkonwn Soldier in
By tho payment of £33,000,000 on the French debt France gave up a
Arlington by President Machado on April 24, it was noted in considerable part of her foreign exchange fund, which had enabled her
is felt to be a
Associated Press dispatches from Washington, which, in virtually to stabilize the franc, but the return of the gold and be another
a symbol of financial stability that will reinforce confidence
said:
referring to the Cuban President's visit, also
step toward the restoration of normal conditions.
With this mark of respect to America's war dead, the Cuban executive
concluded his Washington visit and planned to leave for New York early
to-morrow, where a full engagement list awaits him for the remainder of
the month. Later he will visit Chicago and Atlanta.
President Machado said he was highly satisfied with his reception here
and with the sympathy which met his discussion of Cuban-American prob
ems with Washington officials. Both the President and the Cuban Ambassador asserted that the primary purpose of the visit—the strengthening
of mutual friendship, so that problems between the two countries could
be discussed with greater understanding—was accomplished, as far as
Washington is concerned.
President Machado was officially welcomed to New York
by Mayor Walker on April 25, the ceremonies taking place
in the Alderrnanic Chamber of the City Hall. General
Machado was entertained on April 26 at luncheon by Albert
H. Wiggin, Chairman of the Board of the Chase National
Bank. The luncheon was held at the Officers' Dining
Room of the bank and was.ttended by some thirty guests.
The lunchdon party included Presidnet Machado, Ambasssador Serrara, Major Schutan, Dr. Claudio Mendoza, Rafael
Sanchez Aballi, Aurelio Portuondo, Dr. de in Torre, Dr. de
Bustamente, Jr., Captain Leon, Captain Medel and various
officers and directors of the Chase National Bank.
A luncheon meeting in President Machado's honor was
held on April 27 at the Hotel Astor by the American Arbitration Association and the Cuban-American Chamber of
Commerce. On April 28 he was the guest of honor at a
luncheon given by Thomas W. Lamont, of J. P. Morgan
& Co.,at the Downtown Association. Prior to the luncheon
President Machado visited the New York Coffee and Sugar
Exchange. According to the New York "Times," Mr.
Lamont expressed at the luncheon the hope that the Cuban
French pride suffered at having part of France's gold reserve "in pawn."
and the thought of getting a good part of it back is causing satisfaction.
The old French proverb "He who pays enriches himself— is cited 88 itiStincation for buying back the gold francs, even at almost twice their value.
A further account from London, April 22 (copyright)
appeared as follows in the New York "Times."
The Bank of Prance today repaid the Bank of England a lump sum of
£33,000,000, of which only £8,000,000 was due this year. The Bank of
France thereby accelerated the payment of its debt by three and a half
years. It thus obtains the return of £18,000,000 of gold held by the Bank
of England as security and saves a large sum In interest.
It was this private debt which Andrew W. Mellon, the American Secretary of the Treasury,apparently meant when he said in his recent statement
on war debts in answer to the Princeton professors that Great Britain
would this year receive from France more than she paid the United States
Government on account of her war debt. This statement was only published textually here a few days ago. Cabled summaries of it had been
denied previously by Winston Churchill, Chancellor of the Exchecquer. In
the House of Commons.
A high official of the Treasury said today that it was unfair for Secretary
Mellon to include the debt of the Bank of France unless he also included Pay.
ments made by the British Treasury to American banks for private loans.
The Bank of England, he declares, is a private institution and less under
Government control than the Federal Reserve Bank in America. While
the relations of the Bank of France to the French Government might make
repayment by the Bank of France a French Government transaction, it
could by no means be regarded as a Government transaction at this end.
The Treasury,he continued. would not be benefited to the extent of a penny.
Treasury Feels Hurt.
The Treasury,said this official, had repaid American private loans to the
extent of $679,000,000. The Treasury feels hurt that Secretary Mellon
should imply that Britain's payments on her debt do not constitute a drain
on her resources. During the war, said the Treasury official. Britain sent
£329,000,000 in gold to America. Toward her debt she has paid the
American Government $828,394,559. These sums, the Treasury official
pointed out, are enormous even for a nation.
Another statement by Mr. Mellon which is felt by the British not to be
quite fair, said the official, was that relating to how the debts originated.
2526
THE CHRONICLE
"We purchased supplies and services from France and the British Empire," said Mr. Mellon,"by the hundreds of millions. They had to be paid
for in francs and pounds. We didn't get those francs and pounds on
credit—we paid cash for them,except possibly in a comparatively few minor
instances."
Such sums, said the Treasury official, as were spent in Great Britain
were immediately deducted from the advances made to the British Government in America. To the correspondent of the New York "Times" he
showed an agreement to that effect signed by an American Treasury official.
In his statement Mr. Mellon said:
"Under agreements with France. Great Britain will receive from France
approximately $71,000,000 this year, from Italy approximately $19.000.000. and from Germany approximately $72,000,000. and will pay
us approximately 3160,000,000. In other words,
Britain
receive this year from her debtors $2,C00,000 more Great she pays will
than
the
United States."
Angered English Editors.
These figures have angered English editors and are said to have aroused
feeling on the Continent against England.
"In stating the facts, Mr. Churchill ought also to demand from Mr.
Mellon aformal withdrawal ofhisinaccurate and very damaging statement,"
says "The New Statesman."
Other editors express themselves even more harshly. In quoting their
own figures as to what Britain will receive, all agree with Mr. Mellon's
figures on the sum from Italy and on what Germany will pay. The snag
lies in Mr. Melion's statement that France will pay England $71.000,000
this year. Under the Churchill-Caillaux debt agreement. France will pay
Britain in the financial year 1927 £6,000,000. But in his statement Mr.
Mellon wrote "under agreements with Fraece," implying that there were
other agreements besides the one with Caillaux, a fact which the Churchill
editorial commentators overlooked.
As £8,000,000 of the debt paid by the
Bank of France to the Bank of England today would be due this year. this
sum, added to the £6,000,000 due under the Caillaux agreement, would
approximate In American money $71,000.000. From Germany and its
allies Britain this year receives under the reparations and war debt agreements £25,000,000 and pays the United States Government £33.000,000.
Commenting on the fact that this week's statement of
the Bank of France (issued Thursday) does not reveal the
receipt of the gold from Great Britain,the New York"Times"
yesterday (April 29) in its financial column said:
One highly interesting fact in the weekly foreign bank returns was the rise
in the Bank of England's reserve ratio to the highest percentage since the
war, which also means the highest since December, 1914. The French
bank's statement was closely studied for any light it might throw on the
results of the Government's repayment of its wartime commercial loan from
England. The statement did not clear up the operation. Under the
terms of the arrangement, the Bank of France was to pay off in bills of
exchange the remainder of that loan, thus releasing gold amounting to onethird of the principal, which had been pledged by France at London. Paris
dispatches have pointed out that repayment of the principal was responsible
sponsible for the French Treasury's large borrowings from the Bank of
France a week ago, and the London financial press has stated that 2,250,000,000 francs in gold would be released and would become available for
addition to the French bank's home reserve.
Yesterday's cabled statement of the bank reports no change in its gold reserve at Paris, but a decrease of 463,000,000 francs in "gold balances
abroad." This mystifying entry regarding the foreign gold fund (whose
total amount has not varied at all in three or four years past) may mean
that the gold released is in transit, or possibly that it will be held in a
special fund and not reckoned in the bank's regular reserve. But further
particulars will be necessary to make the matter clear.
prot. 124.
at a time in the month when the loan account is almost Invariably
reduced.
This increase in the indebtedness of the State was offset on the
bank's balance sheet by decrease in the item of "sundries account."
The recent
changes in that account represent foreign currencies purchased
from the
market by the bank but subsequently sold to the Treasury.
Ambassador Claudel Sails for France For Instructions.
Paul Claudel, the new French Ambassador to the United
States who presented his credentials to President Coolidge
a month ago, sailed for France on the steamer Paris on April
23. In sailing Mr. Claudel said "I came to America direct
from Japan, where I was Ambassador, and America is so
important a post that I did not feel I should embark upon
the task of the embassy until I had received instructions."
Ambassador Claudel also goes abroad to be present at the
marriage of his daughter next month. In our issue of April
2 (page 1919) reference was made to the greetings exchanged
between the Ambassador and President Coolidge.
French Debt Conversion Plan—Details of the Government's 20,000,000-Franc Refunding Proposal.
The following is from the New York "Times" of April 24:
The debt conversation plan of the French Government is thus officially
outlined: Existing indebtedness which will be converted Into a single longterm issue comprises 1,560,000,000 francs of Credit National bonds due
July 11928; 6,600.000,000 Treasury bills due December 3 1928: 7,280.000.000 ten-year bonds of the 1919 issue, due May 16, 1929, and 6,200,000.000
francs Treasury bills due May 20 1929. The refunding process will necessitate issues of 20,000,000,000 francs in new bonds, whose form will be that
of a 6% rente redeemable only after fifty years, but at a value of 150. This
new bond is to be exempt during the whole period from special taxation.
Recognizing the new response of the investing public to the National Defense bonds, the Government and its bureau have decided on a fresh issue
of bonds under that category with a maturity of five years at an interest
rate of 8%.
The consolidation of the French Government's short term
debt was the subject of an item in our issue of April 16,
page 2220.
Increase in Wholesale Prices in France During March—
Decline in Retail Prices.
The index of wholesale prices for France as compiled by
the French Government Statistical Office, and transmitted
to the Bankers Trust Co. of New York by its French Information Service, shows that prices rose again in March, the
index being 655 as against 645 for February and 654 for
March 1926. The increase of ten points over the preceding
month was due to an advance of 17 points in imported
articles. The following table shows the fluctuations for the
Previous references to the matter appeared in these columns first
quarter of the year of the different items that go to
April 16, page 2219 and April 23, page 2370.
make up this general index:
FRENCH WHOLESALE
PRICES.
New York of $6,000,000 in Gold from Europe
to have been Released by Bank of
Number of
March
February
January
Articles. (Provisional)
1927.
1927.
England for French Account.
45
655
According to the New York "Sun" of last night (April 29), General index number
635
Home products
29
647
640
Imported products
what is popularly believed to be the first consignment of the
16
667
624
Foodstuffs—General
20
829
605
gold recently released by the Bank of England to the Bank
Vegetable foods
8
633
624
foods
8
596
of France under the arrangement whereby the French institu- •Animalcoffee, cocoa
544
Sugar,
4
696
705
tion paid a debt of £55,000,000 and received in return Raw Materials—General
25
678
662
Minerals and metals
7
685
683
£18,000,000 pledged gold, arrived yesterday consigned to
Textiles
8
700
628
afiq,enqnenua
,
12
660
the American Exchange Irving Trust Co. on the Cunard
668
The March index for foodstuffs was 13 points higher than
liner Mauretania. It amounted to $6,000,000. The "Sun"
that for February, due to a rise of 36 points in the index
added:
Receipt in
MMOO,GaMOOOM
a.V.400w.-.0,PA.
•4M0o-,004.00W0
Believed
At the bank it was said that no statement would be made beyond the
customary explanation that it was "for account of a correspondent."
Inasmuch, however, as the Irving institution has received from French
sources in recent months successive shipments of gold amounting in all
to $21,000,000, exclusive of to-day's shipment, it was assumed that to-day's
gold arrival also was of French ownership. The officials of the bank could
not say whether more shipments were coming.
In banking circles, however, it was pointed out that even if the shipment were French it would not mean necessarily that the gold was from
the Bank of England supply released to the Bank of France. Previous
shipments to the Irving generally were referred to, and explained semiofficially in Paris. as coming from the hoard of gold purchased in recent
months from private stocks by the Bank of France. It was pointed out
that to-day's arrival might merely be a further lot from the same source.
for animal products, while the Increase in the figure for
raw
materials amounted to only 7 points, although the index for
textiles increased by 44 points.
Retail prices for March again showed a slight decline.
The index for Paris was 581, as against 585 in February
1927 and 497 in March 1926. The quarterly index
of the
cost of living, which is made up by taking the cost
of the
necessities for a workman's family of four compared with
the cost of the same categories on the basis of 100 in 1914,
was 524 for the first quarter of 1927, as against 545 for the
preceding quarter, or a decline of 21 points.
French Bank Loaned Exchange Bills for Payment
London Economist on Large Repayments to Bank of
to England.
France by French Treasury.
In Paris advices April 24 (copyright) the New York
With reference to the large repayments on the French
"Times" said:
The sudden check to the progressive reduction in the loan account of the
Bank of France to the State, which had been cut down 6,700,000,000 francs
In the first twelve months of 1927 but has since risen 1.200.000.000, is
directly ascribed in this market to the paying off of the British loan to
France toward the close of the week. The French Treasury, not having
in hand sufficient foreign bills to make the entire payment of £33,000,000
at London, had to purchase the necessary balance from the Bank of France.
The debit thereby created on the account between the Treasury and
the bank offset the actual repayments made to the bank on ordinary
account. That was the reason why the past week's statement showed an
increase of 1,150.000.000 francs in the State's indebtedness to the hank.
Treasury's debt to the Bank of France, amounting to nearly
8,000,000,000 francs since the first of the year, the London
"Economist" has the following to say:
Since Jan. 1 (including the 2,000,000,000 paid off on Dec. 31) the State's
debt to the Bank of France has been reduced from 38,000,000,000 francs
to 28,100,000,000 francs, while the note circulation has dropped only from
52,907,000,000 to 51,911,000,000, and the exchange rate of the franc has
moved only from 122.75 to 124. The source from which the State has been
able to pay off 8,000.000,000 of its debt to the bank is to be found in the
sundries entry in the bank's wieldy datum!.
APR. 30 1927.]
THE CHRONICLE
This item stood at almost exactly 5,000,000,000 at the end of the year.
Last week it was over double that figure. Its weekly variations indicate
to a very large extent the sterling, dollars, etc., bought during the week.
The following examples indicate the close relation between the weekly
increase in the sundries item and the reduction in the debt to the bank in
francs:
Increase.
Debt Redvction.
Week ending— "Sundries."
+187,823,000
100,000,000
8,887,300,000
Mar. 3
+420,228,000
200,000,000
9,307,538,000
Mar. 10
+476,593,000
400,000,000
9,784,000,000
Mar. 17
+948,000,000
800,000,000
10,732,413,000
Mar. 24
In payment fir its purchases the bank puts into circulation more notes
than are really required for commerce. Most of these find their way to
the Treasury, and pass into current "sight" accounts at 2%. Thus the
more sound currency acquired by the bank the more cash the Treasury has
available for reducing the debt to the bank. There is neither inflation nor
deflation, while another outcome is that the bank is being enabled to reinforce its own signature to its notes by real mobilizable security in the form
of gold, sound currency and good commercial paper. There is good ground
for believing that at present the French reserves of sound money total over
£100,000,000.
French Tax Returns for First Quarter of 1927.
The following Paris cablegram April 15 appeared in the
New York "Times" (copyright):
The extent of French financial and economic recovery was shown in figures published to-day by the Ministry of Finance giving tax returns for the
first quarter of 1927, which exceeded budget expectations. The figures
of the Customs Department showed that exports increased steadily as imports decreased. Figures also revealed that unemployment decreased every
week. The revenue under the general budget for March was 2,632,584,000
francs, of which the normal permanent receipts were 2,530,705 francs.
This was an increase of 815,931,000 francs over March 1926. The total for
the first quarter was 8,251,331,000 francs, which was an increase of 1,029,000,000 over the first quarter of 1925.
Imports for the first three months of 1927 were worth 13,272,944,000
francs, a decrease of 1,639,000,000 compared with 1926. Exports for the
same period amounted to 13,988,403,000 francs, an increase of 741,217,000
francs compared with the corresponding months of last year. Exports of
the first quarter this year thus exceeded imports by 729,459,000 francs.
March exports were valued at 4,973,633,000 francs, imports at 4,693,891,000, exports exceeding imports by 279,742,000 francs.
The number of registered unemployed fell from 80,741 to 68,417 during
the last three weeks.
Figures of French Revenue Reveal Burdens Imposed on
Taxpayer, According to Bankers Trust Co.
Complete figures of the revenue from ordinary and permanent sources received by the French Government during
the year 1926 to cover the budgetary expenses for the year
give a very clear conception of the additional burden imposed upon the French taxpayer when compared with the
returns for 1925, according to advices just received by the
Bankers Trust Co. of New York from its French Information
Service. Under date of April 11 the trust company added:
In nearly every important category the increase is considerable, as may
be seen from the comparative total receipts, 38,347,506,000 francs last year,
as against 28,357,947,800 in 1925, or approximately 35% increase.
Of this sum more than two-thirds, or in round figures 27,200,000,000
francs, is derived from indirect taxes. One-third, or 11,100,000,000, comes
from the tax upon income, including the principal taxes upon real estate
and taxes on stocks and bonds.
The largest revenue producing category is that which comprises customs,
ordinary business turnover, foodstuffs and oils. In 1925 the taxes from
these sources amounted to 8,211,581,500 francs, which rose to 12,882,290,900 francs last year.
The largest single item in the indirect taxes is the business turnover tax,
7,467,918,000 francs in 1926, as against 4,635,118,000 francs the year
before. This large increase, approximately two-thirds, has come as a
pleasant surprise to those who feared that the higher taxes might so greatly
restrict the volume of trade that it would cause a decrease instead of an
increase in the revenue of the State. As the rise in prices naturally carries
with it a rise in the taxes levied, it is difficult at this time to judge what
effect the higher taxes have had upon the volume of sales. The former
tax rate was 1.1, L3 and 2% on three different classes of articles. The
present tax rate is 2% on all classes except articles de luxe, where a rate
of 12% is imposed. The above figures do not include the luxury tax or the
turnover tax in the luxury trade.
The taxes known as "taxes somptuaires," which include the luxury turnover tax, theatre, automobile and certain other taxes, produced 1,589,215,100 francs in 1926 as against 1,096,912,500 francs in 1926.
Taxes upon tobacco produced slightly less revenue than during 1925; taxes
on alcohol and power show a slight gain. The figures are:
1926.
1925.
Tobacco
2,139,063,000
2,333,456,000
Alcohol
1,853,771,000
1,689,823,000
Powder
136,790,000
111,503,000
Total
4,129,624,000
4,134,782,000
Another important revenue producing category is that in which are
classed registration fees, stamp tax and the tax on Stock Exchange transactions. These produced returns as follows:
1926.
1925.
6,049,093,000
Registration fees
6,118,405,000
Stamp tax
1,628,576,000
1,070,987,000
Stock Exchange transactions
386,794,000
148,254,000
Total
8,064,463,000
6,337,646,000
Senator Henry Cheron, Senate Reporter of the Budget, in an elaborate
report of Governmental finances just published, lays emphasis on the fact
that the figures given in the Government's statistical report represent only
the income from normal permanent sources for the year and do not adequotely present the burden on the taxpayer. Back taxes and other revenue properly chargeable to preceding years, but paid in 1926, bring up the
year's total receipts to 41,853,068,000 francs.
2527
Even to this large sum, Senator Cheron reports, must be added more
than six billion francs made up as follows: Received from Post Office
Department, 2,451,000,000; exceptional taxes, under the so-called Louc.heur
law, 2,711,000,000, and finally, the amount diverted to the autonomous
sinking fund, 1,000,000,000 francs.
Because of the somewhat complex method of imposing and collecting
communal and departmental taxes, it has always been difficult to obtain
an exact figure of these amounts, but Senator Cheron places the total at
five and one-half billion francs in 1926, giving a grand total of approximately 53,000,000,000 francs, which French taxpayers have contributed
during the past year.
On the same subject we quote the following from the New
York "Times" of April 17:
According to Louis Michel, President of the French Council, in a statement to the French Senate, the burden of taxation in France has become
in certain individual cases almost unbearable. He cited a provincial bank
with 40,000,000 francs capital which paid its shareholders for the year
2,624,000 francs and paid to the State 2,148,521 francs; also another bank
with 75,000,000 francs capital which paid 4,653,000 francs to its shareholders and 5,156,808 francs to the State.
An "average business firm" was instanced with a capital of 300,000 francs
which had paid 37,500 francs to its Shareholders and 85,439 francs to the
State. In the case of an industrial concern with 1,200,000 capital the
shareholders got 120,000 and the State took 158,058 francs. A large metalworking concern with a capital of 30,000,000 francs which had paid nothing
to its shareholders for two years had been assessed 4,500,000 francs by the
Government.
Mr. Michel remarked: "If to these taxes the tax on revenue be added I
think that those foreigners who have the right to know how much we are
paying will be convinced that it is not possible to ask our country to make
a still greater effort. The figures which I have just quoted prove in a clear
and certain manner that each time the French capitalist receives a return
of 7% on his capital the State gets 15%.
Appeal by Premier Mussolini of Italy for Increase in
World Production of Cereal.
An appeal to all the countries of the world to collaborate
to increase cereal production was made by Premier Mussolini
at the inauguration of the International Wheat Conference
at the International Institute of Agriculture at Rome on
April 25. Copyright advices to the New York "Times'
state:
At this conference the Premier pointed out that 80 countries are contributing their technical and practical knowledge for the common benefit
of all. He said the Institute of Agriculture must become even more in the
future the world's clearing house for this type of information.
Some 30 countries have sent official delegations to the conference,
which proposes to discuss all questions relating to the intensive raising
and merchandising of cereals in general and wheat in particular. The
subjects which come under discussion are almost all technical in nature
and include such topics as the best types of wheat to raise in various
climates, intensive methods of culture, the fight against diseases of wheat,
standardization of types of wheat, of methods of propaganda for increase
of production. The conference will continue four days.
The opening session was held in the presence of a large and distinguished
gathering, which cheered Premier Mussolini's speech enthusiastically.
He dwelt at length on what Italy has done and is doing to increase its
cereal production, saying the same or similar methods could be applied
with advantage by other European countries. He sang the praises of
agriculture, which he called "the foundation and safeguard of every civilization, both ancient and indoern, the reason and fundamental element of
every lasting economic progress."
When the Premier had finished his inaugural speech by welcoming the
delegates in the name of the Italian Government, addresses were delivered
by delegates from Argentina, Australia, Canada, France, Persia and
Japan. The Premier was the object of renewed and prolonged applause
when he left the meeting.
Italian Government to Grant Credit Guarantees in
Favor of Exports—Move to Offset Effect of
Rise of Lira.
Associated Press advices from Rome April 23 report that
the Italian Government has decided to grant credit guarantees in favor of exportation, it was officially announced after
a long conference that day attended by Premier Mussolini,
Finance Minister Volpi and President Pirelli of the National
Exportation Institute. The advices further report:
This decision, which marks the first step in a program which will be
further elaborated, was taken, it is understood, partly to offset the damage
to Italian export trade caused by the rising value of the lira. which has
had the effect of automatically raising prices.
Premier Mussolini approved the following program:
1. That at the next Cabinet meeting a State guarantee be granted for
special long-term credits.
2. That a company to insure ordinary commercial credits to exporters
be created.
3. That a project be studied whereby the National Exchange Institute
would be permitted to discount and rediscount bills in foreign currency.
the Bank of Italy at present being allowed to do so only in Italian lira.
Egypt and Our Cotton—Producers Hard Hit by
American Surplus Yield.
From the New York "Times" of April 16 we quote the following:
Reviewing the past season's experience of Egypt with the cotton market
and referring to the enormous production of the United States, the annual
report of the National Bank of Egypt states that the fact of the abnormally
large American production, "combined with a poor demand from consuming
countries, has brought about a very marked reduction in prices, which has
caused some embarrassment to growers, especially in Egypt, where practically the whole economic life of the people depends on cotton.
"Some alleviation to the state of the market was caused by the action of
the Governnient in making advances to small cultivators on the security of
2528
[VOL. 124.
THE CHRONICLE
their cotton, which has had the effect of withholding part of the crop from
a weak market. But sooner or later this cotton must be sold, and unless
the needs of the consumer increase it seems doubtful whether bettrr prices
can prevail until existing stocks have been largely exhausted."
Kemmerer Report on Financial Rehabilitation of
Poland—Correction.
We have received from Frank D. Graham Secretary to
the American (Kemmerer) Commission of Financial Advisers to Poland the following letter with reference to the
item which we printed in these columns last week,—page
2373.
April 28, 1927.
Editor, Commercial & Financial ChronicId, New York, N. Y.
Dear Sir.: On page 2373of yourissue of April 23(1 1927,you have a column
under the caption, "Kemmerer Report on Financial Rehabilitation of Poland—Restoration of Zloty to Par and Foreign Credit for Zloty Stabilization Recommended." For the text of the article you quote from the
"United States Daily" of April 12 1927, and in so doing you have repeated
an error which serves to convey a completely false idea of the Kemmerer
Report.
In publishing the Report of the Commission of Financial Advisers which,
under the leadership of Professor Kemmerer, studied the Polish financial
situation in the summer of 1926, the Polish government included, as an appendix, a summary of suggestions made by Professor Kemmerer on January
10 1926, after a fortnight's visit to Warsaw which proved to be but preliminary to the organization of the Commission. This series of suggestions
covering the situation in January, 1926, is printed in full in your magazine
and purports to be a summary of the Report of the Commission, which did
not even begin its work until July 5 1926. The suggestions which you
print were made in January for immediate application. They were proposed
for the emergency which existed at that time and did not at all apply to
the situation which had developed by mid-summer 1926. They covered,
moreover, only one point, that of currency reform, whereas, as your article
correctly states, the Commission, when the time came for its Report, dealt
with thirteen separate topics of which currency stabilization was but one.
The greatest positive error involved is that which is accentuated in the
heading which you give your article, viz, that the Zloty be restored to par.
In view of the fact that between January and July, 1926, a very considerable
rise in Polish prices and occurred and these had in large measure become
adjusted to the depreciation in the Zloty, Professor Kemmerer abandoned
his former suggestion as no longer suited to the changed conditions and the
Commission therefore recommended that the Zloty be not brught bark to
par (19.3c) but should be stabilized at nine to the dollar (approximately
11.1c),about which level it had fluctuated for some time prior to September,
1926, (the date for the delivery of the Report to the Polish government).
The Commission has not included in its Report any summary of recommendations, and the alleged summary has no connection whatever with
that Report.
Though your magazine has transcribed correctly the words of the United
States Daily and makes no error for which it is itself responsible, its influence
Is so widespread that I feel constrained to ask you to set the matter straight
by publishing this letter, and by giving it prominence equal to that of the
original article.
I am writing the United States Daily along similar lines.
Very sincerely yours,
FRANK D. GRAHAM.
Suspension of Bengal National Bank of India.
The "Wall Street Journal" announced the following from
Its London Bureau April 28:
Advices from Calcutta state that Bengal National Bank has suspended.
Bengal National Bank is a small Institution and is entirely separate and
distinct from the Bank of Bengal, an affiliation of the Imperial Bank of
India.
The Bengal National, it is said, had an authorized capital
of 5,000,000 rupees.
Embargo Is Declared on Silver in China.
The following Washington advices, April 23, appeared in
the "Wall Street News":
tinned to yield large profits. Continuing, the director presented a hopeful
economic and industrial horoscope, mentioning as proofs Germany's rapid
recovery, the increase in bank receipts and profits, the flourishing condition of the iron and steel industry and the steady reduction in the number
of the unemployed. The present stagnation in the coal market, he described as inevitable, a temporary result of the settlement of the British
miners' strike.
Herr Wassermann frankly admitted that the Deutsche Bank had lost a
large amount of money through its backing of "UFA" and the DaimlerBenz Co. Defending the "UFA" engagement, he said the bank had not
acted from materialistic motives, but wanted to save the prestige of a national industry. His defense culminated in the assertion that, while a
different policy might have saved money for the bank the settlement reached
was satisfactory all around. With regard to the Daimler-Benz Co., the
director remarked that this concern was a creditor and not a debtor of the
bank.
Dr. Lamarc, a representative of American stockholders, declared the
"UFA" and Daimler-Benz affairs had caused sleepless nights across the
ocean, pointing out that the dividend could be increased but for them. Dr.
Lamarc expressed himself as satisfied with the settlement, however, and
praised the press for baring the "UFA" situation.
German Reparation-Receipts and Payments in March.
—
For the month of March receipts of 100,182,415 gold marks
are reported in the statement, dated April 11, issued by the
Agent-General for Reparation Payments. The payments
during the month amounted to 94,867,712 gold marks. The
statement in detail follows:
OFFICE OF THE AGENT-GENERAL FOR REPARATION PAYMENTS.
STATEMENT OF RECEIPTS AND PAYMENTS FOR THE THIRD ANNUITY
YEAR TO MARCH 31 1927.
(On cash basis, reduced to Gold Mark equivalents.)
Third Annuity
Year—CumuMonth of
lative Total to
March
Mar.31 1927.
1927.
Gold Marks. Gold Marks.
A. Receipts in Third Annuity Year—
L In completion of Second Annuity—
8,095,425.81
(a) Transport tax
45,000,000.00
(b) Interest on Railway Reparation bonds
2. On account of Third Annuity—
(a) Normal budgetary contribution
9,166,686.67 64.166,686.87
18,000,000 00 108,000,000.00
(b) Supplementary budgetary contribution
(c) Transport tax
22,500,000 00 157,500,000.00
(d) Interest on Railway Reparation bonds
50,000,000.00 275,000,000.00
3. Interest received
515,748.84 1,409.643.10
Total receipts
B. Balance of cash at Aug. 31 1928
100,182,415.51 659,171,635.38
93,626,074.81
Total cash available
C. Payments in Third Annuity Year
1. Payments to or for the account of:
France
British Empire
Italy
Belgium
Serb-Croat-Slovene State
United Statesof America
Rumania
Japan
Portugal
Greece
Poland
Total payments to Powers*
2. For service of German External Loan, 1924_
3. For expenses of—
Reparation Commission
Office for Reparation Payments
Inter-Allied Rhineland High Commission
Military Inter-Allied Commission of Control
4. Costs of Arbitral Bodies
5. Discount on amounts received from Deutsche
Reichsbahn Gesellschaft in advance of due
date
6. Exchange differences
Total payments
D.Balance of cash at March 31 1927
752,797,710.19
38,432,671.90
22,293.913.44
9,016,019.83
5,494,891.82
3,367.938.92
6,115,529.41
865,033.07
270,935,706.33
132,449,579.48
42,213,780.71
31,161,746.33
22,120,417.18
46,590,249.91
5,232,417.98
5,516,178.00
831,350.28 2,S85,173.15
257,152.67 1.8155,168.94
12,479.20
134,007.94
86,686,980.54 561,104,425.95
7,706,217.24 51,421,768.53
308,108.52
278,284.97
Dr.62,189.40
1,782,975.12
2,013,889.24
1,738,315.72
1,237,810.60
66,729.14
Dr.47,690.30
3,254,899.83
517,098.74
94,867,711.57 623.135,912.87
129,661,797.32
752,797,710.19
* See Tables I and II for analysis of payments by category of expenditure and by
Powers.
All the banks and business houses in Hankow have been closed sine
sealing of the specie vaults of the Chinese banks by Nationalist authorities
American Consul-General Lockhart reported to the State Department TABLE I—TOTAL PAYMENTS TO POWERS CLASSIFIED ACCORDING TO
CATEGORY OF EXPENDITURE.
to-day. An embargo on silver has been declared and it is difficult to
Third Annuity
remit money to Shanghai. Eugene Chen has appealed to foreign business
Year—CumuMonth of
men for help in stabilizing business and financial conditions in Hankow,
March
lative rotas to
1927.
Mar.31 1927.
but has announced that the Nationalist Government will not assume any
Gold Marks. Gold Marks
responsibility for damages to property offoreigners who evacuate the city.
1. Occupation Costa—
(a) Marks supplied to Armies of Occupation _ _ 3,496,028.71 22,963,878.89
(b) Furnishings to Armies under Arts. 8-12 of
Rhineland Agreement
German Government Contradicts Report of Loan to
3,507,307.16 18.780,718.52
Russia.
From the New York "Times" we quote the following
Berlin advices, April 23 (copyright):
A story published in London and New York concerning a proposed new
German credit to Russia is officially denied here.
Inquiry shows that while such a proposition may have been discussed
with Russians by German industrialists the German Government has made
no move. In some quarters it is suggested that the whole thing is a trial
balloon,launched by industrialists who are commercially close to the Soviet
An item regarding the report appeared in these columns
April 23, page 2373.
7.003,335.87 41,724,597.41
2. Deliveries in Rind—
(a) Coal, coke and lignite
(b) Transport of coal, coke and lignite
(c) Dyestuffs and pharmaceutical products__
(d) Chemical fertilizers and nitrogenous prod's_
(e) Coal by-products
(f) Refractory earths
(g) Agricultural products
(h) Timber
'(i) Sugar
(1) Miscellaneous deliveries
Optimism characterized the general meeting of the stockholders of the
Deutsche Bank held to-day. Director Wassermann pointed out that the
turnover of the institution had increased 40% over last year, while the number of customers showed a rising curve and the volume of business con-
122,670,573.93
21,912,958.41
7,003,364.22
38,065,504.83
2,532,820.65
88,813.43
4,332,057.70
15,744,038.68
2,599,194.24
98,538,746.23
49.879,418.53 313,487,672.32
3. Deliveries under agreement
Prosperity of Deutsche Bank—Director Reports to
Stockholders Big Profits Despite 'UFA' and
Daimler-Benz Losses.
Under date of April 26, Berlin advices (copyright) to the
New York "Times" said:
21.961.432.70
2,447,723.86
980,438.07
7,320,280.83
820.530.96
13,549.80
277,244.34
2,233,924.28
1,024,863.03
12,799,428.66
4. Reparation recovery acts
5. Miscellaneous payments
2,509,129.41 25,209,217.12
23,591,237.05 158,079,265.54
94,964.86
770,537.83
6. Cash transfers—
(a) Settlement of balances owing for deliveries
made or services rendered by the German
Government prior to Sept. 1 1924
2,497.02
452,102.94
(b) In forein currencies
3,806,400.00 21,381,032.79
3,808,897.02 21,833,135.73
Total payments to Power
88,888,980.54 561,104,425.95
APR. 30 1927.]
THE CHRONICLE
CLASSIFIED,ACCORDING TO
TABLE II—PAYMENTS TO EACH POWER
CATEGORY OF EXPENDITURE.Ad
Third Annuity
Year—Cumu
Month of
lative Total to
March
Mar.31 1927.
1927.
Gold Marks.
Gold Marks.
Payments to or for the Account of
1. France—
(a) Marks supplied to Army of Occupation__
(b) Furnishings to army under Arts. 8-12 of
Rhineland Agreement
(c) Reparation Recovery Act
(d) Deliveries of coal, coke and lignite
(e) Transport of coal, coke and lignite
(1) Deliveries of dyestuffs and pharmaceutical
products
(g) Deliveries of chemical fertilizers and nitrogenous products
(II) Deliveries of coal by-products
(I) Deliveries of refractory earths
(I) Deliveries of agricultural products
(k) Deliveries of timber
(1) Deliveries of sugar
(m)Miscellaneous deliveries
(n) Miscellaneous payments
o) Cash transfer: Settlement of balances owing
for deliveries made or services rendered by
the German Government prior to Sept. 1
1924
Total France
2,497,382.74
15,507,413.83
2,355,109.16
3,128,676.04
16,783.974.52
968,860.47
12,995.262.40
36,929,297.30
96.810,876.67
14,108,547.66
252,164.36
1,690,212.97
4,563,537.62
29,675,155.97
1,487,617.01
88,613.43
4,220,724.05
13.915,886.52
2,599,194 24
40,067,286.65
553.033.07
13,549.80
276,262.16
2.149,493.15
1,024,863.03
4,352,798.85
75,000.00
286,584.56
38,432,671.90 270,935,706.33
2. British Empire—
998,645.97 7,456,465.06
(a) Marks supplied to Army of Occupation _ _
(b) Furnishings to army under Arta. 8-12 of
3,792.274.01
832,70646
Rhineland Agreement
20,462,561.01 121,149.968.24
(c) Reparation Recovery Act
15,849.41
(d) Miscellaneous payments
(e) Cash transfer: Settlement of balances owing
deliveries made or services rendered
for
by the German Government prior to
35,022.76
Sept. 1 1924
22,293.913.44 132.449,579.48
Total British Empire
3. Italy—
5,177,458.18 24.956.763 65
(a) Deliveries of coal and coke
1,478,863.39 7,370,691.21
(b) Transport of coal and coke
(c) Deliveries of dyestuffs and pharmaceutical
249,408.58 2,071,080.93
products
815,381.82
815,381.82
(d) Deliveries of coal by-products
1,293.909.35 6.954332 25
(e) Miscellaneous deliveries
45,730.85
998.51
Miscellaneous payments
(0
9,016,019.83 42,213,780.71
Total Italy
4.
2529
yield from indirect taxes has been growing ever since the currency was
stabilized.
Of these indirect taxes those which are earmarked for reparations purposes (comprising customs, tobacco, sugar, beer and spirits taxes) produced 2,405,000,000 marks, against 1,851,000,000 in the me,. ing fiscal
year. This yield is nearly double the 1,250,000,000 which, under the Dawes
plan constitute Germany's maximum contribution to reparations payments
from budget sources. The railroad traffic tax alone yielded 312,000,000
marks and more than covered Germany's reparations liability of 290,000,000
marks from that source.
German Banks Again Warn Against Stocks—Point to
Use of Credit for SpeCulation—Predict Reaction
Violent as Rise.
Continued rise on the Berlin Stock Exchange is eliciting
new warnings from banking quarters, it is learned in a cablegram from Berlin, April 24, copyright by the New York
"Times," its advices also stating:
The Deutsche Bank publishes a positive warning against the expansion of
"prolongation credits" on the Boerse by the banks. It emphasizes the fact
that the volume of such credits increased 22% between October and March.
The bank goes further and predicts that when reaction comes on the Berlin Stock Exchange, its dimensions will be in proportion to the extravagant
expectations of the present speculators for the rise. The Boerse itself has
not been greatly influenced by these warnings. Although there were sharp
upward and downward fluctuations last week, and although the trading
was erratic, the basic tendency was firm. Speculators continued to concentrate their activities on shares of coal, steel and electrical enterprises.
•Germany to Raise Postage 50% on July 1, Effecting
Increase in Revenue of 50,000,000Marks.
German postage will be increased about 50% on July 1,
the Ministry of Posts reported on April 25. The New York
"Times" advices from which we quote (copyright) state:
This will increase the Reich's revenues by about 50,000.000 marks
yearly, it is estimated. The reasons given for the step are, first, that the
Government coffers need all obtainable revenues and secondly, that postage
has not been increased for several decades, while other prices have advanced
steadily, being double those of the time when the postage rates were established. Letters within the Reich, now costing 2).i cents to send, will be
1,973,182.11 advanced to 33 . While It is now 1 cent cheaper to send a
4
letter from
902,933.61
433,719.54 New York to Berlin than vice versa, the new scale will probably increase
the difference by 4 cents. The German press points out that America is
3,188,266.80 the only nation fulfilling the World Postal Union agreements regarding international mails.
5,645,675.35
Belgium—
(a) Furnishings to army under Arta. 8-12 of
319,491.54
Rhineland Agreement
(b) Deliveries of coal, coke and lignite
coke and lignite
(e) Transport of coal,
(d) Deliveries of dyestuffs and pharmaceutical
475,134.54
products
(e) Deliveries of chemical fertilizers and nitrog- 2.756,743.21
enous products
229,621.82
5,149.14
(f) Delivrles of coal by-products
1,828,152.16
84.431.13
(g) Deliveries of timber
1,853.942.29 16,833,458.47
deliveries
(ti) Miscellaneous
11,252.68
(I) Miscellaneous payments
(I) Cash transfer: Settlement of balances owing
services rendered by
for deliveries made or
the German Government prior to Sept. 1
115,483.79
1924
5,494,891.82 31,161,746.33
Total Belgium
5. Serb-Croat-Slovene State—
(a) Deliveries of pharmaceutical products
(b) Miscellaneous deliveries
(c) Miscellaneous payments
Total Serb-Croat-Slovene State
6. United States of America—
(a) Deliveries under agreement
(b) Cash transfers in foreign currencies
Total United States of America
7. Rumania—
(a) Miscellaneous deliveries
(b) Miscellaneous payments
Total Rumania
53,803.52
3,730.62
3,345,242.15 21,933.439.16
133,174.50
18,966.15
3,367,938.92 22.120,417.18
2,509,129.41 25,209,217.12
3,606,400.00 21,381,032.79
6,115.529.41 46,590.249.91
865,033.07
5.228,583.12
3,834.86
865,033.07
5,232,417.98
8. Japan—
(a) Deliveries of chemical fertilizers and nitrogenous products
(b) Miscellaneous deliveries
2,744.673.51
2,771,504.49
5,516,178.00
Total Japan
9. Portugal—Miscellaneous deliveries
831,350.28
2,885,173.15
10. Greece--Miscellaneous deliveries
257.152.67
1,865,168.94
9.982.18
111,333.65
7,662.46
11. Poland—
(a) Deliveries of agricultural products
(b) Miscellaneous payments
(c) Cash transfers—Settlement of balances owing for deliveries made or services rendered by the German Government prior
to Sept. 1 1924
Total Poland
Grand total
2.497.02
16,011.83
12,479.20
134,007.94
86,686,980.54 561,104,425.95
Ambassador Houghton Sees Danger in an Alliance of
United States and Great Britain.
In expressing the belief on April 22 that an Anglo-Saxon
alliance would not better the relations between the United
States and Great Britain, Alanson B. Houghton, United
States Ambassador to Great Britain, indicated himself In
accord with the views of Sir Esme Howard, the British Ambassador to the United States. Ambassador Houghton,
speaking before the Manchester (Eng.) Chamber of Commerce, declared that the only result of such an alliance
"would be to unite all the rest of the world against us. It
would, slowly perhaps, but very definitely, make an end of
peaceful progress. It would turn this earth once again into
an armed camp. In the end precisely what we sought to
avoid, war, would result, and out of such a war we may be
sure that neither honor nor safety nor profit to any pczple
could possibly emerge." He added:
We may have to fight side by side in the future, as in the past—that we
do not know—but if the need arises, which God forbid, let it be for a
cause and a reason which bring us instinctively together, not be a calculated
arrangement which might of itself tend to bring about so dreadful a caw
trophe.
Mr. Houghton declared he believed, ass matter of course,
that the peace and general well-being of the world in the
future would depend upon the existence of a sound and cordial understanding between the British and American peoples, according to the London cablegram (copyright) to the
New York "Times," which quoted the Ambassador further
as follows:
"In fact," he continued, "I may go even further. I believe that funda-
mentally the basis of such an understanding already exists—not because of
any marked regard or liking we may feel for one another's excellent qualities, not because of our common
not because of ties of blood, but
Reparation PaymentsMore Than Covered—'Earmarked' because, being what we are, it islanguage, that we should look out on the
inevitable
Taxes in Germany Produced Double the Requireworld and its affairs from very much the same point of view. Our immediate interests are not always identical. Nations, like individuals, have to
ments for Fiscal Year.
earn their living. Each people has its own special interests to consider and
The 7,174,000,000 marks shown to have been collected from protect. That could not be otherwise."
German tax revenue in the fiscal year ended March 31 comAngto-American Co-operatioS.
pares with 6,685,000,000 in the budget estimate and 6,856,Ambassador Houghton then discussed possible Anglo-American co-opera000,000 actually received in the preceding financial year, tion in the future.
"I believe," he said, "that in the larger realm of affairs which necessays a copyright cablegram from Berlin, April 24, to the New sarily concern us both we ought to find a measure of agreement easy. We
York "Times," which adds:
certainly think in much the same terms. We have the same scale of values,
From the surplus receipts of 489,000,000, 275,000,000 are payable to
the States and municipalities for subventions.
Direct taxes yielded 4,712,000,000, as against 4,892,000,000 in the preceding year, the decline being caused mainly by the reduction of the turnover
tax from 1% to 3 of 1%. Indirect taxes yielded 2,461,000,000, against
1,963,000,000 marks in the preceding year, the proceeds of customs taxes
being 940,000,000, as against 590,000,000. The increase in the ratio of
we want the same kind of world. Consciously or unconsciously, we are
seeking for the same kind of future. So much, it seems to me, we may
accept without hesitation. And it offers us an opportunity which, you will
agree with me, is unique in human history. The question for us to consider
Is: What are we going to do with that opportunity? For it is in our
hands to do with as we will. How can we use it best? Now, I have no
intention of trying to answer that question. I doubt, indeed, if it can be
2530
THE CHRONICLE
answered, except gradually and as the years bring us increased knowledge,
and we may hope for greater sympathy and wisdom. The answer to it will
depend far more on what we do than on what we say. But I may perhaps
add that, in my opinion, even now, a little more patience, a little more
belief in one another's good faith, and; above all, a little more individual
effort to understand the difficult problems which each people is facing,
will take us a long way."
The Ambassador told his audience that such natural and helpful relations
would not result in anything like an alliance.
"The idea may be tempting," he said. "That Anglo-Saxon alliance of
which we hear from time to time may have its attractive aspects. There are
moments when it may seem to offer an open and easy way to obtain results
we all desire. Nevertheless, I believe the idea to be wholly false."
Ambassador Howard's views in the matter were set out
In an address before the Twentieth Century Club at Washington on March 3, at which time he pleaded for a "unity of
heart and understanding as a substitute for written pacts
and alliances between the two countries" and said that
rather than Anglo-Saxon unity he would prefer "a unity of
the English-speaking peoples." The New York "Herald
Tribune," from which we quote, also reported him as saying:
Sir Esme declared that the kind of unity he would like to see between the
two nations was that known as "a fraternal attitude of mind," coupled with
a sense of confidence in each other's determination to prevent absurd war
between the two nations, an to keep "our two flags flying side by side for
the greater honor and glory of God."
Assails False Patriots.
Written alliances, be said, if drawn between Great Britain and the United
States are possible means of inciting other nations to opposition against
both countries.
Offering of $21,200,000 6% Bonds of Argentine Government—Books Closed—Issue Oversubscribed.
At 99% and accrued interest to yield over 6.05% to
maturity, J. P. Morgan & Co. and the National City Co.
of New York offered on April 28 an issue of $21,200,000
external sinking fund 6% gold bonds of the Argentine
Government. The books were closed at noon April 28,
the issue, it is announced, having been oversubscribed.
The bonds are designated public works issue of May 1 1927
(credito Argentino 1927 trabajos publicos emission de I de
Mayo 1927). They will be dated May 1 1927 and will
mature May 1 1961. A cumulative sinking fund of 1%
per annum, calculated to be sufficient to retire the bonds of
this issue at par not later than May 1 1961, is to be applied
to the purchase of bonds below par through tenders, or, if
not so obtainable, to the redemption of bonds, called by lot,
at par and accrued interest. The sinking fund payments
may be increased by the Executive Power if considered
advisable. The bonds will be in coupon form in denomination of $1,000 and $500, registerable as to principal only.
Principal and interest (May 1 and Nov. 1) will be payable
in gold coin of the United States of America of the present
standard of weight and fineness in New York City either at
the office of J. P. Morgan & Co. or at the National City
Bank of New York, fiscal agents for the bonds of the issue,
without deduction for any Argentine taxes, present or
future. The following statement (in which all figures
originally stated.in Argentine currency have been converted
into dollars of the United States of America at par of exchange
for the gold peso or paper peso, as the case may be) has been
signed in behalf of the Argentine Government by Honorio
Pueyrredon, its Ambassador at Washington:
Obligation.—These bonds are to be direct external obligations of the
Argentine Government. The Government will covenant that if, while
any of these bonds remain outstanding, it shall create or issue or guaranteee
In accordance with the Argentine Constitution. any loan or bonds secured
by lien on any of Its revenues or assets, the bonds of this issue shall be
secured equally and ratably with such other loan or bonds or such guaranty.
Purpose.—The bonds are to be issued under authority of Law 11,333,
also mentioned in Law 11,389. and. in accordance with the provisions
of that Law, the proceeds of the issue will be used exclusively for the
construction, extension and improvement of public works, including the
Argentine State Railways.
Government Debts and Assets.—The total debt of the Argentine Government as of June 30 1926 amounted to $938,923,301, as compared with the
national wealth, according to the Cer.2118 of 1914 (the latest official figures)
-owned properties (including revenueof $14,543,000,000. Government
producing investments of $530,000.000) had a total value in 1914. according
to the same census, of $1.125,000.000, or about $186.000,000 more than
the total Government debt now outstanding.
Offering of $10,613,500 Bonds of Province of Buenos
Aires (Argentine Republic) by International
Syndicate—Bonds Sold.
The offering of a new issue of $10,613,500 7% external
sinking fund gold boas (consolidation loan of 1926) of the
Province of Buenos Aires, Argentine Republic, was announced yesterday (April 29) by a syndicate of international
scope, the American and Buenos Aires members of which
are as follows: The First National Corporation of Boston,
White, Weld & Co., Hallgarten & Co., Kissel, Kinnicutt &
Co., Ernesto Tornquist & Co., Ltda., of Buenos Aires, Halsey,
[VoL. 124
Stuart & Co., Inc., Lehman Brothers, Cassatt & Co., Graham,
Parsons & Co., William R. Compton & Co., and Hornblower
& Weeks. A substantial amount of the bonds has been
placed in Europe, including bonds which are being offered
in Amsterdam by Pierson & Co., Nederlandsche HandelMaatschappij, Mendelssohn & Co., Amsterdam, Proehl &
Gutmann and Vermeer & Co. The bonds, which were offered
at 95 and interest, to yield over 7.40%, have all been sold.
The Act authorizing this issue provides that the proceeds
shall be applied to the liquidation of the floating and shortterm indebtedness of the Province. The bonds form part of
an authorized issue (the consolidation loan of 1926) of 42,020,000 Argentine gold pesos (about $40,500,000), or the
equivalent in foreign currencies at legal parity, of which
amount 6,020,000 gold pesos, or about $5,800,000, are being
placed liy the Province as an internal issue. The balance of
36,000,000 gold pesos, or $34,735,623, was authorized for
issuance externally, and $24,121,000 of that amount has previously been issued as 7% external sinking fund gold bonds,
consolidation loan of 1926, due June 1 1957. The present
issue is dated May 1 1027 and is due May 1 1958, and represents the remainder of the authorized external issue. It will
serve to complete the liquidation of the floating and shortterm indebtedness listed in the Act. The bonds will be in
coupon form in denominations of $1,000 and $500, registerable as to principal only. They will be redeemable only
through the sinking fund, either (a) by purchase on tender
at less than par and accrued interest, or (b)-by call, on any
interest date at par on not less than fifteen days' notice. A
cumulative sinking fund of 1% per annum is provided for,
to operate semi-annually, and calculated to be sufficient to
retire all these bonds at or before maturity. The Province
covenants to apply, as extraordinary sinking fund, for these
and the other external bonds of the consolidation loan of
1926 (limited in amount as indicated below), 25% of any
surplus of revenues at the end of each fiscal year; and reserves the right to increase any sinking fund payment. Principal and interest (May 1 and Nov. 1) will be payable at the
office of Hallgarten & Co., or of Kissel, Kinnicutt & Co.,
fiscal agents, in New York City, in United States gold coin
of the present standard of weight and fineness, or at the
option of the holder, in London, at the office of Erlangers,
sub-fiscal agents, in sterling at the exchange rate of $4.8665
to the pound sterling, without deduction for any Argentine
national, provincial or other taxes present or future. The
Central Union Trust Co. of New York is Registrar. Dr.
Francisco Ratto, Minister of Finance of the Province, furnishes tile following information regarding the security back
of the bonds and the finances of the Province:
Security.—These external bonds are a direct obligation of the Province
of Buenos Afros, which pledges its full faith and credit for the due and
punctual payment of principal, interest and sinking fund. In addition these
bonds and the other external bonds up to the total of 30,000,000 gold
pesos ($34,735,623) of the consolidation loan of 1926 are specifically secured by a first charge and lien on the real estate and inheritance taxes,
subject only to the prior charges now existing, and the Province covenants
that the maximum annual amount of such prior charges is not and shall not
exceed 4,700,000 Argentine gold pesos ($4,535,000).
The Province declares that the real estate tax, the revenues from which
will be greatly increased through revaluation effective this year, as calculated to produce not less than the equivalent of 24,200,000 Argentine gold
pesos ($23,300,000) in each fiscal year. After deducting from this amount
the said annual prior charges, there remains an amount equal to more than
six times the annual service charges on the total authorized external issue
of said consolidation loan. After deducting the said annual prior charges
from the combined calculated annual revenue of the real estate and inheritance taxes, the remainder is equivalent to more than seven times the annual
service charges on said total authorized external issue. Should at any time
the revenue from the real estate tax fall below the amount above specified,
the Province covenants that at the request of the fiscal agents it will pledge
receipts from other taxes in an amount equal to the deficiency until the
revenue from the real estate tax shall again reach the above figure. The
Province in addition covenants to establish the rates and bases of the real
estate and inheritance taxes in order to ensure as a minimum the revenues
referred to above as long as any of these bonds remain outstanding.
Finance—In 1920 total receipts of the Province aggregated $30,950,000,
and by 1926 they had risen to over $43,060,000. The total funded indebtedness of the Province, including this issue, does not exceed $255,000,000.
The assessed value of real estate is in excess of $4,244,000,000.
All conversions of Argentine pesos to United States dollars have been made at par of exchange. Application will
be made to list the bonds on the New York Stock Exchange.
Temporary bonds or interim receipts will be deliverable in
the first instance.
Pirelli Co. of Italy Bonds Offered.
J. P. Morgan & Co. on April 28 offered at 98 and interest,
to yield over 7.15% to maturity, an issue of $4,000,000
Pirelli Co. of Italy (Societa. Italiana Pirelli) sinking fund
7% convertible gold bonds, dated May 1 1927, due May 1
1952. The isEt e his been overall
'.
APR. 30 1927.]
THE CHRONICLE
2531
bonds was announced by J. & W.Seligman & Co. and Dillon,
Read & Co. (the banking houses offering the issue). The
offering was made at 92 and accrued interest, to yield 7.60%.
The loan, the largest for any foreign mortgage bank this
year, is the latest of a series of flotations of this type which
have been growing in popularity and which includes bonds
of the German Central Bank for Agriculture, the Mortgage
Bank of Chile, Saxon State Mortgage Institution, the Industrial Mortgage Bank of Finland, Mortgage Bank of
Denmark, the Bank of East Prussian Land-owners Association, the Mortgage Bank of Colombia and the Mortgage
Bank of Bogota. The $12,000,000 issue of the State Mortgage Bank of Jugoslavia will be dated April 1 1927, will
become due April 1 1957 and will be redeemable on any
interest date, at the option of the bank, in whole or in
part, at 100 and accrued interest. A cumulative sinking
fund will be provided calculated to retire these bonds by
maturity by purchase at not exceeding 100 and accrued
interest or by semi-annual drawings at 100 and accrued
interest. By the laws under which the bank is organized
the Government of Jugoslavia guarantees the payment of
the principal and interest of these bonds. They will be
coupon bearer bonds in interchangeable denominations of
$1,000 and $500. Principal and interest (April 1 and Oct. 1)
payable in United States gold coin of the present standard
of weight and fineness, in New York City at the office of
J. & W.Seligman & Co., fiscal agents, free from and without
deduction for any Jugoslavian taxes. Aron Alcalay, Acting
Manager, and Dr. Rudolf Sa.rdelie, Director, in advices to
the banking houses offering the bonds, supply the following
Offering of $6,000,000 Adriatic Electric Company Bonds. information:
The bonds are convertible into series A stock of the
company at $40 a share for the first two years after issue,
approximately $45 a share for the second two years and $50
a share for the third two years (subject to a minimum lira
price). The pirelli business has been in existence for 56
years under the continuous control of the Pirelli family.
The Pirelli Co.of Italy owns all the Pirelli plants and business
in Italy and a majority of the capital stock of the Pirelli
International Co.(Brussels), which controls companies selling
Pirelli products in France, Belgium, Great Britain, Spain
and the Argentine, and operating factories in the two latte •
countries. The British subsidiary also owns 50% of the
capital stock of the Pirelli General Cable Works, Ltd.,
which operateS two cable factories in England, the other
one-half interest in this company being owned by the General Electric Co., Ltd. (of London). About 50% of the
total sales of the group consists of electric cables and wires
about 35% of automobile tires and the balance of sundry
rubber articles.
The Pirelli group is one of the largest producers of electric
cables in the world and the third largest European producer of
automobile tires. Total sales of the group in 1926 amoutued
to the equivalent, at average exchange rates for the year, of
approximately $27,700,000. The proceeds of these bonds
will be used to repay bank loans and other short term debt
incurred for additions and betterments to the company's
plant already made or now in progress, and to increase its
working capital. Further data regarding the company are
given in our "Investment News Department," page 2603.
An issue of 85,000,000 25-year 7% external sinking fund
gold bonds of the Adriatic Electric Co. (Societa Adriatica di
Elettricita) was offered April 25 at 96 and interest, to yield
about 7.35%, by Blair & Co., Inc., and the Chase Securities
Corp., New York. The issue has been oversubscribed. A portion of the issue was reserved for offering abroad. The Societa Adriatica di Elettricita was organized in 1905 under the
laws of the Kingdom of Italy. It is both an operating and a
holding company. The company and its twenty subsidiaries,
collectively called the Adriatica Group, is one of the largest
and most important hydro-electric concerns in Italy, and
constitutes a complete system for the generation, transmission and distribution of electric energy. The territory served
by the group comprises an area of 17,000 square miles, including 15 provinces surrounding the northern end of the
Adriatic Sea, and having a population of 5,500,000, including
the important cities of Trieste and Venice. The plants
owned by the Adriatica Group have an aggregate installed
capacity of approximately 236,000 h.p. and include approximately 1,120 miles of transmission lines, 58 principal substations and approximately 6,700 miles of distributing lines.
Over 90% of such capacity is hydro-electric. None of the
concessions under which the companies of the group operate,
including privileges of renewal, expires before 1977. Further data regarding the offering are given in our "Investment News Department," page 2585.
Offering of $10,750,000 Meridionale Electric Co. Bonds.
An issue of $10,750,000 Meridionale Electric Co. (Societa
Meridionale di Elettrieita), Italy, 30
-year first mortgage
sinking fund 7% gold bonds, Series "A" has been placed
with investors by a syndicate headed by Marshall Field,
Glore, Ward & Co., Blair & Co., Inc., Blyth, Witter & Co.
and Banes Commerciale Italiana Trust Co. The bonds were
offered at 953 and interest, to yield about 7.35%. Of
the above issue $3,500,000 bonds have been withdrawn
for public issue in Switzerland by Union Financiere de Geneve,
and approximately $1,900,000 have been withdrawn for
private sale in England and other European countries.
The Meridionale Electric Co., together with its subsidiaries,
is the largest producer and distributor of electric energy in
southern Italy. Further data in connection with the
offering are given in our "Investment News Department"
page 2589.
Offering of $12,000,000 7% Bonds of State Mortgage
Bank of Jugoslavia—Bonds Subscribed—Books
Closed.
An offering on April 26 of $12,000,000 secured 7% sinking
fund gold bonds of the State Mortgage Bank of Jugoslavia
(Credit Foncier du Royaume des Serbes, Croates et Slovenes) brought a ready response. Over-subscription of the
General.—The State Mortgage Bank of Jugoslavia was founded in 1862
as a State institution for the management of public funds and in 1898 became a central mortgage bank under Government supervision. It is the
largest mortgage bank in the country and the only one for whose obligations
the Government is responsible. When the country was occupied by hostile
armies during the World War, the Government paid interest on all the
bonds and notes issued by the bank, although sinking fund payments were
suspended. Its chief business is to make loans on farm properties and other
real estate and to the Government and political subdivisions, all under restrictions imposed by law. It obtains funds for this purpose from deposits
and from the issue of its own bonds and notes.
Jugoslavia is predominantly an agricultural country, 85% of the population being farmers. Raising of livestock, forestry and mining are important industries. Much of its annual production is exported, and, with the
great improvement in conditions on the continent during recent years, the
country's foreign trade has increased 75% since 1922. Exports have exceeded imports in each year after 1923.
In each of the past three fiscal years the revenues of the Government
have exceeded its expenditures. The currency has been stable since the
latter part of 1925.
Security—The bonds will be the direct obligation of the bank and will
be secured by the pledge of obligations, all of which are secured by mortgages on real estate, received by the bank against loans made by it. The
bank will covenant to maintain the pledged obligations at an amount, calculated on a gold basis, equal to the principal amount of bonds at any time
outstanding.
By the laws under which the bank is organized the Government of Jugoslavia guarantees the payment of the principal and interest of these bonds.
Every loan made by the bank, except those made to the State or to political subdivisions, is secured by first mortgages on farm property or other
real estate and must not, under the law, exceed 50% of the appraised
value of the mortgaged real estate. In practice they have averaged only
about 33% of such appraised values. All loans to political subdivisions are
secured either by mortgages on real estate or by the pledge of revenues or
taxes and all loans to the State by the pledge of budget appropriations. The
bank is not permitted by law to issue its own bonds and notes to an amount
In excess of the outstanding principal amount of the loans held by it. The
bank's losses on its loans have been less than three-thousandths of one per
cent (.003%) of all the loans it has mode.
The public debt of Jugoslavia, both internal and external, converting the
latter at par of exchange, totals about $562,000,000. In addition there are
war debts due to Great Britain and Prance of £33,000,000 and 1,700,000,000 francs, respectively, which are expected to be funded in the near future.
Interim receipts or temporary bonds will be deliverable in
the first instance. Applica.ntion will be made to list the
bonds on the New York Stock Exchange.
National Central Savings Bank of Hungary Arranges
Loan of $1,500,000 in American Market.
The National Central Savings Bank of Hungary, founded
in 1872, one of the oldest and best known mortgage institutions of Hungary, with head offices in Budapest and twelve
branch offices, including one in Vienna, has arranged for a
loan In the American market. This loan, consisting of 1,500,00
0 7Y2% 35-year sinking fund gold bonds, has been underwritten by a banking group headed by F. J. Lisman & Co.
Since 1888 the bank has had a special mortgage department
engaged in the granting of long-term loans, secured by first
mortgages on agricultural land and on houses in Budapest
The bank also extends long-term credits to Hungarian municipalities by the issue of its communal bonds, secured by
the direct obligations of the borrowers and the pledge of
municipal taxes. The purpose of the forthcoming issue is to
2532
THE CHRONICLE
provide the bank with funds against which mortgage loans
are already made, but for which mortgage bonds have not
yet been issued, and to effect additional mortgage loans.
Total net assets of the bank, including latent reserves, are
reported at approximately $4,000,000, and its deposits exceed $10,000,000, having more than doubled during the last
two years.
For- 124.
Actual revenues of the City have exceeded expenditures in each of the
five fiscal years ended with June 30 1926, except in one year when there
was a deficit of $4,273. Over the entire five-year period such revenues
exceeded expenditures by Kr. 3.993.785 (81,070.334).
Budget of the City for the fiscal year ending June 30 1927, balances at
Kr. 15,707,433 (84,210.592).
Note.—All conversions of kroner into dollars have been made at par
of exchange (8.268).
Application will be made to list the bonds on the New
SiZk Stock Exchange. It is expected that delivery will be
2.
Interest Payment to Holders of Interim Receipts of made in the form of temporary bonds about May
Hungarian Mortgage Institute Bonds.
Loan to Turkey—Ulen & Co. Cables Author2
1
/
As definitive 7 % sinking fund land mortgage, series A, $28,000,000
ity for Contracts—Option on Loan to Bucharest.id
bonds due 1961, Of the Hungarian Land Mortgage Institute
From the New York "Sun" of last night (April 29) we
will not be ready for delivery in exchange for interim receipts on May 1 1927, the six months' interest due on that take the following:
Ulen & Co., it was learned today, have cabled authority to their repredate will be paid to holders of interim receipts upon presen- sentative. Major James Case, to sign two contracts with the Turkish
tation to the Corporate Trust Department of Guaranty Trust Government, Involving a loan to Turkey totaling 828,000,000. One of the
the money
Co. of New York, 140 Broadway, New York City, for proper Contracts calls for $20,000,000 and the other for $8,000,000, have a joint
Will be used on construction projects in which Ulen & Co'will
endorsement.
interest with!a French concern, the Batignolles Company, which abiris
3
Province of Lower Austria Secured Sinking Fund 73/%
Gold Bonds—Admitted to Listing on New York
Stock Exchange.
2
1
/
The Province of Lower Austria secured sinking fund 7 %
gold bonds have bee,n'admitied to listing on the New York
Stock Exchange. The bonds, S.cording to J. & W. Seligman
& Co., are secured by the Pledge on the provincial real estate
taxes and rental and building taxes, which; in the year 1925
times the annual service charges en the
amounted to over
bonds. The yield.in 1925 of the taxes pledged, and those
allocated and reserved for pledge under certain contingencies, amounted to over 37 tirde the annual service charges
on the bonds. In 1923, the first year of currency stabilization in the post-War period, nnd.again in 1924 and '1925, the
Province, it is stated, showed a Surplus of receipts over expenditures. Total reventre&in 1925 amounted to $8,531,090,
as compared with total expenses of $8,164,000, leaving a surplus of $366,000. The.bonds are selling around 101, te yield
7.41% to maturity. The were originally offered at 98½ In
December 1925..
Offering of $2;750,000 External Gold Bonds of City of
Trondhjem (Norway)—Books Closed—Bonds
Oversubscribed.
issue of $2,750()00 City of Trondhjem (Norway)
An
-year 54% sinking fund external loan gold bonds was
30
offered on April 27 by White, Weld & Co., Blair & Co.,
Inc.,and Brown Brothers & Co.at 97M and accrued interest,
yielding over 5.65%. The closing of the books at noon the
same day was announced, the bonds, it is stated, having
- -thiiloan are to be
.
Veen oversubscribed—The proceeds of
-Vo
7
used in the redemption of the $2,500,000 bonds of the'632
dollar loan of 1924. The total debt of the City will not,
therefore, it is stated, be materially increased by this issue,
and the annual charges for debt service will be reduced.
The new issue will be dated May 1 1927, will become due
May 1 1957 and will be redeemable, at the option of the
City, on any interest date as a whole only (except through
accrued interest,
operation of the sinking fund), at 100 andafter 60 days' notice. A'sinking fund, commencing Atig. 1
1932, operating semi-annually, is calculated to retire all
bonds of this loan at or before maturity through purchase
in the market at not exceeding 100 and accrued interest or
through call by lot at 100 and accrued interest after 30 days'
notice. The bonds, coupon, in interchangeable denominations of $1,000 and $500, will be registerable as to principal
only. Principal and interest (May 1 and Nov. 1) will be
payable in time of war as well as in time of peace,irrespective
of the
of the nationality of the holder, at the principal office
Chase National Bank pf the City of New York, fiscal agent
deduction
for the loan, in United States gold coin, without
taxes, present or future. The National
for any Norwegian
the
Bank of Commerce in New York,is registrar. Regarding
finances of the city advices from the Burgomaster
credit and
of Trondhjem and other sources state:
Credit.
high credit. Prior to the war
The City of Trondblem has always enjoyed loans Issued between 1895
internal
its total funded debt consisted of four between 3 % and 4Si%. There is
and 1914 bearing interest rates ranging
of interest or principal of any debt
no record of any default in payment
of the City of Trondhjem.
Finances.
as of June 30 1926 (latest official
The debt of the City of Trondhjem,
60.685.693, (816,263,765). The City
figures available), amounted to Kr.
128,413,141,($34.417,721), including
owns property officially valued at Kr.
plants and tramways valued at Kr.
revenue producing gas and electric
70.343,908,(818,852.167)•
interested in the loan.
The loan and the construction work will extend over a period of three to
five years, and it is unlikely that more than 82,000,000 will be actually borrowed by Turkey at one time.
Before the contracts become binding they will have to be approved by
the Turkish Parliament.
Bucharest Loan.
A local banking firm has obtained an option on a 87,000.000 7% loan
to the city of Bucharest, Rumania, expiring next month, but it is uncertain
whether anything will be done in the direction of exercising the privilege.
This is the second American banking firm to obtain such an option for Rumania's capital city. The first firm relinquished its option when It expired
on April 16.
Should the Rumanian city obtain a loan it would mark the entrance of a
new borrower into the American market. Heretofore Rumania financing
has been done mostly in London and other centers.
Yield of Revenues Pledged as Security for Department
of Cauca Valley (Republic of Colombia) 73/2%
Sinking Fund Gold Bonds.
The Department of Cauca Valley, Republic of Colombia,
-year 7 % secured sinking fund gold bonds have
2
1
/
whose 20
just been listed on the New York Stock Exchange, reports
to J. & W. Seligman & Co. that the yield of the tobacco,
liquor and slaughter taxes pledged as security for the bonds
totaled, for the six months ended Dec. 31 1926, $1,622,930,
of which the proportion securing the bonds amounted to
$1,424,870, or over 11.5 times the semi-annual service charges
on the bonds, against $1,302,888 in 1925, equivalent to 9.2
times the semi-annual service charges. In each of the past
nine fiscal years the Department has shown an excess of
revenues over expenditures. The bonds, which are callable
by lot at 103, are selling around 99, to yield 7.67% to final
maturity, as compared with the original offering price of
96% in October 1926.
Bonds of Saxon State Mortgage Institution Called for
Redemption.
The National City Bank of New York, as trustee, announces that $64,000 principal amount of Sachsische Landespfandbriefanstalt (Saxon State Mortgage Institution) mortgage collateral sinking fund 7% guaranteed gold bonds, due
Dec. 1 1945, have been called for redemption June 1 next at
par and interest; also that $26,000 principal amount of
Sachsische Landespfandbriefanstalt (Saxon State Mortgage
%
1
/
Institution) mortgage collateral sinking fund 62 guaranteed gold bonds, due Dec. 1 1946, have been called for redemption at par and interest on the same date. Interest on
these bonds, which are redeemable at the head office of the
National City Bank, will cease from and after the redemption date.
Rica Shows Surplus of Revenues Over
Expenditures for Fifth Successive Year.
Official advices received by J. & W. Seligman & Co. state
that the Republic of Costa Rico reports for the year 1926
surplus revenues of 4,805,899 colones, total revenues being
27,417,348 colones, as compared with total expenditures of
22,611,449 colones. Total revenues increased 1,636,117 colones over 1925, while surplus exceeded 1925 by 2,792,219
colones. This is the fifth successive year, it is stated, in
which Costa Rica has shown a surplus revenue over expenditures. Receipts from customs duties and the alcohol and
liquors monopoly, which are pledged as security for the
external 7% dollar bonds of the republic, amounted in 1926
to $4,891,427, which after deducting maximum prior service
charges of $696,000 on the sterling and franc loans of the
republic, left a balance of pledged revenues of $4,195,227,
equal to over six times annual interest and sinking fund
Costa
APR. 30 1927.]
THE CHRONICLE
2533
charges on the $8,000,000 external secured sinking fund 7%
gold bonds sold in the New York market at 95% at the end
of 1926. The bonds are now quoted around '96. Exports of
Costa Rica for 1926 amounted to $18,962,000, as compared
with imports of $13,824,000, making an excess of exports of
$5,138,000 for the year. The exports for 1926 were over 15%
in excess of the $16,416,000 figure reported for the previous
year, while imports were substantially the same, the 1925
figure being $13,821,000. In every year but one since 1913
Costa Rica, it is added, has enjoyed a favorable trade balance.
Offering of $500,000 5% Bonds of DenverPoint Stock
Land Bank.
C. F. Childs & Co. offered on April 26 at 103% and accrued
interest, to yield 4.56% to the redeemable date and 5% thereafter, an issue of $500,000 5% farm loan bonds of the Denver Joint Stock Land Bank. The bonds will be dated May 1
1927, will mature May 1 1957 and will be redeemable at par
and accrued interest on May 1 1937 or on any interest date
thereafter. They will be coupon bonds in denominations
of $500, $1,000, $5,000 and $10,000, fully registerable and
interchangeable. Principal and interest (May 1 and Nov. 1)
will be payable at the Chase National Bank, New York, or
Offering/002,500,000 5% Bonds of San Antonio Joint
at the Denver Joint Stock Land Bank, Denver. The bonds
Stock Land Bank.
are issued under the Federal Farm Loan Act. The Denver
An issue of $2,500,000 5% farm loan bonds of the San Joint Stock Land Bank operates in Colorado and Wyoming.
Antonio Joint Stock Land Bank of San Antonio, Tex., was The analysis of the bank's loans as of March 31 1927 follows:
offered yesterday (April 29) by C. F. Childs & Co. at 103 Total loans-2.247
$15,206,500.00
and accrued interest, to yield about 4.62% to the redeemable Appraised value of land and buildings
$46,139,138.00
1,574,826
date and 5% thereafter. Dated Jan. 1 1927 and maturing Total acres mortgaged
loaned per farm
Average amount
$6,767.40
Jan. 1 1957, the bonds will be redeemable at par and accrued Average number of acres per farm
700
$29.29
interest on Jan. 1 1937 or on any interest date thereafter. Average appraised value per acre of land and buildings
loaned per acre
$9.65
They are in coupon form in denominations of $500, $1,000, Average amountamount loaned to appraised value of land
Percentage oif
$5,000 and $10,000, fully registerable and interchangeable.
and buildings
SS%
Principal and interest (Jan. 1 and July 1) will be payable
The bank's capital is reported as $1,000,000; surplus and
Park Bank, New York, or at the San Antonio
at the National
profits, $122,568; reserve (legal), $72,000. It has farm loan
Joint Stock Land Bank, San Antonio, Texas. The San An- bonds outstanding of $13,818,000. The shareholders, it is
Joint Stock Land Bank was organized Sept. 15 1919
tonio
stated, have received 8% per annum since Dec. 31 1923.
to operate in Texas and Oklahoma. The bank discontinued
lending in Oklahoma about three years ago. At present 97%
of the loans are in Texas and 3% in Oklahoma. In Texas Proposed Offering of Bonds of Lincoln Join Stock
the bank operates principally in the Black Waxy,and
Land Bank.
Grand Prairie sections. The following analysis of the bank's
It is understood that a group consisting of the First Naloans as of March 31 1927 is furnished:
tional Corporation of Boston, the Equitable Trust Co. of New
$17,358,035.00
Total loans-2,200
$398,691.99 York, the Old Colony Corporation, the First Trust & Savings
Principal payments
$40,959,560.00 Bank, Chicago, Central Trust Co. of Illinois and Brooke,
Appraised value of land and buildings
2,030,363 Stokes & Co., will offer to the public shortly, an issue of
Total acres mortgaged
$7,818.93
Total amount loaned per farm
914,58 $2,000,000 bonds of the Lincoln Joint Stock Land Bank. The
Average number of acres per farm
$20.17 bank is one of the five largest in the system. No announceAverage appraised value per acre of land and buildings
$8.41 ment has been made of the price at which this issue will be
Average amount loaned per acre
Percentage of amount loaned to appraised value of land
42.37% offered to the public.
and buildings
The bank's capital is $1,200,000; it has surplus and profits
of $98,392 and reserve (legal) of $62,400. Its farm loan Committee Inquiring Into Affairs of Bankers' Joint
bonds outstanding are given as $16,547,000. The change of
Stock Land Bank of Milwaukee Hopes to Effect
ownership of farms on which the bank held mortgagen.from
its Continuance.
organization to date is indicated as follows:
Stating that high Treasury officials describe as prema187
Number of sales
131,332 ture reports that Bankers' Joint Stock Land Bank of MilTotal acreage sold
$3,678,879 waukee was to be forced into liquidation, a Washington disprice ------------___----______
Total sales
$3,423,314
Total value as appraised for loans
$1,484,240 patch published in the "Wall Street Journal" of April 21
Total amount loaned
40% went on to say:
Percentage of loans to sales price
Offering of$500,000 5% Bonds of St. Louis Joint-Stock
Land Bank.
At 104 and accrued interest to yield approximately 4.49%
to the optional date and 5% thereafter to maturity. William
R. Compton Co. and Halsey, Stuart & Co., Inc., offered on
April 25 an issue of $500,000 5% bonds of the St. Louis Joint
Stock Land Bank. The bonds will bear date April 1 1927
and will mature April 1 1957. The optional date is April 1
1937. In coupon form in denominations of $1,000 and $5,000,
the bonds will be fully registerable and interchangeable.
Principal and interest (April 1 and Oct. 1) will be payable
at the American Trust Co., St. Louis, or coupons may be presented for collection through any office of the banking
houses offering the bonds. The bonds are issued under the
Federal Farm Loan Act and are acceptable as security for
postal savings and other deposits of Government funds. The
St. Louis Joint Stock Land Bank was established in 1922.
It operates in the States of Arkansas and Missouri. As of
March 31 1927 the bank reports capital stock of $1,430,000;
permanent reserve, $225,000; special reserve, $35,700, and
undivided profits, $90,555. Dividends on the capital stock
are being paid at the rate of 9% per annum. Total bonds
outstanding, including this issue, amount to $21,450,000.
The following is the statement of the St. Louis Joint Stock
Land Bank as officially reported March 31 1927:
Acres of real estate security
Appraised value of real estate security
Total amount loaned
•
Average appraised value per acre
Average amount loaned per acre
Percentage of loans to appraised value
715,007
$56,199,570.69
23,272,710.00
78.60
32.55
41%
William R. Compton is Chairman of the Board of the St.
Louis Joint Stock Land Bank.
It is explained that the committee of bankers which has been studying
the affairs of that institution hope to work out a plan whereby it can continue to function. Although the bank's assets are said to be frozen in real
estate loans, Treasury officials are of the opinion that during the spring
and summer it may be possible for the banks to realize on some of these
loans.
The same paper on the previous day (April 20) carried the
following item regarding the bank:
Plans providing for liquidation of Bankers' Joint Stock Land Bank, of
Milwaukee, with capital of $1,200,000, are being considered by the advisory
committee, which was formed early in February of this year to take over the
management of the bank, according to Werner Markwitz, Secretary-Treasurer of Bankers.
As part of its program, the advisory committee sought the resignation of
official personnel to reduce overhead and formulated plans for disposal, in
an orderly way, of the bank's real estate holdings which, up to a short time
ago, were in excess of capital, and prevented Bankers from performing as a
lending institution for many months. In order for it to continue functioning it would be necessary, say bankers identified with the institution, to
reorganize the bank through an assessment on stockholders, or by liquidation, such as is now contemplated.
The committee proposes to suggest a plan of liquidation for the approval
of the Farm Loan Board in the near future, and if the Board grants its
approval the plan will be submitted to stockholders for action. It has been
authoritatively stated to Dow, Jones & Co. that this plan involves the sale
of control to either of two land bank interests, with whom the committee
is now conducting negotiations.
Bank's Balance Sheet Reclassified.
A reclassification of the bank's balance sheet, as of March 31 last, shows
principal liability of $16,067,950 in outstanding bonds, offset by collateral,
pledged with the Farm Loan Registrar in that district, of $16,256,499.
Miscellaneous liabilities aggregate $154,775 and miscellaneous assets, including $539,999 of real estate and $162,013 in sheriffs' certificates, $1,143,306. Excess of book value of assets over ascertained liabilities amounts to
$1,177,080; this latter is a bookkeeping item and subject to change materially by substitution of the actual value of assets for the cost or bookkeeping
value.
Bankers of Milwaukee was the ninth joint stock land bank chartered in
September 1918 to operate in the States of Wisconsin and Minnesota. It
paid an initial dividend of 5% in December 1919 ; 2% in April 1922;
in July 1922; 2% in October 1922; 2%%, in January 1923 and quarterly
at the latter rate thereafter (10% annually) to the end of 1925. On Jan. 1
1926 the last dividend of 1% was paid.
2534
THE CHRONICLE
Real Estate Account !improved.
Since the latter part of 1925, the bank has shown a rising real estate
account, brought about by foreclosures resulting from adverse agricultural
conditions. This account became so large in 1926 that the bank organized
a subsidiary real estate company, Wisconsin-Minnesota Farms, to which it
transferred farm holdings with a view to their sale. The subsidiary, it is
reported, made some progress, but did not meet with the approval of the
Farm Loan Board, who ordered its activities returned to the bank proper.
This was accomplished late in 1926 with the result that the bank's real
estate holdings were at an amount in excess of its capital.
If the plan of liquidation under consideration, with the approval of the
Farm Loan Board, is carried through, it is the opinion of bankers that It
will act as a stimulus to the joint stock land bank stock market as a whole,
Bankers having been an adverse factor affecting other issues. The stock of
Bankers of Milwaukee is currently quoted at six bid and ten offered.
Indictments Against Officials
of Kansas City Joint
Stock Land Bank.
It was made known in the Kansas City "Star" of April 24
that seven individuals and a corporation were indicted on
the previous day (April 23) in Kansas City, Kan., the
culmination, it is said, of 18 months' investigation of the
Kansas City Joint Stock Land Bank by Government agents.
Those named in the charges returned in the Federal Court
before Judge John C. Pollock were, according to the "Star":
[VOL. 124
holders of the land bank; there was manipulation in loans and money between the land banks, the Missouri Hydro
-electric Company, the Farmers
Fund Company and the Kansas City Finance Company.
This afternoon's Indictment explains the Government's allegation that
Walter Cravens and his associates were in a huge conspiracy in financing
the preliminary construction work on a huge hydroelectric project at
Bagnell, Mo.
Stripped of legal verbiage, the indictments accuse land bank officials of
embezzlement of one million dollars of bank funds which were used, it is
alleged, in financing the power project.
Government officials here say that "the surface has only been scratched"
and indicated that the grand jury will continue to probe into the affairs of
the land banks for several months. Indictments were also returned against
the following concerns and individuals: Missouri Hydroelectric Company,
Cravens Mortgage Company, Missouri
-Kansas Farms Company, Inc.,
Kansas City Finance Company, Kansas City Joint Stock Land Bank,
W. D. O'Bannon, attorney of Sedalia, Mo.; O'Bannon and Shane, attorneys, of Sedalia; Guy Huston & Co., Chicago; Guy Huston & Co., New
York; Guy Huston, personally, or any officer of either of Huston's two
companies. In a series of subpoenas duces tecum the jury had commanded
the producing of minute books, ledgers, cash books, journals, vouchers.
capital stock certificates, real estate records, check registers, canceled
check stubs, all correspondence files and all financial statements.
45 Cases Made Out.
After two days' investigation forty-five sdecific cases of falsifying mortgage records of the land bank were uncovered, according to the indictments.
It is alleged that forty-five mortgages ranging in value from 83,000 to $30.000 and totaling $705,000 were signed by boys under twenty-one years of
age, by improvident negroes and by destitute persons who never had owned
Walter Cravens. President of the land bank and the Cravens Mortgage and given as security.
The borrowers, the Government charges, were merely employed to sign
Co. of Salina, Kan.
notes to cover money taken from the bank to finance the Ozark (Bagnell,
Ralph Street, Vice-President of the land bank.
- R. P. Cravens, Salina, Chairman of the Board of the land bank and the Mo.) Dam project.
mortgage company. He is the father of the three other Cravens indicted.
Although as yet only 8705,000 is charged specifically as having been taken
R. H. Cravens, Salina, officer of the mortgage company and director from the bank and secured by worthless mortgages, Government agent
In the land bank.
believe the total sum will aggregate at least $1,000,000, as thus far the jury
C. R. Cravens, Salina, officer in the mortgage company and director is far from having completed its investigation of the records of the interlocking firm.
of the land bank.
Last Saturday a Kansas grand jury delivered indictments against the four
J. B. Smith, Salina, director in the land bank.
Cravens: J. B. Smith, Salina, land bank director, and Thomas Comerford,
Thomas Comerford. Salina, director in the land bank.
Salina, land bank director.
Cravens Mortgage Co., Salina.
The
Kansas Indictment.
In part the "Star" had the following to say regarding the
The Kansas indictment, which did not name Miss Todd,secretary of the
indictments:
bank, alleged that Cravens and his associates, through the Cravens MortJudge Pollock, at the suggestion of Al F. Williams, United States District
Attorney, fixed the bonds of the Individuals and the corporation at 810.000 gage Company, were allowed a 2% commission on Kansas farm loans made
by the land bank, these payments totaling $537,283.
each. . . .
The charms of fraud mainly involve use of the mails. . . .
The Practices Specified.
Two practices indulged in by the Land Bank and the mortgage company
are specified in the indictment:
"One, that the Land Bank paid the mortgage company 2% commission
on all loans made in Kansas since 1918, whether the loans were negotiatdt
by the mortgage company's agents or other agencies.
"Two, that the mortgage company drew sight drafts on the Kansas City
Finance Co., a corporation formed by Walter Cravens, to obtain cash to
redeem maturing 'debenture bonds' and guaranty certificates,' which
were obligations of the mortgage company; that Mr. Cravens drew checks
on the Land Bank in favor of the finance company to honor the drafts;
and that false entries in the Land Bank's books were resorted to to conceal
the issuance of the checks.
Charge Fraud on Land Bank.
•
The complaint of the Governmen, is the money that passed from the
mortgage company in COMMil3SiODS and in sight drafts
Land Bank to the
was a fraud upon the Land Bank and its stockholders, and became a loss
sustained by the bank and its stockholders.
Payments totaling 8537,283 as commissions were paid to the mortgage
company by the Land Bank between Jan. 1 1918 and March 13 1926, the
indictment alleges. It is not charged that the mortgage company did not
earn any of the commissions, but the language of the indictment charges
the amount actually earned was much less than the amount paid. Hence,
bookkeepers and auditors will find themselves in dispute on the witness
stand in seeking to establish the right and wrong of the ledger entries.
There are 35 counts in the indictment, which covers 90 pages. For
each count the court may impose a fine of not more than 81,000 or imprisonment of not more than five years, or both fine and imprisonment.
Trouble Began in 1918.
The inception of the alleged fraudulent business dealings between the
bank and the mortgage company was in 1918, according to the indictment,
when a verbal agreement was entered into pledging the land bank to pay the
mortgage company 2% commission on all loans made in Missour. and
Kansas. Tbat was at the time the land bank, just starting, was in Salina.
The verbal contrac: was considered sufficient until Aug.30 1926. when the
agreement was reduced to writing. This written contract bound the land
bank to pay the mortgage company (he commission on all loans made in
Kansas, from whatever source they came.
Additional allegations of illegal operations carried on by officials of the
Kansas City Joint Stock Land Bank probably will be presented a Federal
grand jury which will assemble to-morrow in the court of Judge Albert L.
Reeves in Kansas City, Mo. Judge Sylvester Rush and Judge Nugent
Dodds,special assistant attorneys general, will be associated with Roscoe C.
Patterson, United States district attorney, in presenting the case to the
grand Jury.
Nebraska Beet Growers Ask Intercession by President
Coolidge in Dispute Over Great Western Sugar
Terms.
According to Scott's Bluff advices to the "Wall Street
Journal" of April 19, the Co-operative Beet Growers of
Nebraska has sent, through Frank Thomas, its President,
tile following telegram to President Coolidge:
Great Western Sugar Co., operating under the benefits of protective tariff
which is entirely in your control, refuses to accept from the Co-operative
Beet Growers Association, which controls 75% of the Great Western acreage in the Nebraska territory, the identical contract the company is acce,pting from individuals, in an apparent effort to destroy co-operative marketing in the beet sugar industry. Knowing the unqualified support you have
given to co-operative marketing, we ask you to intercede immediately in
our behalf by wire.
With reference to the above the paper quoted makes the
following comment:
The dispute between the Nebraska beet growers and the Great Western
Sugar Co. is over the question of contracts for 1927 beets which will be
ground this coining autumn. The company offered a contract providing
for minimum payments for beets, which payments would be reduced in the
event that the tariff on sugar were reduced. The Beet Growers Association
advised its members not to sign this contract, and held out for a contract
guaranteeing a minimum payment of $8 a ton for beets and not including
the tariff clause. The association threatened to reduce its acreage Materially if the company refused to accept the growers' terms. Meanwhile the
Great Western Co. solicited individual contracts from growers regardless of
the stand taken by the Co-operative Growers Association.
President Hubbard on "Economic Function of New
York Cotton Exchange"—Hedging Facilities
as Trade Insurance.
The New York Cotton Exchange was described as "a
great safety valve" to the cotton trade by Samuel T. Hubbard Jr., President of the Exchange, in addressing students
of the Wharton School of Finance of the University of
Pennsylvania at Philadelphia on April 25. The subject of
indicating that furthe • indictments were found by the Mr. Hubbard's address was "The Economic Function of the
In
jury which convened in Kansa City, Mo. on April 25, a New York Cotton Exchange.- The most misunderstood
Kansas City dispatch, April 28 to the New York "Journal function of the Exchange is that it opens up to the public
a place for legitimate speculation, Mr. Hubbard said. He
of Commerce" said:
For the second time within six days officials of Kansas City Joint Stock continued:
Land Bank were indicted to-day by the Federal Grand Jury. The hydroelectric promotion of Walter Craven's group at Bagnell, Mo., was the basis
of to-day's grand jury indictment.
The indictments to-day named Walter Cravens, President of the land
Bank, and Cravens' Mortgage Co. of Salina, Kan.; Ralph Street, VicePresident of the Land Bank; R. P. Cravens of Salina. Chairman of the
board of the Land Bank and father of the three other Cravens' named;
It. H. Cravens. Salina, officer of the mortgage company and Land Bank
director; C. R. Cravens, Salina. officer of the mortgage company and Lana
Bank director, and Miss Alice Todd, one of the two women executive, in
joint stock land banks in the country.
Fifty Counts in Bill
The indictments, containing fifty counts, allege that false entries were
made in the books ofthe land banks;there was a conspiracy to defraud stock-
Speculation is the greatest incentive that man has to progress. Christopher Columbus took a very big speculation on his life and his future
when he went out to discover America. Eli Whitney speculated on the
possibilities of a machine that can gin cotton. Every inventor is a speculator, and like most speculators only a small proportion are successful.
John Jacob Astor established his fortune, and the fortune of his family, in
speculating in New York real estate.
Speculation is the big incentive in every line of life. In other words,
brought down to the last analysis, speculating is simply taking a chance,
and the man that never took a chance never gets anywhere. There is a
great difference betiveen speculation and gambling, even though you might
say that in both you take a chance. In gambling you take so much money
and say that either a certain number or a certain card will appear, or that
you hold cards better than some other man's cards. In speculation you
APR. 30 1927.]
THE CHRONICLE
have presented to you, if you will take the trouble to look for it, the basic
facts regarding the value of a commodity, or a piece of real estate or a
piece of cloth. You can take this commodity and store it in a warehouse.
You can pay outright for your piece of real estate, something that you
cannot do when you gamble on horses or at cards.
Mr. Hubbard told of the various factors which play an
Important part in price fluctuations in the cotton market,
saying:
If a Chinaman cuts off two inches from his shirt, they say it will break
the mills at Manchester. If there is an international situation which causes
the natives of barbaric countries to have anti-English or anti-American
feeling, they will boycott the goods of these countries. If the monsoons
of India fail to break, and there are crop failures in India, the amount of
cotton consumed in that country will be materially affected. If the ladies
of the United States would all wear one petticoat, instead of none, the
cotton mills of the country would be prosperous, and so it goes.
Each and every one of these factors play a part in determining the value
of cotton for the next season, and they are all, as they come up from time
to time, reflected in the fluctuation in the value of the future contract in
New York, which, in its mere name of future—a delivery at some later date
—discounts coming events.
Speaking of the speed with which orders from distant
points are executed on the New York Cotton Exchange, Mr.
Hubbard said:
To-day we execute orders between Memphis, Tenn., and New York and
return in three minutes. If it takes five minutes to get a reply back in
Memphis from the time it is sent, the customer threatens to leave you
because your service is so poor. Prices are flashed all over the United
States instantly that they are made on the floor of the Exchange. There is
to-day in existence a telegraph wire which runs over the entire South
devoted to quotations alone. The minute the key is touched in New York
the sounder is heard upon the floor of the Memphis, Dallas, New Orleans
and San Antonio Cotton Exchanges at the same moment.
Mr. Hubbard explained how the hedging facilities offered
by the New York Cotton Exchange acted as trade insurance
to those in the cotton industry, and in conclusion said:
So we have in the cotton futures market of New York a great safety
valve to the trade, where prices are constantly fluctuating, constantly reflecting the world's opinion as to the future value of the American cotton
crop. Where we have a place where merchants and spinners underwrite or
Insure themselves against extreme loss. Where we do have, of course, large
advances and declines, but where one can always sell or always buy cotton
at a price—something that cannot be done in wool or in silk or in any other
commodity where there is no open market for future delivery.
2535
Loans and discounts, including rediscounts. totaled $13,647,640.000.
which was an increase of $74,365,000 since December 31 1926. and an increase of $346,334,000 in the year.
Holdings in United States Government securities were 52.652,367.000
an increase of $369,796,000 since December and an Increase of $111,544.000
over the April figures last year. Other bonds, securities. etc., amounting
to 53,671,313,000, showed increases over December 31 1926, and April 12
1926, of $163,492,000 and $402,286,000. respectively.
Amounts due from corresponding banks and bankers to the credit of the
reporting associations, including lawful reserve with Federal Reserve
banks, aggregated 53,263.396,000, a reduction since the previous call of
5187,212,000, but more by 535,644,000 than on April 12 1926. Cash held
In vault totaled $373,905,000 and showed an increase of $21,196,000 since
December, and an increase of $6,332,000 since April last year.
The paid in capital stock of these banks was $1,460,491,000, an increase
over December 31 1926, and April 12 1926. of $49,768,000 and $50,057,000.
respectively. Surplus and undivided profits totaling 51,759,480,000 likewise showed increases of $65,284,000 since the last call and $70,257,000
In the year.
Circulating notes outstanding amounted to $642,558,000, which was a
decrease of $3,891.000 since December and a decrease of $6,894,000 in the
year.
The balances on the books of the reporting banks on March 23, 1927, due
to other banks and bankers, including certified checks of 5200,381,000 and
cashier's checks outstanding of $201,921,000. aggregated $3,183,456,000.
and were less by $240,185,000 than at the time of the previous call, as well
as a decrease of $101,138,000 in the year.
Demand deposits, including United States deposits of $241,945,000.
totaled 510,672,286,000, as compared with $10,906,908,000 in December
and $10,691,398,000 a year ago. Individual time deposits of 57,056,467,000
which include postal savings, exceeded the amount reported in December
by 5523,025,000 and were more by 5856,661.000 than the returns of the
spring call last year. Total deposits. $20,912,209,000, show net increases
since December and April last year of $48,218,000 and $736,411,000,
respectively. The total individual deposits (time and demand) included in
the foregoing aggregate of deposits were 517,486.808,000. an increase of
5184.697.000 since December and an increase of 5830,308.000 in the year.
Bills payable of $306.203,000 were reduced by $85,390,000 since December, but showed an increase of $40,613,000 over April last year. Notes
and bills rediscounted, exclusive of acceptances of other banks and foreign
bills of exchange or drafts sold with endorsement, were reduced from
5138,716,000 to 592.840,000 since December and were $57,891,000 less
than on April 12 1926. The total of bills payable and rediscounts on March
23 1927 was $399,043,000.
The percentage of loans and discounts to total deposits on March 23,
1927 was 65.26, as compared with 65.06 on December 31 1926 and 65.93
on April 12 1926.
Newl,YorkiStock Exchange Suspends M. Boyd Zinman
,
for One Year.
On Thursday of this week (April 28) M. Boyd Zinman
was suspended from membership in the New York Stock
Exchange for the period of one year. The announcement
was made from the rostrum of the Exchange by President
E. H. H. Simmons, and read as follows:
-Branch Bank Bill Signed by Governor Fisher
Leslie Anti
of Pennsylvania.
The so-called Leslie anti-branch bank bill, enacted by the
Pennsylvania Legislature, became a law on April 27 when
it was signed by Governor Fisher. According to the Philadelphia "Record," the bill, as originally introduced by Senator Leslie, of Pittsburgh, would have prohibited branch
banks from operating in Pennsylvania after a specified
date. The same paper says:
A Charge and Specification having been preferred under Section 7, ArThis proviso met with bitter opposition from banks in Philadelphia and
ticle XVII of the Constitution against M. Boyd Zinman, a member of this several other cities which operate branches and various changes were made
Exchange, said Charge and Specification was considered by the Governing In the measure. As signed to-day by the Governor, the law provides that
Committee at a meeting held on April 27 1927, said M. Boyd Zinman branch banks in operation on or before March 1 of this year may continue
being present; and the Governing Committee having determined that said to operate and that location of such branches may be changed at any time
M. Boyd Zinman was guilty of the Charge arid Specification, said M. Boyd on approval of the Secretary of Banking. The law also provides that branch
Zinman was suspended for a perior of one year.
banks may be established, subject to the approval of the Secretary of BankSection 7, Article XVII of the Constitution is in part as follows:
ing, in cities in which national banks were operating prior to March 1.
"Sec. 7. A member who shall have been adjudged by a majority vote of
The bill, which is said to have been backed by the Mellon financial Interall the existing members of the Governing Committee guilty of . . . eats of Pittsburgh, had the support of country banks generally in the State.
conduct or proceeding inconsistent with just and equitable principles of The Mellons are said to have desired prohibition of branch banks because
trade, may be suspended or expelled, as the said committee may deter- they feared an invasion of the Pittsburgh territory with branches by New
mine. . • •''
York financial institutions, under the national Act permitting branches.
The substance of the charge of which Mr. Zinman was found guilty was Secretary of the Treasury Mellon is understood to have supported the bill
that on March 10 1927, having overheard a conversation between a member as originally introduced.
and a specialist in regard to a stop order to purchase stock, he thereupon
purchased stock for his own account for the purpose of putting the stop
Reference to the bill and the opposition to the original
order in operation, and then sold the stock so purchased to the member
measure, which had been voiced by the Philadelphia bankholding the stop order.
According to the New York "Times" of yesterday (April
29) Mr. Zinman, at the age of 29, purchased his seat on the
New York Stock Exchange in October 1925, at the then
record price of $135,000. At that time he was reputed to
have made a fortune in the stock market by a systematic
plan of operation in so-called "sleeper stocks." The basis of
Mr. Zinman's fortune, it was said, according to Wall Street
reports, was a $40,000 fee he earned as a tax consultant.
With that as a stake he began his stock market career in
1924. He is an individual trader, having no firm connection.
He was graduated from the New York University in 1922
and was the second member of the School of Commerce of
that institution to purchase an Exchange seat.
Condition of National Banks Under Call of Comptroller
of the Currency for March 23.—Continued Growth.
The Comptroller of the Currency issued the following
statement on April 27, concerning the condition of the
national banks of the country as disclosed by their reports
to the Comptroller as of the close of business March 23,
1927:
ILThe combined resources of the 7.828 reporting national banks in the
continental United States, Alaska and Hawaii aggregated $25,699,147,000
on the date indicated, as compared with resources of 525,683,849,000 on
December 31 1926, the date of the previous call, and $24,893,665.000
on'April 12 1926, the date of the_spring call a year ago.
ers, appeared in our issue of March 26, page 1762. John H.
Mason, Chairman of the Bank of North America & Trust Co.,
of Philadelphia, who was Chairman of the Philadelphia
bankers' organization which opposed the original bill, said
he was convinced that soundly regulated and supervised,
branch banking was the most economic method of handling
financial transactions. "Legislation of the future will more
and more require branches, rather than to restrict them.
The original Leslie bill was an action that was a backward
step. The amended bill is the reverse and gives to Philadelphia all it is entitled to and assures to the commercial
and financial interests the soundest and broadest financial
system," Mr. Mason said.
J. H. Philbin Resigns From. Federal Reserve Bank of
New York to Become President of Hanmer Plan
Company, Inc.
The Federal Reserve Bank of New York announced on
April 27 that Jesse Holladay Philbin has resigned his position
as Secretary and Assistant General Counsel of the Reserve
Bank, effective May 1, to become President of the Hanmer
Plan Company, Inc. Mr. Philbin has been with the bank
since November 1 1922, serving first as Assistant General
Counsel, and later assuming the duties of Secretary in
addition. Regarding his new connection Mr. Philbin says:
2536
THE CHRONICLE
The Hanmer Plan Company, Inc., is organized to operate a plant for
the creation, development and promotion of individual trust estates developed b
_ellen, Helmer and Company.
The
y is located in the Woolworth Building, and it will be the head
offic
oiling various subsidiaries, which will be established under the
Sa
e in the other large banking centers in the country. Negotiations
n completed for the organization of an eastern and western subsidlatch should be functioning on or before June 1.
e plan which comprises a unique combination of insurance and investnts, has already received the approval of a number of principal trust
mpanies in this city.
M. B. Wellborne to Retire as Governor of Atlanta
Federal Reserve Bank upon Expiration of Present
Term—Favors Service Charge by Banks—
Banking Conditions on Florida.
M. B. Wellborn, made 1:110Wn, in an address at Anniston,
Ala., April 20, his intention to retire as Governor of the
Federal Reserve Bank of Atlanta with the expiration of his
present term next year. Mr. Wellborn has been identified
with the bank since its organization in 1914, originally as
Chairman of the Board, and since 1919 as Governor. In
addressing, at Anniston, on April 20, Group 2 of the Alabama
Bankers Association, Governor Wellborn referred to the
increasing expenses attendant on the operation of a commercial bank and in noting that "a service charge is now
being made in practically all the larger cities," he said: "I
believe that the practice will spread more generally to the
smaller cities and towns if there is closer co-operation among
the banks of these communities. It is your duty, gentlemen,
to yourselves, to encourage this reform." Governor Wellborn also had something to say regarding banking conditions
In Florida and expressed the greatest confidence in the
future growth and development of the State. The following
account of Governor Wellborn's remarks is taken from the
Atlanta "Constitution":
A decade or so ago bankers were justified in performing a great many
free services for their customers because they had to educate the public to
do business with banks. Prior to 15 years ago the clientele of a bank was
not nearly so large as at present, and the general public did not do business with a bank to anything like the extent that is customary to-day. The
inducements which the banks offered gradually brought to them more and
more patrons who made use of a checking account. During the past few
years the expense of operating a commercial bank has increased tremendously. Notable reasons for this may be found in the increased salaries
paid to officers and the greater taxes that must be paid. It is true that
deposits have increased materially, but we take into consideration that a
great many of these deposits now command interest, and thus further
inroads upon the income of a bank are made. In short, it is much harder
than it used to be for banks to make a reasonable profit, and to my mind
the remedy is to be sought in closer co-operation among bankers. All successful businesses must be well organized to-day, and the bank is no exception to the general rule.
Competition Keen.
The competition has become of the keenest, and when one bank offers
special inducements of one kind or another to prospective patrons the competitor bank is more or less compelled to do likewise. It can be readily
understood, therefore, that what used to be reasonable earnings quickly
vanish before this excessive competition. While expenses have increased so
enormously within the past eight or ten years, interest rates have been on
the decline, and unless banks eliminate free services to their customers it is
almost impossible for than to earn a reasonable dividend for their stockholders, based upon their capital and surplus. Quite a considerable income has
been eliminated from the banking business in consequence of the par remitting system established by the Federal Reserve banks, and this is another
reason why commercial banks should, in my opinion, institute a system
of service charges.
Many banks are now charging from $1 to $2 a month for maintaining a
checking account which averages less than $200 or $100 for the month. One
Middle Western bank, which had been making a $1 charge, found that this
amount was not sufficient and that it was necessary to employ two extra
bookkeepers to look after about 400 of these small accounts. They analyzed
the situation carefully, and then announced that they would charge $2 a
month for all checking accounts under $100 and $1 for all accounts between
$100 and $200. The natural result was that many of these smaller accounts
began to close out, but the bank did not lose enough really valuable customers to amount to anything over against the previous expense of handling
the large number of small accounts—some 400 of them with an aggregate
deposit total of merely $10,000. A sound, vigorous policy in these matters
will do much to make for profitable progress among those banks which
have been inclined to be too lax along these lines in their desire to do a
large volume of business.
Service Charge Made.
A service charge is now being made in practically all the larger cities,
and I believe that the practice will spread more generally to the smaller
cities and towns if there is closer co-operation among the bankers of these
communities. It is your duty, gentlemen, to yourselves to encourage this
reform. When I was in the banking business in Anniston about 14 years
ago I recall vividly a conversation which Henry Young, Vice-President of
the First National Bank, had with a customer. Henry had told the gentleman that the bank would have to charge him for performing a certain service. The depositor objected strenuously and said that he didn't see why a
bank found it necessary to levy a charge on one of its own customers. Henry
put in an effective close to the argument with the remark: "If we can't
charge one of our own customers, then who on earth can we charge?"
Florida Banking Data.
I know the great interest that everyone in adjoining States takes in
our sister State of Florida, and many of our people have investments there.
Florida is a wonderful State, and all of us are proud of her. In view of the
fact that there have recently been several bank failures there, some of
which were connected with a chain system (not branch banks), I think it
[Vox. 124.
would be interesting to give you here some facts about Florida from a
banking standpoint. No doubt it will be somewhat surprising to you to
know that all the banks in Florida which are members of the Federal Reserve are borrowing from the Federal Reserve Bank of Atlanta a total of
only $2,500,000. This is all the more remarkable when you consider that
our total rediscounts for member banks in the sixth district amount to
about $38,000,000, so you see Florida's percentage is only a little more than
61%. Another interesting fact is that one-third of the Florida member
/
2
banks are not rediscounting at all with the Federal Reserve, while their
total reserves with us amount to $16,000,000. It is true that the real
estate speculative boom has subsided in Florida, but I have the greatest
confidence in its future growth and development. I believe it will continue
steadily until the promise contained in her magnificent resources and i
the admirable energy of her citizens is realized.
Embargo on Canadian Milk and Cream Modified.
The embargo against milk and cream from the Canadian
territor within a radius of 200 miles of Montreal placed by
the United States Department of Agriculture March 26
under the provisions of the Food and Drugs Act, because of
an epidemic of typhoid fever, was modified on April 26.
The change in the embargo permits milk and cream produced
In this section of Ontario to be brought into this country,
but the embargo remains in force on all the territory in the
Province of Quebec included in the original embargo. The
modification was made by the Department of Agriculture on
the recommendation of the United States Public Health Service, based upon information secured from its own agents
and the Dominion health authorities and on assurances of
extremely rigid sanitary control by the provincial authorities of Ontario. Milk and cream produced in any part of
that province may now be shipped into the United States,
but no milk and cream produced in the restricted area of the
Province of Quebec shipped into Ontario may be shipped out
to the United States. Telegraphic instructions advising of
the modification of the embargo have been issued to collectors of customs, consular officers in Canada, and to import
control laboratories of the Bureau of Chemistry which enforced the terms of the Food and Drugs Act under which the
embargo was placed.
Chairman Green of Joint Congressional Committee on
Taxation Names Advisory Committee—Taxpayers Asked to Submit Suggestions
for Changes in Law.
Chairman William R. Green, of the Joint Congressional
Committee on Internal Taxation, announced on April 24
the appointment of an Advisory Committee, which, according to Representative Green, is expected to "render important service in the study of revenue problems now before
the Joint Committee." Those named to the Advisory
Committee are Professor Thomas S. Adams, Professor of
Political Economy of Yale University, who has in the past
assisted the House Ways and Means Committee and the
Senate Finance Committee in the preparation of the tax laws;
Dr. Thomas Walker Page, formerly chairman of the Tariff
Commission, and now associated with the Institute of Economics; A. A. Ballantine of New York and George C. May of
New York. Charles D. Hamel, Chief of the Simplification
Division of the Joint Committee, will act as Chairman of
the Advisory Committee. In announcing the appointments
Chairman Green issued a general invitation to taxpayers
to submit written suggestions for amendments to the tax
laws and the improvement of their administration. "No
public hearings will be held," said Representative Green,
"and suggestions should be submitted in writing. They
should deal with specific sections of the law or particular
administrative problems. Communications should be addressed to the committee at Room 452, House Office Building, Washington, D. C." The New York "Journal of
Commerce" in advices from its Washington correspondents
on April 24 said:
Considerable preliminary work already has been done by the personnel
of the joint committee in co-operation with the legislative drafting experts of
the Senate and House and the presentatives of the greasury Department.
R.C. Alvord,special assistant to Secretary of the Treasury Mellon,a former
member of the Legislative Drafting Seri,ice of Congress, is gathering a
great deal of data within the Treasur) Department for the use of the
committee. It was explained that there are eighteen subjects particularly
to be studied and of these five—depletion of mines, depletion of oil and gas
wells, depreciation, evasion of surtaxes by incorporation and consolidated
returns—have already received much attention. The other subjects
are
Inventories, capital gains and losses, earned income, surtax installment
sales, credits allowed individuals, publication of statistics, closing
old tax
returns, loss of revenue through gifts and trusts, foreign
corporations,
interest, valuation methods and the Board of Tax Appeals.
Inventories to be studied.
In the matter of inventories, it is proposed to study the operation and
effect of the provisions of the law affecting that subject, with special reference to the various rules laid down for pricing the same by the Bureau of
Internal Revenue. It is explained that the basis of inventories and the
APR. 301927.]
THE CHRONICLE
pricing thereof has been specially assigned to the determination of the
Commissioner of Internal Revenue. In the opinion of the experts attached
to the Joint committee it appears that Congress should be Informed of how
this provision is being operated in order to see if greater explicitness in the
law is desirable.
The operation and effect of the provision for taxing capital gains and
losses, with special reference to the net result in income to the Government
from this provision, Is to be considered. A partial study of the subject
indicated that the total capital losses from 1917 to 1923, inclusive, exceeded the capital gains, thus causing loss of revenue. In 1924 It appears
the gains exceeded the losses. There is in question the desirability of
retaining this provision in the law.
Installment sales provisions are new to the present law and it is proposed
to go Into this matter quite thoroughly in order to acquaint Congress with
their effect.
A report on the number of taxpayers relieved from income tax by the
increased personal exemption provided in 1926 act is held pertinent, together with general statistics on the average cost of dependents to a taxpayer.
Analysis of Data Urged.
The effect of the consolidated returns provision has never been completely
studied. Some changes in wording were made when the 1920 law was under
consideration, but the whole problem now is to be studied.
A Burt ey spade by the experts attached to the joint committee indicates
that there are many statistics in regard to tax returns recorded by the
Bureau of Internal Revenue which are not published or assembled in such
shape as to be useful for the study of specific features of the revenue act.
It Is pointed out that at a very small expense there could be made available
to Congress just the information required, not only in studying the effect
of the present or future acts, but also in making available those facts necessary for the prediction of next year's revenue.
A report is to be made on the status of the work in the Bureau of Internal
Revenue in regard Mold tax cases not yet closed out,with special reference to
the causes thereof, and the consideration of those provisions of the law
which may contribute to the delay in settling cases. The extent of the legal
tax evasion hrough gifts and trusts is to be studied, as well as whether
there is evasion on the part of foreign corporations in not showing the true
profit these comparles made in the United States.
Foreign Taxes Under Quiz.
"The bureau is at great disadvantage in determining the proper tax on
many foreign corporations whose controlling records are kept in other
countries," L. H. Parker, chief of the Division of Investigation of the committee,reported. "For instance,a certain foreign corporation did an annual
gross business in this country in excess of3400,000,000 a year for a number of
years, and yet during that period paid practically no tax, on account of
claiming either no profit or loss. It would seem important to study this
subject and also to co-ordinate the cost of goods impori.ed into the country
as shown on income tax returns with the declared value for customs purposes.
The result of such an Investigation might recover a considerable tax either
through customs or income tax."
Provision for the hearings on question of tax revision was
made on March 3, when the House passed a resolution
appropriating $5,000 to defray the cost of such an inquiry,
to be held by members of the House Ways and Means Committee.
Bank of Nova Scotia on Foreign Trade of Canada
1914:1927.
A study of the growth of the Foreign Trade of Canada
from 1914 to 1927 is contained in the April number of the
"Monthly Review" of the Bank of Nova Scotia, from which
we quote as follows:
While it is generally known that the foreign trade of Canada, in proportion to population, places the Dominion among the six or seven most active
trading countries, it was difficult until recently to ascertain how far the
post-war increase in foreign ttade has been due to changing price levels and
how far to an increase in the physical volume of imports and exports. It is
now possible to show the growth in the physical volume of trade during
this period: for in the latest annual report on the trade of Canada, recently
published by the Dominion Bureau of Statistics, the imports and exports of
the last six years have been revalued at a fixed price level (that of 1914).
The accompanying chart [This we omit.—Ed.] shows the value of imports
and exports for the last seven fiscal years, in terms of 1914 prices, and
thus roughly indicates changes in the volume of trade. Figures for 1927
represent a preliminary estimate based on the twelve months ending
with
February.
The most striking change during the period is, of course, the growth of
exports during and since the war.
The volume of exports
in the fiscal year 1926 was more than double that of 1914. Rather
more than half of the increase is accounted for by exports of agricultural
products, mainly grains, flour, meats and milk products, and the
post-war
development of the wood and paper industries accounts for another
quarter,
but the figures also reflect the recent development of automobile exports,
and many other types of goods have contributed in a smaller degree.
Imports also have increased, but not to the same extent as exports. For
the fiscal year just ending, however, imports will show a considerable increase over 1925-1926 in many classes of goods, including coal, metals
and
their products (including automobiles), wool and cotton and their products,
butter and eggs, coffee, hides, leather, furs, lubricating oils and petroleum,
tobacco, fruits, wood, glass and other commodities. Though all these goods
have been "entered for consumption" a certain percentage will be used in
production, and re-exported; the greater part, however, is destined for
consumption in Canada.
Before the war, imports regularly exceeded exports for many years; during the war, the export trade increased and until 1921 Canada had a "favorable balance of trade." This favorable balance disappeared with the general depression of 1920-21, but in 1923 exports again took the lead. As
our imports for the year just ending have materially increased while exports
have slightly diminished, the surplus of exports (though still more than
$200,000,000 at present prices) will be less than it was in 1925-1926.
The export trade of the Dominion in manufactured products has more
than kept pace with that in raw materials. In 1914 manufactured articles
comprised 36.8% of total exports; in 1926 this percentage had risen to
52.8% and the same tendency was noticeable in the trade reports for the
years intervening.
2537
President Coolidge at Dinner of United Press Discusses
International Policies—Protection of American
Interests in Mexico, Nicaragua and China Not
Imperialistic Move—Attitude Toward All
Nations One of Friendship and Good Will.
The difficulties which the United States has recently been
trying to work out with foreign nations were referred to by
President Coolidge in speaking at the annual dinner on
April 25 of the United Press Association at the Hotel Biltmore, New York. The Government's policies toward Mexico,
Nicaragua and China were dealt with by the President,
who in making it plain that in its representations to these
several nations the Administration is actuated solely in
affording protection to the life and property of American
citizens, said:
The recent period has brought America into a new position in the world.
We shall have to bear the inevitable criticisms and try to discharge the
inevitable obligations which arise from this condition. Because some
others have pursued that course, it may be feared that we shall embark
upon a program of military aggrandizement. Such, however, is not the
spirit of the American people. If, even where our national interests and
the protection of the rights of our citizens are involved, we attempt to
assist in composing difficulties and supporting international law, we must
expect to be charged with imperialistic motives. In our international
intercourse we must hold ourselves up to high standards of equity and justice. We should be slow to take offense and quick to grant redress. The
world knows that the whole genius of America always calls it to the support
of the universal rights of humanity. . . .
Our attitude toward all nations is one of friendship and good-will. Toward those who are yet struggling to improve the conditions of their people
and achieve a larger liberty, it is especially one of forbearance. We
support the demands of right and justice, but we are equally solicitous to
observe the requirements of mercy and compassion. In the attempt of your
Government to meet these great obligations by which alone an enlightened
civilized society can be maintained, a united America must constantly respond with service and sacrifice.
At the start of his remarks the President referred to the
influence of the public press "in creating a situation that
brings the blessings of peace or is fraught with the perils
of war." The President declared that "the policy that our
nation is trying to promote throughout the world is one of
peace and good-will based on a better understanding through
justice and fair dealing. It is perfectly apparent," he said,
"that there are three main elements on which we rely to
advance this cause. First is the national Government, as it
comes into contact through its duly constituted officers with
the Governments and people of other countries. I doubt if
the belief exists in any informed quarter that this is a
belligerent Government desirous of oppression or bent on
conquest. Our whole history and tradition, the moderation
of our military establishment, and the general attitude of
our people, would altogether disprove any such assumption."
The President added:
Another very important consideration is that of trade and commercial
relations. . . .
In the past foreign interests have had investments in this country running into several billions of dollars. Being made at a time when we had
insufficient capital to develop our own resources, such investments were
most helpful in building our railroads, opening our mines and supporting
our manufacturing. As we have come into the possession of surplus capital
we have shown an increasing disposition to extend this same kind of service
to other countries. Our people have gone abroad with their investments,
their technical skill and commercial ability, to assist in opening up undeveloped countries.
This is the natural play of the forces of civilization. It is the result of
natural and commendable enterprise which carries with it the same kind
of benefits and advantages to the other people which we ourselves formerly
received from abroad. It is the method by which the more prosperous and
Improved portions of the earth help to bring these advantages to the lens
fortunately circumstanced. This policy is distinctly one that is in harmony
with the law of service. In principle it is the method by which stronger
communities minister to weaker communities. But these operations must
be carried on with justice and humanity. They must not be permitted
to sink to the level of mere exploitation. They do not justify a seizure,
which is virtually by force, of the natural resources of foreign countries or
the failure to give fair compensation for their labor. A just attitude in
these respects by Americans when they engage in enterprises abroad will do
very much to determine whether our country is able to maintain the respect
and friendship of foreign peoples. Unless this course is pursued, unless
this attitude is maintained, all the support which our Government could give
would fail to make these foreign enterprises successful. Unless they rest
on justice and fair dealing they are bound to fail.
A third factor exists which is in the long run more important than any
other. A condition of understanding and good-will among the people of
the earth is very largely a state of the public mind. It is almost inconceivable that nations which have maintained friendly relations should all
at once find themselves at war with each other. Armed conflict arises from
a long series of misunderstandings and abuses which suddenly flare up on
some unexpected provocation. Open hostility does not break out unannounced. It is a growth of long and assiduous cultivation. It cannot be
doubted that people as a whole desire peace. They cannot long secure it if
they are constantly harboring feelings of hostility. It is for these reasons.
that the public press, especially the daily newspapers and weekly periodicals, has such an enormous influence in creating a situation that brings.
theblessings of peace or is fraught with the perils of war. . . .
Our Government has usually been too remiss, rather than too active, in
supporting the lawful rights of its citizens abroad. That has been so long
our established policy that it is rather difficult to conceive it assuming a
truculent and arrogant attitude. But when it is proceeding with moderation, attempting by peaceful negotiation to adjust differences, defending
2538
THE CHRONICLE
the rights of its citizens and maintaining national dignity, great care is
necessary to give the public the exact facts and avoid the appearance of
seeming to support the position of foreign .Governments.
The President observed that "we live under a system that
guarantees the sanctity of life, and liberty through public
order and protects the rights of private property under the
principle of due process of law." He further said:
There is a distinct and binding obligation on the part of self-respecting
Governments to afford protection to the persons and property of their citisens, wherever they may be. This is both because it has an interest in
them and because it has an obligation'toward them. It would seem to be
perfectly obvious that if it is wrong to murder and pillage within the confines of the United States, it is equally wrong outside our borders. The
fundamental laws of justice are universal in their application. These
rights go with the citizen. Wherever he goes, these duties of our Government must follow him.
In his reference to China, the President stated that "we
shall of course maintain the dignity of our Government and
insist upon proper respect being extended to our authority.
But our actions will at all times be those of a friend solicitous for the well-being of the Chinese people." The
address (except the parts already quoted) in full follows:
Members and Guests of the United Press:
The gathering and the distribution of news have long since ceased to be
A focal and individual occupation. They have become identified with great
.organizations having their representatives in all parts of the country and
gtheir publications in every important centre. This service could only be
'performed by a mutual exchange of the most inclusive nature. How rapid
.and complete has been the growth of these organizations is exemplified by
the United Press, which is now celebrating its twentieth anniversary. In
dhat short space of time it has spread far and wide over North and South
America and become an instrument of both national and international pubMelly.
Growth and Power of Press.
This growth and power of the press carries with it great obligations. It
Is axiomatic that a free press can exist only in a free country. One of the
first efforts of all kinds of absolutism is to control the press and the schools
as the sources of information and education of the people. Where the press
te free, as it is in our country under the guarantees of the national and
State Constitutions, it has a reciprocal duty of its own to perform toward
the administration of the Government, of giving true reports to the people
of the actions of public officials. To do otherwise would be to establish a
petty tyranny of its own. In America the general sources of information
are so numerous and on the whole so correct that any publication which
censtantly misrepresents very soon becomes marked as unreliable and loses
its influence both for good and for harm.
It is natural that the press should represent the character of the Government under which it lives and of the people which it serves. I have come
to have a profound regard for the American press because it represents
America. In the accuracy of its reports, the intelligence of its comments
and the freedom of its action, I know of no other country where it is surpassed. There ought to be a deeper realization of these conditions on the
part of those who are responsible for the conduct of our press which should
be reflected on their part in a more intense and genuine Americanism. If
you lived under some jurisdictions your news would be garbled and unfair,
your editorial comments would be dwarfed and prejudiced, your conduct
would be cramped and limited. Because America is what it is, you are
what you are. Your own independent and exalted position fully demonstrates that this country is worthy at all times of your service and your
support. Whenever any section of our press turns on America and on
American institutions, and assumes a foreign attitude, every informed person
knows that it has fallen from the high estate which is our common heritage,
and becoming no longer worthy of regard is destined to defeat and failure.
;No American can profit by selling his own country for foreign favor.
Three Elements Entering Into Policy of Nation in Promoting Peace.
The policy that our nation is trying to promote throughout the world is
,one of peace and good-will based on a better understanding through justice
And fair dealing.. It is perfectly apparent that there are three main ele,ments on which we rely to advance this cause. First is the national Gov,ernment, as it comes into contact through its duly constituted officers with
.the Governments and people of other countries. I doubt if the belief exists
In any informed quarter that this is a belligerent Government desirous of
,oppression or bent on conquest. Our whole history and tradition; the
moderation of our military establishment and the general attitude of our
,people, would altogether disprove any such assumption.
Another very important consideration is that of trade and commercial
.relations. While a certain number of foreign people come to this country
to transact business without intending to make this their permanent home,
,their number is negligible, and any difficulty arising from their presence
,here is almost unknown. They have practically every advantage and every
,protection that is afforded to our own citizens. Of their conduct on the
whole we have had little to blame and much to praise. In the past foreign
,interests have had investments in this country running into several billions
of dollars. Being made at a time when we had insufficient capital to
, develop our own resources, such investments were most helpful in building
.our railroads, opening our mines and supporting our manufacturing. As
we have come into the possession of surplus capital we have shown an
Increasing disposition to extend this same kind of service to other countries.
.Our people have gone abroad with their investments, their technical skill
and commercial ability, to assist in opening up undeveloped countries.
A third factor exists which is in the long run more important than any
°other. A condition of understanding and good-will among the people of the
earth is very largely a state of the public mind. It is almost inconceivable
that nations which have maintained friendly relations should all at once
find themselves at war with each other. Armed conflict arises from a long
series of misunderstandings and abuses which suddenly flare up on some
unexpected provocation. Open hostility does not break out unannounced.
/t is a growth of long and assiduous cultivation. It cannot be doubted
that people as a whole desire peace. They cannot long secure it if they are
constantly harboring feelings of hostility. It is for these reasons that the
public press, especially the daily newspapers and weekly periodicals, has
!inch an enormous influence in creating a situation that brings the blessings
of peace or is fraught with the perils of war.
Attitudes of Press Which May Endanger Friendly Relations.
There are two attitudes that the press may take which distinctly endanger our friendly relations. If they do not bring us to the verge of conflict, they are injurious to our trade. One is the constant criticism and
mtlerepresentation of foreign people. Human nature provides sufficient
[Vol,. 124.
distrust of all that is alien, so that there is no need of any artificial supply.
The world is in far more danger from nations not trusting each other
enough than from their trusting each other too much. A press which is
given over to a narrow and bigoted nationalism, accompanied by misrepresentations of other countries, not only misinforms and misleads the people
at home but produces the reaction of a rankling bitterness abroad. An
almost equally harmful attitude is the other extreme. It usually consist
of malicious and misleading partisan attacks on the conduct of our own
Government in its efforts to defend American rights when they are threatened or invaded in foreign countries. Our Government has usually been
too remiss, rather than too active, in supporting the lawful rights of its
citizens abroad. That has been so long our established policy that it 10
rather difficult to conceive it assuming a truculent and arrogant attitude.
But when it is proceeding with moderation, attempting peaceful negotiation to adjust differences, defending the rights of its citizens and maintaining national dignity, great care is necessary to give the public the exact
facts and avoid the appearance of seeming to support the position of foreign
Governments. When such an attitude becomes known in the offending country, it is widely quoted there and, when all other arguments have been
answered, becomes their chief reliance for maintaining their position. It
not only furnishes ammunition for our adversaries, but attacks our own
forces in the rear. An American press which has all the privileges which
it enjoys under our institutions, and which derives its support from the
progress and well-being of our people, ought to be first of all throughly
American.
Safeguarding of Rights of Citizens by Government.
Progress and civilization have always depended upon effort and Sacrifice.
We have set up our institutions, established our ideals and adopted our
social standards. We believe that they are consistent with right and trust
and justice. We live under a system that guarantees the sanctity of life
and liberty through public order and protects the rights of private property
under the principle of due process of law. We have thrown every possible
safeguard around the individual in order to protect him from any invasion
of his rights even by the Government itself. It is peculiarly an American
doctrine, now usually accepted in principle if not adopted in practice by
all civilized countries, that these are inalienable rights, that they ought to
belong to all persons everywhere, and that it is the chief function of
Government to provide instrumentalities by which these rights can be
secured and protected. We have adopted these ideals because we believe
that they are of universal application and square with the eternal principles
of right. But we may as well realize that they will not continue to prevail unless we are prepared constantly to put forth grant efforts and make
large sacrifices for their support.
While we have not been willing to assume any general attitude of crusading toward other nations, and realizing that institutions cannot be
bestowed but must be adopted, have left them for the most part secure in
their right to work out their own destiny, yet we have always been willing
to encourage and assist, in so far as we could in harmony with international
law and custom, other people in securing for themselves the benefit of these
principles and ideals. In that conflict between freedom and despotism,
which is as old as humanity, and which constantly recurs in one form or
another, both among ourselves and among other people, it has always been
the policy of this Government to extend its sympathy and, in so far as it
lawfully could, its support to the side of freedom.
These are some of the standards which it has been the policy of our Government to support among its people at home and in its dealings with other
nations. While it is well-established international law that we have no
right to interfere in the purely domestic affairs of other nations in their
dealings with their own citizens, it is equally well established that our
Government has certain rights over and certain duties toward our own
citizens and their property, wherever they may be located. The person and
property of a citizen are a part of the general domain of the nation, even
when abroad. On the other hand, there is a distinct and binding obligation on the part of self-respecting Governments to afford protection to the
persona and property of their citizens, wherever they may be. This is both
because it has an interest in them and because it has an obligation toward
them. It would seem to be perfectly obvious that if it is wrong to murder
and pillage within the confines of the United States, it is equally wrong
outside our borders. The fundamental laws of justice are universal in their
application. These rights go with the citizen. Wherever he goes, these
duties of our Government must follow him.
It is all right to say that when our citizens enter a foreign country they
should do so with the understanding that they are to abide by the laws of
that country. They should, and they do, and our Government would be the
last to interfere in the just application of the law of his domicile
to our
citizens.But this is only a partial statement of the case. The admission
of our citizens within their territory is a voluntary
act of foreign Governments. It is a tacit invitation. When we permit foreigners to
come here,
and when other countries admit our citizens, we
know and they know that
such aliens come and go not only under the rights
and duties imposed by
domestic law, but also under the rights and duties imposed by international
law. There is nothing unfair, nothing imperialistic,
in this principle. It
has been universally adopted and recognized as
right and just, and is the
only reasonable method by which enlightened humanity
can safeguard
friendly intercourse among the citizens of different
nations. This policy
has been adopted in the furtherance of the
humanitarian desire for a universal reign of law.
Claims Against Mexico.
These principles are involved in some of the difficulties
that we have
recently been trying to work out with foreign nations, especially with
Mexico. We have had claims against that country running
over a long
series of years, growing out of the death of many of our
citizens and the
loss of their property running into hundreds of millions
of dollars. A very
considerable portion of these cases has been due to revolutionary activities
and other forms of public violence. Public order has
never been entirely
complete in that country. But lately our difficulties have been increased
by the enactment of laws by the Government itself which
we feel threaten
the virtual confiscation of the property of our citizens, even where their
holdings are under titles which have been established for scores of years.
In 1857 Mexico adopted a Constitution. In its relation to the protection
of acquired property it provided ample security. Under its terms many
of our people acquired holdings both through individual and corporate
ownership. During the more than thirty years of President Diaz we were
especially encouraged to make investments, to promote all kinds of development of the natural resources, transportation and industries. After he was
driven from office by revolution, much disorder existed, with Presidents
following one another in rapid succession.
In 1917 a new Constitution was adopted, with provisions affecting agricultural, mining and oil lands, which we thought threatened the holdings
of our nationals with confiscation. Their Constitution is not self-enforcing,
but requires the promulgation of laws to put it into effect While thie was
In process of being brought about, a Government was established whieh we
Am. 30 1927.1
ITLE CHRONICLE
2539
us to deal with the situation, I have sent Henry
Obregon was chosen President and which would better enable
did not recognize. In 1920 General
of War, to that country. Meantime, it is refor that purpose it was repeatedly L. Stimson, former Secretary
sought recognition. In negotiations
the Government forces have been apparently successful in driving
the new Constitution, although one of its ported that
pointed out that we feared that
laws, might be the revolutionists from the field.
provisions expressly prohibited the enactment of retroactive
In addition to the private property of our citizens which is employed in
estate which
as retroactive in its effect upon the holdings of real
interpreted
has secured the right
assurances from lumber and agricultural operations, our Government
people had secured prior to its adoption. We sought
our
and establish a naval base, for which it paid $3,000,000.
was not the case. In order to prevent to construct a canal
in this counthe Mexican Government that such
in 1923 to Contrary to the general impression, there are no oil properties
misunderstanding we sent two Commissioners to Mexico City
try. Nevertheless, I have seen cartoons that pictured it as filled with oil
this subject, and also on the question of our claims, with two derricks. Our country consumes vast quantities of oil and gasoline in its
confer upon
and John Barton Payne
If these products
Mexican Commissioners. Charles Beecher Warren
and kept use of automobiles, gas engines and oil-burning furnaces.
represented our Government. They had a series of conferences
a reasonable price, which is very important to a great
proceedings, in which are set out the recommenda- are to be kept within
written records of their
abroad to develop new fields and to
and the understanding body of our citizens, our people who go
tion for the appointment of two claims commissions
increase the supply ought to have the encouragement and support of our
Constitution of 1917 was not to be given retroactive or confiscatory
that the
Government. We are not making war on Nicaragua any more than a policeapplication. These records were duly signed and attested by the Commis- man on the street is making war on passers-by. We are there to protect
President of Mexico and the President of
by war and to lend
sioners and were submitted to the
given. It was our citizens and their property from being destroyed
the United States for their mutual approval, which was
every encouragement we can to the restoration of peace. While the destrucof our understanding secured in this formal way that our
the
solely because
of tion of life and property has been serious enough, had it not been for
property rights would be respected that recognition of the Government
presence of our forces it would undoubtedly have been much worse.
President Obregon was granted on Sept. 3 1923.
which we have recognized this side
Toward the Governments of countries
During the winter of 1924 revolutionary activities started in Mexico
of the Panama Canal we feel a moral responsibility that does not attach to
which it seems probable would have succeeded in displacing President other nations. We wish them to feel that our recognition is of real value
and ammunition
Obregon had not our Government furnished him with arms
lawfully give
support. Our to them and that they can count on such support as we can
largely on credit and given him the advantage of our moral
difficulties. We have undertaken to discourage
President CaIles came into power when they are beset with
. help maintained his position. Soon after
to encourage settlement of political differregulations which we revolutions within the area and
he and the Mexican Congress proposed laws and
This policy is bound to meet
To prevent the ences by the peaceful method of elections.
deemed threatened confiscation of American property.
with some discouragements, but it is our hope and beliet that ultimately it
of acquiescence we so notified Mexico prior to the passage of such
appearance
natural resources, and under orderly
further protest will prevail. This territory is rich in
laws. Nevertheless, they were passed. We have made
that will give to its inhabitants
to our understand- Governments is capable of a development
against their being put into effect, as they are contrary
eivilization. It is a curious circumstance that
modern
as a result of which we granted recognition. In the all the advantages of
us take mandates over far-off
ing of the conference
Calles refuses some of those who have been willing to have
notes which have been received the Government of President
with countries in Asia, where we have no interest that does not attach to all
bound by what we thought was the understanding arrived at
to encourage the mainto be
the Merican humanity, are most critical when we are attempting
President Obregon. We closed the correspondence by notifying
duty established government, and the
squarely on the understanding made with Presi- tenance of order, the continuity of
Government that we stood
citizens under a general reign
that would deprive protection of lives and property of our own
dent Obregon, and we expected it not to take any action
of law in these countries that are near at hand and where we have large
citizens of their property or their property rights.
American
and peculiar interests.
Seizures by Mexico.
Protection of Life and Property of Citizens in China.
Agricultural lands have apparently been seized from time to time for
Another important problem in our foreign intercourse relates to China.
compensation has yet been made. While there have been threats
which no
It is broken up
been made, and suits are That country is undergoing a revolutionary convulsion.
nose
to seize oil property, no such seizures have lately
into several separate parts, each claiming to represent a Government,
now pending in Mexican courts to restrain such seizures. Former decisions
is the protection
of which we have recognized. Our main difficulty here
of their courts are relied on to support these suits.
We have many missionaries there
property of our citizens.
Stripped of all technicalities and involved legal discussion, this is the of the life and
commercial establishments. We have nothing in the way of conmain difference which our Government has with the Mexican Government. and some
have never occupied any territory. Our citizens are being
cessions. We
We do not question their right to take any property, provided they pay fair
in ports where we can protect them and remove them. It is
compensation. With their efforts to secure a division of great estates, so concentrated
and marines are in that territory.
landowners, we have every sympathy. solely for this purpose that our warships
that more of their people may be
While this process was going on the unfortunate incident arose at Nanthat our Government would accept the bonds of the
We have even agreed
of our citizens was murdered, another was wounded, our ConsulMexican Government in payment for damages awarded by the commission king. One
was violated, and when the house in which our people had taken refuge
for land taken for this purpose. Of course, we do not want any controversy ate
and they were actually under fire it became Necessary for
with Mexico. We feel every sympathy with her people in their distress and was surrounded
ships and one of the British ships in the harbor, to lay down a
have every desire to assist them. That they welcome conditions under one of our
away the soldiers and the mob who were making the
which life and property are secure is shown by the hundreds of thousands barrage to drive
to enable our citizens to reach a place of safety on our ships in
of them who are coming to the United States, where, through their indus- attack and
presented with the other Powers who had suffered like
try, they thrive and prosper. Under these conditions small land holdings the river. We
notes of protest, to which a reply has been made, which,
would develop in Mexico as they have developed here. Those of her citizens attacks identic
in tone and to a certain degree responsive, leaves the
who preferred to seek employment in industry, like many of our own although conciliatory
issue a matter for further consideration by our Govwould have an abundant opportunity in their own country. Instead final disposition of the
people,
of desiring to pursue any aggression or to take part in any oppression, we ernment.
Weeks ago we saw this situation developing and sent a suggestion to the
are endeavoring through the most friendly offices to demonstrate to their
that they exclude the foreign quarters of the City of
Government that their attitude in relation to property will not only result contending factions
military operations. This they failed to do,
of their own people, by preventing the invest- Shanghai from the area of
In the economic disadvantage
our forces necessary. In a public statement issued
ment of outside capital so necessary for their development, but will greatly making the dispatch of
were
by our Secretary of State on the 27th of January we indicated that we
impair their friendly relations with other interested nations.
giving China complete tariff autonomy and to
It is a cardinal principle of law that private property should not be ready to negotiate a treaty
is prepared
extraterritorial rights as soon as China
taken without fair compensation. This principle is declared in our national negotiate the release of
American citizens and their property. The friendship
Constitution and in those of all our States. I know of no written Constitu- to give protection to
has become proverbial. We feel for her the deepest
tion that does not contain a similar provision. Under the Constitution of of America for China
of her distress. We have no disposition to do
1917, and by-laws and regulations for carrying it into effect, we feel that sympathy in these times
encourage every legitimate aspiration for freeMexico is threatening to disregard this great elementary principle by under- otherwise than to assist and
of a national spirit and the realization of
taking a retroactive application of their Constitution to property of our dom, for unity, for the cultivation
a republican form of government. In the turmoil and strife of the present
acquired long before their Constitution was adopted.
citizens
be let loose temporarily beyond their
The Senate recently passed a resolution supporting the protection of time we realize fully that forces may
to American nationals. It is to
American life and property and suggesting resort to arbitration. We have power to control, which may do injury
that our forces are in Chinese waters and
at present two commissions of arbitration with Mexico, and the principle of guard against that eventuality
prevailed. We do not wish to
arbitration has always been strongly advocated by our Government. Every- to do what China itself would do if peace
against the Chinese people. We are
body favors arbitration when the question at issue is arbitrable. Under the pursue any course of aggression
people by any of their disorderly
present circumstances I can see grave difficulties in formulating a question there to prevent aggression against our
quiet down and some form of authorWhich the two Governments would agree to submit to such a tribunal. The elements. Ultimately the turmoil will
prepared to make adequate settleprinciple that property is not to be confiscated and the duty of our Gov- ity will emerge, which will no doubt be
course maintain the
ernment to protect it are so well established that it is doubtful if they ment for any wrongs we have suffered. We shall of
proper respect being extended to
should be permitted to be questioned. Very likely Mexico would feel that dignity of our Government and insist upon
be those of a friend soat all time.
the right to make a Constitution and pass laws is a privilege of her sover- our authority. But our actions will
people.
eignty which she could not permit to be brought into question. It has licitous for the well-being of the Chinese
to secure an adjustment through
therefore seemed that we are more likely
New Position in World—Not Imperialistic.
America's
negotiation. I am glad to report that the Mexican Ambassador has recently
The recent period has brought America into a new position in the world.
declared to me that she does not intend to confiscate our property, that she
and try to discharge the
has shown diligence in capturing and punishing those who have murdered We shall have to bear the inevitable criticisms
condition. Because some others
our citizens, and expressed the wish, which we so thoroughly entertain, of inevitable obligations which arise from this
shall embark upon a
keeping cordial and friendly relations. With a strong sentiment of this have pursued that course, it may be feared that we
is not the spirit of
nature, which, I am convinced, animates the people of both countries, it program of military aggrandizement. Such, however,
If, even where our national interests and the prowill surely be possible to reach an amicable adjustment. Our two peoples the American people.
attempt to assist in
we
ought so to conduct themselves that there will never be any interference tection of the rights of our citizens are involved,
composing difficulties and supporting international law, we must expect to
with our ancient ties of friendship.
be charged with imperialistic motives. In our international intercourse
Our Relationship to Nicaragua.
we must hold ourselves up to high standards of justice and equity. We
The world knows
to Nicaragua I have set out in detail in a message to the should be slow to take offense and quick to grant redress.
Our relationship
it to the support of the
For a dozen years we kept a force of marines in that country at that the whole genius of America always calls
Congress.
Government. During this time the people universal rights of humanity.
the earnest solicitation of its
The civilization of the world has been accomplished by the acceptance and
and their national debt was greatly
were peaceful, orderly and prosperous,
the marines revolution was general observance of definite rules of human conduct. Our duty demands
reduced. Almost at once after I withdrew
by the Congress which ap- that it be clearly understood at home and abroad, that we are unwavering
started. Finally a President was designated
our faith in those principles. Those who violate them cannot hope for
us and to other Central American countries to have a constitutional in
peared to
approbation. Our attitude toward all nations is one of friendship and
and we therefore recognized him. As the disorders continued, on his our
title,
good-will. Toward those who are yet struggling to improve the conditions
representation that he was unable to protect American lives and property,
it is especially one of forbearthat purpose. Their presence has undoubtedly of their people and achieve a larger liberty
I sent a force of marines for
and justice, but we are equally
from being pillaged and confined the fighting ance. We support the demands of right mercy and compassion. In the
prevented the larger towns
areas. We have sold arms and ammunition, solicitous to observe the requirements of
for the most part to uninhabited
Nicaraguan Government. The revo- attempt of your Government to meet these great obligations by which alone
did in the case of Mexico, to the
a united America must
as we
arms and ammunition from some an enlightened sivilized society can be maintained
lutionary forces appear to have received
sacrifice.
that we might be furnished with information Constantly respond with service and
source in Mexico. With a hope
2540
THE CHRO NT el,K
The
Mississippi Flood Disaster—Cabinet Members
to Organize Relief—Fund of $5,000,000 to
Relieve Sufferers Held Inadequate—Levees
at
New Orleans Cut.
Frantic efforts to prevent further damage and to help the
stricken in the area of the great Mississippi flood are being
made as the crest of the stream rolls southward. It was
estimated last Sunday by a Memphis correspondent of the
New York "Times" that 80,000 people were then destitute,
with the floods covering more than 6,000,000 acres. The
height of the flood is still hundreds of miles from the delta,
and as it surges toward the Gulf further areas are likely
to
be inundated and additional thousands made homeless.
Relief work has been organized by the American Red Cross,
with Secretaries Mellon, Wilbur, Davis and Hoover detailed
by President Coolidge to aid. Secretary Hoover was made
Chairman of the committee. A minimum relief fund of
$5,000,000 was voted by the Red Cross and contributions
requested from all parts of the country. Governor Smith
of New York on April 26 issued the following proclamation:
Named
12,4
only are involved, the War Department
interposes no objection to such
action so far as the interests commiteed to
its charge are concerned, provided the Chief of Engineers, United States
Army, and the Mississippi
River Commission do not object after their
conference this afternoon at
Vicksburg. The War Department cannot
assume responsibility for any
of the injuries and damages resulting from
such a break, but will co-operate
and render all assistance within its power.
The Mississippi River Commission is now
at Vicksburg and the Chief of
Engineers is expected to arrive there this afternoo
n.
The necessary permission was granted at Vicksb
urg and
Governor Simpson accordingly directed that the
severing
of the levee take place Friday (yesterday).
The engineers
advised the Governor tliat by cutting the lesvee
at Poydras
the flood pressure on the city would be greatly decreas
ed and
a drop of a foot to two feet in the river level in
front of the
city would result.
The waters are expected to spread to the east over
the
Rigolets which link Lake Pontchartrain with Lake Borgne
and empty into the Gulf of Mexico at Pointe a la Haiche
.
This it is stated is the only water the Mississippi can possibl
y
lose between St. Louis and its mouth which would not find
its way back into the main stream before the river is swallowed up by the Gulf.
To the People of the Slate of New York,
Our country is again confronted by a harrowin
The levee was dynamited yesterday afternoon, but first
g disaster involving hundreds of lives and the homes of many thousands
of families. The damage results of the blast did not meet the expectation of the
caused by the rising tides of the Mississippi River,
where it has overflowed engineers. A stretch
of 1,000 ft. of levee was dynamited and
and broken its bounds, has assumed proportions
that have made it necessary to ask for relief on a national scale.
the embankment loosened, but only three small slices opened
The President of the United States has called
upon all the people for and gave immediate egress to the flood. The enginee
rs
aid and has placed the relief work in charge of the National
Red Cross.
expressed the hope that the tremendous force of the flooded
As Governor of the State of New York I earnestly
urge the people of
this State to make contributions to their local Red
Cross representatives stream in its onward rush would tear the apertures into a
of money or useful materials in full measure. In
order that there shall be wider and deeper slice.
no delay in relieving the distress of the stricken people,
I ask that the reThe waters escaping through the crevasse flooded about
sponse be immediate and have every confidence that
the people of the Empire State will respond promptly, generously
and willingly as they have in 450,000 acres of farm lands and marshes, taking in about
the past.
ALFRED E. SMITH.
half of the parish of St. Bernard and a little less than half of
Secretary Hoover wired Thursday from New Orleans that Plaquemine
Parish. It is estimated the damage from the
the $5,000,000 fund would be inadequate. The text of his cutting
of the levee will reach $2,000,000 which the State
telegram follows:
of Louisiana agreed to repay the sufferers.
The statement appearing in some of the press attribute
d to me that the
Rather exaggerated estimates of the damage to the coming
flood crisis is over is entirely erroneous and probably
arises from the protection given the City of New Orleans alone
by the cutting of levees on cotton crop in the afflicted area have been current, the
the east side below the city.
estimates of the loss running all the way from
Not only does the extent of the flood and
750,000 to
the destitution already in2,000,000 bales. All such statements are to be taken
incurred require even more than the 85.000,0
00 appealed for by the Red
with
Cross, but the crest of the flood, now just
below Helena, Ark., has not a great deal of reserve. In the first place, very little
cotton
yet reached the levees in southern Arkansas
and Louisiana. These west has as yet been actually
planted; in the second place, ample
side levees have no relief from New Orleans
out.
time remains within which planting may be done if
We have just completed extensive preparat
ions in co-operation with
the waters
the Governor of Louisiana against the result of
further breaks, which we subside; and in the third place, the overflow is
certain to
all hope will be avoided, and are-issuing warnings
to the people in those leave a deposit of
a rich sediment which will add to the
sections. In any event, without such further disasters
, which the engineers
are making every effort to prevent, the Red Cross
fertility of the soil—other things remaining the same.
has already a burden
far exceeding its present appeal.
Private advices to commission houses in this city are to
the
The health problem also is a grave one, the Red Cross effect that nearly half the land under
water, or about 4,000,issuing on April 28 this statement:
000 acres, is cotton area. But, even so, all this can
be
As health officers ofseven States gathered to hold a joint
medical meeting properly seeded if the water recedes by June 15,
and in some
at Memphis, Tenn., to co-ordinate all plants to combat
disease in the instances plantin
flooded Mississippi River Valley, Dr. William R.
g would be entirely feasible up to July 1.
Redden, Red Cross
medical adviser, reported to national headquarters that
The New York "Journal of Commerce" reported April
the health problem
25
involved is "the greatest which this country has ever
bad to face in peace that efforts are being made by
the Department of Agricultimes."
ture to get some definite idea of the amount of damage
"The concerted effort of all agencies will be required
in order to avoid
done
dire results," Dr. Redden stated.
by the flood to the cotton lands of the South. It
is preparing
In addition to health officers of the States affected, represent
atives of to issue within the next few
the American Medical Association, the seven State medical
days some sort of a statement
associations
and the Fourth and Seventh Corps Area headquarters
of the Army, are that will convey this information to those interested in the
attending the conference.
cotton crop, the report to come in advance of
the regularly
Memphis advices to the New York "Times" on April 25 scheduled report of May
9.
asserted that the number of homeless and destitute under
Railways within the flooded area have been
more or less
the care of the Red Cross has grown to 200,000 men, women extensively damaged.
The "Wall Street Journal" in its
and children. The dispatch added: "There is every evening edition April 27,
reported washouts on the Missouri
reason to believe that the next few days will see the staggering Pacific causing traffic
interruptions. The report said:
total exceed 300,000 persons, the vast majority poor farmer
First difficulty experienced by Missouri
Pacific occurred on
s
14 on
and their families, who have lost practically everything the St. Louis-Poplar Bluff division in the vicinity of WilliamsvApril where
ille,
one-half mile of track was washed
away by overflow of the Black River
they could claim as their own."
to
a maximum depth of 16 feet, but traffic
was again resumed
A report to Secretary Hoover on Tuesday listed the flood Illinois division from St. Louis to Thebes and Cairo was three days later.
put out of service
about a week ago by high water in three
sufferers by States as follows:
locations, and it is expected service
can be restored in a few days.
Mississippi, 80,000; will probably be 100,000 in the next two
days.
Arkansas, 45.000: expected to increase to 50,000 in next
24 hours.
Missouri, 8.000.
Louisiana, 5.000.
Illinois. 3.000.
Kentucky, 3.000.
Tennessee. 2,000, and expected to increase to 3,000.
Estimates of the dead ran as high as 200, with approximately 100 persons definitely known to have been drowned.
The flood waters were already lapping the tops of the
levees at New Orleans early in the week. With still higher
water inevitable, Governor A. H. Simpson of Louisiana
declared an emergency late Tuesday and requested the permission of the Department of War in Washington to cut
the levee 15 miles below the city at Poydras in order to
save it from inundation. The reply of Secretary of War
Davis, sent on the same day, follows:
In view of your determination that an emergency in the public interests
-exists requiring a break in the Mississippi River levee in the State of
Louisiana. and also the fact that life and property in the State of Louisiana
Other serious washouts occurred
on the
main line of the Arkansas division between
Poplar Bluff and Little Rock.
S..rvice is being restored.
The Texas & Pacific, according to the
will sustain damage estimated at close same newspaper,
stretch of the tracks of the Rock Island,to $1,000,000. A
Ark., was also covered by the flood, the west of Brinkley,
and a half to five feet over the rails. water rising four
Monday removing 39 houses which had Gangs were out
the right of way. The flood conditionsbeen deposited on
did not interfere
seriously with the operation of the
Missour
Lines,
Lines according to C. Haile, President. i-Kansas-Texas
Farther south.
the
Pacific is taking energetic
serious damage. The crest of the flood steps to prevent
will not reach the
territory of this line, it is thought, for
several weeks.
Current Lumber Shipments Increa
se—General
Movement Less Than Last Year.
New business in the softwood lumber
industry was about
the same last Week as that reported for the
preceding week,
APR. 30 1927.]
THE CHRONICLE
shipments showed a substantial increase, while production
fell off to some extent, according to telegraphic reports
received by the National Lumber Manufacturers Association
from 312 of the larger commercial softwood mills of the
country, for he week ended April 23. In comparison with
the same period a year ago, however, there are decreases in
all three items that are not to be accounted for by the
smaller number of reporting mills. The 158 hardwood
operations showed a heavy decrease in production, a not ble
reduction in shipments, with new business about the same
as that reported for the week earlier. When compared with
the corresponding period last year, when, however, 16 fewer
mills reported, there was some decrease in production, a
slight decrease in shipments, and new business about the
same, continues the Association's report for the week
adding:
Unfilled Orders.
The unfilled orders of 176 Southern Pine and West Coast mills at the
end of last week amounted to 538,166.756 feet, as against 549.033.276
feet for 176 mills the previous Week. The 104 identical Southern Pine
mills in the group showed unfilled orders of 225,154 579 feet last week,
as against 225,769.350 feet for the week before. For the 72 West Coast
mills the unfilled orders were 313,012,177 feet, as against 323,263,926 feet
for 72 mills a week earlier.
Altogether the 293 comparably reporting softwood mills had shipments
119% and orders 108% cf actual production. For the Southern Pine mills
these percentages were respectively 102 and 101; and for the West Coast
mills 144 and 125.
Of the reporting mills, the 274 with an established normal production
for the week of 186,559,237 feet, gave actual production 88%, shipments
106% and orders 95% thereof.
The following table compares the lumber movement, as reflected by the
reporting mills of seven softwood, and two hardwood, regional associations.
for the three weeks indicated.
Preceding Week
Corresponding Week
1927 (Revised).
1926.
Past Week.
(000's omitted)— Softwood. Hardwood. Softwood. Hardwood. Softwood.Hardwood.
142
307
151
367
158
293
*Mills
16,767
24,922 189,906
14,804 244,360
174,970
Production
21,602
23,640 190,330
286,869
20,010
207,563
Shipments
21,014
21,589 196,112
21,019 238,581
Orders(new business) 189,583
• Fewer West Coast mills are reporting this year: to make allowance for this add
21,000,000 to production. 30,000,000 to shipments and 26,000,000 to new
busine
comparing softwood with lait year.
The following revised figures compare the lumber movement of the
same regional associations for the first 16 weeks of 1927 with the same
period of 1926:
Orders.
Shipments.
Production.
(000's omitted)— Softwood. Hardwood, Softwood. Hardwood Softwood.Hardwood.
3,052,328 468,262 3,186,984 484,576
2,949,509 460,501
1927
1926_--,.
3,580,201 417,611 3,715,091 403,948 3,781.389 408,177
2541
New York State Income Tax Law Amended and Stock
Distributions Not Now Taxable.
Stockholders residing in New York State are materially
benefited under an important amendment that has just been
enacted to the State Income Tax Law, according to M. L.
Seidman, tax expert of Seidman & Seidman, Certified
Public Accountants.
"The law now provides," Mr. Seidman explained, "that
stockholders may receive securities in a reorganization without having to pay a tax. Heretofore a tax was imposed on a
distribution of securities, and as a result, many reorganizations were undoubtedly put off. Now,however,corporations
can proceed with contemplated melon-cuttings without any
tax to the stockholders. The Federal law has exempted
these distributions for some time. The new amendment
brings the State law into line.
"The amendment is particularly applicable to stock distribution by holding companies, and to 'segregations of two
distinct lines of business originally conducted by one corpora.:
tion. For example, a railroad owning coal mines can segre
gate the coal properties into a new corporation and distribute
the coal company's stock to the railroad stockholders without
any tax to any of the companies or the stockholders. The
Pacific Oil transaction that has recently been given so much
publicity is also directly affected by the amendment. Since
the amendment is made retroactive to January 1, 1926,
the stock that the Pacific Oil stockholders received in its
reorganization is not taxable."
The mills of the California White and Sugar Pine Association make weekly
reports, but not being ilcomparable, are not included in the foregoing
tables. Nineteen of these mills, representing 57% of the cut of the Cali
fornia pine region, gave their production for the week as 13,615.000. shipLast week's report from
ments 18,803,000 and new business 25,803,000.
15 mills, representing 52% of the cut, was: Production, 9.102,000 feet;
shipments, 18,892,000, and new business 16,398,000.
West Coast Movement.
The West Coast Lumbermen's Association wires from Seattle that new
business for the 72 mills reporting for the week ended April 23 was 25%
above production and shipments were 44% above production. Of all new
business taken during the week 42% was for future water delivery, amounting to 32,515,679 feet, of which 23,320,551 feet was for domestic cargo delivery and 9,195.128 feet export. New business by rail amounted to
42,153,338 feet, or 54% of the week's new business. Forty-seven per cent
of the week's shipments moved by water, amounting to 42,617,641 feet,
of which 32,245.052 feet moved coastwise and intercoastal, and 10,372.589
feet export. Rail shipments totaled 43,753,754 feet or 49% of the week's
shipments, and local deliveries 3,342.855 feet. Unshipped domestic cargo
orders totaled 104.802,553 feet, foreign 78,583,587 feet and rail trade 129,626.037 feet.
Southern Pine Reports.
ITEMS ABOUT BANKS, TRUST COMPANIES, &C.
The New York Stock Exchange membership of Reginald
Fincke was reported posted for transfer this week to Charles
Suicere the consideration being stated as $190,000. Subsequently was also reported that a seat had been sold for
$194,000. These are the highest figures Exchange memberships have ever reached. The first mentioned figure being
an increase of $10,000 over the last preceding sale.
The New Yolk Cotton Exc- hange membership of Charles
Stillman has been sold to Alvin L. Wa hsman for another for
$28,500. The last preceding sale was for $28.000.
Percy H. Johnston, Presid- ent of the Chemical National
Bank of New York, gave a luncheon yesterday (April 29)
at the Recess Club for N. Dean Jay, partner of Morgan et
Cie, Paris, who sails to-day (Saturday) on the Leviathan.
Those present included Jackson E. Reynolds, President of
the First National Bank; Walter E. Frew, President of the
Corn Exchange Bank; Francis D. Bartow of J. P. Morgan &
Co.; Arthur W. Loasby, President of the Equitable Trust
Co.; Robert L. Clarkson, head of the Chase Securities Corp.;
Harvey D. Gibson, President of the New York Trust Co.;
Harold Stanley, President of the Guaranty Co.; Edwin G.
Merrill, James G. Blaine and Elliott C. McDougall.
At a special meeting of the stockholders of the Bank of
New York & Trust Co. held yesterday (April 29) the proposal
of the board of trustees that the capital stock be increased
from 4,000,000 par value to $6,000,000 par value and that
The Southern Pine Association reports from New Orleans that for 104
be paid to the stockholders out of
mills reporting, shipments were 2.18% above production and orders were a 50% stock dividend
1.10% above production and 1.06% below shipments. New business taken such increase was approved. It is expected that quarterly
during the week amounted to 57,618,882 feet (previous week 61,929.012);
dividends at the rate of 18% annually on the increased
shipments 58,233,653 feet (previous week 61,057,058); and production 56,1 1927.
993,816 feet (previous week 64,094.158). The normal production of thiise capital can be paid beginning July
mills is 68,497,416 feet. Of the 103 mills reporting running time, 69 operThe stockholders of the Hanover National Bank of this
ated full time, 17 of the latter overtime. Six mills were shut down,and the
rest operated from one to five and one-half days.
city on April 25 ratified the plans of the directors to combine
The Western Pine Manufacturers' Association of Portland, Ore., with two
National Bank also of this city with the
more mills reporting, showed production about the same, some increase the Greenwich
slightly below that reported for the previous Hanover National Bank. The stockholders of the Greenwich
In shipments, with new business
week.
National Bank also approved the proceedings on the same
The California Redwood Association of San Francisco, Calif., reported
stock
no note- date. The merger will not involve any new issuance of
production about the same, a marked increase in shipments with
inasmuch as the Hanover had prior to the present negotiaworthy change in the order file.
The North Carolina Pine Association of Norfolk, Va., with six more mills tions acquired more than two thirds of the stock of the
reporting, showed a slight increase in production, a nominal decrease in
Greenwich National Bank. Following the approval of the
shipments, and new business about the same as that reported last week.
The Northern Pine Manufacturers' Association of Minneapolis. Minn., Comptroller of the Currency the merger became effective
reported a little Increase in production, a small decrease in shipments and April 28. References to the proposed merger appeared in
a good gain in new business.
1465, and
The Northern Hemlock & Hardwood Mannfacturers' Association of Osh- our issues of Feb. 19, page 1006, March 12, page
kosh, Wisc. (in its softwood production), with five fewer mills reporting, March 26, page 1772.
showed notable decreases in all three factors.
Hardwood Reports.
gThe Northern Hemlock & Hardwood Manufacturers' Association of Oshkosh. Wisc.,reported from 12 mills (five fewer mills than reported last week)
notable decreases in production and shipments, with new business abuot the
same as that reported the week earlier.
The Hardwood Manufacturers' Institute of Memphis, Tenn., reported
from 146 units (21 more mills than reported the preceding week) nominal
decreases in production and shipments and approximately the same amount
of new business as was reported a week ago. The normal production ofthese
units is 24,528,000.
Howard Davis was elected a director of the Seward
National Bank of this city on April 22. Mr. Davis is President and Treasurer of the American Newspaper Publishers
Association, Business Manager of the "Herald Tribune"
and Vice-President of the New York Tribune Inc. The
bank began operations on March 7, its opening having been
noted in our issue of March 12 1927, page 1465.
2542
T1-1 14 CHRONICLE
Charles Altschul formerly a partner in the banking firm
of Lazard Freres, 120 Broadway, died on Tuesday April_26.
Mr. Altschul was 70 years of age. He became a partner
in the firm of Lazard Freres in 1901 when he resigned as
Manager of the London, Paris and American Bank. He
was at one time President of the California Bankers' Association. He retired from membership in the firm in 1916.
The Bank of New York & T- rust Co. has removed its main
office temporarily to 76 William Street, where it opened
for business on April 25. The company will occupy these
quarters, located at the southeast corner of Liberty Street,
until its new building, to be erected on the old site at Wall
and William streets, is completed.
The Central Mercantile Ban- k & Trust Co. of this city will
open on Monday, May 2, its new main office at Fifth Avenue
and 44th Street. The bank will maintain its present main
office at Fifth Avenue and 14th Street as a branch office.
The removal occurs on the third anniversary of the election
of C. Stanley Mitchell to the presidency of the bank.
The board of directors of the New York Title & Mortgage
Co., it was announced on April 26, made the following changes
In the company's official personnel: Edward Mullowney
was elected Vice-President; Charles R. Van Anden, Albert
J. Foster and Joseph C. Shields were elected Assistant VicePresidents; Frank F. Tichenor was made Assistant Secretary, and R. B. Duyckinck was elected Solicitor. Mr. Mullowney has been with the company in connection with the
Brooklyn office, in charge of mortgage sales; Mr. Shields is
State Sales Manager at the main office; Mr. Van Anden is
In charge of the company's Bronx office'; Mr. Foster is in
the loan department, and Mr. Tichenor in the extension department, both at the main office. Mr. Duyckinck recently
Joined the staff of the New York Title & Mortgage Co. He
has been an attorney in Jamaica, with many years of experience in real estate law.
The Hamilton National Ba- nk, with headquarters in the
r.mes Square district and branches in other sections of greater
New York, reports a record increase in resources and deposits
during the past month, according to figures just made public.
Gross deposits of the bank aggregated $17,030,547 as of
April 26 1927, a n w high re-ord. This total represented an
increase of $1,483,041, or 9.5% within a period of little more
than a month, the current total being compared with the
figure of $15,547,505 made public on March 23 1927, in
answer to the last official call of the Comptroller of the
Currency. Total resources of the bank, aggregated $20,598,148 on April 26, also a new high record, and an increase
of 6.1% or $1,193,405 compared with the total of $19,404,742
reported as of March 23.
Total resources and deposits of the Chelsea Exchange Bank
of New York, es abli hed new high records as of the close of
business on April !'';. according to figures made public by
Edward S. Roth.hid, President of the institution. Total
resources aggregated $23,467,000 as of April 25, an increase
of $2 965,000 or 14.4% compared with the total reported
as of Dec. 31 1926. An increase of $846,000 was reported
in resource during the past month. Deposits as of April 25,
ag regated $20,167,000, also a new high record in the history
of the banking organization. This total represents an increase of $2,167,000 or approximately 12% since the beginning of the year. Mr. Rothchild reported that the increase
in business during the past few months has been well distributed, all of the branches and the main office showing
substantial gains in both resources and deposits sinceJan. 1.
The newly organi ed Pro pect National Bank of Brooklyn
opened fo business on April 25 in a building which has been
remodeled to conform to the bank's requirements at 325-9th
Street near 5th Avenue, Brooklyn. The institution has a
capital of $500,000 and surplus of $150,000. The officers
of the bank are: Chairman of the board, Donald G. C.
Sinclair; President, Maurice F. Hickey; Vice-Presidents,
Philip L. Dickinson, Christian E. Herbst, Harry Michaels;
Cashier, Philip L. Dickinson. The directors are: Anthony
Anacreonte, Jr., John J. Barry, Samuel Bloomberg, Tracy
Higgins, Charles Burston, James M. Kerr, Charles R.
Macaulay, Jacob Manne, John J. Quinn, Charles F. Rickerson, Anthony M. Sawicki, Frank Schneider, Arthur L. J.
Smith, James H. Strain, George W. Wunschel. Donald
G. C. Sinclair, Maurice F. Hickey, Philip L. Dickinson,
Harry Michaels, and Christ an E. Herbst.
Fol.. 124.
The issuance of a charter to thelbanKby7theicomptroller
of the Currency was noted in our issue of Aprili16, pageM3
.
The capital stock of the Municipal Bank of Brooklyn
was increased on April 1 from $2,000,000 to $2,500,000
through the issuance of 5,000 shares of new stock at $200
a share. This increase in capital which was authorized by
the stockholders—February 17, marks the third increase the
bank has made in the past three years.
The charter for the Bedford National Bank of Brooklyn
was issued on April 16 by the Comptroller of the Currency,
and the officials expect to open the bank during May. As
soon as all the stock is paid for application will be made to the
Reserve Board for trust powers. The capital of the Bedford
National Bank is $500,000, surplus, $250,000. The officers
are: Frank H.Tyler,President;James J.Brooke,and Hubert
B. Stokes, Vice-Presidents; Peter A. Ferrari, Cashier and
Geo. C. Knittel, Assistant Cashier. The stock was offered
at $160—$100 for capital, $50 for surplus and $10 for organization expenses and equipment, and all the stock was
disposed of at that price. An item regarding the proposed
organization of the institution appeared in our issue of
July 24 1926, page 418.
An error occurred in our news item of last week referring
to the proposed consolidation of the Hartford-Aetna National
Bank of Hartford and the United States Security Trust Co.
of that city, in stating the amount of surplus that the consolidated institution—the Hartford National Bank & Trust
Co—is to have. Instead of "approximately $1,500,000,"
the surplus is to be $4,000,000, in addition to which there will
be $1,500,000 of undivided profits. In other words, the
capital resources of the new institution will be as follows:
Capital $4,000,000, surplus $4,000,000 and undivided profits
$1,500,000.
James G. Cutler, of Rochester, N. Y., died in that city
on April 21 of heart disease, following an illness of several
weeks. At the time of his death, Mr. Cutler was Chairman
of the Board of Directors and head of the executive committee
of the Lincoln-Alliance Bank of Rochester. He was born
in Albany, N. Y., on April 24, 1848. In 1872 he moved to
Rochester and became a draughtsman in the office of the
late A. J. Warner. Subsequently he became Mr. Warner's
partner. In 1884 he retired from practice as an architect
and together with his brother J. Warren Cutler, formed the
Cutler Manufacturing Co., controlling and operating the
Cutler mail chute patents. This later became the Cutler
Mail Chute Co. For many years Mr. Cutler was affiliated
with the Lincoln-Alliance Bank and was its first Vice-President. He then served as President for twelve years, and
in January 1924 was made Chairman of the Board of Directors
and of the executive committe. He was also for more than
twenty years a trustee of the Rochester Savings Bank. In
1895 Governor Levi P. Morton appointed Mr. Cutler a
member of the White Charter Commission, which produced
a uniform charter for second class cities of New York State.
Clarence G. Appleton, President of the Guardian Trust
Co. of New Jersey (Newark), announces the election of
Paul J. Bonwit, President and director of Bonwit, Teller &
Co., as a member of the board of directors. Mr. Bonwit fills
a vacancy on the bank's board. In addition to his affiliation
with the trust company and the New York specialty shop,
Mr. Bonwit is a director of the Hamilton National Bank
and A. Sulka & Co.
The proposed union of the First National Bank of Washington, Pa., and the Real Estate Trust Co. of that place
(referred to in the "Chronicle" of Feb. 26 and March 5,
pages 1176 and 1309, respectively) has now taken place,
according to the Pittsburgh "Gazette" of April 20. The new
institution, which is known as the First Bank & Trust Co.
of Washington, is capitalized at $600,000.
-4
The Bank of Charleroi & Trust Co. of Charleroi, Pa., has
recently opened its new banking home, as reported in these
columns April 16, page 2235. The vaults were built by the
York Safe & Lock Co. of York, Pa. The York equipment
consists of a door of solid steel 12 inches thick, and approximately a thousand safe deposit boxes and lockers. Vault
doors were also furnished by York for the record vaults.
Plans looking towards the consolidation of the Lansdowne
National Bank, Lansdowne, Del,ware County, Pa., and the
APR. 30 1927.]
THE CHRONICLE
approved
Lansdowne Trust Co. of that place, were recently
meetings of
directors of the institutions and special
by the
to ratify the
the respective stockholders will be held shortly
according
proposed union. The resulting institution, which,
hia "Ledger" of April 23, will be the largest
to the Philadelp
City of Chester,
bank in Delaware County outside of the
will be
be known as the Lansdowne Bank & Trust Co. It
will
$375,000 with surplus of like amount and
capitalized at
total
undivided profits and reserves of $100,000, and with
of $5,500,000. The leading officers chosen by the
resources
directors for the new bank are as follows: Walter Bowers,
Chairman of the board; C. Russell Arnold, President;
L. Smith,
C. Carroll Lippincott, C. Walter Stubbs, Lewis
Secand E. E. Barry, Vice-Presidents; Morgan Bunting,
retary, and Henry L. Price, Treasurer.
of
George H. Dunn, heretofore Executive Vice-President
elected
the Central Savings & Trust Co. of Akron, Ohio, was
President of the institution on April 25 to succeed the late
J.
E. R. Held, whose death occurred recently, and W.
formerly a Vice-President, was made Executive Vice,
Ruof,
President in lieu of Mr. Dunn, according to a press dispatch
d "Plain
from Akron on that date, appearing in the Clevelan
April 26. Mr. Dunn, the new head of the instituDealer" of
holds
tion, is President of the Chamber of Commerce and
in several other organizations in Akron, it is said.
office
Co.
He has been associated with the Central Savings & Trust
Mr. Ruof
for more than 26 years, starting as a bookkeeper.
the
has been with the institution since the consolidation of
Akron Trust Co. and the Central Savings & Trust Co. more
than 15 years ago.
2543
over the books. It is believed that the bank's difficulties reulted from
for the
what may have been an unfounded rumor, and had it not been
in
sudden run on it Saturday, that it would have been able to continue
the financial standing of the
business. Those who are acquainted with
of
bank believe that it will open for business within a few days. Many
Nampa's largest business concerns do their banking there. It had always
been considered a strong bank.
The handsome new banking home of the Central National
Bank of Topeka and its affiliated institution, the Central
Trust Co., located at Seventh and Kansas avenues, that city,
was formally opened on April 18. J. R. Borrow is President
of both institutions.
The Petersburg Savings & Trust Co., Petersburg, Va.,
and the American Bank & Trust Co., Inc., o! that city,
announce the union of the institutions under the title of the
Petersburg Savings & American Tru -t Co. with the following
officers: Samuel W. Zimmer, President; Bernard C.
Syem, 1st Vice-President; P. M. Pollard, Vie -President and
Chairman of the Board; L. A. Wingo, Cashier; Paul E. Webb,
Trust Officer; E. W. Butcher, Secretary, and Wallace D.
Blanks, P. E. Perdue and Joel W. Hubbard, Assistant
Cashiers. The proposed union of these institutions was
noted in the "Chronicle" of Feb. 19, pag3 1008.
At a meeting of the directors of the Dallas National Bank,
Dallas, Texas, on April 19, J. D. Gillespie, formerly for seven
yea s an active Vice-President of the institution, was elected
President, to succeed the late Judge Joseph E. Cockrell,
according to the Dallas "News" of April 20. No other
changes were made in the personnel of the institution, which
is now as follows: J. D. Gillespie, President; Oscar Bruce,
Vice-President; J. C. Tenison, Cashier, and Griffith Carnes
John Jester, and L. B. Glidden, Assistant Cashiers. Mr.
1902 as a runner for the
Russell, a Vice-President of the Union Trust Co. Gillespie began his banking career in
George S.
opist of that City National Bank of Dallas, and eventually advanced to
of Cleveland, Ohio, and well known philanthr
Assistant Cashier. Upon the organize,
city, died on April 23 after a brief illness. Mr. Russell, the position of an
n 1920, Mr.
age, was born in Cleveland and began tion of the Tenison National Bank of Dallas
who was 77 years of
became First Vice-President of the new bank and
his career under his father, the late George H. Russell, who Gillespie
office when the institution became
was Treasurer of the 'Big Four" railroad, whom he later continued to hold the
new
Cashier of the then the Dallas National Bank. The bank will occupy it;
succeeded. In 1893 Mr. Russell became
at the corner of Main and Stone Streets
newly organized Western Reserve National Bank of Cleve- 15-story building
land. This institution in 1899 was merged with the National about May 1.
Bank of Commerce of that city under the title of the Bank of
We learn from the Los Angeles "Times" of April 19 that
Commerce National Association of which Mr. Russel was the directors of the California Bank of that city at a meeting
made Cashier. Seventeen years later (1916) he was elected held the previous week decided to increase the bank's
President of the institution. In 1917 the`Bank of Com- capital from $3,000,000 to $3,500,000 by the iouance of
merce N. A.and the Union National Bank were consolidated, 5,000 shares of new stock of the par value of $100 a share.
forming the Union Commerce National Bank, and when in Announcement was made on April 18 by A. M. Chaffey,
1920 other Cleveland banking institutions joined with it to President of the institution, that shareholders will be exform the present Union Trust Co., Mr. Russell was made a tended the privilege of purchasing the additional stock at
Vice-President of the enlarged bank, the position he held at $400 a share in the proportion of one new share for each
the time of his death.
six shares now owned. By the sale of the new stock at
the "Times"—the capital
the $400 a share—we quote from
That an audit by State bank examiners of the books of
account of the bank will be increased by $2,000,000, and
Dunbar State Bank, Dunbar, Neb., following the disappearthe book value of the shares will be enhanced also; the
ance of its President, Thomas B. Murray, had disclosed
profit from the employment of the additional $2,000,000
forged notes amounting to approximately $60,000, was rewill more than offset the increased dividend requirements,
ported in a special dispatch from Dunbar on April 17 to the
increase
that Mr. Chaffey said. In speaking of the proposed
St. Louis "Globe-Democrat." The examiners declared
in the bank's capital, Mr. Chaffey said:
the shortage is expected to reach $100,000 and losses on
advisable
We feel the addition to the capital structure of our institution
"frozen" securities to another $100,000. A son-in-law of Mr. to maintain a proper relation to the bank's growth and financial position
it has been the bank's policy to offer
Murray, Burton Gordon, Manager of the Dunbar Grain Co., In Southern California. In the past the market value, but in the present
at prices substantially below
which is owned by farmers around Dunbar, the dispatch new stock board considered its advantageous to the stockholders and the
instance the
said, had been arrested for alleged embezzlement, notes for bank itself to provide desired funds through the smallest possible increase
a relatively higher price. Em$14,000 signed by him for the grain company having been in the number of shares outstanding atin a further increase in the book
will result
of
said, had been turned over to ploymentthe the new capital g as well as an added earning capacity in
found. These notes, it was
stock outstandin
value of
Murray by Gordon. The former President is believed to which the stockholders will share.
resources
At the end of 1923, when we last increased our stock, the bank
have escaped to Canada and a reward has been offered for
to over
were $75.000.000. Since that time our resources have grown
his arrest. Speculation on the grain market is believed, the 100.000,000.
dispatch stated, to have been the cause of the downfall of
Bank of Switzerland
both Murray and Gordon. The Nebraska State Banking De- • A condensed statement of the Union
as of Dec. 311926, has come to hand.
partment had taken charge of the institution, it was said. (head office Zurich)
037 Swiss francs, as comThe advices furthermore stated that Murray had been Presi- It shows total resources of 668,327,
pared with 621,700,718 francs on the same date the previous
dent of the Dunbar State Bank for thirty years; was a forto make up the 1926 assets
mer Mayor of Dunbar, and a former President of the Ne- year. The principal items going
francs;
are: Commercial and industrial loans, 333,036,457
braska State Bankers Association.
bankers, 145,330,308 francs; bills of
due from banks and
63
That the Stockmen's National Bank of Nampa, Idaho, exchange, 120,876.525 francs, and cash in hand, 23,247,6
and
failed to (pen for business on the morning of April 18, francs. On the debit side of the statement, deposits
had
capital
following a general "run" on the institution the previous current accounts are shown at 415,932,963 francs;
00
Saturday, caused by a rumor current for several days that the (fully paid) 70,000,000 francs, and reserve fund at 18,000,0
to fail, was reported in a special dis- francs. The institution, which has numerous branches
institution was about
in 1912 through
patch from Namp on that date (April 18) to the Portland throughout Switzerland, was established
an." The dispatch went on to say:
the consolidation of the Bank in Winterthur (1862) with
"Oregoni
T. J. Mahoney, President of the bank, refused to make a statement the Toggenburger Bank (1863) and since then has acqu red
tmtll the arrival of the bank examiner. W. H. Craven of Portland.
banking institutions.
directors, arrived in Nampa to assist in going many other banks and
president of the board of
2544
THE CHRONICLE
Fora. 124.
THE WEEK ON THE NEW YORK STOCK EXCHANGE. 23 points to 75 and Phillips Petrole
um making a net gain of
The stock market has been depressed this week with the 13 points to 4131. The outstanding strong stocks of
the
tendency of prices strongly downward except for the pro- day included American Can up 2 points, Seaboard Air
Line,
nounced rally on Friday, though there has been occasional Du Pont, Brooklyn Union Gas, Baldwin Locomotive, Rock
manifestation of strength in some special issues. Price Island and Westinghouse. The final tone was good.
movements were somewhat mixed during the two-hour sesTRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
sion on Saturday, many issues moving forward to higher
DAILY. WEEKLY AND YEARLY.
levels, while numerous other equally prominent stocks
moved
downward. The outstanding strong stock was United
Stocks,
Railroad.
State.
United
States
Week Ended April 29.
Number of
&c.,
Municipaland
States
Cast Iron Pipe & Foundry, which closed with a net gain
Shares.
Bonds.
Foreign Bonds.
of
Bonds.
73/i points. Railroad stocks also were
active and a number Saturday
1,282,360
34,441,000
32,093,500
3245,400
Monday
of new high records were established by such represen
2,523.830
7,978,750
3,560,500
549,000
tative Tuesday
1,968,820
7,531,000
2,843,000
553,250
issues as Atchison, which bounded forward to 1863 ; Dela- Wednesday
2,097,490
8,649,000
3,353,500
1,043,950
%
Thursday
2,618,268
12,096,000
3,456,000
ware & Hudson, which advanced to 2063, and Reading Friday
883,300
1,903,600
,
8,641,000
2,541,000
625,000
which closed at 114%. These figures represented the best
Total
1220428R 140228700 11784700n
83.000.000
prices touched in several years. Baltimore & Ohio, New
Sates at
Week Ended April 29.
York Central, Southern Pacific and Missouri Pacific pref.
Jan. Ito April 29.
New York Stock
Exchange.
also participated in the advance. United States Steel com1927.
1926.
1927.
1926.
mon was again fairly strong and reached its previous high Stocks-No,of shares_ 12,394,368 7,272,915
176,505,021
157,756,546
Bonds.
of 1728 . Oil stocks were weak, most of the prominent Government bonds_ _ $3,899,900 $5.856,200 $109,095,450
%
$106,508,900
foreign bonds 17,847,500
issues being in supply in large volume and selling down to State and& misc. bonds 49,336,750 14,115,000 330,575.900 211,076,350
Railroad
52,186,000
807,720.550
792,300,200
new low prices for the year. On Monday liquidation caused
Total bonds
371.084,150 372,157,200 $1,247,391,900 $1,109,885,450
recessions ranging from 1 to 6 points. The widest moveDAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA
ment was in Delaware & Hudson, which rose 9points to 215,
AND
BALTIMORE EXCHANGES.
'
the highest point touched since 1907, and then lost more than
half its gain in the recessions of the final hour. Commercial
Boston.
Philadelphia.
Baltimore.
Week Ended
Solvents B yielded 15 points to 321. United States Cast
A prfl 29 1927.
Shares. Bond Salm. Shares. Bond Sales Shares. Bond Sates.
Iron Pipe & Foundry gained 10 points to 334, but slipped Saturday
19.320
$15,000
21,158
$38.000
3,651
$26.200
back to 329 at the close. In the downward sweep of the late Monday
36,528
9,000
39,237
22,100
1.. 93
gen()
Tuesday
30,070
24,000
19 384
11,500
1,498
743.37
afternoon General Motors dropped 53/i points, Baldwin Wednesday
32.331
18,450
26.004
20,900
2, 47
7,300
Thursday
35,468
19,500
35,39
71.500
Locomotive VA points, Colorado Fuel & Iron nearly 4 points Friday
2,565
45,500
12,874
17.000
11.784
14.000
2,4.28
25,000
and General Railway Signal, Delaware Lackawanna & WestTotal
166,591 $102,r50 152,876 $178,000
14,282 $285.600
ern and Missouri Pacific from 2 to 4 points.
The general list was irregular on Tuesday, though many Prey, week revised 140.609 875.285 137.978 173 nnn 24.820 1487 Ann
of the leading issues moved upward from 2 to 4 points. Motor
stocks were the outstanding strong issues, General Motors
COURSE OF BANK CLEARINGS.
showing a net gain of nearly 3 points, followed by Chrysler,
Bank clearings the present week will show a trifling
which came into brisk demand in the late trading and closed
inwith a gain of nearly 3 points. Hudson Motors was also crease compared with a year ago. Preliminary figures compiled by us, based upon telegraphic advices from the
strong and Mack Truck improved more than 2 points. Railchief
road stocks were somewhat irregular, Missouri Pacific and cities of the country, indicate that for the week ending to-day
Texas & Pacific slipping backward from 2 to 3 points. (Satuday, April 30), bank exchanges for all the cities of the
Specialties were in moderate demand,Commercial Solvents B United States from which it is possible to obtain weekly
selling up to 329, Baldwin Locomotive crossing 184 and returns will be 04% larger than those for the corresponding
Du Pont advancing over 4 points to 243. In the late after- week last year. The total stands at $10,535,091,097, against
noon public utility stocks came into prominence, Brooklyn $10,474,463,078 for the same week in 1926. At this centre
Union Gas moving forward 5 points and crossing 100. Ameri- there is a gain for the five days of 3.1%. Our comparative
can Sugar, Hudson & Manhattan and Texas Gulf Sulphur summary for the week is as follows:
were also in the list of strong stocks. Most of the railroad
Clearings-Returns by Telegraph.
Per
shares were weak,about the only exception being Delaware &
Week Ended April 30.
1927.
1926.
Cent.
Hudson, which rose to a new high for the movement as it New York
34,952,000.000 34.800,778,732
+3.1
Chicago
crossed 215. Price movements continued irregular an the Philadelphia
666,158,058
553,004,698 +20.5
442,000,000
446,000,000
-0.9
market resumed its activities on Wednesday, the feature of Boston
425,000.000
394,000,000
+7.9
Kansas City
113,059,458
106,412,223
+6.2
the trading being the sharp break in the oil shares, most of St. Louis
119,500,000
115,000,000
+3.9
152,411,000
the stocks in this group selling off from 2 to 3 points. Hous- San Francisco
147,734.000
+3.2
Los Angeles
142,445.000
130,029,000
+9.5
Pittsburgh
ton Oil, however, moved forward about
150,313,792
135,957,118 +10.6
33, points. Baldwin Detroit
142,214,088
133,539,271
+6.5
Locomotive was strong throughout the session and closed Cleveland
95,266,505
99,945,744
-4.7
90,242,315
at 18834, making a net gain of 5 points. General Electric Baltimore
96,466,440
-6.5
New Orleans
52,746,072
51,573,969
+2.3
also was well sustained and closed with a gain of nearly 2 Total 13 cities,
5 days
$7,543,356,288 $7,210,441,195
+4.6
Other cities, 5 days
points. Irregularity again characterized the trading
1,027,552.960
988,873,955
+3.9
on
Thursday, many prominent issues declining from 3 to
Total all
$8.570,909,248 $8,199,315,150
5 All cities, 1 cities, 5 days
+4.5
day
1,964,181,849
points. Bangor & Aroostook,however,climbed 11% points
2,275,147.928 -13.7
Total all cities for week
to 92. Aside from the strength in this issue the railroad
110.536.1191.097 810.474.483.078
+0.6
group was weak, Missouri Pacific yielding over 3 points and
Complete and exact details for the week covered by the
many others, particularly those operating in the flooded
foregoing will appear in our issue of next week. We cannot
district, also moved downward. Several of the oil issues
furnish them to-day, inasmuch as the week ends
to-day
were under severe pressure and reached new lows for the year.
(Saturday) and the Saturday figures will not be availabl
e
As the day advanced many stocks which have been conspicu- until
noon to-day. Accordingly, in the above the last day
ous in recent speculative activity, bore the brunt of the
of the week has in all cases had to be estimated.
decline and at the day's lowest prices General Motors had
In the
slipped back nearly 5 points. The weak stocks included present elaborate detailed statement, however, which we
further below, we are able to give final and complete
Du Pont, Commercial Solvents B, United States Steel nom., results
for the week previous-the week ended April 23. For
United States Cast Iron Pipe & Foundry and Baldwin that week
there is an increase of 1.0%, the 1927 aggregate of
Locomotive, the latter dropping back more than 6 points
clearings being $10,200,320,939, and the 1926 aggregat
e
to 180 at its low for the day. New York Central, Missouri $10,094,
646,457. Outside of New York City, the increase
Pacific, Delaware & Hudson and Nickel Plate also sold off is 2.6%,
the bank exchanges at this centre having decreased
from 2 to 8 points.
0.1%. We group the cities now according to the Federal
On Friday the market displayed considerable improve- Reserve districts
in which they are located, and from this it
ment. General Motors shot upward to 188%, making a appears that in
the Boston Reserve District the increase is
net gain of 3 points from its early low and United States only 0.6%, while in
the New York Reserve District (including
Steel common advanced nearly 2 points to 167%. Public this city) there is a
loss of 0.03%, and in the Philadelphia
utilities were also strong, American Water Works advancing Reserve District of
0.4%. In the Cleveland Reserve Dia234 points to 833'. Oil stocks were moderately active, Hous- filet the totals are larger
by 13.2%, in the Chicago Reserve
ton Oil advancing nearly 3 points, General Asphalt gaining District by 8.7% and in the Minneapo
lis Reserve District by
2.5%. In the St. Louis Reserve District there is a falling
off of 6.2%, in the Richmond Reserve District of 8.5% and
in the Atlanta Reserve District of 14.8%, the latter due
mainly to the decrease at the Florida points, Miami showing
a loss of 58.5% and Jacksonville of 27.2%. The Kansas
City Reserve Reserve District is able to record an increase of
4.0%, the Dallas Reserve District of 5.0% and the San Francisco Reserve District of 5.3%.
In the following we furnish a summary by Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. April 23 1927.
1926.
1927.
Inca?
Dec.
1925.
1924.
$
%
$
II
Federal Reserve Dist*.
408,715,676
509,632950 +0.6
612,637.766
let Barton_ _ _ _12 cities
6,044,137,884 6,046,005,946 -0.03 6,230,447,915
lind New York _11 "
695,469,119
585,181,066 -0.4
583,038,515
8rd Philadelphial0 "
3E3,301,171
390,435,130 +13.2
441,933,022
4th Cleveland__ 8 "
191,445,772
214,958,737 -8.5
196,634,570
Richmond. 6 **
6th
227,329,096
250,585,083 -14.8
213,633,456
6th Atlanta_ _ _ _13 "
918,658,810
924,605,437 +8.7
1,005,231,384
7th Chicago __ _20 "
203,915,234
224,917,172 -6.2
210,980,673
8th St. Louis _ _ 8 "
114,9E3,214
115,884,3E2 +2.5
118,825,918
9th Minneapolis 7 "
234,272,135
243,002,654
233,528,174 +4.0
10Th Kansas City 12 "
62,382,711
65,303,287 +5.0
68,602,169
5 "
Ilth Dallas
464,342,396
661,662,928
533.599.093 +5.3
12th San Fran__17 "
$
442,727,956
4,684,737,431
652,739,832
372,852,390
181,866,770
178,649,367
876,483,026
189,876,874
106,319,513
339,215,349
63,439,660
441,457,158
129 cities 10,203,320,939 10,094,646,457 +1.0
Total
4,284,760,148 4,174,971,379 +2.6
Outside N. Y. City
9,005,253,249
3,918,531,910
8,290,365,316
3,706,575,733
352.6E3.738 -19.2
308.948,113
241,888,014
Colson
29011156
234.938.856
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended April 23.
Clearings at
1927.
1926.
$
First Federal Reserve Dist rict-Boston
-Bangor___ _
644.670
755,767
Me.
2,810,452
2,947,567
Portland
-Boston_ _ 444,000,000 461.000,000
Mass.
, 2,123,650
1,863,827
Fall River._ _ _
a
a
Holyoke
972.577
Lowell
1,190,293
a
Lynn
a
1,184,716
1,104,007
New Bedford_ _
4,790,633
5,003,550
Springfield_ _
3,056,923
Worcester
3,758,968
18,414,616
14,572,752
-Hartford.
Conn.
6,628,394
7,421,760
New Haven_
11,611,200
13,192,600
-Providence
R.2.
496.806
724,988
N.H.-Mancheer
Total(12 cities)
512,637,766
Inc.or
Dec.
1925.
1924.
S.
+- 17.2
+4.9
+00.9
+13.9
a
+22.4
a
6.8
+4.4
+23.0
+26.4
+12.0
+13.6
+45.9
647,208
2,791,497
362,000,000
1,957,297
a
953,709
a
1,273,550
5,166,338
3,094,573
11,892,137
6,215.462
12,211,400
512,505
764,279
2.689,169
395,000,000
2,100,194
a
1,188,123
a
1,201,131
5.340,476
3,824,860
13,336,966
6,524,736
10,200,700
557,322
509,632,950 +00.0
408,715,676
442,727,956
Second Feder al Reserve D istrict-New
6,545,223
-Albany__
N. Y.
7,208,866
1,015,700
1,154,869
Binghamton__ _
55,774,021
53.153,833
Buffalo
1,043,815
945,143
Elmira
1,456,445
Jamestown__
d1,440.566
5,915,560,791 5,919,675,078
New York_
11,377,140
13,047,247
Rochester
5,179,91
5,981,685
Syracuse
3,740,78
4,434.652
-Stamford
Conn.
1,974,61
1,032,258
-Montclair
N. J.
38,223,20
40,177,974
Northern N.J.
York
10,516,084
5,007,476
+10.1
754,500
994,500
+13.1
44,518,716
51,235,483
4.7
657,536
892,009
9.5
1,083,267
1,426,962
1.1
0.1 5,086,721,339 4,583,789,583
9.611,766
10,252,487
+14.7
4,255,273
4,347,991
+15.5
2,762.785
3,532,519
+18.5
462,283
453,387
-47.7
31,834,266
30,075,154
+5.1
Total(11 cities) 6,044,137,884 6,046,005,946 -0.03 5,200,447,915 4,684,737.431
Third Federal Reserve Dist rict-Philad elphia
+9.3- 1,366,741
1,650.752
1,803,839
-Altoona. _ _
?a.
4,164,842
5,160,963 -28.4
Bethlehem._ _
3,695,480
1,289,598
1,462,328 +9.9
1,606,912
Chester
2.963,856
2,018,064 +9.5
Lancaster
2,209,332
Philadelphia__ _ 550,000,000 553,000,000 -0.6 565,000,000
3,943,851 +19.3
3.522,403
4,699,091
Reading
6,510,397 5,696,291
2.8
Scranton
6.325.495
4,049,087 +1.0
4,278,007
4,089,137
Wilkes-Barre_ _
York
1,894,007 +25.6
1,685,415
2,379,167
-Trenton._
N.3.
5,491,617 +13.4
6,230,062
5,491,966
a
a
a
Del.-Wilming'n
Total (10 cities)
585,181,066
0.4
-
1,442,932
4,066,512
1,137.581
2,872,636
523,000,000
4,590,628
5,447,803
3,293,664
1,702,264
5,185,812
a
595,459,119
552,739,832
Fourth Feder al Reserve 13 Istrict-Clev eland-6,548,000 -6.8
Ohio-Akron._ _ _
6.102,000
5,171,000
3,545,228 +10.2
Canton
3,906.417
3,831,449
70,832,916 +12.1
Cincinnati_ _
79.434,964
68,438,866
Cleveland
126 067.084 110,821,112 +13.7 109,962,789
Columbus
16,576,300
15,710,600 +5.5
13,043,400
•
a
a
Dayton
•
a
a
Lima
a
a
2,455,468 -11.5
Mansfield
e2,175,192
1,926,256
a
a
a
Springfield_ _ _
a
a
a
a
a
Toledo
4,054.875 +11.2
4,509,590
Youngstown _
3.978.744
a
a
a
a
-Erie
Pa.
Pittsburgh_
_ 203,161,475 176,466,931 +71.8 176,948,667
7,664,000
4,486,310
63,825,958
103,526,444
11,227,700
a
a
1,716,382
a
a
3,829,946
a
176,575,640
583,038,515
390,435,130 +13.2
383,301,171
372,852,380
Fifth Federal Reserve Dist net-Richm ond16.7
1,414,446 1,177,742
W.Va.-Hunt'g'n
8,108.181 -32.9
Va.-Norfolk. _
5,440,132
47,193,000 -0.7
Richmond_ _ _ _
46,879.000
2,159,332 +13.3
-Charleston
d2,446,331
S.C.
Md.-Baltimore
114,323,922 129,901,588 -12.0
26,192,190 +0.7
D.C.-Washing'n
26.367.443
1,352,073
8,405,063
50,142,000
2,584,016
103,993,027
24,969.593
1,831,776
6,536,863
52,495,000
2,113,816
97.952,315
20,937.000
Total(8 cities).
441,933,022
8.5
-
191,445,772
181,866,770
Sixth Federal Reserve Dist rict-Atlant a14.5
10,619,423 Tenn.-Chatt'ga.
9,076,664
3,015,315 +6.1
Knoxville
*3,200,000
21,027,495 +19.9
Nashville
25,209,327
72.887,319 -29.9
Ga.-Atlanta.. _
51,117,524
1.930.980 -1.8
Augusta
1,896,874
1,915,973 +1.8
Macon
1,951,590
a
Savannah
a
a
27.2
34,919,174 25,413,556
16,514,319 -58.5
Miami
6,857,648
12.1
29,718,729 Ala.-Birming'm.
26,137,541
1,712,925 +19.4
Mobile
2,044,698
1,509,000 +9.4
-Jackson..
Miss.
1,650,917
14.4
321,292
275,220
Vicksburg
54,493,139 +7.9
La.-NewOrleans
58,801.897
7,498,007
3,685,180
21,205,572
64,858,248
1,803,912
1,434,285
a
26,026,675
17,584,532
27,289,846
1.723,945
1,129,000
299.022
52.790,872
6,505,792
2,874,556
20,899,055
46.288,304
•1,500,000
1,181,814
a
14.828.324
3,798.732
24,955,059
1,661,681
863,829
221,860
53,070,361
250,585.083 -14.8
227,329,096
178.649,367
Total(6 cities)_
Total(13 cities)
196,634,570
213,633.456
2545
T1TE CHRONICLE
APR. 30 1927.]
214.968,737
Week Ended April 23.
Ckarings
1927.
1926.
lac.or
Dec.
1926.
1924.
S
$
%
s
$
Seventh Fed r al Reserve D Istrict-C h I cago-254,222
248,505
-Adrian .
263,374 -3.5
262,878
Mich.
873,174
Ann Arbor__ .
553,086
880,307 -0.8
670,818
186.552,501 182,241.916
Detroit
+2.4 172,364.337 159,780,622
8,301,061
6.391,590
Grand Rapid 1.
8,193,996 +1.3
6,700,322
2,262,000
2,160,124
.
2,200,000 +2.8
Lansing
2,193,552
3,052,727
2,404,475
2,511,195 +21.6
-Ft. Way e
2,459.332
Ind.
Indianapolis_ . 21,975,000
16,776,000
22,350.000 -1.7
14,783,000
2,831,600
2,270,000
2,706,000 +4.6
2,585,000
South Bend_ _
5.025,007
4,616,634 +8.8
5,154,930
5,056,572
Terre Haute_ _
39,675,781
Wis.-Milwauk e
32,289,248
39,422,085 +0.8
34,690,100
2,297.673
2,252,330
2,336,087 -1.7
2,471,357
Iowa-Cad. Rat
10,491,130 -5.4
9,925,998
10,069,104
Des Moines_ .
11,210,656
5,376,379
6.852,037 -21.5
7,091,689
Sioux City.. _
5,899,848
1,671,921
_
1,285.167 +30.1
Waterloo _
1,325,858 ... 1,330,135
1,586,282
1,763,253 -10.0
1,386,831
111.-Bloom'ton .
1,415,332
_ 701,602,689 624,659,104 +12.3 643,183,981 618,004,336
Chicago
a
a
Danville
aa
1,261,740 ;9.3
1,379,747
.
1,455,512
1,401,463
Decatur
4,444,779
4,108,462
4,797.128 -7.4
Peoria
4,155,078
3,295,150 +10.7
3,648.291
2,435,276
2,359,627
Rockford .._ _ .
2,479,134 +0.6
2,494,552
2,515,612
2,277,858
Springfield_ _
+8.7 918,658,810
Total(20 citiei0 1,005,231,384 924,605,437
-St. Louis.
Eighth Fed n al Reserve D strict
5,610,259 +18.8
5,926,188
6,665,008
Ind.-Evansvill 1.
Mo.-St. Louis . 138,700.000 149,500,000 -7.2 134,200.000
32,024,588 +12.2
30,931,429
35,936,922
Ky.-Louisville ._
299,095 +0.2
278,616
299,772
Owensboro_ _
20,862,165 -6.9
18,753,598
19,424.375
Tenn.-MemphIs
11,955,358
14,513,542 -43.4
8,211.814
Ark.-Little Rock
378,592 +0.4
351,065
380,294
Ill.--Jacksonvil e
1,728,931 -21.2
1,518,980
1,361,888
Quincy
876,483,026
Total(8 cities _ 210,980,673 224,917,172 -6.2 203,915,234
Ninth Feder ri Reserve Dis trIct - Min neapol is
8,118,689
6,402,455 +10.2
7.053.668
71,998,134
73,625,502 -0.4
Minneapolis_ . 73,361,672
28,771,822
29,381,548 +9.1
32,049,037
St. Paul
1.762,424
1,922,707 -1.4
1,896,373
No. Dak.-Fa ;co
1,231,901
1,307,322 -14.8
B. D.-Aberdecon
1,114,018
508,260
+5.0
484,946
-Billings 509,150
Mont.
2.591,984
2,759,902 +3.0
2,842,000
Helena
189,876,874
Total(7 cities
118,825.918 115,884,382 +2.5 114,983,214
Tenth Feder al Reserve Dis trict- Kan sac Cit y326,313
321,544 -7.3
Neb.-Fremont._
d298,005
482,512
550,711 -47.3
290,113
Hastings
4,372,028
3,852,703 -2.1
3,772,245
Lincoln
37,880,516
38,305,119 -8.6
._
Omaha
35,026,594
3,275,158
2,727.458 +6.3
d2,899,281
-Topeka ._
Kan.
7,194,398
7,773,685 -1.6
d7,648,902
Wichita
Mo.-Kan. Cit .... 134,864,027 125,818,917 +7.2 125,793,719
6,658.663
6,923,225 -18.0
d5,609,662
St. Joseph ._
a
a
a
a
Okla.-Aluskog 58
25.938,269
27,483,056 +13.9
Oklahoma Ci ,y d31,302,794
a
a
a
a
TuLsa
1,187,140
1,065,126 +8.8
1,159.391
-Col. Spgs.
Colo.
20,127,045
17,519,633 +7.3
18,806,446
Denver
1.036,374
1,186,997 +11.6
1,325.194
Pueblo
106,319,513
Total(12 citi 5) 243,002,654 233,528,174 +4.0
Eleventh F le ral Reserve District-D alias
+2.1
1,246,285
1,272,073
-Austin....
Texas
40,743,962 +8.3
44,123,580
Dallas
10,949,576 -5.7
Fort Worth_ ... c10,330,351
7,737.847 -6.2
7,257,000
Galveston_ ._
a
a
a
Houston._ _
4,625,617 +21.5
5,619,165
La.-Shrevepo 1:
234,272,135
209,215,349
1,510,734
40.050,987
9,711,631
6,559,431
a
4.549,928
1,332,028
33,518,101
8,708,608
5,201,496
a
4,679,427
62,382,711
65.303.287 +50
68,602,169
Total(5 cities 1.
Twelfth Fed ...r al Reserve 13 istrict-San Franci sco39,041,932
50,573,425 -9.7
45.687.656
-Seattle _
Wash.
10,710,000
11.490,000 +10.1
12,655,000
._
Spokane
a
a
a
a
Tacoma
1,303.755
1,266,929 -2.2
1,239,703
Yakima
39,073,500
+1.1
39,552,556
40,006,244
-Portland _
Ore.
17,275,497
18,128,085 +10.1
19,965,073
Utah-S. L. Ci ,y
a
a
a
a
._
Nev.-Reno
a
a
a
a
Arts -Phoenix. _
2,751.268
4,424,155 +0.7
4,456,651
-Fresno..._
Cal.
7,095.633
7,772,838 -5.5
7,347,346
Long Beach.._
Los Angeles_ ._ 185,427,000 170,361.000 +8.8 141,934,000
19.918,982
21,457.449 -4.9
20,415,124
._
Oakland_
5,835,564
6,248,618 +15.7
7,227,715
Pasadena _ _ ..
7.337,654
7.486,053 -15.8
6,306,072
Sacramento.._
4,596.120
5,898,329 +2.3
6,037,100
San Diego..._
San Francisc )_ 196.196,000 180.011,000 +8.9 159,261.000
2,456,092
2,402,301 -2.2
2,349,153
San Jose_ __ _ ._
1,250,296
1,595,538 -15.0
1,355,569
Santa Barbar L.
2,007,603
.2,182,517 +7.5
2,345,422
).
Santa Monte
2.493,500
2,748,300 -3.7
2,646,100
Stockton....._
53,439,660
35,292,678
10,276,000
a
1.004,747
40,940,232
14,092,222
a
a
3,315,268
7,316,788
139,498,000
15.490,166
5,273.009
7,146,421
3,773,441
150,600,000
2,139,038
998,878
2,014,470
2,285,800
464,342,396
441,457,158
4,678,555
125,300,000
28,610,803
346,714
18.565,487
10,667,905
335,577
1.371,833
5,132,638
64.303,670
31,587,051
1,525,660
1,198,894
387,711
2,183,889
409,604
405,186
3,436,709
35,039,435
2.533,250
6,823.000
114,434,004
5,991,206
a
20,122,879
a
900,593
18,258,869
860,614
Total(17 citi s) 561,662,928 533,599,093
Grand total (1 19
10200320,939 10094646,457
cities)
+5.3
Outside N. Y__ .. 4,284.760,148 4.174.971.379
+2.6 3.918,531.910 3,706.575.733
+1.09.005,253.2498.290.365,816
Week Ended April 21.
Clearings at
1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William....
New Westminster
Medicine Hat...
Peterborough_ _ _ _
Sherbrooke
Kitchener
Windsor
Prince Albert_ _ _ _
Moncton
Kingston
1926.
Inc.or
Dec.
S
S
%
89,347,327 113,070,815 -21.0
90,480.489 113,413,250 -20.2
43,574,559 -9.9
39,252,894
14,034,607
17,555,795 -20.1
7,602,990 -9.3
6,900,121
3,327,929
5,474.376 -39.2
2,528,815 +1.4
2,565,974
4,846,453
4,988,319 -2.9
5,656,498
7,523,551 -24.8
2,081,892
2,820,589 -26.1
1,846,595
2,249.713 -17.9
2,625.846
2,843,828 -7.7
5,248,989 -21.6
.
4 115,693
8,026.888 -61.9
3,061,537
652,220 -23.0
502,306
563,059 -18.2
460,517
2,056,048 -27.6
1,488,100
1,160,871 -15.9
976,517
1.071,139 -3.0
1,038,874
• 655,061 +46.0
956,776
908,385 -31.7
620,263
291,066 -7.9
267,803
738,716 +6.4
786,021
800,023 +10.3
882,784
932,674 +0.9
941,497
3,941,198 -0.7
3,915,205
465,604 -28.1
334,723
782.090 -2.9
759.821
723,107 +4.9
863,796
1925.
$
88,479,494
88,298,100
61.169,382
15,137,083
6,792,743
5,763,567
3,040,239
4,944,405
5,957,357
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
895,616
574,372
276,799
833,952
767,048
982,702
3,350,875
309,318
898,702
616,407
1924.
$
68,465,403
66,628,527
47,818,708
12,718,118
5,073,162
5,544.946
2,211,901
4,095,724
5,477,362
2,133,021
2,054,887
1,957,450
3,250.254
2,330,689
425,145
425,355
1,251.257
904,544
747,065
651,296
504,388
289,285
720,956
673,872
834,927
3,226,983
247,507
732,706
492,576
9RA ORR RAO 352 863.738 -19.2 308,946,113 241,888,014
requests for figures. c Week
a No longer report clearings. b Do not respond to
ended Apr. 20. d Week ended Apr. 21. e Week ended Apr. 22. •Estimated.
r,..1 /911.9.19a1
,
2546
THE CHRONICLE
THE CURB MARKET.
Curb market issues were under selling pressure most of
the week, resulting in lower prices. A slight display of
strength was noted toward the close, but this was confined to a few issues. There was very little difference in the
various departments, all being subject to the same pressure.
Exceptions to the rule were Amer. Arch, which gained
-about three points to 107% and closed to-day at 107.
Amer. Cellulose Chemical Mfg. corn. rose from
1443 to
168 with the final figure to-day 167. Anglo Chilean Nitrate
was strong, advancing from 18% to 25 and closing to-day
at 24. Auburn Automobile, corn., sank from 111 to 108
and ends this week at 1063 Genl. Baking class A, declined
from 573 yo 543g and finished to-day at 55. Glen Alden
Coal sold up from 132% to 182 and down to
1763-i finally.
Johns-Manville corn. declined from 68 to 643 andrecovered
finally to 663'. Libbey Owens Sheet Glass corn. lost over
nine points to 120, with a final recovery to 1213'. Among
utilities, Amer. Gas & Elec. com. fell from 82 to 78 and
-ends the week at 7932. Amer. Light & Tract, corn. eased
off from 255 to 2353. Electric Bond & Share Sec. was off
from 723i to 693j Electric Investors declined from
393 to 37. Oils were under pressure. Humble Oil &
Ref. lost three points to 563-, closing to-day at 57. Ohio
Oil was off from 559/i to 52, with transactions to-day at
Prairie Oil & Gas lost about two points to 45% and
ends the week at 453/s. Standard Oil (Indiana) declined
from 66 to 643/ the final figure to-day being 653.. Stand8
,
ard Oil (Ohio)new weakened from84% to 78 and sold finally
at 78%.
A complete record of Curb Market transactions for the
week will be found on page 2371.
GAILY TRANSACTIONS AT THE NEW YORK CURB MARKET.
Week Ended April 29.
STOCKS(No. Shares).
Ind& Misc
Oil.
BONDS (Par Value)
Mining. Domestic. For'n Govt.
-Saturday
Monday
Tuesday
Wednesday
Thursday
.Friday
76.976
140.033
82.835
126.265
164.426
108,019
44,180
96.045
113,220
90.690
143.830
151,410
32,600 $1,794,000 $228,000
67,102 2,585.000
311,000
58,840 2.728,000
482,000
84,126 2,390,000
451.000
23,921 2,728,000
633.000
50,558 2,897.000
409.000
Total
698.554
639.375
317.147 $15120000 52,514,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
April 13 1927:
GOLD.
The Bank of England gold reserve against notes amounted to £149,812,030
on the 6th inst., as compared with £149,084,145 on the previous Wednesday.
Bar gold to the value of £862.000 was available in the open market yesterday, and in the absence of any large inquiry the Bank of England secured
£811,000, as shown below. The balance was divided as follows: India
£12,000 and the trade £39,000.
The following movements of gold to and from the Bank of England have
been announced:
Apr117. April 8. April 9. April 11. April 12. April 13.
Received
£1,000,000 £811.000
Withdrawn
£8.000
E39.000
The receipts on the 11th and 12th inst. were from South Africa, the
former in sovereigns and the latter in bar gold. The withdrawals were in
sovereigns destined as follows: India. £17,000; Spain. £12.000: Argentina.
£10,000, and Holland, £8,000. During the week under review the Bank of
England has received on balance £1,764,000. This is the largest net weekly
Influx since the week ending July 15 1925. when £2,703,000 was recorded.
The net eMux since the resumption of an effective gold standard, as set
out in the daily bulletins at the Bank, is £3,835,000.
United Kingdom imports and exports of gold during the month of
March last were as follows:
Imports.
Exports.
Russia (U. S. S. R.)
£21,000
Netherlands
68.245
France
37,145
1,315
Switzerland
45.700
Spain and Canaries
136,425
Egypt
28,910
'West Africa
297
133,873
United States of America
300,500
10.309
Central America and West Indies
2,069
Argentine Republic, Uruguay and Paraguay
60.000
Java and other Dutch Possessions in the Indian Seas..
6,300
Other countries in South America
886
Rhodesia
137.063
Transvaal
1,14).166
British India
359,823
Straits Settlements
95.040
Germany
131.670
Austria
99,320
Other countries
47,248
59,780
Total
£1,546,461 £1,416,623
The Transvaal gold output for the month of March last amounted to
860,511 fine ounces as compared with 779.339 fine ounces for February
1927 and 834,340 fine ounces for March 1926.
The following were the United Kingdom imports and exports of gold
registered in the week ending the 6th inst.:
Imports-Exports
Russia (U. S. S. R.) ____
£15,400
£10,400 Germany
Belgian Congo
38,193
39.060 Netherlands
British South Africa
95.000
1,117.581 Spain
Other countries
10.300
6.454 Austria
700
Other countries
£1,173.495
£159,593
[VoL. 124.
SILVER.
•
Since we last addressed you the:tendency of the market was
downward
until Monday, when a rather sharp reaction of Md.
in the price for cash
and 7-16d. for two months' delivery took place. The
improvement, however, did not last and prices subsequently again eased.
Speculation and bear covering, both on Chinese and Indian
account.
has been responsible for the vacillating market, and there
is little guidance
for judging the immediate future, though much confidence
in the present
level of prices being maintained can hardly be felt, as the flow of
silver upcountry in China, customary in May for the financing of the silk
crop, may
be checked by the operations of civil war in the districts concerned.
The following were the United Kingdom imports and exports
of silver
registered in the week ending the 6th inst.:
ImportsExports
U. S. A
£157,645 British India
£138,989
Other countries
11.126 Other countries
15,148
£168,771
£154,137
INDIAN CURRENCY RETURNS.
It will be noticed that the holding of gold in the return below for April
7
has been substantially increased from 2232 lace to 2976 lace.
This is
owing to the revaluation of the stock on the basis of the Is. 6d. rupee,
the
new gold fixation which became effective on April 1. A satisfactory result
of this change is also to be observed, namely the substantial reduction of
the
amount of Indian securities (created ad hoc)from 4977 to 4046 lace.
(In lacy of rupees.)
Mar. 22. Mar. 31. April 7.
Notes in circulation
18270
18413
18160
Silver coin and bullion in India
10304
10447
10395
Silver coin and bullion out of India
Gold coin and bullion in India
2232
2232
2976
Gold coin and bullion out of India
Securities (Indian Government)
4977
4977
4046
Securities (British Government)
557
557
543
Bills of Exchange
200
200
200
No silver coinage was reported during the week ending the 7th inst.
The stock in Shanghai on the 9th inst. consisted of about 68,200,000
ounces in syceo, 78.800,000 dollars and 7,720 silver bars, as compared
with about 67.500.000 ounces in sycee, 79,200,000 dollars and 7,660 silver
bars on the 2d inst.
-Bar Silver, Per Oz, Std.Bar Gold,
Quotations During the Week- Cash.
2 Mos.
Per Oz. Fine.
April 7
26 9-16d.
26 5-16d.
84s. 11d.
April 8
263(d.
26 1-16d.
84s. 11d.
April 9
26d.
25 Md.
84s. lid.
April 11
26 M d.
26 3-16d.
84s. lid.
April 12
26 3-16d.
26 1-16d.
84s. 10(d.
April 13
26d.
257
-Id.
84s. 1l Md.
Aysralf2
26.229d.
26.041d.
84s. 10.88.
The silver quotations to-day for cash and two months' delivery
are.
respectively, Md. and Md. below those fixed a week ago.
The Bullion Market will be closed on Saturday, April 16.
ENGLISH FINANCIAL MARKET
-PER CABLE.
The daily closing quotations for recurities, &c., at London,
as reported by cable, have been as follows the past week:
London, Week Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
ending Apr.29. April 23. April 25. April 26. April 27. April 28. April 29.
Silver, per oz.d. 26
25%
261-16
2534
257-i
2534
Cold,per fine oz 84.5.1114d. 845.114d. 845. 10d. 845.113d. 848.1134d. 843.11446
Consols.2%%547-4
5434
5413-16 5431
55
British, 5%,102)4
1007-4
1007-4
10034
10014
British, 47-4%
96)(
9534
9534
9534
9534
French Rentes
(in Paris)_-fr
58.25
58.60
$8.05
57.75
58.15
French War L'n
(in
_fr
78
78.95
78.95
78.80
78.55
The price of silver in New York on the same days has been:
Silver in N. Y., per os. (ets.):
Foreign
561.4
se
56
557-1
553l
55%
Sounatrciai andMiscellaneonsgem
Breadstuffs figures brought from page 2630.-A11
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-
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
,b1s.19elbs bush.60165.bush.56 lbs.bush. 32 lbs.bush.4815s.bush.56lbs.
240,000
Chicago
281,000
928,000
864,000 172.000
10.000
Minneapolis
898,000
30,000
101,000
95,000
37.000
Duluth
676,000
2,000
64,000 212,000
Milwaukee
42,000
12,000
50,000
109,000 138,000
7,000
Toledo
142,000
66,000
477,000
1,000
Detroit
13,000
25,000
10,000
10,000
Indianapolis__
56.000
243,000
258.000
St. Louis_ ___
138,000
184.000
277,000
408.000
2,000
9,000
Peoria
79,000
1,000
245,000
128,000
13,000
Kansas City_
51.000
553,000
40,000
Omaha
72,000
71,000
66,000
St. Joseph_
35.000
226,000
28,000
Wichita
112,000
5,000
10,000
Sioux City_
25.000
77,000
18,000
1,000
Total wk. '27 499.000 3,408,000 1,946,000 2,319,000
285,000
Same wk. '26 411,000 3,523,000 3,023,000 3,552.000 486,000 245,000
604,000
Same wk. '25 341.000 1,952.000 2,054.000 3,022.000 574,000 743,000
Since Aug.11926
17,966,000281,298,000 175,081,000 113,327,000 16,327,000 24,875.000
1925
16,951,000282,176,000 184.145.000 182,931,000,62,862,00020,383,000
1004
17 Ann nnn &al 2nft non ?AO 111/4.1)00222.47R.n0015A 41c9 Ann Al 227 nnn
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Apr. 23, follow:
THE CHRONICLE
APE. 30 1927.]
Receipts at-
Corn.
Wheat.
Flour.
Oats.
Al
Barley.
Rye.
Bushels.
Bushels.
Bushels. Bushels.
Bushels.
Barrels.
186,000
150,000
71,000
27,000
New York _- 180,000 1,365.000
30,000
1,000
38,000
131,000
34,000
Philadelphia14,000
18,000
2,000
35,000
358,000
20,000
Baltimore-2,000
N'port News2,000
Norfolk
51,000
9.000
189,000
69,000
New Orleans•
458,000
Galveston_
18,000
39,000
5,000
3,000
20,000
Montreal
10,000
502,000
73,000
St.John, NB.39,000
1,000
27,000
26,000
Boston
Total wk. '27 392,000 3,008,000
Since Jan.1'27 6,826,000 83,582,000
170,000
3.552,000
283,000
149,000
201,000
5,357,000 10,500,000 4,361,000
2547.
April 22
-The Franklin National Bank of Jersey City, N. J. Location of
branch-Vicinity of Bieecker St. and Hudson County Boulevard, Jersey City.
April 22
-The Broad & Market National Bank & Trust Co. of Newark,
N. J. Location of branch-Vicinity of 157-159 Bloomfield
Ave., Newark.
10
April 22
-The Mechanics National Bank of Trenton, N. J. Location of
branches
-Vicinity of Clinton and Olden avenues; vicinity of
corner of Hudson and Hamilton avenues; vicinity of corner of
Adeline and Broad streets; vicinity of 42 North Hermitage
Ave. (all in Trenton, N. J.).
101
April 22
-The First National Bank of Perth Amboy, N. .7. Location of
branch-Vicinity of Convery Place and New Brunswick Ave,
Perth Amboy.
April 23
-Journal Square National Bank of Jersey City. N. J. Location
of branch-Vicinity of Pavonia and West Side avenues.
Jersey City.
272,000 1,014,000
327,000 290,000
421,000 1,289,000
Week 192&.
etinee Jan.1'25 7.774.000 41.591.000 8.533.000 12.633,000 8,237,000 2,572,000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston and Philadelphia on Wednesday/of
The exports from the several seaboard ports for the week this week:
Apr. 23 1927, are shown in the annexed
ending Saturday,
By Adrian H. Muller & Sons, New York:
statement:
Shares. Stocks.
er sh. Shares. Stocks,
Peeehi
20 Amer.& International Novelty
14 25-100 The Tanite Co
$28 lot
Mfg., par $10
12,000 Hiawatha Oil& Gas, par $1
6o.
600 Central Arizona Min., par $10
100 Potosi Mining Co., par $2._Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
100 Casa Grande Impt. Co., Ltd_
10 Tyson Co., Inc., pref
1,225,224
67,185 395,523 675,204 199,672 100 EastTenn.Va.& Ga.Ry.,corn.
New York
10 Tyson Co.,Inc., corn., no par..
40,000
1.000
Boston
500 El Cristo Gold & Silver Mining
180 Cis Miners de Morelos El. A., $1 lot
393,000
19,000
Philadelphia
Co., par $2
Par 1 peso
449,000
29,000
3,000
116,000
Baltimore
50 Electro Pneumatic Transit Co.,
4,285 peso note. Cia Miners de
2,000
Norfolk
par $10
Morelos, S. A
2,000
News
Newport
100 Houston & Texas Cent. Ry
4w. H. Langley 7% pref
95
158,000
64,000
28,000
19,000
New Orleans
5 Keely Motor Co., no par
Co. of
160,000
8.000
Galveston
153,000 100 Mariposa Land & Mining Co. $202 145 Ocean no par N. Y., Inc.,
common,
502.000
39,000
10,000
73,000
St. John, N.B
of Calif., common
lot 1,000 Crescent Talking Machine
Mariposa Land dr Mining Co.of
Co.. Inc., corn., par $10
93,000 169,185 424,523 791.204 425,672 10Calif.
Total week 1927__ 2,927.224
scrip ctf. for capital stock
1,000 Crescent Talking Machine $13
o.,...... ormlr loss
1.513.659 197.000 134.942 1.376.131 366.663 421.000 X Miners
01100.. par $1,000
Co., pref., par $10
lot
Premier-Cariboo Gold Min6,000 Pioneer Consolidated Mines
The destination of these exports for the week and since 2,600 Co., par $1
ing
Co., par $5
100 South Carolina Ry. Co '
1926 is as below:
700 Rowe Alaska Co., par $5
July 1
100 Sutro Tunnel Co., par $10
$14,000 Improved Property Hold1,900 Gold Placer Mining Co.,
ing Coot N.Y.6% gold bonds,
Flour.
Wheat.
Corn.
par $25
due June 1 1924; June 1912 and
Exports for Week
100 Ohio Central RR. Co
subsequent coupons attached
Week
Since
Week
Since
Week
Since
and Since
$4,000 Litchfield Carrollton &
Apr. 23 July 1
Apr. 23
July 1
Apr. 23
July 1
Adz 1 loWestern RR.Co.6s, due 1918_
Bonds.
Per cent.
1927.
1928.
1927.
1926.
1927.
1926.
$1,125 Western N. Y. & Pa. RR.
$300 Freundsehaft Society of
Co. 2d M.inc. scrip, 5%,1909_
N. Y. City 4% mtge. bonds $151 let
Barrels. Barrels.
Bushels.
Bushels. Bushels. Bushels.
By Barnes & Lofland Philadelphia:
United Kingdom_ 57,215 3,615,152 1,202,472 86,874.514
931,329
35,140 4.924,464 1,712,752 147,733.870
Continent
29,000
760.808 Shares. Stocks.
$ per :M. Shares. Stocks.
$ per she
424,980
11,000 3.997.467
So. di Cent. Amer_ 10.000
20.000 1,596,000 2 Girard Trust Co
54 Integrity Trust Co., par $50____551
1366
13,000
West Indies
515,000
1,000
28,000
44,000 1,302,000 1 Lancaster Ave. Title & Trust,
5 Jefferson Title & Trust Co.,
Brit.No.Am.Cols_
par $50
9034
par S50
78
Other countries._ _ 53,830
629,254
1,250,950
263rd St. Title & Tr., par $50
5 Mitten Men & Management Bank
50
5 Bell Telep. Co. of Pa., pref
114
& Trust Co,Par $50
140
Total 1927
169,185 10,108,850 2,927.224 239,884,801
93.000 4,590,137 2 Girard Life Ins. Co., par $1023 Bank of No. Am.& Tr. Co
20
390
Total 1926
134.942 9.115.326 1.513.669 181.823.248 197.000 11.273.133 32 John B. Stetson Co., preferred,
10 Northeastern Title & Trust Co.,
par $25
par 360
3734
7534
10
Trust Co., par $50National Banks.
-The following information regarding 8 John B. Stetson Co.. common, 9834 50 Broad Street of L000motive Engi- 7511
no Par
Brotherhood
national banks is from the office of the Comptroller of the 8 John B. Stetson Co., common,
neers Title de Tr. Co.. par $25_ _.177
18 Phila. Co.for Guar. Mtges
no Dar
22234
Currency, Treasury Department:
r
•4.."IC 11 Real Estate Trust Co., assented 9834 83 Fairmount Park 'Transit Co.,
_ .
preferred
APPLICATIONS TO ORGANIZE APPROVED.
222
preferred, par $10
"
pi
10
9 Security Trust Co. (Camden,
8 Phila, Life Ins. Co., par $10
Capital.
1434
N.J.)
Apri1123-The Security National Bank of Montevideo, Mimi
441
20 North Pennsylvania RR
$50,000
88
3 Tioga Nat. Bank
13234 4 Phila. Bourse, corn., par $60_. 273
Correspondent, C. A. Fosnes, Montevideo, Minn.
4 Phila. Bourse, corn., par $50
Apri1123-The Roslyn National Bank, Roslyn, Pa
300
50,000 2 Union Nat. Bank
2734
15 Continental Pass. Ry
100 Union Nat. Bank
Correspondent, Perry Greenspan, R oslyn, Pa.
285
6734
7 Union Passenger Ry
41 First Nat. Bank of Phila
465
102
APPLICATION TO CONVERT APPROVED.
90 First Nat. Bank of Toms River,
15 13th & 15th Sts,Pass. Ry
150
April 23
-The Fourth Northwestern National Bank of MinneN. J
424 68 Warwick Iron & Steel Co.. per $10 T.
apolis. Minn
13 Keystone Telep. Co.of N.J.. pt. 18
$100,000 5 Colonial Trust Co., par $50
224
Conversion of the Fourth Northwestern State Bank of
10 Aldine Trust Co
2553( 5 Hillside Cemetery Co..Par $25
25
Minneapolis, Minn.
10 Pa. Cold Storage & Mkt. Co.,
13 Northern Cent.Tr.Co.. par $50_125
50 Richmond Trust Co
70
Par 350
150
CHARTERS ISSUED.
12 Union Traction Co
1 Commonwealth Title Ins. &
37
Apri118-The First National Bank of Friedens, Pa
$25,000
Trust Co
1 Nat. Bank of Olney
630
132
President, L. M Walker.
2 Land Title dc Trust Co
810
5 Franklin Fourth St. Nat. Bank-590
April 21-The Bay Head National Bank, Bay Head, N. J
30,000 2 Northern Trust Co
Rights952
$ Per right.
President, James H. Chafey; Cashier, S. C. Forsyth. a. I...
25 Northern Trust Co
952
10 'Flogs Trust Co
50
Bonds19 Northern Trust Co
952
CHANGES OF TITLE.
Per Cent.
100 Bankers Trust Co.. par $50,
$200 Benevolent Protective Order of
--The Adirondack National Bank of Saranac Lake, N. Y.,
April 18
7934
full paid
Elks (Phila. Lodge No. 2) gen.
to "Adirondack National Bank & Trust Co. of Sar,
10 Integrity Trust Co., par $50
5513i
mtge. 65, 1940
71
anac Lake.'
Apri02-The Broad & Market National Bank of Newark, N..7.,
By A. J. Wright & Co., Buffalo:
to "The Broad & Market National Bank & Trust Co.
Shares. Stocks.
$ Perth. Shares. Stocks.
of Newark."
$pers8.
C5.4
1 Buff. Niag & Eastern Pow. Co.
816 March Gold, Inc., par 10c____ Sc.
VOLUNTARY LIQUIDATIONS.
no par
3034 1 Buff. Niag. & Eastern Power,
-The First National Bank of Ocean Park, Cant__
1,000 Columbus Kirkland. par $1
4o.
April 18
pref.. par $25
2634
Effective close of business March 1 1927. Liquidating
14 Powerton Tire par $50
$2 lot 500 Chaput Hughes, par $1
Sc.
agent, It. B. Harris, Santa Monica, Calif. Absorbed
By Weilepp Bruton & Co. Baltimore:
by California Bank. Los Angeles, Calif.
-The First National Bank of Washington,Pa
April 20
Shares. Stocks.
$ per eh. Shares. Stocks.
$ per sh.
$400,00(1 10
Effective April 16 1927. Liquidating agents, John F.
Frederick County Nat. Bank,
35 Hoge Grain Feed Co., no par
4.34
Wiley, Albert Zeit and Harry Gagby, Washington,Pa
par $15
2234 10 Cockeysville Nat, Bank
220
Absorbed by the Real Estate Trust Co. of Wash35 Hoge Grain Feed Co., no par
434
ington, Pa.
By Wise, Hobbs & Arnold Boston:
-The City National Bank of Kearney. Neb
April 20
Effective March 30 1927. Liquidating agent, Dan Mor- 100.000 Shares. Stocks.
$persh. Shares. Amelle.
$ per eh.
ris. Kearney, Neb. Succeeded by City National Bank
25 First Nat. Bank
412
10 Gorton-Pew Fisheries, Ltd.,
in Kearney.
16 Pepperell Mfg. Co
pref. ctfs. of deposit
11654
2816
-The Farniers & Merchants National Bank of Farmers
April 20
3 Merrimack Mfg. Co
123 ex-div. 10 Elder Mfg. Co , v. t. c
2
vibe, Tex
25 Naumkeag Steam Cotton Co_173-174 5 Elder Mfg, Co.,
47
Effective April 12 1927. Liquidating agent, W. R. 75,000 20 West Boylston Mfg. Co., pref__ 3634 7 United States 2d pref
Envelope
19834
Carmer, Farmersville, Tex. Succeeded by The
60 Ft. Dodge Des Moines & So.
307 Fall River Gas Works,
Farmersville Nat. Bank of Farmersville.
RE., pref
934
69-70 ex-div. & ex-rights
-The Central National Bank of Kearney, Neb
April 20
4334
50,000 38 Boston Revere B & L. RR_ _7534-77 Yi 10 Poudrell Sc Alexander, Inc
Effective March 30 1927. Liquidating agent, J. S.
80 United E. Lt. Co., Springfield-15534 5 N.H.& Vt.Power Co., mei., carDonnell, Kearney, Neb. Succeeded by City National
40 Cent. Whf. & Wt. Dock Corp 208
rying 5 shs. class A as bonus
3034
Bank in Kearney.
68
25 New Bedford Gas& Edis.Lt. Co.105
Pl0niff 2 First Peoples' Trust units
-First National Bank of Santa Cruz, Calif
April 20
14 Charlestown G.& El. Co_163X ex-dIv. 50 Fall River Elec. Light Co
6334
Effective April 12 1927. Liquidating agent, Edward C. 100,000 10 Winchester Co., 1st pref
503i 20 First National Copper Co.($3.75
Aidwell, San Francisco, Calif. Absorbetil by Liberty
9 No.Boston Ltg. Prop., pref_122-12254
paid in)
Bank of San Francisco, Calif., which association was
5 Gmton & Knight Co
145 La Rose Mines. Ltd
15
consolidated with the Bank of America, Los Angeles.
4 General Slate Co
25 bicKin-Dar-Say Min. Co. of
Under the title Liberty Bank of America of San Fran200 Bay State Gas Co
Cobalt. Ltd
cisco. The latter association consolidated with the
25 Deep Sea Fish., Inc., corn. v.t.c.
25 Skagway Chief Min.Co
Bank of Italy, San Francisco, and that bank was con100 The 0. K. Crude 011 Co.,
50 Goldfield Cons. Mow Co
verted into a national bank under the title "Bank of
New Mexico
$21
100 Bay State Gas Co
Italy National Trust & Savings Association.'
25 Utah Cons. Min. Co
$11 25 Santa Fe Gold & Cop. Min. Co_ lot
100 Hubbell Portable Elec. Lamp lot 25 Goldfield Deep Mines Co......
CONSOLIDATION.
& Power Co
25Champion Copper Co
-First National Bank in Oklahoma City, Okla
April 22
50 Boa & Corb Min. Co
The American National Bank of Oklahoma City.Okla- 1,000.000 25 New England Portelectrie Co
2304
-1,000.000 3 5-15 Bonanza Develop. Co
150 No. Boston L.Prop
Consolidated under the Act of Nov. 7 1918, under the
450 Un. Elec. Light Co., Springthe First National Bank in Oklahoma City, and charter of 50 Century Steel Co
15554- 51554
under the 6 First Peoples Trust units
field
59
title of "The American-First National Bank in
50 Blacktone Vail. G.& 83. Co____3554
klahoma 19 First Peoples Trust special units- 5
City," with capital of $3,000,000. ,
Rights.
2 Hardwick, Inc
$ Per MOM.
$1 lot
BRANCHES AUTHORIZED,BY THE v COMPTROLLE
3 Booth Fisheries Co., corn
29)(
554 58 Nat. Shawmut Bank
7 Wonalancet Co., pref
500 Fall River Gas Works Co
ACT OF FEB. 2511927.
83
Bonds.
Per Cent.
25 Smith & Dove Mfg. Co., pf.(new) 2234
Apri1119-The Newport National Ilank, Newport, Ky.
4
$1,500 Brown Beckwith Corp 1st &
Fenway Garage Co.($100 paid in
branch-Vicinity of the corner of Eighth and Location of
ref. 75, Dec. 1944, ser. B, June 1
Monmouth
liquidation)
5
streets, Newport.
1928 and sub, coupons on_ -_-$100 lot
50 Boston Wharf Co
115
-The First National Bank of Hoboken, N. J.
22
April
Location of 2 Gorton-Pew Fisheries. Ltd., corn,
$3.000 Boston & Worcester St. Ry.
NAN branch,-Vicinity of Washingtonland 14th streets, Hoboken.
1st 434s, Aug. 1923, ed.et den
79
temp. ctts
1034
Exports from-
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
2548
TB ill CHRONICLE
-By R. L. Day & Co., Boston:
[Vol,. 124.
Per
When
Books Closed.
Name of Company.
Cent. Payable.
Daps Inclusive.
Niscellaneous (Concluded).
General Asphalt, pref. (guar.)
144 June 1 Holders of rec. May 160
General Outdoor Advertising, cl. A (go.) *31
May 16 *Holden of rec. May 5
Preferred (guar.)
. 1% May 16 *Holders of rec. May 5
.
1
Great Lakes Dredge & Dock (guar.)._
2
May 14 11-Iders of rec. May 7
Greenfield Tap dr Die Corp"6% PL(W.) 134 July 1 Holders
of rec. June 15
8% preferred (guar.)
2
July 1 Holders of rec. June 15
Harmony Mills, pref.(quar.)
*144 Mar 2 *Holders of rec. Apr. 28
Hayes Wheel, pref.(guar.)
'1)1 June 15 *Holders of rec. May 30
Household Products (guar.)
*87.44c June 1 *Holders of rec. May 16
Illinois Pipe Line
June 15 *IL Iders of rec. May 16
*6
Independent Packing, corn.(guar.)
3240. May 1 Holders of rec. Apr. 20
Preferred (guar.)
1% May 1 Holders of rec. Apr. 20
Ingersoll-Rand Co.,corn.(guar.)
*750. June 1 *Holders of rec. May 9
Inland Steel, common (guar.)
*6234c June 1 *Holders of rec. May 13
Preferred (guar.)
•134 July 1 *Holders of rec. June 15
International Silver, corn. (guar.)
I% June 1 Holders of rec. May 13a
Interstate Iron & Steel, pref.(quar.)
*I% June 1 *Holders of rec. May 20
Jaeger Machine (guar.)
6234c. June
Holders
Jones & Laughlin Steel, corn. (guar.)... '1)1 June 1 *Holders of rec. May 20
1
of rec. May 16
Laclede-Christy Clay Prod., corn.(qu.). *50c. May 1 *Holders
of rec. Apr. 20
Larrowe Milling, COM. (guar.)
*3734c May 2 *Holders of rec. Apr. 25
Lehigh Coal dr Navigation (guar.)
*21
May 31 *Holders of rec. Apr. 30
Extra
*50c. May 31 *Holders of rec. Apr. 30
Lehn &Fink (guar.)
*750. June 1 *Holders of rec. May 16
Lima Locomotive Works, corn.(guar.)._ $1
June 1 Holders of rec.
Mandel Brothers, Inc.(No. 1)(guar.)._ '62340 July 2 *Holders of rec. May 14
Marks(Louis) Shoes, Inc., pref.(guar.). 1% May 1 Holders of rec. June 2
Apr. 27
Martin-Parry Corp. (guar.)
50c. June 1 Holders of rec. May 160
Merchants Manufacturing (quar.)
*1
May 2 *Holders of rec. Apr. 23
Meletio Sea Food, pref. (guar.)
1% May 1 Holders of rec. Apr.
Merrimac Manufacturing, corn. (guar.), *1% June 1 *Holders of rec. Apr. 25
Mid-Continent Petroleum, pref.(quar.). *1% June 1 *Holders of rec. May 27
14
Missouri-Illinois Stores, prof. (guar.)_._ 2
May 1 Holders of rec. Apr. 20
Missouri Portland Cement(guar.)
50c. May 1 Holders of rec. Apr. 22
Moloney Electric, pref. (guar.)
134 May 1 Holders of rec. Apr. 20
Morris Plan Bank (Cleveland) (guar.)._ 234 May 1 Holders of rec. Apr. 25
Morse Twist Drill (guar.)
*21.25 May 16 *Holders of rec. Apr. 28
Nashawena Mills (guar.)
*134 May 1 *Holders of rec. Apr. 22
National Brick, preferred (guar.)
134 IMay 16 Holders of rec. Apr. 30
Nations Dairy Products, corn
*f 33 1-3 June 17 *Holders of rec. June 7
National Food Products, Class A (quar.) 62340 May 16 Holders of rec. May 50
National Supply, common (guar.)
May 16 *Holders of rec. May 5
*31
New Jersey Zinc (guar.)
*2
May 10 *Holders of rec. Apr. 20
Newton (George B.) Coal,first pref.(qu.) *334 May 1 1...Holders of rec. Apr. 25
Nineteen Hundred Washer, class A (qu.) 500. May 15 Holders of rec. Apr. 18
011 Well Supply (guar.)
50c. July 1 Holders of rec. June 11
Packard,Motor Car (monthly)
*200. June 30 *Holders of rec. June 15
Monthly
.20c. July 30 *Holders cf rec. July 15
Monthly
*200. Aug. 30 *Holders of rec. Aug. 15
Pathe Exchange, Inc., pref. (quar.)
2
June 1 Holders of rec. May 11
Ponder (David) Grocery, class A (quar.) 8734c June 1 II, lders of rec. May 20
Peoples Drug Stores, Inc.,8% pref.(qu.) 2
May 16 Holders of rec. May 1
Pittsburgh Steel. preferred (guar.)
1% June 1 Holders of rec: May 14
Pressed Steel Car, preferred (guar.)._
144 June 30 Holders of rec. June 1
Providence ice, 2d pref. (guar.)
ly.t May 2 H..idws of rec. Apr. 26
Pure 011, common (goar.)
.
037.14c June 1 *Holders of rec. May 10
Common (extra)
*1234c June 1 *Holders of rec. May 10
Pyrene Manufacturing, tom. (guar.)._ *2
May 2 *Holders of rec. Apr. 19
Rolls-Royce of America, pref. (gear.)-... $1.75 May 16 Holders of rec. Apr. 30
Rome Wire, class A (guar.)
*Mc. May 2 *Holders of rec. Apr. 25
Saginaw Manufacturing (guar.)
*2
May 5 *Holders of rec. Apr. 27
St. Louis Car, preferred (quar.)
13.4 May 1 Holders of rec. Apr. 23
Savage Arms, common (guar.)
June 1 *Holders of rec. May 16
*21
First preferred (guar.)
4
.1% July 1 *Holders of rec. June 15
Second preferred (guar.)
*I% Aug. 15 *Holders of rec. Aug. 1
Sherwin-Williams Co., cons. (quar.)
*50e. May 16 *Holders of rec. Apr. 30
Common (extra)
.280. May 16 *Holders of rec. Apr. 30
Preferred (guar.)
*1% June 1 *Holders of rec. May 14
Sinclair Consolidated Oil. pref. (guar.)._
2
May 16 Holders of rec. May
Standard Sanitary Mfg., com. (guar.)._ $1.25 May 20 Holders of rec. May 2
5
Preferred (quar.)
1% May 20 Holders of rec. May 5
Stewart
-Warner Speedometer (guar.)... $1.50 May 16 Holders of rec. May 50
Swan & Finch Oil Corp., pref. (guar.)._ •134 June 1 'Holders of rec. May 10
Thompson Products, common (guar.)._ *$3
July 1 *Holders of rec. June 20
Preferred (guar.)
*1% June 1 *Holders of rec. May 21
Union Buffalo Mills, first preferred
*344 May 16
Union Cotton Manufacturing (guar.)... •lyi May 2 *Holders of rec. Apr. 27
U.S. Hoffman Machinery (guar.)
June 1 *Holders of rec. May 20
*31
United States Steel Corp., corn.(quar.)_ 1% June 29 Holders of rec. June 70
Preferred (guar.)
134 May 28 Holders of rec. May 20
Van Raalte Co., first pref.(guar.)
*I% June 1 *Holders of rec. May 18
Virginia-Carolina Chem., prior pt.(qu.). *1% June 1 *Holders of rec. May 17
Vulcan Detinning. preferred (quar.)__
134 July 20 Holders of rec. July 90
Preferred (account accumulated dive.) 2
July 20 Holders of rec. July 9a
Preferred A (guar.)
134 July 20 Holders of rec. July 90
Waltke (Win.)& Co., corn.(guar.)
800. May 1 Holders of rec. Apr. 20
Preferred (quar.)
I% May 1 Holders of rec. Apr. 20
WaYagamack Pulp & Paper (quar.)
780. June 1 Holders of rec. May 18
White(J.G.)Engineering Corp., pf.(qu.) 134 June 1 Holders of rec. May 15
White(J. G.) Manag't Corp., pref.(qu.) 141 June 1 Holders of rec. May 15
White (J. G.) Co., preferred (quar.)
114 June 1 Holders of rec. May 15
Will & Baumer Candle, corn. (quar.)
250. May 16 Holders of rec. May 2
Wire Wheel Corporation, preferred
$3.50 July 1 Holders of rec. June 20
Wright Aeronautical Corp. (guar.)
250. May 31 Holders of rec. May 16
Shares. Stocks.
$ per if, .Shares. Stocks.
$ Per if,.
12 Atlantic Nat Bank
2781d 200 Pioneer Petroleum Co.. par $5_ 4
21 Nat, Shawmut Bank
291-291% 50 Pemberton Building Trust
48%
25 Nat, Shawmut Bank
291
26 State Street Exchange
38
5 Atlantic Nat. Bank
278
20 Heywood-Wakefield Co. let pre' 85
10 Federal Nat. Bank
215
336 Lynn G.& El. Co., par $25.16844-171
5 Old Colony Trust Co
330
20 United Elec. Light Co., Spring10 Walpole (Mass.) Trust Co
205
field, par $25
155%
1 Fitchburg Bank & Trust Co
1373 20 Heywood-Wakefield Co., 1st Pf- 35
34 Esmond Mills. pref____1004d ex-div. 50 Blackstone
Vail. G.& Elec. Co.,
10 Lancaster Mills. pref
293
common, par $50
130%-130%
122 Androscoggin Mills
42%-45 2 special units First Peoples Trust- 5
33 Esmond Mills. pref____100% ex-div. 50 United Elec.
Light Co., Spring1 Nashua Mfg. Co., pret____933ç & div.
field, par $25
1551
20 Arlington Mills
65%
New
2Boston Revere Beach &Lynn RR_ 78% 13Co. Bedford Gas dr Edison Light
(undeposited). par $25
104%
5 Ware River RR
132
60 United Elec. Light Co., Spring4 New London & Northern Rd_
140%
field, par $25
15544
4 Nashua dr Lowell Rd___143% ex-div. 309
Matheson Higgins Co
$50 lot
10 Dennison Mfg., let pret_133% ex-div.
Rights.
$ per right.
2 units Mutual Finance Corp
48
28 Fall River Gas Works
1-4,1
13 Plymouth Cordage Co
11334-114
Bonds
Per Cent.
25 Worcester Gas Light Co., coin"
$4,000 Framingham. Southboro dr
par $25
75
Marlboro St. fly. Co. 1st 55,
10 Worcester Elec. Lt. Co.. par 325_180%
Jan. 1919
$1,500
4 Holyoke Water Power Co
550
$12,000 Boston dr Worcester St.
lot
6 Massachusetts Ltg. Co.,com.173-173%
Ry. Co. 1st 43.4s, Aug. 1923,
2 units First Peoples Trust
68
coupon Aug. 1923 on
12 Springfield G. Lt. Co., par $25.7234 $6,500 Brown Beckwith Corp. 202 Saco Lowell Shops, 2d pref
12
year 1st & ref. 75, 1944, series A.
2 Boston Woven Hose & Rubber
coupon Dec. 1925 dr sub. on__$250 lot
Co., common
83
DIVIDENDS.
Dividends are grouped in two separate „tables. In the
first we bring together all the dividends announced the
-current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Dame of Company.
Railroads (Steam).
Atlantic Coast Line RR., preferred
Central RR. of New Jersey (guar.)
Delaware & Hudson Co. (guar.)
Illinois Central, common (guar.)
New Orleans Texas dr Mexico (quar.)__
Norfolk dr Western, common (quar.)Pennsylvania RR.(guar.)
Reading Company, first pref. (guar.)---
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
234 May 10 Apr. 27 to May
2
May 16 Holders of rec. May
*2% June 20 *H91ders of rec. May
*134 June 1 *Holders of rec. May
*144 June 1 *Holders of rec. May
2
June 18 Holders of rec. May
8754c. May 31 Holders of rec. May
*50c. June 9 *Holders of rec. May
10
9a
28
6
14
31a
2a
23
Public Utilities.
Amer. European Securities, pref. (ctn.)._ $1.50 May 14 Holders of rec. Apr. 30
Brooklyn Edison Co. (guar.)
*2
June 1 *Holders of rec. May 11
Cambridge Gas Light (guar.)
*75c. May 2 *Holders of rec. Apr. 30
Cedar Rapids Mfg. dr Power (guar.).
134 May 15 Holders of rec. Apr. 30a
Columbus By.. Pow. dr Lt., pt. B (qu.) 134 May 1 Holders of rec. Apr. 150
Community Power & Light, pref. (guar.) $1.75 May 1 Apr. 22 to May 1
Participating preferred (guar.)
$2
June 1 May 22 to June I
Connecticut By.& Lt.. corn.& pf.(qu.) *31.12% May 14 *Holders of rec. Apr.
Consolidated Gas, New York, corn.(qu.) *$1.25 June 15 *Holders of rec. May 30
10
East Kootenay Power, pref. (guar.).
- 134 June 15 Holders of rec. May 31
Electric Pow.& Lt. Corp., 2d pf. A (qu.) 411.75 May 2 *Holders of rec. Apr. 15
Foshay (W.B.) Co., corn. (monthly)_
67c. May 10 Holders of rec. Apr. 30
Seven per cent preferred (monthly)__ _ 580. May 10 Holders of rec. Apr. 30
Eight per cent preferred (monthly).
- 670, May 10 Holders of rec. Apr. 30
Hartford Electric Light
*234 May 2 *Holders of rec. Apr. 20
Havana Electric By., pref. (guar.)
$1.50 June 1 Holders of rec. May 10
Illuminating & Power Securs.,com.(qu.) 45c. May 10 Holders of rec. Apr. 30
Preferred (guar.)
144 May 14 Holders of rec. Apr. 30
Knoxville Power & Light, common
3
May 2 Apr. 21 to May 1
Maesachusetts Gas Companies, pref._ _ _ *22
lone 1 *Holders of rec. May 14
Mohawk & Hudson Pow.. pref. (quar.)_ $1.75 May 2 Holders of rec. Apr. 200
Second preferred (guar.)
$1.75 June 1 Holders of rec. May 200
Montreal Light, Heat & Pow. Co. (qu.)_ 2
May 1 Holders of rec. Apr. 300
Montreal L., H.& Pow. Cons.(wl.)
50e. Apr. 30 Holders of rec. Mar. 310
North American Edison. pref. (guar.)._ $1.50 June 1 Holders of rec. May 16a
Ohio Public Service. pref. A (monthly) 58 1-30 May 2 Holders of rec. Apr. 15
United Rys.& Mee.. Bait., coin.(q11.)
1
May 16 Holders of rec. Apr. 300
Wabash Valley Elec. By.. pref. (guar.). 134 May 1 Holders of rec. Apr. 200
Fire Insurance.
Pacific) (extra)
750. Apr. 27 Holders of rec. Arm. 26
Miscellaneous.,
Alaska Packers Assn.(quar.)
May 10 *Holders of rec. Apr. 30.
*2
American Brick, corn.(guar.)
*25e. May 2 *Holders of rec. Apr. 26
Preferred (guar.)
*500. May 2 *Holders of rec. Apr. 26
American Chicle, common (guar.)
*75:). July 1 *Holders of rec. June 15
•dx July 1 *Holders of rec. June 15
Prior preferred (guar.)
Six per cent preferred (guar.)
*1% July 1 *Holders of rec. June 15
American Metal, corn. (guar.)
*75c. June 1 *Holders of rec. May 20
•15./ June 1 *Holders of rec. May 21
Preferred (guar.)
American Home Products Corp.(quar,) 20c. June 1 Holders of rec. May 14a
Amer. Rolling Mill. corn. (guar.)
*50c. July 15 *Holders of rec. June 30
Common (payable in common stock). 015
July 30 *Holders of rec. July 1
Preferred (quar.)
*134 July 1 *Holders of rec. June 15
American Seating, corn. (guar.)
*750. July 1 *Holders of rec. June 20
American Tobacco, corn. & coin. B (qu.) $2
June 1 Holders of rec. May 10
Amparo Mining (glair.)
May 10 Holders of rec. Apr. 30
1
Bachmann, Emmerich & Co.. pref. (qu.) *2
Apr. 30
Bancroft (Jos.) & Sons, pref. (guar.)... *31.75 Apr. 30 *Holders of rec. Apr. 15
Beacon Oil. pref. (guar.)
81.8734 May 16 *Holders of rec. May 2
Beech-Nut Packing, corn. (guar.)
600. July 9 Holders of rec. June 25
Preferred (guar.)
131 July 15 Holders of rec. July 1
*13,4 July 1 *Holders of rec. June 3
Bethlehem Steel, preferred (guar.)
Brill (J. G.) Co., corn. (guar.)
*31.25 May 2 *Holders of rec. Apr. 29
Preferred (guar.)
*31.75 May 2 *Holders of rec. Apr. 29
Canada Cement. pref. (guar.)
13( May 16 Holders of rec. Apr. 30
Celite Co.. common (guar.)
50c. May 1 Holders of rec. Apr. 25
Preferred A & B (guar.)
1% May 1 Holders of rec. Apr. 25
Childs Company, cons, no par (guar.)._
60c. June 10 Holders of rec. May 27
Preferred (guar.)
131 June 10 Holders of rec. May 27
*62340 June 30 *Holders of rec. June 3
Chile Cornier Co.(guar.)
Chrysler Corp., common (guar.)
*75c June Preferred A (guar.)
June *22
Cleveland-Cliffs Iron (guar.)
Apr. 25 Holders of rec. Apr. 15
$1
Coca-Cola, new no par stock (quar.).
*$1.25
May 25 *Holders of rec. May 10
*2
Colorado Fuel dr Iron, pref.(guar.)
Cushman's Sons, Inc., corn. (guar.).
June 1 *Holders of rec. May 16
*15./ June 1 *Holders of rec. May 16
Seven per cent preferred (guar.)
*1
June 25 *Holders of rec. June 11
Davis Mills (guar.)
Si 34 June 1 *Holders of rec. May 14
Deere dr Co., pref.(guar.)
*750. June 1 *Holders of rec. May 14
Preferred (acc't accum. dive.)
*50c. May 2 *Holders of rec. Apr. 16
Eastern Dairies. Inc., corn.(guar.)
'62340 June 1 Holders of rec. May 16
Erie Steam Shovel, corn. (guar.)
*1% June 1 Holders of rec. Ma , 16
Preferred (guar.)
*20c. July 1 *Holders of rec. June 18
Motor Truck (guar.)
Federal
*e2S4 July 5 *Holders of rec. June 18
Stock dividend
Franklin (11.11.) Mtg., pref.(guar.)-...-. '131 May 1 *Holders of rec. Apr. 20
Fitzsimmons d: Connell Dredge d: Dock
*500. June 1 Holders of rec. May 20
(guar.)
*25o. July 1 Holders of rec. June 15
Formica Insulation (guar.)
*250. Oct. 1 Holders of rec. Sept. 15
Quarterly
an1'28 *Holders of rec. Dec. 15
*25o.
Quarterly
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Atchison Topeka dr Santa Fe, corn. (111.) 134 June 1 Holders of rec. May 6a
Common (extra)
750. June 1 Holders of rec. May 6a
Atlanta & West Point
June 30 Holders of rec. June 20
4
Atlantic Coast Line RR., corn
334 July 11 Holders of rec. June 150
Common (extra)
1)1 July 11 Holders of rec. June 15a
Baltimore & Ohio, corn.(guar.)
1% June 1 Holders of rec. Apr. 16a
Preferred (guar.)
June 1 Holders of rec. Apr. 160
1
Chesapeake & Ohio, pref. (guar.)
33.4 July 1 Holders of roe. June 80
Cincinnati Sandusky & Cleveland, prof.. $1.50 May 2 Holders of rec. Apr. 15
Colorado Southern, first preferred
June 30 June 19 to June 30
2
Elmira dr Williamsport, common
$1.15 May 2 Holders of rec. Apr. 20a
Georgia Southern & Florida, 1st & 2d pf_ 236 May 26 Holders of rec. May 12
,
Hudson& Manhattan RR., corn
1% June 1 Holders of rec. May 160
Internat. Rys. of Cent. Amer.. Pt. (q11.) 134 May 16 Holders of rec. Apr. 300
Mahoning Coal RR
$12.50 May 2 Apr. 15 to May 4
Missouri-Kansas-Texas, pref. A (guar.). 134 May 2 Holders of rec. Apr. 150
New York Central RR.(guar.)
1% May 2 Holders of rec. Mar. 311
Norfolk & Western. adj. pref. (quar.).... 1
May 19 Holders of rec. Apr. 300
Northern Pacific (guar.)
194 May 2 Mar. 18 to
Apr. 12
Pere Marquette, com. (in com, stock).. *20
Subl. to stockholdera meet. May18
Prior preferred (guar.)
134 May 2 Holders of ree. Apr. 140
Preferred (guar.)
"134 May 2 Holders of tee. Apr.
Pittsburgh & West Virginia corn.(guar.) 1% Apr. 30 Apr. 13 to May 14a
2
Reading Company. corn. (guar.)
May 12 Holders of ree. Apr. 130
$1
St. Louis-San Francisco, preferred (qu.) 141 May 2 Apr. 10 to May 10
Preferred (guar.)
1% Aug. 1 Holders of rec. July 154
Preferred (guar.)
1% Nov. 1 Holders of reo. Oct. 160
Southern Railway, corn. (guar.)
131 May 2 Holders of rec. Apr. 2e
Wabash fly., pref. A (guar.)
13( May 25 Holders of rect. Apr. 154
Western Railway of Alabama
June 30 Holders of res. June 20
4
Public Utilities.
American Commonwealths Pow. Corp.
Series A second preferred (guar.)
$1.75 May 2 Holders of tee. Apr. 16
Amer.Gas & Electric, preferred (gust.). 1% May 2 Holders of tea. Apr. 9
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Continued)
May
Apr. 16 to Apr. 28
American Light & Traction, corn.(guar.) 2
May
Apr. 16 to Apr. 28
2
Common (extra)
Apr. 16 to Apr. 28
1% May
Preferred (guar.)
Amer. Superpower Corp., part. pf. (qu.) 50c. May 1 Holders of rec. Apr. 2Ia
corn. (qu.) 40c. May 1 Holders of roe. May 2a
Amer. Water Works & Elec.,
May 1 Holders of rec. May 2a
First preferred (quar.)
to May
Holders of rec. Mar. 316
Associated Gas & Elec.. class A (quar.)_
4114 June
Holders of rec. Apr. 30a
$8 preferred (Qum.)
Holders of rec. Apr. 30a
r$1,4 June
864 preferred (guar.)
Holders of rec. Apr. ii
14 May
Hydro-Elec. Co.. corn. (guar.)._
Bangor
Holders of rec. Apr. 30
Brazilian Tree., Lt. Sr Pow.. ord.(guar.) 1% June
Holders of rec. Apr. 15
1% May
Broad River Power. pref. (guar.)
May
Holders of rec. Apr. 2Ia
Cambridge Electric I.t. 825 Par (guar.) El
Holders of rec. Apr. 18a
May
3
Cape Breton Electric Co.. pref
*Holders of rec. May 15
Gas dv Electric. pref.(guar.)._ 411.75 June
Central
Holders of rec. Apr. 15a
Central Power & Light. pref.(guar.)._ _ $1.75 May
Holders of rec. Apr. 30
Central & South West Util.. pref. (guar.) 1% May 1
Holders of rec. Apr. 30
1% May 1
Prior lien (guar.)
Holders of rec. Apr. 19a
Chicago Rap.Tran., prior pref. A(mthly) 65c. May
Holders of rec. May I76
65c. June
Prior preferred A (monthly)
Holders of rec. Apr 19a
80e. May
Prior preferred B (monthly)
Holders of rec. Mav 17s
80e, June
Prior preferred B (monthly)
Holders of rec. Apr. 20
Water of Chattanooga, 1st pf. (g11) 1% May
City
Holders of rec. May 16a
14 June
Cleveland Electric Ilium.. pref. (quar.)_
Holders of rec. Apr. 200
Columbia Gas & Cleo. Corp.. cons. (qu.) 81.25 May 1
Holders of rec. Apr. 20a
1% May 1
Six per cent preferred (guar.)
May
Holders of rec. Apr. 15
2
Commonwealth Edison (guar.)
Holders of rec. Apr. 7
Commonwealth Power.common (guar.). 50c. May
Holders of rec. Apr. 7
50c. May
Common (extra)
May
Holders of rec. Apr. 7
I
Preferred (guar.)
*Holders of rec. June 15
Cons. G., E. L.& P., Balt., corn. (qu.). *82%c July
*Holders of rec. June 15
July
Eight per cent pref., series A (guar.)._ *2
*Holders of rec. June 15
Seven per cent pref., series B (guar.). *1% July
*Holders of rec. June 15
*I% July
% preferred, series C (guar.)
*Holders of rec. June 15
Six per cent preferred, series D (guar) •1% July
Holders of rec. Mar. 310
Consolidated Gas(N.Y.), $6 pref.(qu.) 16e. May
*87
May
•ll olders of rel. Mar. 15
Old prof (q or.)
Holders of rec. June 15
11-4 July
Consumers Power,6% pref. (quar.)__
Holders of rec. June 15
1.65 July
6.6% preferred(guar.)
Holders of rec. June 15
1% July
Seven per cent preferred (guar.)
Holders of rec. Apr. 15
50c. May
Six per cent preferred (monthly)
(monthly)
Holders of rec. May 16
50c. June
Six per cent preferred
Holders of tee. June 15
50c. July
Six per cent preferred (monthly)
Holders of rec. Apr. 15
550. May
6.8% preferred (monthly)
Holders of rec. May 16
550. June
8.8% preferred (monthly)
Holders of rec. June 15
550. July
Preferred (monthly)
8%
6.
Holders of rec. Aprl 186
Co. Power & Lt.. pf. (cm.). 1% May
Cumberland
Holders of rec. Apr. 21
1% May
Dallas Power & Light. pref. (quar.)
Holders of rec. Apr. 20a
Derby Gas & Elec. Corp.. $7 pref.(qu.) $1.75 May
E1.75 May
Holders of rec. Apr. 15a
pref. (guar.)
Eastern States Power,
May
Holders of rec. Apr. 15
Edison Electric ilium, of Boston (guar.)- 3
Holders of rec. Apr. 22a
Elec. Mum.of Brockton (quar.) 62%0 May
Edison
May
Holders of rec. Apr. 12
1
Elec Bond & Share, pref. (guar.)
Holders of rec. Apr. 15
81.75 May
Electric Investors. $7 pref. (quar.)
$1.50 May
Holders of rec. Apr. 15
(guar.)
88 preferred
Holders of rec. Apr. 156
Empire Gas& Fuel. 7% Pref.(monthly)- 58 I-3c May •
Holders of rec. Apr. 156
Eight per cent preferred (monthly)__ 662-3c May
75c. May
Holders of rec. Apr. 180
Fall River Gas Works (guar.)
Holders of rec. Apr. 15
Ft. Worth Power & Light. pref.(guar.). 1% May
Holders of rec. Apr. 86
General Public Service. $6 pref. (quar.)_ $1.50 May
81.75 May
Holders of rec. Apr. 84
Convertible preferred (guar.)
$1.50 May 1
Holders of rec. Apr. 25
Havana Electric dv Utilities, let pf.
$1.25 May 1
Holders of rec. Apr. 25
Cumulative preference (guar.)
1,4 May
Holders of roe. Apr. 15
Idaho Power Co., preferred (quar.)._
Hollers of roe. Apr. ISO
--- 114 May
Illinois Northern UM.. Pref. (guar.)Indianapolis Pow. & Lt. Corp., pt. (qu.) $1.75 May . Holders of rec. Apr. 20a
Holders of rec. API'. 216
International Utilities, $7 pref.(quar.)-- $1.75 May
350. May
Apr. 21 to May 2
Interstate Railways
May
3
Apr. 12 to May 1
Jamaica Water Supply. pref
junior pref. (guar.). *1% May 2 *Holders of rec. Apr. 30
Kentucky Utilities,
*Holders of rec. May 18
June
Keystone Telep. of Phila.. prof. (quar.) *El
1,4 May
Apr. 20 to May 1
Knoxville Power & Light. prof.(quar.)-Holders of rec. Apr. 186
750. May'
Long Island Lighting, corn. (guar.)
Holders of rec. Apr. 150
62%0, May
Lowell Electric Light (guar.)
Holders of reo. Mar. 310
corn
((2140 May
Manila Electric Co.,
Holders of rec. Apr. 156
$1.25 May
Massachusetts Gas Cos.. corn. (gUar.)
$1.50 May 1 Holders of rec. Apr. 30a
Middle West Utilities (guar.)
1% Apr. 80 Holders of rec. Apr. 200
Milwaukee Elec. Ry.& Lt., pref. (qu.)
Montreal Lt., Ht. & Pow.. COM.(guar.). 50c. Apr. 30 Holders of rec. Mar. 31
& Power, cons. (quar.). 82%c. May 14 Holders of rec. Apr. 30a
Montreal Water
1% May 14 Holders of rec. Apr. 30a
Preferred (guar.)
Nat. Elec. Power, class A. corn. Mar.). 450. May 2 Holders of rec. Apr. 20
(quar.)
200. June 1 Holders of rec. May 14
National Power & Light, colh.
,
Nevada-Calif. Elec. Corp., pref.(quar.). 1% May 2 Holders of rec. Mar.3 a
81.75 May 16 Holders of rec. Aar. 300
North West Utilities. pref.(guar.)
(q) 154 May 1 Holders of rec. Apr. I50
Northern New York Utilities, pref.
Nortnern States Power,corn. Cl. A (go.). 82 May 2 Holders of rec. Mar.31
11.4 June 1 Holders of rec. May 16
Ohio Edison, 6% pref. (quar.)
1.65 June I Holders of rec. May 16
6.6% preferred (guar.)
1,4 June 1 Holders of rec. May 16
7% preferred (guar.)
50c. May 2 Holders of rec. Apr. 15
8% preferred (nont11%,
50c. June 1 Holders of rec. May 16
6% preferred (monthly)
Mc. May 2 Holders of rec. Apr. 15
6.8% preferred (monthly)
55e. June 1 Holders of rec. May 16
6.6% preferred (monthly)
- 1% May 2 Holders of rec. Apr. 18
Pacific Power & Light, pref. (guar.)25c, May 2 Holders of rec. Apr. 15
Penn-Ohio Edison, corn. (guar.)
May 2 Holders of rec. Apr. 15
I
Corn. (1-50th share of com. stock)___
7% prior preferre (guar.)
1% June 1 Holders of rec. May 21
2
May 2 Holders of rec. Apr 40
-Ohio Pow. & Lt.. 8% pref.(qu.)
Penn.
2
Aug. 2 Holders of rec. July 20
Eight per cent preferred
1% May 2 Holders of rec. Apr. 20
Seven per cent preferred (guar.)
I% Aug. 1 Holders of rec. July 20
Seven per cent preferred (guar.)
60e. May 2 Holders of rec. Apr 20
7.2% preferred (monthly)
60e. June 1 Holders of rec. May 20
7.2% preferred (monthly)
60c. July 1 Holders of rec. June 20
7.2% preferred (monthly)
60c. Aug. 1 Holders of rec. July 20
7.2% preferred (monthly)
55c. May 2 Holders of rec. Apr. 20
6.8% preferred (monthly)
55c, June 1 Holders of rec. May 20
6.6% Preferred (monthly)
550. July 1 Holders of rec. June 20
6.8% preferred (monthly)
55e. Aug. 1 Holders of rec. July 20
6.8% preferred (monthly)
Penn-Ohio Securities (guar.) (No. 1).-- 18c. May 3 Holders of rec. Apr. 15
Apr. 30 Holders of rec. Apr. la
Philadelphia Company, common (guar.) El
Common (payable in common stock)_ - (q) Apr. 30 Holders of rec Apr. la
$1.50 May 2 Holders of rec. Apr. la
Six per cent preferred
Apr, 30 Holders of rec. Apr. 15a
Phila. Rapid Transit, common (guar.)-- El
E1.715 May 2 Holders of rec. Apr. 1
Preferred
May 2 *Holders of rec. Apr. 15
Pub.Serv. of N.111., $100 par corn.(qu.) *2
$2
May 2 Holders of rec. Apr. 15
No par common (guar.)
131 May 2 Holders of rec. Apr. 15
Six per cent preferred (guar.)
1,4 May 2 Holders of rec. Apr. 15
per cent preferred (guar.)
Seven
114 June 1 Holders of rec. May 116
Phila. Suburban Water, pref. (quar.).__
1,4 May 2 Holders of rec. Apr. 18
Portland Gas & Coke, pref.(guar.)
Public Service Elec. Pow., 7% pref.(gU.) 1)4 May 2 Holders of rec. Apr. 150
Railway & Light Securities, corn.(guar.) *50o. May. 2 Holders of rec. Apr. 20
*S1.50 May 2 Holders of rec. Apr. 20
Preferred (guar.)
May 2 Holders of rec. Apr. 150
Rhode Isl. Pub. Sore..Cl. A (No.1)(gu.) $1
500. May 2 Holders of reo. Apr. 15a
Preferred (guar.) (No. 1)
May 2 Holders of rec. Arp. 20a
81
&cur. Corporation General,corn.(Var.)
31.75 May 2 Holders of rec. Apr. 20a
Preferred (guar.)
500. May 2 Holders of rec. Apr. 146
Sierra-Pacific Elec. Co., corn. (quar.)
154 May 2 Holders of rec. Apr. 146
Preferred (guar.)
Southern California Edison, corn.(guar.) 500. May 15 Holders of rec. Apr. 20a
A. corn. (qu.) 500. May 25 Holders of rec. Apr. 30a
South. Colorado Pow.. Cl.
21.75 May 2 Holders of rec. Apr. 16
Standard Power & Light, pref.(quar.)
500. May 16 Holders of rec. Apr. 256
Tampa Electric Co., corn. (guar.)
Corn,(stock div. 1-100 share corn.stk) (u) May 16 Holders of rec. Apr. 25s
1,4 July 1 Holders of rec. June 15
Tennessee Elec. Power 8% 1st pf.(qu.)
1)4 July 1 Holders of rec. June 15
Seven per cent first pref. ((uar.)
1.80 July 1 Holders of rec. June 15
7.2 per cent first pref. (guar.)
150(3. May 2 Holders of rec. Apr. 15
Six per cent first pref.(monthly)
50c. June 1 Holders of rec. May 16
Six pet cent first pre/. (monthly)
2549
T I I 14 CaliONICLE
APR. 30 1927.]
Name of Company.
Per
When
Cent. Payable
Public Utilities (Concluded).
Tennessee Elec, row.(Concluded)50c. July I
Six per cent first pref. (monthly)
60c. Slay 2
7.2 per cent first pref.(monthly)
60c. June 1
7.2 per cent first pref. (monthly)
60c. July 1
7.2 per cent first Prof. (monthly)
*1,4 May' 2
Texas Power & Light, pref.(guar.)
114 May 2
Union St. Ry., New Bedford (quar.)
United Light & Pow. ow corn.A&13(qu.) 12c. May 2
May 2
Old -rm. class A dr B (guar.)
Utility Shares Corporation, corn. (guar.) *30c. May 2
0300. June 1
Participating preferred (guar.)
West Penn Electric Co., 7% pref.(guar.) 1,4 May 16
1,4 May 16
Six per cent preferred (guar.)
West Penn Power Co.,6% pref.(quar.). 11.4 May 2
134 May 2
Seven per cent preferred (guar.)
6234e. Apr, 30
York Railways, preferred (quar.)
Books Closed.
Days Inclusive.
Holders of roe. June 15
Holders of rec. Apr. 15
Holders of tee. May 16
Holders of rec. June 15
Holders of rec. Apr. 16
Holders of rec. Apr. 210
Holders of rec. Apr. 15
Holders of rec. Mar.15
Holders of rec. Apr. 25
Holders of rec. May 13
Holders of rec. May 2
Holders of rec. May 2a
Holders of res. Apr. 50
Holders of rec. Apr. 50
Apr. 21 to Apr. 29
Banks.
Chemical National (hi-monthly)
Corn Exchange (guar.)
4
5
May (12 Holders of reo. Apr.d22a
May 2 Holders of rec. Apr. 30a
Joint Stock Land Bank.
Denver
4
July
Trust Companies.
Farmers' Loan & Trust (guar.)
Kings County (Brooklyn) (gum.)
4
*15c.
May 2 Holders of• et. Apr. 21a
May 2•
.:
Holderr,- rec. Apr. 23
8
May 2 Holders of rec. Apr. 250
Fire Insurance.
United States (guar.)
I Holders of rec. June 253
Miscellaneous.
1,4 May 1 Holders of rec. Apr. I5a
Abraham & Straus. Inc.. pref. (guar.)._
$1.50 May 2 Apr. 6 to
Apr. 25
Allied Chemical & Dye,corn.(guar.)
$1.50 May 16 Holders of rec. Apr. 230
Allis-Chalmers Mfg., corn, (guar.)
Aluminum Manufacturers, corn, (guar.) *50e. June 30 Holders of rec. June 15
*50c. Sept.30 Holders of rec. Sept. 15
Common (guar.)
*50c. Dec. 31 Holders of rec. Dec. 15
Common (guar.)
50c. Apr. 30 Holders of rec. Apr. 150
Amerada Corporation (guar.)_
50c. May 16 Holders of rec. Apr. 300
American Can. corn.(guar.)
May 2 Holders of rec. Apr. 15
2
American Cigar Co., corn.(guar.)
May I Apr 10 to May 1
81
American Coal (guar.)
May 2 Holders of rec. Apr. 18
2
American Glue, preferred (guar.)
20c. May 2 Holders of rec. Apr. 154
Amer. Home Products (guar.)
lune I Holders of rec. May 23
$1
Amer Laundry Machinery. corn. (go.)
134 May 2 Holders of rec. Apr. 22a
Amer. Machine & Fdy., prof. (guar.)
Holders of roc June 160
114 July
American Mfg. Co., com. (guar.)
Holders of rec. Sept. 160
,
135 Oct.
Common 03=0
114 Doe. 3 Holders of IVO. Doe. 160
Common (guar.)
Holders of rec. June 164
July
11.4
Preferred (guar.)
Holders of rec. Sept.160
114 Oct.
Preferred (guar.)
11.4 Dec. 3 Holders of roe. Dec. 160
Preferred (guar.)
$1.25 June 30 Holders of rec. June 150
American Radiator, corn. (guar.)
1,4 May 16 Holders of rec. May 3a
Preferred (gum.)
25c July 1 Holders of rec. June 20
American Seating. conc. (extra)
25o. Oct. 1 Holders of rec. Sept.20
Common (extra)
May 2 Holders of rec. Apr, 154
Amer. Shipbuilding, common (guar.)... 2
154 May 2 Holders of tee. Apr. 15
Preferred (guar.)
May 2 Holders of rec. Apr. 14a
Amer.Smelting & Refining, corn.(guar.) 2
1,4 June 1 Holders of rec. May 64
Preferred (guar.)
American Vitrified Products, pref.(guar.) 1,4 May 2 Holders of roe. Apr. 20
Anaconda Copper Mining (guar.).- - 75c. May 23 Holders of rec. Apr. 160
200
Archer-Daniels-Midland Co., cons. (cm.) 750. May I Holders of rec. Apr. 200
$1.75 May 1 Holders of rec. Apr.
Preferred (guar.)
1,4 June 1 Holders of rec. May 180
Corp., pref. (guar.)
Artloom
Associated Dry Goods. common (guar.). 62e. May 2 Holders of rec. Apr. 93
11.4 June 1 Holders cd rec. Apr. 30a
First preferred (guar.)
131 tune 1 Holders of rec. Apr. 30a
Second preferred (guar.)
IN May 2 Holders of rec. Apr. 156
Atlantic Refining. pref. (guar.)
131 July 1 Holders of rec. June 206
Babcock & Wilcox Co.(guar.)
1;4 Oct. I Holders of rec. Sept.20a
Quarterly
154 Janl'28 Holders of rec. Dec. 204
Quarterly
1,8 Aprl'28 Hold. rec. Mar. 20 '280
Quarterly
25d. May 2 Holders of rec. Apr. 20
Balaban & Eats,corn.(monthly)
250. June 1 Holders of rec. May 20
Common (monthly)
25c, July 1 Holders of rec. June 20
Common (monthly)
1;4 July 1 Holders of rec. June 200
Preferred (guar.)
11.4 June 1 Holders of rec. May 14a
Bomberger (L.) & Co., pref. (guar.)____
131 Sept. 1 Holders of rec. Aug. 13a
Preferred (guar.)
1,4 Dec. 1 Holders of rec. Nov. 130
Preferred (guar.)
July 15 Holders of rec. June 30
Bankers Capital Corp., pref.(quar.)_ _ $2
Oct. 15 Holders of rec. Sept.30
32
Preferred (guar.)
JanI6'28 Holders of rec. Dee, 31
62
Preferred (guar.)
Barnhart Bros. & Spindler
11.( May 2 Holders of rec. Apr. 23a
First and second pref (guar.)
Bessemer Limestone & Cement,cl.A(gu) 75c. May 1 Holders of rec. Apr. 20
Bigelow-Hartford Carpet, common (qua $1.50 May 2 Holders of roe. Apr. 80
114 May 2 Holders Of ree. Apr. So
Preferred (guar.)
750, May 2 Holders of reo. Apr. 21
Blaw-Knox Co.. corn. (guar.)
1,4 May 2 Holders of rec. Apr. 21
First preferred (guar.)
Bloch Bros. Tobacco, common (quar.). 37140. May 15 Holders of rec. May 10
3714e. Aug. 15 Holders of rec. Aug. 10
Common (guar.)
3754c. Nov. 15 Holders of rec. Nov. 10
Common (guar.)
1,4 June 30 Holders of rec. June 25
Preferred (guar.)
134 Sept. 30 Holders of rec. Sept.25
Preferred (guar.)
11-4 11ec. 31 Holders of rec. Dec. 26
Preferred (gum.)
1,4 May 1 Holders of rec. Apr. 204
Bloomingdale Bros., Inc., pref.(guar.)...
Apr. SO Holders of rec. Apr. 154
Bon Am I Co., Corn.. clear; A (quar.)... $I
May 14 Holders of rec. May 7
- 4
Bond & Mortgage Guarantee (guar.).
)i May 2 *Holders of rec. Apr. 20
Booth Mfg., pref. (guar.)
$1.25 June 1 Holders of toe. May 164
Borden Company, corn. (guar.)
May 2 *Holders of rec. Apr. 20
Bourne Mills (guar.)
British Columbia Fishing, corn. (guar.)_ 31.25 June 10 Holders of rec. May 31
$1.25 Sept. 10 Holders of rec. Aug. 31
Common (guar.)
$1.25 Dec. 10 Holders of rec. Nov. 30
Common (guar.)
$1.25 3-10-'28 Holders of rec. Feb.28'28
Common (guar.)
11.4 June 10 Holders of rec. May 31
Preferred (guar.)
154 Sept. 10 Holders of rec. Aug. 31
Preferred (guar.)
1,1 Dec. 10 Holders of rec. Nov.30
Preferred (guar.)
1;1 3-10-'28 Holders of rec. Feb.28'2
Preferred (guar.)
British Columbia Pulp & Paper, pf.(gu.) $1.75 May 1 Holders of rec. API% 15
Brown Shoe. preferred (guar.)
1,4 May 2 Holders of rec. Apr. 206
Brunswick-Balke-Collender, corn. (gu.) 75e. May 15 Holders of rec. May 54
June 15 Holders of rec. Apr. 23
Buckeye Pipe Line (guar.)
$I
Bunte Brothers, pref.(guar.)
May 2 Holders of rec. Apr. 250
Burns Brothers, corn.. class A B(mar.)_ _ _ $2.50 May 16 Holders of rec. May 2a
Common, class B (guar.)
May 16 Holders of rec. May 20
50c.
Preferred (guar.)
1,4 July I Holders of rec. Juned13a
Prior preferred (guar.)
1,4 May 2 Holders of rec. Apr. 15a
Prior preferred (guar.)
11,4 Aug. 1 Holders of rec. July; 154
Butler Brothers (guar.)
50c. May 16 Holders of rec. May 2
Byers (A. M.) Co., pref. (guar.)
154 May 2 Holders of rec. Apr. 154
California Packing (guar.)
$1
June 15 Holders of rec. May 310
Calumet & Hecht Consol. Copper (guar.) 50c. June 15 Holders of rec. May 31a
Canadian Converters (guar-)
1,4 May 16 Holders of rec. Apr. 30
134 June 30 Holders of rec. June 20
Cautleld Oil. common (guar.)
•1% Sept.30 *Holders of reo. Befit. 20
Common (guar.)
Common (guar.)
*114 Dee. 31 *Holders of rec. Dec. 20
Preferred (guar.)
1,4 June 30 Holders of rec. June 20
•14( Sept.30 *Holders of rec. Sept.20
Preferred (guar-)
Preferred (guar.)
•144 Dec. 31 *Holders of rec. Dec. 20
Centrifugal Pipe Corporation (guar.)_
150. May 18 Holders of rec. May 6
134 June I Holders of rec. May 200
Century itibbus Mulls. prof. (quar.)___
$1
May 2 Holders of rec. Apr. 14a
Cerro de Pasco Copper (guar.)
Chicago Wllm.& Franklin Coal, PL(W ) $1.50 May 2 Holders of rec. Apr. 1U
33 1-343 May 2 Holders of rec. Apr. 204
Chicago Yellow Cab Co.(monthly).
33 I-30 June 1 Holders of rec. May 204
Monthly
July 1 Holders of rec. May 27a
Childs Co.,com.(pay.ln no par com.stk.) fl
Oct. 1 Holders of ree. Aug. 260
Common (payable In no par corn. stk.) fl
Dec. 30 Holders of rec. Nov 26a
Common (payable In no par coin.stk.) 11
131
2550
Name of Company.
[VOL. 124.
TIIE CIIRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Christie Brown & Co., corn. (quar.)___ 300. May 1 Holders of rec. Apr. 150 Hercules Powder, preferred (quar.)
154 May 14 Holders of rec. May 5
Preferred (quar.)
$1.75 May 1 Holders of rec. Apr. 20
Hibbard, Spencer, Bartlett Co.(monthlY) 30c. May 27 Holders of rec. May 20
Chrysler Corp.. preferred A (quar.)
Monthly
June 30 Holders of rec. June 150
$2
300. June 24 Holders of rec. June 17
Preferred A (quar.)
150 Hollander (H.) & Son, Inc., corn.(guard 624e. May 16 Holders of rec. Apr. 29
Sept. 30 Holders of rec. Sept.
$2
Preferred A (guar.)
Jan 328 Holders of rec. Dec. lba Holly Sugar Corporation, pref. (quar.)
32
14 May 1 Holders of rec. Apr. 15
Cities Service. common (monthly)
May 2 Holders of rec. Apr. 15a Hood Rubber Co., preference (guar.).
$1.88 May 1 Apr. 22 to May 1
Common (monthly)
June 1 *Holders of rec. May 15
Preferred (quar.)
$1.75 May I Apr. 22 to May 1
Common (Payable In common stork)
15 May 2 Holders of rec. Apr 150 Horn de Hardart of N.Y.(quar.)
3740 May 2 Holders of rec. Apr. Ila
Common (payable In common at ock)_ _ •155 June I "Holders of rec. May 15
Special
1234c May 1 Holders of rec. Apr. ha
Preferred & preferred 13 (monthly)
May 2 Holders of rec. Apr. 15a Hunt Brothers Packing, class A (quar.)_ *500. May 2 *Holders of rec. Apr. 15
5(4 June I *Holders of rec. May 15
Preferred & preference B (monthly)
Hupp Motor Car Corp.. coin. (quar.)
390. May 1 Holders of rec. Apr. 15a
Bankers shares (in stock)
hl
May 2 Holders of rec. Apr. 15a Illinois Brick (quar.)
600. July 15 July 3 to July 16
Bankers shares (monthly)
7.90 May 2 Holders of rec. Apr. 150
Quarterly
600. Oct. 15 Oct. 5 to Oct. 16
City Ice & Fuel (quar.)
50c June 1 Holders of rec. May 100 Imperial Royalties (monthly)
14 Apr. 30 Holders of rec. Apr. 25
Quarterly
50e Sept. 1 Holders of rec. Aug. 100 Indiana Pine Line (ouar.)
May 14 Holders of rec. Apr. 22
51
City Stores Co., class A
874c May 1 Holders of rec. Apr. 150 Internat. Cigar Machinery (quar.)
May 2 Holders of rec. Apr. 22
31
Cleveland Stone (quar.)
50c June 15 Holders of rec. June 50 International Harvester. Prof. (quar.)
14 June 1 Holders of rec. May 10a
Quarterly
50e Sept. 1.5 Holders of rec. Sept 50 International Nickel, pref. (quar.)
14 May 2 Holders or rec. Apr. 140
Clinchfield Coal, preferred (quar.)
.14 May 2 *Holders of rec. Apr. 25
international Paper, corn. (quar.)
50o. May 16 Holders of rec. May 26
Cluett, Peabody de Co., corn. (quar.)
$1.25 May 2 Holders of rec. Apr. 20
34 May 2 Holders of rec. Apr. 15
International Shoe, pref. (quar.)
Collins & Alkman Co., com.(quar.)
May I Holders of rec. Apr. ha Interstate Iron & Steel, common (quar.) 31
$I
July 15 Holders of rec. July 8
Prelerred (quar.)
14 May I
Common (quar.)
31
Oct. 15 Holders of rec. Oct. 8
Columbian Carbon (quar.)
May 2 Holders of rec. Apr. 18a
Common (quar.)
an.16'23 Holders of rec. Jan. 9'28
$1
$1
Consol. Bond & Share Corp., pf. (qu.)
18 May 15 Holders of rec. Apr. 15
Intertype Corporation, corn. (quar.).... 250. May 16 Holders of rec. May Is
Consolidated Cigar, pref. (quar.)
lt June 1 Holders of rec. May 140 Ipswich Mills, preferred (quar.)
14 May 2 Holders of rec. Apr. 18
*Iq July
Consolidated Laundries (quar.)
50e. Apr. 30 Holders of rec. Apr. 20a Jewel Tea, pref. (quar.)
1 *Holders of rec. June 15
Continental Can. Inc.. corn. (quar.)
*h7
$1.25 May 16 Holders of rec. May 50
Preferred (acct. accum. dividends)
July I *Holders of rec. June 15
Continental Motors Corp. (guar.)
20e. Apr. 30 Holders of rec. Apr. 15a Kayser (Julius) de Co.. corn. (quar.)
$1
May 2 Holders of rec. Apr. 150
Copper Range Co
May 2 Mailers of rec. Apr. 2
$1
Kellogg Switchboard & Sup., Com.(qua _ 324c. Apr. 30 Holders of rec. Apr. 9
•I % July
CorgroVe-Meehan Coal. pref. (quar.)
1 *Holders of rec. June 27
Preferred (quar.)
151 Apr. 30 Holders of rec. Apr. 9
Preferred (quar.)
1:eNey Wheel, pref. (quar.)
•1
Oct. I *Holders of rec. Sept. 28
14 Ma* I Holders of rec. Anr. 20.
Preferred (quar.)
2
June I Holders of rec. May 2Ia
•154 Dec. 21 *Holders of rec. Dec. 19
Kinney (G. R.) Co., pref.(quar.)
Crucible Steel, common (nuar.)
1.4 Apr. 30 Holders of rec. Apr. 15a Kirby Lumber, common (quar.)
154 June 10 Holders of rec. May 31
Cudahy Packing, 7% preferred
154 Sept. 10 Holders of rec. Aug. 31
3(4 May 2 Holders of rec. Apr. 210
Common (quar.)
Six per cent preferred
Slay 2 Holders of rec. Apr. 21
154 Dec. 10 Holders of rec. Nov. 30
Common (guar.)
Cuneo Press. claw A ((mar.)
Si
June 15 Holders of rec. June I
Knox Hat, Inc., corn. (quar.)
May 1 Holders of rec. Apr. 15
$1
Cushman's Sons, Inc.
May 1 Holders of ree. Apr. 15
Class A participating (quar.)
$1
Common (payable In $8 pref. stock) - i51 511 Sept. I Holders of rec Aug 1M
Prior preferred (quar.)
$1.75 July 1 Holders of rec. June If
Davega, Inc. (quar.)
25c. May 2 Holders of rec. Apr. 150
Prior preferred (guar.)
51.75 Oct. 1 Holders of rec. Sept. 15
Decker (Alfred) & Cohn, corn.(quar.)
•500. June 15 *Holders of rec. June 4
cond preferred
13.50 Aug. I Holders of rec. July 15
Preferred (quar.)
*14 June 1 *Holders of rec. May 20
Kress (S. H.) & Co. .new corn,(quar.)
250. May 2 Holders of rec. Apr. 20a
, Diamond Match (guar.)
2
1June lb Holders of rec. Slay 31a
Kruskal & Kruskal, Inc. (ouarterly)
50e. May 16 Holders of rec. Apr. 290
Dome Mines (quar.)
25e. ;May 5 Holders of rec. Apr '18a Lego Oil & Transport (No. 1) Mara
750. May 2 Holders of rec. Apr. lla
I
May 16 Holders of rec. Apr. 30
Dominion Bridge, Ltd. (quar.)
Landay Bros., Inc., class A (quar.)
750. May 2 Holders of rec. Apr. 150
Bonus
2
May 16 Holders of rec. Apr. 30
Lindsay Light. pref. (guard
14 May 10 Holders of rec. Apr. 300
Eagle-Picher Lead, corn. (guar.)
40e. June 1 Holders of rec. May 140 Liquid Carbonic Corn., corn.(quara- 90c. May I Holders of rec. Apr. 200
Common (quar.)
540e. Sept. 1 •Holders of rec. Aug. 15
Loew's Boston Theatre (quar.)
15e. Apr. 30 Holders of rec. Apr. 160
Common (quar.)
540e. Dec. 1 *Holders of rec. Nov. 15
Loew's Ohio Theatres, Inc., 1st pf. (qu.) 52
May 1 Holders of rec. Apr. 25
Preferred (guard
*14 July 15 *Holders of rec. June 30
Louse-Wlies
Preferred (quar.)
*14 Oct. 15 *Holders of rec. June 30
Old corn.(one share of new no par com) 25 July 1 Holders of rec. June la
Early 4: Daniels, common (quar.)
6234c July
New no par common (quar.)(No. 1) 540c. Aug. 1 *Holders of rec. July 11
Holders of roe. June 201
Common (extra)
25c. July 1 Holders of rec. June 20a
Second preferred (guar.)
14 May 1 Holders of rec. Apr. 184
Common (quar.)
62
Oct. 1 Holders of rec. Sept. 200 Lord & Taylor, first pref. (quar.)
14 June I Holders of rec. May 17a
Common (extra)
25c. Oct
1 Holders of rec. Sept 200
Second pref. (quar.)
2
Slay 2 Holders of rec. Apr. 16a
Common (guar.)
624c Jan 1'28 Holders of rec. Dec. 200 Louisiana Oil Refining, pref. (quar.)
154 May 16 Holders of rec. May 20
Common (extra)
250 Jan 1'28 Holders of rec. Dec. 200 Luther Manufacturing (quar.)
*2
May 2 *Holders of rec. Apr. 18
Preferred (quar.)
$1.75 July 1 Holders of rec. June 250 Macy (R. H.) & Co.. corn.(No. 1)
$1.25 May 16 Holders of rise. Apr. 290
Preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 200
Madison Square Garden Co. (quar.)
250. July 15 Holders of rec. July 5
Preferred (quar.)
$1.75 Jan 1'28 Holders of rec. Dec. 200
Quarterly
250. Oct. 15 Holders of rec. Oct. 5
Eastern Bankers Corp.. pref. (quar.)
14 May 2 Holders of rec. Apr. 15
Massey-Harris Co., pref. (quar.)
14 May 16 Holders of rec. Apr. 30
Eaton Axle 4: Suring, corn (guar.)
50e. May 1 Holders of rec. Apr. 15a McCall Corporation, common (quar.)_ _ 500. May 1 Holders of rec. Apr. 206
ELsemann Magneto, preferred (quar.)
14 May I Holders of rec. Apr. 20
McCord Radiator & Mfg., class B (q11.)- *50e. May 1 *Holders of rec. Apr. 21
Elgin National Watch (quar(
.62 ste May 2 •flolders of rec Apr lb
McCrory Stores Corp., class A & B (qu.) 400. June 1 Holders of roe. May 20a
Elyria Iron & Steel, tom.(guar.)
750. Apr. 30 Holders of rec. Apr. 250
Preferred (quay.)
14 May 2 Holders of rec. Apr. 20.
Eamond Mills, common (quar.)
14 May 2 Holders of rec. Apr. 23
Preferred (quar.)
14 Aug. 1 Holders of rec. July 206
Preferred (quar.)
14 May 2 Holders of rec. Apr. 23
14 Nov. 1 Holders of rec. Oct. 20a
Preferred (quar.)
Eureka Pipe Line (quar.)
$1
May 2 Holders of reo. Apr. 16
McIntyre Porcupine Mines (quar.)
25e. June 1 Holders of rec. May 20
Eureka Vacuum Cleaner
McKesson & Robbins,Inc., corn.(qu.)_ 250. May 10 Apr. 26 to May 10
Common (payable in common stock). 15
Aug. 1 Holders of rec. July 200
Preferred (quar.)
14 May 10 Apr. 20 to May 10
Common (quar.)
$1
May 2 Holders of rec. Apr. 20a
Preferred (extra)
34 May 10 Apr. 26 to May 10
Exchange Buffet (quar.)
374e. Apr. 30 Holders of rec. Apr. 150 McLellan Stores, corn. A and B (quar.)_ 25c. July 1 Holders of roe. June 20
Common monthly
200. May 2 Holders of rec. Apr 200
25e. Oct. 1 Holders of rec. Sept.20
Common A and B (quar.)
Fair (The). common (monthly)
20e. June 1 Holders of rec. May 210
25e. Jan 2'28 Holders of rec. Dee. 20
Common A and B (quar.)
Common (monthly)
20e. July 1 Holders of rec. June 200 Melville Shoe, corn. (quar.)
75c. May 2 Holders of rec. Apr. 22
Common (monthly)
200. Aug. 1 Holders of rec. July 210
May 2 Holders of rec. Apr. 22
Preferred (quar.)
$2
Preferred (quar.)
14 May 2 Holders of res. Apr. 20a Mercantile Stores Co., Inc., corn.(quar.) $1
May 16 Holders of rec. Apr. 30
Preferred (quar.)
*154 Aug. I 'Holders of rec. July 21
$1.75 May 16 Holders of rec. Apr. 30
Preferred (quar.)
Fairbanks, Morse & Co.. corn.(quar.)
750. June 30 Holders of rec. June 150 Miami Copper Co. (quar.)
374e. May 16 Holders of rec. May 201
Preferred (guar.)
14 June I Holders of rec. May I40 Mid-Continent Petroleum (quar.)
75e. May 1 Holders of rec. Apr. la
Fajardo Sugar (quar.)
*154 May 2 *Holders of rec. Apr. 20
$2.50 May 2 Holders of rec. Apr. 20
Mirror (The), Preferred (quar.)
n
31
June 1 Holders of rec. Apr. 30
Famous Players Can' Com,1st Pf.(qu.) 2
Mohawk Mining (quar.)
June 1 Holders of rec. Apr. 30
May 16 Holders of rec. May 541
Famous Players-Lasky Corp.. pref. (urf.) 2
May 2 Holders of rec. Apr. 15a Montgomery Ward & Co.. corn. (quar.).. $1
50e. MO 2 Apr. 16 to Apr. 20
Fansteel Products Co., new stock
750. May 17 Holders of rec. Apr. 29
Motor Products Corp., corn.(quar.)
$1 May 2 Apr. 16 to Apr. 20
14 May 15 Holders of reo. May 1
Firestone Tire & Rubber, 7% pref. thud
Preferred (quar.)
Slay 16 Holders of rec. Apr. 30
14 May 2 Holders of rec. Apr. 150 Motor Wheel Corporation, pref. (quar.). 2
Fisk Rubber, let pref. (quar.)
2
May 1 Holders of rec. Apr. 186
14 June I Holders of rec. May 10
Mullins Body Corp., pref. (quar.)
2d pref. (quar.)
75c. June 1 Holders of rec. May 170
Convertible preferred (guar.)
154 May 2 Holders of rec. Apr. 15a Munsingwear, Inc. (quar.)
Nash Motors Co., coin. (quar.)
May 2 Holders of roe. Apr. 210
First Federal Foreign Investment Trust- $1.75 May 15 Holders of rec. May 6
51
30c. July 1 June 21 to June 30
National American Co., the.(qu.) (No.1 1 790 May 2 Holders of rec. Apr 115a
Foote Bros. Gear & Mach..com.(Qu.)
Common (quar.)
30e. Oct. 1 Sept. 21 to Sept.30
$1.75 June 1 Holders of rec. May 200
National Hellas Hess Co., pref. (quar.)
$1.25 July 15 Holders of rec. June 300
Common (quar.)
30c Jan1'28 Dec. 21 to Dec. 30
National Biscuit, corn. (quar.)
154 May 31 Holders of rec. May 170
Preferred (guar.)
14 July 1 June 21 to June 30
Preferred (quar.)
Preferred (quar.)
14 Oct. 1 Sept. 21 to Sept. 30
2
May 2 Holders of rec. Apr. 20
National Carbon, preferred (quar.)..._
Preferred (quar.)
14 lan 1'28 Dee. 21 to Dec. 30
$1.50 May 15 Holders of roe. May 20
National Casket, common (quar.)
Franklin (IL H.) Mtg.. pref.(quar.)
154 May 1 Apr. 21 to May 1
Nat'l Department Stores, 1st pref. (qu.) 14 May 2 Holders of rec. Apr. 150
Freepol t l'exas Co. (quar.)
I
May 2 Holders of rec. Apr. 150
154 June 1 Holders of rec. May 160
Second preferred (quar.)
Genml Box, pref. A and B ((mar.)
*50e. June 1 *Holders of rec. May 20
-(r) May 26 Holders of rec. May 2
National Lead, corn. (payable in stock)
Genera) Cigar, tom.(quar.)
$1
May 2 Holders of rec. Apr. 200 /National Lead, new (quar.)
*51.25 June 30 *Holders of rec. June 10
Preferred (quar.)
114 June 1 Holders of rec. May 241
Seven per cent preferred (quar.)
14 June 15 Holders of reo. Mayd20:1
37 tic May 15 fIolders of rec. May I
Debenture preferred (quar.)
14 July 1 Holders of rec. June 240 National Refining, corn. (guard
General Motors Corp., preferred (quar.) 14 May 2 Holders of rec. Apr. So National Tea, pref. (quar.)
14 May 1 Holders of reo. Apr. 18
Six per cent debenture stock (quar.)_. 14 May 2 Holders of rec. Apr. 90 National Tile (quar.)
75c. May 1 Holders of rec. Apr. 18a
Seven per cent debenture stork (quar.) 14 May 2 Holders of rec. Apr. 90 Nelaner Brothers, pref. (quar.)
$1.75 May 1 Holders of rec. Apr. 15
General Tire & Rubber, tom.(quar.)
2
May 1 Holders of rec. Apr. 20
Nelson (Herman) Corp. (quar.)
300. July 1 Holders of rec. June 29
75e. Apr. 30 Holders of rec. Apr. 15
Gilchrist Co (guar.)
Stock dividend
el
July 1 Holders of rec. June 20
$1
June 1 Holders of rec. May 2
Gillette Safety Razor (quar.)
30e. Oct. 1 Holders of rec. Sept.4
Extra
Stock e. vIdend
CIuar1 d y
!
el
1234c June 1 Holders of rec. May 2
Oct. 1 Holders of rec. Sept. 19
14 May 2 holders of reo. Apr. 166 New Cornelia Copper Co. (quar.)
Gimbel Brothers. pref. (quar.)
•500. May 23 *Holders of rec. May 60
20c. May 16 Holders of rec. Apr. 25a New York Air Brake (quar.)
75e. May 2 Holders of rec. Apr. 71
C. G. Spring & Bumper, corn. (quar.)
5c. May 10 Holders of rec. Apr. 25a N. Y. Merchandise, corn. (attar.)
Common (extra)
500. May 1 Holders of rec. Apr. 200
Globe Automatic Sorinkler. class A (qu.) °6234t May 1 *Holders of rec. Apr. 20
14 May 1 Holders of rec. Apr. 204
Preferred (qmar.)
14 May 1 Holders of rec. Apr. 15
New York de Honduras Rosario Mining_
Gebel (Adolf), Inc., cony. pref. (quar.)_
234 Apr. 30 Holders of rec. Apr. 20
Goodrich (13. F.) Co., tom.(quar.)
$1
June 1 Holders of rec. May 16a
Extra
24 Apr. 30 Holders of rec. Apr. 20
154 oily 1 Holders of rec. June 150 North American Cement, prof. (quar.).. 14 May 1 Holders of rec. Apr. 20
Preferred (quar.)
Gorham Mfg., 1st pf.(acct.accum.div.). h854 June 1 Holders of rec. May 160 North Central Texas Oil (quar.)
15c. June 1 Holders of rec. May 10
154 May 2 Holden) of rec. Apr. 15
Gossard (H. W.) Co., corn. (mthly.)__ 33 I-3c May 2 Holders of rec. Apr. 20a Oil Well Supply Co.. pref. (altar.)
33 I-3c June 1 Holders of rec. May 20a Ontario Biscuit, corn. (quai.)
Common (monthly)
624c May 1 Holders of rec. Apr. 150
33 1-3c July 1 Holders of rec. June 200
Common (monthly)
Preferred (quar.)
2
May 1 Holders of rec. Apr. 155
14 May 2 fielders of rec. Apr. 200 Ontario Steel Products, Corn. (quar.)
May 16 *Holders of rec. Apr. 30
Preferred (quar.)
mi May 16 *Holders of rec. Apr. 30
14 May 2 Holders of rec. Apr. 11
Preferred (quar.)
Goose Packing, Ltd., pref. (quar.)
14 May 2 Holders of rec. Apr. 150 tapper:helm. Collins Co.. corn. (quar.)
$1
May 16 Holders of rec. Apr. 290
Gotham Silk Hosiery. 7% Pref.(qu.)
75c. A.pr. 30 Holders of rec. Apr. 90 Oppenheimer (S.) & Co., prat. (guard_ 2
May 2 Holders of rec. Apr. 20
Great Northern Ore Properties
Orpheurn Circuit, corn.(monthly)
162-3e May 1 Holders of rec. Apr. 20a
Guenther Publishing Co.
May 20 Holders of rec. Jan. 200 Otis Elevator, preferred (quar.)
5
14 July 15 Holders of rec. June 300
Preferred (quar.)
5
Aug. 20 Holders of rec. Jan. 20a
134 Oct. 15 Holders Of rec. Sept. 300
Preferred (quar.)
Quarterly
5
Nov. 20 Holders of rec. Jan. 20a
14 Jan15'28 Holders of reo. Dec. 310
Preferred (quar.)
Quarterly
$1
May 2 Holders of rec. Arp. 200
Gulf States Steel, first preferred (quar.) 14 July 1 Holders of rec. June 150 Outlet Co., corn. (quar.)
14 Oct. I Holders of rec. Sept. 15a
First preferred (quar.)
14 May 2 Holders of rec. Apr. 200
First preferred (quar.)
14 Jan.3'28 Holders of rec. Dec. 150
114 May 2 Holders of rec. Apr. 200
Second preferred (guar.)
First preferred (quar.)
250. Apr. 30 Holders of rec. Apr. 20a Overman Cushion Tire, Inc., corn. (111.)
July
Hall(W.F.) Printing
250. Apr. 30 Holders of rec. Apr. 200 Owens Bottle, common (quar.)
$1.. July 1 Holders of rec. June 15a
75c 6
7
Extra
14 Apr. 30 Holders of rec. Apr. 23
Preferred (quar.)
194 July 1 Holders of rec. June I5a
Halle Brothers, preferred (Wan)
6c. Aug. 15 Holders of rec. Aug. 1
Pacific Coast Co., first pref. (quar.)
134 May d2 Holders of rec. Apr. 25
Hamilton Bank Note
*250. May 2 *Holders of rec. Apr. 23
Packard Motor Car, monthly
20e. Ain'. 30 Holders of res. Apr. 155
Hamilton-Brown Shoe (monthly)
14 June 1 Holders of rec. May 200
Monthly
200. May 31 Holders of rec. May 140
Harbison-Walker Reline., corn. (quar.)_
134 July 20 Holders of rec. July 9a Paramount Famous Lasky Corp.,pf.(qua 2
May 2 Holders of rec. Apr. 150
Preferred (quar.)
(quar.)
1(4 May 31 Holders of rec. May 170 Pathe
Hart, Schaffner & Marx, corn. (quar.)_ 500. June I Holden of rec. May 170 Patin°Exchange, common A & B (quar.) 750, May 2 Holders of rec. Apr. Ile
Mines & Enterprises Consol
(0 May 5 Holders of rec. Apr. 270
Hartman Corporation. class A
June 1 Holders of rec. May 17a Penmans. Ltd., corn. (quar.)
May 16 Holden of rec. May 6
$1
Class B (quar.) in class A Stock
250. May 24 Holders of rec. May 4
Preferred (quar.)
14 May 2 Fielders of reo. Apr. 21
Hazeltine Corporation (quar.)
Phillips-Jones Corp., preferred (quar.)
194 May 2 Holders of res. Apr. 204
(Richard), Inc., part. pf. (au) 62350 May 2 Holders of rec. Apr. 20
Hellman
APR. 30 1927.]
Name of Company.
THE CHRONICLE
1When
Per
Cent. Payable.
Books Closed.
Days Industre.
Miscellaneous (Concluded).
Pick (Albert), Barth & Co., part. pf.(qu.) 435ic. May 16 Holders of rec. Apr. 25
May 1 Holders of rec. Apr. 20
Pierce. Butler & Pierce Mfg.,8% p1.(qu.) 2
l9i May 1 Holders of rec. Apr. 20
Seven per cent preferred (guar.)
17t40.Apr. 30 Holders of rec. Apr. 15
Pioneer Petroleum pref
51.25 May 1 Holders of rec. Apr. 210
Possum Co., l.(guar.)
.50c. May 31 *Holders of rec. Apr. 30
Prairie Oil& Gas (guar.)
$2.50 Apr. 30 Holders of rec. Mar. 31
Prairie Pipe Line (quar.)
$1.75 May 14 Holders of rec. Apr. 25
Procter & Gamble Co., corn. (quar.)
Pro-phy-lac-tic Brush. pref. (guar.)- -- - *31.75 June 15 *Holders of rec. June 1
3i. May 1 Holders of rec. Apr. 20
Prudence Co.. Inc., preferred
2
May 16 Holders of rec. Apr. 30a
Pullman Company (guar.)
Pure Food Stores (Canada)
IN May 1 Holders of rec. Apr. 15
First and second preferred (quar.)- -15c. May 15 Holders of rec. May la
Q. R. S. Music, corn. (monthly)
Quaker Oats, preferred (quar.)
155 May 31 Holders of rec. May 2
Quincy Mkt. Cold Sto.& M."11se, pf.(qu.) *154 May 2 *Ilolders of rec. Apr. 23
50c. May 1 Holders of rec. Apr. 21
Reed (C. A.) Co., class A (quar.)
Reid Ice Cream Corp.. pref. (quar.), _ St 14 June 1 Holders of rec. May 20
-Rand,Inc.,,orn.(pay.in com.stk.) fl
Rem.
Apr. 30 Holders of rec. Apr. 11
SI
Republic Iron & Steel, corn. (quar.)__
June 1 Holders of rec. May 14
*1
Preferred (guar.)
34 July 1 *Holders of rec. June 14
$2
RevIllon, Inc., preferred (quar.)
May 2 Holders of rec. Apr. 20
Rice-sits Dry Gu,,da, corn (quar.)
374c. May 1 Holders of rec. Apr. 15
*25c. May 1 *Holders of rec. Apr. 5
Richfield Oil (soar.)
1Si May 15 Holders of rec. Apr. 30
Russ Manufacturing (guar.)
50c. June 20 June 10 to June 20
St. Joseph Lead (quar.)
25e. June 20 June 10 to June 20
Extra
50e. Sept. 20 Sept. 10 to Sept.20
Quarterly
2.50, Sept. 20 Sept. 10 to Sept. 20
Extra
Quarterly
500. Dec. 20 Dec. 10 to Dee. 20
25c. Dec. 20 Dec. 10 to Dec. 20
Extra
75c. May 2 Holders of rec. Apr. 150
Salt Creek Producers Association (qu.)
•154 May 16 *Holders of rec. May 1
Ravage Arms, se.,aid preferred (quar.)
$1.50 May .2 Holders of rec. Apr. 15
Savannah Sugar Refg., corn. (quar.)__
50c. May 2 Holders of rec. Apr. 15
Common (extra)
1N May 2 IIolders of rec. Aprl 15
Preferred (guar.)
Schulte Retail Stores. connnon (Quer.) _
87)4c June 1 Holders of rec. May 15a
87Ne Sept. 1 Holders of rec Aug. 15a
Common (quar.)
87)4c Dec. 1 Holders of rec. Nov 15a
Common (guar.)
154 May 1 Holders of rec. Apr. 23a
Scott Paper, pref. (guar.)
*30c. May 14 *Holders of rec. May 6
Scotten-Dillon Co. (guar.)
54 May 1 Holders of rec. Apr. 153
Sears, Roebuck & Co.(quar.)
May 2 Holders of roe. Apr. 15
Seeman Brothers. Inc., corn (quar.)- - _ _ 500
IN May 16 Holders of rec. Apr. 29
Shell Union 011, preferred (guar.)
IN May 2 Holders of rec. Apr. 153
Simmons Co., pref. (guar.)
50c June 15 Holders of rec. May 163
Skelly 011 Co. (qear.)
$1
May 16 Holders of rec. May 2
Smith (A.0.) Corp., corn.(quar.)
154 May 16 Holders of rec. Slay 2
Preferred (quar.)
Spalding (A. G.)& Bros., first pref.(qu.) IN June 1 Holders of rec. May 143
2
Second preferred (quar.)
June 1 Holders of rec. May 14
Standard 011 (Ohio), pref. (guar.)
154 June 1 Holders of rec. Apr. 29
Stanley Works, pref. (guar.)
IN May 16 Holders of rec. Apr. 30
Steel Co.of Canada,corn.& ore!.(qu.). _
154 May 2 Holders of rec. Apr. 7
Sterling Products (quar.)
$1.25 May 2 Holders of rec. AM'. 15a
Supertest Petroleum, corn
250.
Holders of rec. Apr. 20
Class A preferred
Holders of rec. Apr. 20
334
Class B preferred
3
Holders of rec. Apr. 20
Telautograph Corp., common
30c. May 2 Holders of rec. Apr. 150
Thompson (John It.) Co.(monthlY)
300, May 2 Holders of rec. Apr. 22a
Monthly
Oc. Juno 1 Holders of rec. Slay 23a
Tide Water Associated 011 (quar.)
30e. May 2 Holders of rec. Apr. fici
Tide Water Oil, pref. (guar.)
154 May 16 Holders of rec. May 2a
Tobacco Products Corp., class A (quar.) 154 May 16 Holders of rec. Apr. 27a
Tung Sol Lamp Works, corn. (quar.)
*20 May 1 *Holders of rec. Apr. 20
Class A (quar.)
.45c. May 1 *Holders of rec. Apr. 20
Union 011 Associates (quar.)
*50c. May 10 *Holders of rec. Apr. 18
Union 011 of California (guar.)
50c. May 10 Holders of rec. Apr. 183
Union Stortilte (guar.)
62)4c May 10 Holders of rec. May la
Quarterly
6254c Aug. 10 Holders of rec. Aug. la
Quarterly
62Sic Nov. 10 Holders of rec. Nov. la
United Biscuit, class A (quar.)
*51
June 1 *Holders of rec. May 10
United Drug, cont. (guar.)
234 June 1 Holders of rec. May 160
First pref. (guar.)
154 May 2 Holders of rec. Apr. 15a
United Profit-Sharing, preferred
Apr. 30 Holders of rec. Mar. 313
5
United Verde Extension Mining (quar.) _ 75c. May 2 Holders of rec. Apr. 6
U. S. Cast Iron Pipe & Fdy., corn,(qu.). 234 June 15 Holders of rec. June la
Common (guar.)
234 Sept. 15 Holders of rec. Sept. la
Common (quar.)
255 Dec. 15 Holders of rec. Dee. la
,
Preferred (guar.)
154 June 15 Holders of rec. June la
Preferred (guar.)
15 Sept. 15 Holders of rec. Sept. la
,
4
Preferred (quar.)
154 Dec. 16 Holders of rec. Dec. la
U. S. Industrial Alcohol, corn. Man)
154 May 2 Holders of rec. Apr. 150
United Staten Rubber, let pref. (guar.)- 2
May 14 Holders of rec. Apr. 203
United States Steel Corp.
Common (payable In common stock)_ _ 140
June 1 Holders of rec. May 2a
Universal Leaf Tobacco, corn. (quer.)- _ 75c. May 1 Holders of rec .Apr. 15a
Universal Pipe & Radiator, corn. (quar.) *50c. July 1 *Holders of rec. June 15
Common (extra)
.250. July 1 *Holders of rec. June 15
Pvelure I (quar.)
15( May 2 Holders of rec. Apr. 153
Preferred (quar.)
154 Aug. 1 Holders of rec. July 15a
Preferred (guar.)
134 Nov.
Holders of rec. Oct. 15a
Vanadium Corporation (quar.)
750. May 16 Holders of rec. May 2a
Vick Cnemical(ar.)
8734c May I Holders of rec. Apr. 16a
Victor Titling Machine,7% prior pf.(qu.) 154 May 1 Apr. 3 to Apr. 22
$6 convertible,preferred (quar.)
$1.50 May 1 Apr. 3 to
Apr. 22
V. Vivaudou, Inc., pref. (quar.)
151 May 2 Holders of rec. Apr. 15a
Washburn-Crosby Co., pref. (quar.)...... _
154 May 1 Holders of rec. Apr. 23a
Weber & Hellbronee. pref. (guar.)
1N June 1 Holders of rec. May 160
Westinghouse Air Brake (quar.)
$1.75 Apr. 30 Apr. 1 to Apr. 12
Westinghouse Elec.& M fg., corn.(guar.) 51
Apr. 30 Holders of rec. Mar. Ma
White Sewing Mach., prior pref.(guar.)_ $1
May 1 Holders of rec. Apr. 19a
Wilcox (II. F.) Oil& Gas (quar.)
50c. May 10 Holders of rec. Apr. 15a
Williams 011-o-Matic Heating (quar.)_
.37Sic May 16 *Holders of rec. May 2
Wolverine Portland Cement (quar.)15c. May 16 Holders of rec. May 5
Woolworth (F. W.) Co.(quar.)
$1.25 June 1 Holders of rce. Apr. 283
Wright, Hargreaves Mines
10e. Slay 2 Holders of rec. Apr. 15
Wright-Hargreaves Mines (stock div.)_ _ •e100
Wrigley (Wm.) Jr. & Co.(InouthlY)-- -- 250. May 2 Holders of rec. Apr.
20a
Monthly
25e. June 1 Holders of rec. May 200
Monthly
25e. July 1 Holders of rec. June 200
WurlItzer (Rod.) Co., corn. (in com.stk.) *J150
•From unofficial sources. 1 The New York Stock Exchange has ruled that
stock
W111 not be quoted ex-divldend on thls date and not until( urther notice.
S The
New York Curb Market Association has ruled that stock will not be quoted exdividend on this date and not until further notice.
a Transfer books not closed for this dividend. d Correction. e Payable In stock.
f payable In common stock. g Payable in scrip. h On account of accumulated
dividends. m Payable in preferred stock.
Cushman fir Sons common stock dividend Is payable In $8 preferred stock
on the
valuation of $100 for preferred stock
To be deducted at meeting on May 19.
o Subject to approval of stockholders.
f Philadelphia Co. stock dividend is one one-hundred-twentieth of a share
of
common stock.
r Payable either in cash or class A stock.
Patin° Nilnes & Enterprises dividend Is one shilling per share on the hams of
$4.8665 to the £ equal to 50.243325 icr share.
it Tampa Electric. common stock dividend is 1-100 of a share of common.
r National Lead Co. stock dividend Is one-half share common stock and one-half
Share 6% class B pref. for each share of common stock.
to Dividend Is 50 eta. a share. Payable in either cash or class A stock at the rate
of one-fortieth of a share of class A stock for each share of common. Erroneously
reported In previous issues as 6234 eta.
2551
Weekly Returns of New York City Clearing House
Banks and Trust Companies.
The following shows the condition of the New York City
Clearing House members for the week ending Apr. 23. The
figures for the separate banks are the averages of the daily
results. In the case of the grand totals, we also show the
actual figures of condition at the end of the week.
NEW YORK WEEKLY CLEARING HOUSE RETURNS.
(Stated in thousands of dollars-that is. three ciphers (000)
omitted.)
New
,Capital Profits Loans,
Reserve
Week Ending'
Discount, Cash
with
Net
Time Rant
April 231927. iNarl, Mar.23 InvestIn
Legal Demand
De- CirceState,
ar.23 ments, Vault. Deposi-, Deposits. posits. laBoa
.
(000 omitted.) Tr.Cos. Mar.23
&c.
tortes.
Members of Fed. Res. Bank.
Bank of N Y &
Trust Co_ _ _ 4,000 13,429
Bk of Nlanharn 10.700 16,204
13ank of America 8,500 5,412
National City__ 75,000 66,126
Chemical Nat... 5,000 18,91
Greenwich Bank 1,000 2,554
Nat Bk of Corn_ 25,000 42,88
Chat Ph N B & T 13,500 13,655
Hanover Nat__ 5,000 26,81
Corn Exchange_ 11,000 18,55
National Park._ 10,000 24,98
Bowery & E R
3,000 3,63
First National_ 10,000 77,69
Am Ex Irving Tr 32.000 29,17
ContlnenMI__ 1,000 1,28
Chase National_ 40,000 38,76
Fifth Avenue_
500 3,21
Commonwealth
800
67
Garfield Nat'l__ 1,000 1,88
Seaboard Nat'l_ 6,000 11,44
Bankers Trust_ 20,000 36,94
US Mtge & Tr_ 3.000 5,05
Guaranty Trust 30,000 _31,85
Fidelity Trust__ 4,000 3,28
New York Trust 10,000 22,55
Farmers L & Tr 10.000 20,26
Equitable Trust 30,000 23,927
Average, Average Average Average. Average doge
3
75,672
442 7,419
55,023 8,749
_
167,922 3,071 17,521
128.312 26,338
76,848 1,140 11,284
85,672 3,709
782,193 3,834 76,463 *790,689169,400
95
133,504 1,077 15,822
120,012 3.028
347
23,634 1,620 3,207
23,719 2,824
370,694
565 42,263
319,780 19.437
213,907 2,479 22,821
159,587 45,550 8:120
122,710
550 13,634
106,311
211,702 4,610 24,514
178,028 31,465
156,989
798 16,187
123,610 7.091 4:698
69.575 1,810 8,988
48,281 21,329 2,985
299,902
499 26,948
203,990 14.377 6,472
432,404 3,931 51,847
389.679 38,584 __
7,957
5.822
420
_
582,966 6,625 89,060 *538,012 41,402 2:461
28,541
632 3,348
28,485
13,460
485 1,342
9,169 4,474
17,049
492 3.263
17,350
612
126.859
814 16,155
122,981 2,784
44
357,858
861 34,873 •295,132 40.973
61,524
740 7,202
64.632 6,681
447,282 1,278 48,294 *424,236 60,733 ___
43,156
642 4,833
37,005 3,966 __
166,218
599 17.578
127,732 26,062
146,226
516 14,622 *I 1 1 176 20,945
278,586 1,560 29,508 .319,455 29,164
Total of averages3G8,000 559,236 5,415,138 41,786 585,577c4.355,062630,09723,222
,
Totals. actual to nditIon Apr. 2315,424,1971 42.889 606,291 c4.347,496 629,248
Totals, actual co ndition Apr. 165,406,202 40,534 583.310 c4,330,869 639,989 23,188
23,338
Totals, actual to ndltIon Apr. 95,416,765 43,996 149.880c4.303,056 610,682 23,384
State Banks Not Members of Fed'I 1Res've Bank.
State Bank _ _ _ _ 5,000 5,817 108,363 4,752 2,6781
Colonial Bank__ 1,400 3.270
35,700 3,610 1,800
Total of arerag
6,400
39,847 63,729
30,100, 6,000 ____
1_
9,088
144,063
8,362
4,4781
69.9471 69,729r=1:
Totals, actual c ndition Apr. 23
Totals, actual c ndit1on Apr. 16
Totals, actual c ndlt1on Apr. 9
144,543
143,881
142,969
8,205
8,136
8,225
4,396
4,219
4,122
r
--69,957
69,482 69,669
68,351 69,787
Trust Coffman lea Not Members of Fed 'I Res've Bank.
Title Guar & T 10,000 20.237
65,553' 1,786 4.281
Lawyers Trust_ 3,000 3,463
22,9071
929 1.785
40,289
18,000
Total of average
13,000 23.701
Totals, actual c ndition Apr. 23
Totals. actual c ndition Apr. 16
Totals, actual c , nclitIon Apr. 9
1,021
987
88.460' 2,715
i
8,026
68,289
2,008
89,108
86,180
87.8811
6,262
6,048
6.559
69,197
56,241
58.0821
2.060
2.032'
1,099
2.660
2,558
2.808
Gr'd agar.,
(me 387,400 592,026 5,647,661 52,863596,081 4,483.29817, 01.834 23,222
Comparison wl h prey. week __ +10,288-1,445 -464 +49
3,8
.
849 . 67 -25
I
Gr'd aggr., ad' cond'n Apr. 235,657,848 53,754616,949 4,476,650701,032 23,188
Comparison wi ,h prey. week _ .. +21,685 +2.526 +23372 -1- 20,058-10658
-150
Gr'd taw., accleond'n Apr. l&5,636.263 51.228593,577 h4,456.5921711,690
23.338
Gr'd aggr., ac£11cond'n Apr. 95,647.595 55,027660,561 4,429,4891682,46823.364
Gr'd aggr., act'lcond'n Apr. 215.767.2171 50,707 584,708 4,645,830686,229
Gr'd agar., actleond'n Mar.26'5,633.159 54,305 657,722 4,481,960 669,942 23.340
23,318
Gr'd aggr.. acrIcond'n iMar.195,717,104 53.119681,612 4,574,513072.348 23.266
Gr'd agar.. act'lcond'h Mar.1215,524,816 56,284 644,984 4.412.944 667,397 23,202
Note.
-U. S. deposits deducted from net demand deposits In the general
total
above were as follows: Average total Apr. 23, 546,353,000. Actual totals Apr.
23,
543.302.000; Apr. 16, $49.762.000: Apr.0,869,635.000; Apr. 2,576,056.000;
Mar.26,
$80,840,000; Mar. 19, 581,139.000. Bills payable, rediscounts, acceptances
and
other liabilities, average for week Apr. 23. 5616,046,000; Apr. 16.
5648,947,000;
Apr. 9, 5656,372.000: Apr. '2, $611,568.000: Mar. 26, 5625.143,000;
Mar. 19,
$609,186.000. Actual totals Apr. 23, 5659,792.000; Apr. 16, $619,584.000;
Apr. 9.
5745,839.000; Apr. 2. $573,051.000; Mar. 26, 5689.153,000; Mar, 19,
5696,820,000.
•Includes deposits in foreign branches not Included In total footings
as follows:
National City Bank, $235,319,000; Chase National Bank, 511,931,000;
Trust Co., $36.885,000; Guaranty Trust Co.. $83,668,000; Farmers' Loan Bankers
& Trust
Co., $3,602.000; Equitable Trust Co., 542,704.000. Balances carried
foreign countries as reserve for such deposits were: National City Bank, in banks in
542,704.000:
Chase National Bank, 81,907,000; Bankers Trust Co., $1,455.000;
Guaranty Trust
Co., $2,943,000; Farmers' Loan & Trust Co., $3,602,000; Equitable
_Trust Co..
$9,085,000.
c Deposits In foreign branches not Included.
The reserve position of the different groups of institutions
on the basis of both the averages for the week and the
actual condition at the end of the week is shown in the
following two tables:
STATEMENT OF RESERVE POSITION OF CLEARING HOUSE
BANKS
AND TRUST COMPANIES.
Averages.
Cash
Reserre
Reserve
In
in Fault. Depositaries
Members Federal
Reserve Bank _
State banks*
Trust companies*
Total April
Total April
Total April
Total April
23
16_
9
2........
Total
Reserve.
Reserve
Required.
Surplus
Reserve.
5
585,577.000 585,577,000 585,060,970
4,478.000 12.840.0001 12,590,460
6.026,000 8,741,000 8,743.350
516,030
249,540
-2,350
11.077.000 596,081.000 607,1S8.000606,394.780
11.076.000 596.545,000 607,621.000 599,754,130
10.786.000 601,760.000 612.566.000 609,292,250
10,783,000 612,267,000 623,050,000 613,582.430
763.220
7.866.870
3,273.750
9,467,570
8,362.000
2,715,000
•Not members of Federal Reserve Bank.
b This is the reserve required on net demand deposits in the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank,
includes also amount of reserve required on net time deposits, which was as follows:
Apr. 23, $18.902.910; Apr. 16, $18.787,530; Apr. 9.518.317.820; Apr. 2,518,000.660'
Mar. 26, 517.896.000; Mar. 19, 817,039,400.
!Vox. 124.
THE CHRONICLE
2552
Actual Figures.
Cash
Reserve
Reserve
Ca
Ca Vault. Depositaries
Total
Reserve.
a
Reserve
Required.
Surplus
Reserve.
Members Federal
Reserve Bank.
State banks.
Trust companies____
10.865.000 616,949,000 627,814.000 605,523.730 22,290,270
10.694.000 593.577,000 604,271,000 603,155.550 1,115,450
11.031.000 660,561.000 671,592,000 598,733,220 72,858.780
10.502,000 584,708,000 595,210,000 626,924,740 -31,714,740
BOSTON CLEARING HOUSE MEMBERS.
$
606,291,000 606,291,000 584,051,920 22.239,080
8,740
8.205,000 4,396.000 12,601.000 12,592,260
42,450
2.660.000 6,262,000 8,922.000 8,879,550
Total Apr. 23....
Total Apr. 16_
Total Apr. 9_._
Apr. 2._
Total_
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
•Not members of Federal Reserve Bank.
a This Is the reserve required on net demand deposits In the case of State banks
and trust companies, but In the case of members of the Federal Reserve Bank includes also the amount of reserve required on net time deposits, which was as follows:
Apr.23,$18,877,440: Apr. 16, $19,199,670: Apr.9,$18,320,460; Apr.2,$18,423,450;
Mar. 26, $17,945,730; Mar. 19, 117,942,220.
Apr. 27
1927.
Changes from
Previous Week.
April 13
1927.
Apr. 20
1927.
Capital
71,900.000
71,900,000
71,900,000 Unchanged
Surplus and profits_ _
96.309.000
96,309,000
96,309.000 Unchanged
Loans, disc'ts & Invest.. 1,004,917.000 Dec. 12,629.000 1.017,546.000 1,017,588.000
Individual deposits._ -- 674,815.000 Inc. 1,529.000 673.286.000 663.146,000
Due to banks
152,866,000 Dec.
55.000 152.021.000 152,698.000
Time deposits
234,212,000:Dec.
59.000 234.271,000 230,394.000
United States deposits.
17,472,000 Dec. 3,282.000
20.754.000
27.821.000
Exchanges for CI'g H'se
34,817.000 Dec. 1,576.000 - 36.393.000
32.592.000
Due from other banks..
96,288.000 Inc. 2,364,000
93,924,000
85.054.000
Res've in legal depoteles
79,726,000
79.523,000 Dec.
79,703.000
180.000
Cash in bank
9,587,000 Inc.
9.033,000
299.000
9,288,000
Res've excess In F.R.Bk
654,000 Inc.
222,000
432,000
645,000
State Banks and Trust Companies Not in Clearing
Philadelphia Banks.
-The Philadelphia Clearing House
House.
-The State Banking Department reports weekly
figures showing the condition of State banks and trust com- return for the week ending Apr. 23, with comparative figures
panies in New York City not in the Clearing House as follows: for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
are 10% on demand deposits and 3% on time deposits, all
NEW YORK, NOT INCLUDED IN CLEARING HOUSE STATEMENT.
to be kept with the Federal Reserve Bank. "Cash in vaults"
(Figures Furnished by Stale Banking Department.)
Differencesfrom is not a part of legal reserve. For trust companies not
Previous Week.
Airil 23.
$1,290,560,200 Inc. $6,340,700 members of the Federal Reserve System the reserve required
Loans and investments
12,600
4,971,200 Dec.
Gold
25,450,800 Inc. 1,195,700 is 10% on demand deposits and includes "Reserve with
Currency notes
392,600
Deposits with Federal Reserve Bank of New York_ 107,133,600 Dec.
legal depositaries" and "Cash in vaults."
1,324,344,700 Inc.
966,200
deposits
Total
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies In N.Y. City exchange, and U.S. deposits.1,265,351.100 Inc. 7,571,700
177.450,500 Dec.
868,700
Reserve in deposits
Percentage of reserves, 20.8%.
RESERVE.
-State Banks
- -Trust Companies
$96,165.800 15.49%
Cash in vault*
$41,389,800 16.85%
27,738,500 04.47%
Deposits in banks and trust cos
12,156,400 04.95%
Total
$53,546,200 21.80%
$123,904,300
19.96%
•Includes deposits with the Federal Reserve Bank of New York. which for the
State banks and trust companies combined on April 23 was 8107.133,600
-The
Banks and Trust Companies in New York City.
averages of the New York City Clearing House banks mid
trust companies combined with those for the State banks and
trust companies in Greater New York City outside of the
Clearing House are as follows:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
Reserve in
Depositaries.
Total Cash
in Vaults.
Loans and
Investments.
Week EndedDec. 25
Dso. 31
Jan
8
Jan. 15
Jan. 22
Jan. 29
Feb. 5
Feb. 11
Feb. 19
Feb. 26
Mar. 6
Mar. 12
Mar. 19
Mar.26
Apr. 2
Apr. 9
Apr. 16
Am 25
Demand
Deposits.
$
6.713,433,300
6.837,671.900
6,954,175,000
6,819,657,900
6,755,555,500
6.710,870,100
6.728.899.400
6,670,129,400
6,657.735,000
6,682.585,900
6,770,284,900
6.769,161,600
6,932.195,300
6.947.733.100
6,954.724,700
6.981.549,800
6.921,592,500
ROSS 991 900
5
$
5,636,517,700
5,741,187,400
5,898,416.700
5,789,308,200
5.801,064.500
5,714.684,400
5,721,854,900
5.642,353,800
5,545,046.000
5,549.193,800
5.645.318,300
5,635,476,400
5,793,224,500
5,788.391,100
5,799,657,600
5,757,598,200
5,691,228,400
5 745 R40 non
105,590.700
95.908.300
91,552.900
91,267,300
81,093,000
85,754,700
83,192,800
86,676,800
84,366,800
'86,470,300
83,732,500
83,956,400
82,581,000
82,657,800
83,196,200
83,475.800
83.546.900
RR 2R% floR
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK
CLEARING HOUSE.
(Stated in thousands of dollars, that id, three ciphers (0001 omitted)
Week Ending
April 23 1927.
Members of
Ead'l Res's., Bank.
Grave Nat'l BankState Banks.
Not Members of t
Federal Reserve Bank.
Bank of Wash. Efts
Trust Company.
Not Member of the
rederat Reserve Bank
Mech.Tr.,Bayenn
$
1,00
Loans,
DieNet
counts.
Profits. Investmelds.
etc.
$
1,940
Cash
in
Vault.
Reserve
with
Net
Net
Legal' Doman
Time
Deposi- Deposits Deposits.
tortes,
Average. Average. Average Average.
$
$
$
1
$
13,852
46
1,094
6,7
3,771
4.s
1,060
10.628
899
444
7,409
3,446
500
693
9,106
366
185
3,709
5 826
1,900
Gr'd aggr., Apr. 23
Comparison with pr ev. week
3,693
33,586
-81
1,311
-10
1,723 517:872_13:
043
+39
+143-18
1,
I,. i i
1, i I
'
1.900
3,693
3,640
3,640,
3.640•
33,667
33,800
33,572
33.124
1,321
1,232
1,171
1,13l
1,684 817,72913,061
1,712 17,88613,105
1,726 17,65813,050
1,696 17,85812,991
Gr'd aggr., Apr. 161
Gni aggr.. A,,r. 9
Gr'd agar.. Apr. 2,
•-..o, ..,,,e. ma,9e1
150.225,0
154,878,0
945.352,0
33,175,0
104,434,0
137,394,0
627,918.0
154,820,0
920,132,0
Excess
$5,000.0
17.849,0
45,890,01
359,0,
15,0
1,047,0
25,331,0
2,325,01
28.703,0
3.605,0
1927
Total.
$55,225,0
172,727,0
991,242,0
33.534,0
104 449 0
138,441,0
653,249,0
157.145,0
948,835,0
3,605,0
69,744.0
11,544,0
84,893,0
73,205.0
11.688,0
April 16
1927.
April 9
1927.
855,255,0
172.604,0
999,655.0
36.991,0
108,758,0
139.459,0
657.303,0
157.959,0
954.721,0
2,694.0
67,737,0
11,546.0
81,977,0
73.130,0
8.847,0
855,225,0
172.576,0
999,883,0
34,811,0
97.524,0
139,366,0
648,130.0
159,827,0
947.323,0
3,157,0
71,753,0
10,791,0
85,701,0
73,615,0
12,086,0
69.744,0
1.524,0
10,020,0
5,129.0
79,764,0
4.016,0
69,189.0
1,113,0
10,475.0
•Cash In vault not counted as reserve for Federal Reserve members
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 Apr. 27 1926 in
comparison with the previous week and the corresponding
date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp. fund with U. S. Treasury
Apr. 27 1927. Apr. 20 1927. Apr. 28 1926
$
397,309,000 416.417,000 383,700,000
11,847,000
10,488,000
11,572,000
Gold held exclusively NM. F. R. notes_ 407,797,000
Gold settlement fund with F. R. Board._ 218,658,000
Gold and gold certificates held by bank.. 479,992,000
Total gold reserves
Reserves other than gold
428,264.000
172,019,000
477,216,000
395,272,000
255,789,000
349,053,000
1,106,447,000 1,077,499,000 1,000,114,000
35,428,000
35,367.000
43,870,000
Total reserves
1,141,875,000 1.112.866.000 1,043,984,000
Non-reserve cash
15,868,000
17,030,000
15,802,000
Bills discounted
Secured by U.S. Govt. obligations.- -.
79,620,000
63.339,000 112,319,000
Other bills discounted
36,494,000
20,767,000
28,317,000
Total bills discounted
Bllis bought In open market
U. B. Government securities
-Bonds
Treasury notes
Certificates of indebtedness
116,114,000
55,295,000
87,106,000
55,748,000
140,636,000
19,504,000
7,317,000
12,937,000
35,206,000
10,537,000
15,767,000
41,683,000
11,762,000
36,275,000
25,831,000
55,460,000
67,987,000
73,868,000
2,219,000
Total bills and securities (See Note)
226,869,000
210,841,000
236,227,000
Due from foreign banks (See Note)
Uncollected items
Bank premises
All other resources
660.000
171,765,000
16,276,000
2,504,000
659,000
182,207,000
16,276.000
2,294,000
660000
153,863,000
16,715,000
4,816,000
Total U.S. Government securities._
Foreign loans on gold
Total resources
1 575,751,000 1,541,011,000 1,473,295,000
LiabilitiesFed'l Reserve notes In actual circulation. 409,752,000
Deposits
-Member bank, reserve ace't._ 900,098,000
Government
3,415,000
Foreign bank (See Note)
1313.000
Other deposits
8,201,000
415,398,000
8.51.378,000
5,847,000
2,213,000
7,513,000
Total deposits
Deterred availability Items
Capital paid in
Surplus
All other liabilities
866.951,000
155,542,000
38.444,000
61,614,000
3.062,000
Total liabilities
a United States deposits deducted, $32,000.
Bills payable, rediscounts, acceptances and other liabilities, $2,767,000.
In reserve, $15,720 increase.
Capital
Surplus and profits
Loans, disc'ts & Investm'ts
Exchanges for Clear. House
Due from banks
Bank deposits
individual deposits
Time deposits
Total deposits
Res've with legal deposits.
Reserve with F.R. Bank _
Cash in vault.
Total reserve di cash held
Reserve required
Excess res. & cash in vault.
Membersof
Trust
F.R.Sustem Companies
$
734,688.400
761.848.700
786,239.700
757,056,100
746,207.200
731.499,000
731.203,500
721,361,700
726,327.800
715.260,100
732,128,700
731,343,20C
757.650.300
751,432.10C
755,811.60C
750.473.40C
745,625.30C
743 109.50C
New York City Non-Member Banks and Trust Cornpanies.-The following are the returns to the Clearing
House by clearing non-member institutions and which are not
included in the "Clearing House Returns" in the foregoing:
CLEARING
NON-MEMBERS Capital.
Week Ended April 23 1927.
Two Ciphers (00)
omitted.
912,827,000
149,606,000
38,762,000
61,614,000
3.190,000
361,438,000
874,771,000
3,108,000
2,080,000
8,745,000
888,704,000
124,860,000
35,184,000
59,964,000
3,145,000
1,575,751,000 1,541,011.000 1,473,295,000
Ratio of total reserves to deposit and
83.5%
Fed'I Res've note liabilities combined.
86.3%
86.87
Contingent liability on bills purchased
17,063,000
for foreign correspondence
41,245,000
40,371,000
NOTE.
-Beginning with the statement of Oct.7 1925. two new Items were added
a order to show separately the amount of balances held abroad and amouute due to
foreign correspondents. In addition, the caption, -All other earning assets," previously made of Federal Intermediate credit bank debentures, was changed to "Other
securities," and the caption "Total earning assets" to "Total bills and securicies."
The Imre, term was adopted se a more accurate deecrIption of the total of the ellsconntgAeoeptancee and socurItlesacquired under the provisions of Sections 13 and IS
01 Sue better..Sugary. Act. which ii was stated. are the only Item rlinoluded therein
APR. 30 1927.]
THE CHRONICLE
2553
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, April 28and 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
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's comment upon the returns forand
the
latest week appears on page 2520 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 27 1927.
.1
Apr. 27 1927. Ayr. 20 1927. Apr. 13 1927. April 6 1927. Mar.30 1927. Mar.231927. Mar. 16
1927. Mar.91927. Apr. 28 1926.
RESOURCES.
$
$
$
$
$
$
$
$
$
1,628,235,000 1.658,165,000 1,628,860.000 1,630,855.000 1613,495.000 1,619.911,000 1,689,080,000
Gold with Federal Reserve agents
1.573.277,000 1,437,742,000
40.618,000
51,299,000
Gold redemption fund with U. S. Treas.
48,740.000
45,304,000
52,021,000
51,105,000
48,481.000
47,442.000
52.247,000
Gold held exclusively agst. F. R. notes 1,668.853,000 1,709,464.000 1,677,600,000 1,676,159,000 1,661,516,000 1,671.016,000 1,735,561,000
Gold settlement fund with F. R. Board
638,802,000 598,325,000 622,994,000 613,278,000 620,488,000 608,963,000 524,085,000 1,620.719.000 1,489,989,000
Gold and gold certificates held by banks_ 733,202,000 727,539,000 730,049.000 733,509,000 735.895.000 753,657,000 764,095,000 599.876.000 691,418,000
792.066.000 615,686,000
3,040,857.0003,035,328,000 3,030,643,000 3,022,946,000 3,021,899,000 3,033,636,000 3,023,741,000
Total gold reserves
Reserves other than gold
166,501,000 167,852,000 160,280.000 160,490,000 160,794,000 159,644.000 161,144,000 3,012.661,000 2.797,093.000
160.619.000 156,983,000
Total reserves
3,207.358,000 3,203,180,000 3,190,923,000 3.183.436,000 3,182,693,000 3,193.280,000 3,184.885,000
3,173.280.000 2,954,076.000
Non-reserve cash
65,769,000
66,089.000
61,480,000
59,972,000
63,759,000
66,465.000
67,896,000
68.554.000
57,937,000
Bills discounted:
256,588,000 246,820,000 248,722,000 213,306,000 259,088.000 268,421,000 175,457,000
Secured by U. S. Govt. obligations
186,965,000 167,623.000 177,045,000 188,642,000 196.937,000 188,716,000 155.065,000 240,074.000 275,223,000
Other bibs discounted
175,865,000 238,445.000
443,553,000 414,443,000 425,767,000 401,948,000 456,023.000 457,137.000 330,522,000
Total bills discounted
415.939,000 513,668,000
Rills bought in open market
241,899,000 247,396,000 256,724,000 239,221,000 237,409,000 231.259,000 218,870,000
264.685.000 199,017,000
U. S. Government securities:
70,673,000
73,911,000
Bonds
78,099,000
74,870,000
68,206.000
61,950.000
58,364.000
65,413,000
98,008,000
89.311,000
93.626,000
Treasury notes
88,836.000
85,377.000
88.380,000
71,733,000
61.394.000
80,251.000 150.684.000
158,341,000 165,292,000 188,409,000 181,688,000 196.516.000 208,564.000 355,582,000
Certificates of Indebtedness
161,265.000 140,121,000
318,325.000 332.829.000 355,344.000 341.935,000 353.102,000 342,247,000 475,340.000
Total U. S. Government securities
306.929,000 388,813,000
1,800.000
1.500,000
Other securities (see note)
2,500,000
2,500.000
2,500,000
2,000,000
2,000,000
2,000,000
4,635,000
Foreign loans on gold
8.100,000
securities (see note)
1,005,577,000 996,168,000 1,040,335,000 985,604,000 1,049,034.000 1,032.643,000 1,026,732.000
Total bills and
989.553.000 1,114,233,000
660.000
659,000
Due from ()reign banks (see note)
659,000
659,000
660.000
660.000
659,000
658.000
660,000
Uncollected Items
653,714,000 725,306.000 734,298.000 643,961.000 602.896.000 644.812.000 844.454.000
616.499.000 638,910,000
58,588,000
58,567,000
Bank premises
58,561,000
58,558.000
58.485,400
58,471,000
58,464.000 58,460.000
59,537,000
12,998,000
12,753,000
AU other resources
13,022,000 12,982,000
13,057,000
11,688,000
11,541,000
12,730,000
16,231.000
5,004,664,000 5.062,722,000 5,099,278.000 4,945,172.000 4.970,584,000 5,008,019.000
Total resources
5,194.631.000 4.919,734.000 4,841,584,000
LIABILITIES.
1,718,257,000 1,729,751,000 1,743,827,000 1,727,429,000 1.711,337,000 1,701,642,000
F.R. notes in actual circulation
1,706,227,000 1.718,893,000 1,661,982,000
Deposits
-reserve account
2,269,5i3,0002,249,695,000 2,264,762.000 2,231.951,000 2.274,464.000 2,300,454,000
Member banks
2,295,305.000 2,221.149.000 2,202,831,000
Government
24,138,000
29,360.000
22,842,000 13.527,000
31,869.000
5.700.000
2,830,000
15,189.080
16,412,000
Foreign banks (see note)
4,913,000
6,013.000
4,697.000
4,925.000
5,546.000
5,759,000
4,818,000
4,650,000
5,009.000
Other deposits
15,296.000
14,538,000
14,966.000
15,064,000
15,622,000
17,424,000
20,079,000
19,767,000
17,874,000
Total deposits
2,313,860,000 2,299,606,000 2,307,267.000 2,265,467,000 2.327.501.000 2.329.337.000 2,323,032.000
Deferred availability items
601,649,000 663,162,000 678,127,000 582,633,000 562,660,000 608,526.000 797,302,000 2,260,755,000 2.242,126,000
Capital paid In
128,806,000 128,410.000 128,280.000 128.212,000 127,602.000 127.567,000 127,692.000 572,160.000 579,167,000
Surplus
228,775,000 228,775,000 228.775.000 228.775,000 228,775,000 228,775.000 228.775.000 127,700,000 122.129,000
228,775.000 220,310.000
All other liabilities
13,317,000
13,018,000
13,002.000
12,656,000
12,709.000
12,172,000
11,603,000
11.451.000
15,870,000
Total liabilities
5,004,664,000 5,062,722,000 5,099,278,000 4.945,172,000 4.970,584,000 5,008,019,000 5,194,631,0004,91
9,734,006 4,841,584,000
Ratio of gold reserves to deposit and
F. R. note liabilities combined
75.4%
75.3%
75.7%
74.8%
74.8%
75.2%
76.0%
75.7%
71.6%
Ratio of total reserve, to deposit and
F. R. note liabilities combined
79.5%
79.5%
78.8%
79.7%
78.8%
79.2%
79.0%
79.7%
75.7%
Contingent liability on bills purchased
for foreign correspondents
146,943,000 146,069,000 148.269,000 147.819,000 147,698,000 147,946,000 145,583,000
96.480,000
66.568,000
Distribution by
aturiltes$
$
$
8
$
$
$
8
$
1-15 days bills bought In open market_ 121,147,000 119,831,000 122,602,000 107,296,000 115.041,000 102,980.000
89.509.000 126.376,000
86,409,000
1-15 days bills discounted
351,538,000 324,707,000 337,315.000 312,414.000 364.820,000 370.035,000 241.049.000 325,347.000 381,970,080
1-15 days U. S. certif. of indebtedness_
8,105,000
370,000
6,490.000
5.206.000
9.140.000 177.500.000
1-15 days municipal warrants
16-30 days bills bought In open market
68,003,000
68,371.000
64,950,000
68,368.000
53.777.000
58,518.000
58.439.000
57,634,000
56,093,000
18-30 days bills discounted
21,037,000
20,360,000
22,153,000
23,799.000
21,960,000
25,881,000
24.948.000
24.047.000
30,154,000
18-30 days U. S. certif. of Indebtedness550,000
650,000
16-30 days municipal warrants
31-60 days bills bought in open market_
38.412,000
43,282.000
48,143,000
50,274.000
53,125,000
56,206,000
52.369.000
54.832.000
38,275,000
31-80 days bills discounted
36.778,000
35.084.000
34,724,000
32.717,000
36,630.000
32,075.000
33,445.000
35.699,000
51.743,000
31-60 days U. S. certif. of Indebtedness.
50,387,000
49,206,000
200,000
68,036,000
31-60 days municipal warrants
81-90 days bills bought In open market_
10,815.000
12,263,000
12,820.000
15.152,000
13,242,000
11,999,000
15,563.000
22,587.000
14,192,000
81-90 days bills discounted
21,561,000
21,930.000
19,695.000
21,983.000
21.380.000
20,252,000
21,640.000
20,976.000
28,445,000
81-90 days U. S. certif of indebtedness_
50,000
74,454,000
74.064.000
78.644,000
74,709,000
146,000
81-90 days municipal warrants
Over 90 days bills bought in open market
3.522.000
3,652,000
3,746,000
2,591.000
2.224,000
1.556.000
2.990.000
3,256 000
4,048,000
Over 90 days bills discounted
12,639,000
12,362.000
11,702.000
11,316.000
11,040.000
8.894.000
9,440,000
9,870.000
21,356,000
Over 90 days certif. of Indebtedness._.. 107,954,000 107,931,000 107,265,000
107.254,000 116,666.000 124,165.000 177.286,000 161,265,000
72,085,080
Over 90 days municipal warrants
F. R. notes received from Comptroller._ 2.978,801.0002,975,025,000
2,970,910.000 2.947.635.000 2,927,452.000
F. R. notes held by F. R. Agent
859,783,000 838,658.000 845,364,000 835.133,000 829.156.000 2,926,576.000 2,921,182.000 2.930,573,000 2,856,089,000
833,073,000 828.973.000 832.818.000 855,082,000
Issued to Federal Reserve Banks
2,119,018,000 2,136,367,000 2,125,546,000
2.112,502,000 2,098,296.000 2,093.503.000 2.092.209.000 2,097.755,000 2.001,007,000
How Secured•
By gold and gold certificates
409,605,000 406,606.000 404,605,000
401,604.000 401,604.000 400,640.000 400,640.000 371.534.000 318,953,000
Gold redemption fund
101,375,000
96,986,000 100,683.000
99.834.000 106,974.000 101,884,000
96,137,000
Gold fend-Federal Reserve Board
99,441,000
99.855.000
1,117,255,000 1,154,573,000 1,123,572,000
By eligible PaPer
654,902.000 641,656,000 650,279.000 1,129.417,000 1,104.917.000 1,117.387,000 1.192,303.000 1,101.888.000 1,019,348,000
620,052.000 670.937.000 666,442,000 532.184,000 657,734,000 688,773,000
,
Total
2,283,137,000 2,299,821.000 2.279.139.000
2.250.907 000 2.284.432.000 2.286.353.000 2.221.264.000 2_231.011 MI 2.126.515.000
-Beginning with the statement of Oct. 7 1925, two
NOTE.
correspondents. In addition, the caption, "All other new wine were added In order to show separately the amount of balances held abroad and amounts due
to foreign
earn ng assets," previously made up of
Foreign Intermediate
"Other securities... and the caption," "Total earning assets" to "Total bills
and securities." The latter Item was adopted as aCredit Bank debentures, was changed to
the discounts, acceptances and securities acquired under the provisions of
Sections 13 and 14 of the Federal Reserve Act, which, more accurate description of the total of
therein.
It was stated, are the only Items included.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINESS APRIL 27 1927
Two ciphers (00) omitted.
Boston. New York. Phila. Cleveland. Richmond
Federal Reserve Bank of
Atlanta. Chicago. St. Louts Eanneay. Kan. City Dallas. San Fran.
701414
RESOURCES.
8
0
0
S
3
3
3
$
$
3
Gold with Federal Reserve agente 125,794,0 397,309,0 122,454,0 186,628,0 62,2730
$
$
$
Gold red'n fund with U.S.Trees. 7,043,0
10,488,0 3,698,0 3,980,0 1,544,0 158,919,0 234.186,0 15.611,0 56,218,0 59,370,0 33,131.0 176,342,0 1,628,235.0
2,631,0
1,734,0 1,600.0 1.422,0 2,430,0 1,644,0 2,404,0
40.618,0
Gold held excl. eget. F.R. notes 132,837,0 407,797,0 126,152,0 190,608,0 63,817,0
Gold settle't fund with F.R.Board 55,609.0 218,658,0 43,280,0 58,465,0 24.969,0 161,550.0 235,920.0 17,211,0 57,640,0 61,800,0 34,7750 178,746,0 1.668,853.0
Gold and gold certificates
30,883,0 479,992,0 28,797,0 57,476,0 5,803,0 22.822,0 117,687,0 16,841,0 12,729,0 25,360.0 15.324,0 27.058,0 638.802.0
4,190,0 55,977,0 15,232,0 7,110,0 7,800,0 8.945,0 30,997,0 733,202.0
219,329,0 1,106,447,0 198.229,0 306,549,0 94.589,0
Total gold reserves
Reserves other than gold
22,701.0
35,428,0 6,385.0 9,653,0 9,446,0 188,562,0 409.584,0 49.284.0 77,479,0 94,960,0 59.044,0 236,801.0 3,040.857,0
13.238,0 24,473,0 19,922,0 4,182,0 5,342,0 7,545,0 8,186,0 166,501.0
Total reserves
242,030,0 1,141,875,0 204,614.0 316,202,0 104,035,0
Non-reserve cash
6,983,0
15,802,0 1,758,0 4,230,0 7,209,0 201.800,0 434,057,0 69,206,0 81,661.0 100,302,0 66.589,0 244,987,0 3.207.358,0
4,992,0 9,899,0 3,808,0 1,424,0 2,411,0 3,299,0 3,954,0
65.769,0
Bills discounted:
See. by U. B. Govt. obligations 8,088,0
79.620.0 28,896,0 36.262,0 8,497,0
Other bills discounted
36,494,0 18,351,0 13,663,0 13,816,0 5,060,0 36,000,0 8,502,0 3,183.0 6,243.0 2,329,0 33,908.0 256,588,0
6,259,0
29,323,0 26,907,0 8,697,0 3,565,0 9.120.0 2,816,0 17,954,0 186.965,0
Total bills discounted
14,347,0 116,114,0 47,247,0 49,925,0 22.313,0
Bills bought In open market.... 25.114,0
55,295,0 12.450,0 20,196,0 9,509.0 34,383,0 62.907,0 17.199,0 6,748,0 15,363.0 5.145.0 51,862,0 443,553,0
11,651.0 31,622,0 18.999,0 11,965,0 11.599,0 10,125,0 23,374,0 241.899,0
U. IL Government securities:
Bonds
7,317,0 1,200,0 3,983,0 1.981,0
2,339,0
185.0 24,491,0 5.333,0 5,614,0 9,837.0 4,732.0 3,724,0
70,673,0
Treasury notes
2,045,0
12,937.0 5.145,0 16,719,0 1,408.0
391,0
89,311,0
Geri wastes of indebtedness... 5,684,0
35.206,0 13,342,0 15,973,0 3.773,0 3,384,0 6.866.0 9.860,0 5,139,0 4,978,0 8.155,0 15,668,0
18,287.0 12,466,0 5,789.0 12,780.0 11,977,0 19,680,0 158,341,0
in mut A
RS 480 0 10 41,47 A Q. ..7S 0
Total U.8. Gov.. securities
_ .4
'7 flflnfl ,
nnnn AA CAA fl 0, amn n lA [AAA 0, 005n 04 CIAAn go n,o n
0/0 'nen
[Vol.. 124.
THE CHRONICLE
2554
RESOURCES (Concluded)
Two ciphers (00) omitted.
Boston.
New York.
$
$
49,529,0
61,720,0
3.946,0
47,0
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Ears. City Dallas. San Fran.
$
$
$
$
$
i
1,500,0
Other securities
Total bills and securities
Due from foreign banks
Uncollected Items
Bank premises
AI. other resources
Phila.
$
$
2
Total.
$
$
1,800,0
300,0
228,869,0 80,884.0 106,7960 38,921,0 50,294,0 144,173,0 63,857,0 35.255.0 54,557,0 40,134,0 114,308,0 1.005,577,0
660,0
660,0
171,765,0 57.395,0 63,049,0 54,244,0 26,650,0 77,853,0 31,462,0 11,472,0 36,564,0 25,027,0 36.514.0 853,714,0
58,588,0
2,898,0 8,038,0 3,957,0 2,774,0 4,459,0 1,752,0 3,485,0
16,276,0 1,734,0 7,118,0 2.151,0
311,0 1,260,0
482,0
12,998,0
890,0 2,486,0
271,0 1,841,0 1,708,0
1,048,0
150,0
2,504,0
364,255,0 1,575,751,0 346.535,0 498,443,0 206,831,0 288,475,0 675,727,0 173,180,0 135,072,0 198,775,0 137,112,0 404,508,0 5,004,684,0
Total resources
LIABILITIES.
64,948,0 37,154,0 170,513,0 1,718,257,0
F. R. notes in actual circulation_ 129,081.0 409,752,0 120,263,0 213,716,0 68,297,0 173,267,0 225,235,0 42,849,0 63,182,0
Deposits:
184,434,0 67,434,0 89,219,0 327,034,0 80,567,0 48,304,0 87,015,0 59,127,0 165,568,0 2,269,513,0
Member bank-reserve wet_ 147,048,0 900.098,0 133,665,0
996,0 1,661,0 1,919,0
24,138,0
1,147,0
3,415.0 3,188,0 1,258,0 1.274,0 3,868,0 1,967,0 1,719,0
1,726,0
Government
368,0
184,0
4,913,0
194,0
158,0
226,0
725,0
216,0
273,0
557,0
505,0
1,113.0
394.0
Foreign bank
28,0 3,763,0
113,0
15,298.0
187,0
314,0
969,0
85,0
58,0
143,0 1,292,0
8,201,0
143,0
Other deposits
149,311,0 912,827,0 137,501,0 187,541,0 69,039,0 73,388,0 330,695,0 82,826,0 49,796,0 88,318,0 61,000,0 171,618,0 2,313,860,0
Total deposits
25,980,0 36,299,0
58,772,0 149,606,0 54,057,0 58.180,0 50,349,0 26,492,0 68,483,0 31,245,0 10,545,0 31,641,0 4,257,0 9,254,0 601.649,0
Deterred availability Items
128,808,0
38,762,0 12.974,0 13,845,0 6,191,0 5,107,0 16,892,0 5,294,0 2,997,0 4,206,0 8,215,0
9,027,0
Capital paid in
16,121,0 228,775,0
12,198,0 9,632,0 31.881,0 9,939,0 7,527,0 9,029,0
61,614,0 21,267,0 23,746,0
17,606,0
Surplus
703,0
506,0
633,0
13,317.0
1,025,0
589,0 2,541,0 1,027,0
757,0
473,0 1,415,0
3,190,0
458.0
all other liabilities
137,112,0 404,508,0 5,004.664,0
384,255,0 1.575,751.0 346,535,0 498,443,0 206,831,0 288,475,0 675.727,0 173,180,0 135,072.0 198,775,0
Total Mbilities
Memoranda.
71.6
79.5
67.8
65.4
72.3
55.1
78.1
81.8
75.8
78.8
79.4
86.3
86.9
Reserve ratio (per cent)
Contingent liability on bills pur41,245,0 14,035,0 15,496,0 7,602,0 5,994,0 20,175,0 6,286,0 4,386,0 5,409,0 5,117,0 10,234,0 146,943,0
10,964,0
chased for foreign correspond'ts
M. notes on hand (notes reed
from F. R. Agent lees notes in
8.127,0 46,833.0 400,761,0
26,000,0 128,874.0 45,191,0 26,755,0 16.682,0 28,744,0 53,270,0 4,616,0 7,050,0 10,619,0
circulation)
BUSINESS APR. 27, 1937
FEDERAL RESERVE NOTE ACCOUNTS OF FEDERAL RESERVE AGENTS AT CLOSE OF
Federal Reserve Agent at-
Boston.
$
(Two ciphers (00) miffed.)
Fat.notes reed from Comptroller 250,681,0
INR.notee held by F. R. Agent__ 94,600,0
P R.aotas issued to F. R. Bank
OCUtteral held as security for
Ft R. notes issued to F.It. Bk.
Gold and gold certificates__
Gold redemption fund
Gold fund-F.R.Board
Eligible Palter
155,081,0
35,300,0
11,494,0
79,000,0
39,461,0
165,255.0
TOtal Sollateral
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Eats. City Dallas. San Fran.
Total.
3
$
$
$
$
$
$
S
$
$
$
$
830,706,0 192,754,0 281,361,0 108,233,0 277,881,0 454,305,0 69,245.0 87.364,0 102,907,0 61,318,0 262,046,0 2,978,801,0
75,870,0 175,800,0 21,780,0 17,132,0 27,340,0 18,037,0 44,700,0 859,783,0
292,080,0 27,300,0 40,890,0 23,254,0
538,626,0 165,454,0 240,471,0 84,979,0 202,011,0 278,505,0 47,465,0 70,232,0 75,567,0 43,281,0 217,346,0 2,119,018.0
18,238,0
7,750,0 13,507,0
8,780,0 36,469,0 16.457,0
235,104,0
22,205,0 13,377,0 12,848,0 5,804,0 7,462,0 2,186,0 2,561,0 1.711,0 5,510,0 2,893,0
140,000,0 109,077,0 165,000,0 20,000,0 135,000,0 232,000,0 5,300,0 41,000,0 53,860.0 12,000,0
156.419,0 52,219,0 68,580,0 27,764,0 45,643,0 94,000,0 35,662,0 18,453,0 26,790,0 15,189,0
38,000.0 409,605,0
13,324,0 101,375,0
125,018,0 1,117.255,0
74,722,0 654,902,0
553,728,0 174,673,0 255,208,0 90,037,0 204,562,0 328,186,0 51,273,0 74,671,0 86.160,0 48,320,0 251,084,0 2,283,137,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resourees
and liabilities of the 671 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 Dee. 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 2520.
I. Data for all reporting member banks In each Federal Reserve District at close of business April 20 1927
Boston. New York
Federal Reserve District.
Number of reporting banks
Loans and discounts. gross:
Secured by U.8.Gov't obligations
Secured by stocks and bonds
All other loans and discounts
36
92
Phila.
49
(Three c phers (090) omitted.)
Cleveland Richmond Atlanta. Chicago. St. Louis. Minneap. Eats. City Dallas. San Fran.
$
71
$
67
is
34
$
97
$
31
$
24
$
66
$
45
$
59
Teiali
$
671
9,756
394,495
383,660
20,213
587,546
779,671
5,065
157,245
354,067
19,598
5.461
105,977 886,964
391,528 1,255.678
4,610
194,298
298,135
2,996
74,976
155,806
4.428
114,420
302,379
2.426
79,769
239,710
962,240 5,243,547
787,911 1,387,430
516,377
502,966 2,142,240
497,043
233,778
421,227
321,905 1,299,228 14,315.892
147,606 1,007.602
262,943 1,259,244
112,509
280.802
274,175
374,676
71,594
73,498
54,325
60,232
306,368
463,288
78,766
121,446
64,371
56,569
107,736
97,363
410,549 2,266,846
Total loans and discounts
Investments:
U. S. Government securities
Other bonds, stocks and securities
s
9
65,054
7,461
329,713 2,297,080
625,066 2,881,413
393,311
$
12.477
159.545
321,650 5,524.133
965.101 8,632.214
59.426
25.879
260.105 2,544.583
246,493 3,322,433
85.305
506,598 5,867,016
648,851
145,092
114,557
769,656
200,212
120,940
205.099
1,372,789 7,510,393 1,181,222 2,036,281
Total loans and Ills enA menu. _
84,338 126,077
95,010 738,292
Reserve balances with I. It. Bank
29,927
16,251
69,473
18,986
Cash In vault
892,131 5,664.193 770,481 1.046,745
Net demand deposits
429,829 1,416,407 262,050 846,503
Time deposits
13,256
20,653
53,793
17,776
Government deposits
57,025 104,290
74,321 151,689
Due from banks
.159,764 178,788 242,893
157,796
Due to banks
Bills pay. & real. with F. R. Bk.:
29,827
8,920
50,279
2,925
Scoured by U.S.Goet obligations
9,157
4,454
14,910
7,249
All other
661.469
41.977
14,098
376.316
219,522
6.594
53,592
114,120
617.523 2,911,896
41,145 255,568
44,197
11,403
334,652 1,771,943
234,745 1,065,597
9,674
18,676
68,974 227,877
112,437 494,894
697.255
45,464
7,615
402,451
231,429
4,937
56,352
141,417
354,718
25.038
5.861
206,795
126,430
1,406
45.286
88,399
826,326
56.976
11,858
498,239
148,959
2,366
115,150
196,767
5,101
8,306
5,055
11,521
31,915
9,412
4,650
1,501
3,485
219
3,491
2.782
1,635
680
37,978
7,607
185,281
77,798
38.984
13.407
16.576
41,327
6,151
3,704
6,273
2.315
45,585
26P059
Total Investmeut.
Total borrowings from F.R.Bank
10,174
65.189
13.374
407,210 1.805,82620.182.908
31.436 111,035 1,652,354
260,277
9,614
20.994
283,380 782.968 13.030,294
107.132 942,888 6,031,491
176,179
5.731
21,317
58,449 146.240 1,159,245
94,398 215,272 3,196,945
2. Data of reporting member banks in New York City, Chicago, and for the whole country.
All Reporting Member Banks.
Reporting !ember Banks in N. I', City.
Reporting Member Banks ta Chicago.
Apr.20 1927. Apr. 13 1927. Apr. 21 1926. Apr, 20 1927. Apr. 13 1927. Apr. 21 1926. Apr. 20 1927. Apr. 13 1927. Apr. 21 1926.
707
54
671
54
59
671
Number of reporting banks
$
$
$
$
6
$
Loans and discounts, gross:
162,271,000
62.424,000
47,803,000
156,131,000
56,184,000
159,545,000
Secured by U. S. Gov't obligations
5,524,133,000 5.502,268,000 5,262.507,000 1,965,400,000 1,040,471,000 1,933.007.000
Secured by stocks and bonds
8,632,214,000 8,686,201,000 8,446,006,000 2.529,977,000 2,543.657,000 2,348,291,000
All other loans and discounts
45
6
12,813,000
850.529.000
689,117,000
45
$
13.767.000
636,527,000
698.990,000
46
$
17,509.000
600,493,000
680,872,000
14,315,892,000 14,344,600,000 13,870,784,000 4,557,801,000 4,540,312,000 4,329,101,000 1,352,459,000 1,349,284,000 1,298.874,000
Total loans and discounts
Investments
2,544,583,000 2.536,139,000 2,544,196,000 914,830,000 914,393,000 895,058,000 172,458,000 169.449,000 157,080,000
B. Government securities
U.
Other bonds, stocks and securities. 3,322,433,000 3,319,268,000 3,034,921,000 936,917,000 924,223,000 893,042,000 218,362,000 226.775.000 205,763.000
Total Investments
5.867,016,000 5,855,407.000 5,579,117,000 1,851,747,000 1,838,616,000 1.788,100,000
390,820,000
396,224,000
363,743.000
20,182,908,000 20,200,007,000 19.449,901.000 6,409,548,000 6,378.928,000 6,117.201,000 1,743.279,000 1,745,508,000 1.662,617.000
Total loans and investments
1,652,354,000 1,675,824,000 1,597.978,000 674.650.000 725.347,000 667.760.000 175.792.000 162.658,000 154.563.000
Reserve balances with F. R.Banks
21.241.000
275,037,000
19.700.000
62,241,000
55.472,000
20.436.000
269,955,000
57.913.000
260,277.000
Cash In vault
. 0
13,030,394,000 13,059,044,000 12,813,570,000 5,062,450,000 5,035,736.000 5,011,375,000 1,177,103.000 1.189.583.000 1.127.654 00
depoelta
Net demand
6,031.491.000 6,031,562.000 5,546,752,000 954,138,000 960,211,000 828.166.000 519.676,000 515,885,000 505.451.000
Time deposits
9,345,000
241.177,000
42,828,000
10.976.000
16.118,000
260,167,000
50.764,000
176,179,000
74,979.000
Government deposits
109,775.000 110,449,000 106,592,000 145,382,000 153,731,000 150.848,000
1,159,245,000 1,204,330,000
Due from banks
1.098,048,000 1,072,769,000 1.079,477,000 351,872,000 870,764,000 364.449,000
3,196,945,000 3,246,946,000
Due to banks
payable and rediscounts with
Bills
Federal Reserve Banks:
6,080,000
7,512.000
21,965,000
189,453,000
122,175,000
4,270,000
43,150,000
185,261,000
82,000.000
Secured by U. S. Gov't Obligati/ma-3,194,000
125,755,000
3.719,000
8.176.000
3,292,000
91,035,000
14,666,000
77,798,000
25,144,000
All other
9,274,000
280,488,000
247,903.000
25,684,000
15,688,000
7.562,000
263,059,000
57,816,000 107,144,000
borrowings from F. R. bks
Total
and bonds) made by repotting
Loans to brokers and dealers (secured by stocks
member banks In New York City:
912.277,000 899,211,000 885.590.000
For own account
1,150.982.000 1,157,116.000 1.044.378,000
For account of out-of-town banks
814.864.000 806.288.000 534,711.000
For account of others
Total
On demand
On time
2,878,123.000 2,882,615.000 2,464.679,000
2,201.997.000 2.198,398.000 1.655.909.000
676,126,000 664.217 000 808.770.000
APR. 30 1927.]
UTE CHRONICLE
atihtrs'
New York City Banks and Trust Companies.
azeitto
All prices dollars per sham
Wall Street, Friday Night, April 29 1927.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2544.
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 April 29.
Sales
for
Week.
,
Range for Week.
Lowest.
Par. Shares $ per share.
Railroads
10 108
Buff Roch & Pitts pf _100
100 47
Buff & Susquehanna_100
160 4434
Preferred v t r__ - _100
Caro Clinch &0stpd.100
10100%
10 7231
Chic Ind & Louis pf_ _100
100 76%
Cleve & Pittsburgh_ _ _60
120 83
Cuba ItR preferred-100
100 7954
Det Hillsd & SW nn 100
400 231
Duluth So Sh & Atl_ _100
Crt North prof ctfs__100 500 8531
1,800 2454
Havana Ele: Ry
100 8134
Preferred certifs._ _100
Northern PcifIc ctfs_100 700 8434
70 45
Pacific Coast 1st pf._100
15015134
Pitts Ft W & Chic 01_100
St Louis San Fran rights_ 64,700 3
300 55
Twin City Rap Tran_100
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
I
Range Since Jan. 1.
Highest.
Horst.
I Highest.
3 per share. IS per share $ per share.
25 108
231 49
23 49
27100%
251 7231
27 7654
25 8434
26 7931
28 3
28 85%
25 25
25 8134
29; 8531
27 46
Apr 29 15131
Apr 281 4%
Apr 27 55
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
251 103
251 45
26, 40
27 9854
25 7034
27; 73
25' 7934
26'. 7931
29. 231
29 8534
23 2434
25 80
26 8431
27 45
2 147
23 2%
27 55
Feb 110
Apr 50
Apr; 49
Feb 10234
Jan 74
Feb! 7654
Ape 84%
Apr: 7931
Apr; 534
Mar, 87%
Apr 2634
Mar; 82%
Apr 8734
Apr 62
Mar 151%
Mar, 454
Arie 6534
Mar
Feb
Apr
Mar
Feb
Apr
Apr
Apr
Jan
Apr
Jan
Apr
Apr
Feb
Apr
Apr
Feb
Albany Pert Wrap Pap.. 2,000 18 Apr 23 20 Apr 25 18
Apr 23
100
100 97% Apr 27 07% Apr 27 97% Apr 1003.4
Preferred
Apr 36%
Am Brake Shoe & F new. 900 36 Apr 28 36% Apr 27 36
pref.-• 100 95 Apr 28 95 Apr 28 90
Amer Chicle prior
Jan 96%
Amer-La France FireEng
1
100
100 7434 Apr 28 7431 Apr 28 65
Apr 90%
7% preferred
_100
410,104 Apr 2610531 Apr 23 101% Jan 110%
American Piano pref.
100
80' 99% Apr 25 9934 Apr 25 94% Jan 10055
• Amer Snuff pref
160 10954 Apr 23110% Apr 26 107% Feb 110%
Amer Type Fdrs pref 100
Am Writ Paper etfs____. 4,200 10% Apr 29 11% Apr 23 10% Mar 12
100 900 29 Apr 23 2954 Apr 23 25% Apr 32
Preferred ens
100 46% Apr 28 4634 Apr 28 40
Barnet Leather
Jan 59%
100
20 96 Apr 23 96 Apr 23 9554 Mar 101
Preferred
Ilamberger(L)&Co pf 100 500 10834 Apr 25109% Apr 25 106% Mar 109%
pref_100
I3ayuk Bros 1st
80104% Apr 27 106 Apr 26 101
Jan 107%
Blumenthal & Co pfd 100
100 58 Apr 23 58 Apr 23 44
Jan 61
Brit Emp Steel
British 2d pref.-100 300 234 Apr 26, 2% Apr 251 1
Apr 3%
Bklyn Edison rights___ _ 2,600 9 Apr 29' 934 Apr 29 1 9
Apr 9%
100
Byers & Co pref
50107% Apr 25 108 Apr 28 106
Jan 109
Central Leather etfs_100 1,100 9% Apr 261 10% Apr 25 734 Jan 10%
100 1,800 61% Apr 26t 63% Apr 28
Preferred ens
Chicago Yellow Cab_
50 41 Apr 231 41 Apr 23 39
Apr 45
City Investing
100
10 120 Apr 29 120 Apr 29 112
Feb 120
City Stores class 11----• 1,200 42% Apr 29 43 Apr 23 41% Apr 44%
COL1130i Gas pref
•22,800 95% Apr 281 96 Apr 23 93
Mar 96
Continental Can pref 100
Jan 125%
40123% Apr 25124% Apr 27 120
Crown Wmtte 1st p1(7)• 200 88 Apr 291 89 Apr 2: 88
Apr 91
Cushinans Sons pf 8%-•
140 110 Apr 26 110% Apr 25 103
Feb 110%
Preferred 7%
100
70109% Apr 29 nog Apr 25 106% Jan 110%
De Beers Cons Mines-. 100 30% Apr 271 30% Apr 27 30% Apr 32%
Deere & Co pref
100
300 108 Apr 23 109% Apr 29 105% Jan 111
Diamond Match__ _100
360 119 Apr 25 123 Apr 25 115
Feb 123
Eastman Kodak pref 100
60122% Apr 25 123 Apr 26119% Jan 123
Eisenlohr & Bros pf _100
100 90 Apr 25 90 Apr 25 89
Jan 95%
Elk Horn Coal Corp_ _
100 10% Apr 27 10% Apr 27 9
Jan 12%
Preferred
50
60 20 Apr 28; 22 Apr 26 20
Apr 25%
Fifth Avenue Bus
300 12% Apr 25 12% Apr 25 12% Jan, 14
Franklin-Simoh pref _10
40 113% Apr 26 113% Apr 26109% Jan ii4si
*
General Baking pref
310 122 Apr 23 125 Apr 27118% Apr 125
Gen Gas & Mee class /3_• 609 36% Apr 29 38% Apr 23 35% Apr 42%
Glidden & Co prior p1.100
180 92 Apr 27 93% Apr 23 90
Mar 94
Guantanamo Sug pf.i00
80 100 Apr 23100 Apr 23 95% Jan 101
Hackensack \Vat pf A25
30! 25% Apr 25 27% Apr 27 25% Marl 27%
Hayes Wheel pref._ _100
150 109% Apr 28 109% Apr 28 100
Feb 109%
Helme(0 W) pref._ _100
60 126 Apr 26 127 Apr 26118% Jan 127
Hollander(A)& Son_ _ _* 4,4001 32% Apr 29 34% Apr 23 32% Aprl 3431
International Salt._ _100
loo: 67 Apr 29 69 Apr 29 64% Mar 72
International Silver_ _100 2,900 161% Apr 26 167 Apr 23135% Mar 168
1 1,1001 55% Apr 28 57% Apr 23 48% Marl 60
Island Creek Coal
Jones& L Steel pref..100
150 120 Apr 29120% Apr 29 117
Feb
Kinney Co pre(
100
4501 77 Apr 29 7831 Apr 23 70
Aprl 86%
Kress Co new
• 209 6954 Apr 26 69% Apr 25 59
Jan 74%
Kuppenheltuer
80: 38 Apr 28 38 Apr 28' 34 Janl 40
Laclede Gas Prof...
.100
50111 Feb 26 112% Feb 28 95
Jan 128
McCrory Stores A.__ _• 260' 69 Apr 25 70 Apr 25 65
Marl 75
Preferred
109 700 97 Apr 26 98 Apr 23 97
Mar 116%
Macy Co
• 1.400157% Apr 26 168% Apr 23 124
Jan 16834
May Dept Stores rights_ 17,260' 131 Apr 25 13% Apr 25' 1
Jan! 1%
Mexican Petroleum _1001
10 200 Apr 26 200 Apr 26 200
Apr200
Montana Power pref.
_100 200120% Apr 28120% Apr 28 118% Jan'123
Mullins Body pref._ _100
10, 87 Apr 29 87 Apr 29 80
Api 8934
Jan
.
• 7,400 38 Apr 28 4134 Apr 23 38
Nat Bell Hess
Apr 4434
Preferred
100 1,000 92% Apr 27 94% Apr 25 92%
9
631
National Supply pret.100 670118% Apr 25 118% Apr 26 114% Jan 118%
National Surety
100
70 251 Apr 28 255% Apr 23 238
Feb 261%
N Y Steam pref (e)- -• 300 9734 Apr 25 97% Apr 27 9331 Fob; 97%
Norwalk T & Rub 01_100
140 47% Apr 28 50 Apr 25 43% Apr! 75
011 Well Supply pf._ _100
330 107 Apr 23 107% Apr 23102% Nfar 103%
Rights
I 4,300
54 Apr 26
% Apr 23
54 An
Omnibus pref A
10() 1,100 89% Apr 25 92 Apr 27 81
Jan 93%
Owens Bottle pref_ _ _ 100
50 117 Apr 25 118 Apr 25 115
Jan 118
Pacific Tel & Tel_.._100
50 128 Apr 27 128 Apr 27 124
Mar 140
Preferred
100
100 III
Apr 29111
Apr 29103% Mar.112%
Patina M & Enter Dr_ _35
500 2234 Apr 26 23 Apr 25 20
Mar 27%
Penick & Ford pr_ _ _ _100
130101% Apr 25 104 Apr 29 100% Apr 104
Pettibone MullikenI
1
100
let Prot
101100 Apr 25 100 Apr 25 100
Apr 100
100
Pitts Term Coal
200 34% Apr 28 36 Apr 28 30% Apr 4334
Preferred
100
250 74 Apr 29 81% Apr 28 74
Apr 83
Ain Tob A.100
Porto-Ric
200 75 Apr 27 77 Apr 23 75
Apr 91%
Reid Ice Cream pref.100
200 97% Apr 23 98 Apr 25 9734 Mar 100
Remington-Rand
•99,400 4334 Apr 26 46% Apr 231 3734 Apr 4634
100; 1.100100% Apr 25102% Apr 25 99
lot preferred
Apr 102%
100, 700 107 Apr 23 110 Apr 25 10034 Apr 110
2d preferred
Sherwin Wm S pret_ _100,
30 107 Apr 28 107 Apr 28 105% Feb 110
Sloss-Sheff Sal & Jr pf10(1
100 106 Apr 29,106 Apr 29 104% Mar 108
6,300
.33 Apr 231
% Apr 271
So Calif Edison rts
35 Apr
%
Spalding Bros 1st p1.100
0010434 Apr 29;107 Apr 28 103
Jan 110
150 1031 Apr 261 14% Apr 251 10
Stand Plate Glass 01_100
Mar 1431
Underwood Typew pf 100
130, 22% Apr 29 123 Apr 25 120
Jan 23
United Dyewood._ _ _100
30; 6 Apr 27 6 Apr 271 5
Apr 10
100
Preferred
170, 40 Apr 23 40 Apr 23,' 40
Apr 49
DIstributing new_ _• 11.340, 1531 Apr 26 16% Apr 261 1531 Apr 1
TJ S
631
100 1,000, 84 Apr 28 8506 Apr 23; 84
Preferred new
Apr 8531
.35000 37 Apr 26 3931 Apr
Victor Talk Mach
3231 Feb 41
• 1,700: 9
6% preferred
031 Apr 29 9334 Apr 271 90
Jan 9
631
100 800 9834 Apr 28 99 Apr,
7% prior pref
Feb 100%
20 7231 Apr 28 7231 Apr 281 7231 Apr 76
Va Coal dc Coke pf 100
Virginia El Pr 7% pf_ 100
100108% Apr 29108% Apr 29,108% Apr 10831
70 24 Apr 23 25% Aim 28! 1631 Jan 29%
Vulcan 3etinning_100
West Penn Pr 6% p1_100
240104% Apr 2610631 Apr 25100% Jan 106%
white Sewing Mach___• 19,900 2231 Apr 28 26% Apr 29 2131 Mar 2631
• Na par
Feb
Jan
Apr
Mar
Industrial & 511scc11.
2555
Jan
Mar
Mar
Apr
Apr
Apr
Feb
Feb
Apr
Mar
Mar
Feb
Apr
Feb
Apr
Mar
Mar
Apr
Mar
Apr
Mar
Jan
Apr
Apr
Feb
Apr
Apr
Jan
Feb
Mar
Mar
Feb
Feb
Jan
Feb
Mar
Apr
Apr
Apr
Feb
Apr
Jan
Apr
Apr
Apr
Jan
Mar
Mar
Feb
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Apr
Jan
Mar
Feb
Mar
Apr
Jan
Mar
Jan
Feb
Apr
Apr
Apr
Jan
Jan
Apr
Mar
Apr
Jan
Feb
Jan
Apr
Apr
Apr
Apr
Apr
Feb
Apr
Apr
Mar
Apr
Banks-N.Y. Bid
America•____ 300
Amer Union*. 191
Bowery EastR 515
Bronx Boni*.1675
Bronx Nat.__ 490
Bryant Parka 200
Capitol Nat._ 218
Cent Merean. 283
138
Central
Chase
458
Chath Phenix
Nat 13k &Tr 400
Chelsea Exch• 277
Chemical_ _ _ 885
Colonial._ ___ 975
Commerce__ _ 476
Com'nwealth• 305
Continental.• 275
Corn Each... 660
Cosmop'tan•_ 315
Fifth Avenue.2250
First
2870
Franklin
175
Garfield
410
Globe Each'. 240
Grace
325
Hamilton____ 198
Hanover
1245
Ask.
310
200
530
1850
570
225
225
300
143
462
,
Banks.
Harriman _ _ _ _
;Manhattan •_
Mutual.
National City
New Neth'de•
Park
Penn Each.,.,.
Port Morris_ _
Public
Seaboard
Seventh
Standard ___.
State.
Trade.
United
United States.
Wash'n
Yorktown •_ _
Brooklyn.
Coney Island'
Dewey •
First
Meehanles'•_.
Montauk
Municipal •_ _
Nassau
People's
Bid.
635
267
610
530
330
517
145
375
163
805
175
675
575
195
195
332
700
135
Ask. Trust Co.. Bid. Ad.
650
New York.
273 Am Ex Iry Tr. 334 337
_ Bank of N Y
534
& Trust Co 845 852
340 Bankers Trust 800 806
523 ;Bronx Co Tr_ 330 350
155 ;Central Union 1000 1015
;County
315 825
570 :Empire
391 399
815 lEquitable Tr_ 313 316
185 1Farm L & Tr. 560 568
403
825 1Fidelity Trust 304 310
284
585 iFulton
480 490
892
205 Guaranty Tr_ 447 450
1100
205 Interstate_ _
213 218
480
338 Lawyers Trust.
320
900 Manufacturer 6173 ri;o
145 Murray Hill__ 218 225
568
Mutual
(West
325
300 3.50 I chaster) ___ 240 255
2450
240
_ N Y Trust__ 580 586
2890
385 900 Terminal Tr_ 195 205
185
304 315 Times Square. 134 138
_
390
Title Gu & Tr 690 700
_ __
300 310 U S Nita &Tr. 4r0 470
3(10 375 United States. 1940 1965
203
750
Westcheet'rTr 850
_
1260
Brooklyn.
Brooklyn__ __ 895 915
King, Co_ _ _ 2100 2200
269 270
• Banks marked (.0 are State banks. (New stock. z Ex-div. sEx stock it,,
VEX-rights.
New York City Realty and Surety Companies.
I
Alliance R'Ityl
Amer Surety_
Bond & M G.
Lawyers Mtge
Lawyers Title
Guarantee
Bid.
50
227
335
283
285
All price, dollars per
Ask.
Bid
53 Mtge Bond.. 147
230 Nat Surety __ 245
342 N Y Title &
Mortgage__ 436
287
US Casualty_ 315
280
share.
Ask
I Bid.
153 Realty Asset's'
(Bklyn)com' 240
250
let pref____ 90
412
2d pref._ __ 88
335 Westchester
Title & Tr.; 550
Ask.
246
93
91
625
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Int.
Rate.
Bid.
Asked.
3Iaturity.
Rate.
Bid.
Asked.
992133 99273,
991,31, 9931
9999,1, 99991,
June 15 1927.... 3 Si% 99n,, 100
Sept. 15 1927_ _ _ 314%
Sept.15 1927.... 35.
733 99.9s, Mar. 15 1928.. _ 31
:% 99.
,
1%
Dec. 15 1927_ _ _ 4;i% 10034 1009.st; Mar. 15 1930-32 304%
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Daily Record of U. S. Bond Prices. Apr. 23 Apr. 25 Apr. 26 Apr. 27 Apr. 28 Apr. 29
First Liberty Loan
High
331% bonds of 1923-47_ Low_
Close
(F1r8t 33is)
,
Total sales in $1.000 units__
Convened 4% bonds ofIHigh
1932-47 (First
Close
Total sales in $1,000 units_ _
Converted 434% bondsIHigh
of 193 -47 (First 4%s) Low_
Close
Total sales its VON units _.
.
Second Converted 4q% High
bonds of 1932-47 (First Low_
Second 4345
Close
Total sales in $1,000 untts__.
High
Second Liberty Loan
4% bonds of 1927-42 _ _ _ _ Low_
Close
(Second 4s)
Total sales in $1,000 units__
Converted 434% bondrigh
Low_
of 1927-42 (second
Close
431*)
Total sales in $1,000 units_ __
Third Liberty Loan
High
434% bonds of 1028.... Low_
Close
(Third 454s)
Total sales in 21,000 units__
Fourth Liberty Loan
High
Low_
434% bonds of I933-38
Close
(Fourth 454s)
Total sales in 31,000 units__
IHigh
Treasury
Low.
434,. 1947-52
Close
Total sales in 51,000 units__
Higlii
4s. 1944-1954
jLow
Close
Total sales in $1,000 units _ __
High
331s, 1946-1956
Low
Close
Total sales in S1.000 units
101
101
101
101
101
101
2
101
101.31 101
101
100..33 100"33 1003.33 100"13
100.133 100.133 100"33
101
2
18
107
95
111
____
____
__
_ ___
__
____
103.33 103.33 103.33 103 33 103.31 103
,
_-333
103.33 103.33 103.33 1039s, 103911 1039s,
2
1039,, 1039,1 1039
,, 1039,, 1039a, 1039s,
3
2
3
43
3
42
___
____
____
____
----_-10.
131
100..33
1001131
208
100.'33
1001,33
100.
733
8
103",,
103 :33
,
1032.31
33
11399ss
113 .33
,
113..33
1
1081343
108..13
108..31
1
1051.33
105.
133
105.
13,
1
____
_ ___
-- --- - ---100i 31
,
100,
.31
1001111
149
1002.33
100.73
100",
32
103.
03
103 .,
,
103..3
274
113"s
1131.3
113..3
3
108.3:
108733
108.33
28
1051.3
1051.3
105i.I
11
____
____
____
-_._
-___
____
100"33
100.33
1001.33
85
100..13
100",,
100",,
37
1031.33
103..33
103..,,
105
113",1
1131.13
1131,13
99
108 13
,
108.33
108 33
,
105
1051.31
1051.33
1053.81
10
____
____
___
100
100
100
1
100..33
1001.31
1001133
308
100. 13
,
100 .31
,
100",,
119
103..13
103
,333
103 .33
,
329
11399a,
113 .31
,
113t.33
59
108.33
108.11
108.11
16
105113
105 .3
,
10599a,
58
____
100.33
100.33
100.33
20
100".
1003333
100"33
91
100.833
100..33
100"n
17
103.133
103..33
103..33
57
113"s,
113:.31
113.
033
I
1083,33
103.11
108.33
6
105 ..3
,
1051.11
105",,
11
_ _ .. _
___
_ __ _
1003133
1001031
1001.33
172
100"n
100"33
100",1
50
103..13
103..n
103 .33
,
250
113"0
1131.33
1131.31
5
108.33
108.31
108.13
7
105no
105"33
105"a
1
Note.- o above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1 1st 334s
1002.,, to 100 ..1134 3d 434s
,
10131.33 to 1002.31
90 2d 434s
100Pn to 100.33 1 6 4th 434s
103,133 to 103..n
Foreign Exchange.
-Sterling exchange ruled quiet but
steady at close to the levels of the preceding week. The
Continental exchanges were dull and featureless, except in
the case of Italian lire, which made sensational advances.
Later profit-taking caused a substantial reaction downward.
To-day's (Friday's) actual rates for sterling exchange were 4.85 5-16
for cheques and 4.85 13-16 for cables. Commercial on banks: sight,
4.85 3-16: sixty days, 4.81 3-16 and ninety days 4.79 1-16 documents for
payment (sixty days), 4.81 7-16. Cotton for payment, 4.85 3-16 and
grain for payment, 4.85 3-16.
To-day's (Friday's) actual rates for Paris bankers' francs were 3.893-i for
short. German bankers' guilders are not yet quoted for long and short
bills. Amsterdam bankers' guilders were 39.9934 for short.
Exchange at Faris on London, 124.02 francs: week's range, 124.00 francs
high and 124.03 francs low.
The range for foreign exchange for the week follows:
Sterling, ActualCables.
ChegueS.
High for the week
-16
42 V1
4.85 5-16
Low for the week
4
4.85 1-16
Paris Bankers' Francs
High for the week
3.91%
3.9031
Low for the week
3.91%
3.90%
German Bankers' Marks
High for the week
3.71
23.70
Low for the week
23.70
23.69
Amsterdam Bankers' Guilders
High for the week
40.0034
40.0134
Low for the week
39.99
40.00
Domestic Exchange.
-Chicago. par. St. Louis, 15©25c. per $1,000
discount. Boston, par. San Francisco, par. Montreal, $1.25 per $1.000
premium. Cincinnati, par.
2556
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING Si v PAG118
For intl.. during ale week of stocks usually Inactive. see preceding page
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
April 23.
Monday,
April 25.
Tuesday,
April 26.
Wednesday, Thursday.
April 27.
April 28.
Friday,
April 29.
Saks
for
the
Week.
$ per share $ per share $ per share $ per share $ per share $ per share. Shares
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100-share lots
Lowest
$ Per share
Highest
9014 914 9014
90
91
74
75
75% 755* 72
112
11212 112 112
*112
*178 185 *175 185 •175
13812 13812 *1374 13812 1374
13 *1214 1312 1212
13
*89
*89
91
91
9012 *90
2
3
7
6
5
*70 114 :375
7312 74
74
112 *112 11214 *112 11214 *112
177 185 *175 185 *175
185
13514
13712 136 136
1212 1214 1214 124 1214 12
-tights.
*Bid and lairel priceisEx-dividends a Et
90
7512
11214
185
138
124
Lowest
$ per share $ per share
Railroads.
Par
18434 18638 18012 18412 18058 18314 18114 184
17918 183
1793 18112 58,300 Ateh Topeka 4 Banta Fe__100 16134 Jan 6 18638 Apr 23
8
10258 10258 10234 103 1024 10212 10258 10278 1024 1027 10258 10278 2,200 P-,, r. ,
.100 9938 Jan 5 103 Apr 25
8
Atle6i,e time & Atlantlo__100
178 Feb 3
58 Jan 3
183 18314 181 18212 18012 18214 182 18258 17918 18112 17612 18014 5,400 Atlantic Coast Line RP. _100 17478 Apr 6 205 Jan 3
1185 11912 117 11834 11618 11674 1163 1187 11612 11812 11612 11712 51,800 Baltimore & Ohio
8
4
4
100 10612 Jan 4 11912 Apr 23
7738 7738 *7714 7712 77
7714 7714 77 4 77
1,100 Preferred
100 7314 Jan 3 7712 Apr 22
774 77
77
,
7112 7234 70
7134 68
79
7734 817
9412 74,500113angor & Aroostook
8 82 92
87
SO 44 Jan 6 9412 Apr 29
11014 11014 110 11034 110 11014 110 11014 11012 11114 11012 11114
810, Preferred
100 10112 Jan 10 11114 Apr 28
65 4 66
3
6512 65 4 6518 6512 66
3
6618 6518 66
6518 6512 5,900 Bkln-Manh Trao v t o_No par 65 Mar 19 7078 Jan 20
8
8612 8634 8658 8634 865 865
No par 855 Apr 2 88 Jan 4
8
8 863 8634 8634 8634 8634 8634 3,600, Preferred v t o
4
1218 1218 1234 127
1112 1112, 1112 11121 1,500!Brunswick Term &Ry Seo_100
912 Jan 25 1518 Jan 7
8 113 1214 *1112 12
4
102 102
102 10434 *100 10212 10114 10114 100 101 ' 98 98
300 Buffalo Rochester & Pitts-100 8014 Jan 8 115 Mar 10
Canada Southern
*60 63
63
*60 63 *60 63
63
100 59 Jan 18 61 Apr 5
*60
63 *60
430
18158 18212 18018 18238 18112 18112 18014 18012 180 181
4,900 Canadian Pacific
17812 180
100 165 Jan 6 19212 Feb28
300,Central RR of New Jersey-100 285 Jan 4 309 Apr 1
30814 309 *295 305 *300 310 *295 300 *295 308 *295 300
4
100 1513 Jan 25 17113 Aprll
16712 169
16512 16738 16514 16638 23,900IChesapeake & Ohio
16658 168
16734 16918 167 170
434 Jan 8 10% Feb 9
7
7
7
7
3,600•ChIcago & Alton
100
7
7
714 712
7
7 14
74 7 4
3
8
1138 1112 1012 1114 1078 1134 1114 1134 11
100
74 Jan 5 137 Feb 8
1114 1078 1078 5,2001 Preferred
0 C C& St Louis
*270 300 *261 300 *270 300 *270 300 *270 300 *270 300
100 275 Jan 31 302 Feb 16
100 3012 Jan 10 3818 Apr 21
*
*34
36
800 Chic & East Illinois Rit
36
36
35
36
37
3778 *36
3612 3712 37
4912 51
5014 51
5,700 Preferred
100 43 -Jan 6 5412 Feb 21
5052 52
53
5378 51
4
533
2 503 52
812 Jan 6 22,2 Feb 9
100
1838 17
1814 1634 1838 106,200 Chicago Great Western
1534 1614 1618 17
1614 173
4 17
100 2314 Jan 7 3334 Feb 8
283 293
4
4 2858 304 2914 3114 3012 3278 3012 3278 3058 3338 140,700 Preferred
3
9 Jan 4 17 8 Feb 9
14
1434 154 144 1512 1414 1514 1458 15
143
4 1358 1412 15,200 Chicago Milw & St Paul---160
9 Jan 4 1714 Apr 6
15
153
100
4 1412 1512 1458 1434 1458 1434 14
1412 1378 1378 11,200 Certificates
2312 2214 2234 16,900 Preferred
2358 22
2334 2458 2278 2412 23
100 1858 Jan 3 2614 Apr fi
237
8 23
2312 2214 2312 2258 2338 5,400 Preferred certificates_
233 2412 2312 2312 *2312 237 *23
100 187g Jan 3 26 Apr 6
4
8
8
1
82 83
804 823
4 7912 8034 26,200 Chicago & North Western_100 78 e Jan 27 875 Feb 18
823 8358 8114 823
4
4 8118 82
O13478 135
300 Preferred
100 12414 Jan 3 13478 Apr 25
13134 1313 *13114 134
13458 13478 *13112 13412 *13212 134
4
9934 10038 963 10018 9612 983
9614 9814 9618 9912 72,300 Chicago Rock Id & Paelflo-100 8812 Jan 4 1014 Apr 21
3 9712 99
4
*108 10812 108 108
108 108
10814 10814 *108 10812 108 108
500 7% preferred
100 10234 Jan 4 108 2 Apr 6
1004 10012 *100 1003 10014 1003
10114 10114 101 101 *100 101
4
600 8% Preferred
100 9514 Jan 28 10112 Apr 21
10412 10412 102 10378 *10112 103 *101 103 *100 104 *100 104
500 Colorado & Southern
100 84 Jan 3 10412 Mar 31
*76
7812
200 First preferred
7812 76
76
*76
*76
100 70 Jan 4 76 Apr 21
7812 *76
76
7812 76
7012 7012
*70
73
73
*70
*70
74
100 Second preferred
100 68 Jan 14 71% Jan 15
*70
73
*70
73
73
7314 7112 7338 7112 7278 *72
73
8
715 7258 5 200 Consol RR of Cuba pref___100 687 Apr 6 7414 Mar 4
8
7112 727
8
201 20712 20614 215 211 2154 207 215 200 2091 20118 20412 51,000 Delaware dr Hudson
100 171% Jan 28 21534 Apr 26
1654 166
16212 1633 16212 1643 1613 164
16212 166
4
4
16218 16234 14,000 Delaware Lack & Western_ 50 14014 Jan 27 173 Mar 23
4
8
65
6518 60 647
58
59
8 6312 6312 6234 63
5912 61
4,500 Deny & R10 Or West prer 100 4118 Jan 5 663 Apr 21
4
5538 554 5312 5538 5312 5414 5318 5418 503 5318 51
523 86,600 Erie
8
100 3912 Jan 3 563 Apr 21
4
5814 59
5634 58
5678 5712 563 573
100 5238 Jan 4 6014 Apr 5
4
8 553 567
4
8 5552 5614 22,500 First Preferred
5614 5612 55
56
55
55
55
5512 544 55
544 5412 6,300 Second preferred
100 49 Jan 4 5612 Apr 23
' 87
8738 8612 874 8614 863
8
.100 795 Jan 4 91 x Feb 19
4 8614 863
4 8512 864 8534 8534 9,500 Great Northern preferred.
20
204 20
2014 20
20
4 4,900 Iron Ore Properties-NO Par 1914 Jan 13 2314 Feb 4
1934 1978 1912 193
4 1934 193
6614 6714 64 667
8 6412 665
8 6512 7058 6618 7038
2 69.100 Gulf Mobile & Northern-100 3518 Jan 6 70 Apr 27
11114 11114 *509 11012 110 110
11058 11214 111 111 *10912 11112 1,500 Preferred
100 105 Jan 14 11214 Apr 27
8 5218 5312 52
563
8 555 5738 5518 57'Z 5618 5834 43,300 Hudson & Manhattan
8
5414 548
100 4012 Jan 3 5834 Apr 29
84
84
*80
84
*82
85 *83
83 84
500 Preferred
84
*83
85
100 78 Jan 6 8514 Apr 9
12714 12714 12614 127
126 127
1253 12512 12314 12514 12412 124125,900 Illinois Central
2
100 12118 Jan 10 13034 Apr 8
*12712 12912 127 127 *125 129 *124 128 *122 129 *122 127 ' 200 Preferred
8
100 1207 Jan 12 12912 Apr 8
*7734 79
*7734 79
*773 79
4
787 787
8
8 773 7734 *7718 79
4
60 Railroad Sec Series A__1000 74 Jan 4 80 Apr 12
*23
247 *23
8
247 *23
4
2478 *23
247 *23
8
8
248
247 *23
Cent America 100 23 Apr 20 25 Jan 15
90 Ini R rrred
62 4 6274 *6212 63, *8212 6312 *625 6312 *6258 6312 62
7
.7reTe
2
4
624
100 62 Apr 29 6512 Feb 9
*42
4412 4252 4312 44
4418 424 427
8 3,800 Interboro Rapid Tran v t o_100 41 Apr 12 52,2 Feb 26
4418 4412 4512 42
6012 62
59 62
8
4 53
52 553 61,000 Kansas City Southern
100 4114 Jan 4 6212 Apr 11
59
604 5814 5978 544 583
200 Preferred
8
*
69
7012 6914 8914 69 69
*6834 694
*683 70
4
*68
70
100 647 Jan 7 70 Apr 16.
12514 12612 12112 1253 12318 125
4
4
123 12538 11912 12212 11934 12012 14,300 Lehigh Valley
50 993 Jan 6 12612 Apr 23
*138 1384 13738 138
13712 138
13512 13712 5,400 Louisville &Nashville
100 12838 Jan 14 13934 Apr 27
1373 1393 13514 138
4
4
*874 90
*8714 90
*8714 90
*8714 90
*8714 90
*8714 90
Manhattan Elevated guar-100 85 Jan 211 90 Feb 11
4814 4814 4812 4812 4812 4938 4912 5012 4852 4978 4812 4812 2.600 Modified guaranty
100 4712 Mar 30 5478 Febr 28
638 Mar 25
. *512 6
412 Feb 2
*512 6
6
200 Market Street Railway
5
6
*5
100
512 *5
6 *5
*____ 30
30
*12
15 *12
16 *____ 30 *____ 30
Preferred
100 18 Feb 10 20 Feb 4
*4412 45
434 4412 43
4312 1,900 Prior preferred
100 4158 Feb 7 4712 Apr 8
45 45
*45
4512 4434 45
8Mar 15 16 Mar 30
100 115
*12
16
*12
16
100 Second preferred
*1112 18
12
12
*12
16
*1112 19
4% Feb 3
138 Jan 13
1,300 Minneapolis & St Louls
100
24 278
234 3
234 27
8 *23
4 3
3
3
234 23
4
600 Minn St Paul & 8 El Marle_100 27 Jan 6 40 Feb 4
2914 2912 2912 2912
*30
32
*30
32
30
304 3018 30
4
400 Preferred
100 50 Apr 28 583 Feb 8
50 *48
53
55
*48
51
50
52
5212 *49
55 *49
62
70 Leased lines
100 5814 Mar 25 6312 Apr 14
61
*62
6212 6212 6212 6212 6212 62
6112 61
*61
4612 4778 434 467
8 4318 444 98,300 Mo-Kan-Texas ER....-No par 31 12 Jan 6 5012 Apr 23
4912 5012 463 494 4614 48
4
103 10318 5,200 Preferred
3
100 9534 Jan 4 10458 Apr 21
10412 10458 10312 10412 10338 10334 103 103 4 10212 103
100 3778 Jan 4 62 Apr 23
5734 55
4
5858 62
5814 607
8 56
5612 514 544 503 5212 312,900 Missouri Pacific
100 9018 Jan 4 11112 Apr 23
10812 11112 108 11138 105 10712 105 10612 10218 10412 10114 10334 96,300 Preferred
812 Feb 3
4,8 Mar 9
Nat Rye of Meg let Peel-100
3
*414 534 *414 5 4 *414 53
4 *
414 5 4 *414 5 4
3
3
4 *514 53
158 Apr 7
23 Feb 2
8
*134 2
300 Second preferred
*13
4 2
2
2
100
*134 2
*134 2
*13
4 2
4
210 New ON Texas & Mexlco 100 121 Jan 8 1483 Apr 4
140 140
14112 142
143 143 *14112 143 *14158 143 *142 143
145 14612 119,300 New York Central
100 13714 Jan 27 1514 Apr 8
150 15138 147 150
14718 14878 14758 14914 1454 148
1, 00 N Prelifoetr St Louis Co---100 186 Jan 8 1977 Feb 21
00
9 0 Y Cerr
8
191 19212 18814 191
18834 189
190 19114 188 190 *188 189
•10534 10614 106 106
10618 10618 106 10618 *106 10638 106 106
100 102 Mar 8 10612 Apr 11
8 4778 494 95,009 N Y N H & Hartford
8
5278 5314 51
5338 503 517
100 4158 Jan 4 585 Feb 16
4
8 503 523
4
4 4812 513
8 26
2658 10,200 N V Ontario & Western_ 100 2314 Jan 15 3414 Feb 18
2878 2938 2758 2812 275 28
2758 287
8 2614 277
8
10
10
200 N Y Railways Dref etfs_No par 10 Apr 13 153 Jan 14
10
*10
12
10
4
*10
12 *10
12
1112 *10
14
*16
20 *16
16121 *13
200 New York State Railways-100 16 Apr 28 22 Feb 3
20 .16
16
20
*16
20
51
49 494 4834 4878 4878 5334 50
51
3,300 Norfolk Southern
*
50 51
50
100 37% Jan 14 5634 Mar 12
174 17534
18234 18278 180 1804 17914 17912 1784 17912 17214 177
100 156 Jan 4 18412 Apr 2
11 85 515PdreoflierredWestern
'5
z85
85
100
*8412 8512 *8412 8512 .85
8512 *85
8512 *8412 86
100 84 Feb 3 86 Jan 3
8 9.000 paeitharc Paelfie
8638 8612 85 8614 8512 8578 8518 8578 8412 8514 8418 847
Nort n0ast
100 78 Jan 3 9112 Feb 18
*12
20
25 *12
25
20
*12
*12
20
*12
*12
20
100 1514 Feb 3 2714 Feb 15
4
6118 6112 6078 6114 6052 61
61
6112 6012 6112 603 6112 31.100 Pennsylvania
50 5634 Jan 3 6234 Apr 5
31
3134 31
12,200 Peoria & Eastern
31
3278 313 3134 31
4
31
3034 3278 30
100 20 Jan25 3434 Apr 5
100
11834 119 *11834 119
11818 11812 118 118
118 11818 11812 11878 2,100 Pore Marquette
arouette
preferred
100 11412 Jan 6 12638 Mar 2
*9212 95
9412 *93 9412 *93
9412
*93
944 93 93
*93
Prior
100 93 Jan 22 9512 Jan ii
9214 9212 *9214 9212
300 Preferred
*
92 93 *9212 93 *9214 93 *9214 93
100 8934 Jan 4 93 Apr 21
12518 12578 2,800 Pittsburgh & West Va----100 12212 Jan 18 148 Feb 8
129 129
13078 131
12778 128
127 1274 126 127
11118 11478 11118 11314 11212 1143 11012 11312 11012 11158 107,900 Reading
11234 115
4
50 94 J813 4 115 Apr 23
42
*41
*41
42
*41
42
*4114 42
42
*41
42
*41
First preferred
50 4012 Jan 13 4212 Feb 18
4712 4712 47 47
46 46
*4512 464
464 4612 4512 46
,
Second preferred
50 4334 Jan 12 60 Feb 18
54
*52
*51
56
*51
54
200 Rutland RR pref
*53
58
5314 5314 *5112 54
100 43 Jan 7 5914 Feb 8
11012 11234 53,100 81 Louis-San Francisco-__100 1004 Jan 6 11614 Apr 23
4
1143 1167 11258 11514 112 11314 11158 11314 111 112
8
99
983
4 983 99
4
1,900 Preferred A
9734 98 *98
9834 9912 *9834 9914 99
100 96 Jan 26 9912 Apr 27
73 20,500 St Louis Southweetern
7334 72
4 7318 76
72
7858 7518 773
7234 75
77
100 61 Jan 6 7858 Apr 21
8378 8378
*85 86
400 Preferred
8334 834 *8334 86
8514 8614 *8518 86
100 764 Jan 8 88 Apr 6
2934 28 4 3112 16,100 Seaboard Air Line
3
2918 30
8 2918 30
29
2912 29
29% 297
100 2818 Mar 31 4114 Feb 17
343
4 4,100 Preferred
35
3414 3412 34
3212 337
8 33
3512 *34
34
*34
100 3212 Apr 28 4334 Feb 4
11114 11012 111
11218 1137 1113 1125 1115 1123
8
35,900 Southern Pacific, Co
4
8
4
11312 114
8
100 10614 Jan 28 11512 Apr 8
12158 12258 12078 12358 23,300 Southern Railway
8
12512 12638 124 12578 12318 12434 1225 124
100 119 Jan 28 127 Jan 3
97
9738 2,900 Preferred
*9612 97
9658 97
4
4 9654 97
9814 9614 963 963
100 94 Mar 10 9738 Apr 29
7734 7312 7512 72
7518 72
7414 50,400 Texas & Pacific
8312 7858 8238 74
81
100 5378 Jan 7 8312 Apr 23
36
*34
35
34
3418 34
34
3334 3414
3412 *34
700 Third Avenue
434
,
100 3334 Apr 11 41 Feb 8
100 15912 Jan 27 1744 Apr 21
174 17412 17134 17438 17112 17238 17112 17234 17012 17214 17038 17114 19,500 Union Paciflo
8
8 817 8178 1,400 Preferred
8
8158 813
4 813 813
8 812 817
2
4
4 8178 817
82
*81
100 77 Mar 5 82, Feb 11
7034 6812 6912 6812 6912 6412 884 6434 654 70,500 Wabash
4
8 69
715
100 40% Jan 4 753 Feb 28
71
9414 95
9412 9458 9358 944 9334 94
9,500 Preferred A
94
94
9412 95
100 76 Jan 3 9618 Apr 11
92 *90
92
92
*90
91
*88
92
*90
300 Preferred B
100 65 Jan 15 93 Mar 28
9112 9112 91
35
3678 3658 3814 3234 3714 334 3538 65,000 Western Maryland
4
4
100 133 Jan 6 443 Feb 7
387
8 3618 38
38
4978 48
49
5012 5218 48
7,800 Second preferred
3
63
5358 4914 527
8 48 4 52
100 23 Jan 7 5812 Apr 8
26
2812 30,800 Western Pacific new
2618 27
4
8
100 2518 Apr 26 3912 Feb 9
3012 295 3012 2518 2914 253 27
30
60
55
5614 554 5614 56
17, 0 wheefthg &La
2 0 Prei erred new
7
59
6012 61
55
55 Apr 26 76 8 Feb 7
3
5912 61
68
*63
74
68
*65
73
*6214 73
ke Erie Ry IL 2712 Jan 3 130 . Feb 8
*6212 74
°
74
*68
*7834 82
4
200 Preferred
*783 8214 7914 794 *783 82
4
83
100 4712 Jan 7 93 Feb 8
*794 83 *79
11041
PER SHARE
Range for Previous,
Year 1926
122 Mar
9418 Mar
12 May
18112 Mar
8312 Mar
6712 Jan
33 Mar
9778 Feb
5418 Mar
78 Mar
812 Mar
693 Mar
4
58 Jan
14612 Jan
240 Mar
112 Mar
414 Sept
64 May
17314 Mar
30 Dec
3612 Mar
, 784 Mar
1614 Mar
814 Dec
73 Dec
4
144 Mar
14 Apr
6514 Mar
11812 Jan
4012 Mar
96 Mar
8314 Mar
62 Mar
62 Mar
59 Jan
6834 Nov
15014 Mar
129 Mar
3751 May
2212 Mar
3334 Mar
30 Mar
6812 Mar
18 Dee
2518 Apr
95 Mar
3458 Jan
873 Mar
4
11312 Mar
11512 Mar
7114 Jan
24 Dec
62 Mar
2412 Jan
3414 Mar
6058 Mar
7512 Mar
118 Mar
84 Mar
3818 Jan
418 July
1912 Oct
3918 June
1134 Oct
118 Dec
2578 Dec
50 Dec
60 Oct
2912 Oct
82 Mar
27 Mar
7112 Mar
434 Apr
134 ,Oct
120 Mar
117 Mar
130 Mar
93 Mar
3058 Mar
1934 Mar
6 Jan
13 Dec
2778 Apr
13914 Mar
8312 Nov
6534 Mar
15 Oct
4858 Mar
1578 Oct
67 Mar
79 Mar
7034 Mar
85
79 Mar
r
3934 Dec
40 Mar
42 Apr
85 Mar
8312 Apr
574 Mar
72 Mar
2712 Mar
31% Mar
964 Mar
10358 Mar
8712 Apr
4218 Mar
1312 Jan
14112 Mar
7434 Jan
3378 Mar
68 Mar
57 Mar
11 Mar
164 Mar
2712 Dec
72 Dec
18 Mar
37 Mar
Highest
per share
172 Deg
102 Deo
10 Jan
26212 Jan
10934 Sept
737 Aug
8
46 Feb
103 Dec
7778 flea
8934 Des
1858 Nov
8754 July
ni June
17014 Dee
305 Jan
1784 Sept
115 Feb
8
1814 Feb
275 Aug
37 Feb
5134 Feb
1218 Sept
3158 Sept
1412 Jan
14 Jan
24 Aug
2352 Aug
83 4 Sept
3
12612 Apr
7114 Dec .
108 Dee
98 Nov
9614 Oct
74 Oct
72 Sept
7212 flea
18312 Sept
15312 Jan
47 Jan
42 Dee
5514 flea
5014 Dee
8418 Dec
2714 Feb
4112 Sept
10912 Sept
4112 Dec
80 Dec
131 Sept
1294 Sept
77 June
31 Feb
66 June
533 Dec
4
513 Sept
8
684 Sept
106 Dee
144 Sept
9234 Apr
6178 May
10 Feb
40 Feb
513 Feb
8
2212 Feb
378 Jan
5212 Feb
79 Feb
667 Feb
8
4718 Feb
9638 Dec
45 Sept
95 Sept
834 Jan
412 Jan
13212 Jan
14712 Sept
20412 Sept
106 July
4838 July
2378 Feb
2014 Feb
28% Jan
4438 Sept
17078 Oct
8538 Aug
82% Aug
48 Jan
5718 peg
263 Jan
4
122 Dee
96 JUIY
&
917 J1117
101114 Dee
35
42 Apr
4534 Dee
6114 Aug
1034 Dee
974 Des
74 Feb
80% July
51 flee
483 Feb
8
11214 Dee
13114 Sept
9612 Aug
6158 Jan
43 Apr
1683 Oct
8
8114 Aug
52 Jan
785i Jan
72 Jan
8
165 Jan
8
243 Sept
394 Jan
863 Sept
4
32 Jan
5012 Jan
Industrial & Miscellaneous
1,200 Abitibi Power & Paper-No par 83 Jan 27 94 Apr 6
7034May 98 Bent
6214 Mar 26 8214 Apr 20
1,400 Abraham & Straus----No Pri
43 May 72 Dee
110
100 11012 Feb 1 11312 Feb 31 104% Mar 112 Deo
AU A ferrica Cables
Premered
4
Jan 155 July
100 1393 Feb 16 182 Apr 20 131
1.300 Adams Express
100 124 Jan 5 139 Feb 25 99% Mar 136 Sept
912 Jan 8 15 4 Feb 9
5
1.700 Advance Rumely
8 Dec 22 Sent
100
vesx
New York Stock Record -Continued-Page 2
For sides during the week of •tocks usually inacti.e, see second page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
April 23.
Monday,
April 25.
Tuesdaii,
April 26.
Wednesday, Thursday,
April 27. I April 28.
Friday,
April 29.
Sales
pr
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Sines Jan. 1 1927
On basis of 100
-share lots
2557
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Lowest
Highest
Per share $ per share $ Per share $ PET share $ per share $ per share Shares Indus. & MIscel. (Con.) Par
$ Per share $ per share $ Per share $ Par
*341 3514 3414 3414 3312 3312 334 3312 32% 3318 *3241 3313 1,203 Advance Rumely pref
/
4
/
1
Aare
100 3014 Jan 25 41 Feb 9
28 8 Dec 65 4 Sent
7
3
3 8 3%
7
*3 4 37
3
3% 37
3% 3%
3
4
8
4
33 Apr
33
4 1,800 Attumada Lead
4 33
1
512Mar 6
434 Nov
918 Jan
158 160
15718 162
15978 16118 158 160% 15418 159% 1561 157% 9,300 Air Reduction, Inc____No par 13412 Jan 22
/
4
26 164 Apr 19 10714 May 14634 Dee
107 11
8
1058 11
1013 107
8 10% 1118 1014 10%
93 1012 26,400 Ajax Rubber, Inc
4
9 Jan 4 13 4 Mar 25
No Par
3
718 Oct 16 Feb
2 112
112 112 *112 1%
13
8 112 *13
1% 1% 3113
8 112
6001
114 Jan 6
214 Feb 18
14214 1433 139% 14234 13912 14138 1395 14214 1363 14014 1364 138% 72,400 Alaska Juneau Gold Min__ 10
Oae
2 Jan
n
4
8
4
/
1
Allied Chemical & Dye_No par 131 Jan 25 14614 Apr 18 10674 m ct
*12114 1213 *121% 121% *12114 1213 1712114 1213 12112 12112 12114 12114
Dec
4
4
4
200 Preferred
100 120 Mar 11 122 Feb 16 11833 Mar 122 4 Dec
10358 105
102 10512 102 104
3
10312 10512 10134 104
10112 1033 11,900 Allis-Chalmers Mfg
3
88 Jan 25 107 Apr 20
100
7814 Mar 94 8 Jan
11212 11212 *11112 11212 *11112 11212 311113 11212 1113 1113 11112 11112
3
4
4
4
300 Preferred
109 Feb 9
*1614 1714 15 4 1614
3
1534 163
3
8 15 4 1612 153 153 *1512 1812 1,600 Amalgamated Leather_No 100 15 4 Mar 24 11212 Apr 21 105 Apr 11112 Dec
4
4
3
par
244 Feb 11
/
1
29
14 4 Oct 21 Sept
291 2812 29
3
/
4
2814 283
8 275 2818 27% 28
4 2818 287
8
14,200 Amerada Corp
5
No par 277 Apr 28 37 Feb 7
8
11
2414 May 3278 Aug
11
1118
11
11
11
103 103
4
4 1014 1058 1013 1012 2,500 Amer Agricultural Chem_100
8 18 Apr 6 1438 Feb 14
3512 35% 3513 363
9 Oct 343 Jan
8
35% 353
4
8 3518 3512 *35
3513 3412 3518 3,500 Preferred
100 2814 Apr 6 513 Jan 10
4
*46
47
35 2 Oct 9612 Jan
*46
3
47
4614 4614 *46
4612 46
46
4618 464
/
1
700 Amer Bank Note
10 41 Jan 6 483 Jan 20
8
*58
3458 Mar 46
59
*58
58
5812 58
58
Oet
58
58
*58
58
5918
301 Preferred
50 5612 Jan 4 595 Jan 22
8
*223 2314 223 223 31203 23
8
55
8
8
8
Jan 5812 July
*203 223
8
4 181 20
/
4
1812 19% 1,200 American Beet Sugar_ _No par
Ws Apr 28 233 Mar 14
4
2012 Sept 38 4 Feb
*5412 57
5412 5413 *152
57
3
*52
56
*5212 56
5213 5212
2001 Preferred
100 5212 Apr
1612 163
55 Nov 83 Feb
4 16
16
16
16
157 16
8
15
1512 1514 1514 2,100 Amer Bosch Magneto__No par 13 Jan 29 601s Jan 3
20 1818 Feb
145 145 *143 145
16 May 34 * Jan
14314 14314 *14313 145
143 14312 *142 145
3
800 Am Brake Shoe & F---No par 134 Jan 26 15212 Mar 28
18 110 May 180 Feb
*118 123 31118 123 *120 123 *12014 122 *12014 123 *12014 122
Preferred
100 11714 Feb 7 128 Mar 12 11014 Mar 1284 Feb
23
2314 22
223
4 21% 2312 2218 23
/
1
2114 2214 207 2218 10,200 Amer Brown Boverl El_No par 207 Apr 29
8
8
3912 Jan 5
•84
87
301 Mar 50 Aug
87
87
/
4
843 843 1080
8
8
89
*8412 89
318412 89
200 Preferred
100 84 8 Apr 26 98 Feb 1
3
4614 46% 4514 463
8612 Mar 97 Jan
/
4
8 451 4612 46
/
1
4
465
8 4518 46% 24512 47% 64.100 American Can
25 435
8Mar 31 503 Feb 28
•128 131 *1283 130 *127 130 *128 130 •12814 1301s *128 130
4
4
387 Mar 6318 Aug
2
Preferred
100 126 Jan 14 130 Mar 9 121
10214 1033 10112 1027 10112 101% 101 10112 10012 10114 10012 10012 5,200
8
Jan 13018 Dec
American Car & FdyNo par 9912 Jan 28 10714 Feb
*12614 130 *12614 1293 •12614 129 *12614 1293 *12614 1293 *126% 1293
28
91% Mar 1147 Jan
8
4
4
4
Preferred
100 1273 Feb 10 130 4 Mar 22 12011 Oct 130 Deo
4
3
/
1
4
American
/
4
Pii" 45 4233 "iii "ii 431 43'z 4412 "iiiz 431- "ii 43 - 2:5456 American Chain. class A___-25 2514 Jan 7 301 Mar 1 2314 M
7
2653 July
2
Chicle
No par 36 Jan 26 52 Mar 17
*44
45
43
44
43 43
31
Oct 51
43 12 4312 4314 4314 *423 44
Jan
4
1,400 Do certificates
No par 35 Jan 4 48 Mar 17
28
* 3 94
93
/
1
Oct 4714 Jan
10% 1114 107 121 1218 1314 80,100 Amer Druggists Syndicate_
912 103
3 1014 11
8
/
4
10
918 Apt 20 1314 Apr 29
132 13212 13214 13214 130 131
414 Jan 10 8 Ana
13052 13013 12912 130
1
13014 13014 1,700 American Express
100 127 Jan 17 138 Feb 26 105 8 M
223 227
8
8 22
2214 22
2214 213 2212 2058 21% 203 2114 8,200 Amer & For'n
140 Jan
7
4
4
Power__No par
187 Feb 17 2512Mar 29
8
971 98
/
4
144 Nov 423 Jan
97
962 9713 96
/
1
961 96% 96
8
/
4
4
96% 953 96
5,100 Preferred
No par 8612 Feb 15 99 A or 20
*8
812
79
7 4 818 *8
8
3
Oe
8/
1
4
98 Feb
814
7 4 73
3
900 American Hide & Leather 100
4 *73
4 814
7 3 Apr 26 1012 Feb 8
3
*50
5112 51
3150
51
503
7 May 17 2 Feb
4 501 5018 503 503
/
4
1
4
5112 1,200 Preferred
4 51
100 48
3218 32
33 May 6714 Feb
32
/ 3214 32
1
4
321 32
/
4
3218 313 32
4
32
32
2,700 Amer Home Products No par 303 Mar 1 52% Jan 12
8 Jan 3 34 Mar 17
12812 129
12614 128
12612 129
23 3 Oct 34) 8 Dee
127 12712 12618 127
5
5
126 127
3,100 American Ice
100 11418 Jan 26 135 Mar 1 109 M
*87
*87
88
88
8812 88
*88
138 June
8912 *88
8912 88
88
200 Preferred
100 84 Jan 7 84 Apr 1
447 4518 438 4514 43% 4414 435 441 4212 4353 4238 4258 6,200 Amer Internet
s
91 12 Oct 863
8
4June
/
4
Corp___No par 37 Mar 23 463 Apr 21
534
8
558
313 July 4634 Feb
58 5 a
4
7
513 512
52
8 5
/
1
4
512 55
8 *512 6
1,900 American La France F E___10
5 Apr 8 10 Jan 3
25 2518 25
253
2
8 24% 247
8 24 8 247
97 Dec 15 8 Jan
8
7
8 2334 24
2334 23% 3,500 American Linseed
100 2018 Apr 5 3012 Jan 12
*5512 56
557 5612 56
2
56
25 3 Oc
58
5
7
52 Jan
5614 5412 55% 53% 54
1,400 Preferred
100 463 Mar 19 7118 Jan 3
8
673 Oct 87
4
Jan
112 11238 110 11153 1093g 110
10914 1103 108 10918 10714 10812 10,500 American
4
LocomotIve_No par 1053 Jan 19 115 Mar 1
4
31119 121 •119 121 *119 121 *120 122 *119 121 *120 121
/
1
4
90 Mar 1197 Jan
/
1
4
Preferred
100 11912 Feb 23 124 Apr 2 116 Aug 12414 Dec
79
1779
79
80
7813 781 •78
80
*78
80
78
78
300 Amer Machine & Fdy__No par 7314 Jan
*14038 145 311401 145 *1403 145 *1403 145 *1403 145
3 86 Feb21
8
8
6514 Oct804 Aug
8
8
14014 14014
30 Preferred
100 1254 Jan 6 149 Mar 29 114 July 125 Dec
*43
4312 42 4 43
3
*4112 4253 31413 4253 4214 4214 413 417
4
4
800 Amer Metal Co Ltd...
-No par 407 Apr 12 44 Jan 20
17109 112 *109 112
110 110 41109 11212 *11C 112 *110 112 8
4314 Dee 573 Feb
8
100 Preferred
100 108 Jan 6 111 Mar 17 11312 Apr 120 Feb
63
6414 601 62
/
4
593 61
4
61
6218 5918 6012 593 6012 19,700 Am Power & Light
3
No par 54 Jan 27 6414 Apr 23
12012 122
1183 12134 119 12134 11934 1215 11714 1193 118
50 4 Ma3 72% Sept
3
8
4
11812 23,400 American Radiator
1591
9313 91
25 11012 Jan 21 122 Apr 23 10114 May 1223 Aug
91
*8913 91
*8912 91
8
*8912 9112 31897 9012
8
500 Amer Railway Express_100
*47
49
•45
12
48
45 45
773 Mar 90 Dec
45 451 45
/
4
45
45
4718 1,000 American Republics_ _No par 871 Apr 4 94 Feb 4
4918 4912 49
354 Jan 4 8012 Feb
/
3978 Nov 74
4933 49
Jan
49
483 50
4
50
50 18 50
50
2,200 American Safety Razor__ __100 48 Jan 28 6112 Mar 9
*43
4 5
43
4 47
28
4
42 Apr 70 4 Aug
3
412 5
43
4 43
*43
4 518
700 Amer Ship & Comm_ _No par
150 151% 14612 15012 147 14914 147 149 4 14518 14714 *434 514
312 Mar 23
63 Jan 7
4
5 3 Dec 11% Mar
3
145 146
7
3
80,400 Amer Smelting & Refln1ng_100 1328 Jan 25 15312 Mar
•12514 126 31123 12512 126 126 *123 128l2 *123 126
8
4 10953 Apr 152 Aug
126 126
300 Preferred
*125 12712 •125 12752 127 127 *125 12712 12478
100 11914 Mar 16 126 Apr 26 1127 Mar 12238 Dec
125
125 125
500 American Snuff
4312 43% 4312 44
100 1193 Jan 17 13078 Mar 10 12134 Oct 165 Feb
8
438 4312 423 4
4 314 4218 42% 4112 42
4,800 Amer Steel Fuundriee_No par 4112 Apr 29 4612 Feb 14
*11314 115
1133 11338 *11314 115 *11314 115 *11314 115 *11314
8
40 May 47 Adg
115
130 Preferred
100 113 Jan 7 115 Jan 13 1104 Sept 115 Feb
893 9018 88
4
8912 8714 90% 89
9012 88
90
87% 8813 12,500 Amer Sugar Refining
111 111
100 70 Jan 25 91 Apr 21
1107 111 *1103 111
8
6514 Apr 8714 Nov
4
11012 1103 11012 11012 411103 111
4
4
1,400 Preferred
100 1077 Mar 3 111 Apr 23
8
5618 5614 5314 56
5314 5452 543 5514 533 55
4
4
54
54% 13,200 Am Sum Tob v t c_No par 4112 Jan 3 58118 Apr 16 100 June 1101* NOV
*27
30
29 Aug 44 Dee
*27
/
1
4
30
281 28'8 28
•28
2
2812 2812 2812
500 Amer Telegraph & Cable 100 26 Apr 1
164% 1653 16318 16514 16212 164
29 Jan 7
2512 July 411 Feb
s
/
4
163 1643 16254 16318 16114 16214 19,200 Amer Telen & Teleg
8
100 14914 Jan 3 17233 Apr 8 1393 June 151 Dee
*12712 128
12614 127 *12614 12612 1273 1273 *126 127
8
4
126% 127
4
1,700 American Tobacco com____50 120 Jan 7 1285 Apr 19 11138 Mar 124
8
3 Sept
4
12514 12612 1255 1263 1251 126 *12512 126
8
/
4
4
12513 1263 1253 12612 2,600 Common Class B
8
4
ao 11914 Jan 5 12734 Apr 18 11018 Mar 124 Sept
*114 115% 3111418 1153 11414 11414 *11418 115
8
•11418 11412 114 11418
600 Preferred
100 11018 Jan 4 1157 Mar 9 10618 Jan 113 May
8
132 1323 134 135
134 135
135 136
131 1343 132 13212 1,900 American Type Founders- _100 125 Jan 7
4
793 80
4
7814 793
4 78
8014 7912 81% 793 8218 8014 8318 44,830 ` m Water Works & Elee___20 6214 Jan 3 146 Feb 18 114 Jan 135 Feb
8
8318 Apr 29
*10912 1101 *10913 1094 3110912 1095 3110912 109
43 4 Apr 74 Jan
3
/
1
8
/ *10912 109 8 •10912 10953
1
4
5
lift preferred (7%)
100 1041z Mar 1 110% Jan 21 10112 Mar 1081 Jan
18% 191
4
187 18% 18% 19%
8
19
193
3 1918 1912 193 197
8
8 7,700 A..ierican Woolen
100 18 Apr 13 333 Jan 5
/
1
4
19 June 427 Jan
8
5314 531 *537 54
8
54
57
5414 56
5414 5412 5412 5514 2,600 Preferred
100 51 Apr 13 8612 Jan 7
664 AugDee
r 9014 :
558 D
J
_
Amer Writing Paper pref 100
1 Jan
-5 Mar 7
8
1
Ws 9
8
8
8
*712
8
7 4 73
3
4
- 1,656 Amer Zinc, Lead & Smelt___25
712 Apr 28 104 Feb 17
/
1
52.May 121 Feb
/
4
*46
47
45% 47
47
47
47
47
463 463
4
4 4612 46% 2.200 Preferred
25 42 Jan 5 5114 Feb 18
20 May 54 Dee
4734 48
47
4712 467 47
8
4613 4714 4614 46% 4514 4614 11,000 Anaconda Copper Mining..50 45 Feb 9 4912 Jan
12
4112 Mar 517 Aug
40
40
40
40
39% 397
8 40
403
8 405 40% 4014 4014
8
347 June 44 4 Jan
8
3
*107 109
107 107 •107 109 *107 109 •107 10912 *107 10912 3,100 Archer, Mails, bildFd.NO Par 38 Mar 12 42 Jan 18
10
Preferred
100 106 Jan 4 108 Feb 23 100 Mar 108 Oct
•88
89
88
88
88
88
87
87% 87
88
87% 87% 1,000 Armour & Co(Del) pref
100 86 Apr 13 9618 Feb 16
9014 May 97 8 Jan
7
10
103
3 10
101 10
/
4
1018 10
10
10
10
10
1018 5,300 Armour of Illinois Class A-25
9% Apr 14 157 Jan 7
8
1318 May 254 Feb
6
6
6
6
.57
5% 5%
8 6
6
6
5% 6
700 Class B
25
5 4 Apr 11
3
91 Jan 6
/
4
534 May 17 JILD
*70
71
69
70
69
69
*6712 70
*66
70
*66
70
400 Preferred
100 60 Apr 13 8614 Jan 27
80
*2212 24
Apr 93 Feb
*2212 24
*22% 23% *2212 24
23
23
23
23
300 Arnold Constable Corp_No par 21 Apr 1 25 Jan 20
18 Apr 313 Jan
*24
2412 24
4
24
•24
25
*2312 2412 *2312 24
*2312 24
100 Art Metal ConstructIon_-10 22 Jan 11 27 Mar 12
*49
194 Jan 23 4 Oct
5012 4912 4913 494 4912 *483 51
3
/
1
4
*483 5112
300 Artloom Corp
No par 49 Apr 4 54 4 Jan 5
*112 11414 *112 1141 31112 11414 113 113 *113 4 11414 *4814 491
3
463 Sept 6312 Jan
4
/
4
*113 11414
500 Preferred
100 112 Apr 4 113 Feb 8 108 Mar 113 Dee
44
443
8 425 43 4 43
8
3
445
8 4312 44% 42
43
43
43
9.600 Assoc Dry Goods
No par 3912 Feb 9 447 Apr 11
*102 104
103 103 *10212 10312 3110212 10313 103 103 *101 104
37 mar 54 8 Jan
/
1
4
7
200 let preferred
100 9712Mar 3 103 Apr 25
96 Mar 10211 Jan
*107 111 *107 112 *108 112 15107 111 •108 111
•106 110
2d preferred
*44
47
100 105 Mar 23 108 Apr19 102 May 110 Den
*44
47
*44
47
*44
47
*44
47
1544
47
Associated 011
33% 34
.25 46 Mar 16 5014 Feb 19
3318 3318 *3312 34
4438 Jan 60 Mar
34
34
3312 34
*33
34
1,000 Atl G & W I S El Line.
.No pa
32
32
303
8Mar 25 42 Jan 5
*31
35
*31
29 Oct68 8 Jan
35
*31
3
33
311 311 *31
/
4
/
4
33
200 Preferred
110 11012 110 110
100 29 4 Mar 25 3812 Jan 8
3
110 112
3314 Oct4614 Jan
10912 11112 10818 109% 107% 1091
8,000 Atlantic Refining
*117 119 31117 119 17117 119
100 107 Jan 28 1177x Mar 1
97 Mar 12838May
117 117 •116 11712 *116 117
100 Preferred
59
*57
3157
59
100 11512 Feb 1 118 Mar 1 1 11513 Oct120 June
60 60
*57
60
1558
60
*57
5978
100 Atlas Powder
10212 10212 103 103
No par 5612 Mar 17 6212 Jan '20
103 103 *103 104 •103 104
54 Mar 64 Nov
103 103
100 Preferred
*11
1112 *11
1112 11
100 98 Jan 6 103 Apr 19
11
11
94 Jan 973 Dee
11
11
8
11
11
11
800 Atlas Tack
No par
514 512
*Vs 6
7 8 Mar 14 1213 Apr 7
3
5
/ 514 *51 514
1
4
8
/
4
Oct1713 Jan
5
518
5
5
1,500 Amnia. Nichols&Co no No par
39
384 3818 38
/
1
*38
414 Mar 22 1014 Jan 3
38
*3014 38
718 Oct28 Jan
*31
38
3131
38
490 Preferred
-._
100 37 Apr 7 61 Jan 5
54 Nov 93 Jan
Auto Knitter Hosiery_No par
4
18912 1923 iii" 18938 I8l'i 184'2 ii15- 18814 18014 18612 181
1 Jan 3
4
3 Jan 7
8
1673 Feb
21
b
184'2 1-- :565 Baldwin Locomotive Wks 100
76
*12014 1203 *12014 12034 3112014 12012 1201 12014 120 120
4
14318 Jan 18 2013 Feb 23
143'*
4
/
4
92718 OctMa
4
Dee
12014 12014
400 Preferred
28
263 2712 2612 26% 25 4 263
2712
4
100 116 'Jan 14 12012 Apr 1 105 Mar 11914 Nev
3
4 24% 2512 2318 2414 38,600 Barnadall
*25
25% 23 8 2412 24
7
26 231s Apr 29 3512 Feb26
2414 *24
243
4 2353 23% 224 2314 2,900 Class Corp class A
23% May 834 Jan
/
1
B
663
65
4 84
663
4 62
25 2218 Apr 29 3212 Feb 28
63% 634 6312 62 8 63
7
2212 Oct3911 Jan
/
1
62
/ 62 4 6.200 Smut Cigars, Inc
1
4
3
523 523 *52
4
4
No par 491, Jan 25 663 Apr 23
53
52 8 52% 52
7
52
4
51
51
39 Mar 55 8 Nov
3
5014 51
800
/
4
4
213 213
20 50% Apr 29 607 Feb 15
4 211 21% 2114 2114 20% 21
1912 2012 183 2014 3,600 Beech Nut Packing
3
5214 Oct 7178 Feb
4
Belding Hem'way Co__No par
/ 513
1
4
8 5012 50% 5012 50% 4818 50% 485 493
505 513
183 Apr 29 2714 Jan 7
3
4
3 50
26 Dec 39 4 Jan
3
3
8 55,200 Bethlehem Steel Corp
4
11018 1093 109% 1095 1093 1093 1103 110 11018 *1097 110
100 433 Jan 27 564 Apr 7
4
8
4
4
3
374 May 514 Sent
8
1.900 Preferred (7%)
100
*38
3912 38
3
3812 3814 3812 3812 3812 38
*37
38
99 June 105 8 Dee
7
373
4 1,20C Bloomingdale Bros__ _No par 104 4 Jan 3 111 Mar 28
110 110% 110 110 *110 11114 *110 111
*110 4 112
347 Mar 24 413 Jan 11
3
8
,
28 June 42 Dee
110 111
210 Preferred
100 10912 Jan20 1134 Apr 18 10414 June 110 Dec
5512 55
5514 5514 55
5514 5514 553
5533 5512 55
5512 2.200 Bon Anal, class A
713 7 8 *713 8
No par 6318 Jan 5 58 Mar 14
71
4 814
713
713
73
67
5311 Dec 5818 Dee
67
7
3,500 Booth Fisheries
51% 5212 *45
No par
50
84 Jan 28
*45
50
8 8 Apr 14
3
*45
1745
51
*45
48
44 Mar
984 Jan
50
200
let preferred
100 45 Jan II 5312 Apr 22
2012 *20
•20
2012 20
20
2012 20
2014 2014 *20
34 4 Oct6113 Jan
20
3
500 Botany Cons Mills class A__50
8
2814 3012 287 295
20 Apr26 28, Jan 5
8 2912 303
8 297 3014 291 29% 2914 297 43.600 Brbiga
z
/
4
8
20 May 4118 Jan
3
ManufaoturingNo par 2814 Apr 23 364 Feb
*12
*12
3
4
3
4
/
1
"2
23
3
4
Oct3712 Jan
24
"8
*5
5
8
3
3
4
4
*8
8
3
4
100
15714 15714 156 15612 155 1573 157 15814 156 15712 156 15613 7,900 British Empire Steel
12 Apr 11
4
138 Feb 10
12 May
3
Jan
100 14812 Feb 11 1597 Mar 17 133 Mar 163 Sept
95 4 9612 9538 9738 96 10014 9714 10012 9718 9938 98 10013 74,900 Brooklyn Edison, Inc
3
8
Bklyn Union Gas
No
4
34% 3512 333 3512 34
896 Apr 4 10012 Apr 27
8
3478 34
*33
68 Mar 98 Dec
34
347 *3313 34
4,900 Brown Shoe Inc
No pa, 3012 Feb I 852 Apr 23
*116 120 *116 118 *116 118
117 117 •115 118 •115 118
2912 June 483 Jan
8
100 Preferred
3138 315
3112 305 313 *3012 31
100 109 Feb 7 118 Apr 22 107 June 111 Mar
8 31
8
3
*3012 31
3012 30% 2,000
Brunsw-Balke-Collan'r-Ne Par 2812 Mar 21 387 Jan 10
96% 983
4 983 983
983 99
4
4
8
4 987 100
2438 Mar 39 4 Sept
9814 100
9914 1023
3
4 6,700 Burns Bros new elAcom
No per 9414 Mar 18 125 4 Jan 20 121 Mar 144 July
/ 2314 2312 24
1
4
221 223
/
4
4 22
2412 247
3
24
8 243 253 11,000 New class
25
4
4
B con:L.-No per 164 Mar 18 34 4 Jan 27
*9318 95
/
4
/
1
*9418 95
*941 95
3
*94% 95
2612 Nov 44 Feb
*9418 95
*9418 95
Preferred
9213 9212 92 9212 92
97 Mar 10312June
92
92 14 9214 92% 9218 •92
94
1,300 Burroughs Add Macb__Ne 100 9418 Apr 18 100 Jan 3
39% 39% 381z 391 3814 3812 383 3812 373 38
/
4
7712 Apr 124 Dee
4
374 38
/
1
3
1,900 Bush Terminal new_-__No par z90 Mar 2 126 Feb 24
*90
•9112 97
97
par 29 4 Jan 12 4414 Mar 17
*9212 97
3
163 Mar 341 July
4
4
*93
97
*93
*923 97
4
97
Debenture
*113 11314 114 114
100 9114 Jan 5 978 Mar 21
113 113
7
86 Apr 93 Aug
113 113 •113 11312 113 11314 1,290 Bush
Term Bldgs,
4
8
412
4
41 4%
41
412 5
/
4
9912 Jan 104 Nov
/
4
5
5
43
4 5
13.00 Butte Copper & pref.-100 1033 Feb 14 115 Apr 11
Zino
3 4 Mar 19
3
56
5
5 Apr 26
.56
56
5612 56
4 Dec
614 Feb
56
534 54
/
1
5413 55
54
51
1,100 Butterlck co
8 3 938
5
173 Mar 71 Sept
4
04 9 4
4
3
8 4 98
3
3
3
9
918
8% 8%
83
4 83
4 3,300 Butte & Superior Mining 100 5012 Jan 3 613 Feb i6
10
4
8014 79
8014 8312 79
738 Apr 4 113 Jan 7
1614 Jan
74 May
80
80
8
8114 783 8018 791 80
/
4
2,900 By-Products Coke_ ---NO per 66 Jan
86 Apr 9
6212 643
53 June 90 Sept
63
4 6112 6412 625 63% 62
84
64% 61% 63
8
15.600 fivers & Co (A Ml____No par 42 Jan 29 681• Mar 311
74 Mar 447r Kn.
3
1111118 anti Wed PrieeM on salsa on this day. •SP411,1deni34
Ion
New York Stock Record-continued- Page 3
2558
For eale• during the week of stocks usually inactive. see third page preca
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
April 23.
Monday,
April 25.
Tuesday, !Wednesday, Thursday,
April 28.
April 26.
April 27.
Friday,
April 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
-share lots
On basis of 100
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Per share $ per share
$ per share $ per share 4 per share $ per share $ per share $ per share Shares Indus.& Miscall.(Con.) Par $ per share $ per share5
6614 Oct 17912 Feb
3,800 California Packing_ _ __No par 8014 Apr 1 70 Jan
4
1
/ 64
1
/
4
4 833 644 63
643
4
6614 643 644 *64
6618 6612 65
293 Oct 3818 Feb
8
4
25 2112 Apr 28 327 Jan 18
8
227 39,700 California Petroleum
8 2112 228 22
243
4 23
248 248 243 248 2412 243
8
25 Jan
112 Mar
8
25 Jan 17
112 Jan 3
10
8 1,000 Callahan Zino
17
-Lead
15
153 *153
15
15o
158
178
158
8
15*
15* *15
5512 Mar 7358 Aug
70 Apr 21
10 6112 Apr13
2,400 Calumet Arizona Mining
6514 67
4
653 67
675
4 6712 673
4
683
4 67
*883 6912 68
1338 Mar 1812 Aug
25 1412 Jan 4 17 Apr 20
1614 16% 1614 1,200 Calumet & Rode
1653 163
4 1612 1612 1612 1612 1612 1612 *16
3212 Oct 49 Sept
4,500 Canada Dry Ginger Ale.No par 36 Jan 5 4612 Apr 5
4414 438 45
4512 457
45
457
447 4553 4418 4452 44
6212 Jan 176 Aug
100 132 Jan 27 17914 Apr28
4
171 17312 189 172
17212 17631 17312 17914 172 1783 25,100 Case Thresh Machine
17012 173
Jan 11812 Aug
96
200 Preferred
100 111 Feb 28 117 Jan 12
11312 11312 11312 11312 *110 115 *110 115 *113 11312 *110 11312
2812 Oct 334 Aug
2,600 Central Alloy Steel____No par 24 Apr 1 31 Apr 14
2814 2814 28
8 2612 2612 2612 27
277 277
2853 277 28
7 Nov 2012 Jan
4
8
83 Jan 3 103 Jan 7
100
800 Central Leather
934 10
97 1012 103 103*
8
1034 103
4 1052 1053 *97 1012
4
4314 Apr 683 Jan
100 54 Jan 14 72 Apr 2
600 Preferred
72
.68
72
72
72
*70
*69
4 6912 6953 *68
713
72
5
1014 Oct 327 Jan
1012 Jan 26 1612Mar 18
600 Century Ribbon Mille_No par
4
148 143 143
13
4
/
•131 15
*1314 1414 1314 1314 1414 1414
7814 Dec 90 Jan
100 70 Jan 24 83 Apr 22
100 Preferred
82
*80
82
*80
80
83
80
*80
*80
82
82
*80
5712 Jan 7312 Aug
59
60
2
59, 13,600 Cerro de Pasco copper_No par 59 Apt 28 8312 Feb 24
6012 6112 59
6212 63
6112 623
8
615 62
3818 May 4912 Jan
3
8
4614 473* 465 4712 11,800 Certain-Teed Products_No par 42 Jan 25 49 4 Mar 14
4612 467
45
4
/
461 4512 453
4 455 473
4
100 106 Feb 1 1103 Mar 7 100 May 10614 Nov
1st preferred
*10712 110 *10712 110
*10678 110 *1067 110 *1087 110 *1067 110
8
8
8
812 Nov 26 Feb
818 Jan 6 14 Mar 22
3,500 Chandler Cleveland Mot No par
1112 1153
4
125 128 1212 127
4 1212 1212 113 12
4
123 123
4
1
/
4
203 Dec 45 Feb
8
No par 2118 Jan 25 247 Mar 22
2,800 Preferred
2353 *2212 23
23% 234 23
23
24
*23
2353 2212 23
4
1
/
94 Apr 12814 Dee
3,000 Chicago Pneumatic Tool...100 12012 Jan 3 1374 Mar 2
13214 130 130
132 13314 131 13314 130 132
13212 13314 131
4
1
/
2
4
/
451 May 663 Jan
No par 4853Mar31 59 Apr 29
557 59
14,800 Childs Co
5514 5612
5612 583
8 56
5614 5512 57
578 55
30 Mar 3638 Jan
8
25 343 Jan 3 3914 Mar 21
18,800 Chile Copper
38% 37
365 37
8
4
373 3818 37
3718 363 37
37
38
16 Mar 28 Nov
5 2218 Jan 7 24 Apr 11
Chino Copper
*2214 26
4
253 *2214 28
*2214
*2434 26
*2214 26
*2214 26
3
2912 Oct 63 4 Jan
8
4 1,000 Christie-Brown tern ctfs No par 347 Jan 5 5078 Apr 21
4512 4512 451 2 453
48
46
46
4512 4512 4512 46
46
8
2812 Mar 547 Jan
No par 381s Jan 28 46 Apr 11
4 42% 43% 4213 437 174,900 Chrysler Corp
4212 4314 413 4318 413 44% 4318 443
4
Jan
93 Mar 108
8
No par 1023 Apr 11 108 Apr 21
1,100 Preferred
107 107
107
107
107 107
10712 10712 *10512 107
107 107
60 Dec 6812 Jan
4
& Co_ _No par 564 Mar l7 883 Jan 24
200 Cluett Peabody
58
*
4 5812 5812 *5712 5812 *5712 5812 5814 5814 *5712 5812
583
100 11114 Jan 6 118 Mar 19 10314 Jan 116 Sept
270 Preferred
117 118
8
3
1163 *1163 117
11712 11712 110 11614 116 11714 11653
4
No par 29612 Apr 27 19912 Apr 22 128 Mar 1743 Dec
7
984 16,700 Coca Cola Co
97
19812 199
19614 19812 195 4 19814 29612 9953 9612 98
3
4
343 May 6912 Dec
No par 63 Jan 4 8614 Feb 28
7754 11.300 Collins & Aikman
7612 7712 76
7912 793
4 78
7614 7812 7714 78
797
4
983 May 13812 Dee
100 126 Jan 4 165 Mar 9
118 Preferred
15312 15312 *154
__
'158
1
*158
____ *158 ---2
8
273 Mar 493 Oct
8
100 425 Jan 4 8418 Apr 20
4 7814 8214 7812 8112 224,100 Colorado Fuel & Iron
7818 823
80
8
805 825
8 763 8012 77
4
8
553 Jan 703 Dec
8
1,800 Columbian Carbon vi°NO par 667 Jan 3 851 2 Mar 18
77
77
4
4 763 77
773
7618 7714 *77
79
7914 77
78
5
85 8 Nov 91 Dee
8
8
9218 904 917 33,900 Colum Gas & Elea new_Ne par 827 Feb 11 967 Apr 16
90
91
9314 9418 91% 937
4 915* 93
923
8
8
987 Nov 1015 Nov
5
100 9912 Jan 24 105 8 Apr 14
4,300 Preferred new
1043 1047 104 1043 1043, 10412 10412 10412 10414 1044 10412 1047
4
8
4
1
/
1612 Nov 47 Jan
8
171g
2.000 Commercial Credit----No par 145 Feb 1 20-8 Feb 21
17
167 17
17
17
17
,
1712 171, 1718 1712 17
2114 Nov 2614 Jan
25 1912 Jan 28 23 Mar 10
130 Preferred
21
*20
•20
018
2
20
2014 2014 20
2024 21
$
*2014 21
4
20 Nov 273 Jan
Feb 19 23 Jan 7
8
25 195
120 Preferred B
4
2038 203
•
, 2018 2018 2018 2018 2018 2018 *193 21
203* 203
8512 Dec 9912 Feb
4
/
851 Jan 12
4
/
400 1st preferred (61%)
100 75 Apr 21
75
*74
75
75
75
75
85
*75
75
85
75
*75
5412 Dec 72 Jan
4
Invest Trust.._No par 48 Apr 28 563 Mar 14
500 Comm
47
4812 *45
48
*4812 49
49
48
491
*48
Jan
4
493 *48
97 June 104
100 95 Apr 21 9812 Jan 27
7% preferred
*9512 97 •
*9512 97
*9512 97
*9512 97
*9512 98
*9512 98
89 May 100 Jan
100 89 Apr 16 95 Mar 14
4
1
/
800 Preferred (6. )
9012
9018 *90
9012 90
*90
90
90% 90
90
93
90
*
B No par 223 Jan 3 3578 Apr 14 11814 Jan 237 Nov
Solvents
4
4
321 3293 328 33414 319 3313 32012 32612 17,700 Commercial
336 340
321 333
8
4
1
/
12 May 293 Sept
8
1714 Jan 26 217 Apr 22
4
2012 41,800 Congoleum-Nairn Ino__No par
193 2012 20
8
2 2014 20% 203 21
4
203 2112 2014 207
4012 May 57 Dee
8
No par 47 Mar 11 617 Apr 18
4
593 11,100 Congress Cigar
60
5812
5853
8 5912 60
8 5918 6014 5918 603
1 Mar
6012 807
5, Jan 5
32 Dec
14 Feb 1
Foil etpd_No par
Conley Tin
2
3
*12
4
3
"2
%
*12
4
3
"2
4
3
*12
34
*12
4514 Apr 8714 Dec
2,300 Consolidated Cigar _-__No par 76 Mar 24 8512 Feb 17
76
4 76
763
4 76
773
*77
78
78
4 7612 78
783 783
91 Mar 1073, July
100 99 Mar 22 10212 Feb 2
Preferred
*9812 100
.98 100
*9812 100
*9812 100
$9812 100
*9812 100
912 Jan
111 Aug
Feb 4
114 Apr 4
No par
212
4
/
11 1.200 Consolidated Distrib'rs
8
13
*138 02
114
114
112
8 *114
13*
153
13, 13
8
87 Mar 1153 Aug
94 Mar 9 10912 Jan 10
31,000 Consolidated Gas(NY) No pa
98% 9612 98
8 98
8 9812 9918 9818 993
9814 987
4
983 99
414 Nov
3.8 Mar 14
114 May
4
63 Apr 11
Textile_ No par
518 512 35,400 Consolidated
3
5 18 5 4
4
518 53
51
5%
5
5
8
553
53*
5012 Oct 937 Aug
3414 Apr 29 7475 Jan 6
1
/
8 3812 3814 3914 3814 3838 36% 383* 344 3712 38,900 Continental Baking cl ANo pa
39
4018 37
8
75 Oct1518 Sept
8
43 Apr 29 1014 Jan 5
No pa
412 453
453 458 21.800 Class B
434 4%
2 434
43
4
434 43
2
4 47
43
87 Oct9612 Aug
4
/
971 Jaa 13
100 72 Apr 1
7,400 Preferred
8
797 81
7714 80
82
8212 82
81
82
82
8018 82
70 Mar 9212 Jan
4
583 Apr 9 7312 Jan 3
8
3
8
6312 623 6312 627 83 4 15,900 Continental Can, Ino_No pa
63
8
8 615 63
6358 634 6114 837
2 135 Jan 27 16414 Apr 4 122 Mar 14434 Jan
2,400 Continental Insurance._
15312 154
4
15614 15612 156 1563 15412 155
157 157
15514 157
8
97 May 1378 Dec
4
133 Jan 6
8
113 Jan 28
8
115 11%
11, 118 11,900 Continental Motors.. _ _No pa
2
8
117 12
12
4
1214
1214 113 12
12
8
8
8
467 Jan 12 623 Apr 231 355 Mar 5168 Des
5852 595 109,000 Corn Products Reflning____2
8
4 5812 60
4
8 5934 818
5914 6118 593 603
6114 623
4
100 128 Jan 11 1303 Apr 14 12212 Jan 13814 Dee
400 Preferred
129 129
•12814 129
12918 12918 *1281z
•129 131 •129 131
4412 Mar 62 Dee
56 Jan 3 7514 Mar 23
No pa
4,300 Coty, Ins
684 707
8
6912 6912 694 7014 685 70
71
69
7118 72
4
64 Apr 823 Dee
8 Mar 4
86
84
8512 9,200 Crucible Steel of Amerlea-100 77 Jan 4 96 4
, 84
8712 861 875
8914 90
8712 89
86
96 Mar 104 Dee
103 Jan 18 109 Mar 17
100
200 Preferred
*107 109 *107 10812 108 108 *107 10812 *107 10812 108 108
8
2814 0 t 533 June
No par 2614 Feb 2 344 Jan 8
3118 313
317
4 8,500 Cuba Co
8 31
3053 305
31
318
308 3112 30% 313*
4
/
8
85 May 111 Jan
10% Jan 5
8 Apr 11
No pa
1,700 Cuba Cane Sugar
5 92s
•87
4 9
83
8
8 93
*87
8% 91
*9% 912
9% 918
s
35'lJUISO 503 Deo
4
503 Jan 4
5
100 39 3 Apr 5
4212 438 42
4212 4,400 Preferred
4312 44
44
43
4312 4312 43 43
2014 Aug30% JIM
4
/
8
223 Apr 6 281 Jan 3
2.100 Cuban-Amerlean Sugar.-- 1
24
24
25
2514 247 2514 2412 2412 24
2512 2512 25
975 Jan 105 Nov
8
100 102 Jan 31 1043 Apr 21
Preferred
*104 10717 *104 10712 *104 10712 *104 10712 *104 1071 *104 1071
1512 Sept2014 June
400 Cuban Dom'ean Sug new No par 1318 Apr 29 18 Jan 21
16
•15
135g 1353
1812 *15
•15
2 1512 1512 1412 15
153
5118 Nov 55 Dee
8
50 4312 Apr 8 527 Feb 23
4514 443 451
3,100 Cudahy Packing new
4
8 45
4514 457
4618
46
3
45 4 46
47
*46
7712 Mar 198 Dec
No par 103 Apr 4 112 Jan 17
Cushman's Bons
500
10512 106 *104% 109
106 106
Jan
10918 10918 *10512 109 *10512 109
32 Nov 61
8
No par 30 Apr 28 345 Apr 11
3,300 Cuyamel Fruit
3014 30
301
3012 3012 3012 3012 30
3112 3012 31
1531
4
2314 Oct 463 Feb
6.200 Davison Chemical v t a_No par 2614 Apr 28 3212 Mar 1
2612 28
2614 27
4
27% 263 27
, 27
2
267 275
8
*275 28
100 13312 Jan 21 14312 Apr 21 12312 Mar 14112 Dee
Edison
1,800 Detroit
4
4
4
4
4
1403 1403 141 14112 1393 1403 1403 1403
14012 141
Oct 1044 Feb
141 141
31
8
1,300 Devoe & Raynolde A--No par 373 Jan 25 42% Feb 2
3814 38
38
38
3812 40
40
401 *39
393* 393 *38
2114 May 4714 Jan
1758 Apr 22 2712 Jan 5
8
8 177 181 60,000 Dodge Bros Class A-NO par
4
4 171 185* 173 183
183
18
7912 May 90 July
175* 18
175* 18's
Apr 28 85 Feb 14
No par 70
7012 707 18,500 Preferred calif
711
70
7112 72
72
71
717
71
72
Oct. 20 Mar
71
8
3
7 4 Apr 20 1114 Jan 4
No par
5
, 6,500 Dome Mines, Ltd
814 8
8% 9
,
8 4 84
4
1
/ 812
8
822
812 854
8
19 Mar 46 Nov
No par 46 Jan 3 62 Mar 14
2,200 Douglas Pectin
60
5914 5924 60
4
593 60
5912 60
601
60
80
60
Jan 3 11112 Mar 11634 Aug
300 Duquesne Light 1st pref.. .100 1144 Mar 2 11614
4
11614 11624 116 116 .116 11614 116 116 *116 1161 15116 1161
1 Mar 1363 Dee
4
/
6,100 Eastman Kodak Co .Nopar 1261 Jan 28 14712 Apr 4 1085 Oct 323 Feb
4
8
1405 1414 1403 142
8
4
4
4
14118 14222 142 j4414 1413 1423 1417 143
23
6,500 Eaton Axle & Spring.. No par 2418 Mar 21 281 2 Mar 28
25% 251
2514 251
25% 251* 2518 26
18112 Dee
254 251
5
25 8 261
4
s
65,900 El du Pont de Rem new-No Par 168 Jan 25 2537 Apr 22 1543 Nov 11018 Des
23212 239
4
2443 232 240
4
24614 2493 23712 2451 23714 2433 241
4
100 10512 Feb 5 11112 Apr 26 1003 Apr
111 lip
1,000 6% non-vot deb
•110 1111 11118 1111 111 18 11112 *11118 11112 11112 11123 14
4
103 Oct 2012 Feb
8
25 117 Jan 3 1612 Feb 15
141
3,500 Eisenlohr & Bros
1413 1414 14'2 1414 1412 1414 1413 13% 14's
14
6184 Mar 82 Feb
No par 6312 Jan 13 79 Apr 22
8,300 Electric Autolite
4
4
7812 773 7312 773 78
7712 7812 78
7812 79
4 Mar 16 Dee
7712 781
2
No par 1312 Mar 2 203 Apr 20
1718 173 37,000 Electric Boat
8 1714 18
187
18
1712 19
8
1812 187
173 181
1514 Oct 3412 Feb
3
1612 Jan 27 20 4 Apr 14
No par
1854 191 50,800 Electric Pow at Lt
4
183 191
4
2 183 20
1384 16,
4
1
/ 20
19
2 1812 203
99l38ar 115 Feb
900 Allot ctfs for pref 40% pd..- 10378 Jan 28 11218 Apr 21
4
,
8
8
8
1103 11038 1105 1105s 1103 1104 109 1091
5
e110 8 1117 *11038 11/
4
/
4
pd___ 10812 Apr 8 1113 Apr 18 1021 Oct11012 Feb
-- Allot ctfs for pref full
*110
•110
___ *Ill
15110
__ *111
*111
8912 Mar 9814 Sept
No par 96 Jan 14 103 Apr 20
1,800 Preferred
8
8
10212 1017 1017 10114 10122 10112 102
8
8
1023 10258 102 1021 *1017
4
/
411151
1
/
3338 Dec 78
8
19.400 Electric) Refrigeration-No Par 2212 Apr 12 373 Jan 3
8 2412 2514 2412 25
8 2438 247
247
2518 257
8
8 243 2518 24
4
/
714 Mar 941 Aug
par 633 Apr 25 7912 Jan 6
8
653 10,800 Elea Storage Battery No
85
8 654 66% 6518 661
4 6412 663
vs Jan 4 13 Apr 14
4 6338 653
814 Dee
8514 683
614 Dec
200 Emerson-Brant Clam A _No Pa
8
8
11
ag
*73 11
8
8
8
4
*812 101 *85 10
4
/
8
6512 Mar 725 Feb
5
1,900 Endicott-Johnson Carp... 50 64 4 Jan 28 69 Feb 25
8
7
8
6614 857 66'4 657 65 8
6618 6812 653 66
66 14 6614 66
4
Jan 120 Sept
8
100 1163 Jan 5 12112 Mar 28 114
Preferred
7
. 1183 121 151133 121 *1183 121 *11914 121 *11812 121 *11834 121
4
4
4
1914 Oct 244 Ally
4
213 Jan 11 2512 Mar 31)
2412 3,000 Engineers Public Sorv__No pa
244 24
8 2414 2414 2414
2414 247
25
•
2518 2418 25
9214 Nov 9612 Aug
933 Jan 8 10312 Apr 23
4
No pa
300 Preferred
4
4
5
10312 10312 *10212 10312 *10212 10312 *10212 1033 *10212 1023 10212 10212 8,900 Erie Steam Shovel
2112 Oct25 8 Nov
5 244 Jan 3 3114 Mar 25
4
/
* 2818 281
8 2712 283
2814 2814 283
4 28
283
Oct 102 Nov
2812 2812 28
4
/
100 10112 Jan 6 1071 Jan 17 100
Preferred
107
15104 106 *104 106 *105 107 *105 107 15104 10612 15105
8
997 June 13214 July
Bldg pfd_100 11814 Feb 5 142% Apr 14
400 Equitable Office
4
4
8
138 138
13712 13712 13618 13618 1363 1363 *13712 139% 10,100 Eureka Vacuum Clean_No pa
15136 140
43 May 683 Del
4
1
/
60 Jan 25 7212 Apr 19
4
693
68% 6912 69
6912 693
7012 6914 70
144 July 17 Apr
7012 70% 69
3
19 4 Apr21
1518 Jan 25
100,Exchange Buffet Gorp_No pa
4
4
4
1914 1914 *1914 193 *1914 19% *1914 193
8
375 Dec 593 Feb
4
10 42,8 Jan 22
*1914 193 *1914 198
3818 Feb
No pa
3912 1,200 Fairbanks Morse
*39
4
393 •38% 39
4
4
*395 4012 *393 4014 *393 40
100 10718 Feb 7 112 Mar 2 10612 Nov 115 Feb
100 Preferred
8
8
1105 1105
•11012 112 *11012 112 *11012 112 *11013 112 *11012 112
4
-No par 10512 Mar 30 1143 Feb 24 10318 Jan 12712 June
8
4
1063 1077 22,000 Famous Players-Lasky
8
8
10712 1083 1065 108
10618 108
5
8
1067 10712 10614 107
100 116 Apr 25 1243 Jan 12 115 Mar 12412 Dec
700 Preferred (8%)
4
4
4
51163 11712 1163 1163 117 117
28 Mar 4718 Dee
116 11712 11712 11712 .
117 117
4
/
371 Jan 17 444 Apr 14
1
8 42
3
43 8 17,900 Federal Light It Trao
4114 425
43
4112 4212 42
8
86 June 94 Dee
8
425 434 415 43
per 9113 Feb 23 9912 Mar 31
No
180 Preferred
99
98
98
4 98
4
/
4
4 973 973
41 May 1111 Jan
4
4 973 973
4
4 973 973
*9612 973
200,Federal Mining It ElmelVg-100 60 Feb 9 120 Mar 12
120 *107 120
61 Mar 105 Jaa
112 112 *102 110 *105 115 *105 110 51107
100 7512 Jan 28 97 Mar 12
9312 5190
9413 1,800! Preferred
.92
94
5191
94
8
1593
94
23 Oct 343 Aug
94
2 Jan 10
95
9412
23 Apr 18 307
8 2,700 Federal Motor Truck No pa
243
24
4 2412 2412 2412 247
2412 243
2518 2412 25
25
9312 Feb 23 193 Jan 6 160 Apr 20014 Jan
1,400,Fidel Phan Fire Ins of NY. 2
4
1053 106
4
4
1063 1083 106 10612 106 106
10812 107
106 106
96 May 107 Feb
First Nat'l Pio, let prel___100 9712 Jan 13 103 Mar 4
4 *10112 1023
4
84
4
/
4
4
28 Nov 49% Feb
4
51101 1023 *101 1023 *100 1023 •1011 102 *10118 1023
No par 2218 Apr 29 30 Feb 7
2,500 First Nat'l Stores
2218 237
.2378 24
5
4
*233 24
24
2414 24
1414 May 2614 Jan
2412 2412 24
16 Jan 24 20 Apr 20
No par
4
1712 173 25,500 Fisk Rubber
4
8 18
1812 173 18
4
1
/
8
767 Apr 84 Mar
8 177 1814 177 183
1814 185
._100 81 Jan 5 8914 Apr 5
700 1st preferred stamped
87
87
87
8714 87
87
87
87
87
94 June 107 Mat
8712 87
•87
100 97 Jan24 101 Apr 21
1st preferred cony
4
/
1598 1001 1598 10018
1
/
*994 10018
•98 101
4
/
3214 Mar 561 Feb
•98 101
557 Apr 16
*98 101
Fleischman Co new......No par 4618 Feb I
8 5315 5412 67,500
543
8 53
4
525 5312 5312 547
4
7314 Dec 1793 Jan
No par 75 Feb 9 88 1 Apr I
3
53 4 54% 5252 533
6,800 Foundation Co
4
8112 8118 8212 794 8118 793 80
5518 Mar 85 Jam
4 8012 8212 81
4
No par 5418 Apr 25 7412 Jan 6
823 833
48,100 Fos Film Class A
5512 57
8
5412 567
58
56
57
55
8
195 Jan 36 Dee
4
8 5418 57
5714 583
Ne par 3414 Jan 4 743 Apr 9
Co
8
4
/
6314 6312 6514 611 6514 625 644 127.900 Freeport Texas A
53
25 Nov 42 Feb
6518 6114 6418 61
62
No par 2918 Jan 3 377 Apr 21
3618 11.600 Gabriel Snubber
3612 36
3812 36
3614 36
55 Nov
8 36
95 Jan
8
363 377
812 Jan 27 113 Apr 22
4
363 377
No par
4 8.200 Gardner Motor
103
10
2
63 10
1
10
1012
8
4
103 1153 103 11
39 Mar 55 Jan
3 50 8 Feb 25
5
4
46 Jan
103 1153
2
414713 4813 46% 46% 2,000 000 AmerCar_ _ _No pa
2
477
483 *477 48
468
9912 June 109 Dee
1
/
8 4718
477 48,
100 1064 Mar I 109 Mar 14
Preferred
10714 10714 *108 109
108 108
50 Mar 9414 Aug
4
7212 Apr 28 963 Mar 2
•108 109 *108 109 *108 109 4 7814 828 7212 774 73
100
7514 89,100 General Asphalt
823
4 81
8
4
947 Mar 14018 Aug
4 803 833
100 113 Apr 28 1441 Mar 2
8312 831
1.700 Preferred
11414 11414
117 12012 113 118
4
/
48 Mar 591 Feb
4
1
/
52 Jan 28 89 Feb 24
121 132 1512012 125 *125 135
•
D
7
200 General
(
4
4
/
4
5812 5914 573 581 57's 573 10. 00prefnee Cirr,Inc new_No par 116 Jan 5 134 Feb 24 109 Jan 118 Dee
59
8
575 5813 58
100
5714 5712
•
.
____ •12014 . _. 12014 -_ __ 121 121
4
/
12012 12012 *121
•12014 121
100 Debenture preferred (7)-100 116 Jan 11 11818 Apr 26 10914 Apr 1181 Feb
8
*11712 1237 *11712 120
1181g *11712 1237
8
51 Mar 565* Aug
1511712 120 •118 1237 11818
400 Gen Outdoor Adv A-No par 5453 Apr 11 5812 Feb 9
551
*55
55
55
4
15543 55
55
8
265 Mar 397 Des
6.300 Trust oertifleatee_ _ __No par 37 Jan 18 4678 Mar 2
5512 5512 5514 5514 *5412
8 393* 44)
397
39
s
397
39
3912 3858 39
79 June 954 Aug
8
3918 3912 39
9518 9728 188,200 General Electric) New__No par 81 Jan 27 993 Apr 25
.3 96% 9914 9512 983
8
4
Jan 118 Dee
8 957 977
11
1114 Jae 3 11% Jan h
9718 9814 9512 993
8 1138 liii 1153 1112 7.000 General Electric speola1-10 34 Apr 1 4712 Feb 2
*
8 115 115
8
8 113 115
8
Jan
34 Mar 59
8 115 115
1111 115
k
387 3912 3,100 General Gas It Eleo A__No par
38% 39
4
/
4
3912 3914 3912 383 391
39
40
8
395
a Ex-dividend 100% in stock.
sales on this day. z Ex-dividend. a Ex-rights.
and asked prIce31
5931d
3811
New York Stock Record-Continued-Page 4
FOR sales during the week of stocks usually inactive. see fourth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
April 23.
Monday,
April 25.
Tuesday,
April 26.
Wednesday, Thursday,
April 27.
April 28.
Friday,
April 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On basis of 100
-share lots
2559
PER SHARE
Range for Previous
Year 1926
Lowest
Lowest
Highest
Highest
per share $ per share $ per share $ per share $ per share $ per share Shares Indus. & Miscall. (Con.) Par $ Per share
per share
per
per shard
•10212 104 •10212 104 *10212 104
104 104 *10213 105 •10212 105
100 Gen Gas & Fiec of A (7)No par 100 Jan 3 1071 2 Jan 24 $ 95 share
May 100
*114 11414 •114 ____ "114 11412'114 11412 *114 11413 *114 11412
Preferred A (8)
No par 11314 Mar 22 1153 Jan 28 10512 Apr 113 Deo
4
Sept
*99 101
"99 101
"99 10018 "99 10018 *99 101
•99 101
Preferred 13 (7)
No par 96 Jan 13 100 Apr 19
9214 Apr 96
Jan
18814 19218 190 1933 18618 19114 18514 19014 735,600 General Motors Corp No par 14513 Jan 25 19614 Apr
8
193 19514 1874 193
22 11314 Mar 22554 Aug
1193 120
4
12018 12053 12014 12
12018 12014 120 120
8 5,100 7% preferred
013 12014 1205
100 118'z Mar 9 122 Jan 7 11312 Jan 12214 Dec
____ •104
____ 1047 1047 *104
•104
8
*104
_- *104
100 8% preferred
100 104 Mar 7 105 Jan 3
9814 Apr 105 June
10712 11114 110 112
10712 111
11012 112
10812 111
10714 110 43,200 Gen Ry Signal new____No par 8218 Jan 14 12014 Apr 6
6013 Mar 937 Aug
8
48
47
48
"47
495 *45
8
4912 48
49
"48
•45
49
400 General Refractories___No Par 38 Jan 14 62 Apr 6
36 May 49
Jan
4512 445 4612 453 4612 44
8
4
4512 4614 45
4414 4512 5,900 Gimbel Bros
45
No par 374 Mar 24 4934 Apr 11
4114 Nov 78% Jan
*103 10512 104 104 *104 10412 10412 10412 10512 10513 *10412 106
400 Preferred
100 993 Mar 18 10512 Apr 28 100 Nov 1113 Jan
8
8
8 1914 198 1918 1914 135 19
19
197
8 1912 195
8
19
19
7,000 Glidden Co
No par 1812 Jan 26 22 Mar 10
153* June 253 Jan
4
5214 494 5014 19,000 Gold Dust Corp v t o No par 42 Mar 9 54 Apr
523
4 49
4
523 5314 518 5314 514 524 52
4
21
4113 Mar 56% Feb
5514 557
8 5512 5612 533 5534 5312 55
56
55, 56% 55
4
4
14,000 Goodrich Co (B F)
No par 423 Jan 3 583 Mar 3
4
4
3913 Nov 703 Feb
4
*10014 10013 *10014 10012 10014 10014 9912 9913 99
99 •993 100
4
500 Preferred
100 95 Jan 3 10012 Mar 14
9411 Dec 100 Feb
1073 108
4
10814 109% 103 10312 "107 108
106 106
10714 10812 3,100 Goodyear T & Rub pf v %e100 9818 Jan 27 111% Apr 4
9613 Dec 1097 Aug
8
"109 11012 •109 1101s *10912 11018 *10053 1104 "10912 110
1095 109%
8
300 Prior preferrea
100 105 Jan 7 1094 Apr 22 10414 Dec 109 Sept
64
6312 65
65% 6434 6434 6314 64
6312 647
65
65
2.600 Gotham Silk Hosiery__No par 57% Jan 12 677 Mar 25
8
3314 Mar 6912 Nov
64
64
64 8 64
,
64
65
*64
6.08 643 643
4
4 6314 63% 1,800 New
No par 58 Jan 12 67% Feb 24
471s July 687 Nov
8
*10314 1074 106% 106% *10614 10713 •10614 10712'10614 10713 107% 107%
200 Preferred new
100 101 Jar 26 10913 Apr i)
-818 818 *318 8
818 81s •8's 812
*84 813
,2
818 818 4,700 Gould Coupler A
No par
8 Mar 18
9% Jan 13
8
Oct 2112 Jan
3814 301, 375, 387
3912 385 40
385s 39 4
,
39
373 38% 37,300 Granby Cons St Stn & Pr_100 3118 Jan 27 40 Apr 25
4
1818 Mar 367 Dec
8
111 18 11314 11112 1133* 113 1144 1113
11312 114
4114
1117 11314 21,606 Great Western Sugar tern et126 109 Jan 26 11914 Feb 28
8
89 Apr 11312 Dee
11814 11814 118 11814 117 11814 11734 118
11713 11712 1173 119
4
720 Preferred
100 11612 Feb 26 1217 Jan 17 10812 Mar 11814 July
8
43
44% 4312 4.4
427, 427
8 4214 43
42
4158 4212 7,900 Greene Cananea Copper__ _100 2914 Jan 27 455 Apr 19
43
93 Apr 3434 Do,
4
8
93
*9
912 *9
918 914 *9
4
91,
93
9
914
900 Guantanamo Sugar--No Par
8 Jan 25 10 Jan 4
518 Jan
107 Feb
52% 5312 53
537
52% 51
8 52
5318 54
53
523 523
4
4 5,100 Gulf States Steel
100 52 Apr 28 64 Feb 251
513 Oct 933 Jan
8
57
5914 57
584 5614 5614 564
5012 '57
30 Hanna let pref class A
5912 *57
*
57
100 58 Jan 31 67 Jan 19
45 June 6013 Dec
*25
27
"25
27
27
"25
*25
27 "25
"2512 27
27
Hartman Corp class A_No par 25 Jan 22 274 Mar 29
28
Oct 2813 Nov
8
2712 277
2834 27
s 27
274 265 27
275 28
8
263 277
4,100 Class B
4
No par
2312 Feb
293 Apr 18
8
245 Dee 30 Sept
8
26
26 14 267
26% 28
265 2634 2614 '2613 3,300 Hayes Wheel
8
8
263 263* 26
No par
1512 Feb 15 2812Mar 31
1718 Dec 48
Jan
*92
94
*92
94
93
933 *93
*92
4
93
93
92
400 Helme(0 W)
92
25 7613 Jan 14 1017 Mar 17
8
68 Star 88 Dec
8
*2514 28
2712 2712 *2514 27% 253* 253 "2514 28
*2514 28
300 Hoe(R) & Co
No par 22 Jan 31 333 Feb 14
4
1711 May 3512 Aug
.61
61
61 12 61
61
6112 614 --------61
61
300 Homestake Mining
•60
100 60 Jan 25 6318 Jan 15
4712 Jan 63
Oct
4
8 4814 487
48 4 483
,
484 483 *488 49
4
4 483 487
• 1.700 Houaeh Prod,Inc.tern ctfNopar 4314 Jan 3 5014 Mar 17
8
40 Mar 483 Jan
8
10712 111 12 10834 114
110 116
14812 14812 130,600 Houston 01101 Tex tern etfs100 6018 Jan 11 1243 Mar 8
14
11412 1164 10812 114
18
%
4
5014 Mar 71
Jan
8 38
3818 3814 347
38
393 3912 3818 3914 38
38
4,900 Howe Sound
38
No par 37% Feb 14 4172 Apr 18
27
Jan 45 Sept
7253 74
4
71 13 7312 713 733* 160.900 Hudson Motor C6r__..No par 4814 Jan 24 77% Apr 20
4
4
733 7512 7114 7414 713 74
4084 Oct 12314 Jan
1914
1914 20
1914 2014 1912 2053 13,600 HUPP Motor Car Corp.... JO 19 Apr
1912 19
1912 19
19
22 235 Jan 10
8
17 Mar 283 Jan
8
1912 20,i
19
18
20,4
1918 21
1918 18
2112 218
193 27,900 independent Oil & Gas_No par
8
18 Apr 28 32 4 Feb 1
3
Jan
193* Mar 34
17 '16
17,
2 16% 1634 16
1712 *16
1618 •1618 1812
*16
500 Indian Motocycle
No par
13 Mar 30 183 Apr 13
8
1412 Dec 2414 Feb
*
84 8
8% 83
83
8
8 812
2,400 Indian Refining
87
8
8 9
,2
8
818
10
7% Jan 29 1118 Mar 14
73 Oct 13, Feb
4
4
•712 77
8
8 14
84 814
73
4 8
812 813
9
5,800
Certificates
9
10
75 Jan 12 1012 Mar 14
8
712 Oct 1212 Feb
*9212 9512 95
94
93
95
*9212 93
9312 94
800 Ingersoll Rand new___ _No par 92 Jan 10 9613 Apr 2
9312 9312
804 Mar 104
Jan
43
44
44
44
44
45
44
45
4314 4313 427 43
8
2,000 Inland Steel
No par 41 Feb 15 47 Apr 18
3
3 'n May 43 4 Dee
4
•11218 11312 "113 11312 "113 11312 *11314 11312 *11314 11312 11314 11314
100 Preferred
100 111 Jan 3 114 Mar 16 1083 Star 115 Feb
4
1918 *19
8 19
191
197 197
8
183 1014
s
183* 1853 1814 1814 1,700 Inspiration Cons Copper___20 1814 Apr 14 2512 Jan 12
2034 Slur 283* Nov
4 133 137
4
13% 134 134 133
133 137
4
1312 14
1312 138 3,900 Intercont'l Rubber.
___No par
1112 Jan 3 153 Star 12
4
12 Dec 213 Feb
4
7
612 7
818 64 *6
618 612 *6
7
'6
7 2 1,300 Internat Agricul
,
No par
818 Apr 23 107 Feb 23
8
918 Dec 264 Jan
3518 3518 3514 3514 3512 357
39
*34
3412 35
1,600 Prior preferred
333* 34
100 33 Star 20 65 Feb 14
563 Dec 95
8
Jan
7512 753
735 75'2 7412 757
4 7418 76
8
73
753* 20,200 Int 13usiness Machines_No par 5318 Jan 13 7614 Apr 22
74'l 74
3818 Mar 56% Des
8
544 54,
8 535 54
534 533
4 5312 533
4 5312 5312 523 5313 3,400 International Cement_ _No par 454 Jan 21 547 Apr 22
3
443 Oct717 Jan
8
•1085 110 '10812 _-_- •10814
8
•10814 11012 *10813 1101 *10812 11012
Preferred
100 1024 Jan 21 109 Apr 12 1017 Oct106
Jan
547 553
4 5314 5512 5318 5412 5314 5518 503* 543* 505 513 92,000 Inter Comb Eng Corp_ No par 4318 Jan 28 64
8
8
4
Mar 1
3313 Ma
16112 1623 15714 16112 158 159
4
158 16114 1577s 16013 15814 16034 12,900 International Harvester_ 100 1353 Jan 18 1637 Mar 1 11214 Star 6412 Jan
8
s
15818 Dee
1284 1284 1283 1283 *12813 12914 *12812 12914 129 129
4
4
129 129
600 Preferred
100 1263 Jan 12 1293 Star 26 118
4
4
Jan 129 Dec
718 73*
718 718
718 718
63
4 7
64 64
63* 653 1,500 Int Mercantile Marine
100
614 Jan 4
8% Feb 7
6 Sept 123 Feb
8
4213 4314 403* 4314 4114 417
8 4118 4218 38% 4114 393* 407 24,600 Preferred
100 374 Jan 6 443 Feb 7
27 Star 463 Feb
8
683 694 67
4
6918 673 6812 673* 68% 67
4
)371
667 66% 8,300 International Match prat.35 62 Mar 2 744 Apr 16
8
5313 Star 668 Feb
7
574 59
5612 6054 56
5953 5712 59 4 5553 5753 553 5634 507,600 International Nickel (The)_25 3814 Jan 3 605 Apr 25
,
8
3253 Star 4614 Jan
10104
____ "104
•103
'104
____ '104
____ "104
Preferred
100 1035 Mar 2 10614 Feb 2 10112 Jan 10412 Dee
8
5212 5418 517 5213 5213 5314 5214 54
5012 5212 5012 517 14,400 International Paper__ _No pa
8
5012 Apr 28 607 Mar 7
8
441g Apr 633 Aug
4
*9712 98
98
93
*9712 98
•9711 98
9712 974 '98
983*
200 Preferred (7%)
100 9613 Jan 3 1004 Star 16
89 May 100 Dec
"182 185 "177 183 "177 185
177 177 *174 190 '175 185
100 international Shoe_ __ _No pa 160 Jan 21 180 Apr 20 135 May 175 Jan
1363 13712 1345 13714 13412 13612 134 1357 133 1353 1337 1343 19,900 Internat Telep & Teleg_100 12214 Jan
4
8
8
4
4
25 1385 Apr 20 111 Mar 133
8
Jan
24
2518 25
25
247 247
8
8 24
23
24
2312 23
2,900 Intertype Corp
23
No pa
1912 Jan 31 294 Apr 2
1812 July 29
Jan
6414 6414 613 643
4
8 62
6212 62
6312 6118 62
6114 613
No par 5313 Jan 3 65% Apr 21
8 3,100 Jewel Tea, Inc
25 Jan 5812 Dee
*120 123 *120 123 "120 122 *120 122 "120 122 *120 122
Preferred
10 117 Mar 18 12512 Mar 15 11512 Jan 12712 Nov
2413 2412 2318 2414 2318 233
4 234 2318 223* 2318 2218 223
4 5,900 Jones Bros Tea, Ino.etptl 100 10% Jan 3 2714 Apr 6
4912 Feb
9
Dec
*194 197
8 183* 193* 1812 185
8 17
1812 1712 18
18
No pa
1818 8,100 Jordan Motor Car
1513 Mar 3 2212 Jan 5
12 Nov 86 Feb
Kansas Gulf
14 Jan 11
1
14 Mar
Ii Jan 11
54 Jan
*115 118 '115 118
ill fig- 11412
1144 ---556 Kan City P&L lat pf A_No pa 112 Feb 10 115 Apr 23 10714 Mar 115 Nov
513 5214 51
4
52
51
51
51
5013 5012 49
51
3.800 Kayser (J) Co v t e___ _No pa
50
49 Apr 29 57 Jan 31
14
3314 May 513 Dso
4
25
255
8 234 24% 23
247
8 233* 2518 203* 24
2112 23
69,500 Kelly-Springfield Tire
912 Jan 27 283* Apr 21
2
9
Oct 2112 Feb
73 73
7312 7312 7212 7212 72
"71
7312 "71
72
73
600 8% preferred
100 35 Feb 2 753 Apr 21
8
4312 Oct 74 4 Feb
3
74 '62
*72
72
*66
73
*66
72
71
"65
"65
72
100 44 Jan 19 76 Apr21
8% preferred
45 Dec 7314 Feb
85
85
85 14 8514 87
884 '88
89
87
800 Kelsey Wheel, Inc
8714 35
100 65 Mar 25 90 Mar 31
35
76% Nov 126 Feb
85% 664 64
65% 64
6318 641R 44,700 Kennecott Copper
64% 633* 6518 63
64
No pa
60 Feb 9 663 Apr 22
8
493 Mar 6414 Nov
4
5
8
3
4
5a
5
8
53
53
12
5
8
12
900 Keystone Tire & Rubb-No par
*13
5
8
1 Mar 11
4 Jan 3
4 May
218 Jan
32
32
32
32
*32
34
*3013 3312 *3013 3312 "31
32
400 Kinney Co
2114 Feb 11
No pa
45 Jan 6
39 Nov 8214 Jan
*573 68
8
57
57
57
5712 5613 5612 5612 58
•5613 58
900 Kraft Cheese
50 Feb 10 62 8 Feb 25
2
7
565 Dec 68 Nov
8
52
5212 5118 52
5112 523
4 524 523
8 5114 52
5112 513* 11,500 Kresge (SS) Co new
s
10 457 Jan 28 55 Jan 7
4234 Mar 82 Jai
*11112 11213 11212 11213 11213 11213 '11212 11314 *11213 11313 *112 11312
20 Preferred
100 11018 Feb 9 11312 Mar 11 11213 Nov 1143 Feb
4
•1513 157 *15
16
"15
16
14
14
14
14
14
14
400 Kresge Dept Stores____No pa
14 Apr 14 1713 Feb 8
15is Mar 333g Jai
"48
60 '46
60 '48
80
60 60
"55
70
"60
70
100 Preferred
100 60 Apr 27 80 Jan 4
7014 Mar 9314 Feb
*189 190 "189 195 *192 19612 194 198
1973 200 *195 200
4
3,400 Laclede Gas L (St Louis)-.100 1735 Jan 27 200 Apr 38 146 Mar 19614 Dee
2814 2914 2612 273* 264 2713 265 2712 25
8
2714 25
263 19.800 Lags 011 & Transport_No par 2012 Jan 13 3212 Apr 9
8
1918 May 2412June
6914 7014 704 707
704 71
8 7014 713* 693* 7013 6914 7013 4,900 Lambert Co
No par 66 Jan 28 74 4 Mar 16
3
394 May 72 Nov
812 812
83
8 85
8 *8
83
8
83
8 8% "8
814
84 84
1,200 Lee Rubber 04 T1re
,
No par
7 Jan 4
8
93 Star 14
814 Dec
14 Jan
3318 334 3312 3312 3318 3312 323* 3314 331g 3312
•3314 34
3,400 Lehn & Fink
No par 323* Apr 27 373 Jan 19
4
30 14 Mar 4118 Jan
3
*21
22
22
*21
"21
22
"21
22 '21
22
"21
22
Life Savers
No Pa
, 2114 Apr 16 24% Feb 17
1714 May 25 Dee
*
*101% 102% *10114 1027 *10114 10278 1025, 1023 101 10138 10114 10183 1,200
4
Liggett & Myers Tobacco.
.25 •8713 Feb 10 1027 Jan 4
8
7218 Mar 103 Dee
8
8
101% 1017 1007 1017s 10018 10112 10018 1007
8 98 1004 9812 10012 7,100 Series B
25 •865 Feb 10 1023 Jan 18
8
4
71 Mar
7254 Dec
12614 12614 *12614 130 *12614 130
4
•1253 130
129 129 *12614 130
200 Preferred
100 1243 Jan 27 1293 Apr 5, 1193 Jan 1293 May
4
4
69', 691g 71
4
7313 7113 763* 7318 7518 6978 7313 687 71
4
42,600 Lima Lee Wks
No par 62 Jan
763 Apr 2(6 5312 Mar 69 4 Jan
8
4 4912 5012 5012 51
3
5012 4912 503
*50
50
51
5014 5 14 2,100 Liquid Carbonic certits_No par 4818 Mar 15
0
593 Feb 14
8
4312 Oct 587 Not
5313 5412 535 557
8
8
4
543 55
5518 563* 544 5534 543 55
26,700 Loew's Incorporated..
.No par 46% Jan
637 Mar 17
8
3414 Mar 483 Dee
614 612
8
614 012 *014 613
63
8 6%
614 83
8
614 614
1,800 Loft Incorporated
No par
6 Feb 23
75 Jan 2(
8
6
3512 36
Oct 1114 Feb
3312 36
3213 333
4 33
3312 34
34
3414 35
2,600 Long Bell Lumber A
No par 3212 Apr 28 43 Mar 7
162 18412 16014 162 "160 167 "162 168
4l3 Dec 5012 Feb
166
166
162 164
1,400 Loose-Wilco Biscuit
150 Jan 18 17312 Feb 26
100
88 Mar 17712 Dee
160 160 *160 170 •160 170 *160 170
165 165 *160 165
200 2d preferred
100 157 Mar 11 1697 Feb 26 12014 Mar 175 Dec
8
4 2713 275
2712 274 2712 273
2412 2814 25
2534 253* 253 28,600 Lorillard
4
25 2412 Apr 27 32% Jan 3
273 Oct 424 Feb
4
*115 11612 *115 11612 115 115 *115 11612 114 115 *112 114
300 Preferred
11812 Jan 13 11115 Apr 120 Aug
1318 13
1318 13
1318
13
13
1318 1258 127
1212 1253 17.100 Louisiana 011 temp ctfa_No 100 111% Mar I
par
1212 Apr 29 184 Jan 5
*92
94 '92
12 Mar 197 June
94
94
s
*92
*93
94
"92
9112 941
93
100 Preferred
90 Apr
100
8 263* 2612 2614 263
97 Feb 5
8 2612 267
93 Dec 98 Deo
263* 267
8 26
2612 26
2014 4,300 Louisville 0&
,
2713 2713 2713 274 275 29
27% Mar 24
223 Mar 2618 Feb
4
•274 28
8
2713 273
4 274 27,8 4,100 Ludlum Steel El A ___ _No par 235 Jan
No par 2618 Jan 1
3314 Mar 18
225 Oct 584 Feb
8
*120 12312 '120 12312 *120 12312 "120 1223 *120 12312 "120 122
4
Mackay Companies
100 120 Jan 1
1273 Feb 25 122
8
Oct 133 Feb
*7013 71 14 *7012 703 *7012 703
4
*7013 71
4 7012 7012 *6912 7012
300 Preferred
100 70 Star 1
8
72 Jan 27
10812 11012 107 1087 1067 1093 10912 1123* 1085 11114 1685
68 Mar 734 Feb
8
4
8
8 11034 153,400 Mack Trucks, Inc
No par 8814 Jan 24 11212 Apr 181 895 Nov 159
8
Jan
4
•111 113 *11012 112 *11012 1113 110 111
11012 11012 *110 11014
600
lst preferred
100 109 Jan 2 11112 Apr 221 10712 Nov 113 June
4
4
4
"105 10618 *10512 1053 1053 1053 *1053 107
4
105 1053 *110 111
4
300 2d preferred
100 102 Jan 1
106 Mar 141 102
Oct 1083 Sept
4
4
8 343 3434 3418 3453 34
3413 34
345g 345
34
333 34
4
2,300 Magma Copper
No par 2912 Feb
Apr 447 Feb
3618 Mar 71 34
14
8
123 123 '1212 13
4
16 '12
4
"12
1212 1234 13 8 167
7
8 3,700 Mallinson (H R) & Co_No par
11 12 Apr
167 Apr 29, 125 Nov 2818 Jan
8
8
473
7313 "71
.7112 72
7312 *71
7312 72
72
*69
71
100 Manatl Sugar Pre
100 69 Apr
1
668 68
77 Feb 23, 55 June 82 Feb
4
6713 694 6713 69
6712 684 68
67% 68
683 13,600 Manti Elm Supply ____No par 6318 Jan 2.
4
Oct 873 July
44
72 Mar 141
4
2953 295
2812 30
30
2058 3012 2834 30
284 29
30
4,000 Manhattan Shirt
25 2414 Jan 1
217 Oct 327g Jan
3134 Apr 22
8
*4412 46
*4412 46
*444 46
'4412 46
*4412 46
4414 4413
200 Manila Electric, Corp__No par 40 Jan 2
46 Mar 10
2712 Mar 453 Sent
11
1518 15
15
•1512 16
15
15
1414 15
133 1414 4,500 Maracaibo Oil
1514
4
Apr 29 223 Jan 18
1612 Oct 28 Feb
4
133
333
383 39% 3718 3818 38
4 3612 384 36
8
37
3618 3714 261.900 Marland Oil Expl----No 285 33 4 Apr 28 5812 Jan
No par
49h Star 63h June
17
33
3314 327 33
32
327
3214 3214 303 323* 3114 323
4
4 3,800 Marlin-Rockwell
2412 Oct 33 Mar
No par 27 Jan 10 38 Feb 9
*134 19
"18
19
*1812 19
184 18% *1812 19'4 •1813 19
100 Martin-Parry Corp_ ,
17 May 23 June
. .No Par 1712 Apr 13 24% Feb 24
4
1023 1044 104 104
4
100 103
*105 10812 1023 103
7113 704
9812 1013
4 4,700 Mathieson Alkali Works_50 82 Jan 6 109% Mar 29
6213 Slay 10618 Jan
4
703 72% 71
733
8 7218 733
4 7014 72
4 707 723
34,200 May Dept Stores new
6912 Dec 70 Deo
4
25 6714 Jan 27 733 Apr 27
,
29
31
29
3018 2912 2934 17,300 Maytag
2912 29% 28 8 293* 283* 29
Co
19 Mar 2412 Sept
No par 231 Jan 15 31 Apr 27
8
71
*69
70
71
70
69 69
71
70
70
71
7112 1,500 McCrory Stores Class!) No par 5813 Mar 4 7513 Jan 3
72 Mar 121
Jan
8 255 2553 2514 255
8
8 2514 2514
'25% 2712 253* 25% 2512 257
1,600 McIntyre Porcupine Mines_ _5 2412Mar 14 2712 Feb 28
2214 Oct 30 Feb
8 2512 2511 '2514 253 "2514 2512
4
"2514 2512 2514 2514 253* 253
600 Metro-Goldwyn Pictures 91_27 243 Jan 3 264 Feb 21
4
224 Jan 2513 Nov
614 63
)35
63
8 64
63
8
s 63*
6
6%
618 4.800 Mexican Seaboard Oil_ No par
4 6%
•63
94 Feb 16
.
6 Feb
6 Apr 29
1334 July
16
16
16
1614
16
1614 158 16
16
16
157 16
8
9,760 Miami Copper
4
11 Mar
175 Oct
8
5 143 Feb 8 1613 Feb 28
31/2 3112 30% 314 303 3118 3053 3114 2912 3014 29
4
30
43,000 Mid-Continent Petro__No Par 29 Apr 29 39% Jan 21
2712 July 37
Jan
10012 10013 *100 10212 97
2
98
97
*101 10212 *101 102,
97
400 Mid-Cont Petrol prat
100 97 Apr 28 05 Feb 3
90 Mar 10414 Dee
213 23
23* 24
23
14 2%
23
8 212 20.300 Middle States Oil Corp____10
4
8
24 24
23
4 27
1% Jan 3
3 Nov
314 Feb 8
4
212 Jan
13
4
13
4
15
8
13
4
*15
8 13
15
4
14 1%
15s 1,200 Certificates
113
112
118 Jan 25
214 Feb
10
lz Oct
lh Des
108 10814 106 10712 106 106
107 107 *107 109
,
108 2 109
900 Midland Steel Prod prat_ __100 106 Apr 11 11912 Feb 17 107 Mar 13313 Feb
les-filvidenel
13s-riabls.
•Hid and asked micas 00 Wes on Ibis day.
2560
New York Stock Record-Continued-Page 5
Pee sale* during iti• week of stock' usually Inactive, see fifth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
April 23.
Monday,
April 25.
$ per share $ per share
353 363, 3514 36
9712 978 9612 9712
67
678 65
6712
914 914 *812 9
418 418
4% 414
11
11
11
11
37% 38
363 3814
4
2438 2478 2414 2438
*17
1712 1612 165,
*3612 38
*3612 38
335 35
327 3412
6212 63
4
64)14 623
*6
614 * 3
5 4 614
113 114
11158 11212
*133 134 *13314 13312
4414 4412 44
4412
Tuesday,
April 26.
Wednesday' Thursday,
April 27.
April 28.
Friday,
April 29.
qn1
0
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1 1927
On bads of 100
-share tots
Lowest
Highest
PER SHARE
Range for Previous
Year 1926
Lowest
Highat
Indus.& Miscall.(Con.) Par $ per share 8 per share
Per share $ per share
Mlller Rubber etfs____No par 313, Jan 25 3634 Apr 12
30 May 4484 Feb
100 814 Jan 28 100 Apr 18
Montana Power
/
1
69 8 Mar 86% Nov
8
Montg Ward & Co Ill oorp__ 10 6088 Feb 8 70 Apr 22
Jan
56 May 82
Moon Motors
No par
734 Apr 13 1212 Jan 5
8
9 4 Nov 378 Feb
3
4 Feb 9
Mother Lode Cealitton_No par
43 Jan 3
3
4 Nov
712 Feb
Motion Picture
No par
95 Apr 26 163, Mar 18
8
10114 Dec 2312 June
Motor Meter A
No par 3212Mar 31 383 Apr 18
4
3
33 May 53 8 Feb
/
1
4
Motor Wheel
No par 208 Jan 3 27 8 Mar 29
4
7
8
191 Nov 337 Feb
/
4
Mullins Body Corp
No par 10 Jan 5 1713 Apr 12
4
8 Nov 193 Feb
MunsIngwear Co
No par 38 Feb 25 397k Jan 11
343 Apr 38 July
4
/
1
4
Murray Body new
No par 28% Mar 23 43 Feb 23
Nash Motors Co
No par 6014 Apr 25 7312 Jan 5
Dec
52 171-ar
National Acme stamped___100
5 Feb 15
65 Jan 7
8
7
5 Nov 12 8 Jan
3
National Biscuit
25 94 4 Jan 27 115 Apr 13
74 Jan 102 Dec
Preferred
100 130 Jan 10 1343 Apr 8 126
4
Jan 13112 Apr
Nat Cash Register A WINO par 397 Jan 3 457 Mar 21
8
8
3712 Oct 54 Jan
18 Nov 57 Jan
National Cloak & Sult
100 18 Jan 22 447 Apr 11
8
100 61 Jan 31 9758 Apr 16
5818 Nov 92 Jan
Preferred
/
1
4
53 Apr 80 Jan
/
1
4
8
- ai 7 7 -77r2 7"iiis ---1- "
;
3
;
;
1
8
7 2 78i4 - - 4 78 16 -78i4 111 22.700 Nat Dairy Prod tern otrsNo par 70 Jan 3 807 Apr 13
9
6
24 Oct 42
25
/ Jan
1
4
25
25
4,300 Nat Department stores No par 2458 Eeb 7 2758 Mar 1
25
25
25
25
25
25
2434 2514 25
let preferred
100 90 Apr 18 9414 Jan 10
91%
100
*90
89
/ Oct 97 Jan
1
4
*90
91% *90
91% *90
9118 *90
9118 90
90
1212May 34 Jan
247 25
24
247 10,700 Nat Distill Prod ctts_ __No par 17 Feb 8 2712 Feb 16
8
25
2414 258 241g 2512 2414 2514 24
3712 Aug 7318 Jan
50
800 Preferred temp etf __No par 43 Mar 22 5513 Feb 21
5114 5114 50
*48
51
50
50
*50
5018 *50
51
2118 July 4812 Jan
21
1918 2012 4,600 Nat Enam & Stamping-100 1918 Apr 29 3014 Feb 28
225, 207 2118 208g 2118 2012 • 21
2012 21
76 July 89 4 Jan
8
800 Preferred
12
70
100 69% Apr 29 83 Jan 28
70
8
*70
74
7014 7014 7014 7014 703 7038 69% 7014
19514 19514 19012 1931 193 194
4 3,900 National Lead
100 160 Jan 27 200 Apr 1 138 Apr 181 Dee
19214 195 *19312 1943
195 196
Jan 120 May
, 1,700 Preferred
12914 12914 12912 12912 129 129 *129 1293 129% 130
129% 1297
100 11714 Feb 3 130 Mar 21 116
4
163 Mar 383 Jan
4
8
4
2114 213 23,800 National Pr & Lt otfs_-No par 195 Jan 2S 23 Mar 24
223 22 4 213 2218 218 2214 213 2214 2114 22
k
,
4
3
8
4
5512 Jan 88 Dee
3
8214 83% 9,200 National Supply
*8212 83
50 8214 Apr 29 95 4 Feb 18
83
84
,
84
8
512 87% 825 84
83
*113 115 *110 112 *105 11412 *105 10512 *110 112 *108 112
National Tea Co
No par 108 Apr 18 122 Mar 15 11612 Nov 238 Jan
1158 June 1614 Nov
8
8
14 8 147
5
5 137 Feb 10 15 Jan 3
4 1412 143
4 1412 145 21,500 Nevada Consol Copper
4 145, 143
8 1412 143
4 145, 143
4414 443
3612 Jan 4612 Sept
4 4,300 N Y Air Brake
No par 403 Jan 8 47% Feb 11
8
3
8 4314 44
4314 4312 42 4 4314 4212 423, 4212 423
8
2018 Nov 84 4 Jan
8
4,700 N Y Canners
8
1338 133, 1312 1312 13% 1312 133 148 13% 13 4 135 147
No par 131s Apr 21 217 Jan 3
4
3
7014 Dec 85 Apr
Preferred
*47
No par 43 Mar 30 72 Jan 13
54) *47 541 *47 50 *47 50 *47 50 *47 50
7
32 Oct 45 8 Feb
200 New York Dock
3712 40
,2
38 .
100 34 Jan 14 43 Mar 25
*38
4012 38
41
*38
*3714 39
41
*38
69 May 77 Dec
200
Preferred
3
100 7218 Feb 9 77 4 Mar 25
*74
7413 7412
*7413 76
7512 *74
76
76
*74
/
1
4
8
600 Niagara Falls Power pf new_25 273 Jan 31
275 Mar 29 1)e°
79% 2749%
2912 Apr 28
4
* 8 287 *2812 283
285
2912 2913 24
,
29
8
4 285 28% 29
21,700 North American Co
,
42 Mar 67 Jan
8
10 455 Jan 14 501 Feb 25
49
8
4914 4712 4912 4712 477
473 483
4
8 4714 484 473 48
/
1
Preferred
49 Jan 5214 Aug
4 5112 5113 5112 5112 1,600
50 50 Jan 10 52 Mar 23
5112 5113 5118 513
513 513 *5112 52
4
4
900 No Amer Edison pret--No par 965 Jan 6 10114 Apr 8
9118 Mar 97 Dee
s
1001, 10018 *10014 1008 10014 10012 10018 10012 *10018 1005, 10018 1003
8
418 Oct 151s Jan
318 318 1,500 Norwalk Tire & Rubber...-10
37
31" Apr 27
37
5 4 Feb 10
8
3 % 35
* 8 4
37
3% 38
*312 37
100 Normally Co (The)„....No par
1712 Jan
11
12 D
/
1
4
11
1018 Mar 28 13 Jan 19
*1014 11
*1014 11
*1014 .11
*1014 11
*1014 11
/ Oo
1
4
25 3114 Jan 28 403 Feb 7
30 July 36
5,200 OH Well Supply
3313 34
8
3414 3312 34
3412 34
343
4 34
34
3412 341
Oct 2214 Feb
No par 11 Mar 25 154 Apr 4
12
2,900 Omnibus Corp
/
1
123 13
4
•1318 1314 13
1418 1312 1312 *1214 13
133
8 13
/
1
4
47 Jan 63 Sept
65
651
64% 6412 651 x6412 6412 3,100 Oppenheim Conine& CoNo par 5812 Feb 8 677 Feb 28
6418 647
8 6414 644 64
3318 Nov
1 3018 Jan 4 35 Apr 7
2712 Ma
3214 3212 1,800 Orpheum Circuit, Inc
33
33
32 8 33
327 33
323 3234 3212 323
4
7
100 10312 Mar 23 1071s Apr 12 101
Preferred
Jan 105 Apr
*10614 ____ *10612 1091 *10612 1091 *10612 10912 *10812 1091 *10612 10912
50 z103 Feb 2 131 Jan 18 106 May 136 Dee
3.000 Otis Elevator
*11414 11412 11338 114
1123 114
4
11312 11412 11314 1141 113 113
100 108 Feb 16 11814 Mar 22 1023 Jan 10912 Aug
70 Preferred
4
s
113 113
113 113 *113 1137 •113 1137
11314 11414 113 113
1412 Jan
7 Feb 10 1214 Apr 14
14
93g
Oct
No par
8
9
/ 7,300 Otis Steel
1
4
10 108 91
9% 912
9
5/
3
914 93
*74
100 6112 Fob 8 78 Apr 14
63 Nov 74 Sent
300 Pr1or prof
*7112 74
*7112 73
7312 7312 *7112 74
2 7212 73
25 7518 Jan 18 8412 Mar 14
53 4 Mar 9034 Dec
3
8 4,000 Owens Bottle
77
/ 777
1
4
79
788 785, 79
793
4 78
793
783 7918 79
4
4
44 May 5514 Be.
No par 523 Jan 24 61 Feb 23
57
57
1,400 Outlet Co
5812 581 *58
59
568 58
59 4 597
1
591 *58
100 107 Jan 27 110 Apr 7
9712 Apr 10712 Dec
Preferred
*109 110 *108 110
•109
-- *109 112
110 110 *110
25 31 Feb 18 343 Apr 28
4
8,700 Pacific Gas & Elea new
34
3313 3312 33
343
4 34
333
8 3314 333
8
3 333 135; 34
PA Mar 29
17 Jan 7
8
1ft May ii8 Feb
No par
18
114
114 5,400 Pacific 011
114
114
114
114
114
114
114
114
114
4
31N Ma
10 333 Apr 28 3712 Mar 14
4514 July
8
347 354 3458 35
/
1
3414 345
333 3412 338 343 19,600 Packard Motor Car
4
34 8 343
3
97 10
/
1
4
9 Nov 28 Jan
78 Mar 22 12 Apr 16
7,000 Paige Del Motor Car__No.par
1014 1014 10
1014
1012 10
10'4
ON 1014 10
5618 Ma
7611 Jan
s
57
1.900 Pan-Amer Petr & Trans_ __ _50 56% Apr 5 657 Jan 16
5712 5712 57
5758 5812 5718 5738 57
5758 5714 58
3
56% Ma
78 8 Jan
8
8
Class B
50 563 Apr 5 663 Jan 20
566 5814 52,900
8
5712 58
57
577
5712 5812 5714 59144 5612 58
30
Oct 46 Jan
19 Mar 30 377 Jan 24
5,300 Pan-Am West Petrol B_No par
2012 2012 195, 20
3
, 1912 193, 195, 2014 1918 198 193 20
8
412 Jan 32 June
8 Apr 29 187 Jan 17
81
, 1,400 Panhandle Prod & Ref_No par
8
85, 88
83
*812 9
812 88
*813
3
83
4 8
/
1
4
Jan 99 June
4
51
100 6812 Mar 15 813 Jan 17
70
*51
Preferred
*51
70
*51
70
*52
70
70
*52
*52
70
/
1
4
1853 Oct 28 Jan
600 Park & Tillord tem otts_No pox 20 Jan 27 25 Feb 28
*2212 23
22 8 227
2212 2112 2112 2112 2112
7
2212 2212 22
812 Feb
67
8 Mar 4
51s Sep
6 Jan 3
I
900 Park Utah C M
7
7
*67
8 7
6
/ 6
1
4
/ *634
1
4
6
/ 67
1
4
*67
8 7
3214 Nov 83 Jan
Exchange A____No par 37 Feb 14 50 Apr 18
4312 4512 403 43
4
44
45
4218 4313 438 448 14,100 Pathe
42% 45
2338 Nov . 3112 Nov
50 20 Apr 29 32 Jan 8
*2312 2378 2312 24
9,700 Peerless Motor Car
22
2312 23'8 2158 2312 2218 2278 20
167 Jan 24 Dec
8
No par 21 Jan 17 24 Feb 15
2212 2312 2212 2338 2238 2318 223 233
8 2214 221 10,100 Penick de Ford
8 223 233
4
4
7 Aug 19 Oct
1,800 Penn Coal & Coke
50 1014 Jan 19 1714 Apr 27
17
*15
8 1414 15
*1412 147
17
15
1618 1714 *16
*14
38 Dec 41 Dec
8
7,300 Penn-Dixie Cement_ __No par 3258 Apr 7 395 Jan 13
38
363
8 3514 351
3814 363g 38% 30
3638 363
4 36
37
99 Nov 10012 Nov
Preferred
100 9834 Mar 8 997 Jan 13
400
*9812 99
5983 99
4
99
*98% 99
99
*983 99
4
99
99
214 Jan
54 Jan 3
5 Oct
3
l's Feb 14
6
8 2,500 Penn-Seaboard St'l vte No par
6
8
6
8
5
8
5
8
%
5
8
6
8
6
8
6
8
5
8
5
8
136 136% 2,800 People's 0 L & C (Chic). l00 126 Jan 14 141 Apr 9 117 Jan 131 Dec
13512 136
13612 137
13512 137
134 135
135 135
59% Mar 91 Dec
110 Mar 25
20 Philadelphia Co (Pittsb)-50 8514 Jan 1
30
0 oprred
0nro
*95 100
*102 105
*98 102
100 100
*98 103
*98 104
45 Oct 5114 July
50 50 Jan 6 53 Feb 1,
5212
5212 *52
5214 5212 *52
8
53
*5214 5212 5238 523 *52
/
1
4
3614 Apr 48 Feb
5
29,900 Phi% & Read C & I___No par 4112 Apr 2 47 8 Mar 4
8
4412 45% 4312 443
3
4 43 8 4418 4378 44 4 423 442 4214 43
5
363 June 4612 Jan
4
100
4
44
Certificates of Int---No par 403 Apr 11 47 Mar 4
*42
44
*44
*42
46
43
*43 '45
45
43
*43
/
1
4
45 Dec 55 Jan
200 Phillips-Jones Corp____No par 47 Jan 3 52 Mar 7
493
4
47
493 *47
4
4
4758 *46
*47
493 *47
493 *46
4
493
4
16 Apr 41 Dee
/
4
10 301 Apr 29 4118 Jan 10
*323 34
4
333
4 3112 3212 3014 311 11,100 Philip Morris & Co. Ltd
314 3212 32
3414 32
57 Dec
/
1
4
40 Ma
/
1
4
8
4258 435
4
41% 42% 415 423
8
8
4 403 438 393 4118 393 313 385,000 Phillips Petroleum----No par 39 Apr 28 6014 Feb 16
4614 Nov
31 Ma
800 Phoenix Hosiery
5 42 Jan 7 51 Mar 17
46
46
46
*47
46
46
46
49
46
404 464 46
Oct
420
94 Ma 103
100 103 Jan 5 106 Mar 7
Preferred
*
104 10412 *104 10412 *104 10412 104 10412 104 104 *104 1041
19 May 4318 Jan
171s 18
127 Apr 27 233 Mar 8
s
8
15
14
1514 85,300 Pierce-Arrow Mot Car No par
17% 127 158 14
s
167 1712 15
s
31,200
76% AP 12714 Aug
Preferred
100 56 Apr 27 1021 Jan 3
63
751 78
611 6318 62
68
74
56
7512 04
74
14 Jan
/
1
13 Oct
2.200 Pierce Oil Corporation
12 Mar 25
N Jan 4
2
8
6
8
3
4
3
6
8
5
8
8
8
6
8
5
8
*8
6
3
4
6
3
4
1118 Nov 27% Jan
Preferred
ed
100 13/2 Mar 24 1812 Apr 25
18
1812 181s 18% 2,300
18
18
18
1812 1812 •17
18
*17
7 Jan
37, Jan 13
214 Aug
8,800 Pierce Petrol'm tern otfsNo par
314
314 314
212 Mar 22
312 31
3% 31
3% 312
3
313 314
700 Pittsburgh Coal of Pa
29 June 4212 Jag
4Mar 22 42; Apr 5
8 34
100 323
*
34
35
3318 3358 3318 *3318 36
33
33
33
33
70 June 85 Jan
300
75
Preferred
100 705 Mar 10 7912 Apr 5
8
*72
75
*7312 75
731 7312 7312 7312 731 731 *74
94 Mar 10018 Dee
700 Pittsburgh Steel pref
9612 97
100 9513 Apr 11 101 Jan 18
*95 4 961
3
•96
97
96
96
96
96
•96
98
s
7512 Mar 1247 Feb
7
9314 953 12,300 Postum Co, Inc
4
97
14 98
No par e2.',Mar 1
1023 Jan 14
4
9418 973
95
965, 9453 95
3 943 95
4
3418 May 44 Nov
4 8,400 Pressed Steel Car new
70 Mar 28
60 .623
100 3613 Feb
6412 6214 6358 62% 64% .63
63
63
64
60
/
1
4
7713 Dec 95 Jan
8612 864
900
861
Preferred
89% Mar 25
100 7612 Feb
1186
88
8512 87 •85
87 87
867 87
8
11 Mar 20114 Oct
/
1
32 Feb 10
25
s
4
25
25
243 25
24
26
2658 257 2913 2712 294 75,300 Producers & Refiners Corp_50 163 Jan
/
1
/
1
4
30 May 414 Oct
45
1,380
50 Feb 9
*411 43
4112 4534 44
Preferred
50 367 Jan
4112 41'2 4112 4112 44 44
/
1
4
3114 Oct 33 Nov
38% 3812 375 381
3912 Apr 11
375 38's 3713 38's 363 37% 368 3712 21.300 PubServCorpoiN Jnew No par 32 Jan
8
4
Oct
9612 Apr 101
101 Mar 11
*100 1003 10038 10038 100 3 100% *100 1011 *10014 1003 10014 10014
50
8
220 6% preferrede
0
8
,74
err
100 9812 Feb 1
3
1155 Mar 23 1031s Jan 110 Nov
8
100 10812 Jan
11312 11312 11312 1131 11312 1131 *113 1131 11312 11312 *113 114
8
130 Apr 25 115 Mar 124 4 Nov
1,200 8% preferred
130 130 *130 132
100 125 Jan 1
130 130
130 130 *130 140
12812 129
97 Jan 10418 Sept
8
1075 Apr 25
800 Pub Serv Elea & Gail pfd_100 102 Jan
/
1
8
*10718 __-- 10718 1075s 10714 1071z 1075, 1075 1071s 1074 107114 1071
Jan 114 Aug
116% Mar 31 106
8
PubSer
8
8
s
oPr pref_100 11338 Jan 1
*1143 ____ *1143 ___ •1143 ___ *1145, ___ •1143 ___- *1143 ____
41
14514 Mar 19912 Sept
Pullman.65510 1N14 Mi 1 1, 1 j n
5
3
,
8 ;
t
8 18 Ja
2
_ -3
178 178
17412 176 z173 174
177 177
175 176
177 178
Company
33 Apr 49 Dec
/
1
4
39
3,000 Punts Alegre Sugar
4112 39
41
/
4
/
1
418 421
4
414 411 4188 411 414 42
/
1
/
4
Jan
2514 Oct 31
3312 Mar 4
263 32.400 Pure Oil (The)
4
25 26 Apr 2
263
4 26
8
265 27'8 26
8
/ 27% 265 27
1
4
27
275, 26
8
1% F pt 2
r 0
8
8
1413 man 3 164 Ae )24 106 Apr 112 4 Rine
12 4 J ar 11
8
4
10
8% preferred
113 *11212 113
11238 1125 *11212 1123
*11212 113 *11212 113 *11212
8
Oct 49 8 Nov
47
3 1,30 Purity Bakeries class A____05
52
5214 527 543
8
120
53
5218 521
5318 5318 *52
'
5
5318 54
4
411 Nov 44 Del
/
4
4
8
3,40
603 62
Class B
No par 413 Jan 3 623 Apr 25
61
61
61
6012 61
62 4 •60
3
60
/ 6038 61
1
4
99 Oct103 Dee
100 10114 Jan 8 105 Mar 10
Preferred
*
10412 ____ *10412 ____ *104% ____ •10412 ____ *10413 ____ *10412 106
/
4
32 Mar 611 NOV
,
413 427 37,000 Radio Corp of Amer-No par 4118 Apr 13 56%Mar 1
4
4
4212 431s 4152 423
8 413 4438 4212 43es 413 43
4
7
g
448 Mar 53 3 Del
8
50
1,000
/
1
4
50 49 Apr 12 53 Feb 28
495 5014 497 498 .49
8
Preferred
498 50
49 8 50
5
498 497
4
3
8
32 4 Apr 418 Oct
660 Rand Mines. Ltd
8
4638 •455 461 .453 4612
8
/
4
No par 40 Jan 5 463 Apr 25
3 46
5 471
8
463 463
8
8 463 463
*45
168 Nov
4
104 Mar
/
1
8 2,800 Ray Consolidated Cepper--10 1412 Feb 7 15% Mar 1
1514 1514 151s 1538 1518 1514 1514 1514 1514 1514 *1514 153
3712 Nov 5014 Oct
pl Slr kHoslery
10 39% Jan 25 49 Apr 20
4
8 7.600 Rearefelred
k 4614 461 46
46
4458 4518 433 443
/
4
4612 477
47% 48
9314 Dec 100 Nov
91 Jan 29 99 Mar 2
100
9812 *98
9812 *98
9812
9812 *98
9812 *98
9812 *98
*98
Jan
/
1
4
39 Dec 56
8
100 Reid Ice Cream
4
No par 3811 Jan 24 4312 Mar 15
4
4
4
4
4134 403 403 *403 413 *4034 413, *403 415
*40 4 417 *40
8
k
4
712 July 188 Feb
9 Jan 10
6 Mar 19
200 Reis (Robt) & Co
No par
61 614
/
4
/ 61
1
4
/
4
4
6
4 *614 63
/ *614 63
1
4
4 *614 6
11134 63
8312 Apr 127 Feb
200 Remington Typewriter-100 11212 Jan 12 210 Apr 20
200 200
200 200
*195 207 *195 200 *192 200 *197 200
Oct
100 110 Feb 18 11712 Feb III 106 Apr 118
310 7% 151 preferred
11612 11712 ,111712 ____ *11312 120 *114 119 *114 119 •114 119
/
1
4
100 111 Jan 6 126 Apr 25 105 Apr 115 Aug
130 8% 2d preferred
12412 12412 *115 12412 *115 12414 •115 124
118541183 126 126
4
7
Oct 15 5 Jan
8
1312 Jan 10
914 Apr 29
97
97
No par
93
9% 93, 6.000 Replogle Steel
95
8 938
934
10
10
1018 10
/
1
4
44 May 63 Jan
8
100 5612 Jan 4 757 Mar 11
65
15,100 Republlo Iron & Steel
6212 6513 63
66
3
65 8 66
/ 664 65
1
4
/
1
6512 6614 65
9114 Mar 99 Sept
4
/
1
4
7 0
0
100 96 Jan 3 1043 Mar 11
4
1033 1033 10312 103'3 1,2 00
4
104 104
104 104 *10312 104 *10312 104
8
414 Oct 108 Jan
4 Feb 21
63 Apr 19
8
Reynolds Spring
No pa
514 514
5 14 514
512 553
3
3
3
5 4 5 4 *514 5 4
8
3
53
4 54
90 Mar 1217 Nov
1213 18,400 Reynolds (RJ) Tob Class B 25 9818 Feb 24 124 Jan 14
8
4
4
4
3
1215 12234 120 4 12118 1203 1213 121 12214 1193 12112 120
8
hos Dec 100 Jan
77
25 74 Jan 13 8412 Apr 1
*75
50 Rossla Insurance Co
75
75
80
•77
80
*76
80
*76
80
*76
2
473 Oct 5728 Jan
4812 Apr 27 5412 Feb 9
49
2,000 Royal Dutch Co(NY shares)
8 49
8
49 4 493
8
4 498 49 4 4912 4911 4812 4914 48% 487
4
365 may 48% Feb
8
1
398 Apr 26 4358 Mar 4
40
1,400 St Joseph Lead
40
40
40
393
397 397 *39
41)
404 4038 40
424 Mar 5512 Nov
/
1
523 Jan 3 6412 Mar 9
4
3,900 Safety Cable
No pa
591 60/2 5812 6014 5812 581
4
6114 6112 5938 6128 5912 593
/
1
674 Nov 10212 Feb
33
174 Apr 30 72'l ja
100 Savage Arms Corporatlon_100 59 m ar 25 7214 Mar
57
58
*55
*54
58
*55
*5912 60
59
*60
61
59
212 Dec 1014 Jan
10
5
No pa
2,000 Seneca Copper
218 21
214 214
2% 218
2
2
2
*2 - 218
2
/
1
4
52 Mar 70 July
12 66 Mar 10
8
5712 584 575 573, *572 5812 2,000 Shubert Theatre Corp_No par 5612 Jan
*57
/ 5812 5712 57% 5714 58
1
4
4212 Mar 13812 Jan
4
47 Jan 18 513 Apr 22
No par
52,500 Schulte Retail Storce
50
51
8
8
4
' 50% 5112 493 5118 49es 5014 505 5112 497 51
100 11614 Jan 22 119 Feb 7 11212 Jan 120 Sept
100
Preferred
119 *118 120 *118 120 *118 120
•118 119 *118 119
119
/
1
4
1212 Mar 14 Mar
1353 Jan 3
No par 10% Apr 25
11% 1113 111s 2,300 Seagrave Corp
11
/ 107 111 Ills 11% Ills 111s *11
1
4
8
/
4
1 11
Standard 011 of California new
•Bid and asked prloes. BO sales on this day. s Es-dividend a Ex-rights. n Ex-dividend one share of
$ per share
35
3514
952 9612
65
66
9
9
418 414
958 1012
355 3712
4
2414 243
8
1618 1618
*3512 38
323 333
4
4
608 613
4
54 54
3
3
11134 113
13314 13314
43 4 441
3
$ per share $ per share
35
35
34
347
95 4 9612 9514 963
3
4
658 675
8 6412 661
/
4
812 9
812 812
41
418
4% 414
95
93, 95
934
3718 3734 3612 373
4
2412 243
4 2412 243
4
17
16
16
*16
*3612 3712 3612 363,
32
3112
333, 30
8
61
617
8 6012 615
513 513 *5
614
11212 11338 112 1133
4
13312 13312 *13218 13314
4312 433
43 4 44
3
4
5 per share
*337 34
97
96
6512 664
/
1
9
*8
418 414
4
93 103
4
3714 3714
4
245 243
8
1512 153
4
*36
38
318 32
6014 611
*512 6
11214 1148
1333 1333
4
4
4312
43
Shares
2,400
7,000
59,100
1,300
6,100
2,800
8,000
3,100
800
400
25,700
35,700
600
12,500
300
15,700
New York Stock Record-Continued -Page 6
For sales during the week of stocks usually inactive. see sixth page preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT.
Saturday,
April 23.
Monday,
April 25.
Tuesday,
April 26.
Wednesday. Thursday,
April 27.
April 28.
Friday,
April 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Mate Jan. 1 1927
On basis of 100-share lots
2561
PER SHARE
Range for Previous
Year 1926
Lowest
Highest
Lowest
Mewl
$ per share
per share
per share 3 Per Share $ per share 3 per share Shares Indus. & Miscall.(Con.) Par
share
5538 56
54
5512 5412 55
55 55
5314 5412 5412 545 14,700 Sears,Roebuck & Co nawNopar $ per Jan 17 $ per share $ Per share $ per share
51
5638 Feb 25
63% 65
441i Mar 58% Sept
6514 66
6412 64% 64% 66% 64
6414 6418 641
2,200 Shatuck (F GI)
No par 56% Jan 17 6818 Apr 21
*4478 45
47 Mar 8958 Jan
*4478 45
*4418 44% *43% 44% 435 438 *438 447
200 Shell Transport
2734 278 2738 2734 274 2734 26% 2712 2612 268 255* 2634 27,000 Shell Union 011 & Trading-ZS 4338 Apr 28 47% Feb 10
4012 July 4858 Jan
No par 253 Apr 29 3134 Feb 7
8
11112 .111 11112 *111 11112 111 111 *110 1111
111 111 *111
24 Mar 31
200 Preferred
100 10712 Jan 27 111 Apr 18 103 Mar 114 Nov
1814 1812 18
184 18
1812 1733 177
1812 18
July
1712 1753 14,600 Simms Petroleum
10 174 Apr 29 22% Feb 16
3914 398 39 40
1518 Aug 285 Jan
3812 39
38% 39
8
38
38
378 3854 3,100 Simmons Co
No par 3312 Jan 6 40 Feb 25
110 110 *110 ---- *110 _
28% Oct 5413 Jan
110 110 *110 111
10918 110
290 Preferred
100
Jan
1714 1734 17
1733 17
173
3 17
1714 168 174 1612 17 57,600 Sinclair Cons Oil Coro-No Par 10714 Apr 4 110 Feb 10 10512 Nov 10911 July
1612
29 2238 Jan 20
*9918 1004 *993 1004 9934 100
16% Oct 2478 Feb
4
100 100
9934 100
*9934 100
600 Preferred
100 97 Jan 6 10314 Jan 31
27
2738 26% 2712 264 27% 254 2712 2518 2618 25
90 Mar 9913 June
253 43,600 Skelly Oil Co
4
25 25 Apr 29 37% Feb 21
*126 128 *125 130 *125 130
26% Mar 3718 June
12614 12814 125 126
124 125
600 Sloes-Sheffield Steel & Iron 100 12314 Jan 20 13414
*18212 183
179 184
179 18514 183 19234 18914 196
19012 1951 23,500 South Porto Rico Sugar_ __100 154 Jan 25 196 Apr 6 103 Apr 14212 Aug
Apr 28
*126 1283 128% 1283 •126 12812 *126 128 *126 128
92 Apr 16918 Dee
4
4
126 126
20 Preferred
100 11412 Mar 4 1283 Apr 25 110 Oct 121 Dee
324 3212 3214 3212 32% 3212 32
3212 32
324 3218 3218 6,300 Southern Calif Edison
3413 j n
25 31% Jan 3 451 Fab
e
2214 2238 22 2214 2218 2214 21% 22
30 Dec 33 July
2112 213
4 2112 213
4 5,500 Southern Dairies al A_No par 2118 Apr 9
13
914 914
*94 10
41
912 912
Oct 55% July
9 4 9%
,
94 914
94 914 2,900 Class B
No par
712 Mar 22 20 Jan 7
1014 1014 *1018 12 •1018 12 *104 12
*104 11
*1018 11
17% Oct 3534 Mar
100 Spear & Co
No par 1014 Apr 26 13 Jan 20
10 Dec 1734 Feb
*7813 704 *79
4
7912 793 793 *78
4
80 *78
79 *78
79
100 Preferred
100 73 Feb 24 BO Feb 14
72 Apr 82% Jan
2478 2312 24
24
23
24
244 25141 2334 2518 2418 2418 5,600 Spicer Mfg Co
No Par 2012 Jan 27 2712 Mar 29
18% Apr 31% Feb
*108 109 *108 109
10812 10812 10834 1083 •10812 110 *105 110
4
300 Preferred
100 104 Feb 21 110 Mar 19 101
Jan 1074 Deo
57
57 5714 56
564 563
4 56
5634 557 5612 56
5638 16,900 Standard Gas & El Co_No par 54 Jan 25 58 Mar I 1
51 Mar 69 Feb
6114 6078 61
81
6014 6014 6034 61
6034 61
61
61
2,500 Preferred
50 5718 Jan 3 61: Feb 2
2 4 A pr 2
8
8
3
53% Mar 57% Feb
*7212 744 7212 7212 7234 72% 73
7334 7334 7334 73 7312 1,200 Standard Milling
100 70% Jan 4
6718 Oct 9212 Feb
*8912 91
*90
*90
91
91
*9014 91
91
91
*9014 91
30 Preferred
100 84 Jan 5 91 Mar 15
80 Mar 90 Feb
5318 5418 525 5318 52% 5312 5112 527
3
5038 5134 51
523 96,600 Standard OH of
4
8
52% May 6358 Sept
3614 3653 36 3 363
3614 357 3614 354 3534 354 3512 43,000 Standard Oil ofCal new.No par 501 Apr 28 60% Jan 19
,
3 36
New Jeresy_25 3518 Apr 29 4138 Feb 5
37% Dec 46% Jan
Pref non-voting
100 11438 Feb 25
-563 164 -564 164 -3o14 -- - -315T4 - - - -3
.
8
3 4 .
63
33 4 .
63
058 1618 -545i8 164 - 1:566 Standard 011 of New York_.25 3018 Apr 28 11614 Feb 11 115 Nov 11918 May
3
34% Jan 18
3212 Dec 3314 Dec
3
314 314
318
314 314
212 3
234 278 *234 3
2,400 Stand Plate Glass Co__No par
2 Mar 29
414 Jan 3
312 Nov 10% Feb
9812 9812 *9734 99
100 100
99
99
9812 9878 *9812 9918
600 Sterling Products
No par 9012 Jan 4 10314 Mar 12
75 Mar 9614 Nov
66 67
627 6414 6334 6414 604 6312 6034 63 39,100 Stewart
62% 66
8
-Warn Sp Corp_No par 5114 Mar 15 6814 Apr 20
61 Nov 9278 Jan
35 35
*34
36
*35
36
*34
35
334 334 3278 32%
700 Stromberg Carburetor_No par 32% Apr 29 5412 Mar 1
47% Dec 7714 Jan
5258 54
523 5378 527 5312 5212 53% 523* 53 60,700 Studeb'rCorp(The)
55
54
4
new No par 494 Mar 18 57 Apr 8
47 May 62 Sept
*11858 122 *11858 122 *1183 122 *119 122 *119 122 *119 122
8
Preferred
100 118 Feb 10 122 Feb 23 11418 Feb 12212 June
4% 5%
4 4 47
8
3
44 48
4
4 4 54
3
412 48
438 48 6,900 Submarine Boat
No par
212 Feb 28
518 Apr 26
118 July
3258 3258 32 3214 324 324 *32
3% Feb
3218 31
32
3034 31
7,100 Sun 011
No par 30 Mar 21 34% Jan 17
30% Mar 41% Jan
418 438
418 434
44 414
418 414
4
418
4
412 16,200 Superior OH
No par
3% Mar 30
612 Feb 18
1 July
5% Dee
*22
23
22
*23 25
25 *22
25 •22
25 *22
25
200 Superior Steel
100 19% Jan 25 2514 Jan 21
9l
1918 Apr 34% Sept
8
938
*9% 10
7
812
712
814 814
74 814 2,700 Sweets Co of America
7 Apr 27 13% Feb 3
50
858 Apr 17% Sent
412 .324 42 *3 4 413 *333 412 *33* 412 *353 412
*4
3
Symington temp ctfs-No par
312 Apr 12
6 Jan 14
4 Nov 1412 Jan
*9
*9
*9
10
10
10
*9
10
9
918
9
9
600 Class A temp ctfs____No par
812Mar 1 133 Jan 14
8
10% Oct 20% Feb
*1234 1314 *1234 134 13
13
*1234 1314 *123 1314 *1234 131
4
100 Telautograph Corp_-_No par 1153 Mar 9 1412 Apr 8
11 Apr 1478 Jan
1214 12% 117 1233 1134 12
1134 1214 1112 12
1138 1138 16,200 Tenn Copp & C
No par 1058 Jan 4 1314 Jan 13
1058 Dec 16 Feb
55 *52
55 *51
*51
53
*51
55 *51
55
55
Texas Company (The)
26 51 Apr 11 58 Jan 17
4512 45% 453* 453
4 45% 4638 4512 4633 45 45 *51
48 Mar 58 Aug
3
45
4512 32,600 Texas Corporation
25 45 Apr 19 58 Jan 17
5.312 Nov 577 Dec
8
594 60 2 5712 5914 573 6014 6012 6238 5918 613
,
4
595 6034 179.100 Texas Gulf Sulphur new No pa
49 Jan 3 654
9
39 Oct 52% Nov
1314 1314 13
131
13
1314 125* 1318 1238 123
12% 15,600 Texas Pacifie Coal & Oil__ _10 12 Apr 29 163* Apr 12
12
Jan
12 Oct 19% Jan
18% 193
4 1814 1933 174 1834 1814 1812 1814 193* 1818 1834 19,000 Texas Pao Land Trust
1513 Jan 25 213 Mar 1
new__1
4
3218 3238 31
32
3012 3038 3012 301 '3013 31
3012 31
2,300 The Fair
163; - 15j43
4834 48% 485 49
*
4812 49'8 4812 49 *4812 491 *4812 494 1,600 Thompson (J R) Co No par 2414 Jan 11 3212 Apr 22 25 47 Jan 26 50 Feb 24
424 May 5018 Sept
2518 2518 *2412 26
*2434 26
*2412 2514 *2312 24 *23
25
100 Tide Water 011
100 2318 Apr 19 2918 Jan 13
27 Nov 3914 Jan
*89 90
8934 893 *8812 891 7 *8812 8913 *88
89
894 8914
200 Preferred100 8713 Feb 2 894 Apr 25
8714 Nov 103 Jan
8914 9014 86
894 86 8814 8714 881
8612 897
90
9233 88,500 Timken Roller Bearing-No Par 78 Jan 3 953 Feb 16
4
44% Mar 85 s Nov
1004 10114 984 101
3
9812 10014 9918 10014 9734 99
974 998 29,100 Tobacco Products Corp---100 93% Apr 11 11038 Jan 5
9514 Apr 118% Sept
113 11314 112 112
11234 113 z11038 1103 109 1091 11034 111% 2,700 Class A
*
100 108 Apr 16 11611 Jan 18 103 Mar 118% Sept
37
3% 4
37
4
4
4
378 4
438
37 Apr 6
28,700 Tranee't'l 011 temctf newNopa
38 4
5 Feb 14
3 Mar
*124 123 *124 123 *1218 1234 *124 1233 •1218 121
512 July
4
4
1218 1218
200'Frannie & Williams St'l No pa
1218 Apr 33 1514 Jan 6
15 Aug 27 Jan
5512 5612 55
553
4 54 4 5412 54
,
5538 53
541
5234 5314 7,100 Underwood Typewriter ____2
-15 Jan 29 6078 Apr 18
4314 Nov 6334 Jan
523 53
4
6014 528 60
51
504 52
4834 501
5018 5012 8,000 Union Bag & Paper corp.. 100 3812 Jan 25 5438 Apr 13
35 May 7114 Jan
1173 118 115 11734 11518 1168 114 11612 11114 114
4
1406 36.100 Union Carbide & Carb_No pa
1114%
1
998 Jan 26 1228 Apr 6
7712 Mar 10034 Dec
40% 4138 403 4012 4053 413* 383 408 3953 40
4
3934 41
33,200 Union 011 Californla
2
388 Apr 27 5612 Jan 6
3714 Jan 58% Sent
108 108 *10712 108
10714 1073 *106 108
4
106 106 :11104105364
13
400 Union Tank Car new
100 94 Jan 3 1124 Apr 13
93 Dec 9514 Dec
90 91% 8614 895
8612 874 8714 88% 863 8712 8514 8814 10,600 United Cigar Stores
4
2
82 Apr 4 100 Jan 6
834 Feb 109% Aug
14018 1404 14014 14014 •14038 14012 *1404 141 *1403
3
150 Preferred
100 125 Jan 5 1403 Apr 20 114% Ma 125 Jute
8
17834 180
173 17512 172 17512 174 17612 171 17512 173 174
10.100 United Drug
100 159 Jan 25 18278 Apr 20 134 Mar 174 Dee
ems 5933 5938 595* *59
5933 *59
5934 *594 595* 594 59%
600 1st Preferred
50 584 Jan 6 60 Jan 12
55% Ma
59 July
126 128
127 12834 12612 127
12612 129
126 12712 12612 12612 3,100 United Fruit
No pa 1134 Jan 26 130 Apr 21
98 Apr 128 Nov
•18
24 *18
24 *19
24 •19
24 *19' 24 •19
24
100 1612Mar 2 19 Apr 7
United Paperboard
17 Dec 38%May
•10212 10312 10314 10314 1033 10338 *100 104 *100 103 *100 103
*
200 Unlversal Pictures let pfd_10
98 Jan 14 1033 Apr 26
8
90 Ma
9818 Dec
32
32% 31
3212 31
3212 31
32
2953 31
3012 31% 26,800 Universal Pipe & Bad-No Par 2712 Jan 25 374 Mar 2-.)
1358 Mar 341: Dee
87% 90
*8714 89
88 88
•8312 8814 *834 88 4 8814 893
,
100 8134 Jan 27 90 Unit
4 2,600 Preferred
52 Mar 9018 Deo
216 225 22514 234
22812 2333 228 23134 21814 225 221 224 40,800 US Cast Iron Pipe & Fdy-100 202 Jan 25 234 Apr
4
25 150 May 248% Aug
*113 115 *113 115 *113 115 *113 115 *113 115
11318 1134
100 Preferred
100 112 Mar 14 115 Jan 5 10014 Mar 118 Dec
57 577
5612 573
5614 5714 5714 5714 5614 5714 56
56
2,600 US Distrib Corp tom atf NO Ita
51% Feb 14 607 Jan 12
4
39 Mar 6112 Feb
5712 577
574 613
4 573 60% 5814 597
4
8 5718 581
57 4 59 4 17,600 US Hoff Mach Corp vtallo pa
,
515* Feb 1 6134 Apr 25
,
45% Jan 59 8 Feb
3
75% 761
754 763
4 754 763
4 7412 76% 74
751 55,300 U El Industrial Alaohol
76 8 74
,
100 69 Mar 30 89 Feb 28
45% Mar 8412 Dec
*10758 1101 *10738 11012 *108 1101 *108 110
10812 10812 *108 1101
100 Preferred
100 107 4 Apr 4 11012 Mar 15
,
99% Apr 11478 Nov
*56
5534 5614 55 8 56
561
5
564 5612 56
5618 56
56
2,600 US Realty & Impt new.No par 54 Apr 6 66% Feb 7
4818 Mar 71% J811
6014 613
5918 6034 5914 6053 59 6012 574 593
4 5534 571 77,900 United States Rubber
100 553 Apr 29 6718 Feb 28
4
5014 May 8814 Jan
*10812 1091 10833 10838 *10812 110 *10834 109
10814 10814 107% 108
70C ist Preferred
100 10718 Jan 27 11138 Apr 8 10112 Mar 109 Jan
381 •38
*37
3812 3712 38
*35% 38 .36
37
3712 *36
300 II S Smelting. Ref & Min--50 333 Jan 13 42 Mar 24
30
Oct 4978 Jan
4814 4838 4734 4838 473 478 *473 48
48
4818 48
48
700 Preferred
50 455 Jan 18 49 Mar 4
*
17034 1723 16938 17238 16938 17133 169 17012 166
42 Oct 50 Jan
16938 166
122% 1241 122 1243* 12218 12318 1213* 12278 119 12178 119% 168 186,000 United States Steel Corp-100 15313 Jan 28 172% Apr 11 117 Apr 18012 Dec
120% 337,700
New w 1
1113 Jan 28 124% Apr 11 11378 Dec 117 Dec
13214 13214 132 1324 132 13212 13212 133 1323 13318 133
4
13314 3,600 Preferred
100 129 Jan 28 13314 Apr 29 12412 Mar 130% Dec
*72
76 *72
75 *734 75
*7312 75
*7312 75
75 75
100 U 8 Tobacco
No par 87 Jan 4 82)2 Mar 21
*125 128 *125 128 *125 128 *125 128 *125 128 *125 128
5611 Jan 67
•
Preferred
100 123 Jan 14 125 Feb 16 112 Mar 123 Dec
Dec
115 115 *115 125 *115 125 *115 125 *115 12
*115 125
510 111 Feb 11 11518 Apr 20
100 Utah Copper
28% 2818 2818 2714 271
28
93 Apr 1111 Nov
277 285
8 2818 29
2814 29
7,100 Utilities Pow & Li A....No par 27 Jan 8 30% Feb 28
80 50
47 47
4714 4814 477 48
2758 Dec 37 Feb
47
4814 4612 4784 3,300 Vanadium Corp
No par 37 Jan 20 5212 Mar 30
5638 56% 53
5618 5412 558 554 564 5514 55% 5518 553
29 Mar 43 Aug
4 14,400 Vick Chemical
No par 48 Jan 3 58 Feb 11
4.812 9
812 81
43% July 52 Aug
*8
8%
84 81
*8
84
8 8No
900 Virg-Caro Chem
pa
734 Mar 1 10% Feb 14
2934 29
29
*29
*2838 2884 28
9 Oct 2512 Feb
2814 *27
27% 2718 2758 1,000 6% preferred
100 2618 Apr 4 36% Feb 14
794 *78
78$
.78
78
3138 Oct 69 Jan
78
774 7714 7614 7614 *76 7710
300 7% preferred
0 74 Mar 18 87% Feb 11
am
50 *40
50 *40 50 *45
83 Oct 981s Jan
50
49
50 *48
50
Iron Coal & Coke_100 43 Feb 9 61 Jan 4
32% 331
33
33
3212 33
40 May 6018 No
33
331
33
33
33
331
5 v
7,4g2 vrautul n
No pa
3218 Jan 24 35% Jan
4
*1023 10512 *10234 105 *10234 1051 *10234 105 *10234 105 *10234
26 Mar 3618 Dec
105100 104 Mar 30 108 Feb 31
Preferred
2211 2212 2212 2212 *22
3
2212 2234 223 *2218 227 •2214 23
9434 Jan 11012 Dec
700 Waldorf System
Nopar 2134 Mar 23 25 Feb 7
22
228 21
22
*2112 22
17 Jan 23 Dec
2114 2113 21
21
201 2118 4,000 Walworth Co ctfs
*85 90 *85
No par 18 Jan 14 2412 Apr 1
90
*8712 90
8912 8913 8912 8912
1214 June 2314 Jan
par 8918 Apr 13 10512 Mar 17
Class
2118 22
*2118 22
*2118 213
2078 211
99 June 195 Jan
2018 2078 *238 212 3,02 Wt
laar
rd 1Ering
A.-No pp:
Ne
19% Apr 1 3358 Feb 18
874 8712 857 86
*84
86
2114 Oct 8538 Feb
85% 86
8512 86
84
84
2,000 Preferred (100)
333 3538 3338 343
3312 342
No par 84 Apr 9 9534 Feb 3
3412 372 34
88% Oct 11018 Jan
3512 335 3412 24,100 Warner Bros
Pictures A----10 23%Mar 21 4512 Jan 8
*80
82 *80
81
80
80
*78 82
12 June 691 Sept
80
80
4
*79
80
500 Warren Bros
No pa
65 Jan 14 off% Feb
*5814 59 *5812 59
*583 60
4
59
43% Apr 69 Dec
5938 60
60
60 6012
500 Weber & MOW% new e_No par 5612 Jan 5 82 Mar 18
150 152
15114 15114
152 153
14
53 Apr 8512 Jan
15214 15214 15012 1524 15012 15318 3,100 Western
Union Telegraph_100 144%
1517 15212 14918 15112 149 1503* 14912 15012 14612 149
14612 14914 11,700 Westinghouse Air Brake---50 133% Jan 8 160% Apr 6 13413 Mar 157% Sept
Jan 4 1573 Mar 12 10514 Mar 146 Dec
733 7414 73 7412 723 7314 7212 732
4
4
4
* 714 73
7112 7234 15,100 Westinghouse Mee & Mfg-50 67% Jan 4 78% Mar 28
*1614 17
1813 1612 *1614 16% *1614 167
65 May 79% Feb
8 1614 164 1638 1633
400 Weston Elec Instrum't_No pa
35
15 Jan 8 18% Feb 15
34
*34 35 534
34
34 34 *33% 34
13% May 1913 Job?
34
34
400 Class A
No pa
3014 Jan 6 34% Apr 20
2714 Jan 3218 Oct
103 103% *103 10312 1031 1031 *103 103m 103 10334 10314
10412
230 West Penn Elea al A vtf No par 97% Jan 4 10412 Apr 29
1093 10933 10834 1084 109 1098 110 110
4
109 109
8812 Jan 9818 Oct
10834 110
210 Preferred
100 102 Jan 4 110 Apr 28
951k May 10218 Des
,
*11518 115 4 115% 11518 11518 11518 11434 115
1143 11434 11434 11514
200 West Penn Power oref
100 111 Jan 15 11512 Apr 6 108 Mar 115 Serit
2312 224 223
2312 2312 22
2214 23
2214 224 2214 224 4,800 White
Eagle 011 &Refg_No par 22 Apr 25 2712 Feb 15
4534 4612 455 4614 4614 4714 468 4713 464 474 4614 47
29% Feb
2518 AD
14,200 White Motor
50 4538 Mar 31 58% Feb 28
308 3114 305* 3112 3238 3212 *303 32
*3114 32
6118 Apr 90 Feb
4
31
31
1,400 White Rock Min So ott_No par 26 Jan
4484 49
488 48% 4818 481
3612
22 Oct 38% Feb
4812 48% *4838 49
48% 49
2,300 White Sewing Mach pf_No par 46 Feb 26 59 Apr 2
34
48% Oct 6414 Oct
3
4
*3
18
4
7
3
Jan 17
3
4
7
8
8
3
4
7
5
8
8
3
4
4 2038 2114 205* 2114 2014 2118 195 204 1938 20h 2,200 Wickwire Spencer ctf__No par
3% Jan
2114 213
18 Jan 26
38 Dec
113 Feb 14
62,500 Willys-Overland (The)
8912 8913 *89
9012 90 90
5 1912 Jan 24 2434 Mar 3
18 May 34 Jan
90 90
*89 90
90 90
1,100 Preferred
100 88 Mar 26 95 Jan 11
gills Oct 99 Feb
1133 1138 115* 1133 1114 115
*1158 12
108 111
1058 101
2,600 Wilson
1912 1934 *1812 1913 19
20
6 May 1434 Dec
20
1918 183 19
4
1812 1812 1,400 Class& Co, Ina. new_No par 10% Apr 29 17% Feb 21
A
No par 1812 Apr 29 32% Feb 23
62 62
6214 621
14 May 30% Dee
62 62
61% 6212 62 62 .61
64
100 58 Apr 7 8434 Feb 23
42 May 8138 Dec
14134 14234 13718 14112 1375 13934 13914 142% z136 13978 1374 13934 1,200 Preferred
50,000 Woolworth (F W) Co
30
25 11734 Jan 11 1443 Apr 22 12014 Dec 128 Deo
8
3058 3154 3114 32
3014 3114 30
3012 2978 30
30
5.1gs wortirnronP & M
er eci A
54
100 20% Jan 27 32% Apr 20
19 Nov 44% Jan
51
54 *52
*50
51
53 53
54
*52
5212 5212
600 Preferred
46 Jan 22 54,2 Mar 1
44 Nov 80 Feb
45
*4514 50 *4514 50
451 *43
*4212 4413 43 43
45
900 Preferred B
100 40 Feb 2 4512 Apr 26
37% Nov 85 Feb
2934 *283 293
*29
4
4 2833 283
2818 2812 2634 28
2618 2734 1,700 Wright Aeronautioal_
__No par 2412 Apr 5 3514 Jan 6
2411 Mar 39% July
525* 52
*5218 5234 *52
5238 5212 5212 52
5212 5178 52
800 Wrigley(Wm Jr)
75
No par 50% Jan 4 52% Apr 18
47 Apr 59 4 Feb
78
3
747 77
s
*74
763
76
7512 754 75
75
75 1
4.000 Yale & Towne
7014 Jan 8 77 Apr 25
6018 Mar 721s Aug
2812 26% 28
28
2653 2734 274 2734 268 275
2634 283 ;99,700 Yellow Truck
20 May 39% Sept
9214 92% 9212 0213 92 92
*9212 93
93 93
92 921,100 Preferred & Coach---100 25 Jan 14 3014 Apr 19
88
4 8912 871, R834 8712 am
100 8912 Apr 11 99 Jan 3
9112 Apr 10712 Sept
8712 8812 8614 8712 86% 87 '13.100
Youngstown Sheet & T_No par 8518 Jan 29 9714 Mar 24
69 May 9514 Aug
•
Bid and imked psi** no sales on MIS day. •Ex-dividend and
ex-riglite. s Ex-dividend.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
2562
Jas. 1 1909 Ike Exchange method of gaoling bonds um changed anal prices are now
BONDS
H.Y.STOCK EXCHANGE
Week Ended April 29.
i1
.
4r
Price
Friday.
April 29.
Week's
Range or
Last Sale
4 53
,
Ranee
Strata
Jan, 1.
High
U. S. Government.
Bid
Ask Low
High No . Low
first Liberty Loan
JD 100"33 Sale 1003344101
315 0011,110114,
334% of 1932-1947
JD 100
_ 100148 102
Apr'27
Cony 4% of 1932-47
---- 102
JD 103'33 Sale 103234 1035o
06 10214,10313o
Cony 431% of 1932-47
JD 102178 ---- 1021743Apr'27
1021544103
20 cony 434% of 1932-47
Second Liberty Loan
MN 100 1007n 100
21 100 101
1005a
49 of 1927-1942
hi N 1001044 Sale 100141 100,13 1003 1031,4 101 ii
Cony 431% of 1927-1942
Third Liberty Loan
M S 1001143 Sale 1001.421001h 293 100144101110
434% of 1928
fourth Liberty Loan
AO 103"44 Sale 10311
,
,4103 o, 1047 1031114104110
434% of 1933-1938
1947-1952 AO 1131543 Sale 1131'32113.4 168 1104,11mo
Treasury 434a
1944-1954 JO 10814, Sale 108.44 103134 163 106444108"o
Treasury 4s
1946-1956 MS 1051333 Sale 1051.43105154
92 1035,410643
Treasury 3318
and City Securities.
S
8
3 1003 101 18
N Y City-4 1 4 5 Corp atock.1960 MS 1003
8 -- 100% 100%
1964 MS 1047 1054 105
:
4 yi a Corporate neck
5 1021 105
8 105
102% 102%
1966 AO 10478 1053 10238 Mar'27
932e Corporate stock
4
1972 AO 10538 106 1354
1025 105 4
8 '
43413 Corporate stock
10514
107,2 1073
1971 JO 109
4348 Corporate stock
10712 Mar'27
8
1065 10912
8
4434e Corporate stock_July1967 J J 1085
101)
10918
11)6 12 1048's
1965 JD 10812
9341 Corporate stock
8
- 1065 Jan'27
1963 M
13
106 108%
10812
1134 Corporate stock
s
- 1083 Apr'27
8
_ 10012 Apr'27
1959 MN
99 101.5
4% Corporate stock
1958 MN 10014 101 10014 Mar'27
99 10014
9% Corporate stock
1957 MN
4% Corporate stock
9838 100
99% Jan'27
8
1956 MN 997
4% Corporate stock
9812 Noae26
8
1955 MN 907
8
987 Oet'26
9% Corporate stock
1936 MN 094
99 Mar'26
4% Corporate stock
8
1055 108 .;
8
934% Corporate stock__ A957 MN 108 fog 1085 Apr'27
MN 108 100 10714 Apr'27
10554 108
934% Corporate stock__ A957
N 9212
_ 9238 Apr'27
8
897 92%
334% Corporate stk _May 1954
8
897 9114
914 Mar'27
334% Corporate stk_Nov 1954 MN 9212
1956 MN 9212
Sis Corporate stock
89 Apr'26
J
10213 Oct'26
New York State Canal Im 48.1961
jai; f625;
1960
10238 Mar'27
4s Canal
1964 iJ
4349 Canal impt
102 Apr'26
Dee'26
Highway improv't 4348__ _1963 M S
111
1991 J J
Virginia 2-35
7612 Felf25
4prielgn Gov't and Municipal's
J
971 2
9512 Sale 9514
94
Antioaula (Dept) Coils A_ _1945
33
96
J J 9512 Sale 95
9712
94
1945
External a f 78 ser Ft
54
96
Argentine Govt Pub Wks 68_1960 AO 983 Sale 935
4
97% 100
8
9912 174
Argentine Nation (Govt of)—
974 100
Sink rind 6e of June 1926.1950 ID 9878 Sale 985
9934 149
8
4
971 100
Ext1 sfes of Oct 19251959 AO 99 Sale 98%
99% 77
97% 100%
Sink fund (38 Series A.._ _ _1957 NI $ 99 Sale 99
44
100
97% 100%
External 138 series B_ _Dec 1958 JO 99 Sale 985
8
99% 23
4
973 100
Ext1 f 6s of May 19213
1960 MN
99 Sale 0834
4 57
993
98 100
1961 FA
En,ris Sanitary Worka
99% 149
99 Sale 0812
92
89
25
Argentine Treasury 58 Z
1945 MS 90 Sale 893
90
4
2
9714 98,
95
Australia 30-yr Erei_ _ _July 15 1956 J J 973 Sale 9712
98
4
Austrian (Govt) 5 I 75
8 37 10114 105
1943 ID 1013 Sale 10234 1033
4
984 1004
53
Bavaria (Free State) 634g.1945 FA 100 Sale 99%
100
75 111 114
Belgium 25-yr ext s f 7345 4_1945 in 112 Sale 11112 112
20-year f 85
1941 FA 10814 Sale 10818
10812 64 108 10912
4
963 10212
-year external 634s
26
1949 M S 10012 Sale 1004
100% 04
8
923 98
126
97
External eI 68
8
8
1953 J J 963 Sale 963
4
10412 163 10212 1053
External 30-year a f 7s_A955 in 10418 Sale 104
191 101% 104
103
Stabilization loan is
1956 53 N 103 Sale 10212
4 12 11218 114
1133
Noreen (Norway) a f 88
4
1945 MN 1133 Sale 11318
9914 101%
8
26
101
-year sinking fund 6a
1949 AO 101 Sale 100
4
984 1003
9912 82
Berlin (Germany) 634s
1950 AO 994 Sale 99
4
8
10414 25 1023 104,2
Bogota (City) ext'l a I 88_ _ _1945 A0 1033 Sale 103%
10412 42 103,2 10612
Bolivia (Republic of) 8s_ _ 1947 MN 104 Sale 104
9512 98
963
Extl see is tern
4 63
1958 J J 96 Sale 0512
93% 97%
178
97
Bordeaux (City of) 15-yr 68_1934 MN 9612 Sale 9612
10712 53 104 10813
Braxil(U S of) external 8a_ 1941 in 106 Sale 106
95
89
166
93
External a 1634a of 1926 1957 AO 9214 Sale 92
941, 9912
101
96
8
is (Central Railway)
1952 J D 06 Sale 955
102% 107
7348 (coffee secur) E(1%0_1962 AO 9512 96 10314 Apr'27
10312 39 10218 105
Bremen (State of) ext'l 75_.._1935 MS 10314 Sale 103
9914 102 4
,
13
Buenos Aires (City) esti 63031955 J J 10012 Sale 10012 101
9414
91
J 917 Sale 91
91% 30
8
Bulgaria (Kingdom) a f 7a 1967
964 98%
92
ii 973 Sale 97%
98
.1
Caldaa Dept of(Colombia)734(3•46
4 28 10014 109
Canada(Dominion Of) 59. 1931 AO 10112 Sale 10113 1013
8
10218 64 1013 10214
1929 FA 102 Sale 102
10
-year 5348
MN 105 Sale 105
10512 85 104 10512
1952
55
8
9818 995
9914 39
1936 FA 0914 Sale 99
9345
1 10312 106,2
3
1954 J J 104 4 106 10512 10512
Carlsbad (City) I f 8a
,
89 106 4 10914
FA 1075 Sale 1063
10814
4
8
Chile (Republic) ext'l a 1813_1941
9912 101
87
4
1942 MN 993 Sale 9912 100
-year external s I 7s
20
MN 108 Sale 107
10818 71 10614 109
-year external at 80.
26
91
9312
4
913 144
External sinking fund 65_1960 AG 0114 Sale 91
8
933
91
8
917 104
1961 FA 9118 Sale 01
External s f 6s
934 9(312
in 9334 Sale 93%
94% 54
Chile Mtge I3k 6348 June 30 1967
9814
96
964 68
S f 644a 01 1926. _June 30 1961 JD 9614 Sale 9614
30
24
12
25
24%
Chinese (Flukuang Ry) 58_ _ _1951 JD 2412 27
9934 10212
Apr'27
102
Christiania (Oslo) 30-yr if 801954 MS
97% 100,
2
9912 76
9812 Sale 9814
Cologne(City) Germany03451950 M
9912 10114
13012
1927 AO 1003 1003 100%
s
8
Colombia (Republic)(134e
9914 10112
11
-year ci 6%8_1944 J J 10012 Sale 10012 101
Copenhagen 25
972 9912
9912 409
Cordoba (Prov) Argentina 781942 ii 9812 Sale 9812
2 10018 10112
8
4
1944 MS 10014 1003 10012 1007
Cuba 139 of 1904
5 10114 102
10114
8
External 58 of 1914 ner A.1949 VA 100 1017 10114
8
93% 953
1
9414
External loan 434e eer C_1949 VA 9414 94% 9414
1953 J J 102 Sale 10112 102% 11 1014 103%
Sinking fund 55419
96
94
94 12 30
-Col) 713 '48 JO 94 Sale 94
Cundinamarca (Dept
A 0 1085 Sale 10812
4 56 105 110
8
1083
Osechoeloyakia(Rep of) 8e_ 195l_
29 104% 109
109
8
1952 AO 10838 Sale 1085
Sinking gund 88 eer 1
External a f 73418 aeries A_ _1945 AO 10512 Sale 10512 105% 34 104% 1014
8
FA 111 Sale 11914
17 1093 111 12
111
Danish Cons Mut:deli)8e A..1946
17 10914 111%
111
1946 FA 111 Sale 110
Series Ii e 1 813
8
34 1033 10518
105
1992 .1 .1 10412 Sale 104
Denmark 20-year Si
4
983 1004
62
90
4
Dominican Rep Cult Ad 5%8 '12 MS 983 Sale 984
99 110
9912 21
1940 AO 09 Sale 99
1st sec 5348 of 192(3
17 10012 10412
MN 98 4 994 101
102
,
Dresden (City) external 7a 1945
102% 31 10214 104 s
J 101 Sale 10214
1947
Dutch East Indies( Pitt Os
8 21) 1024 10318
8 1025
1962 MS 10212 Sale 1023
-year Os external
40
3
8 10212 23 100 2 102
1953 MS 102(2 Sale 1013
80-year external 530
8
3 1003 103
4
1953 NI N 101% 1013 10212 10212
80-year external 534e
7 10014 109
109
1948 J J 108% Sale 10812
El Salvador (Repub) 8a
97
93
954 28
Finland (Republic) esti 68_ _1995 MS 94 Sale 93%
9814 102
12 22
10)
1950 MS 10014 Sale 100
External sink fund 7a
8
96 1007
0812 59
, 9 ,s
9
1956 MS 0814 Sale 9819
External e f 614H
00
96
101
99
98
Finnish Men Loan 630 A 1964 AO
95% 9918
994 25
9938 9812
1954 AO 09
External 8).4s series B_
308 10814 110
trench Repub 23-yr ext'l 88.1945 MS 119 Sale 10912 110
4
D 112% Sale 11112 1123 881 loo iusi
20-year external loan 7345_1941
99 1048
8
1035 306
10318
03
1949 JO 10714 Sale
External is of 1924
Sale 106%
10712 418 1064 10912
German Republic ext't is _A949 AO
4 30 101 103%
1023
Sale 10214
M
4
1023
German Cent Aerie Bank 78_1950
5 10112 10312
4 1034
4
1954 MN 1023 Sale 1023
Gras (Municipality) 88
4
4 41 10418 1053
1043
10414
CH Brit & Irel(UK of) 51411-1937 FA
4
11873 41 1163 118%
9 5812 S l
1929 FA 1148 Sale 11814
10
-year cony 63,48
44 103% 107
105
Greater Prague(City)714e 1952 MN 105 Sale 10418
9314 97
44
97
4
1964 MN 963 Sale 9518
Greek Government Ts
99 10014
4 10014 113
1952 A0 100 Sale 993
Haiti (Republic) a f 65
10512 16 1034 100
105 Sale 10414
ext 734850 J
Heidel berg (Germany)
8
97% 1017
37
100
Sale 5912
J
4
993
Hungarian Muni° Loan 73,45.11845
9514 99
4 39
963
8
Sept 1 1946 J J 957 Sale 95%
External if?,
4 78 10014 105
1023
VA 10212 Sale 10212
Hungary (Kingd of) a 1 7 49-1944
9912 1004
402
96
9912 Sale 9912 100
Ind Bank of Japan 6% nedes•1927 FA
9(3, 97
9618 436
Sale 95%
Italy (Kingdom oll ext'l 78 _1951 JO
8814 9212
9012 251
J 9014 sale 8918
Japanese Govt t loan 48____193I
8
987 102
8
,
99 4 580
)954? A 994 Sale 987
-year 3 f 6348
80
9212 98
,
94 4 115
9418 Sale 92%
Oriental Development 68_1953 M
-.I
I 95=-
----
---.
and inaererr —except for income and 0 faulted 6011/,.
,
t ea
Price
BONDS
.. 6
Friday,
N. Y.STOCK EXCHANGE
ck.
Week Ended April 20.u. A I'll 29.
Week's
Range or
Last Sale
;
r .a
on
ram
Range
Since
Jan. 1.
High No Low
High
Ask Low
Bid
10138 40 10014 102 2
Leipzig (Germany) at 7e____1047 F A 10118 Sale 100%
7
96% 09
9312 97%
Lyons (City of) 15-year 65__1934 M N 9612 Sale 9612
149
97
9612 Sale 9613
9314 977
Marseilles (City of) 15-yr 613_1934 M N
1
Mexican Irrigation 4345____1943 MN _______ 30 Mar'26 ---1 -56- if"
36
__ _1943. -- 36 Sale 36
Assenting e f
60
60
Feb'27 ---.
__ 50
4348_--Mexico (II (3) esti 55 of 1899 £'45 Q J
39% 50
4138 21
1945
4012 40% 405
45-Assenting 5s of 1899
s
3953 425
8
425 Apr'27 ---Assenting 55 large
1954 J D 2612 271, 34 July'26 --Gold deb 45 of 1904
245 8438
64
27 5
27 Sale 27
Assenting 45011904
27 Dee'26 -__ _
Assenting 4s of 1904 large
___ 25% Sept'26
---Assenting 45 of 1904 small
27118 2738 Jan'27 --J J ____27
26
2738
Aementing 4 01 1910
2618 3112
8 29
273
--.- ____ ____ 27
Assenting 4s of 1910 large
22% 2638
24 12 24
24 Sale 24
Assenting 4501 1910 small
41
464
4314 40
Trees 6e of'13 assent (large)'33 1 J --------43
4113 4812
15
43
43 Sale 43
Small
9214
92
9218 292
Milan (City, Italy) ext'l 634s '52 A 0 92 Sale 92
8
997 10213
10214 24
Montevideo (City of) 711_-__1052 1 D 1008 Sale 1007
8 106 10812
10614
Netherlands Be (fiat prices)__1972 M S 10614 Sale 11)618
311-year external (is (flai)__1954 A 0 10312 Sale 10312 10384 59 10314 103%
1943 F A 10212 Sale 10212 10318 29 10114 104
Norway 20-year esti 65
8 35 10114 104
1944 F A 10212 Sale 10211 1033
20-year external 68
4
1052 A 0 103 Sale 10212 10312 29 100 1033
2(1-year external 68
98% 101%
1965 1 D 10012 Sale 10014
101 12 84
40-years 1 5345
8
1955 MN 1023 Sale 1023
4
4 10314
16 1003 10314
Oslo(City)30-year 5168
9912 39
97 100
1946 F A
993$ Sale 994
Sinking fund 5348
6 1024 102%
10238
8
1953 1 D 10213 Sale 1023
Paaarna (Rep) mai 634s
1044 16 10312 107
Peru (Rep of) cal 89 (of'24)_1944 3. 0 10312 Sale 10312
6 10358 105
10434
1944 A 0 104 10412 10414
Ext.!' 8a (8er 011926)
4
993 103
48
101
1940 NI N 101 Sale 993
4
Kati oink Id 7345
4
983 101
4
4 1003 301
4
(of 1926)_1956 M S 1003 Sale 993
Eat! 5 I sec 73413
12
71312 85
83
1940 A 0 8214 Sale 82
Poland (Rep of) gold 68
9314 9912
1950 J J 9812 Sale 97
99'2 483
Esti sink Id g 88
4
10512 le 10314 1053
8
1961 J D 1105 Sale 047
Porto Alegre (City
11212 11 111 113%
esti a 17e
Queenaland (State)of)1313_- 1941 A 0 11212 Sale 112
3 104 1064
1947 F A 10512 Sale 0512 106
as
25-year external
.5 1038 10613
8
Rio Grande do Sul esti s f 85_1946 6 0 10512 Sale l05i2 106
o 26 10218 10(3
0412 1047
1946 A 0 10512 106
Rio de Janeiro 25-yr 5188
10412 31 1024 105
106 104
1947 A 0 19412
25-yr esti 88
4
4
003 923
4
913 502
1052 A C 900 Sale 903
4
4
Rome (City) mai 6345
8
2 1035 106
4
1053
Itotterdaru (City) ext1 Os. —1964 Si N 1054 Sale 10518
4
8 10712 110%
4
1102
Sao Paulo (City) a f es__Mar 1952 M h 110 1103 110
8
1
1064 66 1044 1063
San Paulo (State) exti a f as..193e J . 1063$ Sale .06
4 19 105 10712
1063
1950 J J 100 Sale 106
External sec s f 85
9814 10012
20
99
4
External 8 f 7s Water L'n_1956 M 5 99 Sale 933
2
41
9384 963
95
8
8
Santa Fe (Prov. Arg Rep) 781942 M 5 943 Sale 943
97% 102%
1015 132
Seine, Dept of (France) extl 7s '42 J .3 10114 Sale l0l14
9714 102%
4
4
Serbs, Croats & Slovenes 88_1902 MN 1013 Sale 10112 1023 161
9114 97
954 33
9518 9512 9513
Solssons (City of) exti 65._ 1936 M N
17 10312 104%
1095
1939 J 19 10414 Sale 104
Sweden 20-year 65
8
28 1095 105
103
1954 M /4 105 Sale 104
External loan 5345
112% 17 11114 113%
Swiss Confed'n 20-yr a f 88 1940 J J 11218 Sale 112
10514 40 102% 106
Switzerland ()tort ext 53.48_1946 A 0 10412 Sale 10412
s
797
75
48
765
7512
8
Tokyo City 58 loan of 1912_ _1952 M S 763 78
8618 90%
8
1961 A 0 8738 Sale 87
/375 141
Ext1 s f 5349 guar
9912 101%
10014 16
Trondhjem (City) esti 63413_1944 J J 10018 Sale 100
9512 10
94
974
Upper Austria (Pros') is. _ _1945 J D 95 Sale 95
8
32 1083 112
110
4
Uruguay (Republic)esti 85 1946 F A 1083 Sale 1084
9612
9534 51
95
1960 M N
9512 Sale 9514
External a f 65
9214 9711
9312 181
4
Yokohama (City) extl 6s_ 1961 J I) 9278 Sale 923
Hallreaa
s
1943 J D 10318 _ _ 10318 Feb'27 _ _ 1023 1034
Ala GC Sou let cons A 5s
1928 61 N 10014 101 10014 Apr'27 _ _ _ 10014 10012
- -lid 1st guar gold 55
Ala 3
87% 883
4
4
1
8831
4
Alb & Stem lot guar 3348 _1946 A 0 883 8914 883
84% 85
Alice da West 1st g gu 4a.__ _1998 A 0 85'4___. 85 Mar'27 __ _ _
954 94%
11
9634
4
4
1942 M S 9612 963 963
Alice Val gen guar g 4a
7912 82
811, 18
July 1995 Q 1 814 8112 814
Ann Arbor Isle 45
4
923 97
,
96 4 71
Atch Top & S Fe—Gen g 45_1995 A 0 96 Sale 9512
02
95
A 0 ---- ----95
Apr'27 ___ _
Registered
8714 9118
89
8912 89% Apr'27 __._
Adjustment gold 48__July 1995 Nov
87% 91
, 36
893
8912 Sale 8914
July 1995 M N
Stamped
88
85
Apr'27 ___
8812 88
M N 88
Registered
4
s
997
88
1
89
1955 J D 88% 892 89
Cony gold 45 of 1909
s
8714 1192
1956 .1 D 88% 893 884 Apr2/ _ _
4
Cony 4s 01 1905
__
_ 89 4 Apr'27
8913
86
Cony g 40 issue of 1910_ _1960 1 D 88
9914 100
8
100
8
018
-East Okla Div let g 48___ A928 M S 998 10 - 995
8812 90
Apr'27
09
91
1965 J J 89
Rocky Nitn Div let 4s
9013 9212
92 9212 9214 Apr'27
Trans-Con Short L let 48.1958.3 J
9718 994
A_1962 M 8 9912 ____ 99 Apr'27
Cal-Ariz 1st ar ref 434a
4
1043 104%
4
_ __ _ 1043 Mar'27
All Knoxv & Nor 1st g 58_ _1946 J 0 105
98% 100
31
99
4
ALI & Chart A L 1st A 4145_1944 J 1 984 Sale 983
4
4 103% 1051
105
_ 05
1st 30-year 55 series 11__ _1944 J J 105
4
.. 1 .....3 —W.—
Atlantic City let cons 4s__ _ _1951 J 1 8812 -316 2" 1-3 9U - - - _
93% 97
8 33
907
Atl Coast Line let cone 41 July '52 M S 9612 Sale 96
13 1034 10512
1930 M N 10318 Sale 0318
10314
10-year secured 75
98%
97
25
98
1964 1 13 977 Sale 977
General unified 4348
9112 9313
93
4
923
18
L & N coil gold 48_ __Oct 1952 MN 9238 93
4
787 81%
1948 1 J 8138 Sate 813
8112 18
8
All & Deny let g 413
7114 753
4
5
19* I J
8212
2d48
8
717 7418 717
7
1944 A 0 8512 87
86
8238 86
Atl & Yad let g guar 4e_
844
1021 2 1013
4
Austin & N W let RU g 55_ _1941 1 J 10214 --- 10213 Apr'27 __
Bait & Ohio 1st g 48.___July 1948 A 0 93 Sale 95
9012 i'i 93% 974
99%
92
July 1948 Q J
8
947 Mar'27 _
95
93
Registered
20
i(fi 97 9914
1933 Si 8 9812 Sale 98
99
-year cony 434e
106 190% 10312
Refund & gen 63 series A 1995 J D 1027 Sale 10212 103
8
/
4
isle 58
107
8
73 1043 108
1948 A 0 10618 Sale 063
4
10-year 65
126 1003 10313
11129.3 J 103 Sale 10238
103
110
Ref & gen 65 series C
1996.3 D 1093 Sale 0918
8
1095
8 51 1074
92% 98
P L E & W Va Sys ref 48_1941 1.1N 9512 Sale 95
9512 11
Southw Dly lat 55
1950.3 J 1025 Sale 103
10312 25 101st 1034
85%
82
Tol & CM Dly let ref 45 A_1969 J J 857 Sale 8512
5
85%
8
8
Ref & gen 56 series 13_ _2000 M S 1023 Sale 10258
46 1003 103%
103
4
1 10218 10218
Bangor & Aroostook 5s
1943 J J 10214__ 024
10218
8514 8512
Con ref 4s
1951 J 1 854 1612 8512 Apr'27 _65
64
Battle Crk & Slur let gu 3a 1989 J D 6533 6612 75
Jan'27 _ _._
95% WI
Beech Creek let gu g 4a
1936 J 1 9558 9614 9512 Jan'27 __ -9412 95111
J J
9412 ____ 9112 Mar'27
Registered
99
99
99
8
2d guar g 55
1936 J .1 993
Jan'27
8
815 81%
84
8138 Mar'27
Beech Crk Ext let g 3%8_1961 A 0 82 914
91
91 1, Mar'27
Big Sandy 1st 48
1944 11 D 9118
78% 83%
Bost & N Y Air Line 1st 4a...1955 F A 8212 - ; 8212
13
837
837
95% 90%
9638 97
004 Apr'27 ____
Bruns & W 1st gu gold 45_1938 J J
Buffalo R & P gen gold 58_ 1937 M $ 10314 ___ 10312 Apr'27 ___ _ 101 10313
944 984
40
98
973$ Sale 97%
Conaol 434g
1957 MN
95
95
M N
_ 95 Mar'27 _ __
Registered
88--10218 33 101 10218
Burl C R & Nor 1st /Se
1934 A 0 10118 102 1(12
4
., 11 105 107
1063
Canada Sou cons gu A 5a_.196'2 A 0 10653 ____ 1063
99
95
8
28
99
Canadian Nat 434e_Sept 15 1954 NI S 983 Sale 9814
9918 100
4
993 Sale 09%
5-year gold 434e_Feb 15 1930 F A
908 42
16 114% 1164
8
Canadian North deb a 1 7e_1940 J D 1155 116 11538 116
,
3
4
12 1173 119 4
1946.3 3 1183 Sale 11834 119
25-years f deb 634s
9
974 9
4
9812
8
983$ Sale 983
10-yr gold 430- - _ _Feb 16 1935 F A
8318 8613
85% 36
3
J 853 Sale 8514
Canadian Pac Ry 4% deb stock_ J
98
96
Col tr 4(4s
1946 M S 9712 Sale 971 1
9784 08
95% 954
955 Jan'27 __98
8
Carb & Shaw 1st gold 4e
1932 M 8 97
834 80
i5
8912 86
1949 1 J 86
86
Caro Cent 1st cons g 48
4
8 102% 1033
10312
Caro Clinch & 0 1st 30-Yr 601938 J D 103 Sale 103
8
10712 26 107% 109
1952 .1 D 10712 Sale 1073
1st & cone 65 series A
904 9254
4
921, Mar'27 _—
1981 J D 913 93
Cart & Ad 181 au g 45
8011
83
8514 25
851,
Cent Branch U P Isle 48_1948 J I) 851, 86
Central of Ga 1st g be_Nov 1945 F A 10718 ____ 1057 Apr'27 ___ - 10412 105%
5 10214 105
10478
8
1945 MN 104% ___ 1047
Consol gold 58
8
10212 12 102 102%
10-year secured Sc. _June 1920 J D 1023 Sale 10214
,
5 1044 106 4
105%
Ref & gen 63,4s aerate B _ _1059 A 0 105% 106 105%
91%
88
___ 915 Mar'27
8
Chatt Div pur money g 45_1951 J D
904
J .1 103 105 1023 Apr'27 __- 1024 104
Mao Ar Nor Div lot g 6a._1946
2 101% 104
104
1946 J J 10312 105 104
Mobile Division 15.1
--
--
New York Bond Record-continued-Page 2
BONDS
N. STOCK EXCHANGE
'F.
Week Ended April 29.
Price
Friday,
April 29.
Week's
Range or
Last Sale
Range
Since
Jan, 1.
BONDS
.
N.Y STOCK EXCHANGE
Week Ended April 29.
2563
Price
Friday,
April 29.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
Bid
Ask Low
High
Ask Law
High
High No. Low
Bid
High No Low
8
4
Cuba RR let 60
8312 84% 835
-year 66 g___1952• .1 963 Sale 9612
7412 85
27
84% 11
97
9412 97
9914 Apr'27
1938 J O 108 10912 109
let ref 7545 ser A
9914 100
9914 10034
2 107 10912
10918
4
1936 J o 10014 Sale 10014
1st lien dr ref 051st 13
4
10012 Sale 10012
1003
991.2 10112
9912 102%
1005
8 10
1 112 116
1966 J
8
1037 Sale 102%
11534
4
1153
4
Cuba N -wthern By let 6e
1153
103% 27
993 103%
4
3 11238116
-115 1105; 115
11514
99% 99%
Day dr Mich let cons 4349_1931 1.0 99
4 10
993
4
9S3
8
93 Sale 93
8
9114 935 Del & Iludeon 1st & ref 49.__1943 MN 953 Sale 9514
7
9318 95 3
9314 14
95%
5
A0 136 Sale 133
1935
93
903 92
98 92 Apr'27
30-year cony 5s
14214 1193 11413 14214
9812
1937 MN 10414 105 1043
97% Sale 9812
4
973 983
3 103 105
15-year 514s
105
4
8
1072
1930 -ID 10714
9212 93 Apr'27
91
107%
1 108% 107%
10-year secured 75
8912 93
1938 FA
103 Sale 103
10314 73 10112 10314 D RR dr Mtge 1st gu 45 g
9614 Apr'27
96
9814
_ Den dr R G 1st eons g 4e_ 1938 J J 91% Sale 917
118%
8
923 198
s
9118 93
- 11812 Oct'26
8
1936• J 043 95% 9512 Apr'27
8
1003 1-61 10112 Apr'27
- -1
Riois 101. Coned gold 43423
97
94
4
1063 Sale 1065
8 1063
Improvement gold be__ 1928 3D 9)% 99% 100
4
8
4 23 1033 1063
Apr'27
9912 1001s
104% Mar'27
106%
10212 10412 Den & R 0 West gen ba_Aug 1955 MN 87 Sale 85%
88% i000
8
735 88%
133
3 35
35
'
45
9818 Sale 98%
98%
3
Des M & Ft D 1st gu 45__ _ _1935
35
97% 99
34
36
_
34
9438 Oct'26
___ 34
1
Temporary ctfs of deposit_ _
34
331s 35
ioo gale 100
963 Aug'26
10014 98 -59; 101 2 Des Plaines Val 1st gu 430_1947 MS
4
7
100%
4
8
1003 101
1007 Feb'27
7
Det & Mack let lien g 45_ I995 3D 7312 Sale 7314
7312
7014 7312
9018
65
8712 Dee'26
2
68
1995 ID 65
Gold 45
65
65 85%
883 - 4 893 Apr'27
4
4 903
96t; Detrolt River Tunnel 4346_1961 MN 98 9834 99 Apr'27
875 -9718 A97
8
1048 Apr'27
8
8
867 ____ 86%
8
867
3
85 4 8712 Dul Missabe & Nor gen 611._1941 J 3 1043
103% 104 4
3
4
1937 AO 102% 1023 102%
10014
3 101% 103
4
1023
997 10018 Dul & Iron Range let 5s
-- 10018 Feb'27
85
10
72 - 7212
8514 86
7234 7212
8
Apr'27
733 Dul Sou Shore & All g 5e__ _1937 J J
71
7518 88
7112
1
7112 7134 7112
7112 72
94
1
94
6412 65
65
6512 30
6114 8814 East 33i Minn Nor Div let 4e_'48 AG 93% £18
94
94
10212
10212
3 1003 102%
6312 64
63 Apr'27
East T Va & Ga Div g be__ _1930 J J 10114
67
60
4
10612
10612
48
1 108 10612
4
883 Sale 8814
1956 MN 10612
Cons let gold 58
89
8838 8914
3 102 104%
4
10318
Elgin Joliet & East 1st g 5s.1941 MN 103 1043 10315
87'z-- _ 8614 Dee'26
3 1004 10612
10614
1985 A0 10614 Sale 10614
4
853 8612 9618
9612 25
9438 97l El Paso & S W 1st be
1
4 10 106 10712
8
087 100
99%
99%
998 100% Erie let consul gold 75 eat_ _1930 51 S 10612 Sale 10812 1063
32
'3 84
85
9912 Nov'26
8
1996
853 84
1st cons g 4s prior
81% 86
0,
9 4
79
9
Jan'27
96 Sale 955
8
1997 J
P.egistered
96
9312 963
4
79
79
4
783 174
9218 Slar'26
1996 J J 773 Sale 77%
let consul gen lien g 4e
4
91%
7312 7912
2
7612
-2
7612 Sale 7612
97% Sale 9712
8
1998• J
Registered
9814 336 "Fria 9 -17
72
7612
20
99
99
8
98% 100
1065 10718 10612
Penn coil trust gold en__ 1951 FA
1063
9314 10014
4 34 10512 107
84 106 106
4
843 315
106
106
1)6
60-year cony 43 series A 1953 AG 84% Sale 84%
78% 8
612
190
85
s
84% Sale 8412
85% 399
79
1953 AO 837 8412 8418
Series B
80% 86
8514
8
1117 1615
6 105 10814
8
1073 108 1375
10814
8
8418 1123
1953 AO 10414 Sale 10212
Gen cony 48 series D
4
4 111% 113%
4
72% Sale 713
4
6914 73%
1955 J J 11212 Sale 11212 1123
Erie & Jersey let s f 6s
73% 738
Apr'27
8
11152 11312
1137 115%
11518 Mar'27
116
4
Genesee River lets f 613_1957 J J 1123
-- 113
1027s 10312 1035 Mar'27
8
8
1033 103% Erie & Pitts gu 93345 B
1940 J J 88%
- 8812 Nov'26
Apr'27
89
89
_ _ 9114 Apr'27
8
89
903
89
9114 9114
1940 J J
Series C 334t3
11
10218 Sale 10218
103
953 10114
997 103
Est RIt ext1 a f 75
9912 Sale 9912
10014 77
4
1954 MN
5 1063 108%
108 10878 108%
8
1083
4
5 10018 10114
4
1005
9414 95
9512
9218 9612 Fla Cent & Penn 1st ext g 512_1930 J J 100% -- 100%
95%
s
965s 0712
2 1011 1017
8
1015
8
1015
Congo( gold bs
4
9712 Apr'27
1943 J J 10138
8
9734 9812
5
D 98% 981_ 9814
Florida East Coast let 434e_1950
9814
12
64
9414 10118
1974 M S 98 Sale 96
let & ref 5s series A
8
965 207
553 61
M & Puget Sd 1st gu 4s___1949 J 3 63% 6334 6334
C
11
4 33
62
633
4
61 Sale 61
6212 638 623
61
5534 6418 Fonda Johns & Glov 4345
1952 Id N
85
U 8 Tr certifs of deposit__________
28
87
9414 Feb'27
94%
87 Sale 8612
88
94
85
1941 J
Fort St 11 D Co let g 434e
9414
r
Ch M & St P gen g 4s Ser A _e1989.
1063 Mar'27
1083 1063
8314 831 1 Ft W & Den C let g 514s_ _1981 J D 107
4
863 8314 Mar'27
8
4
Q 3 84
Registered
7
Apr'27
98
98
7612 765 76%
78
8
975 9512
75% 78
98
Ft Worth & Rio Or 1st g 48 1928 J .1
General gold 3348 ser B__e1989 J J
8 11
967
Apr'27
8
10722 10818
947 98
1933 A 0 10714 108 108
Frem Elk & Mo Val let 65
Gee 414s Series C _ _ _May 1999.2 .1 9614 Sale 9614
43
65
57
661z
Ben dr ref ser A 4345_ _Jan 2014 A 0 6412 Sale 6412
5 10012 101
101
6514 55
1931 MN 101 Sale 100%
64% Sale 6338
_
8
8
667 655 GH&SAM&P 1st 5s
Guar Tr certife of deposlt
1 10018 1007
8
1007
122
100%
64
1931 3 .1 100%
8
63%
_- 2d extens ba guar
5512 64
Gen ref cone ger B 5s_Jan 2014 FA
14
6312 125
1933 AG 97 4 - - 9812 100
8
9612 100
625
,
3
55 4 6418 Galv Hous & Bend 1st 5s
Guar Tr certifs of deposit------1
4
4
99%
8 16 10314 10812 Ga & Ala Ily let cons bs_Oot 1945 J J 993 Sale 993
1037
9812 9978
'4 3
35 101e34
1934 . 103 8 8 3 103%
let see Se
4
99 10012
10014
6412 85
5612 6434 Oa Caro & Nor let gu g 5e 1929 3, 10014 10012 10014
6312
1932 J D 6212 64
Debenture 4145
1
8
7212 7512
1948 A0 745 Sale 74%
4
743
6414 32
12
644 Georgia Midland let 35
66
Bankers Tr certifs of deposit-63 Sale 6312
9812
5
9718 98%
9814
8 20
9812
643
8
8
5612 645 Or It & 1 ext 1st gu g 4148_ _1941 J J
15 6212 64 635
1925:Debenture 48
11 11518 116
47
643
6212 63% 8312
_
6512 Grand Trunk of Can deb 78_1940 A0 11512 Sale 11512 115%
5612
U S Mtge & Tr Ws of dep__ ___
4
1077
1938 131 S 1073 Sale 107%
8 13 1067 10814
11
64
2
63%
15-year s f 65
5612 64%
1934 .1 .1 6212 64
-year debenture 45
26
95% Slar'26
1947 J O 9818
226
64
8
8
563 6412 Grays Point Term let 5s
. 63 Sale 627
Farm L & Tr etfs of dep__ _
112 113l 115
115
4
1934 3 J 11412 Sale 11414
8
823
8
4
7818 831s Great Nor gen 7s aeries A
__1987 M14 803 821 823
Ohle & N'west gen g 334s
11 355 Nov'26
J J
Registered
7412 Jan'27 _
7412 7812
Q F
Registered
117
100
9313
97 109
6
1
- ;
let & ref 43e series A____1981 J J 97 Sale 97
4
9012 9412
1987 NI N 933 943 9312
General 45
16 108 112
110%
3
' 11018 Sale 109%
1952
87 Aug'26 -General bu,s seriee B
Q F 8912
Registered
8
8 21 1023 105%
1055
3
' 10512 Sale 1053
9012 9414
1973
8
1
94
General 55 series C
4
933 941 94
Stpd 4s non-p Fed In tax '87 M N
40
1978.2' 100 Sale 97
9418 9914
1 105 109
9914
General 41-5s series D
109
Gee 4348 stpd Fed Inc tax_1987 M N 1118 1091 109
85 Mar'27
831e 86
4 10814 11312 Green Bay & West deb etht A____ Feb 8518 90
11312
Gen 55 stint Fed Inc tax___1987 731 N 11312 114 11312
2312 23
Apr'27
Z111
Feb 23
21
Debentures etfs B
,
10114 103 s
4
1023 1031 10318 Apr'27
1879-1929 A 0
Sinking fund 65
92 Dec'26
9312 95
8
4
101 1023 Greenbrier By let gu 48____1940 M N
A 0 1923 1031 1023 Apr'27
Registered
10614
10E4 166 2
- -14
10318
100 1013 Gulf Slob & Nor let 5345_1950 AO 105% 106% 10614
1879-1929 A 0 10014 1003 10318
be
Sinking fund
10112
10I 14 101%
1950 AO 10012 Sale 10112
10014 10214
1st M 5s series C
1879-1929 A 0 10014 101 10014 Apr'27
Registered
10814 107
4
1933 M N 10218 ____ 10218 Apr'27 -- 101 10318 Gulf & S Its'. ref & ter 955 _b1952 J J 107 1083 107 Mar'27
(Sinking fund deb Os
10138 Apr'27
8
1013s
101% 1013
M N
Registered
8
97% 10414
4 83
1033
Hocking Val 1st cons g 4 3523.1999 J J 1033 Sale 10312
8 108 107
1068
4
1930 J D 106 1063 1065g
-year secured 756
10
9534 Mar'27
1999 ii
95% 95%
Registered
11212 33 11138 1123
4
1938 M 5 11212 Sale 11214
-year secured 133i8 g
15
9812 9934
4
1937 St N -094 1661- 99% Apr'27
_ 10212 109
Housatonic By cons g 5s
107 108 Apr'27
Slay 2037 J D 1037g
let & ref g be
4
1 1001 1011
4
1013
8
1937 J J 1013 -- 1013
4
4
61
90
87114 901 2 H & T C let g Int guar
%AMR I dr P Railway gen 48.1988.2 .1 93 Sale 90
4
1013 Mar'26
4
Waco & N W div lst es 1930 MN 1013
.1 .1 8818 ___ 87% Apr'27
8611 87%
Registered
Apr'27
4
-E15F2
94% 110
Houston Belt & Term let 5s_1937 J J 1003 101 101
9214 95
1934 A 0 94 Sale 94
Refunding gold 45
3 10012 1016
4
7 Houston E & W Tel let g be_1933 MN 101% Sale 10012 10012
A 0 -___ ---- 93% Mar'27
9255 93
Registered
101
10014 101
1933 MN 101 10112 101
Apr'27
91
4
let guar be red
8914 91
Ch St L & N 0 Mem Div 48_1051 3 D 893
8 100
110
4
993 Sale 993
98 100
8
10114 10215 Hud & Manhat be series A 1957 P A
Ch St L & P let cons 31 58_1932 A 0 1023 10312 10218 Jan'27
97
Apr'26
FA
8' 10318 104
10314
Regtstered
Oblo St P /31 & 0 cons 65.__1930 J D 10314 Salo 10314
91
170 -Si- 91
2' 98
96
__ 96
Adjustment Income 58 Feb 1957 A0 90% Sale 9018
96
Cons 85 reduced to 33.4e_ l930 J D -__4
993 Apr'27
4 -1930 M El 993 100
9912 100
Debenture be
9412 Mar'27
_
9955 Apr'27
95
10014
94
995 99 4 IllinoIs Central let gold 45___1961
8
Stamped
3
925 Apr'27
8
44
99
92% 9252
1951
Registered
93% 99
/Ohio T H & So East lat ba_ _1960 J D 9818 Sale 9812
8
743 Jan'27
4
953 189
4
1951
1
Dec 1 1080 M S 9514 Sale 943
12 76 2
74
8712 953
1st gold 3lie
Inc gu 55
4
4
823 Jan'25
99 12 23
99
3
Registered
9714 9912
.0121cUn ERa'n let gu 4118A-1963 J .1 93 4 99
391k
88% Apr'27
10412 10 10418 1053
87
1963 3 J 104 105 10414
Extended let gold 3349_1951 A• O
1st 55 aeries 13
4
10418 10 10112 10538
73
Jan'27
1051 MS
1944 J D 10414 Sale 104
73
Guaranteed g be
s
743
let gold 3e sterling
8
11712 21 117 1183
1963.2 J 1173 Sale 117
3
9212
9013 93
Collateral trust gold 411_1952 AG 9112 Sale 91
let 03423 series C
4
60% 8912
1055 Mar'27
8912 Mar'27
AG
Chic & West Ind gen g 66_1)1932 Q M 10512
10512 106
Registered
8 32
887
95
1952 .1 .1 8814 Sale 881.
96
-year 46
1955 MN
951e 26
9314 967
9518
Consul 60
8
865 8874
s
let refunding 413
4
46 10312 105
105
1982 M S 1043 Sale 10434
1952 J J 86
86
8
883 88% Apr'27
88%
Purchased lines 3545
let ref 5345 ser A
10414 Apr'27
1952 MN 104
8
8912 12
90%
8
10314 10414
Collateral trust gold 48_1953 MN 885 Sale 885
Oboe Okla & Gulf eons 5s
88
_ 97% Apr'27
MN
8512 Oct'26
Registered
97% 973
CM H & D 2d gold 4350.._1937 J 3 973
4
98
1
97
.Aug 1936 Q F 97 - - 97
1073 Apr'27
4
9614 9714
2
1955 MN
;
3
1o71. 108
Refunding 5.3
0I St L & C let g 48..
9518 Jan'27
Aug 1036 Q F 9618
101 18 Sale 101
Registered
1934 J
10112 27 101 103%
15-year secured 5355
9518 9518
1942 M N 933 - 4-1- 9212 Apr'27
4 9 4
8
8
1936 I' 1127 Sale 112%
112% 15 1115 11312
90% 9212
-year secured 834e 2
Gin Leb & Nor gu 45 g
15
1928 J .1 10018 101 1003 Mar'27
Aug 1 1966 F A 9812 Sale 9812
98% 99%
100 100%
9914 232
CM S dr Cl cons let g 5e
40-year 43is
9314
8
93% Mar'27
5212 933
1950 J o 93%
s
Cleve CM Ch & St L gen 48_1993 J D 9314 Salo 9314
9438
89
Cairo Bridge gold 45
4
4
99%
1031.2 J 993 Sale 993
7
4
753 Mar'27
-year deb 4345
20
7814
8
7612 Test
983 100
Litchfield Div let gold 3/1_1951 .1
1993 J 13 11114 113 112 Mar'27 _
General be Series 13
8312 Mar'27
107% 112
4
83'4 8418
Loulev Div & Term g y,2_1933 J i 833
103
53 10218 10314
J .1 103 Sale 10218
65 serlea A
1020
81 18 Aug'26
Ref & !mot
J J
Registered
_ 108 107%
7614
1941 J .1 105 108 106 Mar'27
13s series C
4
763 Apr'27
.
77
-711
7755
Omaha Div let gold 35____1951 FA
8
8 18 10314 105
1043
1983 J .1 1043 Sale 10414
be series D
7614 79
7
78%
St Louis Div & Term 638.1951 J J 79% 82
8
787
3 94%
0514 18
9514
Cairo Div let gold 45_ __ _1939 J
87
9312 9514
8
853 ___ 86
Apr'27
88
1951 J
Gold 3348
7
9013
8914
84 Sept'26
CM W & M 331v 1st g 423._1991 J .1 89
88
Springfield 131v let 63345.1951 .2
9012
6
89'2
9Q1 9118
91% Apr'27
8
875 91
St L Div lst coil tr g g 4a 1900 NI N 8914 Sale 8918
9112 93
1951 FA
Western Lines 1st g 4s_
8612
8314 Feb'26
Si N
Registered
III Central &Chic St L & N 0
_ 9618 Apr'27
35 10318 10514
-615.
Spr dr Col Div 1st g 45_ __1940 M 5 8512
105
4
58 series A
1983 J o 1043 Sale 104%
Joint let ref
0712
104% 10512
91
9712
W W Val Div let g 4s___1940 J J 9618 - - 9712 Apr'27
1951 3D 104% 10714 10438 Mar'27
Gold 55
10834
1
10312 10312
4
CC C dr I gen cone g 68____1934 3 J 1083 --- - 10834
3D 103% -- 10312 Mar'27
Registered
8 10714 1098
am
4
Lor dr W con let g 50_1933 A 0 1023 Sale 10234
Feb.213
102% 10314
7812
8
Met
Gold 334s
1951 3D 795
10012
1 10012 10012 Ind Bloom & West let ext 46_1940 A0 94
Cleve dr Mahon Val 3/ 5s____1938 J J 10312 Sale 10012
9412 93% Dec'28
8
1036 MN 985 0914 985 Apr'27
8
_
9l0s 9438
8
943 Apr'27
98% 983 Ind III & Iowa let g 4s
CI & Star let gu g 43412
4
1950 3 .1 9418 95
99% Aug'26
84
_
87
gen gu 045 ser B_1942 A 0 102%
Apr'27
Cleve & P
Ind & Louisville 1st gu 4s
3 8614 874 87
'
1956
101 Mar'27
4
10218 1031s
1942 J J 883
100 fo-f- Ind Union Ry gen 65 ser A 1965 J
Series A 4345
10214 102% 10218 Mar'27
;
2 10214 10218
1948 MN 898 901 8514 Oct'28
102%
8
1027
Series C 33411
8
Gen de ref 55 series B
1965• J 1027 10312
_ 8438 Sept'26
14 10588 107%
1950 F A 881
107
Series D 31423
lot & On Nor 1st fle set A 1952 J J 107 Sale 10618
- 10314
8352 98
4 icii; 104
9412 146
ow shor Line let gu 4345_1961 A 0 10212 16314 10314
94 Sale 9312
Adjustment es set A July 1952 APr
109
8112 881s
20
4 lova no%
85
1972 A 0 10852 110 108%
8412
Union Term 5345
8
Cleve
Stamped
Apr) 845 85
9912 1005s
104'2 14 10312 105
1973 A 0 10412 Sale 1043
let 6 f 58 ser B
1st Os series B
1956 J J 9912 Sale 9912 100% 29
14
9014
75
__
,
7555
7712
1945 1 D 9012 _.- - -- 0014
88% 9014 lot Rys Cent Amer let 5e
75 Sale 75
Goal River By let gu 45
1972 MN
4
9914 21
99 Sale 09
Ws
93
9314
Colorado & Soutb let g 48_1929 F A
9312 93%
93
8% 9912
9
1941 MN
let roll tr 6% notes
20
4
98
5
5012
1.821
Refunding & exten 434e_1935 M N c, 97% Sale 97%
9812 99
Iowa Central 1st gold ba
1938 3D 5012 Sale 5014
4912 55
Apr'27
50
1948 A 0 7.19314 94 93% Apr'27
9I% 9314
52
II V let ext g 45
5014
Col &
Certificates of deposit......
21 12
17
9012 Mar'27
13
94
18
17
1055 F A ;, 91
9012 9012
18
1051 MS 17
Refunding gold 42
Col & Tot let eat 45
88
91% 93%
8
4
4
James Frank & Clear let 45_1959 J D 9312 943 937 Apr'27
Coon & Passum Riv let 46 1943 A 0 o. 883 ---- 8238 Nov'213 _ _
Dec'26 _
1930 F A 4. 9414
40
. Consol By deb
Apr'26
7512 7412 Apr'27
1964.2 J re.7414 -Ka A &OR 1st gu g be
1938 J J 102% 105% 101
Non-('on' 45
85' 87
8614 Mar'27:-___
1J D -_-- - -- - 70 Sept'26
Regletered
1990 AO
Kan & M 1st gu g te
Apr'27
100 100%
75%
16
POO-cony debenture 4e___1955;11 3 7412 Sale 7412
1927.2' 100 10018 100
-year So
2d 20
*
8
8
Non-oonv debenture 44_1958 J J 7312 755 7534 Apr'27
19155
K C Ft El & M eons g 88
1928 MN 1015 1015 11.113
3 10151 10155
- S Due Feb. /Due May. p Due Dec.
Cent New Eng let gu 45..__. 1981 .23
Central 01110 reorg 434e__ _ _1930 M S
Central RR of Ga coll g 55._1937 MN
Central of NJ gen sold 5s___1987
__1987
Registered
A
Gent Par let ref gu g 45____1949
A
Registered
13
Mtge guar gold 3 As_.Aug 1929
0
Through St L let go 45___19E4
A
1980
Guaranteed g 6e
Charleston di Savnli 1st 78....1936
Chem & Ohio fund & Impt 58_1929
1939
let consul gold 55
1939
Registered
1992
General gold 4345
Registered
A
1930
-year cony 454e
20
1940
Craig Valley let 5s
Potts Creek Branch let 49_1946
H & A Div let con g 45._ _1989
1989
2t1 consol gold 45
Warm Springs V let g Os .1941
01210 & Alton RR ref g Is.... _1049
Ctf dep °Lod Apr 1926
1950
Railway first lien 331s
Ctfs den Jan '23 & sub coup
Ohio Burl & Q-Ill Div 336_1949
Registered
1049 .5 .1
Illinois Division 45
N
Nebraska Extension 45_ _A927
MN
Registered
1958 MS
General 4s
MS
Registered
1977 FA
let & ref 41is 8er 11
1971 FA
ref 513 series A
let dr
Chicago & East III let Se__ _1934 A0
O & E III Ry (new co) con 581951 MN
1982 MN
Chic & Erie let gold 58
Chicago Great West let 45_ _1959 MS
able Ind Ai Loulav-Ref 61-1947 J J
1947 J J
Refunding gold 511
1947 J J
Refunding 45 Series C
1966 MN
Os A
General
May 1966 J J
General 85 B
J
-year 4s__1958
Chic Ind & Sou 50
Oldc ES & East 1st 4;38_ _ _1969 JD
2564
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 29.
New York Bond Record-Continued-Page 3
Price
Friday,
April 29.
Week's
Range or
Last Sale
Range
Since
Jan. 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 29,
Price
Friday,
April 29,
Week',
Range or
Last Sale
&Mal
Since
Jan. Is
BM
Ask Low
MO 'so. Low
111011 New York Central (Concluded).
Bid
Ask Low
Mob No. Low
HOS
KC Ft SAM Ry ref g 4 1936 AO . 92 4 Sale 923
/1_
4
3
4
94
93
92
Lloneol 4s series A
1998 A 93% Sale 93%
933
4 23
90
94
KC&MR&B lst gu 56_1929 AO 100 10014 1003* Mar'27
9912 1013
2
Ref & 'mot 4s • A"_2013 A0 1003 Sale 100
4
101
47
97 s 10114
7
Kansas City Sou 1st gold 33_1950 *0 7412 7412 7418
74% 16
Ref & Imot 5s series 0.....2013 * 0 1064 Sale 106% 10712 Ill 105 4 108
7318 75 2
3
/
1
1
Ref & tmot 50
Apr 1950 J J 99 100
/
1
4
50
997
8 1007
2
9914 101
Registered
*0
10512 Jan'27
loth 10511
Kansas City Term 151 4s__-1960 J J 91 Sale 8913
91
40
N Y Central & Hudson River
91
88
Kentucky Central gold 4s__1987 J J 8953 -- 89%
5
8113 893
89%
4
Mortgage 33ig
1997 3, 8312 Sale 7314
23
804 846
s
34
Kentucky & Ind Term 4)6'9_1961 J J 8558 _ _ _ _ 914
1
9112
8512 9112
Reglstered
1997 5,
8212 Apr'27
78 s 83
5
Stamped
1961 J J 90
9014 Mar'27
8813 9012
Debenture gold de
1934 MN "ei4
9714
97% 73
9613 98
Lake Erie & West 1st g 58_1937 J J 10218 102% 10218 Apr'27
10214 102%
Registered
MN
_
96
96 Feb'27
98
26 gold 53
1941 J J 10114 Sale 10014 Mar'27
1004 1004
30
-year debenture 43
1942 J J 97 Sale 97
9413 974
971s 10
Lake She & Mich S g 3;0_1997 JD
84 Apr'27
8011 84!8
Registered
93 Feb'25
Registered
1997 ID
82 Apr'27
8214
80
Lake Shore coll gold 3%6_1998 A 8111 83
.83
25 "firs 15
/ 8111
1
4
Debenture gold 45
1928 MS 594 961 9912
2
.
9814 99 4
99% 31
3
Registered
1998 P A 7812 ---- 81 Mar'27
78 4 81
3
25-year gold 40
N 983 98% 9812
1931
42
99
4
Mich Cent coll gold 33.18_1998 P A 81
973 99
8
84
8214
793 844
4
8214
Registered
MN
1931
96 Dec'25
Registered
1998 P A
82 Apr'27
78 4 824
7
Leh Val Harbor Term 54-1954 VA 10511 16i34 10513 10512
1 1041, 10512 N Y Chic & St L let g 4e
1937 AO 95
95 4 95
2
3
95
944 96
Leh Val N Y 1st gu g 430_1940 J J 99%
9912 Apr'27
984 1008
Registered
1937 AO
9314 May'26
Lehigh Val (Pa) cone g 48_2003 MN 9014 Sale 9014
8614 9112
11
91
25-year debenture 48
1931 MN 9713 98 974
17 -fairs 98
98
Registered
MN
8912 Apr'27
84
8912
2d es series A B C
1931 MN 10314 Sale 1023
4 10313 16 1024 10314
General cons 4)is
2003 MN 994 Sale 99
99 3
4 22
97 100
Refunding 534s series A 1974 * 0 10513 Sale 10512 1063
8
5 30 1041s 1067
Lehigh Val RR gen fis series_2(J03 MN 106 Sale 106
22 10313 107
137
Refunding 5%s series 13 1975 5, 1057 10612 057
8
8 10612 12 10418 107
Leh V Term Ry lit gu g 5e 1941 AO 1033 104 103 Apr'27
4
/
1
4
10212 1054 NY Connect let gu 43.4e A 1953 P A 9714 Sale 9714
20
943 99
s
98
Registered
AO
10218 Mar'27
10218 10212
1st guar 58 series B
1953 FA 10413 105
043* Apr'27
1034 105
Leh & NY let guar gold 4s__1945 M S
8
-- 905 Feb'27
90
905 N Y & Erie 1st ext gold 48_ _1947 MN
8
913 Oct'26
4
tel & East lit 50-yr 5e gu_ 1965 *0 11214 114 11214
904-11214
5 109 4 113
3
3d ext gold 4.)ie
1933 M
;
7
9812 987 Mar'27
2
9812 -b1
Little Miami gen 42 Ser A _1962 MN 9114 9213 90 Mar'27
86% 9012
4th ext gold 58
ages 1004
1930 AO 100%
1
0012 10012
Long Dock consol g es
/
4
1935 AO 10912 110 10913 1091
108 4 10912
3
5th ext gold 49
1928 J D 994 ---- 99 Mar'26
Long Isld lit con gold teauly1931 Q J 1011g _- 101
Apr'27
100 4 101
3
N Y & Greenw L gu g 5a
1946 MN 99 10012 00
"ifi 1014
z -/
1
4
100
lit consol gold 4e____July1931 Q J 9614
_ 98 Feb'27
98 98
NY & Harlem gold 334e
81% 85%
2000 MN 85%
85% Apr'27
General gold 45
93ll 934 Apr'27
1938 ID 9312 -/
1
92% 94%
Registered
MN
824 824
8212 Mar'27
Gold 4.
94% Mar'27
1932 JD 953
94% 945
8
4
Unified gold 413
S
1949
90
N Y Lack & W lst & ref 53__1973 MN 10278 ____ 80 July'25
89
- 8914 Apr'27
Debenture gold be
4 19014
1934 JD 9934 16614 993
99 100 4
3
First & ref 43.48
1973 MN 10512 I...- 10314
1024 jai
20
-year p m deb 56
1937 MN 9911 Sale 9914
9818 993 NYLE&W 1st 7s ext___,1930 MS 1053 --- 106 Feb'27
993
4 22
4
106 106
2
Guar refunding gold 48_ _1949 MS 89 Sale 8914
/
1
4
5
89%
N Y & Jersey lst 5a
88% 50
1932 P A IGO% 1013 1005 Apr'27
10058 1014
2
8
Nor Sh B lot con gu 5s_ Oct '32 Q J 101
100 4 Apr'27
3
100 100 4 N Y az Long Branch gen g 451941 MS 904 -- 90 Dec'26
3
Louisiana & Ark 1st g 5s
1 100 1003 NY&NE Bost Term .01_1939 AO
100
1927 MS 100 11/014 100
4
91
91
91 Apr'27
Lou & Jeff Bdge Co gu g 48._1945 M
90
901z 9012
12
89% 92
NYNHAH n-o deb 4s
9
1947
74
B 80
90
83
4
83
13 8312 83
Louisville & Nashville 5s
10612 Apr'27
1937 MN
1064 1063
2
Non-cony debenture 3342_1947 M
724 76
60 June'25
Unified gold la
973
4
1940 J J 974 --- 97
9714 20
95 2 9812
7
Non-cony debenture 33.45.1954 * 0 7212
1
694 734
72%
3
7218
J J
Registered
95 Mar'27
95
95
Non-cony debenture 4s
4
78
804
1955 S i 7912 80
7934
793
4
Collateral trust gold 5s_..1931 MN 10111 Ei9".1e, 19113 10112
1 10112 102
Non-cony debenture 4s_ _ _1956 MN 7912 80
7
77 80 4
14
3
80
80 12
N 104 Sale 104
10
-year secured 78
1930
105
15 1031s 106
Cony debenture 33.45
14
1956 J J 713 Sale 71%
69 4 73
3
/
1
4
72
4
let refund 53s series A2003*0 107 Sale 107
110
10 105 110
Cony debenture es
1948 J J 10914 Sale 10914 109 8 72 10513 10913
3
1st & ref 5s series 13
2003 *0 10618 10811 10612 Apr'27
105 4 1063
3
4
Registered
2 103 107
J J 106 Sale 106
107
1st & ref 4%3 seriee C__2003 A0 10112 Sale 11014 10214 57
99 4 10212
3
Collateral trust es
1940 AO 103 Sale 103
103 s 11 103 10514
7
N 0& M 1st gold es
1930 J J 10334 104 11037 Apr'27
8
103114 103%
Debenture 46
1957 MN 73
894 76
7412 11
7412 7334
2d gold es
1930 J J 10334 105 11033 Apr'27
4
103% 103%
Harlem R & Pt Ches let 4s 1954 MN 904 9012 90 Apr'27
89
90
Paducah & Mem Div 4a_ _1946 VA
-- _ 95 Mar'27
937 95
8
NY & Northern lit g 58
99 8 100
7
_
1927 * 0 99% 100 100 Apr'27
St Louis Div 2d gold 33_1980 MS 95673 6812, 673
4
0612 68
4
1
NYO&W ref let g 4a_June 1992 MS 78
673
4
42
7614 7912
/ 783 7813
1
4
79
4
Mob & Monte let g 4 tis_ _1945 MS 10032 ____ 10113 Apr'27
1005 101 18
8
Registered $5,000 only
7218 Dec'26
•S
South Ry Joint Monon 48_1952 J J 90 Sale 90
8712 9012
90
2
General 48
78'i
/
1
1955 S D 754 Sale 75%
78
7653 64
Atl Know & Cln Div 4s_ _1955 MN 9518 96
9614
9312 965 NY Providence & Boston 43.1942 *0 893 -- 86'2 Dec'26
9614
4
4
Lousy Chi & Lox Div g 4)43'31 MN 10014 101 10014
397 --4
10014
1 100 IOIY,? DT Y & Putnam let eon gu 45 1993 * 0 9112 923 Apr'27____ :912
Mahon Coal RR Iet Si
10318 1034 NY &RB lat gold 5s
1934 J J 10312 104 10312 Apr'27
S 997 10014 99 Apr'27
2
1927
/
1
4
997 100
4
Msnlla RR (South Lines)48-1939 MN 6912 Sale 6912
ee
6954 NY Susq & West let ref 53_1937 is 92 Sale 911
8713 92
69 4
3
22
/
4
92
Ist 4e
734 7813
7812 Apr'27
2d gold 43.45
1959 MN 7812 100
2
1937 FA 743 80 80 Apr'27
72 4 80
8
Manitoba 8 W Coloniza'n5s 1934 JD 100 10012 101
101
3 100 101
General gold 55
5 71% 77%
1940 P A 76 Sale 76
763
4
8312 Oct'26
MinGBANWIst3323. -1941 J J
Terminal lit gold 58
1943 MN 9912 9912 9918 Jan'27
984 994
Mich Cent Del & Bay CityRoil; 1014 N Y W'ches & B 1st ser I 4%5'46 a, 813 8212 811
- 311a.'31 8 M 10134 ____ 10134 Apr'27
2
/
4
82% 30
784 83
14
QM
Registered
101 Dec'26
1
9514
Mich Air Line 43
7 Apr'27
J J 957 _
95
Nord Ry ext'l 3 I6 Ms
1940
1950 AO 97 Sale 965
8
7
9314 97 4
9714 104
Registered
J J
92 Nov'26
Norfolk South 1st & ref A 58_1961 FA 9214 Bale 9214
22
93
904 934
L & 8 1st gold 3%ii
4
Norfolk & South let gold 50_1941 MN 10112 SAle 10113 10112
79 Nov'26
1951 MS 853
5 10015 10115
1,0 gold 3558
4
I9
-1 Norfolk & West gen gold 66_1931 M
;
10112 106 tO6
1952 MN 873 ____ 8912 Apr'27
15 10512 1065
106
8
9914
M-Year debenture 4s
5 9832 9914 Improvement & ext 6s_ 1934 FA 10812 Bale 1081 10813 2 108/ 1083
/
4
1929 *0 9918 9914 9914
1
4
4
Mid of N J lst ext Ba
4
95
9812
New River 1st gold 6s__ _ _1032 * 0 1063 -- 10634 1063
1940 *0 963 9714 973* Apr'27
3 1063 107
4
4
4
Milw L 8 & West imp g 58_ _1929 FA 1003 101 101
1003 10114
2
101
4
N & W Ry lst cons g 4s1996 * 0 9612 963 96%
4
9213 96%
9612 16
Mil it Nor lit ext442 880)1934 JD 96 4 9712 9512 Dec'26
5
Registered
(1
1996 * 0
95 Mar'27
92% 95
Cons ext 44s (1884) ._ _1934 ID 973 98 967
4
Div'l 1st lien er gen g 43.1944 S i 933 Sale 933
2
967
8
4
1 "eirl 9793
4
94 4
5
9412 37
5411 Spar & NW let gu 45
95 Sale 95
10-yr cony. 6s
180 Apr'27
1929 MS 176
92 2 95
1
95
33
158 180
1947 M
7
3111w & State L 1st gu 343_1941 .15 8312 ____ 8318 Dec'25
Pocah C & C joint 48-.1941 3D 943 95
4
943
4
95
6
92 e 96
7
North Cent gen & ref 58 A__1974 M
106
/ _
1
4
106
Jan'27
_
105 8 106
5
Minn & St Louis lit 75
99
98
North Ohio let guar a 58.-1945 A 0 9712 9812 973
4
5
4
9812
9413 981s
973
1927 ID 9812 983 9812
4
let guar g 7s
100 10012 North Pacific prior lien 05-1997
943 Sale 9334
2
9512 54
9114 9512
1927 JD 9934 1001g 13012 Apr'27
1st consol gold 5s
5312 5114
51
5114 57
92
Registered
5
1997
9055 (11%
9312 91 Mar'27
5114
1934 MN
MN
Celli lien gold Is.___Jan 2047
Temp ctfs of deposit
5314 Apr'27
5114 55
68 Bale 68
6814 44
65% 6911
1958 Sale 193
Let dr refunding gold 4s_ __1949 M
Registered
1712 23
Jan2047
5
4
63 5 87 5
673
5
2
673
2
5
207
2 14
4
643 70
F 13
1514
Ref & ext 50-yr 5s ser A_ _1962
Ref Az impt 43is series A _ _2047
13
13
1314 13
96
4
99 983
5
4
96
994
987
2
M St P&SSM con g 4s lot gu'38 5.1 8714 Sale 8714
87
88 2
Registered
7
4
877
923 ---- 853 Feb'25
2 40
4
9612 98 2
let cons 5a
3
4
Ref & Rapt es series B____2047
4
11414 1147 11414
9
963
4
8
1143
4 53 iii- 116
19385, 963 Sale 963
let eons 58 go as to int_ _ _19385, 973 Sale 973
4
9612 9712
4
Registered
11014 Mar'26
98
1115
8
27
102
40
4
-year coil trust 6%s
Ref & impt 56 series C _2047
3
10512 Sale 10512 10714 10
2
9 10032 102
1931 MS 1003 Bale 100 8 1007
16f3i
993
4
lit & ref es series A
Ref &'mot 58 series D.. _.1047
101
10513 10612 10614
15
2 10318 100
/
1
4
1061
19465, 10314 Sale 100
8512 85
85
Nor Pac Term Co 1st g 85_J933 .1
-year 6%a
89
85
35
4
7
1097 _
8
2
1.091 1097
/
4
1949 MS 85
e
3 1093 109 2
M N 9618 ---- 9734 Jan'27
97 4 973 Nor of Calif guar g 58
3
let Chicago Term if 48.._ _1941
4
1938 A 0 106
10512 Apr'27,--- 10512 10513
974 Sale 96
hilsidesippi Central lit 5e_ _ _1949 J
9512 9712 North Wisconsin 1st 68
971
2
1034 Mar'27 -- 10215 1031
3 1021z 1930
.
8632 897
2
lgo Kan & Tex 1st gold 48 1990 SD 87% Sale 8712
88
33
8
lito-K-T RR pr Ilen 58 ser A.1962 J J 10318 1035 103
10314 121 101 10314 Og & L Cham lst gu 441 g_ _ _1948 J J 84
86 8514
81% 8614
8514
I
'5 873 Sale 87%
4
40
-year 48 Berke B
8512 883 Ohio Connecting Ry 1st 49_ _1943 M S 9514
88
212
4
1962
8415 Mar'27
945 944
8
/
1
10
-year es series C
2
Ohio River RR let g 514
85 1023 104
1932.13 103 Sale 10234 104
1936
D
102 Apr'27
- 102 102%
Cum adjust 5s ser A Jan_1967 A0 104 Sale 103% 105% 232
96 1053
4
General gold fe
1937 A 0 10212 104 103
103
5 10114 103
Missouri Pacific
Oregon & Cal let guar g 5s-1927 J
100 10014 100
100
2 100 1004
let & refunding 55 ser A_ _1965 VA E103 Sale 997
$
10012 91
99 4 101
3
Oregon RR & Nay con g 48_1946
D 9312 Sale 9311
9313 22
88% 9313
let & refunding 68 ser D...1949 VA 10713 Sale 107% 107% 54 10613 109
Ore Shore Line let cons g 58_1946 J J 99% 9912 10914 Apr'27
107 10914
3
let & refund es ser E__ _ _1955 MN 107 8 Sale 13738 10712
Guar cons 58
4 106 108
1946 J J 10918 110 10914 10914
3 1074 10912
MS 77 Sale 7613
General 48
76
7914
7918 988
Guar refunding 45
1975
9913 40
9938 Sale 9918
9814 9912
100 Sale 9934 10018 1343
Ist & ref 5s ser 1
7
99 4 1004 Oregon-Wash let & ref 48_1961 "T D 89 4 Bale 8911
/
1977 M
1929 J J
3
90
20
867 91
s
Mo Pac 3d 75 ext at4% July 1938 MN 9314 9514 95 Apr'27
Pacific, Coast Co let g be__ 1948 J D 91
92 e 95
7
913 9115 Apr'27
4
9014 93
_
Pao RR of Mo let extlg 4a 1938 F A
9458 Apr'27934 948
4
99
Mob & Bfr prior lien g Si- _1945 Si 10012
99 Apr'27
99
2d extended gold be
1938 J .1 10212 _
102 Apr'27
- 102 10212
8618 8714 Paducah 22 Ills lets f 4 3.4 s_ _1955 J J 99
8714 Mar'27
1st m gold 49
19455, 8718
9934 99 Apr'27
98
99
2
Small
82 8212 Paris-Lyons-Med RR 65.. _1968 F A 944 Sale 9414
1945 J J 823 8572 8211 Apr'27
8718 9513
954 211
Mobile & Ohio sew gold 6s_1927 SD 1003 1003 1003
2
Sinking fund external 71_1958 M
4
2 1003
10014 10144
2
9618 10112
10114 Sale 10012 10112 138
let extended gold es_ July1927 Q J 10012 1003 10012 Apr'27
2
99 4 10013 Paris-Orleans RR 5 f 7s
3
1954 M S 995 Sale 9934 10012 27
96% 1014
4
9312 95
954 Apr'27
951$ Pauline Railway 7s
General gold 45
93
1938 M
1942 M S 10214 Sale 02
10214
/
4
5 1011 103
VA 10034 1023* 10114 Apr'27
19018 10114 Pennsylvania RR cons 643._1943 M N 953 Sale 97 Apr'27 -Montgomery Div 1st g 58_1947
4
9612 973
4
2
St Louie Division Si
99% 1004
/
1
Consol gold 45
1948 M N 96
1927 JO 997 10014 99% Apr'27
97 953
4
963
4
4
944 9714
Mob & Mar lit an gold 43_1991 M S 9418 Sale 9412
9412
45 sterl stpd dollar_May 1 1948 M N 96
9114 9712
9612 97 Apr'27
_
94 5 97
5
J J 113
11314 Apr'27
Mort C ist gu g 611
Consolidated 43.45
1960 F A 10314 105 1034 10513 27 102 10512
11112 11312
1937
3,
11113 Mar'27
Registered
11112 11112
General 4555 series A....1965, D 10018 Sale 10012 10114 73
9914 101%
3
let guar gold 58
General 55 series 13
1034 104
10914 Bale 10914
19375, 104 105 4 104 Mar'27
11012 22 1067 110%
8
3
2
843
Morris & Essex 1st gu 3%8_2000 JO 84 4 Sale 837
4
19 j O 10612 Sale 0612 1067
801s 85
68 A D
30
10-year secured 78
2
2 54 1064 1075
8
Nash,Chatt & St L let 6.1_1928 A0 10014 101 10014
4
1936 F A 1123 Bale 1258 113
10014
15
-year secured 63.4e
4 19914 10113
49 11134 113
FA 10312 1043 10312 Apr'27
2
NFla&81stgug53
11% Oct'26
F A 11112
1937
Registered
102% 10312
30 Sept'24 _o,
104
pa 0-de u gols be ir A re,_.1934 m N 103 Sale 103
89 102 RAT;
1967 M s
Nat Ry of Mex pr lien 4%8_ .19575,
"iLiz 1614 1512 153 3 14 16- 4 gar3N cic
87% 91
89 Mar'27
Assent cash war rot No 3 on
4
89
89
8712 Aug'25
8618
1977 AO
1
-year 5(45
43
86
894
Guar 70
Gua. ..1 1 roll trust ser B_1941 F A 864 8812 8618
1i- 2072 21
l8l3 26
Assent cash war rct No 8 on
7
Guar 3)4b ..ruat ctre C.__ _1942 J D 86 8612 8611 Mar'27 _85
864
is
3812 July'25
84 4 843
3
Guar 3)4s trust etfe D_1944 J D 851s 8612 8434 Apr'27
Nat RR Mex prior lien 4%8_1926
4
J
24 Sept'25
97% 9814
983 98
2
9814
2
July 1911 coupon on
Guar 15 -year gold 4a.._ _1931 A 0 98
-25
20
24
23
24
3
8918 Mar'27
8814 91
23
26- Guar 4s aeries E
2
Assent cash w..zr rat No 3 on_
88
8918
28 Apr'25
1951
9712"
Pa Ohio & Dot 1st & ref 434s 1977 M N 9612 Sale 9612
i5i 96/ 971
A 52 A O
1
4
/
4
let consol 4s
AO
1812 June'26
89
32
Peoria & Eastern let cons 0.1940 A 0 89 Sale 8812
April 1914 coupon on
854 89
1314 14
14
14
4
2
4812 158
116- Income 4s
2
April 1990 Apr. 473 Sale 46
41
/ 484
1
4
Assent cash war rct No 8 on..
10613
Peoria & Pekin Un 1st 5349_1974 F A 106 Bale 06
3 104 1064
100 -- 10012 Apr'27
1911 100 4 Pere Marquette let sec A 53_1956
1945
3
1045 Sale 043* 1045
8 16 103% 105
3
New England cons be
91%
877 ---- 8878 Apr'27
8
87
/ 89
1
4
1945
1st 4a scrim B
Consol guar 45
2
89
9112
92
9112
8512 Jan'27
8512 8512 Phil* Balt & Wash let g 45-1 9 3 j
9715 Apr'27 _96 100
95% 974
NJ Juno RR guar let 4e__1986 VA
1946 M
5
3 9714 98 973 Apr'27
4
9612 973
/
4
4
Generals. series B
4
1104 1124
3
"9 7 F A 1111 11312 1214 Apr'27
NO & N E let refadmp 434e A'52
f 1 7
89
13
8712 89
43
434 43
4314
Philippine Ry 1st 30-yr
92
4$4
4
New Orleans Term let 4e-1953 Si 8814 Sale 8814
101
6 100 101
4
1064 106%
Pine Creek registered 68-__1932 J D 106% --- 063 Feb'27
N 0Texas & Mex n-c1no 55_1935 AO 10012 101 101
4 101
4
13 10012 10112 PCC&StLgu43.4sA
0114 10114
1954 *0 1003 Sale 1003
3
1940 A 0 ____ 102
99Ie 10111
lst be series 13
3
/
1
4
5 10412 1043g
Series B 4Sig guar
4
1956 PA 103 Sale 104 8 104%
1001 1011s
5
2
4
1994 mm O 1003 -- 01 Apr'27
119442 A NN
1st 5s series C
3
4
4
8
3
1003 1027 0114 Apr'27
4
Series C 4
1954 *0 1043 10512 105 8 105% 79 104 4 1053
1011 1014
/
4
guar
1st 5%s aeries A
9814 Mar'27
9714 983
4
9612 -- 9614 Mar'27
Series D 49 guar
_
96
961
4
N & C Hdge gen guar 4I411.-1945 J J
/
1
4
100 4 101
3
NYB&MBlet000gbe_..1935A 0 100 102 101 Mar'27
Series ES 45 guar golEL-1949 F A 6612 ____ 9312 Nov'26
_
10714 10713
3
Berl e 042 2uar gold
glorf F 4 guar
:. .
19533 D 9612 _ - - 9714
9714 10
N Y Cent RR cony deb 6a..-1935 M N 1074 Sale 11614 Mar'26 25 106 2 108
MN
- 97
Jan'27
1957 M N 9612
97 97
NOINter0O
-iira co;
New York Bond Record-Continued-Page 4
BONDS
N. Y.STOCK EXCHANGE
Week Ended April 29.
Prue
Fridad,
April 29.
Bid
Pitts Cin Chic & St L (Concluded)
Series H 49
1960 F A
Series I cone guar 44)48___ _1963 F A
Series J 4849
1964 M N
1970 J D
General M 58 series A
Registered
.1 D
Gen mtge 59 series B
1975 A 0
Pitts & L Erie 26 g 53_ _Jan 1928 A 0
Pitts McK & Y let gu 6e___ _1932 .1 J
1934 J J
2nd guar tie
Pitts Sh & L E let g 59
1940 A 0
let consul gold 59
1943 J J
Pitts Va & Char let 49
1943 MN
Pitts Y & Ash let cone 59
1927 MN
1948 J D
let gen 4s series A
1962 F A
let gen 5e aeries B
Providence &cur deb 49.._ _1957 M N
Providence Term let 49
1956 M
Reading Co Jersey Cent coil 43_ A 0
Registered
Gen & ref 4148 eerie! A.__1997
J
Rich & Meek let g 49
1948 M N
Mehra Term By 1st gu 59._ _1962 J
Ello Grande Juno 1st gu 58._1939 J D
$19 Grande Sou 1st gold 48_1940
J
Guaranteed (Jan 1922 coup on) J J
Rio Grande West let gold 49_1939 I J
Mtge & coil trust 49 A___ _1949 A 0
1934 M B
R I Ark & Louie 1st 4Sie
1949 J J
-Canada 1st gu g 49
Rat
Rutland 1st con g 434e
1941 J J
St Joa & Grand Iii let g 4a 1947 J .1
1996.3 .1
it Lawr & Adir 1st g Ea
1996 A 0
26 gold 69
1931 J J
118 14& Cairo guar g 49
U LU Mt&S gencon g 58_1931 A 0
1931 A 0
Stamped guar 59
1929
J
Unified & ref gold 49
A933 MN
Riv & Div 1st g 49_
St L. M Bridge Ter gu g 5b1930 A 0
J
St L & San Fran (reorg co)491950
Registered
I J
1950J J
Prior lien aerial B 59
1928.3 J
Prior lien serial C 68
Prior lien 5348 series D _1942 J J
Cum adjust ser A 68_ _July 1955 A 0
Income series A 68__July 1960 Oct
Week's
Range or
Last Sale
Ask Low
High No
10012 Jan'27
10314 Apr'27
10312 Apr'27
109
10914
102
Oct'26
10918 10914 10914
1093
4
100 10014 997
s
997
8
106 107 1057 Jan'27
8
1013 Nov'26
1037
8
4
1024 10212 102
Apr'27
10212
- 10012 Apr'27
9114 May'25
925
8
1004 ---- 10014 Dec'26
94 Mar'27
93
1065 Jan'27
10412
8
73 4 -- 7414 Apr'27
,
8
8414 ____ 845 Aug'26
9612
_
10212
10212 104
1087 109
8
95
Sale
947
8
Range
Since
Jan. 8.
95
14
46
1
54
9914
995 -Oi
8
82
Apr'27 -1025 Apr'27 -8
1007 Mar'27
8
718 Dec'26
6 May'25 - 928
8 15
923 93
8
925
8
8718 Sale 88
8718 52
8
9718 50
967 Sale 967
8
837 Sale 837
8
2
837
8
8
9612
9612
1
95 2
,
8814 -- 8814 Apr'27 - 100
100
Feb'27 -- - 1053
4
10534 Mar'27 ---963 98
4
,
973 Apr'27
8
101 10112 101
1014 23
1003 Sept'26
8
983 Sale 985
4
8
987
8 60
4
88
943 947 943
4
s
9
1
1003 101 10014
8
10014
867 Sale 865
8
8
8712 259
8212 Oct'26
iooi8Sale 10012 10118 42
Iona 1017 10114 10134 20
8
10212 Sale 10218
1027
8 31
10014 Sale 10012
10114 119
973 Sale 973
4
4
987 631
8
84
94%
8212
9118
863
4
100
10518
9614
10014
- -163 4
87%
9714
8512
9512
89
100
10714
9712
1013
4
973 6693111 95
100 101
8412 88
9914
100
10112
99
9514
102
1025
8
1027
8
10114
9914
105
Apr'27
105
10118
10114 Apr'27
1037 107 10514 Feb'27
8
98
9912 9814
9812
8012 8712 8712
8712
895 Apr'27
825 83
8
8
955 Sale 955
8
8
96
987 Sale 9819
8
9878
95 Sale 95
953
8
1013 -- 1013 Apr'27
4
4
9218
93 .151ar'27
953 ____ 98
8
Jan'27
97
9814 975a Apr'27
1083 109 1083
8
8
1083
8
107
____ 10714 Apr'27
1003
8
10012 1005
8
9712 Sale 9712
9712
9112
9512 Jan'27
9214 ____ 9212 Apr'27
1063 ---- 107
10714
4
G A & Ar Pass let gu g 4e___1943 J J
Santa Fe Pres & Phen 59____1942 MS
Say Fla & West let g 68
1934 A 0
1s8 gold be
1934 A 0
Iolotov&NElstgug4s..198953N
Seaboard Air Line g 49
1950 A 0
Gold 49 stamped
1950 A 0
Adjustment 59
Oct 1949 F A
Refunding 49
1959 A 0
let & cons 69 series A
1945M S
AtI&Blrm3O-yrlstg4sdig3l M S
Seaboard All Fla let gu 69 A _1935 F A
Series 18
1935 F A
Seaboard & Roan 59 extd_ _ _1931 J J
So Car & Ga let ext 5349_ _ _1929 M N
El& N Ala conegu 259
1936 F A
Gen cons guar 50-yr 58
1983 A 0
SO Fag coil 4s(Cent Pao coll) k'49.3 D
Registered
J D
30
-year cony 48
June 1929 M
all-year cony 5e
1934 J D
-year gold 59
20
1944 M N
San Fran Terml let 49_ _ _1950 A 0
Registered
A 0
So Pao of Cal-Gu g 59
1937 M N
Bo Pao Coaet let gu g 49._ _1937 J J
So Pae RR 1st ref 49
1955.3 .1
Registered
J
Southern-1st cone g 59-.1994 J J
Registered
J
Dove!& gen 49 series A.
_1956
1956 AO
Develop & gsa 65
Devel & gen 6348
1958 AO
Mem Div let g 59
_1996.3,
1951 • J
St Louis Div 1st g 49
Gast Tenn reorg lien g 59_ _1938 MS
.1938 MS
Mob & Ohio coil tr 4s_.
Spokane Internat 1st g 58_ _1955 J J
Sunbury & Lewiston let 49-1936 J J
Superior Short Line 10 5e_e1930 M
913 Sale 913
4
4
9218 14
102
____ 10218 Mar'27
109 10912 1083 Mar'27
4
1025 104 103 Apr'27
8
947 96
8
943 Apr'27
4
18
83 Sale 8218
83
817 Sale 817
8
8
8212 32
833 Sale 8312
4
8512 109
72 Sale 71
7212 73
95 Sale 943
4
9612 185
9312 Sale 9312
9312 15
79
943 Sale 94
4
96
9412 Sale 94
9514 21
100
____ 100
Apr'27
101 10114 1015 Mar'27
8
10438 ____ 10412 Apr'27
112 11214 11214
11214 24
905 Sale 903
8
8
9118 12
87 Feb'27
9914 131
9918 Sale 99
102 10212 102'g
10212
6
101 Sale 101
101
92
9212 92
9214 49
88
91
87
Apr'27
10131g ---- 106
Apr'27
9 14 ---- 9512 Mar'27
5
59
96 Sale 955
8
96
_
9518 Apr'27
1073 Sale 1075
8
43
8
108
10412 10612 104
Jan'27
88 Sale 877
s
88% 75
115. Sale 1147
8
11512 25
122 Sale 122
12214 33
10714 1083 10714
1
8
10714
915 92
8
923 Apr'27
4
10112 ___ 94
Apr'27
1
923 ____ 931.2
4
9312
5
88
893 8912
4
8912
9318 ____ 9212 Jan'27
993
8
10012 Sept'26
883 925
8
8
10218 10218
1083 1083
4
4
1023 103
4
95
91
81, 84
8
8118 87%
8318 9911
71
763
4
943 99%
4
9114 94
94
985,3
94
96
100 1005
8
10114 10138
1037 10412
2
11014 11214
8814 9112
88
87
983 9912
8
10014 103
100 103
901s 9214
87
87
10412 106
9514 9512
93 8 967
3
8
954 954
1063 10812
4
103% 104
86
89
1133 115%
6
11914 123
10614 108
893 923
4
4
94
94
92
9318
8412 8912
9212 9212
Term Assn of St L let g434..1939 AO
1944 FA
let cone gold 69
Gen refund e g 44
1953'.3
Texarkana & Ft S let 5lie 1950 FA
•
Tex & N 0oon gold 56
1943 J
Texas & Pao let gold 58-2000 J D
Gen A: ref Is series 13
1977 AO
1931 J J
La Div B L let g 541
Tex Par-MO Pao Ter 5%9..1964 MS
To'& Ohio Cent 1st gu 59.. 1935 ii
1935 AO
Western Div let g 59
General gold 59
1935 J D
Toledo Peoria & West 4a
1917 J J
Tol St L & W 50-Yr 01.- 1950 AO
T0iwp&05u4494
1931 ▪ J
Id guar 4349 series B.._ _1933 J J
1942 MS
let guar 4e, series C
A946 J D
Tor Ham & Buff let g
9914 Sale 983
4
10318 1033 1033
4
4
89
897 8912
8
10412 Sale 10412
10018 1003 100
4
10518 Sate 10515
997 Sale 9912
8
1005 1007 100%
8
8
10518 1053 1053
8
.8
10118
101
10012 101 10012
10014 1003 10014
4
15
903 903 9012
8
4
99
9918 ____ 965
8
94
957 94
8
91 Sale 91
9
9914
2
1033
4
897
8 27
10618 74
Apr'27
1073
8 34
1003 205
8
1
1003
8
7
10614
Mar'27
Apr'27
Apr'27
Jan'27
5
9053
Jan'27
Dec'26
Jan'27
7
9118
98% 9914
1023 1033
8
4
87% 89%
1033 106%
4
100 101%
10518 10812
9912 10014
100 10012
14 844 10,
14
2C0 10212
10014 102
10018 10114
15
15
89523 91
99
99
_
94
94
90
9118
Week's
Range or
Lan Sate
High
Bid
459 Low
ONJ RR & Can gen 49.._ _1944 MS I&94 4 9614 94%
10012 1001 Utah & Nor let ext 49
.
1933 J J
---- 98
99% 10314 Vandal% cone g45 series 4._1955 FA -83.61,
9714
100 10314
Consul 4s series B
1957 MN
955 9714 9012
s
106% 11014 Vera Cruz & P 151 gu 4 34s.1934
July 1914 coupon on
3,
24
1063 111
4
Assenting 1st 4349
25
1934
2712 2418
8
99 1007 Virginia Mid 59 series F
1931 MS 1003
4
1003
4
1057 1057
8
s
General 53
1023
1936
8
1023
8
& Southwin let gu 518_2003
19212 ____ 102
101% 10214
let cons 50-year 58
1958 AO 9612 Sale 9612
10012 10012 Virginian let 5e series A,,.1962 MN 10512 Sale 10512
Wabash let gold 58
1939 MN 1033 Sale 1033
4
4
26 gold 59
1939 FA 1023 Sale 102%
8
-92 4 Wi" Ref a f Sis series A
1975 MS 10418 Sale 10418
104 8 106%
5
Ref & gen 5s series B
1976 FA 10012 Sale 10014
72
75
Debenture B 68 registered_1939 3.3
8314
let lien 60-yr g term 49_ _1954
'
3 8678 8812 8812
Del & Chi cat let g 59._ _1941 • J 104
105
92 100
Des Moines Div let g 48_1939 J J 9212
93
Om Div let R 3%9
194? AO 8412 --__ 8412
98 10012
Tol & Ch Div g 49
1941 MS 6104 -- - 9012
1
7912 8218 Warren let ref gu g 3349
2000 P A 81
8312 8112
102 103
Wash Cent let gold 49
1948 Q
8814
100% 100% Wash Term let gu 3349
1945 P A 8612 90
8612
lot 40-year guar 4s
88
1945 FA
St Louie & San Fr Ry gen 68_1931 J J
General gold 58
1931 J J
St L Peor & N W let gu 59_ _1948 J J
_1931 MS
St Louis Sou let gu g 44.
St L SW 1st g 49 bond ctfe_1989 81 N
26 g 4s Inc bond etfs_Nov 1989 J J
Consul gold 48
1032
D
1st terminal & unifying 59_1952 J
St Paul & K C fib L lst 4%9_1941 F A
St Paul& Duluth let 69
1931 F A
1st consul gold 49
1968 J D
St Paul E Or Trunk 41;9._ _ _1947 J
St Paul Minn & Man con 49_1933 J J
1st consul g es
1933 J J
Registered
J .1
(is reduced to gold 434s.__1933.3J
Mont ext let gold 49
1937
D
Registered
J D
Pacific ext guar 49 (sterling)'40 J
St Paul Union Depot 59_ _ _1972 J
63
63
42 Apr'27
97
90 4
,
96
96
997
8
100
9418
941e
9512,
9412
1123
1123
8
8
102
015s
Price
Friday,
April 29,
Lou
9912 Sale
8214
80
102
1003 10114
8
712 12
1928 J D 6212 64
Ulster & Del let 00116 g 55
1952 AO 397 42
let refunding g 48
8
Union Paolflo let RR & Id gt 49'47• j 9614 Sale
Registered
94
J J
1927 3, 997 Sale
8
90-year cony 4e
J
Registered
941 gidelet lien & ref 49- --June 2008 M
June 2008 MS
let lien & ref Egi
-year perm meowed 69-1928
101581Sale
10
ill Due May. 5 Dtle June. 5 Due Aug.
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 29.
2565
17
2
17
23
55
1
4
10
4
2
79
2
4
18
5
39
105 1057
8
8
10012 1017
105 10512
9618 9812
8612 89
83
81
94% 963
8
95
993
4
92% 96
1013 102
4
92
93
98
98
975 9812
8
1077 1083
8
8
10714 10714
993 1005
4
8
9512 0814
9512 9512
9210
91
10514 10714
5612 64
39 4 42
3
94% 9931
93 8 96
7
993 1004
2
944 9418
913 96
4
1085 113
8
1013 103
s
W Min W & NW 1st gu 59_1930 L A
West Maryland let g 49____1952 AO
West N Y & Pa let g 5s...1937
Gen gold 49
1943 A0
Income g Ea
Apr 1 1943 No
Western Pao let ser A 59_1946 MS
1st gold 6444 aeries B
1946 MS
West Shore let 49 guar
2301 .1 .1
Registered
2361 ▪ J
Wheeling & Lake Erie
Wheeling Div let gold 59_1928 J .1
Ext'n & impt gold 5e
1930 FA
Refunding 4349 series A1966 53 S
Refunding 5s series B
1966 M S
RR let consul 49
1949 M S
Wilk & Earl 1st gu g 5s
1942 J D
Will & S F let gold 69
1938 J D
Winston-Salem SB 1st 49._ _1960• .1
Wle Cent 50-yr 1st gen 49._ _1949 3'
Sup & Dul div & term 1.8 48'36 M N
Wor & Con East 1st 4Sie_ _1943 J
INA'S
itysm
Jas. 18
Htea No. Lots
941g
Apr'27
Apr'27
97
Apr'27
92%
Oct'25
Apr'26 -Apr'27 -1003
4
Apr'27
10218
9
98
16
106
65
104
25
10212
8
10412 30
101
60
Feb'25 -Apr'27
Apr'27
Apr'27
1
8438p
Feb'27
Apr'27
Apr'27
87
18
Apr'27
High
945,
98
97%
375
23
10014
-1003
4
102% 102 8
7
102 1021s
902 98
10212 10612
103 10412
100% 1033
4
103% 106%
10014 101%
10312 105
8812 93
83% 84%
90
91
80
8212
87% 8814
85513 87
88, 9212
993 Mar'27
8
827
8
833 232
4
102
10212
5
8914
90
12
45 Feb'25
9912 Sale 994
9912 69
103 Sale 10234
103
5
8812 Sale 8818
8918 17
87
88 88 Mar'27
9814
7614
10112
88
100 10014 100
10012 ____ 100
9212 Sale 9212
10012
8918 90
89
79
793 80
4
105
____ 1045
8
893 90
8
8914
8212 8214
82
9012
905 91
8
89
07 4 101
0
9912 100
90
'3 9312
10012 100%
8714 90
72% 80 4
3
104 104%
86% 90
8214 8614
89
92
89
$9
987
8
4
83,
102
90
9914
Sale
Sale
Sale
100181
Apr'27
927
8
Apr'27
89
80
Mar'27
Apr'27
83
91
Jan'27
4
11
1
1
34
6
99%
83%
10212
90
99 iiW;
10212 104%
8618 90
88
88
INDUSTRIALS
Adams Express coll tr g 49_1948 M
Ajax Rubber 1st 15-yr 51 89_1936 J D
Alaska Gold EJ deb 69 A._1925 M S
Cony deb tle series B
1926 M S
Alpine-Montan Steel 79
1955 M S
1928 A 0
Am Agile Chem 1st Ea
1941 F A
let ref s 7%9 g
Amer Beet Sug cony deb 69_1935 F A
American Chain deb s 1 6s1933 A 0
Am Cot Oil debenture 59......1931 M N
Am Dock & Impt gu 69
1936 J J
Am Mach & Fdy 5 69
1939 A 0
Am Republic Corp deb 6s 1937 A 0
Am Sm & R let 30-yr 59 ser A '47 A 0
1947 A 0
let M 69 serles 13
Amer Sugar Ref 15-yr 642._ _1937 J J
Am Telep & Teleg coil tr 49_1929 J .1
Convertible 49
1936 m s
1933 m S
20-year cony 4349
1946 3 D
30-year coil tr 56
Registered
.7 D
1960J J
35-yr 5 f deb 5s
1943 M N
20
-year f 5%6
1940 A 0
Am Type Found deb 135
Am Wat Wks & El col tr 59_1934 A 0
1975 M N
Deb g 139 ser A_
1939 J .1
Am Writ Paper a f 7-6e
Temp interchangeable We den- _
1947 .1 J
1st g 6s temp
893 Sale 893
4
4
90
1063 Sale 1063
4
4
1063
4
314 61
312 Feb'27
3
51
312
31
9318 943 94
9518
Oct'26
103
10038 Sale 10012 10114
9312 Sale 9312
935
8
103 Sale 1023
103
4
9814 981 9812
08 2
,
1053
__ 1053
4
1053
4
10312 105 1033 Apr'27
44
9918 993 9914
994
1013 Sale 10114
8
1013
4
10812 Sale 1077
10812
8
10512 Sale 10434
8
1055
99 Sale 99
99 14
9412 963 97
Apr'27
8
9812 1007 9818
99
10412 Sale 10418
1047
8
103 June'26
10318 Sale 103
10314
107 Sale 107
10712
195 Sale 1047
8
10518
983 Sale 985
4
8
987
8
1023 Sale 10212 103
4
6112 Sale 6212 Apr'27
63
60
62
6112
855 Sale 8412
8
855
8
Anaconda Cop Mtn 1st 69_1953 F A
Registered
15
-year cony deb 79
1938 F A
Andes Cop Min cony deb 79_1943 J .1
Anglo-Chilean 79 without war.'45 _ _ _
AntIlla(Comp (Azuc) 7,4s_.1939 J
Ark & Mem Bridge & Ter 59_1964 M S
Armour & Co let real est 434s'39,5 D
Armour & Cool Del 5346_ _ _1943 J J
Associated 011634 gold notes 1935 M S
Atlanta Gas L let 59
19473 D
Atlantic Fruit 79 ctfs dep_--1934 J D
Stamped ette of deposit
Atl Gulf & W I SS L col tr 59.1959 i--5
Atlantic Refg deb 5e
1937.3 J
10414 Sale 104
_ 10434
10814 Sale 10818
1054 Sale 105
945 Sale 8912
8
95
9512 95
10012 Sale 10012
89 Sale 89
9018 Sale 89
8
10238 Sale 1025
10112 10314 995
8
155 ____: 153
8
8
155 24 i 18
8
7112 Sale ' 71
10114 Sale 101
10438 1651
Dec'26 ----I
4
1083 108
10614 116
9512 818
9514 17,
10112
143
90
9014 157
16
103
Mar'25 -Dec'26 ---I
Jan'27 ----I
7112 24
101% 15
103% 1047
8
Baldw Loco Works 1st 5e_ _1940 M N
Baragua(Comp Az) 7349 _1937 J .1
Barnsdall Corp 644 with warr_1940
D
Deb 69(without warrant).1940 J D
Belding-HemIngsvaY 68
1936 J
Bell Telephone of Pa Si
1948J J
let & ref 59 seriee C
1960 A 0
Beth Steel 1st & ref 59 guar A '42 M N
30-yr p m & imp 9 f 59_ _ _1936 J .1
Cons 30
-year Cs series A1948 F A
Cone 30 year 534e series B_1953 F A
Bing & Bing deb 63449
1950 M S
Booth Fisheries deb et fle_ _1926 A 0
Botany Cons Mille 6%a_ _ _1934 A 0
Brier HIll Steel let 5358
1942 A 0
B'way & 7th Av let g 5s__ _1943 J D
Ctfe of dep etmpd Dec.'26 mt.
Brooklyn City RR 59
1941 J- i
Bklyn Edison Inc gen 59 A 1949 J J
General 69 series 13
1930 J J
Bklyn-Man R T sec Oa
1968.3 J
Bklyn Qu Co & Sub con gtd 59'41 M N
let 69
1941 J J
Brooklyn R Tr 1st cony g 48_2002 J
3-yr 7% secured notes_
1921 J .1
CHB of deposit stamped ______
Skips tin El let g 4-59
1950 FA
_-Stamped guar 4-59
1950 F A
Bklyn TJn Gas let cons g 59 1945 M N
let lien & ref Os series A 1947 MN
Cony deb 5348
1936 J J
Buff&Susqlronsf55
1932.3 D
Bush Terminal let 4s
1952 A 0
Consul 59
1965 J J
Bush Term Bldge 59 RO tax-ex '60 A 0
Cal G E Corp unit & ref 59_1937 MN
Cal Petroleum cony deb if 531939 F A
Cony deb 5 f 534s
19:38 MN
Camaguey Bug 1st 5 f g 7s
1942 A 0
Cent DLit Tel let 30-yr 5s..,.19433 D
Cent Foundry lit f fle_May1931 F •
Cent Leather let lien of 65-.1945 J
10712 108 10712
1075 ___- 1073
8
10
4
97 Sale 9658
280
0
9112 61
8912 Sale 8912
9514 sale 95
11
953
10412 1043 10412 1043
4
4 101
10518 Sale 10518
10512
102 Sale 10114
12
102
1005 Sale 10032
8
1003
4 271
10312 Sale 103
104% 81!
10012 Sale 10012 1017
s 74
93
93% 93
22
94
10214
- 1011y Feb'27
80 Sale 80
1043 Sale 1043
4
4 101112 51
' 35
85
743 Sale 74
4
23
733 74
7338
7434
7
414
3
0412 Sale 9412
9472 30
10514 sale 105
10514 22
104 10414 105
1
105
10112 Sale 10114
1015 1870
5
6318 65
64
64
2
7914 84
891 M ar:27
7 1; Aug2 6
8
106 107%
10611 10814
97% 106%
8912 94%
95
9812
1023 10518
4
1027 105%
8
100 102
98% 100%
101% 10414
97% 102
92
94
14
1011s 10118
93
80
103% 105%
72% 7911
76
73
927 95
2
10312 1063
4
4
1023 105
2
9812 1013
6312 66
7918 7912
13612
961
___ 12812
9614 100
2964
_ 953
4
10534 gode 10534
11518 ____ 11514
171 Sale 163
92
__ 9214
913 12
92
973 9818 973
4
4
10114 Sale 10012
1013 1017 1013
2
2
2
9234 Sale 9212
973 Sale 9712
4
993 Sale 993
4
4
10318 _-- 10318
973 98
4
98
10134 Sale 10134
94 VET34
96
94
10212 195 2
7
113% 11514
158 172
921 9214
4
907s 92
9512 9814
9914 10112
1013 103
1
9212 967
2
9712 10214
3
95 4 101
10214 103%
963 98
4
101 10212
14
1
9
Cl
59
2
3
8
1
92%
89
105 8 109 8
7
3
3
3%
3'8 312
9212 9712
-siir8 gig;
923 98
8
101 10312
95
983
4
10512 105 4
1
10312 104
99
99 4
3
62 10012 1023
4
18 1073 109
2
36 104 1033
4
130
9814 9912
_
9314 97
2
9818 19012
102' 1023 104
4
52
154. ioi- 10314
140 105 4 107%
3
';' 10312 10614
38
98
99%
50' 100 4 103
3
58% 64
71 58% 64
72
8312 86
Y1.
2
271
Nov'25
Nov'25 -963
4
3
95 4
3
2
1053
4
172
15'i 254
1
Jan'27
Apr'27
1
9734
10112 100
10132
1
9334 40
98
83
10012 22
10318
2
98
5
10178 12
ioirs 1091i
2
105 1087
86'2 9512
9312 974
1
100% 102%
8812 93%
87% 95%
1003 104
4
"ii
18
7012 76%
10012 102%
New York Bond Record—Continued—Page
2566
Y.91
BONDS
STOCK EXCHANGE
Week Ended April 29.
Central Steel 1st e B t 8s____1941
Cespedes Sugar Co 1st 8 f 7 551 39
Chic City & Conn Rya 5s2an1927
L & Coke 1st gu g as_ _1937
Ch
Chicago Rye lel 55
1927
CD:121116as & Elec let & ref Sc'56
145 ser B due
Jan 11991
Cities Serv Pow & L f6s_ _A944
Clearfield Bit Coal 1st 45_ _1940
,
Colo I & I Co gen 51 5s____1943
Col Indus let & coll Is gu___1934
Col & 9th Av let go g 58____1993
Columbus Gas 1st gold 5s___1932
Commercial Cable let g 45_2397
Commercial Credit s f 6s___1934
Col tr se 15 Fi% notes
1935
1947
Commonwealth Power 65
Computing-Tab-nee a I 6s1941
Conn Er & L 1st & ref g 4901951
Stamped guar Oge
1951
Consolidated Cigar f 6s
1926
Consolidated Hydro-Elec Works
Of Upper Wuertemberg 75_19513
Cons Coal of N1d 1st sk ref 68_1950
Consol Gas(NY)deb 54e1945
Coot Pap dr Bag Mills8 3.4s.._1944
Consumers Gas of Chic go 551936
Consumers Power 1st 6a
1952
Container Corp 1st Os
1946
Copenhagen Telep ext 65_ 1950
Corn Prod Refg 1st 25-yr s f 5s '34
Crown Cork dr Seal 1st 51 6s_1942
Crown-Willamette Pap thi_ _1951
Cuba Cane Sugar cony 78_ _1930
Cony deben stamped 8%.1930
Oriban Am Sugar 1st cell 88_1931
1944
Cuban Dom Sug 1st 7349
1937
Ctimb T & T 1st & geu 5s
Otiyamel Frult let sl fls A _ 1940
Davison Chemical deb 8145_1931
Den Gas & EL 1st /c ref cc g 5851
Stamped as to Pa tax
Dory Corp (D G) let s f 7s_ _1942
Detroit Edison 1st coll tr 55_1933
let & ref as series A_July 1940
1949
Gen & ref Sc series A
1st & ref 65 eerie' B__July 1940
Gen & ref as ser 13
1955
Oct United 1st cons g 44is1932
1940
Dodge tiros deb Os
Dold (Jacob) Pack let 6s_ 1942
Dominion Iron & Steel 55_1939
Certificates of deposit
1942
Donner Steel 1st ref 79
Duke-Price Pow 1st 6s ser A '66
Duquesne Lt 1st & coil 6s
1949
let colt crust 5345 series B_1949
East Cuba Bug 15-yr 5 f g 794537
Ed El III Bkn let con g 4s_1939
Ed Elec Iii 1st cons g 5s_
1995
Elec Pow Corp (Cermany)63.1s'50
Elk Horn Coal 1st & ref 6348.1931
Deb 7% notes (with warr'ta'31
Empire Gas & Fuel 7318_ ,...1937
1st dr ref 6 ygs(with wareta)'41
Equip Gag Light let con 68,.1932
Federal Light & Tr 1st 5s
1942
let lien 81 55 stamped
1942
1st lien Os stamped
1942
30-year deb 69 ger B
1954
Federated Metals s f 78
1939
1946
Flat deb 7s (with warr)
Without stock purch warrants
1941
Fisk Rubber 1st s 1 8s
Ft Smith Lt 5c Tr Ist g as__ _1936
Frameric Ind & Dev 20-yr 7949'42
Francisco Sugar 1st ef 7945_1942
French Nat Mall SS Lines 78 1949
Gas & El of Berg Co cons g 581949
1939
Gen Asphalt cony 6s
Gen Electric deb g 334s_,.1942
Gen Elec(Germany) 78 Jan 15_'45
1940
1 deb 8 yas with war
-eta attach'd '40
Without wet
1940
Gent Petrol let s f 55
Oen Refr let s f g Sc ser A,1952
Good Hope Steel & Isec 7s 1945
Goodrich (B F) Co 1st 6.545_1947
Goodyear Tire & Rub 1st 85_1041
-year 5 1 deb g 89_May 1931
10
Gotham Silk Hosiery deb 65_1936
Gould Coupler 1st s I 65___ _1940
Granby Cons MS & Peon Os A'28
1928
Stamped
1930
Cony deb 79
Registered
at Cons El Power(Japan)7s_1944
Great Falls Power 1st s as__1940
Hackensack Water 1st 4s___1952
1930
Hartford St Ry 1st 49
Havana Elec consol g 5s___.1952
Deb 53.45 series of 1026_1951
Hershey Choc lst & coil 63.461940
Hoe(R)& Co let6 As ser A_1934
Holland-Amer Line thr (flan _1947
1940
Hudson Co Gas 1st g 55
Humble 011 & Relining 5146_1932
Deb gold 55 when Issuecl_1937
Illinois Bell Telephone Se__ _1956
1940
Illinois Steel deb 43.4s
1946
Raeder Stee ICorp s 17s
1936
Ind Nat Gas & 011 55
1952
Indiana Steel 1st Sc
Ingersoll-Rand 1st 58 Deo 311935
1945
Inland Steel deb 5y4s
Inspiration Con Copper 634e.1931
Interboro Metrop coil 4348...J.956
Guaranty Tr Co ctfa deP
1nterboro Rap Tran 1st 58_1966
Stamped
1932
10-year 611
1932
10-year cony 7% notes
Int Agric Corp 1st 20-yr 58_ _1932
Stamped extended to 1942__
Inter Mercer) Marine s 168_1941
1947
International Paper 56
1955
Ref s f 65 ser A
1941
Cony deb 85
lot Telep & Teleg cony II Fie 1945
Consortium 78 A1937
Italian Cred
1947
Extl sees 175 scr 11
Italian Public Utility ext 75_1952
jurgens Works 65(.1lag pr6ce)_1947
Kansas City Pow & Lt 58_ _1952
1952
Kansas Gas & Electric 68
Kayser (Julius) & Co 1st a 1 79'42
1948
F) Corp 1st 6s
Keith (B
Kelly-Spring} Tire8% notee _1931
"tg
Price
Friday.
April 29.
Week's
Range or
Ladi Sale
Range
Since
Jan, 1.
BONDS
N.Y.STOCK EXCHANGE
Week Ended April 29,
Price
Friday,
April 29.
Weet's
Range or
Last Sale
gangs
Since
Jan. 1.
Ask Low
Hige No Low
Bid
High
High
High No. Low
3
9512 95
1 1183 12312 Keyaton Telep Co 1st 155._1935 I .1 95
95
93
8
9512
120
8
_ 1037 Mar'27
14
10312 1037s
9814 10112
Inge County El & P g bs___1937 A 0 104
13114
8
1997 A 0 12612 -- 1263 Apr'27
6314
1241.4 12605
63
Purchase money 65
Apr'27
1 102 103
4
8 12
847
A 843 Sale 843
4
10218
82
Kings County Elev 1st g 481949 F
86
2
85
201
7
1949 F A 84 g 8512 85
3
81
Stamped guar 45
86
74 4 84
84
1 10112 1041e
104
104
1 101 10212 Kings County Lighting 5a
1954 J J 104
4
1013
.10 11214 1174
117
1
1954.8 J 117 Sale 117
3
First & ref 63.18
4 27 1043 105
1043
1 1007 10512
103
973g 104
8
Kinney(GR)& Co 73.4% notes '36 J D 103 10414 103
4
1023 142
55 102 104
104
8512 851 2 Kresge Found'n coil tr 6s.„1936 J D 103 Sale 103
Mar'27
15
15
9911 102
96 10014 Lackawanna Steel 1st be A _ _1950 M S 102 Sale 10112 102
10914
10112 20 1001z 10214
9312 9612 Lac Gas L 01St Lref&ext 53_1934 A 0 10114 Sale 10114
961 1 58
8
8 17 1033 1053e
1047
1953 F A 1047 Sale 10412
4
Coll sk ref 530 series C
Oct'25
4
983 Mar'27
4
9712 9884
3 "iii; 9714 Lehigh C & Nay s 410 A 1954 J J 993 100
4
963
2 10118 102
4
7
10118
82
77
Lehigh Valley Coal let g bs 1933 .8 J 10114 1013 10114
8012
Jan'27
2
97
97
94
let 40-yr gu hit rod to 4% _1933 J J 9512 ---- 97
94
97
3 101 104
101
10114
1934 F A 101
lot & ref 9 1 as
9012 92
9134 22
2
100
8
1944 F A 99% Sale 997
8 1043 105 2
997 100 2
3
1st & ref s f 58
,
10512
s
,
1
4
1003
4
1003
1954 F A 10118
1 1043 10612
4
let & ref 59
106
4 03
993 10 4
2
10112
10112
1964 F A 101
let & ref 53
s
9618 9614
Apr'27
993 10112
Apr'27
101
100 101
1974 F A 10118
.
let & ref s f 5s
4
943 981
Apr'27
4012 Feb'26
8
9812 1613 Leo Ave & P F 1st FM g 5t.-1993 M
4 55
993
12312 22 HO" 12318
LIggett & Myers Tobacco 78,1944 A 0 122 123 122
10212 12 102141.2 104
8
14
1951 F A 1023 Sale 10214
99 101
Is
10014 38
4
4
993 Sale 993
F A
10114 1004
83,
76
Registered
8
0914 -- 10114 Feb'27
8218 11
81 Sale 81
10614 59 104 114
8
10578 73 10512 10614 Liquid Carbonic Corp 65___1941 F A 1053 Sale 105
8
1057 Sale 10512
116 101 1057s
10314
12
811s Loew's Inc deb 65 with warr_1941 A 0 10218 Sale 10212
75
76
4
753
77
75
28
97
_
4
99
96
Without stock pur warrants..... 963 Sale 96
10114 102
8
1013 ____ 10114 Apr'27
13 116 120
117
A—1 116 Sale 116
6 102 10334 Lorillard (F') Co 7e
103
4
1023 103 103
981 s 63
1
97% Sale 9712
3
96 4 10012
1951 F A
98
93
9814
68
9814 98
98
9634 973
9712 Apr'27
22
4
F A
101
9912 101
Registered
10012 Sale 10012
8 56
1017
8
8
9953 1017
10118 103
Louisville Gas & Elec (Ry) 58 52 M N 10112 Sale 1013
8
41
1017 10214 1017 Apr'27
3
4
973
4
99
94
54
93 10312 Louisville Ry let cons 5s_ __ _1930 J .1 9518 97% 973
10318 173
10214 Sale 10214
18
101
8
995 101
.
rv t
. us is
Loi er Al otrlan Hydro Elec Pow
10014 101 10014
93
1
4
897 9512
8
4
1944 F A 923 923 923
9
4
97
993
95
9612 Sale 9612
9814 102
Sale 9914
4 59
993
9914
2 31 10412 108
1057
8 10712 1083 Manatl Sugar lots f 734s___1942 A 0 105 Sale 105
4
10818
108 Sale 108
701 1 107
6714 71114
99 101
Manhat Ity(NY)cons g 45_1990 A 0 6912 Sale 6912
4 28
100 Sale 100
1003
60
63
2 10012 10214
2013 J 13 5512 6212 61 Mar'27
2d 48
4 1013
4
4
1013 102 1013
Apr'27
93% 97
8
5
06
941g
94
Manila Elec Ry dr Lt sf58 1953 M S 9614 967 96
94 Sale 94
47
90
97
Mfrs Tr Co etfs of partic in
96
4
96 Sale 923
5 105 105
105
105
6
100
98 100
A 1 Namm & Son 1st 6s_ _1943 38o
100 Sale 100
41
9614 9812
Sale 97
98
4
e
1003
9814 100% Market St Ry 78 ser A April1940 Q J
8
1003 Sale 100
4 12 10512 1083
4
1083
4
e3 10814
81
Apr'27 _
74
Metr Ed lst & ref g 6s ser B_1952 F A 1098814
4
733 74
67
2 100 10134
101
8
4 101% 103
1953 .1 J 101 1013 101
1st & ref is series C
8
1017 10214 10214
10214
2 10514 i0','
8
1063
7 102 12 1035 Metropolitan Power 1st 65 A1953 J D 10619 107 10618
8
103
8
103 Sale .1027
80
76
7912
2 10218 1043 Mete West Side El(Chic) 45_1938 F A
7912 Sale 78
8
8
10314 Sale 11027
8
1027
5 10712 1081 2 Mid-Cont Petrol 1st 644s
4 44 104 10514
10414 Sale 104
1043
1940 M
108
108 Sale 1108
4
9714 993
9914 99
8
8
1)3 Sale 110312 10312 67 1015 10312 Midvale Steel &0cony a f Sc 1936 M S 99 Sale 987
984 19, 981e 99
8
8
1003 10112 983
9418 14
93
9358 9412 9358
9512 Mllw Elec Ry&Lt ref&ext 450'31 J
9
994 10112
101 12
8
1951J D 10112 Sale 1003
89
98
General & ref Ess A
4
893 Sale 89
9012 529
9912 107S 98 100
101113 D 99 Sale 99
8
895
86
1st & ref as 11
88 12
88
89
8S
!
981 100
997 Apr'27
8
6512 Milwaukee Gas Light 1st 45_1927 M N 997 100
48
,
65 2 24
60 Sale 6114
4
10212 19 10112 1023
10
10112 Sale 10112
4914 65
1943 J
65
Montana Power 1st Is A
6612 60
64
955 99
s
42
8 26
5s
99 3
8
993 99
8
957 98
98
Montreal Tram let & ref 68_1941 J J 99
4
963 Sale 9634
9618 1003
4
4
8
10514 41 105 10512
Oen & ref s f 68 series A 1955 A 0 963 963 9918 Apr'27
10514 Sale 10518
46
3
89 4
83
85
8
10518 79 105 10612 Morris dr Co 1st sI 434s.,_1939 J .1 847 Sale 84
105 Sale 105
Dec'26
81
7 1047 106
105
3
Mortgage-Bond Co 45 ser 2_1986 A 0
105 105141 105
7 Of
9712
1932 J J 9712 98
9712 62 -5i1 4 10-25-year 58 seems 3
54 1053 108
961g 981s
9814 Apr'27
4
1934 J D 9718 98
106
Murray Body 1st 634s
4
4
1053 106121 1053
8 16 10112 102
1017
8
9478 9534 Mutual Fuel Gas 1st S01 g 65_1947 M N 10178 Sale 1015
4
4
903 ---_ 953 Apr'27
7 1013 1013
10131
8
4
4
4
106% 1085 Mut Un Tel gtd boot 4% 1941 MN 10178 ____ 1013
8
8
1083 ____ 1085 Mar'27
97 • 9912
8
9912 65
8
963 Sale 983
9812 100
Namm (A I) & Son—See Mfrs Tr
4
993 9914 Apr'27
99
6014 62%
9
6112 21
9812 Nassau Elea guar gold 48,
J 61 Sale 61
95
1951
9912
g
97 977 98
52
100
98% 102
8
2
109 Sale 1085
109, 303 10518 1091 3 National Acme let sf 794s_1931 J D 100 Sale 9914
24 100 10314
53
98 1103 Nat Dairy Prod 6% notes1940 MN 10212 Sale 10212 103
4
105
8
1047 Sale 104
Apr'27
8
1013 104
_ 104
4
003 101
Nat Enam & Stampg 1st 58,1929 J D 103
10014 ____ 10018 Mar'27
2
4
9934 995
1
14
4
9612 Nat Starch 20-year deb 55_1930 J J 9914 106 993 Apr'27
95
9512
9512 Sale 9512
5
10418 12 103% 10412
1952 M N 10418 10412 10418
95
9512
9614 National Tube 1st s I 5s
9512 95
95
1 1025 10312
8
1 103 104
4
4
4
1023
8
104
Newark Consol Gas cons 53..1948 J D 1023 1033 1023
8
1033 104 104
10412 25 103 104%
4
4
97 10012 New England Tel & Tel ba A1952 J I 1033 104 104
10012
9918 10012 10014
9312 25
4
973 117
8
5
95 8 973
4
91
1961 MN 973 Sale 9718
89
1st g 43.4s series B
89 Sale 89
8
8 34
973
8
935 98
9212 10812 New On Pub Berl, lot be A 1952 A 0 94 Sale 935
8
1063 151
10514 Sale 13518
9612 315
8
4
8
935 97
4
913 97
1955 J D 933 Sale 935
First & ref bs series B
9614 66
95 Sale 95
5 100 4 10214
4
1003
8 115 11614 NY Alr Brake 1st cony 6a 1928 MN 1003 Sale 1003
4
4
3
4
1153
11512 Sale 11518
13
86
4
7
8
845 87
8712 9014 N Y Dock 50-year 1st g 48..1951 F A 86__ 853
90
89
92
89
8
4 41 11518 1163
1163
8 ;le 1163
4
10412 47
9812 105 4 NY Edison 1st /c ref OM A_1941 A 0 1163 6
3
10312 Sale 10312
33 1025 1043
104
12 10612 1091 2
8
s
1944 A 0 10358 Sale 103%
107
First lien & ref as B
10612 Sale 10612
6 106 108
8
8
3
1073
4
943 10014 NYOasEILt&PowgSs,..1848J D 1073 Sale 1073
9914 77
8
985 Sale 9812
8
9312 25
9214 933
8
8
1027 1027
4
Purchase money gold 48,_1949 F A 9314 937 9314
27
8
1023 ____ 10278 Feb.
68 106 11212 NYLE&WC&RR511s 1942 MN 10118 ---- 101 July'26
108
10614 107 106
8
1017 Mar'27
10112 1617;
1
- 93
91
NYLE&WDock& Imp 591943 J .1
93
93
8
923 93
8
10012 10112
9 103 10512 N Y & Q El L& P let g 58_1930 F A 1007,, 105 1007 Apr'27
8 105 8
8
1043 Sale 1045
,
65
6712 Dec'26
113 11312 136
1942 J J 60
13512 Sale 125
N Y Rys let R E & ref 4s
136
62 Mar'27
62
63
30
9914 102
Certtficates of ['Wait
101 Sale 10012 101
8 Dec'26
512 15
---- -8 1003
30-year ad) Inc 55.... _Jan 1942 A 0
4
4 33 10012 102
1003 Sale 1005
512 Mar'27
512 10
512 512
2 10112 10312
10218
Certificates of deposit......
10214 10312 10218
8 32
2614 Sale 26
263
26
59
307
8
9912 103,2 N Y Rys Corp Inc es__ Jan 1985 Apr
8 103
8
1025 Sale 1025
1
8112
8
8112
81
1965 J J 813 83
4
851
8
Prior lien Sc series A
107 Sale 107
10714 42 1057 108
2 102 105
105
22 1203 12214 NY & Richm Gas 1st 6s
8
122
4
1951 MN 1043 -.- 105
122 Sale 12114
46
4
68
8 16 11018 11118 N Y State Rye let cons 41-§8.1962 MN 5714 Sale 563
4
533 6012
8
1105 Sale 11012 1107
1
77
77
4
753 77
82
m
4
71
983 10018
1962 M N
8
9912 Sale 993
9912 55
,
lst cons 614s series B
4
19 10514 107
107
7
8212 87
8312
Steam 1st 25-yr Os ser A.1947 MN 107 Sale 1063
YS
8212 Sale 8212
33
9912 Sale 9912 100
101 102
Apr'27
9852 10012
N Y Telep 1st & gen
101 10118 101
4 i15-1839
N
11012 37 110 1113
101 102
s
101 10512 192 Mar'27
30-year deben e165___Feb 1949 F A 11014 Sale 110
173 127 159
10812 81 1077 109
8
152 Sale 115012 159
20-year refunding gold 611_1941 A 0 108 Sale 108
8
143 143
143 Mar'27
Niagara Falls Power 1st 53.__1932 .1 J 102 Sale 10112 10 05 11 10012 1023
6 10412 106
4
1053
9718 166
9
945 9912
Jan 1932 A 0 105 Sale 105
97 Sale 95
Ref & gen 65
8
10214 54 10014 1023
8
4
4
1023 106,2 Niag Lock & 0 pr 1st be A__1955 A 0 1017 102 1017
4
4
1003 105 1033 Mar'27
9112 43
4
90
9514
8612 8838 No Amer Cement deb 6 Yis A.1940 M S 9112 Sale 903
8
4
883 -___ 883 Apr'27
9814 25
97 Sale 97
Apr'27
9512 9814
9312 9418 Nor Ohio Tree & Light 6s___1947 M
9412 ____ 94
10112 26 100 10112
1
9512 973 Nor'n States Pow 25-yr 55 A_1941 A 0 101 Sale 101
4
9712
9712
9712
105% 13 10412 106
23
8
883 9038
898
89 Sale 89
1st .8, ref 25-yr 65 series 13_1941 A 0 10512 Sale 10514
2
10012
98 10012
4 19 101$4 1033 North W Tint Id g 434s gtd_1934
1923
4
993 19()
98
4
10212 Sale 102
J
10012 12
98 10112
100 1810012 10018
8
11512 30 114 116
10012 12
9112 10112 Ohio Public Service 734s A__1948 A 0 11511 Sale 1145
10018 Sale 10018
7 1133 11512
11414
4
102 103
1947F A 11414 Sale 11414
lat & ref 713 series 11
10212 10338 103% Apr'27
8 10518 1073
2
1061:
102% 108 1021s 10214 Ohio River Edison let 65_1948 J
10614 10812 10614
10214 Sale 10214
14 707
8
90 14
90
97 10014 Old Ben Coal 1st6519 4 FA 90
95
91%
90
Sale 97
8
1st 59.....194 F A
100
3
4
983
10414 45 1020 10412 Ontario Power N F
1021:
8 101 10212
8
4
1017 Sale 1017
10414 Sale 10418
e
9812 14
4
10034 10 IN
4
963 9312 Ontario Transmission Ess
8
1945 M N 10114 1015 1013 Apr'27
9818 Sale 9818
18 100 1023 Otls Steel lst NI Os ser A
0612 98
102
931 2 964
4
4
100 Sale 100
1941 M S 953 Sale 9512
4
8
993 10111
98
983 Apr'27
98,2 Pacific Gas& El gen & ref 59_1942
99
98
J 1014 Sale 10012 101 18 129
21 10312 105
105
8
4
8
993 1014
8
10014 20
1045 Sale 1043
Pao Pow & Lt lat&ref 20-yr be '30 F A 100 10014 997
4
8 18 10114 102%
1025
8
100 -___ 993 Dee'25
Pacific Tel & Tel let be
1937.8 J 1023 Sale 10218
10318 31 jai
10212 Sale 10212
8
4
Ref mtge 55 series A
1952 M N 1023 1023 10212 10314 50 10112 10314
4
10114
108 102% 10618
103
8
8
1007 10114 10114
Pan-Amer P & T cony s f 66_1934 SIN 103 Sale 1025
Apr'25
7 10412 10514
1812 11
10518
1st lien cony 10-yr 7s
1930 F A 105 111 105
92 10011
13 Noy'26
Pan-Am Pet Co(of Cal)conv 68'40 J D 93 Sale 92
4 64
933
98 100%
7712 143
8
75I 793 Paramount-Bway 1st 548_1951 1 J 100 Sale 100
10012 28
1 77 Sale 767
7714 307
85
753 79,4 Park-Leo St leasehold 6 Si 5 1953 J .1 85 Sale 85
9312
,2
4 12
853
s
£767 Sale 7612
10214 10314
79
8112 139
A 81 Sale 80
103,
8212 Pat & Passaic0& El cons 55.1949 M S 103
4
____ 10314
9912 101
967 99
2
98, 115
2
9814 Sale 9814
Penn-Dix(e Cefnent Os A__ _ _1941 M S 100)4 Sale 10012 10012 27
03 4
4
4
813
8
8
815 90
813
3 11312 115
/8012 83
114
Peop Gas & C 1st eons g Os 1943 A () 11312 11412 114
s
7012 Apr'27
12 1013 1023
4
6712 83
74
72
102,
8
8
NI s
1947 N I S 102 1025 102
Refunding gold 55
9914 9914
8
055 1027
4
1013 111
1100 Sale 100
8
9914 9914 2 1034 1047,
Registered
60
3
08 4 59
8
9912 Philadelphia Co coil tr Os A_1944 F A 10312 Sale
97
4
104
a 983 Sale 977
8
995 103
10312 104 10312 10412 50 10011 10412
110012 Sale 10012 10212 61
15-year cony deb 54415,
1838 81
973 987 Phila & Reading C & I ref 58_1973 J J 10114 1017 101
4
9712 Sale 9714
9814 95
9912 10212
8
8
1017
8
9112 1074
11178 458 1007 11214 Pierce-Arrow Mot Car deb 881943 M 8
Sale
4
8
9912 189
1103 Sale 11014
1
8
8
9412 987 Pierce 011deb s f 89__Dec 15 1931 J
9712 10 e12 9112
100 9 0 100
100
9612 29
9912 1037
a
9412 Sale 9412
4 10214 10512
94
9518 90
104
97
8
94 Sale 94
Pillsbury Fl Mills 20-yr 6a__1943 A 0 10312 1043 10212
9912 100
9812 sale 9638
100 1200
Apr'27
8
905 101
____ 100
Pleasant Val Coal 1st g s f 65_1928 J J 100
89 1043 10912 Pocah Con Collieries 1st is 591957 J J 914 9112 9112 Apr'27
109
8
Ws 9312
4
109 Sale 1067
1031s 1055
____ 1045
8
8
,
105%
10418 Sale 10312 104 8 23 103 10578 Port Arthur Can & Dk (Ss A _1953 F A 105
104% 105
10405 ____ 105 Mar'27
10512 10 103 4 1053
3
4
10514 10512 10514
1st M lis aeries 13
1004 102
19 106 4 104'? Portland Cleo Pow 1st 6.BA953 M N 1003 10114 101
4
101 14
108
3
1947 F A
108 Sale 107
4 10 100 101
1003
4
J J 1003 Sale 1004
8
98
9912 .4
9912 Sale 987
4
993 Portland Gen Eleo 1st
6 44,4 117
75
s
:
983
106
MN 965 Sale 96
911 1061 1 Portland Rv 1st & ref as_
10514 Sale 10514
Ask Low
Bid
120 121 120
10012 101 101
6412 6612 6314
102 10214 10218
82 Sale 82
4
4
1013 10218 1013
104". ----1041z
4
1013 Sale 10112
8512
4
993 ____ 9978
8
4
953 Sale 955
10
8
4
963 Sale 963
4
8014 803 8014
94 Sale 94
4
913 Sale 9112
8
4
1043 Sale 1045
105 106 106
9614
96% 98
8
8
963 9812 963
99 Sale 99
6
fat,
1.004 101%
6
6
APR. 30 1927.]
Nie
THE CHRONICLE
w York Bond Record-Concluded-Page 6
BONDS
• v STOCK EXCHANGE
Week Ended April 29.
Prue
Friday,
April 29.
Week's
Range or
Lou Sale
High No
9578 11
Apr'27 - - -10714
2
96
30
Apr'27 -111
6
10612 32
10534 15
10512 28
108%
9
Apr'271- -.1013
4
6
18
98
2
10112
10212 38
125
49
171
101
62
103
4
1044
/
1
973
4 75
60
3
11112 24
4
4
1053
Jan 27 ---38 I
1
38
2
High
Low
914 gins
10012 102
10612 108
,
941 0738
11118 11112
110 1114
10354 10612
10434 106
104 1056e
107 11112
10212 1904
100 1014
/
1
954 gs
1004 10312
98 10212
/
1
4
1181: 1263
4
99% 10412
102 10412
1013 105
4
93 4 98
3
5912 65
11118 11214
105 10614
9212 9212
3712 497
5
353 50
4
9712
2
Feb'27 - - -80 1 10
9514.
2
7
107 I
23
102
98
50
8
10114
/ 14
1
4
100
109 1 13
1078
4
8
100 I 150
.
9712 110
1004 105
10012 105
100 1 235
207
133
97
176
1001 145
4
93
/ 136
1
4
8
10212
109 I
1
3
103
5
104
1041s• 33
Apr'27 --.
8
1014
/
1
103- I
10214' 255
9588 359
100141 18
10012 112
100141
2
Apr'27 - .1
2
103141
10012 14
10612 63i
6812 249
80 1 459
97%
2
97 1 106
9634 42
9812 133
10814 12
100 I 20
Apr'27 100 1 37
67
4
10112 14
979 182
1
9784 Sale 9512
95 4 9714 9534 Mar'27 --3
968 Mar'27 -- - 102 1024 102
132 I
3
1013 102 1013
4
4
10214' 17
10234 Sale 1023
8
103 I
4
83
841 83%
"
4'
5
833
1013 - - -- 102
4
Apr'27 10
1073 198 108
4
2
1081
2
97
/ 9814 9814
1
4
9812
107 Sale 107
/
1
4
/ 10734 32
1
4
104 Sale 134
5
104 i
78
80
81 1 10
7914
9612 Sale 9512
9712 111
10112 Sale 131
10112 13
10512 Sale 10512
10512 34
96 Sale 96
, 145
,
943 Feb9'62371
5
105 4 Sale 1054 106 1 32
3
/
1
108 Sale 10714
107
/ 146
1
4
106 Mar'27 - - - 89
8912 89
/ Apr'27 .- - 1
4
5 Sale 95
94
9512 57
98 Sale 98
/
1
4
9914 58
1027
2
1027 Oct'26 - - - s
10312 10414 10334 Apr'27 - _ - 10014 Sale 103
100 4' 21
3
571 80
/
4
5714 Apr'27 __- 94/
11
4
045g
- - 94%
1
9914 Sale 0014
997
8 44
9512 96
9512
2
9512'
96 Sale 95
97 I 27
106 Sale 10614
/
1
4
1063
4 18
96 Sale 94
96 I 58
103 -.- 103
103
2
102 8 103 1025
6
1021e
1
1014 Sale 1017
/
1
8
10232;
2
10112 Sale 101
10112' 18
102 Sale 1014 102
/
1
6
10514 106 10512 10512
1
1014 Sale 1015, 102
/
1
54
78
7812 78
78
16
95
/ 9712
1
4
973 973
4
4
75 5 8114
1
9514 963
8
1051 107
: /
1
4
101 104
97
/ 9912
1
4
99 s 10112
3
99 10114
1071 10912
:
107 10814
95 100
9614 984
98% 10112
99 4 105
3
97% 1023
4
99% 10214
9214 10232
1004 1014
9214 954
/
1
101% 102
/
1
4
107 10914
10212 104
1004 1044
/
1
102 10414
/
1
4
9812 10012
100 102
1017 103
8
/
1
4
1011 102
4
/
1
4
9512 96
99 1004
9812 1004
99 10214
/
1
4
10234 103
/
1
4
103 10511
/
4
99 4 10114
3
105% 10712
63
6812
5612 60
9812
97
94
/ 99
1
4
14
9914
91
98
99i2
107 4 10884
3
6 3 100%
84
102% 102%
9712 10114
66% 6712
99 10214
102', 1033
4
984 101
/
1
5614 57
/
1
4
94
/ 941
1
4
/
4
98 100
/
1
4
92
96•2
9314 97
91% 10712,
781s 9814
1023 103
4
102% 1032
101 12 103,
2
100% 10214
10014 103'2
10412 105 2
,
100 102
78
80
1027 Sale
5
102 Sale
9812 Sale
1114 Sale
/
1
1023 Sale
2
10214 Sale
9788 Sale
99 Sale
10312 Bale
423 Sale
4
40
51
2
1037 Sale
13014 Sale
1014 103
1011 10514
/
4
9712 100
11114 1124
101 10314
101 10314
3
96 4 9912
96 4 100
3
9714 1044
/
1
40
58
35
52
10134 1034
97 4 102%
3
Portland Ry L & P let ref 5e.1942 F A
let lien & ref Bs series B__1947 MN
let & refund 710 serlee A.1946 M IS
Pressed Steei Car cony g 5s_ _1938 J J
Prod & Ref s f IN (with warts)'31 J D
Without warrants attached__ J D
rub Sem Corp of N sec 68_1944 F A
Pub Serv Elm & Gas lst5)1,61959 A 0
_1984 A 0
lot & ref 5345
Punta Alegre Sugar deb 78_ _1937 .1 J
Rand Kardex 5345(with warr)'31 J
Without Stock our warrants_
1937 MN
Remington Arms Be
Repub I & 10-30-yr 58 f _ _1940 A 0
Ref & gen 5.55e series A _ _1953 J 3
Rbeinelbe Union is with war 1948 .1 J
Without stk purch warls_1946 J
Rhine-Main-Danube 7s A...1950 M S
Rhine-Westphalia Elec Pow 75'50 M N
1955 F A
Rime Steel lots 75
Robbins & Myers let of 7s...1952 J 13
Rochester Gas & El 78 ser B.1946 M
Oen mtge 5lie series C-1948 M S
Roch & Pitts C&Ipm 5e. _1946 M N
Rogers
-Brown Iron gen&ref 75'42 M N
MN
Stamped
4111.0W
Bid
9512 Sale 9512
10114 -- -. 102
1073 __-. 10714
8
9412 Sale 9412
111
____ 11112
110 4 Sale 11094
3
lows Sale 10572
105 Bale 105
1047 10514 105
8
10812 109 10818
191% ____ 19012
1018 10214 1318
4
4
974 Sale 97
/
1
4
1011: Sale 10112
102 Sale 10114
12312 12512 123
10312 100 4 10084
3
1023 Sale 10214
4
103 4 104 1033
3
4
971 Sale 9712
/
4
60
60
1111i Sale 1114
105% Sale 10584
90
9212 9212
---- 3612 38
38
38
at Jos Ry Lt & Pr let 58-1937 MN
IN Joseph 13tk Yds lot 4340-1930 ji 3
Bit Rook Mt & P 55,4mnd-1955• J
St Paul City Cable cons be_ _1937 J
3
San Antonio Pub Serv let 68-1952
Saxon Pub Who(Germany) 70'45 FA
i951
N
Gen ref guar 634s
1946 3.7
*Mule° Co guar 6Y411
1946 A0
/
48
Guar s 1131 Series W
Sharon Steel Hoop lot 8808? A '41 MB
Sheffield Farms let & ref 834142 A0
Sierra & San Fran Power 5e-1949 F A
Silesia Eleo Corps I 6 Me.--1946 F A
alleglan-Am Exp col tr 78_ -1941 F A
Simms Petrol 6% notee_ __ _1929 M N
-year 71_1937 m s
Sinclair Cons Oil I5
1st l'n ool tr6sC with war.1927'3 D
19383 D
let lien 6345 aeries B
linelair Crude 0113-Yr 138 A_1928 F A
1942 A 0
simian Pipe Line 5 f 58
Smith (A 0)Corp 1st 645..1933 MN
South Porto Rico Sugar 75._194113 D
South Bell Tel & Tel lets 11%1941 .1
Southern Colo Power 65 A..-194713 J
Wwest Bell Tel let & ref 5s....1954 F A
Spring Val Water let e 58-1943 M N
19301M N
4tandard Milling let 58
1946538
Ist & ref 6648
Stand 011of N deb 5e.Dec 15'46 F A
Stand 011 of N Y deb 430_1951
D
Stevens Hotel 1st 6a ser A_ _1945 J
Sugar Estates (Oriente) 711_1942 M $
Superior 011 iota f 75
1929 F A
Syracuse Lighting Iota 55.-1951 J D
Yenn Coni Iron dr RR gen 58.1951 .7
Fenn Copp & Chem deb 68..1941 A 0
rennessee Elec Powlst 68.- 1947 J D
Third Ave let ref 45
1960 3 .7
Ad)ino 54 tax-ex N Y Jan 1960 A 0
19373 J
Third Ave Ry iota 55
Lobo Elec Pow 1st 75
1955 al 8
8% gold notes _ __July 15 1929 J J
Tokyo Elec Light 6% notea_1928 F A
roledo Edison lot 75
1941 M S
roledo Tr L & P 5)4% notes 1930 J J
rrenton G & El let g 54._ _1949 M
rnambull Steel let of Bs_ _1940 M N
twenty-third St Ry ref fs_ _ _1962 3 ,1
ryroi Hydro-Elec Pow 734s-1955 M N
97
973 9712
4
9734 ____ 973
4
80 Sale 7914
9514 ____ 9514
10614 ..___ 1064
101 Sale 101
98 Sale 97%
101 Sale 101
103 Sale 99 4
3
109 Sale 10884
1073 Sale 1073
4
4
99 Sale 97%
961 Sale 963
4
4
100 Sale 100
10084 Sale 993
4
9988 Sale 9814
g
997 Sale 99%
95% Sale 9512
100 Sale 100
93 Sale 92 4
3
10212 Sale 1014
/
1
109 Sale 1087
104 104% 103
10312 Sale 10312
1044 Sale 10412
9912 10088 100
/
1
4
10014 1011 1013
/
4
2
103
4 103
102 Sale 1014
/
1
9514 Sale 9514
100 10012 100
993 Sale 99 4
4
3
10014 1003 10014
4
10312-1033
4
103 104 10314
993 Sale 9984
4
106 Sale 106
683 Sale 6684
8
584 Sale 57
97
99
97%
97 Sale 9484
9612 Sale 96
9814 Sale 98
108 Sale 108
100 Sale 995
1023
2_ - 102
/
1
4
9914 grae 9914
___ 667 664
5
/
1
i011 Sale 101
2
1945 MB
1.111gawa El Pow s f 7s
Underged of London 4Sis_ _1933 J 3
1948
Income 61
Union Elec Lt & Pr(Mo)55_1932 M 5
1933 MN
Ref & eat 55
lets 5lie ser A1954 J 3
Un E LA P
Union Eine fly(Chic) 5e_
1945 A0
Union Oil let lien e I be
1931 • J
May 1942 F A
30-yr 65series A
lot lien of 55 series C Feb.1936 A 0
Gaited Drug 20-yr Be_Oet 16 1944 A 0
United Fuel Gas lets f 68.._ _1938 J J
United Rye St L lot g 4s_ _ _1934 .1 J
United 88 Co 15-yr 6s
1937 1111 N
United Steel Wks(Germany)78'51 A 0
Called Stores Realty 20-yr 85'42
▪ S Rubber 1st & ref fer aer A 1947 3 31
Registered
.1
10-yr 7/% secured notes-1930 F A
1
4
U B Steel Corp(coupon Apr 1983 MN(
o 10-60-yr 5eiregiat_ _Apr 1963
Universal Pipe & Mad 60_1936 .1 D
(Bab Li& Trail 1st & ref be_1944 A 01
1944 F A
Utah Power & Lt lot 55
1950 J 3
Utica Elea L & P let be
Utica()as & Elec ref & ext 581957
J
VerUentes Sugar let ref 75. _1942 J 0
Victor Fuel let e f 15e
1953 J .11 1
V airon Coal & Coke let g 56 1949 MS
ye fly Pow let & ref 58
1934 .1 3
Walwortb deb 8 Ite(wIth war) '36 A0
lot sink fund Bs series A - -1946 A0
Warner sugar Reno let 75...1941 .1 D
Warner Sugar Corp let 7e_ _ _1939 J J
Wash Water Power s f 5e__.1939 J J
Weetchee Ltg g be stmpd gtd 1950 ▪ D
1944 M N
West Ky Coal lot is
West Penn Power eer A 55._ _1948 M 5
1963 M S
let fs series E..
1953 A 0
.5
lot 51 series F
1958 J D
let sec 58 series G
1950 J J
WeetVaC &C 1st 65
1944 A 0
Western Electric deb 59
Western fJnion coll tr cur 58_1938 J J
Fund & real ern g 434s..._ _1950 M N
193A F A
-year
15
1951 J
-year gold 58
25
er alehouse E & M 20-yr g 54-1946 M $
Westphalia Un El Pow 6648.19963 D
Wheeling Steel Corp let 534s 1948 3 J
White Sew Mach Be(with war)'36 3 3
Wickwire Soon Eit'l lot is...1936 J J
Wickwire Sp St'l Co 75 Jan 1935 MN
Willy's-Overland 5 I 6 345...A933 M $
Wilson & Co lot 25-yr of 65..1941 A 0
Registered
1941 A 0
Winchester Arms 711
/
41
ounen Sheet & T 20-yr 80.1943.7 J
1
4
6/5g
Range
Singe
Jaw, 1,
--
--
103
102%
46
102
1023
4
6
9812
98% 17
11114
111% 11
10212
103
76
10212 103
50
97
97% 104
9812
9912 40
103
10312 23
40
40
4
3712
43
21
102%
103% 40
10018
10012 24
93 Feb'25 _ _
10612 Sale 106
10614
8
10412 Sale 10412 104% 73
9512 100
95, 98
4
96% 96%
10114 10212
10114 1023
4
1011 1031 2
/
4
81
844
1014 102
1073 109
4
9814 99%
10612 1073
4
10212 104%
76
81
90
9712
101 10214
1031 10512
/
4
94 4 967
2
8
94311 341
/
4
1031 106 4
/
4
3
1064 10.131,
10534 i0(1'
/
1
4
87., 90
93 1 9512
6
971 994
/
4
1
lair: 166 2
- 1-
10354 105
2567
Quotations of Sundry Securities
All hand prices et .-•nd in tor”sr- ,,ront vrt,•rf. rn .rkrn1
,
,
Standard 011 Stock. Par 11W , Ask.
;
Public Utilities
Pee C,. Basle
I Anglo-Amer Oilvotetook_61 •183 19 American Gas & Electric-) .79
4
791:
Non-voting stook
I
g
El •177 1812
t6
'10012 10114
Atlantic Refining
100 10812 10914
6 b6rel
D Be 2:Orr:id
Preferred
100 116 117 Amer Light & Trao com _A14 204 242
M 100 13
9
Borne Scrymser Co new ,. _ _ *49
50
Preferred
Buckeye Pipe Line CO_ _ _50 *49 .50
Amer Pow & Light pref 100 11012 10112
05 125
Chesebrough Mfg Cons-25 *91
93
Deb 65 2016
Continental 011 v t o
4
/
1
4
10 *173 17 Amer Public Util oom_.100 155
M&
8 03 65
Crescent Pipe Line Co
50
92
94
CumberlandPipe Line_ _ _100 91
92" 7% Prior preferred____100 86 87
Partic preferred
100
Eureka Pipe Line Co_-_100 52
54 Amociated Gas & Elea com.t
1512 1612
Galena Signal Oil oom__ _100 1014 1114
Original preferred
92
51
93
54
Preferred old
100 4812 50
66 preferred
Preferre 1 new
100 40
44
$634 preferred
t 9712 9912
Humble Oil& Refining...25 •57
5712
57 preferred
t 101 104
Illinois Pipe Line
100 139 140 Blackstone Val
(ME oom_50 •131 132
Imperial Oil
*43
4312 Com'with Pow Corp
t '
64612 474
Indiana Pipe Line Co_ _ _50 •65
66
P
Preferred
100 9612 9712
International Petroleum... •30
3014 Elm Bond & Share
4
National Transit Co__12.50 *147 15 Elec Bond & Share pref_100 10612 1063
2
&cur__ t 693 70
4
New York Transit Co._ _100 32% 3312 Lehigh Power
Securities_ _t •18
1812
Northern Pipe Line Co_100 75
7612 MleelselPni Riv Pow pref.100 101
Ohio 011
25 53% 53%
First mtge Se 1951 _ _J&J 10112 10212
Penn Mex Fuel Co
16
25 •13
Deb 5s 1947
Prairie Oil dr Gas new
25 *45
/ 46
1
4
National Pow & Light pretN *1041 1051
Ni -t 96
971
Prairie Pipe Line new...100 164 165 North States Pow
corn_ _100 11314 11412
Solar Refining
100 182 185
Preferred
100
Southern Pipe Line Co._ 50 *16
/ 1714 Nor Team Elec Co oom_100 104 110512
1
4
29
32
South Penn 011
25
3412
Preferred
100 72
74
Southwest Pa Pipe Lines.190 *65
69 Ohio Pub Serv. 7% pref_100 10514
/
1
4
Standard Oil (California).-t
5112 Pacific Gas & El lot pref__25 *2512 105
26
*6518 6514 Power Securities
Standard 011 (lndiana) 25
corn
t *4
7
Standard Oil (Kansas).--25 *1618 1612
Second preferred
t *30
33
Standard Oil (Kentuoky)_25 *11214 11312
Coll trust Be 1949___J&D .92
94
Standard Oil(Nob)
25 5453 46
4
Incomes June 1949__F&A *86
88
Standard 01101 New 3er_ 25 • 8 3512 Puget Sound Pow
353
& Lt._100 28
29
Standard Oil of New York 25 •
3018 3014
6% Preferred
88
Standard Oil(Ohio)
100 300 313
1
01 10
7% preferred
867 109
New
25 •
75
79
1111t & ref 534s 1949_ _J&D 10012
5err:11
Preferred
100 11714 11812 South Cal Edison 8% Pf--25 *313 1014
Swan & Finch
100 1512 1612 Stand G & E 7% pr pi_ _100 10714
Union Tank Car Co
100 105 106 Tenn Elec Power let prof7% 106 10814
107
Vacuum Oil
25 *112 11212 Toledo Edison 7% pref 100 10712,118
00 16 107
Washington 011
10
preferred
100
Western
Corp
Other 011 Stocks
Chic it Sib Ld Bk rat-1
Bonein 99'2 9944
4,1
Atlantic Lobos Oil
118 530 Nov 1 1951 opt 1931.. 100
1
Preferred
50 *212 312 68 Nov 1 1951 opt 1931.. 9812110114
110
Gulf 011
28 *8712 8712 58 May 1 1952 opt 1932... 9812 100
Mountain Producers
10 •23
23 4 434s Nov 1 1952 opt 1932_
,
97841 99
National Fuel Gas
100 243 248 4345 Nov 1 1952 opt
New w I
*23 2 24% 434e May 1 1963 opt 1932.- 96 I 99
3
1933.. 9714 99
Salt Creek Como'011-- _10 .
4
614 63 55 Nov 11963 opt 1933.
9812 100
Salt Creek Producers_ _10 2718 27% 434e Nov 11964 opt 1934_
96121 9312
4146 Oct 1 1965 opt 1935_
064 9812
Railroad Eq u 1 anoints
Pac Coast of Portland,Ore
5.00 4.85
Atlantic Coast Line 64
Is 1955 opt 1935__M&N 101141103
4.65 4.62
Equipment83411
5s 1954 opt 1934_ __M&N 10112 102
/
1
4
5.00 4.90
Baltimore & Ohio (is
Sugar Stocks
4.65 4.55 Caracas Sugar
Equipment 434s & 55_...
60 •112 3
4.90 4.70 Cent Aguirre Sugar cam_.20 *107
Buff Roch & Pitts equip 68.
/ 1084
1
4
Canadian Pacific 430 & 65. 4.75 4.55 Fajardo Sugar
5.00 4.85 Federal Sugar Ref com_ 100 •155 157
Central RR of N J 65
_100 33
40
4.90 4.80
Chedapeake & Ohlo 6e
Preferred
..100 50
75
4.76 4.65 Godchaux Sugars, Ins
Equipment6345
1 •1
3
4.70 4.60
Equipment be
Preferred
100 16
19
5.00 4.90 Holly Sugar Corp corn.
Chicago Burl & Quincy 85
,I .30
I
33
5.05 4.90
Chicago & North West 65
Preferred
1051 80
84
4.85 4.70 National Sugar Refining _100 140 145
Equipment6345
4.80 4.65 New Niguero Sugar
Chic R I Jr Pao 434s & 5a..
100 65
70
5.05 4.95 Santa Cecilia Sus Corp pf100
Equipment Be
5.10 5.00 Savannah Sugar com
Colorado & Southern 68...
t
10i5.00 4.90
_
Delaware & Hudson 6s
0116 119
Preferred
100
5.00 4.75 Sugar Estates Oriente 0.100 78
Erie 4340 AM
81
5.15 5.00 Vertiente,Sugar id
Equipment Be
100 77
81
5.05 4.95
Great Northern (3s
Tobacco Stock.
4.70 4.60 American Cigar com_ _ _100 10
Equipment 5e
10 117
4 .
4.70 4.60
Hocking Valley 50
Preferred
5.00 4.90 British-Amer Tobao ord...00
Equipment Be
161
253
4.60 4.50
Illinois Central 43411& 55
Bearer
5.00 4.85 Imperial Tob of B &
Equipment80
.4142 26
:224: 2
24
4.70 4.60 Int Cigar Machinery New100 *46
Equipment.75& 13345_
48
.5.20 5.00 Johnson Tin Foil & Met.100 60
Kanawha & Michigan 65_
75
5.10 4.85 MacAndrews & Forbear. _100 42
Kansas City Southern 534e
44
5.00 4.85
Louisville & Nashville 60„
Preferred
100 102
4.70 4.62 Mengel Co
Equipment 6345
100 28 0i.
4.95 4.75 Universal Leaf Tob eom ..1 "42
Michigan Central 58 &
44
Minn St P& S BM 4340 dr 55 5.10 4.8.5
Preferred
100 105 107
5.10 4.80 Young (J 8) Co
Equipment 6(4e de 71- 100 103 106
4.90 4.75
Missouri Pacific 136 & 634s
Preferred
100 107 112
4.85 4.65 Rubb Stk.(Mimed quoiagn)
Mobile & Ohio 56
New York Central 4345 & Si 4.60 4.50 Falls Rubber eon:
3 "3
4
4.90 4.80
Equipment Be
Preferred
25 •
10
4.70 4.65 Firestone Tire & Rub cam 1) 121 123
Equipment is
4.55 4.45
Norfolk & Western 4348
8% preferred
4.80 4.75
NorthernPacific
preferred
8808_ 100 1 1369 f12 4
1100 .5
66
26
. ., 0
Pacific Fruit Express Is _ - 4.70 4.65 Ge7n%erall
Pennsylvania RR eq 56 & 6. 4.95 4.50
Preferred
100 ___ - 11012
4.85 4.65 Goody',R & R of Can p1100 r994 100
Pitt*, & Lake Erie 630
5.00 4.80 India Tire & Rubber new
EquipmentBa
*
4.55 4.50 Mason Tire & Rubber oom.1 7214 27 4
Reading Co 4345 & 5s
23
St Louis & San Francisco 5e. 4.80 4.70
Preferred
100 22
25
Seaboard Air Line 5141 & Si 5.25 4.95 Miller Rubber preferred 100 102 10212
1
Southern Pacific Co 4348..
4.55 4.50 Mohawk Rubber
100 13
16
Equipmentis
4.75 4.65
Preferred
Southern fly 414e & 55-.... 4.85 4.70 Seiberling Tire &
*2
33 014
5
Equipment Os
5.00 4.90
Preferred
100 99 100
Toledo & Ohio Central 6s__. 5.03 4.90
Water Bends.
Union Pacific 75
4.65 4.62 Arkan Wat lst 58'56 A&43 954
95 4
3
Birm WW
5345A*54.A&O 103 104
Short Term Securities
let M 58 1954 tier B _J&0 9912 100
.1
Anaconda Cop Min 6W291&J 102 1023 Butler Wat Co 5 f 5e '27.3&J
8
Chic RI & Pao 56 1929_J&J 1003 10118
4
Se Sept 2 1931. ___M&S I 96121 98
6% notes 1929,
M&S 10034 10114 CityW(Chatt)5345'54 Jar D 10334 1044
412% notes 1928_ _J&D
9934 10018
1st M be 1954
99
Federal Sus Ref 60'33 MAN
87
90 City of Nee Castle Water;D
j6
1 100
Missouri Pacific 55'27_ _J&J 100 1003
8
be Dec 2 1941 . _J&D 1
93 I 95
Sloes-ShefI S & 1 130'29.F&A 102 103 Clinton WW lot 68'39_ Fer A 9 I..
Indus. Si Mlecell
Com'w'th Wet lot 5148A '47 103 104
American Hardware
25 •83
85 Connelley W 5i/Oct2'39A&O
:
92 ! 931
Babcock & Wilcox
100 118 121
E St L & Int Wet 5e '42 J&J 96
97
Blies(E W)Co
.22
24
let M 6s 1942 . . J&J 103 194
Preferred
ao *58
63 iluotInsi.na 1s1 68'54_ al.48, 104
Borden Company corn_ _ _ 50 •108 110
_1954' !612 9712
Si
Celluloid Company
1110 21
23
Mid States WW 68'36 MAN 100
Preferred
100 69
72
MonmConW let 68'56AJArt3 944 9
512
Childs Company prof
mon Vi Wt 514 '50 iat3 10(41310014
100 119 121
Hercules Powder
100 190 198
Muncie WW 5e Oct 2'39 01 95
Preferred
100 117 119 StJoeeph Water 56 194 I A&O 97 1_ _ _
Internet Silver 7% prof _100
Shenango ValWat be 56 A&0 9412 9512
Lehigh Valley Coal Sales.50 •96
99
J&.1
98 So Pitts Wat let 54 1960F.66 9
8
7 98
Phelps Dodge Corp
100 115 120
lot M Ia 1956
Royal Baking Pow com_100 169 175 Ter EI WW (ie '49 A._J&D 102
Preferred
100 101 10212
1st k1 be 1958 aer B. Ftt A 95
Singer Manufacturing...100 376 379 Wichita Wat let 60'49_M&S 103
Singer Mfg Ltd
6
lot M 581956 ger B__F&A
E1 .5
95
96
•Per share. t No par value. le Basle. d Purchaser also pays accrued dividend.
r New stock.
Flat price. k Last sale is Nominal r Es-dividend. y Ex-rights.
r Canadian quotation.
Sale price.
ioo
.
,2°Spaa
BOSTON STOCK EXCHANGE-Stock Record s..6
2568
-PER SHARE, NOT PER CENT.
HIGH AND LOW SALE PRICES
Saturday,
April 23.
Monday,
April 25.
Tuesday,
April 26.
Wednesday, Thursday,
April 28.
April 27.
Friday,
April 29.
Sales
for
the
Week.
STOCKS
BOSTON S l'OCK
EXCHANGE
Range Since Jan. 1.
Lowest
Highest
rffIC XIIAJCS
Range for Previous
Year 1928
Lawest
Highest
Railroads.
Shares
100 171 Jan 7 185 Apr 27 159 Jan 17512 Dee
128 Boston & Albany
184 1844
184 185
184 184
*182 184 10182 184 *182 183
77 May 8512 July
100 82 Apr 29 94 Jan 16
651 Boston Elevated
8213
4
1
/ 82
82
83
6312 8312 8312 84
833
1
/
8 8212
3
83 8 834
89 Feb 103 Dee
100 9812 Apr 27 102 Mar 22
258 Preferred
9918
9813 9812 9918 9918 99
10012 10012 0____ 100
100 100
100 103 Mar 33 117 Mar 17 1124 Dec 122 Jan
88 lat preferred
116 116
114 11418 114 116
114 114
114 114
984 Jan 112 Jan
100 101 Jan 20 10712 Feb 2S
253 2d preferred
104 104
4
8
8
4
10312 10312 103 1033 1034 10312 1031 1033 1033 104
35 Mar 5812 July
100 5118 Mar 7 61 Feb 7
5813 3,155 Holston & Maine
56
5812 5612 5714 6712 5812 5512 58
5812 57
58
32 Apr 6112 Dee
100 M Jan 22 85 Apr 28
--------168 Preferred
65
--------65
65 65
-- ---- -___
59
Apr 86 Dee
4
100 763 Jan 15 86 Feb 5
18 Series A let pref
___- ____
84
81
81
081
84
*81
85
*81
71432i2 15
84 Apr 130 Des
100 125 Jan 8 130 Feb 28
Series B lat pref
____ ____ ___ ______
*120 ____ *120 135 *120 135 *120 -___ •120
74 Apr 110 Sept
100 104 Feb 15 113 Feb 4
Series C lat pref
-___ __-_ ___- ____
____ •103
____ 0104 115 *104 115 0104
*103
100 155 Jan 15 185 Apr 21 105 Jan 165 Dee
Series D lat prof
-----io_
_ *155_ ___ ___
_ •155
_ •155
_ *155
*155
94 Apr 1074 MO
105 Jan 13 111 Apr 25
426 Prior preferred
--111
.
no 110'z 110 iff no 116 111 fn no
100 196 Jan 18 205 Mar 30 317512 Mar 20712 Dec
____ ___ ___ Boston lc Providence
____
_ +198 200 0198 200 0198 200
10198 200 +198
Oct 61
Jan
28
100 25 Feb 4 30 Feb 28
--------135 East Mass Street Ry Co
2912 1912 2912 2912 2812 2812 *2812 30
2912 30
0
Jan
5913 Apr 71
100 64 Feb 8 71 Jan 11
--------106 let preferred
65
65
65 65
65
64
65
64
•6414 ,65
56 May 69 Jan
100 60 Mar 14 67 Jan 5
15 Preferred B
61
61
62
+61
62
*61
61
61
•61 ..4 62
40 Apr 4914 Jan
100 42 Apr 1 484 Jan 4
445 Adjustment
4412
4413 4412 4413 4412 4412 *4412 45
4412 45
45 45
49 Sent 60 Feb
100 474 Jan 13 74 Mar 29
-------855 Malne Central
71
70
70
69
6912 68 68
67
71
70
8
317 Mar 483 July
8
100 4118 Jan 6 584 Feb 16
; 5,323 N Y N H dr Hartford
8
484 514 477 487
8
4
523 53
4
1
/ 5314 5018 5118 507 53
50
81
Apr 9813 Ma
10114 Mar 9
___ •100 el------------6 Northern New Hampaldre_100 924 Jan 13
____ 0100
101 101 0100
•100
Jan 4 140 Feb 15 120 Apr 132 Dee
139 139 •138 1401/____ F 50 Norwich & Wormier pref-100 127 Jan 4 130 Mar 7 111
0138 140 •138 140 0138 140
Jan 125 Sept
100 122
115 Old Colony
____ A _
__ 130 130
130 130 *130
12912 12912 12912 130
4
993 Mar 107 Dec
1101,111 ,e 156 Vermont & Massachusetts-100 107 Jan 6 116 Jan 31
-12 *110 116
116 *112 11212 11212 11212 112 1 *110
Miscellaneous.
...
43
2 Nov
Jan
6
44 Mar 1
214 Jar 3
_ _ 4Z1330 Amer Pneumatic Service-_25
3
3
3
312
3_ _
312 312 •3
4
1
/ 34
*3
18 Dec 2414 June
60 1512 Jan 12 21 Mar 17
Preferred
--..91..-20
•1812 1912 0184 1913 01812 194 •1813 1912 •19
4
1
/
2.590 Amer Telephone & Te1eg-100 1494 Jan 3 172 Apr 7 13912 June 150 Feb
8
8
4
8
1643 16513 163 1653 16214 16414 1623 16412 18213 1633 16114 1823
4
Jan
4813 July 71
No par 48 Jan 17 70 Mar 14
6118 6112 6012 814 4913 6012 2,060 Amoakeag Mfg
6114 62
63
6214 6314 62
7212 Nov 78 Feb
8
No par 731 Jan 10 85 Mar 7
Preferred
241
80
80.1,80
80
84
84
85 .82
84
*80
82 1 82
5212 Apr 63 4 Jan
3
54 Jan 19 59 Feb 10
Plywood tr Mfg
55 Atlas
74
4
4
4
554 563 *5514 563 *5514 563 *554 553 ---,
*5514 57
84 Oct 1714 Jan
8 Jan 22 12 Apr 7
No par
175 Atlas Tack Corp
4 04
101 1 1
12 •____ 12
+11
12
011
4
/
111 12
*1112 12
1418May 2012 Jan
1514 Apr 5 2013 Jan 3
Beacon Oil Co corn tr othi____
1-.
1712 .17
174
1712 +17
1712 017
•1634 1712 017
74 Nov 9812 Jan
77 Feb 17 8612 Jan 7
345 Bigelow-Hartf Carpet_No par
83 t 84
85
4
843 844 84
85
85
8512 85
86
85
5 Jan 3
112 Apr 6
150 Cold,,k Corp., class A T C___
4
13 ____ i..
4
/
11 112 0114
*113 2
0112 2
*112 2
57 May - - Dec
71
475 Dominion Stores, Ltd_ _No par 87 Jan 28 84 Apr 22 8313 8ilz
864 8313 84
8312 83
1181
83
0181
83 83
313 Jan
14 Dec
3
3 4 Feb 3
112 Jan 26
10
East Boston Land
2 ia 2
214
214 *2
214 *2
2
214 0
212 *2
•2
3
7 8 Oct
312 Mar
4
73 Mar 17
34 Jan 11
5
115 Eastern Manufacturing
4
4
/
1
5 4 53
4 *51 6
3
5 4 53
•512 6
513 6
0
512 6
0
44 Nov 8813 Jan
8
45 Jan 4 693 Apr28
25
4 1,500 Eastern SS Lines, Inc
4
8 683 1883
6812 6812 694 6813 693
65
66
6714 65
*66
Jan
34 Nov 45
4
1
/
-.- _Ng par 35 Feb 15 42 Apr 5
--------275 Preferred
4112 4118 *4112 42
4112
4112 41
+41
41
41
904 Oct 994 Jan
3
100 87 4 Feb 17 97 Apr 13
90 let preferred
___ ____
09812 97
•9612 97
97
97
97 97
97
97
14 Nov 28 Feb
Jan IS
4
12 Feb 3 143
--------285 Economy Grocery Stores
12
_ . 12
_ *12
*12*12
Jan 250 Feb
100 217 Feb.18 253 Mar 29 .3207
510 Edison Electric Illum
245 '246
- - 24512 246
41 245 246
- - 24414 2
247 24113 24414 248
27 Apr 26 294 Jan 26
335 Federal Water Serv corn
2712 27121 277
8
2712 2712 2712 *27
4 27
273
02712 28 .27
14 June 27 oos
Apr 20 30 Jan 31
4
/
231 -------- 8 30 Galveston-Houston Eleo__100 224
23
4
0213 23
4
4
*213 23 .213 23
23
•22
11 Dec 17 Jan
14 Feb 3
4
113 Jan 11
--------3 25 General Pub Serv Corp corn
1314 134 *1314 14
01314 14
•1314 14
•134 14
2 214 .1trn 4
19
A 190 Germ Creel & Inv let prof par 3514 Feb 29 38 Mar 15 344 Apr 4038 Jan
19
19
20
1918 1918 1918 1912 1918 *19
19
0194 20
Apr
No
745 Gilchrist Co
354 36
*3514 38
3
3614 35 4 36
36
364
3612 36
38
0
8813 Mar 11312 Feb
No par 8412 Mar 22 954 Jan II
4 1,448 011ette Safety Halor
4 8914 8938 8812 8912 8812 883
8912 8814 883
89
8812 89
10 May 14 Sept
25 1018 Apr 5 124 Mar 2
55 Greenfield Tap & Die
1012 1012
*1012 12 , *1012 12
104 10)8 *104 12
*1012 12
12 Jan 17 13 Mar 14
--------300 Hathaway Baking corn
12
12
12
12
12
124 12
012 1 1218 •12
681- Feb
Dee - 4 No par 39 Apr 28 47 Jan 3 1514 1,720 Hood Rubber
40% 3914 40
4 404 414 39
4
403 403
41
41
4
403 41
•94h ------------42 Kidder. Peab Aocep A pref_100 94 Apr 26 9512 Feb 3 393 Apr 96 July
.9414 -•9414
94
9414 944 94
944
5
4
84 Aug 101 Dec
914 Mar 24 1012 Jan 6
114 Libby, McNeill & LIbby____10
3
3
9 8 98
8 97
4
1 9 8 •93
/ - -3
9
8
4
1
/ 97
9
93 I04 *94 10
* 4 -8 July 1218 Jan
6 Jan 3 10 Jan 18
25
82 Loew's Theatres
_-_-612 612 *612--- --,r
612 612
*64 7
0912 7
80 Apr 9412 Nov
1,896 Maaaachusetta Gas Cos___100 84 Mar 25 9012 Apr 27
89
9012 8814 8812 8814 8812 8812 9012 8812 88 1 8812 88
65 Jan 7018 Feb
526 Preferred
100 70 Jan 3 75 Jan 25
7312 7312 7312 734 7312 734 7314
73
7313 7312 73 73
161 Mergenthaler Linotype_No par 108 Feb 18 112 Jan 21 1104 June 1110 May
8
4
1011012 1103 11012 1103 11012 11013 11014 1107 *1104 Ill *11012 111
4
89 Apr 96 Jan
Miss Riv Pow atpd pref-100 95 .1111122 99 Apr 13
_ __ -- ---- ____
_ .
*1014_ __ 010114 _ _ .1014 _ _ *10114
412 Jan
2 Aug
8
43 Jan 20
214 Mar 24
10
51 National Leather
212 *214
212 ------2
214 - -14, *214 -- •10142
8 - -38
23
21
8 - 8
.23
1512 Jan 294 July
6 2312 Feb 14 3118 Apr 16
2812 2812 1,225 Nelson (Herman) Corp
1
/
1
284
4
283 294 284 29 • / 2914 284 29
2914 2912
Jan .95 Apr
New Eng 011 Ref Co tr etiii_- .20 Feb 1 .20 Feb 1 .20
.30 ____ ____
.28 .30 *.20 .30 0.20 .30 ..__.28 .30 0
0
3 July 1012 Jan
5 Mar 30
313 Jan 11
100
Preferred IT Ws
____ ____ ___
4
4 •____
4 0........
4 5
_
4 •
•___
91 Jan 18 98 Apr 18
4
4
4 963 964 963 964 --------165 New England Pub Serv $7 pref 974 Jan 26 103 Mar 18 15 Sept 101 Sept
4
963 963
9612 07
•96__
- --------120 Prior preferred
101 101 *101 103
101 101
101 101
-101 102
8 Feb
34 Feb 23 .50 Dec
.99 .99 --------100 New Eng South Mille__No par .75 Apr 14
4
114 0.40 I 13
4 0.40
13
.40
14 0
•.40
2 Dec 28 Jan
8
87 Feb 2S
2 Apr 1
100
20 Preferred
4
312 4 . 4
*312 4
4
*2
3
3
4
*2
4
8
766 New Eng Telep & Teleg_100 1154 Jan 4 130 Mar 22 1107 Apr 1183 Feb
12512 126
8
4
127 1273 1283 12714 12512 12612. 12512 126
1261/ 127
89 Feb 96 Feb
90 Jan 5 95 Feb 29
913 913
4 9112 9112 --------100 No Amer TJUI let pt full paid-. 40 Jan 6 4612 Feb 23
4
*91. .9112 ___ *9112 ___
1
14 4 Dec 27 Feb
1st pre} 50% paid
____ ___
46
045
46
•45
46
+45 46
3•45 .15 4 •45
3512 July 55 Jao
100 3512Mar 28 4313 Jan 7
542 Pacific Mina
38
*37- 38
3812 28
38
39
39
384 39
39
38
40 Mar 6814 Jan
100 20 Feb 5 4218 Jan 3
18 Plant (Thos 0). let pre!
_
__ . _ _ - _
27
27
29
*27
30
027
30
•27
174 Aug
29 '29
15 Feb
10 15 Mar 17 1612 Feb 10
Hole
4
4
153 153
153 --------135 Reece Button Machine
4 15 4 153 •
4 1512
3
4
0153 16
2 Nov
3
118 Dec
8
015 4 16
11 Jan 11
1 Mar 4
10
240 Reece Folding
8
13
8
13
138
8 •114
13
138 •114
138 .114
.18
F 49
8 *118
13
98 May 110 Aug
pref 100 10513 Jan 5 112 Apr 21
609 Swed-Amer Inv part
4
4
11112 1113 11112 1113 111 11113 11012 111
11112 112
Apr 11814 Dec
0111 112
100 115 Jan 3 120 Feb 24 111
823 Swift de Co
4
4
1153 1153
8
1157 116
117
116
4
11812 11738 1183 117
54 Mar 72 Sept
117 117
25 66 Jan 3 7014 Feb 23
185 Torrington Co
69
6812 6812 69
70
068
6812 69
69
69
684 70
4
1
/
9 Jan 31
0
4 Mar 3
44 412 ---- ----582 Tower Manufacturing
412 412
414 414
412 412
418 412
8
163 Jan 4 1812 Mar 22
1712 --------250 Traveller Shoe Co 'I' C
1713 1713 17
01712 18
01712 18
7 Jan 154 Feb
18
18
5 11 Jan 4 14 1z Jan 24
440 Union Twist Drill
12
12
*1112 12
1112 1112 *1112 12
*1112 12
4
1
/
47 Mar 53 Aug
8
111113 12
4,197 United Shoe Mach Corp- 25 50 Jan 3 553 Apr 25
8
541 55
4
5514 543 55
5514 55
4
1
/ 55
55
55
28 Jan 30 Juno
4
5434 55
25 28 Jan 3 291 Apr 7
288 Preferred
294 2914 2914
029
29
29
29
2914 29
82 Nov 135 Feb
294 029
29
84 Apr 27 89 Jan 3
712 U S & Foreign See let pref f pd
8412 _____
8412 84
84
8412 85
60 May 90 Apr
8413 8413 8412 85
75 Apr 29 82 Feb 4
380 let pref 75% paid
75
75 8
8
757 76 113757 76
76
764 7614 76
8
93 Mar 14
77
0376
518 Jan 26
140 Venezuela Holding Corp
__
_
4 534
53
7
*6
6
6
612
17 Jan 224 Oct
612 •13
s
*8
715 Waldorf8ys.1no, new sh No par 21, Mar 26 27 i Feb 23
2214
s 2214 -224 2212 2214 2212 2212 227
29 Jan 41 Dec
2213 2212 224 2214
20 Walth Watch al B com_No par 4012 Jan 21 5412 Apr 21
_ __ _ __,_
. 54
52 0_ _ _
051)
50
50
54
052
4818 Nov 81 Dec
54
52
0
100 61 Jan 3 75 Apr 22
--------110 Preferred trust °Us
73
73
75
*73
75
75
100 110 Mar 14 116 Apr 5 101 Sept 112 Dec
Prior preferred
__ *117.0117 119 *117 119 41117 119
4
121 May 23 Jan
4
1
/
1117
4
1
/
20 17 Jan 18 24 Apr 1
404 Walworth Company
8
207 7,31
21
21
8
2 -7
2112 - -1 8 2112 217 *2114 22
4
/
211 12
44 Mar 69 Dee
.
50 13512 Jan 13 91 Feb 18
80
80
8012 7913 8014 1,805 Warren Bros
80: 8012 7912 8038 7912 8018 80
39 Apr 46 Dee
50 Feb 16
50 44 Jan 5
let preferred
20
1
/
464 463
4
42 Apr 47 Feb
*4512 4612 04512 4812 04512 4612 04512 4613 *4513 4612 ___. ____
50 45 Jan 17 52 Apr 14
2r1 preferred
52
*50
52
050
52
*50
52
050
4
101 Aug 1713 Jan
*50 I 52
will dc Baumer Candle corn- 14 Jan 12 1714 Mar 15
4
4
13 163 *1612 163 *1612 164 *164 1.64 ____ ____
4
01614 _163 016
Mining.
Adventure Consolidated----25 .05 Jan 14 .20 Feb 10 .05 Mar .40 July
.25
.25 •
-4
/
11 Aug
i ------------------------ .25 •___
25 .40 Apr 7 .89 Jan 15 .25 Mar
300 Arcadian Consoildated
.42 .43 + .30 .45
.50
.45 .45 0
.43 .45
94 May 12
4
1
/ Jan
4
/
61 Apr 28 1014 Jan 6
-0.43 .50 0
3
620 Arbiona Commercial
612 63,
8
8 61
63
4
1
/
64 6
4
1
/
4
1
/ 6
6
7
7
29 June 55 Jan
4
1
/
74
. *7
10 30 Jan 3 49 Apr 21
1,211 Bingham Mines
46
46
8 4512 48
463
46
47
4512
4
1
/ 4612 47
134 June 181 Aug
8
47
46
3
25 14 8 Jan 7 17 Apr 20
1638 1,717 Calumet & Recta
8 164
8
4 163 1612 1614 163
4
4 1612 16118 163 163
164 163
1 .10 Jan 7 .60 Apr 29 .10 Dec 50 Jan
775 Carson Hill Gold
.55 .60
.50 .50 0.60 .65
13 May 20 Jan
.40 .50 0.40 .50 •.30 .50
0
25 1214 Apr 29 1434 Jan 19
715 Copper Range Co
1218 1213
13
1212
4
1
/ 13
4 12
4
123 123
13
13
214 Oct
4
21 Jan 4
4 Feb
4
1
/ 13
14 Apr 29
12
730 East Butte CoPPer Mining- 10
4
/
11
112
4
/
11 2
218
2
2
2
2
2
114 Jan
2
2
25 .05 Feb I .80 Mar 17 .25 Nov
n. Franklin
.75 .a.50 .75 *a.50 .75
.75 *a.50
.75 0a.50
14 July
.75 •a.50
.050
0
25 .25 Apr 16 .75 Jan 13 .27 Deg
Hancock Consolidated
0.35 .50
.32 .50 11.32 .50 •.35 .50 0.35 .50
14 Mar 2114 Jan
14 Apr 26 18 Jan 7
•.32 .50 0
I
00 Hardy Coal Co
*1412 16
*1412 16
*1412 16
1814 14 • 15
1612 •15
*16
2 Jan
25 .60 Apr 26 .85 Jan 8 .75 Oct
140 Helvetia
•.60 .61
1
11.60
1
0.60
.
.
1.70 .80
.70 .80 '
0
1 47 Feb 26 61 Mar 16
5512 1,510 Island Creek Coal
5618 5514 5612 55
5612 56
4
9912 Jan 108 July
8 5612 563 *56
567
5612
I 105 Feb 111 107 Apr 13
5 Preferred
•105 107 *105 107
105.
107
612 June 14 Aug
105 105 0105
4
/
912 Feb 19 111 Jan 19
1105 107
25
385 Isle Royale Copper
4
*93 1014 *94 10
4 11
4
103 0103 --8
1014 103 •10
23
14 Jan 6
8
27 Feb 4 .50
Jan
8
27 Sept
4
103 11
65 Keweenaw Copper
4 2
214 *13
21s 21s *2
214 *218 214
•2
l's Mar 18 .60 Oct
2
2
las July
25 .80 Jan 7
53 Lake Copper Co
114
11/1 •.90 i. 114 *.90
3.90
.
.90 .90
118
.90 .90 •.90
212 Mar
25 50 Mar 28 90 Apr 22 .80 June
255 La Salle Copper
11
1.75
.
1
0.75
I
.75
0
1
0.75
I
.75
4
1
/
2 Sept
2 Jan 4
1
/
14 Jan
112Mar 15
5
.80 .90 0
112 1,200 Mason Valley mine
112 112 *114
8
13
8
17
13*
178 *138
4
/
•13{3 11 *108
25 .15 Apr 8 .85 Jan 3 .15 Dec .75 July
35 Masa Consolidated
.25 .25
.25 .25 0.25 .35 • .25 .50
113 Jan 11 .40 Dec
112 Jan
.25 .25 0.25 .35
'25 .30 Apr 26
.30 .32 4,173 Mayflower-Old Colony
.32 .35
.30 .40
.30 .50
.50 .50
Oct
30 Mar 48
•.40 .60
25 37 Feb 18 414 Apr 20
450 Mohawk
8
3812 39 :3838 383
40
4 40
403
40
40
1812 May 24 AUX
1
/
6 214 Mar 25 24 Jan 20
404 4034 38
495 New Cornelia Copper
4
/
8 2214 2213 +221 2212
8
4 223 223
4
1
/ 2212 *2214 223
Jan .20 JUDO
.06 Feb 1 .06 Feb 1 .05
2214 2212 22
Dominion Copper
New
1.05 .15 0.05 .15
0.05 .15 '
18 Dec 25 Feb
100
•.05 .15 0.05 .15 . __ 18
New River Company
20
•18
18
18 .17
*16
.45 July 72 Feb
18 0 - Is
100 58 Apr 14 75 Feb 8
468 Preferred
is 65 65 68 •64 66 66 66
64
1013 Dec
5 July
.
:
al 8213 64
8 Apr 29 1018 Feb 2
5
490 Niplasing Mines
618
6
612 612
614 7
4 0
4
1
/ 63
6
4
1
/
4
1
/ 7
7
3
3 77
77
3
3 e Jan 5
4
1
/
3 Sept
2 Apr
1114Mar 24
10
628 North Butte Mining
3
216 2 8
4
13
4
13
8 218
17
4 24
2 Noy
4 212 "13
Jan
114 Jan 26 .50
*14 212 *13
25 .75 Apr 7
213 Olibway Mining
14
1.95
114 '
114 *.95
14 11.95
.96 .96 0.95
13 Dec 20 July
.76 .75
25 12 Feb 18 15 Apr 1
*1213 13
650 Old Dominion Co
01213 13
4
123 13
13
13
13
Jan
1012 Mar 15
11 Jan 4 13 Feb 4
4.134 144 13
4
370 P'd Cek Pocahontas Co No par
4
113 113
4
0113 12
4
0113 12
12
1214 12
1512 May 25 July
25 1414 Feb 17 1918 Apr 22
1214 *12
625 Quincy
4
4
*12
1718 1512 1612 153 153
17
1714 1714
18
25 Dec 3812 Feb
1813 18
16
111 St Mary's Mineral Land
25 2014 Feb 17 254 Jan 6
22
021
2112 22
22
22
4
4 213 22
223
34 Jan 14
4
1
/
9 Jan
4
1
/
2 Dec
4
/
11 Apr 1
022
23
Seneca Mining
212 .2
212
1122
212 *2
4 *2
23
Jan
212 *2
2
10 .20 Jan 8 .40 Jan 12 .15 Dec .80
.22 .22
575 Shannon
213 •
102
.20 .20 0.20 .30
.22 .22
1 iia Mar
50 Superior & Boston Copper- 10 .15 Mar 23 .40 Feb 23 .20 Nov
.25 .30 4%22 .30 0.26 .40 10.26 .40 0.25 .40 0.25 .40
0
.20
8
77 Feb 24
434 Oct 1114 Feb
4
1
/
6 Apr 27
_.
.
I
.20
881 Utah-Apex Mining
8 6
.20
4
1
/ *51
54 5
4
1
/ •
Is 5
8
3
2 Feb 2 .25 Dec 2% Mar
5 4 57
1 Jan 3
1
4
/
4
/
11 11 3,725 Utah Metal & Tunnel
4
/
4
/
11 11
4
/
4
/ 11
11
1 iX
578
571 1578
4
1
/ . 6 112
1
1
x.
138 i.4 6
.
1 Apr 27 .40 May .75 Feb
25 .51 Feb 10
820 Victoria
114
.95 .95 +.95
1
.95
.85 .85
85 .85
.03 Mar 9 .21 Jan 17 .10 Sept .40 Jul"'
26
210 Winona
is
(17 .10 111.07 .15 0.07 .15 0.07 .12
95
•85 '
• __•.., a'in
i New nook •Ex-dividend. •Ex-rigida. a Ex-dividend and rights.
813111 day. a Awn-ems:it paid. 8 hlx stoat dividend
•
- hp/ and mixed Woe% no said. OD
THE CHRONICLE
69
75
85
85
974
1004'
104
100
94
98
1004
103%
101%
101%
93
984
1044
99
102%
1014
Feb
Feb
Jan
Jan
Jan
Apr
Jan
Apr
Apr
Apr
Jan
Apr
Jan
Jan
Mar
Jan
Feb
Apr
Mar
Jan
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Apf. 23 to Apr. 29, both inclusive,
compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
ofPrices.
1Veek.
-Par.Price. Low. High. Shares.
Stocks
Adams Royalty Co com _ _*
All America Radio Cl A_..5
Am Fur Mart Bldg pf _100
Amer Multlgraph com_ •
American Pub Serv pref 100
Am Pub !Ail Co parpfd 100
American shipbuilding.100
Amer States Secur Corp A•
r
Class B
Warrants
Armour & Co(Del) pref 100
100
Armour & Co pref
Common cl A v t 0_25
Associated Investment Co*
Auburn Auto Co corn_ _ _25
Balaban & Katz v t c._.25
•
Beaver Board v t c
Fret vet tr etts
100
10
Bendix Corp cl A
10
Borg & Beck corn
Brach & Sons (EJ) corn _ *
Bunte Bros com
10
Butler Brothers
20
Celotex Co com..... _ *
Preferred
Central Ill Pub Sent pref _*
Central Ind Power pref.100
Certifs of deposit_ _ _ _100
Central Pub Serv (Del)__*
Central SW Util com_ _ __*
Preferred
*
Prior lien pref
•
Chic City & Con Ry pt sh*
Participation pref
•
Chicago Elec Mfg "A"._.•
•Chic Fuse Mfg Co com_ •
Chic N S & Milw con_ _100
Prior lien preferred._100
Preferred
100
Chic Rys part elf ser 2_100
Part certif series 3._ _100
Commonwealth Edlson.100
Consumers Co corn
5
Preferred
100
Continental Motors com_*
•Crane Co com
25
Prehirred
100
Decker (Alf) & Cohn, Inc_*
Deere & Co, pref
100
Eddy Paper Corp (The)_ _•
El Household Util Corp_10
Empire G & F Co 7% pf100
8% preferred
100
Evans & Co, Inc, class A_5
Class B
5
*
Fair Co (The) corn
Preferred
100
Fitz Simons & Connell
Dk & Dredge Co com.20
Foote Bros(G & M) Co_ _5
Gossard Co (H W) corn__*
Great Lakes D & D_100
• Greif Bros Coop'ge A corn •
Hart, Shaffner & Marx 100
Hupp Mot Car Corp com10
25
Illinois Brick Co
Illinois Nor Utilities pf _100
Ill Wire & Cable Co corn 10
Kellogg Switchb'd corn 10
Preferred
100
Hy Hydro-Elec pref._ 100
Hy URI Jr cum pref. _ _50
Keystone St & WI com_100
Preferred
100
Kraft Cheese Co corn __25
Kup'heimer & Co(B) Inc_5
_100
Class B preferred
La Salle Ext Univ com_10
Libby McNeill & Libby_10
10
Lindsay Light Corn
McCord Radiator Mfg A_*
•
Maytag Co com
Mer & Mfrs Sec Co pt p1.25
•
Middle West Utilities
ilk'
Preferred
Prior Hen preferred..100
Midland Steel Prod corn_
Midland UM prior lien-100
100
Preferred A
Morgan Lithograph corn.*
Mower Leather Corp com.*
Nat Elec Power A part..
100
I 7% preferred
National Leather corn _ _ -10
National Standard com__*
•
North Amer Car com
Nor West Utli pr In pref 100
100
7% preferred
Novadel Process Co pref. _•
l• Common
100
21
21
534
9614
1934
1003.4
8634
83
331
3%
84
87
6834
10
35
105
60
2334
6
0694
1934
10214
88
83
374
33.4
31
88%
71
1034
35%
112
61
24
38
38
4934 52
584 6334
26
2734
17
17
1834 21%
6934 77
87
88
8934 904
8934 8935
89
89
17% 18
5834 6034
9534 0734
1014 103
1%
14
10
124
2434 2434
30
30
30
3034
9914 100
67
67%
14 234
34
4
14234 1464
6
8%
75
73
114 1134
49
50
120 1204
2534 254
108 10834
2734 29
114 1234
9634 9784
103 103%
3634 39
36
374
3014 32
10734 1074
2,950
455
139
100
675
827
30
3,500
2,210
1,200
700
4,100
720
250
14,300
850
350
125
5,775
9,550
4,860
73
17.050
1,055
419
200
25
20
290
890
755
285
9,990
10,350
240
50
515
247
20
580
50
1,121
16,000
495
200
337
25
25
115
950
390
401
395
5,150
3.300
2,400
30
27
27
1334
1334 13
33
3334
33
1404 140 144
3834 39
11434 115
1934 194
52
53
95
95
24% 24%
14 34
14
96
96
9534 96
96
5084 59% 5034
5234 5234
8834 8834
57
58
57
39
40
39
106
106
634
634 7
94 10
034
234 234
24
37
38
2934 30
2634 27
1094 109 1114
107
1063.4 10734
118 11884
118
4134
38
102 102
98
6434 6334 6534
1634 164
2434 2434
97
974
214 234
284
3184 344 3534
2834 294
97% 9834
97
964 96
24
24
24
9
9
9
20
230
4(35
190
250
150
85
415
10
125
925
30
50
10
60
30
195
55
10
545
2,362
410
140
400
170
2.675
1,404
440
1,150
80
130
3,575
60
900
35
560
2,134
235
22
270
310
625
0634
8734
334
334
874
694
10
3574
1084
61
4934
594
26
1984
6934
8734
18
584
9535
1014
14
10
2484
304
100
146
734
75
114
4834
1204
2584
284
1284
97
103
384
37
31
Range Since Jan. 1.
Low.
21
5
93
1934
94
73
7934
234
3
34
86
5934
914
35
684
60
2
38
High.
53
24
17
17
694
87
8834
8534
8534
17
6634
93%
9834
34
34
2334
30
30
99
67
4
34
138
534
69%
1134
47
117
25
106
20
11
9234
10034
2834
2434
224
105
Apr
Apr
Apr
Mar
Jan
Jan
Jan
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Jan
Mar
Apr
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Apr
Jan
Apr
Jan
AD
Feb
Apr
Jan
Apr
Fe
Ma
Apr
Fe
Ma
Jan
Apr
Jan
Mar
Mar
Jan
Jan
Mar
Feb
3234
10%
96%
20
102%
88
86
434
411
1
9634
8634
16
384
115
63
4
39
54
6334
3514
2034
23%
8334
9134
9534
90
90
1834
6734
9734
103
134
124
26
34%
3614
101%
72
234
34
14614
834
78
1334
52
12034
28
110
29
1434
07%
1034
39
38
3234
109
Feb
Mar
Apr
Jan
Apr
Apr
Feb
Jan
Jan
Jan
Feb
Jan
Jan
Feb
Apr
Jan
Jan
Mar
Apr
Apr
Jan
Jan
Feb
Jan
Mar
Apr
Mar
Mar
May
Feb
Apr
Apr
Apr
Apr
Mar
Feb
Jan
Mar
Feb
Apr
Apr
Apr
Apr
Jan
Jan
Jan
Apr
Jan
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Apr
Apr
2634
12
33
140
384
110
1934
49
92
24
1354
96
9434
5034
45
884
41
36
105
534
9
134
37
26
25
108
10534
11734
38
98
9654
58
11
2334
9334
24
3014
2234
9754
944
24
9
Apr
Jan
Apr
Mar
Jan
Jan
Apr
Jan
Jan
Mar
Jan
Jan
Jan
Apr
Mar
Mar
Feb
Jan
Feb
Mar
Mar
Mar
Apr
Jan
Apr
Apr
Jan
Jan
Apr
Jan
Mar
Jan
Jan
Feb
Jan
Apr
Jan
Jan
Mar
Mar
Apr
Apr
29
14%
46
152
40
115
2334
5534
97
25%
1934
98
97%
5134
54
92
63
40
106
9
104
2%
40
30
31
114 34
11334
120
4734
1024
994
66
1614
2534
974
4%
36
30
101
100
274
9
Jan
Jan
Jan
Jan
Jan
Feb
Jan
Mar
Feb
Feb
Mar
Jan
Feb
Jan
Apr
Jan
Feb
Apr
Apr
Jan
Jan
Apr
Jan
Apr
Jan
Feb
Feb
Feb
Feb
Mar
Feb
Apr
Mar
Jan
Apr
Jan
Apr
Jan
Jan
Feb
Feb
Apr
sosi
Bonds
Beaver Prod 1st ref 20 Tr
1942 10874 10834
734s
Cal & So Ch Ry 1st 5s_1927
82
Chicago City Ry 5s_ _1927
8434
Chic City & Con Rys 55'27 66
66
Chicago Railways 5s_ _1927
82.
1st l'al ct of dep 5s_ _1927 82
82
1927 6334 6834
53 Series A
1927
5s Series B
46
Purchase money 55_1927 454 4434
10474
Commonw Edison 58.1943
Crown Willamette Pap 1st
1951 10054 100
M 6ssfgb
Hous G G Cos f g13343 1931 1014 10434
.
100
Loew's T & R 1st 16%3( 47
78
laletr W Side El 1st 4s_1938 80
Northwestern Elev 5s_ 1941
8834
10134
Swift & 001st s f g 53_1944
100
Un P U Co 1st 16% "A"'47
_ _1930
994
3-yr gold n
Pro 535% 8 i
Westvaco Ch 534s_100
1937
gold debenture
10874
82
8514
63
84
82
7
0
4754
4734
10434
10034
10534
100
80
8834
10134
100
994
100
.
Apr
Jan
Apr
Feb
Jan
Feb
Apr
Apr
Apr
Mar
Apr
Mar
Apr
Jan
Jan
Jan
Jan
Apr
Feb
Jan
0
High.
Jan 1014 Mar
•
Low.
101%10134 31,000 1004
Chic Jet Ry & U S Y 55 '40
East Mass Street RR.
644 664 4,000 644
1948
414s Series A
73
3,000 69
1948
73
58 Series B
85
8,000 83
85
1948
68 Series C
844 84% 5.000 82
1948
Series D
68
974 9744
1,000 9734
Eitingon Schild 6s.... _ _1935
Europ Mtge&Inv 7345 1966 9934 1004 10034 6.000 99
102 102
1,000 101
1937
Hood Rubber 75
100 100
4,000 994
Kendall Mills 643_1944
94
94
2,000 91
Keyst Tel of Phil 534s 1955
1951 98
98
98
5,000 9734
68
9934 9934 2.000 9934
1929
Mass Gas 435s
1946
10384 103% 2,000 1034
534s
10134 101% 3,000 1003.4
Miss River Power 5s_ _1951
New Engl Tel&Tel 53.1932 10134 1014 1014 9,000 1004
92
1934
92
2,000 90
New River 53
98
98
6,000 98
Peoples Pow & Lt 65._1962
1034 1044 13,500 102
Pocah Co 73 deb._1935
PC
99
99
2,000 99
The Prudence Co 534s 1961
10131 1024 6,500 101
1944
Swift & Co 55
Western Tel & Tel 53_1932 10031 10014 1014 13,000 100%
wIoVo b.t
wtoowl. Ow.w.
wwwg, I
.
V8887.8888=85888=88888 8ttngt8g,n88351
Range Since Jan. 1.
.
Bonds
-
Omnibus pref A
100
90
90
Voting trust Ws
•
13
13
Orpheum Circuit, com_ _ _1
33
33
Penn Gas & Elec A com__. 194 194 1934
Pick Barth & Co part pf_ •
20
21
Pines Winterfront A com..5 42
4134 444
Pub Serv of Nor Ill corn •
1334 13384
Common
100 13334 13334 13314
100
6% preferred
10584 10554
7% preferred
100
11334 11434
Q-R-S Music Co com____*
38
3834
*
Quaker Oats Co corn
186 188
Preferred
100
111 112
Real Silk Hos Mills corn 100
44
44
Rao Motor Car Co
10 20
194 2034
Sears, Roebuck corn
544 5434
So Colo Pr Elea A com_25 26 34
2614 2714
So'w G & El Co 7% pf _100 974 97
9734
Stewart
-Warner Speedom * 6294 61
67
Swift & Co
100 116
11534 117
15 2034 204 22
Swift International
Thompson (J R) corn__ _25
4834 494
Union Carbide & Carbon.*
1124 115
United Biscuit class A _ _ _ _* 41
41
4134
United Iron Works corn..*
514
4
614
United Lt & Pr class A pfd* 95
94
954
Class B preferred
•
52
52
Common class A new__* 14
1334 14
Common class B new..
•
1534 18
United Pap Board pref _100
60
60
U S Gypsum
20 99
9734 10234
Vesta Battery Corp com_10 33
33
35
Wahl Co com
* 1234
12
1234
Ward(Montgomery)&Co10
68
65
Class A
*
114 117
Waukesha Motor Co com_*
37
37
Williams 011 0 Mat corn.* 1134
11
13
Wolff Mfg Corp com
*
5
554
Voting trust certificates*
484 44
Wolverine Portland Cem 10
54 534
Wrigley(Wm Jr) Co com..* 52
5234
62
Yates Machines part pfd_* 20
194 2434
Yellow Tr& Coach Mfg B 10 284 264 284
Yellow Cab Co Inc (Chic) * 4034 40
4134
.47::..0-n.A.-vA
-Transactions in bonds at Boston
Boston Bond Record.
Stock Exchange Apr. 23 to Apr. 29, both inclusive:
0.
0 0.-000
Outside Stock Exchanges
Friday
Last Week's Range Sales
ofPrices.
Sale
for
Price. Low. High. Week.
2569
rzsaay
Sauts
Lass Week's Range for
Sale
ofPrices.
Week.
Stocks (Continued) Par Price. Low. High. Shares
O gObbbbbb
8 82888888 888888588
APR. 30 1927.]
Range litit. Jan. 1.
Low.
High.
824
114
33
19
1934
41
13034
132
102
1124
3234
180
107
3934
1934
62
254
9434
544
11554
184
40
99
3934
234
87
50
124
1594
60
9254
2734
834
6034
11234
3434
11
434
434
5
51
1934
2534
38
Feb
Mar
Apr
Jan
Jan
Feb
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Mar
Jan
Mar
Apr
Jan
Jan
Jana
Jan
Jan
Mar
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Mar
Apr
Mar
Apr
Feb
Jan
Apr
Mar
Mar
10874
74
75
5234
744
7434
52
35
29
103
Apr 10874 Apr
Jan 82
Apr
Jan 8534 Apr
Jan 69
Apr
Jan 84
Apr
Jan 82
Apr
Jan 70
Apr
Jan 4734 Apr
Jan 4734 Apr
Jan 10594 Apr
9974
96
100
78
8434
19134
100
99k
Jan
Jan
Mar
Apr
Jan
Jan
Apr
Apr
94
Apr
1534 Apr
33
Apr
21
Feb
214 Feb
5134 Jan
142
Apr
139
Apr
10534 Apr
11634 Apr
3974 Feb
190
Mar
112
Apr
4834 Feb
2354 Jan
56
Feb
28
Mar
98
Feb
6814 Apr
12034 Mar
23
Jan
50
Feb
1214 Apr
44
Feb
7
Mar
9534 Apr
524 Feb
1534 Jan
18
Apr
60
Jan
109
Jan
37
Feb
134 Jan
68
Mar
117
Jan
40
Jan
1634 Feb
7
Ja r
64 Fe)
634 Jan
53
Jan
2734 Mar
3034• Apr
554 Ja I
10014
106
100
80
8834
1024
100
994
994 Apr 100
Apr
Apr
Mar
Apr
Apr
Mar
Apr
Apr
Anr
•No par value.
Philadelphia Stock Exchange.
-Record of transactions
at Philadelphia Stock Exchange, Apr. 23 to Apr. 29, both
inclusive, compiled from official sale lists:
•
Stocks-
Friday
Last Week's Range Sales
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Abbotts Al Dairy pret_100
1134
Almar Stores
10
Alliance Insurance
American Stores
* 65
Baldwin Locomotive_ _ _100
Bell Tel Cool Penn pref _. 11434
Cambria Iron
50 414
Catawissa 1st pref
50
Congoleurri Co Inc
*
Consul Traction of N J.100 4334
Eisenlobr (Otto)
100
Electric Storage Batt
.y..100
Fairmount Park Trans Co_
Fire Association new__ _.10 54
General Asphalt
100
Giant Porland Cement pf50
Horn & Hardart(Phila)com
Horn & Hardart(NY)corn
Insurance Co of N A _ _ _10 5754
.
Keystone Watch Case
*
Lehigh Navigation
50 107
Lehigh Power sec
184
Lehigh Valley
50
Lit 13rothers
10 2414
Louis Mark com
•
Preferred
Man Rubber
10
34
Penn Cent L & P cum pf_• 744
Pennsylvania RR
50
Pennsylvania Salt Mfg _50 764
.
Penn Traffic
234
Philadelphia Co (Pitts)_ _50
Preferred (cumul 6%)
-50 - -PhIla Electric of Pa
25 4734
Power reels
25 134
Full paid meta
4734
Plilla Insulated Wire
•
Plilla Rapid Transit___50 5234
Phlla & Read C & I Co. *
Philadelphia Traction___50 5654
Phila & Western
50 14
Reading Company
50
Shreve El Dorado Pipe L 25 214
Scott Paper Co pre(.._100 99
Stanley Co of America_ _.• 6834
Tono-Belmont Havel__ _ _ 1
Tonopah Mining
1
Union Traction
50 374
United Lt & Pow A
•
United Cos of N J
100 211
United Gas Impt
50 9911
• 11
U S Dairy Prod "B"
Victor Talk Mach new__ _. ......
6%
7%
West Jersey & Sea Shore.50
Westmoreland Coal new_ 50 5634
York Railways met
50 39 44
100 100
1034 1194
53
53
63
6534
18434 19134
114 11434
4134 4134
43
43
2034 2034
4334
42
4
1434 141
6534
64
74
7
5314 54
7234 8134
4334 44
210 213
50% 5234
5734 5934
85
85
10534 107
184 194
12044 1264
2434 2474
134 1434
z9934 10034
1
4
74
743.4
6014 61%
7634 77
134
154
103 103
5134 52
47
4814
13
134
4734 4834
65
65
5294 5294
424 4294
55
57
14
14
1104 11234
2134 23
99
99
68 x70 Si
134
154
254
Pis
3734 3734
1334 1434
211 211
9854 10134
11
11
37
3934
9234 9214
9834 9974
44
459.4
56
5634
30'A 30 lc
10
1,026
97
8,668
45
79
55
7
340
815
10
676
148
128
475
20
219
365
2.564
150
3.277
14,822
508
575
300
40
920
120
26,550
173
150
100
32
17,273
1.791
879
50
363
420
439
230
207
401
90
9.510
GOO
3.215
2,303
110
50
23,687
236
1,781
22
355
220
81
90
Range Since Jan. 1.
Low.
100
1034
48
63
147
11214
4034
43
1734
3534
1234
64
534
51
7234
34
210
5054
5134
76
10534
1594
100
2494
1234
999.4
4
7134
5634
7594
14
8794
4994
4634
9
4634
63
52
424
53
114
9434
2134
9734
7934
134
234
36
1234
210
8994
9
3354
8734
97
40
51
57 LZ
Apr
Apr
Feb
Apr
Jan
Jan
Mar
Apr
Jan
Jan
Feb
Apr
Mar
Mar
Apr
Jan
Mar
Apr
Jan
Jan
Apr
Jan
Jan
Mar
Mar
Mar
Apr
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Jan
Mar
Jan
Apr
Feb
Mar
Jan
Jan
Jan
Feb
Mar
Feb
Apr
Jan
Mar
Feb
Feb
Mar
Feb
Jan
Jan
Jan
Mar
Mar
High.
10334
174
55
734
1974
11434
42
4434
2134
4334
16
7934
84
55
9534
4834
261
55
61
85
11934
2094
12654
28
1434
101
14
75
6834
7934
134
10634
52
54
1434
4934
66
5434
47
60
154
11274
2474
1004
9034
254
274
3934
1534
213
1014
11
41
9634
10094
4714
5631
40 44
Feb
Jan
Apr
Jan
Feb
Apr
Mar
Jan
Mar
Apr
Feb
Jan
Apr
Jan
Mar
Jan
Jan
Jan
Apr
Apt
Jan
Apr
Apt
Jan
Apr
Mar
Apt
Mar
Jan
Apr
Jan
Max
Feb
Jan
Max
Ara
Jan
Jan
Mar
Max
Mar
Apr
Jan
Apr
Feb
Mar
Apr
Mar
Jan
Feb
Apr
Max
Apr
Apr
Apr
Max
Apt
Any
THE CHRONICLE
094
8735
10335
105
107
103
9331
Jan
Feb
Feb
Feb
Jan
Jan
Jan
10135
8934
1054
10735
10834
1054
9644
Apr
Jan
Mar
Mar
Feb
Feb
Mar
Cincinnati Stock Exchange.
-Record of transactions
at Cincinnati Stock Exchange Apr. 23 to Apr. 29, both
inclusive, compiled from official lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale
ofPrices.
Par, Price. Low. High. Shares.
Am Laundry Mach com_25 -11734
Preferred
100
Amer Roiling Mill com__25 5134
Preferred
100 113
American Products
Amer Thermos corn
Baldwin new pref
100 10834
Buckeye
4735
Burger corn
2035
Preferred
5634
Carey (Philip) pref __ _ _100 118
Campbell pref
Champ Coated Pap com100
100
Preferred
Champ Fibre pref
100
Churngold corporation_ _ _• 404
Cincinnati car
Cin Union Stock Yards_100
Cin Postal Term pref_ _100 91
City Ice & Fuel
• 264
• 3034
Coca Cola
Cooper Corp new pref _100
Crown Overall pref_ _100
Eagle-Picher Lead com__20 2634
Preferred
100
Formica Insulation
•
Gibson Art corn
•
Globe Wernicke pref _ _ _100 93
Onion Watch corn
•
Preferred
100 112
Hatfield-Reliance com
•
Hobart
30
Jaeger
• 3034
Kahns participating
1st Preferred
Kroger corn
10 12734
Lunekenheimer
2834
Mead Pulp Paper
•
Nash "A"
124
Paragon Refining com_ _25
6
Preferred
100
Procter & Gamble com__20 189
6% Preferred
100
Pure 0116% pref •
100
8% Preferred
100
11.8. Can corn
• 38
US Playing Card
20 99
(IS Print & Lith corn _ _100
Preferred
100
If 8 Shoe corn
•
100
Preferred
Whitaker Paper com_ ,
•
Preferred
100
• 25
Western Paper
100 115
P7urlitser 7% pref
11734 120
125 125
5134 5344
11234 1134
2435 2434
104 1034
108 10835
4735 484
2034 2035
55
5634
118 120
99
99
12434 1244
112 112
1044 10431
404 45
254 26
140 140
9034 91
2635 27
274 3034
101 10131
10334 10334
2645 2731
118 116
21
21
3934 4031
93
93
47
47
112 11234
1534 1535
2935 30
3034 3034
4335 4334
105 106
12631 12934
2831 2834
10034 10035
12234 124%
8
634
65
65
189 191
114
114
9834 99
1124 11234
39
38
99 10034
754 76
100 100
5% 53.1
40
4034
613
58
994 100
25
22
115 115
Banks
First National
341
100
Public Utilities
Cincinnati & Sub Tel_ _ _50
•CM Gas & Elec
100
Cin Gas Transportation100
C N & C Lt & Trac corn 100
100
Preferred
Ohio Bell Trac prat_ _ _..100
Tractions
Din Street Ry
Railroads•ONO&TPcom
Preferred
50
96
9835
125
9335 92
7134
112
97
9634
43
43
342
105
100
100
BondsThamber of Commerce (is_
Whitaker Paper 1st 78_1942
341
97
97
12734
94
72
11234
444
342
105
Range Since Jan. 1.
Low.
1,573 110
25 124%
2,283 44
374 11031
350 2134
390
7
20 10635
1,951 • 44
105 12
42 504
57 10635
10 96
40 1244
2 11134
6 103
253 344
896 214
7 140
57 90
181 2231
2,437 274
13 100
5 103
1,280 2635
15 116
27 204
726 40
12 85
35 444
103 109
10 15
530 2834
147 2735
57 40
21 91
891 12435
392 2834
130 993:
28 9834
6
275
6 65
513 177
21 112
23 97
10 11234
310 3834
330 8534
58 75
10 9234
5
22
31 35
69 58
201 99
52 22
2 115
10 338
Jan
Apr
Jan
Mar
Feb
Mar
Jan
Jan
Feb
Mar
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Apr
Apr
Jan
Apr
Apr
Apr
Feb
Apr
Apr
Mar
Jan
Feb
Feb
Mar
Feb
Feb
Jan
Jan
Jan
Apr
Apr
Jan
Apr
Apr
Feb
Feb
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Apr
Apr
Apr
Jun
High.
120
Apr
1264 Mar
55
Apr
114
Feb
2534 Mar
11
Mar
10834 Apr
51
Apr
21
Feb
56
Apr
120
Apr
99
Apr
12541 Apr
112
Apr
10534 Feb
45
Mar
2634 Apr
150
Feb
91
Apr
2734 Apr
3031 Apr
103
Jan
105
Jan
31
Mar
116
Apr
25
Mar
Feb
44
93
Apr
564 Jan
11334 Apr
Jan
18
2934 Jan
3034 Apr
45
Jan
106
Apr
12941 Mar
Apr
30
Feb
109
129
Apr
735 Jan
734 Mar
192
Apr
Mar
116
9934 Mar
11234 Apr
Feb
42
Apr
100
7834 Feb
10031 Feb
Mar
6
43
Mar
Mar
65
1004 Mar
Mar
25
Apr
115
Jan 349
114 904 Jan 98
345 9334 Jan 9731
20 11234 Jan 120
Mar 9234
312 91
Jan 73
108 70
200 11034 Jan 114
133
3834
15 337
32 10334
Apr
Mar
Mar
Apr
Mar
Jun
Mar
45
Apr
Jan 365
Jan 105
Feb
Apr
Jan
10134 10135 $5,000 10134 Apr 10134 Ayr
1014 1014 1,000 10134 Apr 1014 Apr
Stocks-
Friday
Sales
Last Week's Range for
ofPrices.
Week
Sale
Pox. Price. Low. High. Shares.
Arundel Corp new stock_ _•
Baltimore Trust Co_ _ _ _50
•
Beneach (I) corn A
50
Century Trust
Ches & Po Tel of Bait pf 100
•
Commercial Credit
25
Preferted
25
Preferred B
Consol Gas EL dr Pow_
100
635% preferred
100
7% preferred
100
8% preferred
Consolidation Coal_ _100
Eastern Roll Mill new stk_*
50
Fidelity & Deposit
Finance & Guaranty pf _ _25
Finance Service, class A10
10
Preferred
Houston Oil pref v t c_ ..100
Manufacturers Finance.25
25
1st preferred
25
2d preferred
25
Trust preferred
Maryland Casualty Co_ _ 25
3435 35
138 139
42
42
188 188
11634 117
17
18
17
20
20
20
20
2034
20
5634 5434 57
111 112
112
114 1143i
12734 12735
314
31
23
23
20734 207 210
1234
12
17
17
935 931
94
93
93
30
30
30
194 1934
1934
18
18
17
17
17
109 11235
3434
1,449
15
5
11
36
302
113
123
1,274
97
11
249
166
140
730
19
so
5
260
55
32
44
18
454
Range Since Jan. 1.
Low.
3134
12935
38
170
115
1435
20
20
Si
111
11234
126
304
21%
13534
12
17
935
88
30
19
1635
17
98
Jan
Feb
Feb
Jan
Jan
Feb
Apr
Feb
Jan
Jan
Mar
Jan
Mar
Mar
Jan
Apr
Apr
Apr
Jan
Apr
Apr
Apr
Apr
Jan
High.
36
144
42
198
11735
29
2234
23
57
11234
11535
129
3735
28
215
1535
1834
10
94
44
2234
22
214
116
Jan
Apr
Apr
Feb
Apr
Feb
Jan
Jan
Apr
Mar
Feb
Mar
Jan
Feb
Apr
Jan
Jan
Jan
Feb
Jan
Feb
Jan
Feb
Mar
67
84
37
22
260
95
96
9931
10034
774
5834
7634
Yigh.
1
10
267
10
10
130
8,573
755
15
200
409
43
25
1834
85
674
1914
1093.4
Jan
Jan
Jan
Feb
Jan
Jan
Apr
Apr
Apr
84
37
22
25734
39
82
52
1 84
Apr 90
1,021 3634 Feb 3854
Jan 2334
380 20
357 205
Feb 276
110 35 . Jan 40
25 78
Mar 86
129 50
Feb 5234
Mar
Jan
Apr
Apr
Apr
Apr
Apr
9035
104
100
994
9634
1054;
100
9914
103
9234
82
96
994
104
99
101
9435
101
91
1024
7834
60
854
100
101
78
104
104
Apr
Jan
Apr
Apr
Mar
Apr
Apr
Mar
Apr
Apr
Apr
Apr
Mar
Feb
Mar
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
84
37
23
265
40
82
5235
9034 9035 55,000
1,000
104 104
9934 9944 2,000
9934 99% 5,000
1,000
95
95
1054 1054 6,000
4,000
994 100
1,000
994 99%
103 103
1,000
1,000
9234 9234
1,000
82
82
98
96
1,000
9934 994 1,000
1034 1034
1.000
99
2,000
99
18,000
10034 101
9431 9434 1,000
101 101
2,000
91
1,000
91
102 10234 14,000
7735 7834 108,000
58
59
31,000
8434 9,200
83
13,000
9934 100
24,000
10034 101
11,000
7634 77
10334 10331
1,000
1.000
10254 10231
1984
400
3734
2335
18
7831
524
176
103
Apr
Feb
Apr
Mar
Mar
Jan
Jan
Jan
Jan
87
Jan
103
Mar
99
Mar
984 Feb
Apr
95
Mar
102
Jan
99
9835 Jan
1014 Feb
924 Jan
81
Feb
Feb
93
9934 Apr
Feb
103
Feb
97
Jan
98
9335 Jan
Jan
100
Apr
91
10034 Mar
7034 June
Jan
Si
7534 Jan
994 Mar
9731 Jan
Jan
65
1004 Jan
10041 Jan
•No par value.
Pittsburgh Stock Exchange.
-Record of transactions
at Pittsburgh Stock Exchange Apr. 23 to Apr. 29, both
inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
ofPrices.
Week.
Sale
Par. Price. Low. High. Shares.
Amer Vitrified Prod corn 50
Am Wind GI Mach prof 100
Am Wind GI Co pref._ _100
Arkansas Natural Gas_100
Slaw-Knox Co
25
Carnegie Metals Co_
10
Columbia Gas & Elee_
•
Preferred
100
Consolidated Ice com_ 50
Preferred
50
Devonian Oil
10
Duquesne Light 7% pf _100
Duquesne National Bank_
•
Houston Gulf Gas
Independent Brew com_50
Jones & Laughlin St pf_100
25
Lone Star Gas
Nat Fireproofing com__100
Preferred
100
Okla Nat Gas etfs of dep__
Pittsb Brewing corn
50
PiHs Plate Glass com_ _100
Pitts Steel Foundry com_•
Salt Creek Consol Oil_ __10
Standard Sarin Mfg corn 25
Tidal Osage Oil
100
Union Steel Casting corn*
U S Glass
25
Waverly Oil Wks el A___•
West'house Air Brake_..50
West Pa Ry pref
100
Bonds
Independent Brew 6s_1955
22
23
22
70
70
70
104
104 105
6%
614 7%
7135
70
70
1271 1235
90
93
104 104
434 431
18% 19
10
10
11644 11846 118%
300 300
93: 1034
1034
24
2
12035 1204 1204
424 414 43
734 734
2735 2731 2735
22
2234
22
3
3
240 243
240
31
31
831 674
8231 8331
83
17
2034
34
38
34
14
14
14
424 4235 424
148
147 150
100 100
100
73
Pitfahnroh Ttrgtwl ma no 1050
73
73
OS 1.6
OA 46
Range Since Jan. 1.
Low.
180
45
75
3.813
105
125
817
101
110
150
100
10
2
980
100
12
3,785
195
220
2,071
100
1.462
75
450
1,206
1,850
242
105
370
170
40
$4,000
1 11110
High.
27
80
109
834
70
1334
9635
10535
435
20
15
116%
300
123:
4
121
4634
9
304
23
44
270
31
8
924
264
40
1531
43
157
100
7534
Jan
051,5
Fats
Jan
Jan
Jan
Feb.
Jan
Jan
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Apr
Feb
Apr
Mar
Feb
Mar
Feb
Jan
Jan
Apr
Feb
Jan
Mar
Apr
Jan
Feb
Mar
Jan
•No par value.
-Sold last week and not reported: 225 Columbia Gas & Elec. corn. at.
Note.
94@9431: 60 Pittsburgh Steel Foundry common at 29©30.
San Francisco Stock and Bond Exchange.
-Record of
transactions at San Francisco Stock and Bond Exchange
Apr. 23 to Apr. 29, both inclusive, compiled from official
sales lists:
•No par value.
-Record of transactions at
Baltimore Stock Exchange.
Baltimore Stock Exchange Apr. 23 to Apr. 29, both inclusive, compiled from official sales lists:
38
24
Low.
1984 1984
405 405
374 3835
24
24
18
16
82
81
65
674
190 19134
10934 10935
4.-.4.=1,
49..0........J4.4›......>>4>
nit4aMV,ng.46g1M14alinligEgaggT447,
9.000
1,000
8,700
6,000
2,000
7,000
1,000
Maryland Trust
100
Mercantile Trust Co
_50
March dr Miners new
•
Monon Vail Trac pref.... _25
Mt V-Woodb Mills v t r 100
Preferred v t r
100
New Arnsterd'm Cas Co_10
Penna Water & Power_ 100
Sharpe & Dohme pref_ _100
Standard Gas Equip pref
with warrants
100
Un Porto Rico Sug corn...*
United Ry & Electric _50
U S Fidelity dr Guar_ _50
West Md Dairy Inc com_ •
Preferred
•
Prior preferred
50
BondsBalt Sparrows P&C 448'53
Bernheimer-Leader 7s_ 1943
Black & Decker 6345
Charles Con Ry,G&E5s'99
Commercial Credit 68_1934
Consolidated Gas 55_1939
General435s
1954
Cons 0,E L & P 448_1935
Preferred 55
1965
Consol Coal ref 435s_ _1934
Refunding 58
1950
Fair & Clarks Trac 58_1938
Lieorgia & Ala COMI 58_1945
EIouston Oil 634s
1935
garyland Elec Ry 1st 5s'3I
1952
631s
%Ionon Vail Trac 5s 1942
Rand Gas Equip 1st 631929
ramps.& Gulf C 55
Jn Porto Rican Sugar 7:3'31
Jutted Ry dr Elea 4s_ _1949
Income 45
1949
Funding 55
1936
5% notes
1930
6s when issued
1949
Vaah 13alt & Annan 5s 1941
Vest Ald Dairy 6s_
1946
Vlini dr Weldon 5s_ _ _1996
Range Since Jan. 1.
.
.
W.
w t4h, wo.
coagawwww
ww
O... WW...! 8.4M
.4.4.WW.4.W.4WW0.4.4..4WWW0W04 WCW.00.0W
,
XXXX
X XX
XXXX X
$4,300 95
Feb 1005.4 Apr
74,000 62
Jan 82
Apr
28,500 54
Jan 5835 Jan
1,000 93
Feb 95
Apr
1,000 9831 Mar 100
Jan
1,000 1034 Mar 10434 Mar
12,000 6231 Apr 71
Jan
Friday
Last Week's Rands Sales
Sale
ofPrizes.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
g,..,
:ne4
n
.
10134
8934
1054
107
107%
my, 10434
96
96
10034
8934
10435
107
10734
High.
Stocks-
Friday
Sales
Last Week's Range for
Sale
ofPrices.
Week.
Par. Prise. Low. High. Shares.
American Trust Co
Anglo & London P Nat Bk. 215
Bancitaly Corporation_ _ _ .. 1114
250
Bank of California N A_ _
171%
Bank of Italy
Calamba Sugar corn
80
Preferred
2.50
California Copper
. .
64
California Packing Corp_
234
California Petroleum corn_
2734
Caterpillar Tractor
Coast Co Gas & El 1st prat_
Crocker First Nat Bank_ __ ......
. 97
East Bay Water A pref.__
B preferred
Ewa Plantation Co
Fageol Motors prof
1734
Federal Brandeis
Fireman's Fund Insurance_
Foster & Kielser com
______
French American Bank__
Great Western Power prof_ 10234
Haiku Fruit & Pack (Free)
3134
Hale Bros Stores
______
Hawaiian Com'l & Sugar
30
Home Fire & Marine Ins._
5
Honokaa Sugar
34
Honolulu Cons 011
24
Hunt Bros Pack A com
14
Hutchinson Sugar l•lanta'n
_ 314
Illinois Pacific Glass A
350 35235
213 215
110 111%
250 250
171 17234
69
89
82
80
2,802.75
8334 8834
2131 25
2734 284
9434 96
320 320
97
9731
11035 110%
41
41
634 634
17%
15
8934 96
124 1234
285 290
10234 103 .
9
9
3234
31
4834 49
30
30
5 .5
3334 3534
2434
24
14
14
3134 3234
Cl
In
w
96 100
794 82
57
58
95
95
9934 9934
1044 10434
6235 63
Low.
po.
Amer Gas & Elec 5s___2007 100
Consol Trac NJ 1st 5s 1932 82
Elec & Poop tr ctfs 48_1945 5734
Keystone Teiep 1st 513_1935
Consol 435s
1954
Lehigh & New Eng 50_1954
Peoples Pass tr ctfs 49_1942
Mkt Co Cons & coil trust5s
Stmpd sk fd & red_ _1951
Phila Elea (Pa) 1st s f 4s'86
1st 58
1966 10534
531s
1953 107
6s
1941
Phila Elec Pow Co 5358'72
York Railways 1st 58_1937
•No par value.
z Es Div.
Range Since Jan. 1.
&to.
=
Bonds
-
[Vol,. 124.
owowl.w.oweemmmm.s.vma.wwwwa..4 .W
,:+000W42400.1.WWW0,0,00.190000.0WOWOW
Friday
Last Week's Range Sales
Sale
ofPrices.
for
Price. Low. High. Week.
t>
PP,
2570
Range Since Jan. 1.
Low.
300
213
8934
250
171
88
80
2.58
61
2134
2634
94
307
96
10535
41
5
94
88
12
285
10234
834
31
48
2935
2
3334
24
1234
31%
0
High.
Jan
Apr
Jan
Feb
Apr
Apr
Apr
Apr
Apr
Apr
Feb
Jan
Jan
Jan
Jan
Apr
Jan
Feb
Mar
Apr
Apr
Apr
Feb
Apr
Apr
Feb
Mar
Apr
Apr
Jan
Apr
398
232
1143-(
270
687
7134
84
5
6934
33
30
96
320
984
111
45
7
18
924
1335
290
1044
10
3834
50
3234
5
4234
2654
14
3434
Feb
Feb
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Apr
Feb
Apr
Jan
Jan
Apr
Jan
Jan
Apr
Mar
Mar
Jan
Jan
Jan
Apr
Feb
Jan
Max
Jan
Ann
21t5
Jan
APR. 801927.]
THE CHRONICLE
Sales
Friday
Lan Week's Range for
Veek.
Sale
ofPrices.
Stocks (Concluded) Par Price. Low. High. Shares.
Langendorf Baking
LA Gas& Electric pref___ _ -----Magnavox Co
Magnin, I, corn
18
Nor Am Investment com_
Preferred
32
North American 011
36
Oahu Sugar
Olaa Sugar
41
Onomea Sugar
Pacific Light Corp 6% pref 98
Pacific Oil
1.1234
Pacific Tel & Tel, cons__ _ _ 128
Preferred
Paraffine Co's, Inc, corn_ 64%
41
Phillips Petroleum, corn_
Piggly Wiggly W States A_
16
Pig'n Whistle, pref
26%
Pioneer Mill
1734
Richfield 011
S F Sacramento RR com_
1C8
S J Lt SC Pow, prior pref
97%
"B" 6% pref
Schlesinger (B F) "A" com
2634
Shell Union Oil corn
Sherman & Clay 7% pref. _
Preferred
Southern Pacific
45
Sperry Flour Co, corn
Preferred
Spring Valley Water
Standard Oil of California_ 51%
Texas Consolidated 011_ _ _ -----40
Union Oil Associates
4116
Union Oil of California_
Sugar, corn
Union
United Bank & Trust Co -----U S Petroleum
1.10
Universal Consol Oil
-----Walalua Auden! Co. Ltd
9
Yellow & Checker Cab__
99
Zellerbach Paper6% pref
30%
Zellerbach Corporation_ _ _
1234 1234
100 10014
.35 .35
18
1811
102 102
9434 944
2816 3434
36
36
12
12
41
41
98
984
1.1234 1.25
127% 1304
1094 111
6431 6834
40
42%
204 204
16
16
2634 2631
164 1734
2.00 2.25
1074 108
9714 97%
21% 2134
26
27%
97
97
90
90
114 114
45
45%
9434 95
103 103%
5034 5314
.50 .50
37% 40
3
934 4154
16
164
195 195
1.75 1.85
1.10 1.10
40
40
83•4 9
98
9914
304 3234
230
200
100
495
75
50
9,655
10
100
62
120
400
783
196
406
1,390
255
210
100
27.129
110
128
10
290
10,275
20
25
15
100
110
182
18,837
2,000
11,130
16,465
220
204
3,100
300
728
710
345
5.180
Range Since Jan. 1.
Low.
12% Jan
98% Jan
Apr
.35
16% Apr
101
Mar
92% Jan
28% Apr
Jan
35
Jan
8
40
Jan
Feb
97
1.124Apr
Mar
123
Mar
102
64% Apr
40
Apr
1914. Jan
15% Jan
254 Apr
144 Ma
2.00 Apr
106% Jan
Jan
97
Apr
20
26% Apr
93% Jan
Jan
87
1064 Jan
Jan
44
92% Jan
101% Jan
50% Apr
45 Apr
374 Apr
39% Apr
16
Jan
Jan
149
1.674 Jan
1.10 Apr
3734 Jan
8% Mar
94% Feb
28
Jan
124 Mar
100% Feb
.75
Feb
28% Jan
102
Apr
9434 Mar
48
Feb
3734 Mar
Apr
12
4214 Feb
994 Mar
1.75 Jan
139
Jan
114% Feb
1394 Mar
5934 Feb
204 Apr
1634 Feb
2834 Jan
2634 Jan
3.00 Jan
109% Feb
9934 Feb
23
Jan
31% Feb
9734 Apr
924 Feb
1144 Apr
Mar
51
Mar
97
108 4, Mar
6034 Jan
.95 Feb
564 Jan
5634 Jan
Jan
19
Mar
195
2
Mar
1.15 Jan
Jan
41
914 Jan
9916 Apr
324 Apr
•No par value.
-Record of transactions
St. Louis Stock Exchange.
at St. Louis Stock Exchange Apr. 23 to Apr. 29, both
inclusive, compiled from official sales lists:
Bank Stocks-
Friday
Saks
Last Week's Range for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
155 156
Nat Bank of Commerce 100 155
Street Railway Stocks
21
21
St Louis Pub Serv corn_* 21
Miscellaneous Stocks
50
50
Amer Credit Indemnity_25 50
364 47
20 37
AS Aloe Co corn
100 10216 10216 102%
• Preferred
20
21
Baer,Sternb & Cohen com•
96
96
100
1st preferred
• 38
38
394
Boyd-Welsh Shoe
334 34
100 34
Brown Shoe corn
116 116
Preferred
100
234
Chicago Ry Equip pref_ _25 2434 23
17
1834
Coca-Cola Bottling Sec. _1
35
354
E L Bruce corn
*
97
97
Preferred
100
100 104
104 104
Elder Mfg 1st pref
Emerson Electric pref 100
10834 1084
37
Ely & Walker D G cons_ _25 3634 36
100 116
159 preferred
116 116
Fred Medart Mfg corn_ _ ..•
314 3134
11
11
Fulton Iron Works corn_ •
Preferred
53
53
100
Hamilton-Brown Shoe_ _25 37
37
374
•
27
27
Huttig S & 13 corn
44 44
Hyd Press Brick com_ _100
44
70
Preferred
70
100
22
22
Independent Packing corn •
109 109
Preferred
100
175 183
International Shoe corn__• 175
29
29
Johansen Shoe
•
Johnson-Sdt S Shoe
60
60
•
Laclede Gas Light pref_100 113
113 114%
* 1534 154 1534
Mo-Ills Stores corn
Mo Portland Cement___25 45
45
46
Moloney Electric pref..100
100 100
National Candy com _ _ _100
95
974
Pedigo-Weber Shoe
33
33
• 33
Polar Wave 1 & F A
• 34
334 34
Rice-Stix Dry Goods corn _*
194 20
100
1st preferred
110 110
Scullin Steel pref
38
• 38
38
Securities Inv pref
104 104
100
Sheffield Steel tom
• 274 274 28
* 40
40
Skouras Bros A
40
Southern Acid & Strip corn* 40
3934 40
Southweet Bell Telep Pf 100
116 116%
44
44
St Louis Amusement A_ _ ..•
10 164 164 164
St Louis Car corn
Preferred
100 101
100
29
29
Stlx-Baer & Fuller corn_ •
Wagner Electric corn
• 2634 2534 28
Wagner Elec Corp pref-10082
•
Wm Waltke & Co com
7634
Preferred
111
111
100
VI%
Mining Stocks
Congo' Lead & Zinc Co A.•
Street Railway Bonds
5
St L & Sub Ry gen im 5 .23
Gen mtge 5s ctf dep.1923
United Railways 4a _1934
45 ctf of dep
1934
13
7914
13
844
8434
7914
79
15
Range Since Jan. 1.
Low.
202 155
125
10
420
35
110
20
225
135
65
96
195
35
20
35
10
1,339
70
30
460
75
60
75
198
190
20
10
378
150
30
85
1,591
255
5
265
10
264
145
5
1,015
5
215
680
60
186
15
375
30
25
1,260
165
10
5
187
854 $10,000
9,000
85
80 111,000
7914 47,000
High.
Apr 164
184 Mar
21
Jan
Apr
50
32
10036
20
96
38
3134
1084
23
13
35
97
100
1084
314
111
28
10
50
36
2334
44
70
22
1084
158
29
50
96
1436
45
994
84
30
3216
1916
105%
38
104
254
40
394
11414
41
16
96
28
1834
68
5134
111
Apr
Feb
Mar
Apr
Apr
Apr
Mar
Feb
Apr
Apr
Apr
Apr
Mar
Apr
Feb
Feb
Mar
Mar
Apr
Feb
Apr
Apr
Apr
Apr
Jan
Feb
Apr
Mar
Jan
Feb
Apr
Jan
Feb
Apr
Mar
Mar
Jan
Apr
Apr
Apr
Apr
Apr
Mar
Mar
Mar
Jan
Apr
Jan
Feb
Jan
Apr
5434
37
10234
21
98
42
3411
116
25
1834
38
974
10434
10834
384
116
3134
12
60
40
30
7
8116
25
110
18411
30
65
127
1534
54
1024
974
33
34
2216
110
39
105
2834
48
4536
1174
46
184
102
3134
28
82
8634
113
Jan
Apr
Apr
Apr
Mar
Feb
Jan
Apr
Mar
Apr
Jan
Jan
Apr
Apr
Apr
Apr
Apr
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Apr
Apr
Mar
Apr
Feb
Apr
Apr
Mar
Apr
Apr
Apr
Jan
Apr
Mar
Mar
Apr
Jar
Jar
Feb
Mar
Jar
Apr
Jan
Apr
An,
Mar
Apr
13
•
Apr
17
Jar
81
80
75%
7516
Feb854
Feb85
Mar 804
Mar 794
Api
Apr
Apt
Apr
Miscellaneous BondsKInloch Telephone 68_1928
101 1014
1.000 101
Apr 1014 Mai
100% 10034 2,000 100
Kinloch Long Dist 55_1929
Feb100% Apr
1941 1004 100 1004 17,000
Scullin Steel 6s
.
1935
3,000 100
Apr 101
St Louis Car 65
Ain
vrr......... v7AntrIn Tito 7A Q.. _____- Innte 1111114
Innat
0212 Ian Inn at
2 AM
A..,
100 100
•No par value.
-Below is a record of the
New York Curb Market.
transactions in the New York Curb Market from Apr. 23 to
Apr. 29, both inclusive, as compiled from the official lists.
As noted in our issue of July 2 1921, the New York Curb
Market Association on June 27 1921 transferred its activities
from the Broad Street curb .to its new building on Trinity
Place, and the Association is now issuing an official sheet
which forms the basis of the compilations below.
Friday
Saks
Last Week's Rangel for
Sale
ofPrices.
Week.
Par. Price. Low. High. Shares.
Week Ended Apr. 29.
Stocks--
High
2571
Indus. & Miscellaneous.
Aeolian Web Plano &
Pianola corn
100
Preferred
100
Aero Supply Mfg el B.. •
Ala (It Sou RR pref _50
•
Allied Packers corn
Prior pref
100
Alpha Portl Cement corn-•
Aluminum Co. corn
•
Preferred
100
American Arch Co
100
Am Brown Boverl El Corp
Founders shares
•
Founders shares v t c •
Am Cellulose & Chem com•
7% let preferred_ ___100
Amer Cyanamid pref_ _100
Amer Electric Corp v tc•
surer Gas & Elect
Corn (new ex-stk div)-•
•
Preferred
Amer Hardware Corp_ _100
Amer Hawaiian 58
10
Amer Laundry Mach corn•
%trier l.t & Tree(rem _ _100
Amer Meter Co
•
Amer Piano common_ _100
Amer Pow & Lt pre!_ _100
Amer Pub CUB part p1_100
American Rayon Products*
1 mer Rolling Mill com _.25
Preferred
100
Amer Seating Co v t 0. •
6mer Superpower Corp A..•
Class B
•
Partic preferred
25
First preferred
•
American Thread pref-__5
Amoskeag Company
•
Angio-Chlie Nitrate Corn •
Arizona Power corn_ .100
Arnold Print Works
Assoc Gas & Elise class A_•
Atlantic Fruit & Sugar_ •
Atlas Portland Cement_ •
Auburn Automobile corn.25
Baneltaly Corp
25
Beaver lid Cos el A v t c.
•
Chis5 13 v t c
Preferred
100
Blackstone V G&E,corn.50
Bliss(E W)& Co,com___•
Blyn Shoes Inc 'min.__ _10
Bohn Aluminum & Brass_•
.69
Borden Co common
Brazilian T L & P ord _ _100
Bridgeport Machine corn.*
•
Brill Corp class A
•
Class B
•
Brill° Mfg cum
•
Class A
'stir-Amer Cob ord bear_£1
rtrooklyn City RR
10
100
Bucyrus Co pref
Budd(Edw G) Mfg cons_ ..•
20
Butler Brothers
Canadian Indust Alcohol_s
Carolina Pow & Lt, p1.100
Case (.I 1) Plow Wks Cl Is
'to
100
Celluloid Co, corn
100
Preferred
•
'elotex Co common
100
7% preferred
..'entral Aguirre Sugar_._50
Cent Leath (new) el A vte.•
Voting trust certifs
100
Prior pref v t e
trifugal Pipe Corp_..•
Checker Cab Mfg cl A__ _•
M & St P (new co) w I_ _
New preferred w I
Childs Co pre:
100
uteri Service common-20
Preferred
100
Preferred B
10
Preferred Ii13
100
Cohn-Hall-Marx Co
•
Columbia Steel
•
Colombian Syndicate__ •
Com'wealth-Edison Co..100
Com'wealth Power Corp
•
Common
Preferred
100
Conde Nast Publications_*
Consul Dairy Products_*
Con Gan E L & P Balt COM*
•
COOSOI Laundries
Copeland Products, Inc
Class A with warrants_ •
Cuban Tobacco v be
•
Curtiss Aeropl & M corn..•
•
Curtis Pub Co corn
$7 preferred
•
*
Davenport Hosiery
Davies(Wm). class A__ *
Deere & Co common_ _100
De Forest Radio Corp •
Voting trust elf of dePDinkier Hotels Co class A
With purchase warets_•
Dixon (Jos) Crucible...100
Doehier Die-Casting
•
Dominion Stores, Ltd_
•
Dubiller Condenser Corp *
Danhill International____•
Durant Motors. Inc
•
Duz Co class A
•
Eagle Lock Co
25
Eltingon-Schild Co com._•
Elec Bond & Share pfd_100
Elec Bond & Share Secur.•
Elec Invest without war.•
Ele Pr & Lt 2d pf A _ __*
,
Option warrants
Empire Pow Corp part Mk*
Equitable Office Bldg com•
Estey-Welte Corp clam A..
Class B
•
Evans(E
& Co corn B..5
Fageol Motors Co corn-10
Fajardo Sugar
100
Fanny Farmer Candy Elt.•
Fansteel Products Inc_
*
Fed'I Porch Corp class A..•
Federated Metals
Film Inspection Machine*
Firestone T & R 7% p1.100
Ford Motor Co of Can 100
Range Since Jan. I.
Low.
High.
564 564
10611 106% 10614
5
5
12544 12534 125%
51c
51c 51c
216
2% 316
40
40
41
70
70
102% 102% 102%
107
104% 107%
25 33
Feb 72
25 10634 Apr 111
200
5
331 Apr
30 124% Feb 130
100 50c Mar
114
500
2
Mar 13
150 37
Jan 4214
200 68
Apr 73
100 1134 Mar 10434
1,300 85
Mar 1114
Mar
Apr
Apr
Jan
Jan
Jan
Jan
Feb
Apr
Apr
11
11
12%
1034 114
167
1444 168
12734 123% 1294
86% 87
34 334
500 11
900 104
2,770 74
9,740 100
20 8536
600
3
Jan
Jan
Apr
Apr
Jan
Mar
794
12
2354
235
101
6%
31
324
604
24
40%
1064
78
82
8.900
101
101
500
784 7814
10
12
1334 2,400
119 119
25
235% 255
2,625
94
75
95
235 235
20
100% 102
450
87
50
87
534 634 3,400
534 54%
400
1124 112%
100
4414 46% 8,200
31
3311 2,300
3234 344 14,300
28
300
284
100
97
97
200
311 344
100
6035 60%
8,300
1834 25
31
400
3734
5% 54
200
40% 41
1,600
95e 99c
1,900
42% 434
900
105 III
900
11134 1104 111%
3
3
24 24
38
38
1304 12334 132
22% 234 23%
5
434 54
134 1611
10811 108% 1094
137 137
434 4%
40
40
40
154 1514
814 816
21% 21%
2434 25
44
4
411
110 110
20
20
20
18% 20
28% 28%
108% 109
70
87
109
10
8754
134
4
22%
31
11911
4314
89.34
8%
82
47
96%
334
5634
20
8%
40
23
176
115% 1154
28% 2814
35
30
102%
74
7
23
164
824
324
64
3314
106%
69%
37
7
114
155
5
2•99%
681(
954
7834
9
111
222
89%
235
9714
74
314
4414
110
41%
2731
2834
264
9334
Jan
Feb
Apr
Jan
Jan
Mar
Jan
Apr
Jan
Jan
Mar
Feb
Jan
Apr
Jan
Jan
Jan
Jan
314 Jan
60% Apr
14
Feb
22
Jan
5
Feb
35
Jan
95e Mar
40
Jan
Jan
69
3,200
100
200
100
2,900
900
7,100
200
1,000
100
300
1,200
100
300
100
1.400
5,300
25
8614
234
2%
38
W98
20
34
13
101
107
454
384
1594
734
20
23%
4
102%
so 20
800 184
100 22
150 1
064
734 7%
200
3%
21
21
20 17
70
70
50 654
70
76
510 70
8634 88%
250 864
107 11014
800 97%
500 1934
234 24
10 .10
100
916
1,400 73%
864 87%
1334 1434 3,500 134
4
100
4
4
22
234 2,100 20
2734
31
32
1,90
1 117
1194 119%
41
5134 121,400 4034
89
89% 7,500 87
7%
84 834 1,200
82
800 81
8234
194 19%
100 1814
300
7
714
7
14
Phi 234 22,600
143 145
40 139
45%
96%
33
111
544
20
4734 20,800
400
974
3334 3,000
800
2
57% 4,800
21
3,900
8%
4434
234
176
11534
29
33
106%
734
7
2254 22%
164 165
11316 194
784 86
4% 4%
294 33
914 11
634 614
107 107
334 334
106% 1064
694 7254
36% 39%
96
94
714 8
34
3554
68% 6934
7
834
351
334
37
37
144 21(
153 157
2634 27
2934
28
4
534
12
12
5
54
r99% 103
400 405
4234
91%
3054
114
8034
20
200
734
300 40
1,400 19
70 17054
240 114
700 2734
225 27
575 70
500
6
100
7
100
50
700
1,900
600
18.900
12,900
200
25
400
1,470
13,800
12,800
125
700
1,100
600
3,100
100
100
2,600
110
200
150
300
200
400
110
50
Apr 21
Apr 21
Jan 168
Jan 1294
Apr 89
Feb
5
21%
151
18
66
314
22
534
634
107
3334
iessi
66%
32%
8914
614
26
(37M
7
3
2934
114
16034
25
20
3
12
451
99
339
Jan
Apr
Apr
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Feb
Mar
Apr
Feb
Jan
Feb
Apr
Mar
Apr
Apr
Jan
Feb
84% Apr
101
Apr
81
Jan
1534 Apr
115
Jan
262
Apr
1004 Mar
285
Jan
103
Apr
87
Apr
9
Feb
5534 Apr
113
Apr
464 Mar
334 Apr
34% Apr
284 Feb
97
Apr
311is Mar
684 Mar
25
Apr
374 Apr
534 Apr
42
Mar
1% Jan
44
Jan
1154 Apr
11434
3
24
394
132
2411
9%
1931
111
137
614
474
22 34
034
22%
264
63.4
110
32
26
30
10934
Mar
Feb
Apr
Mar
Apr
Apr
Apr
Feb
Apr
Apr
Mar
Jan
Feb
Jan
Mar
Mar
Jan
Apr
Feb
Jan
Apr
Jan
Feb 13
Feb 2134
Jan 72
Apr 83
Apr 91
Jan 110
Jan 26%
Jan 104
Jan 88%
1834
AP
Apr 144
Mar 25
Ma
354
Apr 121
Ma
58%
Mar 924
Mar
854
Apr 8554
Mar 20
Apr
734
A r)
334
Jan 147
Mar
Apr
Jan
Jan
Mar
Apr
Apr
Apr
Apr
Jan
Jan
Apr
Apr
Feb
Feb
Jan
Feb
Mar
Jan
Apr
Jan
Apr
Jan
Jan
Mar
Jan
Jan
Feb
48
97%
34%
234
57%
224
Mar
Apr
Apr
Jan
Apr
Apr
Apr 1114
Apr 60
Jan 264
Jan 180
Jan 118
Mar 3054
Jan 31
Jan 110
Apr 10%
Apr 1034
Jan
Feb
Mar
Feb
Jan
Apr
Apr
Apr
AID
Jan
Jan
Mar
Jan
Jan
Feb
Jan
Jan
Mar
Feb
Jan
Mar
Mar
Feb
Mar
Jan
Jan
Apr
Apr
Apr
Feb
Apr
Mai
Mar
Apr
Aor
Apr
Jan
Jan
Apr
Apr
Feb
Mar
Apr
Mar
Apr
Mar
Jan
Feb
Mar
Jan
Apr
Apr
Apr
Apr
234
17234
22%
82%
634
33
144
934
110
34%
109
7314
404
974
8%
3834
74
1054
184
3734
414
164
33
3434
27 34
1434
84
103
500
mar
Apr
Apr
Jan
Apr
Jan
Jan
Jan
Mar
Jan
Jan
Feb
Apr
Feb
Friday
Sales
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High. Share,
Forhan Co, class A
1751 18
•
Foundation £o
Foreign shares, class A.* 1554 15% 16%
Fox Theatres cl A coin_ _ _• 19
1734 1934
Franklin (H H)Mfg,corn • 14% 1334 1334
Preferred
100 76
76
72
•
Freed-Eiseman Radio_
354 3%
Freshman (Chas) Co
• 11% 10% 11%
Fulton Syiphon Co
• 4454 43
4474
Galv-Hous Elec Co corn 100
23
23
Gamow°II Co,corn
54
5034
Oared Corporation
•
1
1
General Baking ci A
5434 07%
• 55
Clans B
•
5
43.4 5%
General Electric(Germany)
4934 4951
Stock trust receipts
51
48
51
Warrants
344
255 344
Gen'l Fireproofing corn _ _ _• 68% 68
71
General Ice Cream Corp.*
48
48%
Geoeral Pub Serv corn...' 1356 1354 13%
General Silk Corp, corn_ •
y, 8
Ga Pow (new (on)) $6 pf_•
m95% 95%
Gillette Safety Razor_ _• 88% 88
8954
Gleasonite Prod corn_ _10
836 8%
Glen Alden Coal_ ___. .__• 176% 17254 182
Gobel(Adolph) Inc cora_ •
28% 2951
Goodyear T & It corn.
.100 45% 43
46%
Gorham Mfg corn
38
40
38
Grand(F&W)5-10-25c St•
68
68
Preferred
110 110
100
Habirshaw Cable & Wire.' 1854 16% 18%
Happiness Candy St cl
6% 6%
651
Founders shares
534 6
Hartf'd City Gas Lt corn.25
87
87
Hartford Elec Light...100 336
336 337
Hazeltine Corp
11
11
• 11
Hellman (Richard) CoPartic pref with warrts.• 34
3354 3451
Hercules Powder corn._100
18834 190
Hayden Chemical
1% 1%
174
22
Hires(Chas A)Co CIA corn'
22
29%
Hobart Manufacturing...' 29% 29
Hollander(H)& Bon com3034 32
•
Hood Rubber common_ *
4034 4034
Horn & Hardart corn_
50% 53
•
Imperial Tobacco of Can_5
7
7
Industrial Rayon class A..•
634 751
Insur Co of North Amer.10 58% 58% 5954
Internal Cigar Machinery•
46
46
Internat Utilities, class A.•
24
24
Class B
3% 4
•
3%
Jer Cent P & L 7% pf__100
102 102
Johns
-Many, new con) wl.• 66% 6434 68
New preferred w I._100 117
117 118
Kawneer Co
• 29
29
29
Keiner-Willlams Stmpg * 1951
17
2256
Kroger Grocery & Bak_ _10
127 127
Lackawanna Securities w I*
103 104%
Land Co of Florida
1854 19
19
Landay Bros Inc class A. •
3134 3234
Landers Frary & Clark_ _25
88
87
Larrowe Milling
20
•
20
Lehigh Coal & Nay
106 106
50
Lehigh Power Securities..' 1856 18% 19%
Lehigh Val Coal Ws new._ 40% 40% 4154
Lehigh Valley Coal Sales.50 97
953.4 97
Libby. McNeill & Libby_10
934 9%
Libby Owens Sheet Glaas25 121% 120 12934
Long Island Ltg 7% p1_100
110 110
Loose-Wiles Biscuit
New common
4034 4034
25
MacAnd & Forbes, COM- •
42% 4234
Maine Central RR corn _100
72
69
Mandel Brothers, Inc__ •
4851 48%
Manning. Bowman di Co
-Class A
19
•
19
Mansfield M & Srn warr'ts_ 120
115 125%
Marconi Wirel Tel of Can.1
95c 134
4% 454
Marconi Wire!Tel of Lon£1
52
55
Marmon Motor Car corn_• 52
Massey-Harris. new, w1..' 37% 37
3734
• 53% 52% 54
McCall Corporation
18
18
19
McCord Rad & Mfg v t
41% 42%
Mead Johnson & Co com_•
75
• 75
75
Melville Shoe corn
103 103
Mercantile Stores com_100
•
Metrop Chain Stores
3334 3454
Michigan Sugar corn_ _10
234 236
110% 111
Middle West Utile=
•
107 10754
100
7% preferred
39
39
Midland Steel Products_ •
29% 29%
Midvale Co
•
Miller Rubber prof_ _100
10134 10154
Mohawk & Bud Pow corn'
24)4 24%
First preferred
106 106
• 106
Mohawk Valley Co
41
• 41
4336
Mu-Rod Radio
50c 50c
854
National Baking, corn_ •
8
75
National Casket, corn. •
75
Nat Elec Power. class A...' 2434 2431 2434
Nat Food Products el B__•
731 9
7%
National Lead new pref.
106 106
National Leather
251 234
10
NatPower & Light, pref._' 104% 104% 106%
,
Nat Pub Seri corn class A.• 21% 2154 22
Common,class B
1854 1931
•
Warrants
154 2
1%
National Standard Co__ •
33% 3334
Nat Sugar Refining_ _100
142 144
Nebular Bros. Inc. corn_ • 44% 4451 4651
Preferred
99
99
Nelson (Herman) Corp_ __5 28
2851
28
94% 9434
E Pow Assn 6% pref _100
126 129
New Eng Telep & Teleg 100
951 10
New Me:& Ariz Land...
39
New On Gt Nor RR-_100 3354 33
33
34
N Y Merchandise Co__ •
NY Telep 634% pref__100 11354 113 11334
Nichols & Shepard Co ___• 2434 2434 27
21
21
-Bement
-Pond Co_ •
Niles
751 8%
North American Cement.*
•
North American Utility Sec
89
88
First preferred
1434 1554
Northeast Power, cona___• 1451
, 1074
1034 1154
Northern 01110 Power Co.*
9234 93
_100 93
Nor Out Lt & Pow pref.
113 117
Nor States P Corp.0=300 113
112% 112%
__
Ohio Brass 7% pref. _100
8% 8%
Ovington Bros panic pref_'
E 1st pref--_25 x2534 2554 26
Pacific0&
• 11%
1151 1154
Pacific Steel Boiler
71
69
Palmolive Peet Co com • 69
109% 10951
100
Preferred
6654 67
•
Paraffine Cos new
29
2951
Parke, Davis & Co, new_ •
19
2034
Pander(David) Groc cl
101% 101%
(.1 C) Co el A p1.100
Penney
3251 33
Penn-Ohio Edit) new corn.'
7% prior preferred-_100 102 34 10151 10234
• 8651 8534 8651
$8 preferred
12% 1334
124
Warrants
[Vox. 124.
THE CHRONICLE
2572
ioo
Rasps Sista Jan. 1.
High.
Low.
1731
Jan
19
Jan
3,300 15%
17,000 17%
200 12%
75 72
3%
100
%
9,100 105
1,500 39%
20 22
75 5334
,
75c
700
14,400 5234
456
20,200
300 38%
900 40
42 110
1,000 51
600 4034
2,000 1134
7%
300
94
3,000 8854
500
8
8,400 159%
900 25%
13,300 28 34
700 38
100 60
25 110
700 15
800
6
500 434
100 83
40 328
30 1051
Apr
Apr
Apr
Apr
Jan
Apr
Jan
Apr
Jan
Jan
Apr
Mar
Feb
Jan
Mar
Jan
Feb
Jan
Apr
Mar
Mar
Mar
Apr
Jan
Jan
Apr
Feb
Apr
Jan
Jan
Apr
Mar
Apr
Mar
2056
21%
19%
80
754
23%
4634
30%
59%
3%
63%
751
49%
51
344
84%
4934
1414
10%
96%
95
12%
182
3054
4834
4354
71
110
20%
7
6%
88
381
13
Mar
Apr
Jan
Feb
Jan
Jan
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Apr
Apr
Mar
Mar
Feb
Jan
Mar
Jan
J/10
Apr
Mar
Apr
Apr
Apr
Apr
Jan
Jar
Jan
Apr
Apr
Jan
800
40
1,300
300
200
2,300
100
925
200
1,600
1,700
100
200
1,900
125
4,700
200
300
1,800
22
600
300
200
40
100
100
20,700
6.200
125
300
680
20
Jan
Mar
Jan
Jan
Mar
Feb
Apr
Apr
Jan
Jan
Feb
Apr
Apr
Jan
Apr
Jan
Jan
Jan
Mar
Apr
Mar
Apr
Feb
Apr
Mar
Jan
Jan
Mar
Mar
Apr
Apr
Jan
34%
200
1%
2254
29%
32
46
55
7%
834
60
4954
36
5%
102%
7356
11856
29%
2254
136
10854
36
3434
92
22
121
20
46
100
10%
15951
11036
Apr
Mar
Mar
Feb
Apr
Apr
Feb
Jan
Feb
Fen
Apr
Apr
Apr
Jan
Apr
Mar
Apr
Mar
Apr
Jan
Apr
Jan
Jan
Feb
Mar
Jan
Apr
Jan
Mar
JIM
Jan
Mar
40
Apr
4051 Jan
62% Feb
4836 Apr
42%
4354
75
48%
Apr
Mar
Mar
Mar
700
200
100
40
2.600
2851
176
134
2154
27%
24%
4074
5054
7
454
51
46
24
3
100
553.4
11434
29
17
122
87
18%
30
87
18
106
15
3854
8954
95(
116
10756
100
27
200
300
800
400
1.575
500
1,200
20
100
600
100
500
280
100
400
20
1,500
.50
2,700
100
60
50
1.300
7.000
100
500
350
3,800
1,900
300
100
200
500
200
200
10
80
1,900
1,600
400
325
5,100
100
400
19
113
79c
334
473.4
29
52
1634
39%
59
100
30
2%
108
105%
3954
23%
101
2054
101%
37
50c
8
6734
2334
551
106
234
101
1854
14
131
3034
126
3654
96
2354
88
115
9%
1954
27
112%
21%
18%
5
Apr
Apr
Jan
Jan
Jan
Mar
Jan
Mar
Jan
Feb
Feb
Feb
Apr
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Feb
Jan
Apr
Jan
Feb
Mar
Apr
Apr
Jan
Jan
Jan
Mar
Jan
Mar
Feb
Jan
Feb
Feb
Jan
Apr
Jan
Jan
Apr
Mar
Jan
Mar
2054
130
I
456
623'(
3754
60
21
44
:7634
112
35
2%
114%
113%
4554
30%
105%
27
106
44%
1
1031
7854
25%
9
106
431
10754
22%
2054
334
36
148
60
100
3051
9474
130
1354
4156
35
115%
30%
2354
12
Mar
Apr
Mar
Jan
Jan
Apr
Mar
Jan
Apr
Apr
Mar
Mar
Apr
Feb
Feb
Jan
Apr
Feb
Feb
Apr
Apr
Mar
Mar
Mar
Feb
Apr
Apr
Jan
Apr
Mar
Mar
Jan
Apr
Apr
Apr
Apr
Apr
Apr
Mar
Fet
Apr
Apr
Mar
Apr
Mar
Mar
500
8,100
2,800
20
2,600
20
100
700
600
625
20
200
900
800
20
1,500
300
470
800
88
14%
9%
84
109%
111
8%
24%
10%
69
108
0634
2734
19
100
27
9751
8034
10%
Apr
Apr
Jan
Jan
Jan
Jan
Apr
Feb
Apr
Apr
Mar
Apr
Mar
Apr
Jan
Feb
Jan
Jan
Jan
8931
Apr
Jan
Feb
Apr
Apr
Mar
Jan
Jan
Jan
Mar
Apr
Apr
Apr
Feb
Apr
Apr
Apr
Apr
Apr
1834
1351
93
118
113
10
2634
1251
77
10954
67
31
28%
103
35
10256
8634
1534
Sales
Friday
Last Week's Range for
Week.
ofPrices.
Sale
Stocks (Continued) Pa? Price. Low
High Shares.
Penn Ohio Secur Cory_
12
•
1234
Penn Pow & Light pref...'
10834 10834
P00 & El CIA part stock.*
1954 19%
Penn Water & Power.
.100 189% 18951 190
Peoples Drug Stores
29% 30
•
Phelps
-Dodge Corp..._100
115 12034
Phila Elec Co corn
48
48
25
Phillip-Morn Cons Inc corn' 12% 1254 1451
Class A
25
16% 17%
Pick (Albert) Barth & CoPref el A (part pref).' 14
13% 14
Preferred
20%
2054 20
Pillsbury Flour
(12
65
_50 63
Pitts!) & Lake Erie com_50 17051 17051 171
Pittsb Plate Glass Co_ _100
241 244
Pratt & Lambert
•
51
50
Procter dr Gamble com__20
188% 191
Providence Gas Co
102 102
50
Puget Sound P&L.com.100 2834 2831 2951
Seven per cent pref_ _100 10751 10731 107%
Pullman Co (new corp) w 1*
7151 71%
Pyrene Manufacturing_ _10
9
931
Rand-Kardex Bureau warn
970 990
Realty Associates
• 241
241 243
Rem Noisel Typewcorn__.
corn A' 42% 42
45%
Preferred
100
109 110
Boo Motor Car
10 20% 19% 21%
Republic Motor Truck •
3% 334
Richman Bros Co
174 174
Richmond Radiator corn.'
2154 22%
7% cony preferred
3851 38%
Rome Wire 7% pref _ _ _100
10234 10234
Safety Car Htg dr Ltg...100 135
133 135
Safeway Stores corn
• 272
270 282
• 37
St Regis Paper Co
37
40
Sanford Mills, new corn_ •
82
90
Schlesinger(13 F)&Sons cl A
21% 22
Seiberling Tire & R. corn..
23% 23%
Serve! Corp (Del) corn...
•
6% 7%
7
Sherwin-Williams corn __25
51% 52
Sierra-Pan Elec Co corn 100
2736 27%
Silica Gel Corp corn v I 0_•
1.534 15%
Silver (Isaac) 13ro,Inc,com*
28
28
Singer Manufacturing__100 377
377 37754
Singer Mfg Ltd
01
5% 5%
Smith (A C) Corp pret.100 110
110 110
Snia Viscosa ord (200 lire).
Dept recta Chase Nat Bk
11
11
Sou Calif Edison pref A_25 28% 28
284
Preferred B
25 2551 25
2551
Sou Gas & Pow class A_ •
2034 21
Weastern Pow & Lt corn..' 30% 3031 31%
Common vol trust cgs..
3051 303.4
Participating preferred.. 74
74
7651
Warrants to pun corn stk.
834 851
854
Sweet Bell Tel pref.
116 11651
.100 116
Spaulding(AG)& Bro. corn.
110 112
Stand Com'i Tob corn_
2534 2534 2551
Stand Gas& Elea 7% pf 100 107
107 10854
Stand Pow & Lt, corn_ _ _25 22% 22
2234
Stern Bros class A
• 46% 45% 4654
Class13 tc
15
15
15
Stroock (S) & Co
40
40%
•
Strom-Carlson Tel Mfg_ _• 37
37
37
•
Stutz Motor Car
14% 15%
Swedish Match el A(100 kr)
7834 7836
Swift & Co
116 118%
100
Swift International
15 2036 20% 22
Tampa Electric Co
6134 6234
•
Tells(Leonhard) warrants_ 222
19734 222
Thatcher Mfg new com_ •
1431 1434
Cony preferred
44% 44%
Timken-Detroit Azle_ _10
1231 13
Tobacco Prod Exports_ •
334 334
Todd Shipyards Corp....' 46
46
46
Trans
-Lux Day Pict Screen
Class A common
554 551
•
534
Trumbull Steel tom
25 10% 1074 1131
82
83
Preferred
100
Tubize Artificial Silk el 13.• 229
220 230
Tung-Sol Lamp Wks el A.•
1954 1931
Common
9
951
9
•
Union dr United Tob corn.'
73
78
United Artists Theatre Co
Allot elf for corn & pref.
99
99
United Biscuit class A....' 4156 4154 41%
Class B
7
974
•
7
United Elec Coal Cos v t
2434 27
United Gaa Impt
50 9951 98% 10151
1334 1451
United Light & Power A..' 1351
1434 1434
Common B
•
•
Preferred A
9431 95
United Profit Shan, corn..' 13%
1034 13%
12
12%
Preferred
23
Un Rys & El, Bait, com_50
23
United Shoe Mach,com_25
55
55
U S Freight Co
7031
• 7074 70
U S Gypsum corn
98 10054
20
El Light & Heat corn_ _10 56
54
56
8% 9
10
Preferred
851
US Stores Corp class A_ •
7
7
Linty Leaf Tobacco corn. _• 4251 4234 4434
10851 10851
Utah Pow & Light, p1.100
1431 1551
Utilities Pr & Lt class B. • 1434
Utility Shs Corp opt warris
151 2
5% 551
•
Van Camp Pack pref
Warner Bros Pictures- -• 2334 233-4 26
Warner-Quinlan CO
• 25% 2556 26%
Wesaon 0&SD corn vb.' 5334 50% 5431
•
96
98
Preferred
Western Auto Supply, pt.*
2t36 21%
49% 50
West Dairy Prod,class A.'
ClessI3 vt
1634 1751
• 17
West Md Ry 1st pfd__100 138
138 141
Western Power, pref_..i00
99% 9954
3951 3951
Wheeling Steel corn....100
13
1354
Williams 011-0
-Mat Heat•
18
25
Yellow Taxi of N Y
• 18
109 111
Youngs Sheet & T, pref.100
Rights.
Bancitaly Corp
Commonwealth Power_ _ _ _
234
71c
Low.
4,400
854
25 106
400 19
20 17541
500 28%
225 115
25 48%
18,500 1234
700 1651
1,200
200
275
250
80
900
225
25
1,200
20
500
500
4
50
4,800
175
6,100
300
10
600
100
25
75
200
1.100
75
200
400
14,000
550
100
300
100
40
100
110
300
700
400
300
5.800
100
1,100
1,500
150
40
300
50
700
225
200
150
100
5,200
100
500
1,300
400
63
200
100
1.800
800
200
12%
20
52 34
18754
241
48
178
86
28
10334
69
High.
Feb 1331 7Apr
Jan 10954 Feb
Jan
217.4 Feb
Jan 191% Apr
Apr 315-4 Jan
Apr 1323.4 Mar
Jan
Mar 53
Apr 2054 Jan
Jan
Apr 22
400
225
3354
9734
19%
354
153
2051
38%
102
12531
232
37
76
2156
23
5%
44
2654
13%
26
365
5
106
Jan
Apr
Jan
Jan
Apr
Mar
Feb
Mar
Apr
Jan
Apr
Feb
Jan
Jan
Apr
Jan
Mar
Apr
Apr
Feb
Apr
Mar
Jan
Feb
Apr
Apr
Apr
Apr
Apr
Feb
Jan
Mar
Apr
Jan
Jan
Jan
14
2131
76
18151
269
5354
194
102
3351
109
76%
1434
990
255
46
110
23
531
179
25%
3934
10354
141
301
46
8731
22
24
1051
54
2851
19
3254
387%
5%
110
Feb
Feb
Mar
Feb
Jan
Jan
Apr
Apr
Jan
Mar
Feb
Jan
Apr
Feb
Apr
Apr
Jan
Jan
Apr
Mar
Apr
Mar
Mar
Apr
Jan
Mar
Apr
Jan
Feb
Mar
Apr
Feb
Jan
Feb
Mar
APr
5
27 34
243.4
18%
2956
28
87%
834
11374
110
1934
104%
22
42
15
40
37
13%
77%
11534
1854
49
90
1474
41%
11%
3
45
Jan
Mar
Jan
Mar
Mar
Jan
Jan
Jan
Jan
Apr
Jan
Jan
Jan
Feb
Jan
Apr
Apr
Apr
Apr
Jan
Mar
Jan
Mar
Apr
Apr
Mar
Mar
Apr
11
2854
2556
22%
32%
31
78
9
118
118
29
109
2434
4751
15%
44
42
21
805(
120%
23
63
222
18
46
13%
3%
60
Apr
Feb
Jan
Apr
Mar
Jan
Apr
Jan
Jan
Feb
Mar
Mar
Jan
Mar
Jan
Jan
Jan
Mar
Apr
Mar
Jan
Apr
Apr
Mar
Mar
Apr
Jan
Jan
Mar
8%
Jan
13
Jan 85
Jan 230
Jan
1934
Feb
954
Mar 90
Jan
Apr
Apr
Apr
Mar
Mar
Feb
2,300
5
954
1,400
50 7454
1,100 145
900 17%
1,600
874
1,000 71
300 9534 Jan 99
Mar
200 38
Mar 45
Feb
5,000
7
Jan
3
Feb
800 23
Apr 27
Apr
18,100 89
Feb 10151 Apr
23,800 1234 Mar 1534 Jan
1,500 14
Jan
1674 Jan
1,400 85
Jan 95
Apr
8,400 10
Jan 13% Apr
200 1134 Apr 1251 Apr
100 193.4 Mar 23
Apr
100 51
Jan 655E Apr
500 6934 Mar 72
Apr
125 94
Jan 110
Jan
2,300 29
Apr
Jan 68
800
754 Jan
954 Apr
100
7
An 16
Jan
1,900 3751 Jan 48
Mar
20 10734 Mar 10851 Apr
2,200 13% Jan 15% Feb
900
131 Apr
231 Jan
100
5% Apr 16% Jan
4,600 15% Mar 3331 Jan
1,300 25% Jan 27% Mar
2,425 5034 Apr 59% Jan
190 96
Mar 0934 Jan
100 2154 Apr 25% Jan
900 4734 Feb 51
Mar
1,400 15
Feb 18% Mar
400 98
Jan 142% Apr
20 98
Feb
Jan 102
25 34
Feb 39% Apr
200 13
Mar i631 Feb
300 18
Apr 3451 Jan
20 109
Apr
Mar 112
2% 234 4,500
56c 74c 62,100
Former Standard 011
Subsidiaries.
Anglo-Amer 011(vol sh)_El
1851
1851
Non-voting stock _ _ _ _El 18
1734
Borne-Scrymser Co _ .._ _100 50
50
Buckeye Pipe Line
49
50
Chesebrough Mfg Cons_25
90%
Continental 011 vi a_ ___10 1754
1754
Cumberland Pipe Line_100
9134
Eureka Pipe Line
5234
100
Galena-Signal Oil, oom_100
11
Old preferred
100
New preferred
38
100
Humble 011 & Refining...25 57
56%
Illinois Pipe Line
139
100 140
Imperial Oil (Canada)...' 4354 4236
Indiana Pipe Line
66
60
Range Since Jan, 1,
55e
350
19% 2,000 1834
18%
400 17%
• 51)
50 50
50
500 45
95
600 7834
1854 21,400 173.4
94
120 e90
300 47
5334
11
100 10
4851
383-4
150 38
5951 15,200 54
850 123%
14234
45
10,100 3734
66
50 61
Jan
Mar
51 Mar
74c Apr
Apr 21%
Apr 2034
Apr 69
Jan 62
Jan 95
Apr 22%
Mar 137
Jan 55
Apr 13%
Apr 6036
Apr 5931
Mar 6251
Jan 14554
Jan 47
Jan 69%
JIM
Jan
Feb
Apr
Apr
Jan
Jan
Apr
Feb
Jan
Jan
Jan
Apr
Mar
Feb
Sales
Friday
Last Week's Range for
Former Standard 011
Week.
ofPrices.
Sale
Subsidiaries
Par Price. Low. High. Shares.
(Continued)
National Transit__ _ _12.50 15
100 32
New York Transit
Northern Pipe Line_ _ _100
25 5331
Ohio Oil
25
Penn-Mex Fuel Oil
25 45%
Prairie 011 & Gas
100 164
Prairie Pipe Line
100
Solar Refining
25 3431
South Penn 011
50
Southern Pipe Line
So West Pa Pipe Lines..100
Standard 011(Indiana)_ _25 6534
Standard Oil (Kansas)_ _25 16%
25 113
Standard 011(Ky)
25
Standard 011(Nob)
Standard Oil (0) new com_
100
Old common
100 r117.31
Preferred
Swan & Finch 011 Corp_ _25
25 112
Vacuum 011
Range Since Jan. 1.
Low.
4,500 13%
15
300 31%
33
100 70
7531
55% 6,800 52
16
200 12
4731 17,300 4531
4,150 132
165
60 180
185
600 3434
3531
16
100 5514
68
68
50,900 64%
64% 66
2,000 15%
1631 17
1,600 112
112 113%
500 4531
45% 46
8431
1,700 73
78
..
294
30 z11731
x11731 119- 35
150 15
16
1631
110 114% 10,700 95%
1431
32
7534
52
1531
45%
157%
180
34%
Other 011 Stocks.
1
Allen Oil
88e
111,
Amer Contr 011Flelds.__.5 94c
431 5%
•
Amer Maracaibo Co
654
6% 7%
Arkansas Natural Gas_ _10
131
134
Atlantic Lobos 011 com_ *
•
2% 251
Preferred
Bamsdall Corp stk porch
3% 431
331
warrants (deb rights).-16% 1731
•
Beacon 011 Cs corn
16
15% 16%
Carib Syndicate
16% 16%
New common
Certificates of deposit_
• 1131 10% 1231
Creole Syndicate
131
1% 1%
Crown Cent Petrol Corp__'
9
831 9%
•
Darby Petroleum
9
9%
Voting trust certificates_
Derby 011 & Refining. corn*
14
1651
•
Preferred
1% 1%
Gibson 011 Corporation-1
66e 66c
Gilliland 011, corn. v t a. •
8631 88
Gulf Oil Corp of Panna_25 87
9% 1031
•
Houston Gulf Gas
13(
1%
Intercontinental Petroleum
International Petroleum_.• 30% 3031 3131
•
131
134
131
Kirby Petroleum
7% 7%
714
Leonard 011 Develop't_25
• 2231 22
2331
Lion Oil & Refining
•
60e 60c
Livingston Petroleum_
42
42
42%
Lone Star Gas Corp
2
Magdalena Syndicate_ _ _ _1
• 1431
13
14%
Margit) 011
,
1
1%
1%
Marland Oil of Mexico_ _1
3% 334
Mexican Eagle Oil
•
934
Mexico Ohio Oil
Mexico 011 Corporation_10
1
Mountain & Gulf 011
22% 2431
Mountain Producers_ _ __10 23
247 24731
100
Nat Fuel Gas
•
New
24% 25
New Bradford 011
5
511
5 5
New England 011
4
531
New York 011
10
25 10
10%
North Central Texas 011_ •
Pandem Oil Corporation.•
551 9%
6%
Pantepec 011of Venezuela.• 10% 10% 1131
•
Peer 011 Ccrporation
28e 28e
Pennok 011 Corporation_ *
931 9%
Red Bank 011
25
Reiter Foster 011 Corp.._ _•
6
731
6%
Richfield Oil of Calif- -25
16
17%
Preferred
2431 24%
Royal Canadian Oil
20e 20e
20c
Ryan Consol Petroleum_ _•
5
5
531
Salt Creek Consol Oil.
.l0
631
631 7
Salt Creek Producers_..10 2731 2731 28%
Tidal-Osage 011 vot Block..' 17%
17
2034
Non-voting stock
18
• 1531 15
Tide Water Associated Oil• 1531 1531 16%
Preferred
91
100 90% 90
69
Transcontinental 0116% p
71%
Venezuela Petroleum
431 531
_5
Wilcox (Li F) Oil& Gas_• 2131 2034 23%
Woodley Petroleum
534 6
•
27,500
10,000
3,700
300
100
6,000
2,400
3,500
100
45,600
3,400
1,300
400
500
9,200
500
3,100
3,200
6,500
13,500
700
9.900
2,200
100
1,000
3,200
600
900
100
GOO
13,200
50
600
2,900
400
800
58,500
1,700
1,000
300
1,300
1,600
800
2,000
900
1.700
7,300
1,200
3,500
31,800
2,220
225
8,600
3,400
30
50
77e
4
631
1%
231
High.
Jan
Jan
Jan
Apr
Apr
Apr
Jan
Apr
Apr
Feb
Jan
Apr
Mar
Mar
Apr
Apr
Apr
Apr
Jan
Jan
15
36
80
64%
19
5534
16531
20131
4134
27%
68
7435
20%
122%
4934
87%
354
122
17
116%
Apr
Apr
Mar
Apr
Jan
Apr
734
8%
1%
431
Sc
3% Apr
7%
1531 AD
2031
1531 Apr 2831
16% Apr 16%
1631 Apr 26
10% Apr 14%
1% Apr
3
4% Jan
12
Apr
1131
8
135 Feb
235
10
Jan 16%
1% Mar
51c Apr
2
8634 Apr 9834
1231
8% AP
131 Apr
2
3031 Ma
34%
1% Jan
231
731 Apr 10%
22
Apr 2731
Apr 99e
60e
Jan 4631
37
1% Mar
234
12
Ma
1434
1
Apr
2
334 Apr
4
934 Apr 1234
1031c Apr 38e
31 Jan
22% Apr 26%
192
Jan 250
2331 Mar 25%
431 Mar
514
4
Apr
6%
9% Mar 11
1131 Air 12%
534 Apr
9%
10% Apr 12%
26e Mar 37e
934 Apr 1334
17
Apr 24%
531 Apr 1534
15
Apr 27%
24% Apr 2431
Apr 350
20e
Jan
5
7
611 Apr
8
27% Apr 32
Apr 26%
17
15
Apr 2351
153( Apr 2334
90
Apr 95%
6331 Jan 80
451 Apr
7%
2031 Apr 32%
8
534 Apr
Apr
Feb
Mar
Feb
Jan
Jan
Apr
Feb
Jan
Feb
Apr
Jan
Jan
Jan
Feb
Apr
Jan
Feb
Mar
Apr
Apr
Jan
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Apr
Jan
Jan
Jan
Mar
Mar
Jan
Apr
Jan
Max
Jan
Apr
Mar
Feb
J&13
Feb
Feb
Feb
Mar
Jan
Apr
Jan
Feb
Jan
Jan
Jan
Jan
Mar
Apr
Apr
Mar
Feb
Feb
Apr
Mar
Jan
Jan
Jan
Jan
Jan
Apr
Feb
Jan
Jan
Feb
Feb
Mar
Jan
Jan
Feb
Jan
Jan
Jan
Mining Stocks
-Amer Conal Min & Mill_ _
80
9c
4,000
54) Jan 10e Mar
Amer Exploration Co__ _1
300 500 Apr
50c 50c
13( Mar
Arizona Commercial
6
631 Apr
635 Apr
Arizona Globe Copper.. _I
3c Mar
8c
Apr
Beaver Consolidated
1
80c 81c
70
Jan 850 Apr
65c
Bunker Hill & Sullivan _ _10 z7A% 75
76%
60
67% Feb 78
Apr
Butte & Western Mining.1
7c
1,000
7c
7c Apr
8c
Apr
Calaveras Copper
211
. 21o1 13,400
1
231
131 Mar
., Apr
29
Calumet & Jerome Cop_ _1
60
60
1,000
Sc Feb
8e
Jan
Carnegie Metals
1231 12%
10
10
12
Jan
1331 Jan
Chief Consol Mining
1
235 2%
10
234 Mar
331 Jan
Consol Copper Mines_ _1
3
331 2,60
2% Feb
8% Max
Copper Range Co
25
1231 1231
100 12% Apr 1331 Feb
Cortez Silver Mines
1
21e 24c
9,00
7e
Jan 30e Feb
Creeson Consol GM & M.1
2
2
400
2
Apr
2".. Jan
1
Divide Extension
Sc
Sc
Sc
3,000
5c
Jan
70
Jan
Dolores Esperanza Corp._2
35e Mar 45e Feb
Engineer Gold Minas. Ltd 5
331
3
1,40
331
231 Mar
614 Jan
1
Eureka Croesus
5c
6c 27,000
4e Apr
70 Feb
Falcon Lead Mines
1
50c 600 14,000 50e Apr 78e
Jan
First Thought Gold Mines'
2e
2c
20
8,00
2e
Jan
40
Jan
1
Forty-Nine Mining
50
Jan
70
Jan
Golden Centre MInee---5
131
1%
134 -- ;66
134 Feb
4
2
Mar
Golden State Mining_ _.10c
80
Jan
8c
Feb
Goldfield Consol Mines.
.1
120 12e
1,000
Sc
Feb
19c Mar
Goldfield Florence
1
Sc
50
Sc
5,000
Sc Feb
Sc Mar
Hawthorne Minim, Inc_.1
40
3c
4c 20,00
3e Ma
Ile
Jan
25c
heels Mining
200 12% Feb 15% Jan
1334 13%
Hollinger Cons Gold Min_5
20% 2031
200 20% Jan 22% Feb
5 74c
Kerr Lake
74e 77e
400 730 Apr 95e Feb
Kirkland Lake Gold Min.1
131 Apr
1% Apr
Mammoth Divide
10c
19c
170 190 10.000 12e
Apr 190 Apr
6
Mason Valley Mines
134
131 1% 4,900
1% Apr
231 Jan
2231 22% 1,000 22
New Cornelia Copper_ _5
Ma
24
Jan
100 180
17931 187
330 179% Apr 193% Mar
New Jersey Zino
Newmont Mining Corp 10
74
7531 2,800 8731 Jan 81
Apr
6
Nipisslng Mined
6%
9,400
535 Apr 103( Feb
531 7%
• 213( 21
Noranda Mines, Ltd
22% 2,600 19% Jan 24% Mar
10
300
North Butte
231 231
131 Ma
234
3% Jan
Copper
1 54c
460 59e
Ohio
9,500 40c Mar 60e
Apr
Plymouth Lead Mines- _1
9e
Jan 150 Feb
211
. 2,16 2%
Premier Gold Mining..
1,200
131 Jan
26n Feb
Mining
20c 20e
Jan 390 Feb
1,000 16e
Red Warrior
193
Rio Tinto Co Ltd ord - _ £5
Feb 206
Mar
1
4c
,
40
40 -i- 666
40 Apr
San Toy Mining
Sc
Jan
Shattuck Dann Mtn Corp.'
800
431 Ma
4% 5
6
Jan
331 Mar
300
331 331
Bo Amer Gold & Plat__
3% Jan
Mining__i
2c
30 77,000
Spearhead Gold
2e
Feb
4c
Jan
Standard Silver-Lead- _1
230 23e
1,000 18o
Jan 27.3 Feb
1
7
531 Jan
Tack-Hughes
734 4,100
7
731 Apr
500
1% Feb
134 1%
Tonopah Belmont Deve1.1
29.4 Jan
1
Tonopah Extension
26c 27e
2,000 24e
Jan 32c Mar
1
231 2%
600
Tonopah Mining
2
Apr
3% Jan
70
_
Tr -Bullion Sm & Deo_ _10c
Jan
10c
Jan
2573
THE CHRONICLE
APR. 30 1927.]
Mining Stocks.
(Concluded)
Sales
Friday
Last Week's Range for
Sale
ofPrices.
Week.
Par Price. Low. High. Shares.
United Verde Extenalon.50e
1
Unity Gold Mines
5
Utah Apex
Wenden Copper Mining_ _1
West End Consolidated_ _5
1
West End Extension
Bonds
Alabama Power Se... -1956
1951
68
Allied Pack deb 85.... 1939
1930
Debenture 138
Aluminum Co s f deb 5s '52
2014
Amer G & El 6s
American Power & Light
68. without warr_ _ _2016
Amer Radiator deb 4318'47
Amer Roll M111 6s-__1938
Amer Seating Ss
1936
American Thread fis_ _1928
Anaconda Cop Min 68_1929
Andian National Corp
68 without warrants 1940
Appalachian El Pr 50_1956
Arkansas Pr & Lt 58..1956
Assoe'd Sim Hardw 6358'33
Atlantic Fruit 8s
1949
Batavian Petr deb 4318 '42
Beacon 0116s. with warr'36
Beaverboard Co 80...1933
Beaverboard Prod 73481942
Bell Tel of Canada 58_1955
Berlin City Elea 630_1951
Berlin Electric 5348.... _1928
1929
6%4
Berlin Elea Elev 6340.1956
Beaton & Maine RR 13s '33
Brunner Tun & Eq 7358'55
Buffalo Gen Elec 55_ ...1956
Burmeister & Wain Co of
Copenhagen 15-yr 68.'40
Canadian Nat Rye 713.1935
Carolina Pr & Lt 58_1956
Cent Hud Gas& El 58_1957
Chic Milw & St P (new co)
50
-year 5s w
Cony ad1 w
Chic & N W Ry 4318._2077
Chic Rys 58 ett dep__1927
Chlie Copper Si
1947
Cities Service 58
1956
Mee Service 68
1966
Clues Service 7e. ger D 1966
Cleve Elec Ilium 5s, B 1961
Cleve Term Bldg 60_1941
Columbia Gas & El 58_1928
Commander-Larabee (is '41
Commonwealth Ed 431s'57
Cons G, El & POs ser A.'49
5s series F
1965
58 series F (new)....1965
535s series E
1952
Consol Publishers 6318'36
1941
Consol Textile 8s
Cosg-Meehan Coal 634e '54
Cont'l Gas & El 6348 A '64
Continental Securities 5s'42
Cuba Co 6% notes-1929
Cuban Telephone 731s 1941
Cudahy Pack deb 534e 1937
1948
6e
Detroit City Gas 68_ _1947
534, series B
1950
E Term Off Bldg 6346_1943
Eltingon-Sch ild 6s._ _ _1938
Elec Pub Service 5345_1942
Elea Refrigeration 68_1936
Pairb'ks, Morse de Co 51142
Federal Sugar 60
1933
First Bohemian Glass Wks
1st 78 with stk pur war'57
Fisk Rubber 554s_ _ _1931
Florida Power & Lt 5..1954
GAR (Robert) Co 78_1937
1st mtge 5318
1942
Galena-Signal 01178._1930
Gatineau Power 6s ..19S6
Si
1941
Gen Amer Invest 58_ _ _1952
General Ice Cream 630_'35
Gen' Motor Accept 66_1937
General Petroleum 88_1928
Georgia & Fla RR 60. _1946
Georgia Power ref 58_ _1967
Goodyear T & R 58-1928
Goodyear T&R Cal 534031
Grand Trunk Ry 6340_1936
Great Cons Elec 5348_1950
Gulf Oil of Pa fa
1937
Si
1947
Serial 5148
1928
Gulf States Utile 5s _1956
Hamburg Elea Co 78..1935
Hood Rubb 5346_ Oct 15'38
7s
1936
Ill Cent RR-Chic St L
& N °Joint 1st 431s 1963
Indep 011 & Gas deb 881939
1931
6348
Ind General Serv 58_..1948
Indiana Limestone 68_1941
Inclian'p's P & L 58 ser A'57
6s
1936
list Pow Sec 75 ser E..1957
lot Rye Cent Am 8310.1947
Interstate Nat Gas 65_1936
Without warrants
Interstate Power &h._ 1957
Interstate Pub Seri 5813'58
,
Jeddo-Highland Coal Si '41
Kayser(Julius)& Co5313'47
Keystone Talon 531s_ _1955
Krupp (Pried) Ltd 78_1929
Laclede Gas Light 5318 '35
Lehigh Pow Secur 6a.. _2028
Leonard Tim In0 75401 '413
With ilk pur warrants
Without stk pur warrants
Libby, McN & Libby 78'31
Liggett Winchester 78_1942
Lombard Elea Co 78..1952
Long laid Ltg Co 68_1945
Manitoba Power S348.1951
Mansfield Mha & Smelting
(Germany)7i with war'41
Without warrants__
Maas Gas Co.5358-1946
McCallurs Hosiery 654s '41
McCrory Stores 5%0..1941
Wag Mill Mach 7s...1966
Without ink pur warrants
23%
23% 24%
2,000
50c 50c
100
531 5%
1,300
235 2% 5,700
10c
10e
5,000
5c
6c 55.000
Range Since Jan. 1.
Low.
High.
22%
45c
534
2%
Sc
30
Jan
Apr
Apr
Mar
Apr
Jan
28
50c
7%
3%
150
To
Feb
Apr
Feb
Jan
Mar
Apr
98%
104
31.000 45
28,000 43
236,000 100
153,000 101%
Mar
Feb
Apr
Mar
Feb
Jan
10034
10534
78
66
100%
106%
Apr
Apr
Jan
Jan
Mar
Apr
103% 10331 104% 203,000 100
Mar 10434
9634 96% 96% 10,000 9631 Apr 9(334
104 104% 6,000 103
104
Jan 104%
103% 10434 33,000 101% Jan 105%
10131 Jan 102
4
10231 10234 10234 1- :666 101% Jim] 10234
Apr
Apr
Mar
Feb
Jan
Feb
2%
Sc
10031 100% $15,000
45% 45
4831 4831
10031 100
10534 10334
96
94%
91
4831
49
1004
105%
66-- 97 110;666
94%96% 273,000
91% 27,000
91
19
2034 13,000
9231 9231 9331 359,000
88,000
101% 100% 102
9634 9631 9631 11,000
26,000
10234 102% 103
97% 97% 97% 322,000
10051 100% 100% 9,000
100% 100% 15,000
96% 9731 78,000
24,000
10254 10234 103
72,000
73% 73
84
103% 103% 2,000
101
95
94%
91
18
92%
100%
96
107%
101
97
100%
100
96%
100%
73
102%
Jan
Feb
Feb
Apr
Apr
Apr
Apr
Mar
Apr
Feb
Apr
Jan
Jan
Jan
Jan
Apr
Mar
104
97%
97
9734
20
9834
103%
99
109
103
99%
101
101
9931
103
9234
10331
Apr
Apr
Apr
Jan
Jan
Jan
Jan
Jan
Mar
Apr
Jan
Mar
Mar
Jan
Mar
Jan
Apr
96
Jan 9734 Apr
9631 22,000 94
11131 111
11131 19,000 111
Feb 111% Mar
65,000 100
10131 102
Jan 102
Apr
10134 Jan 10254 Apr
93% 93%
58
5735
97% 9734
82
81%
9431 9431
91% 91%
101
101
9431
59%
9831
82
9531
91%
10131
145,000
1856000
177,000
3,000
185,000
96,000
248,000
99
99
5,000
10034 10031 '1,000
96
9634 7,00
24,000
16,000
15,00
30,000
80.000
20,000
1,00
3,000
15,000
26,000
3,00
75,00
10734 10734
103
103
10631
100
9934
9734 9834
9531 9534
103%
99%
96% 96%
111
96
9531
10734
103
103
106%
10034
97%
9531
10331
9931
97
11131
9631
107% 107
100% 100%
101
101
98
98
10731 10,00
100% 21,000
101
1,000
6.000
98
8631
9731
8631 8(331 24,00
9731 9735 31,000
89
8911 16,00
96
96
96
9734 98
93% 9351 9434
107% 107% 10734
97
97
9731
9051 91
97% 9731 9731
101% 10135 101%
10631 106% 108
125 125
100% 100% 100%
101 101
97
97
98
9731 97
97%
98% 9834 98%
9631 97
10831 10831 108%
9131 9251
10034 100 100%
99% 9931 100
10031 10054
9631 9531 96%
10131 101% 102
93
93 .9334
9731
99
10231
10214 102%
9835 9834
97% 9751
99
97
9231
92
24,000
22,000
199,000
11,000
112,000
13,000
103,000
72,000
96,000
5,000
290,000
5.000
23,000
115,000
49,000
3,000
9,000
121,000
34,000
194,000
1,000
116,000
17,000
28,000
92%
5431
95
74
94%
91%
98%
12034
103%
9831
100%
9531
9514
107%
101%
101%
106
97%
89%
9331
102%
9931
96%
110%
94%
9731
10831
99%
99
97
95
83
9731
85
Mar
Mar
Mar
May
Al r
Mar
Jan
Mar
Jan
Mar
Jan
Jan
Apr
Jan
Feb
Feb
Mar
Feb
Jan
Jan
Apr
Apr
A rr
Jan
Jan
Jan
Jan
Mar
Jan
Mar
Apr
Mar
Mar
Jan
95
Apr
69% Apr
98,4 Apr
82
Apr
96% Jan
9114 Feb
103% Feb
133,4 Feb
105
Feb
100
Jan
100% Apr
98
Jan
9531 Apr
108% I Jan
103
Apr
103% Apr
106% /Apr
10034 Apr
9731 Apr
97%1 Feb
10314 Apr
99% Apr
98
Jan
111% Feb
98
Jan
10034 Mar
10734 Mar
101
Apr
101% Apr
9834 Apr
95
Apr
97% Jan
97% Mar
93% Feb
96
9735
92%
10434
97
90
9434
9834
100
115
100
100%
97
97
9734
95
10834
9134
100
9934
100
9431
10034
93
101
Apr
Jan
Mar
Jan
Apr
Jan
Jan
Jan
Feb
Jan
Feb
Feb
Apr
Mar
Mar
Jan
Jan
Apr
Feb
Apr
Jan
Jan
Mar
Apr
Apr
9734
98%
94%
108%
97%
93
97%
101%
109%
125
10031
101%
98
98
99
9734
109
97
10034
10014
101%
96%
103
94
104
Mar
Mar
Jan
Mar
Mar
Feb
Apr
Apr
Apr
Apr
Mar
Jan
Jan
Apr
Apr
Mar
Jan
Feb
Apr
Jan
Apr
Apr
Feb
Apr
Feb
9751 5,000 97% Apr 97% Apr
99 166,000 99
Mar 99
Mar
103
7,000 101% Jan 104% Feb
10231
1,000 10234 Apr 102% Apr
98% 58,000 97% Feb 99,4 Jan
9731 115,000 9731 Mar 98% Jan
100% Jan 104% Jan
6i-- 10;666 9631 Apr 97 Apr
9231 39.000 92
Feb 9234 Mar
102 102% 8.000 10051 Jan
9731 9734 97% 20,000 9731 Feb
9551 Apr
102
162-- 1152- ; _ 1,666 10131 Mar
3
9631 96% 96% 79.000 96% Mar
94
Mar
93
94
19,000 90
10231 10231 102% 7,000 99% Jan
1,000 10034 Feb
10031 10031
10031 99% 100% 139,000 95% Jan
10234
9734
95%
103
97
94
10234
101%
100%
Feb
Feb
Apr
Jan
Feb
Apr
Jan
Jan
Apr
108
99%
103%
10731
94%
102%
98
Mar
Apr
Jan
Apr
Feb
Jan
Jan
123%
102%
104%
109
99%
10435
10034
Apr
Apr
Mar
Jan
Mar
Feb
Jan
12.000 104
35,000 9834
42,000 10331
1,000 91
63,000 97%
9734
8.000 93
Jan
Apr
Feb
Apr
Apr
Jan
Jan
11234
10134
10434
95%
985(
10934
98
Apr
Jan
Jam
Jan
Jan
Feb
.rari
123% 12034
101
104
104
107%
96% 9631
104
103%
99% 9931
123%
10231
104%
107%
97%
104
99%
111% 111 31
98% 9851 99
10335 10331 103%
91
91
98
9731 98%
96
95
95
105.000
75,000
19,000
1,000
237,000
19,000
59,000
2574
Bonds- (Concluded)
Midwest Gas 7$, A_1936
Milwaukee G L 4348..1967
Missouri Pacific 58__A927
1st & ref 55 ser F___1977
Montecatini (Italy) 71.1937
Montgomery Ward 58_1948
Montreal L H & P 50 A '51
Morrie & Co 7550„..1930
Narragansett Co col 58 1957
Nat Dist Prod 63c...1945
Nat Pow & Lt 68 A028
Nat Pub Serv
_1955
Nevada Cons 58
1941
NY Trap Rock let 68_1946
Niagara Falls Pr 63_1950
Nichols & Shepard Co 6037
With stock purch warr'ts
Nor Ind Pub Serv 58._1966
Nor States Pow 6558 _1933
655% gold notes _ _1933
North Amer EWA 5s B.1957
Northern Cent Ry 450.'74
Ohio Power 58 ser 13...1952
4148 series D
1956
Ohio River Edison 55_1951
Okla Natural Gas 65..1941
Oswego River Power 681931
Park dr Tilford 6s____1931
Penn-Ohio Edison d5_..195u
Without warrants
Penn Pow & Light 50..1952
53 series D
1953
Phlia Electric 68
1941
5558
1953
5348
1947
Phlia Elea Pow 5550...1972
Phila Rap Transit 60..1962
Pirelli Co (Italy) 78_ _ _1952
Porto Rican Am Tab 68'42
Potomac Edison 50....1956
Pub Serv Corp NJ 5550'58
Pub Serv Elec &058.1965
Pure 011 Co 654s
1935
Queensboro 0& El 5558'52
Rem Arms 555% notes '30
Richfield Oil of Calif 601941
Sands Falls Co 58____1955
Schulte RE Co 68._ _1935
68 without corn 8toek1935
Scab Atl Fla Ry 68 B 1935
Serve' Corporation 68_1931
Shawsheen Mills 7s_ _ _1931
Shell Union 011 5s____1947
Siemens & Halske 78_1935
Siemens & Halske SS
6550 with warrants_1951
Skelly 011 5555
1939
81055-Shelf S & I 68...1929
Purchase money 68.1929
Solvay-Amer Invest 581942
Southeast P & L 68....2025
Without warrants
Boo Calif Edison 50.. _1951
New
58
1944
Southern Gas Co 6%0.1931
Southwestern G & E 581957
Southwest'n P & L 68.2022
Stand Invest 58 with war'37
Stand Oil of NY 6550.1933
Stinnes (Hugo) Corp 7%
notes Oat 1 '36 with wan
78 1946 with warrants._
Stutz Motor 7568
1937
Sun Maki Raisin 6558 1942
Sun Oil 555s.
1939
Swift & Co 5s Oct 15 1932
Texas Power dr Light 50'58
Thyssen (Aug) I &S 781930
Trans
-Conti Oil 78_ _1930
Tyrol Hydro-Elee 78..1952
Ulen & Co 6558
1936
United El Saw (Unee)78'50
Without warrants
United Industrial 6348.1941
United 011 Pro.i 80_ _ _ _1931
Unit Rys (Ilavana)7548 36
'II(3 Rubb 6g% notes 1928
Serial 655% notes__1929
Serial 634% notes_ _1930
Serial 655% notes...1931
Serial 634% notes...1932
Serial 634% notes__1933
Serial 634% notes_.1934
Serial 655% notes__1935
Serial 634% notes_ _1936
Serial 655a notes__ _1937
Serial 655% notes_1938
Serial 655% notes...1939
Serial 655% notes _ _1940
'US Smelt & Ref 5550_1935
U El Steel Works A 655151951
With stk pur warr ser A.
Without stk purch wan.
Series C
Valvoline Oil 68
1937
Van Camp Packing 88_1941
Warner Bros P10 6348.1923
Webster Mills 634e...1933
Western Power 5558._1957
Westvaco Chlorine 5548'37
'White Eagle°B&B 5548'57
White Sew Mach 60_1936
With warrants
Wise Cent Ry 58
1930
Foreign Government
and Municipalities
AgrIcul Mtg Bk Rep of Col
20
-year sink Id 78...i946
20
-year 78....lan 15 1947
Antioquia (Dept of) Col
78 series C
1945
Austria (Prov of Lower)
1950
7558
Baden (Germany) 78_ _1951
'Bank of Prussia Landowners Assn 6% notes'30
Brisbane (City) 58.-__1957
Buenos Aires(Prov)7558 '47
1936
70
1952
70
1957
78
Costa Rica (Rep) 78-1951
Danish Cons Munk 5558'55
Denmark (KIng'm)5360'55
1970
Os
German Cons Munic 70 '47
'Hamburg (State) Ger 60'46
'Hungarian Land Mtge Inst
1961
7558 sales A
THE CHRONICLE
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High Week.
95
10334
9855
10034
9834
9955
99
101%
10154
96% 98
14,000
9455 95% 113,000
10054 10054 2,000
103% 106% 601,000
98
98% 42,000
100% 10055 11,000
98% 100
60,000
99
9955 119,000
16,000
9834 99
56,000
101% 102
101 10154 72,000
76,000
98
99
31,000
9754 98
10455 104% 2,000
Range Since Jan. 1.
Low.
Hick.
9554
9334
100
100
97
9754
9955
98%
9851
985(
9814
9755
95
975(
104%
Mar
Apr
Apr
Feb
Feb
Jan
Jan
Ap
Mar
Ap
Feb
Jan
Feb
Mar
Ap
100
95%
10051
100%
106.56
9955
1003,4
10454
10055
100
102
102
102%
9834
107
Feb
Ap
Ap
Ma
Ap
Ma
Feb
Fe
Jan
Jan
Jan
Ma
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
AP
Feb
Ma
Mar
Mar
Jan
Apr
Apr
Apr
Jan
Mar
Mar
Apr
Apr
Mar
Apr
Jan
10755
97%
114%
1035(
9814
99%
99%
92
100
i044(
100.55
9755
125
9954
101
10134
108
106%
10674
104%
102%
10255
100
97
103%
102%
10355
100%
97%
9955
100%
065(
87%
98%
89
10 i 55
0954
103%
6654
9955
99%
103
7255
9934
9956
103%
118,000 98
1,000 975(
78,000 110
39,000 102%
127,000 97
5,000 97.55
22,000 9734
42,000 8954
41,000 97
75,000 99
5,000 99
5,000 9555
12,000 11555
77,000 9555
15,000 99
36,000 99%
107%
1,000 106%
1.000 106%
100,000 102%
9,000 99%
106,000 1007(
100,000 9854
31,000 95
64,000 995(
218,000 9924
13,000 103
32,OCO 10054
46,001 97
16,001 91%
16,00( 97%
8,001 9255
45
4,001
97%
95,000 66
15,000 94%
236,000 99%
4,000 10154
105%
9855
102%
10255
9854 98%
105%
9834
102%
10255
98%
Jan 106%
70,000 98
9845
109,001 9855 Ma
12,001 10154 Jan 102%
11,000 102% Jar 102%
993
4
104,000 98)5 Mar
10055
9935
9945
9934
102%
96
10154
102
104%
101
100
99%
102
10255
96
102%
10234
105
218,000 98% Jan
83,000 974( Jan
Jan
5,000 98
26,000 995( A
3,000 101% Jan
Ap
5,000 96
12,000 9955 Jai
Ma
3,000 100
78,000 104% Ma
101
100
10014
102%
103%
102
102%
10355
106%
99%
9955
88
96
993"
99
9554
10155
9744
9755
99%
93
9255
95%
6051
II 944
101%
10155
102
102
102
102
102
102%
102%
10235
102
102%
10255
10144
Jan
Jan
Jan
Apr
Jan
Jan
Feb
Ap
Jan
AP
Jan
Jan
Apr
Apr
Jan
Mar
Apr
Mar
Feb
Jan
Jan
Feb
Apr
Jan
Jan
Jan
Jan
Jan
Feb
Jan
100%
101
100
9855
100%
100%
9736
i0336
ggg
98
100%
10354
94
99
89%
112
102
103
103
103
103%
10355
1035(
10335
103
10555 10451 106 376,000 102%
9744 9755 9954 78,000 9555
105
104 105% 114,000 102%
1,000 10454
106 106
85
40,000 98%
103 105
9236 93% 21,000 91%
15,000 9754
9755 97% 98
100 10034 122,000 9855
82,000 100
100 100
Jan
Jan
Jan
Jan
Ma
Mar
Ap
Ma
Ma
Mar
11034
100%
110
106%
88%
11114
99
99
1005(
100
105
1123.4
10256
97
9934
9855
9154
9934
10334
9956
101
104%
97%
11256
102%
97
9951
9841
9155
98%
10355
10054
96
124
9854
1005(
100%
105%
9755
114
103%
9755
9974
9936
92
99%
10455
10054
98
12455
99%
101
10134
106% 106%
106% 10634
10454 104% 104%
102% 102%
10234 100% 10255
9851 9844 9955
96% 96%
10254 102% 103
101% 10254
102
10355 103% 10344
100% 100%
97%
9755 97
9455 945( 9554
99% 100
100
95
95
9534
8855 87%
70
9934
9934
9834
10055
9
954
105
100 100% 254,000
100 100% 178,000
935( 9,000
93
96% 30,000
96
15,000
100 100
9955 10055 61,000
9654 96% 27,000
10154 10155 42,000
19,000
9835 99
3,000
9755 98
99% 100% 57,000
10155 103% 308,000
7,000
93
93
96% 9635 32,000
76
80% 13,000
1,000
11054 11051
101% 101% 7,000
102 10255 16,000
102% 10256 3,000
102 10355 14,000
103 103% 5,000
102% 10354 22,00
103 103% 19,00(
103 10335 35,00
103
34,00
103 103
3,00
103 103
3,000
103 103
103 103% 9,000
10334 103% 104% 15,000
19,000
10255 102% 103
10055
10034
93
9634
100
100
9634
10154
9844
98
10034
10134
93
9634
76
103
104
10454
104
9834
985( 9934 26,000
9855 32,000
98
9755 Ap
9734 Ap
9954
99
9634
9634
96% 97 $23,000
9655 97% 24,000
95% Mar
96% AP
975(
97%
95% AP
97
9535 95% 56,000
9,000
100 101
100% 100% 12,000
98%
99
Jan 101
Jan 10234
9951 9954 25,000 99% Mar
Ma
19,000 96
98
96
96
9951 9934 10054 68,000 9734 Jan
985( 98% 9855 72,000 9555 Jan
96% 9651 96% 218,000 9454 Fe
9455 95% 663,000 9455 Ap
95
Feb
9654 189,000 95
96% 96
99
99% 52,000 9754 Jan
99
57,000 9934. Jan
100% 101
101
Ma
4,000 100
101 102
102
101% 101 10154 71,000 9955 Jan
95% Jan
76,000
99
97% 97
101
100% 101
21,000
913%
99%
9634
10054
98%
975(
97
9614
100
101%
102
102
9954
Jan 101
Jan
Apr
Jan
Feb
Apr
Mar
Apr
Mar
Apr
Jan
Apr
Mar
Jan
Feb
Jan
Foreign Government
and Municipalities
(Concluded)Indus Mtge Bk of Finland
1st mtge eoll 8 f 715-1944
Medellin (Colombia) 138 '48
78
1951
Mendoza (Prov) Argentina
7545
1951
Montevideo (City) 6%s '59
Mtge Bank of Bogota 78'47
Mtge Bk of Chile 6458.1961
Mtge Bk of Jugoslavia 70'57
Neth'ds (Kingd) 60 B_1972
New So Wales(State)58'57
External of 55
1958
Pernambuco (State) Brazil
75
1947
Peru 78
1959
Prussia (Free State) 6540'51
Rio Grande Do Sul (State)
Brazil ext 7s
1966
Russian Govt6558.... _1919
656% ctts
1919
5548
1921
5558 Ws
1921
Saxon State Mtge Inv 75'45
6555
1946
Serbs Croats & Slovenes
(King)ext see 78 ser B'62
SwllzerlandCovtRl.4s1020
[Vol,. 124.
Friday
Last Week's Range Sales
Sale
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
10034 10054 10034 70,000 9954
104 104
1,000 103
41,000 9314
9334 9355 94
97
9354
97
9755 48,000
9334 933,4 26,000
96% 9855 9654 109,000
92
9256 8,000
92
10634 10654 10655 5.000
9656 9834 9655 144,000
9654 9854 9631 19,000
9854
9214
9554
9655
92
106
9634
9634
High.
Jan 10154 Jan
Mar
Jan 105
Feb
Jan 96
Mar 993,4
Feb 9434
Apr 9555
Apr 9034
Apr 9254
Mar 109
Mar 9654
Apr 96%
Jan
Feb
Apr
Feb
Apr
Jan
Feb
Apr
9751 9734 97% 15,000 9754 Apr 9954 Apr
96
9654 98% 227,000 9655 Apr 9754 Mar
Apr
9934 9955 9955 116,000 9834 Jan 10034 Feb
Apr
Feb
Mar 9834 Jtm
9734 27,000 97
9734 97
Mar
Jan
1255 1234 1234 10,000 1255 Apr 15
Jao
Jan
1254 1234 1234 22,000 12
Apr 15
Apr
Jan
1,000 1255 Apr 15
13
13
Mar
1251
1234 1255 14,000 1255 Apr 153( Jan
Apr
100
9955 100
13,000 993.4 Apr 10235 Feb
Apr
Jam
9754 9754 97% 12,000 9754 Apr 100
Apr
Mar
9254 9234 9236 213,000 9255 Apr 9254 Apr
Feb
101 44 1 n i 54' 111144 )4 nnn mill Ian 10134 Mar
Apr
• No par value. k Correction. I Listed on the Stock Exchange this week, where
Apr
Mar additional transactions wil be found. m Sold under the rule. n Sold for cash.
Apr o New Stock. r Ex 33 1-3% stock dividend sold at 14854 on Jan. 3 1927 with stock
Mar dividends on. s Option sale. I Ex rights and bonus. u Ex special dividend of
When issued.
33% and regular
Mar z Ex-dividend. dividend 01 2%. •Ex cash and stock dividends. to
v Ex-rights. S Ex-stock dividend.
Feb
Apr
CURRENT NOTICES.
Apr
Apr
Mar
-The American National Co., Inc., announces the removal of its office
Jan
William E.
Apr to 51 Broadway, New York. They also have announced that
Woodman, formerly with Scholie Brothers, has become associated with
Apr
Feb their trading department.
Apr
Arthur D. Mendes, formerly of F. J. Lisman & Co. and more recently
Apr
Mar Manager of the bond department of the Times Square Trust Co., has
Mar formed the investment company of A. D. Mendes Jr Co., Inc., 43 Exchange
Apr
Apr Place, New York, to deal in general inves;:ment securities.
Apr
-Larkin & Jennys, 30 Broad St., have issued anew list of railroad bonds
Feb legal for saving banks and trustees in New York State. The list is issued
Feb
in convenient card form, bonds redeemable before maturity being indicated
AM
Apr and then terms of redemption shown in a special table.
-Newburger, Henderson & Loeb, members New York Stock Exchange.
Feb
Mar 100 Broadway, New York, have prepared their annual review of the deJan partment and retail store, five-and-ten-cent store and mail order stocks.
Feb
G. E. Barrett St Co., Inc., 120 Broadway, New York, announce that
Jan
E. A. Burke of Scranton, Pa., has Joined their sales department and will
Apr represent them in that territory.
Apr
-Benedict, Drysdale & Co.. members New York Stock Exchange, have
Apr
Jai
) moved their offices from 7 Wall Street, where they have been located for
Apr twenty-five years, to The Empire Building, 71 Broadway, New York.
Jan
Apr
- E. Kingston & Co. announce the opening of private telephone wires
F.
Apr
between Now York and their headquarters office in Hartford. Conn. The
Feb
numbers are listed as follows: Canal 2343-4.
Apr
-Hyman & Co. announce the removal of their office from the Cotton
Mar Exchange Building to 60 Broad Street and the opening of an uptown office
Feb
at 113 West Forty-second Street, under the management of Jack Kahn.
Feu
Jan
-H. Hentz & Co. have opened an uptown office located at 6 East 53d
Mar
Street under the management of George S. Ring who will be assisted by
Jab
Jae Kenneth S.Powell.
pro
-Robinson & Co., 44 Wall Street, New York, announco that Henry D.
Apr
Apr Long,formerly with Morgan, Livermore & Co., has become associated with
Apr them as manager of their lnvestment Department.
Apr
-G.E. Barrett & Co., Inc., of New York, announce that Willis I. Ward,
Jan
Mat Forty Fort, Pa., has joined their sales force and will represent them in that
Ian territory.
Feb
-Manowitch Bros. & Filer, members of the New York Stock Exchange
Jan
Jan announce the removal of their offices to 50 Broadway, New York.
Feb
-Taylor, Ewart & Company, Inc., announce that L. Paul Close has beApr
Apr come associated with them in their Philadelphia office located in the Packard
Apr Building.
Apr
-Seidman & Seidman, Certified Public Accountants, announce the reJan
Feb103
moval of their New York offices to the Court Square Building, 2 Lafayette
Jan Street at City Hall.
Mar
Mar
Edward B. Smith & Co. have available for distribution two pamphlets,
Apr one surveying the motion picture industry and the other giving an analysis
of the Stanley Co. of America and its position in the industry.
Jan
Jan
-Harris-Mooney & Co., investment bankers of Baltimore, have opened
Jan a New York office at 115 Broadway under the management of Daniel
Apr
Runkle and Douglas Chandler.
Feb
Feb
-R. H. Post & Co., of New York, announce that Arthur II. Webb has
Jaa
them in their sales department.
Jan become associated with
Apr
-Financial Investing Co. of New York, Ltd., announce the removal of
Mar their offices to 50 Broadway, Telephone Whitehall 6764-5-6.
-Harold C. Foeller,formerly dealing in Public Utilities, is now associated
Mar
Jan with H. P. Lilienthal & Co., Inc., at 74 Trinity Place, New York, in their
Bank and Insurance Stock Department.
-Berg, Eyre & Kerr, members New York Stock Exchange, announce
the removal of their offices to 50 Broadway, New York.
Mar
John W.James, formerly with T. Hall Keyes & Co., is now associated
Mar
with Kane, Brooks & Co.. 7 Wall Street, New York.
Apr
The Equitable Trust Co., of New York, has been appointed registrar
Mar for the capital stock of the Rio Palmar Oh Fields Corp.
JIM
-J. H. Hirshhorn & Co.. announce the removal of their offices to 60
Mar Broad Street, New York. Their telephone numbers will remain the same.
Mar
Carreau & Snedeker, members of New York Stock Exchange, announce
Apr
Apr the removal of the offices to 50 Broadway, New York.
Feb
Farr & Co., members, New York Stock Exchange, 90 Wall St., New
Apr York, are distributing a special circular reviewing Great Western Sugar Co.
Apr
-John Muir & Co., members New York Stock Exchange, have moved
Mar
Feb their offices to 50 Broadway, New York.
Apr
Smith, Graham & Rockwell, members New York Stock Exchange,
lea
Apr have moved their Now York office to 50 Broadway.
-Wells, Deane & Singer have moved their New York offices to 60
Mar
Broadway.
Putsintent mut
etyma inteiligente.
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the third
week of April. The table covers 12 roads and shows 2.44%
increase over the same week last year.
Third week of April.
1927.
1926.
Increase. Decrease.
$
$
Buffalo Rochester & Pittsburgh_
282,938
327,846
Canadian National
5,009,109 4,640,880
Canadian Pacific
3,240,000 3,043.000
Duluth South Shore & Atlantic_
101,346
97,946
Georgia & Florida
31,700
33,000
Mineral Range
5,586
7,129
Minneapolis & St Louis
261.217
282,053
Mobile & Ohio
323,825
379,916
Nevada-California-Oregon
6,214
5,510
St Louis Southwestern
304,700
418,846
Southern Railway System
3,899,443 3,997,298
Texas & Pacific
709,646
606,289
Western Maryland
418,287
398,170
Total (13 roads)
Net increase (2.44't)
$
$
44,908
368,228
197,000
3.400
1.300
1,643
20,836
56,091
704
114,146
97,855
103,357
20,117
14,590,611 14,241,283
689,406
340427
340,079
In the following we show the weekly earnings for a number
of weeks past:
Current
Year.
Week.
let week
2d week
3d week
4th week
1st week
2d week
3d week
4th week
let week
2d week
3d week
4th week
let week
2d week
Rd week
Jan. i11
Jan. 13
Jan. 13
Jan. 13
Feb. 13
Fob. (13
Feb. (13
Feb. (13
Mar.(13
Mar.(13
Mar.(13
Mar.(13
April (13
April (13
April (13
roads ____
roads ____
roads ____
roads ____
roads __-_
roads __-_
roads)____
roads)____
roads)....-roads)____
roads)____
roads)____
roads)....
roads)____
roads)_.__
13.051.798
14.583.490
14.070.737
19.730.700
14.230.561
14.758.017
14,545,407
14,632.602
14.995.998
15.453.141
15.190.382
22.052.923
15.204,434
14,742,573
14.590.611
Previous
Year.
Increase or
Decrease.
12.886,210
13,746.043
14.195.271
19.198.456
14.180.984
14.563.085
14.540.989
14.742.040
14.308,298
14.781.223
14.973.426
22,226,451
15.166.695
14,402.687
14.241.283
+165,498
+294,828
+124,534
+532.244
+49.577
+194.932
+4,418
-109.438
+687,700
+671.918
+216.956
-173.528
+37.739
+339,886
+349.327
%
1.28
2.14
0.87
2.77
0.35
1.33
0.03
0.74
4.81
4.55
1.45
0.78
1.00
2.42
2.44
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.
Gross Earnings.
Net Earnings.
Month
1926.
1925.
Increaseor
Decrease.
1926.
1925.
Increase or
Decrease.
8
March 528.905,183 485,236,559 +43.668,624 133,642,754 109,081,102 +24,561.652
April _ 498.448,309 472,629.820 +25.818,489 114,685.151 102,920,855 +11,764,296
May _ 516.467.480 487.952,182 +28,515,298 128.581,566 112.904,074
+15.677,492
Juoe 538.758,797 506.124.762 +32.634.035 149.492,478 130.920,896 +18,571,582
July_ _ 555.471,276 521,596,191 +33.875.085 161.070.612 139,644.601 +21,435.011
Aug_ 577.791.746 553.933,904 +23,857.842 179.416,017 166.426.264 + 12,989.753
Sept__ 588,945,933 564.756.924 +24.192,009 191,933.148 178,936.230
+14.996.918
Oct
604,052.017 586.008.436 +18,043.581 193.990,813 180,629,394 +13.361,419
Nov. _ 559.935.895 531.199,465 +28.736.430 158,197,446 148.132,228 + 10,065,218
Dee_ 525,411,572 522,467.600 +2.943,972 119.237,349 134.504,698 -15.267.349
1927.
1926
Jan
485,961,345 470,841,904 +6,110,441 90,428,246 102,281,496 -2.853,250
Feb _ 467,808.478 459,084,911 +8.723.567 107.148,249 99,399,962 +7,748,287
Of
Note.
-Percentage of increase or decrease in net for above months has been
.
1926
-March, 22.50% Inc.; April. 11.43% inc.; May. 13.89% Inc.; June, 14.18%
Inc.; July. 15.35% inc.; Aug.. 7.86% inc.; Sept.. 8.48% inc.; Oct., 7.35% inc.;
Nov., 6.79% inc.; Dec.. 11.36% Inc. 1927
-Jan.. 2.79% dec.; Feb.. 7.80% inc.
In March the length of road covered was 236,774
1926. against 236,500
miles in 1925; in April, 236.518 miles. against 236,526miles inin May, 236,833 miles,
miles;
against 236,858 miles; in June. 236,510 miles, against 236,243 miles; in July, 236,885
miles. against 235,348 miles; in August, 236.759 miles, against 236,092 miles; in
September, 236,779 miles. against 235,977 miles; in October. 236.654 miles, against
236.898 miles; in November, 237,335 miles, against 236.369 miles; in December,
236,982 miles. against 237.373 miles. In January 1927, 237,846 miles, against
236,805 miles in 1926; in February. 237,970 miles, against 236,870 miles In 1926.
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross and net earnings for STEAM
railroads reported this week:
-Gross from Railway- -Net from Railway- -Net of er Taxes
1927.
1926.
1927.
1926.
1927.
1926.
Akron Canton & Youngstown
March
296,279
277,052
105,382
91,251
From Jan 1
817,587
771,384
290,448
232,372
Ann Arbor
March
518,739
489.933
136.916
91,401
From Jan!. 1,407,347 1,413,968
322,272
323,104
Atch Topeka & Santa Fe
21,116,510 18,030,072 5.891,078 .5,394,583
March
From Jan 1_62,108,606 53,177,608 18,230,337 14,636,376
Atlanta Bina & Coast
March
989,992
561,137
46,733
98,032
From Jan 1 1,339,368 1,508,300
45,501
211,862
Atlanta & West Point
March
270,470
280,463
72,036
55,320
From Jan 1_
770,139
789,406
187,895
165,881
Atlantic City
March
266,777
318,579 -56,110 -13,317
From Jan 1735.881
797,490 -245,122 -145,757
Atlantic Coast Line
8,656,185 10,624,791 2,701,400 4,214,837
March
From Jan 1_23,887,839 28,786,168 6,891,772 10,701,242
Baltimore & Ohio
21,050,523 19,614,609 .5,457,738 4,171,828
March
From Jan 1 58,651,875 56,846,260 12,711,629 11,622,755
Bangor Sz Aroostook
962,520
March
366.445
856,053
481,241
From Jan 1_ 2,515,252 2,081.877 1,109,391
707.576
Bellefonte Central
6,739
March
--195
6,625
--234
17.794
From Jan 1_
18,277
--1,454
-1,777
Boston & Maine
6,650.955 7.562.712 1.658,384 2,304,055
March
From Jan 118.765.841 19,504,452 4,133.889 4.354.409
E D Terminal
Brooklyn
138,495
March
55,638
136,332
57,130
363,230
149,250
363,325
From Jan 1
145,558
Buffalo Sz Su.squehanna152.961
March
-9,776
103,872
9,143
433,450
From Jan 1
12,096 -26,331
350,217
National RyeCanadian
22,383,296 21,255,004
March
From Jan 1_62,512,461 59,047,106
84,982
229,223
71,768
176,443
113,016
251,240
68.194
253,450
4,028,489 3,694,112
12,536,056 10,008,937
32,402
2,534
83,590
169,977
54,968
137,569
38,200
121,470
-90.369 38.637
-347.869 -221,855
2,148,417 3,564,102
5,381,595 8,998,573
4,364,767 3,286,534
9,644,413 8.949,330
395.729
897,913
297,381
547.313
1,360,465 2,049,340
3,238,673 3,575,805
48,504
124,182
46,599
127,785
7,043
.5,796
-12,926
-35,781
4,263,535 4,191,845
7,843,632 7,465,310
2575
-Gross from Railway- -Net from Railway- -Net after Tazrs1927.
1926.
1927.
1927.
$
Pacific
Canadian
March
15,433,138 14,261,819 2,984,195 2,824,178
From Jan 1_43,236,009 40,344,958 6,462,628 6,531,067
Central of Georgia
2,616,998 2,949,663
March
677,521
748,899
601.009
816,436
From Jan 1- 7,244,771 8,008,927 1,857.207 1,975,891 1,468,630 1,603,825
Central RR of N J
4,836,274 5,022,787 1,095.955 1,445,399
March
741,622 1,092.108
From Jan 1_13,264,189 12,121,532 2,289,568 2,103,838 1,628,737 1,050,473
Central Vermont
March
703,421
723,969
108,748
89,723
88,455
109,340
From Jan 1 1.989,373 1,965,332
271,081
243,833
213.517
301,500
Ches & Ohio Lines
March
11.772,534 10,463,503 3,839,819 2,739,311 3,128,269 2.179,631
From Jan 1 33,158,424 30,238,820 10,976,901 7,929.337 8,347,438 6,249,949
Chicago & Alton
March
2,675,071 2,449.465
713,758
499,708
607,680
391,662
From Jan 1 7,423,108 7,196,356 1,854,684 1.440,154 1,536,475 1,116,117
Chicago Burl & QuincyMarch
13,256,509 13.015,297
53,103.500 82,529,278
From Jan 1_36,823,228 37,390,813
07,294,894 56,634.701
Chicago & East Illinois
March
2,581,654 2,354,417
517,226
401,061
408,413
302,834
From Jan 1_ 7,313,991 6,881.587 1,434,941 1,095.352 1,087,828
773,556
Chicago Ind. & Louisville
March
1,663,962 1,545,642
454,420
432,307
395.309
340.843
From Jan 1_ 4,557,281 4,381,602 1.110,605 1,143,478
909,519
910,535
Chicago Milwaukee & St Paul
March
13,209,105 12,905,635 2,471.023 2,503,581 1,716,093 1,751,528
From Jan 1 36,591,361 36,658,099 6,282,927 6,486,232 4.024,291 4,224,127
Chicago & North Western
March
12,029,745 11,956,641 2,354,180 2,158,337 1,550.642 1,354,589
From Jan 1_33.626,952 33.767,362 5,987,445 6,413,988 3,578.292 4,001,718
Chicago St Paul Minn & Omaha
March
327.942
433,522
425.383
2,206,825 2,214,867
316,089
From Jan 1 6,202,138 6,312793
651,432
955,611 1,040.545
685,835
ClinchfieldMarch
698,843
280,271
2 0,273
,
191,504
266,504
729,258
From Jan 1 2,085,733 2,075,166
581,156
746,031
566,035
806,156
Colorado & Southern
March
1,044.658
573,975
551,118
926.688
From Jan 1_ 3,174,436 2,895,230
8305,434 8281:09
43594
Conemaugh & Black Lick
March
-4,205
138,818
4,093
176,507
-3,005
From Jan 1
384.260
464,381 -24,988 -10,794 -28,588 -14,094
Delaware & Hudson
March
3,343,580 4,249,714
212,747 1,161,075
329.772 1,249,113
From Jan 1 10,054,214 8,857,304 1,108,611
757,585
542,758
807,831
Delaware Lack & Western
March
703,653 1,715.147
6,431.245 7,608,888 1,204,221 2,382,238
From Jan 1 18,979,558 18,255,629 3,466,872 3,834.223 1,995,192 2,291,812
Denver & Rio Gr'de Western
March
b373.984 0440,314
2,490,999 2,444,889
From Jan!. 7,420,198 7,412,829
81,395,096 81,455.325
Dot Tol & Ironton
March
957,000 1,221,097
5161,000 5266,471
From Jan 1_ 2,531,000 3,358,659
0430,000 0716,705
Detroit Terminal
March
197,017
30,334
51,749
236,803
17.299
35,898
From Jan 1
491,186
136,405
609,135
93,916
82,298
43,636
Erie Railroad
Mardi
9,263,755 9,438,180 1,287,851 1,922,774
895.418 1,554,436
From Jan 125,561,813 23,822,829 2,890,643 2,573,930 1.721,696 1,474,031
Chicago & Erie
1,301,752 1,576,248
March
810,820
498.537
746,959
440,757
From Jan 1 3,519,357 3,487.446 1.275,936 1,384,231 1,111,617 1,192,544
NJ&NYRR-4,258
136,443
March
124,599
7,583
•
-7.836
2,803
From Jan 1
364.300
-6,509
378,604
11,902
23,966 -17.379
Evans Ind & Terre Haute
122,925
253,074
108,320
March
291,978
110,913
102.737
291,616
245.688
660,256
260,387
From Jan!. 737.297
228.926
Florida East Coast
2,279,000 3,732,727
March
0392,000 01,009.866
From Jan 1_ 6,517.000 10,356,496
51,020,000 02,370,328
Fonda Johns & Gloversville
106,839
37,163
123.089
March
29,323
50,807
42,967
113,865
331,888
323,868
120,048
From Jan 1
90,345
96,528
Ft Smith & Western
133,750
166,228
30,690
15,288
36,220
March
9,784
416,890
466,494
64,768
88,522
From Jan 1
15,579
20,681
Georgia & Florida
207,040
200,611
64.462
58,090
March
50,390
57,337
119,320
531,583
From Jan 1_
515,114
153,113
96,120
131,755
Great Northern System
7,934,883 7,787,607 1,948,020 1,702,462 1,113,590
March
937,431
From Jan 1_21,204.669 21,388,941 4,037,142 4.721.861 1,898,601 2,514,274
Gulf Mobile & Northern
March
54,413
578,000
0112,000 0118,499
From Jan 1 1,623,000 1.544,754
0304,000 0342,437
Gulf & Ship Island
March
366,824
348.403
30,162 -38,863
6,267 -64,512
From Jan 1. 1,010.494 1,052,647
49,446 -22,573 -22,085 -100,142
Hocking Valley
March
1,678,172 1,543,939
604,597
460,350
493,447
348,642
From Jan 1_ 4,396,655 4,260,647 1,244,082 1.037.162
910,605
701.995
Illinois Central System
March
16,013,172 14.876,357 4,208,498 3,332.004 3,054,688 2,298,162
From Jan E45,388,112 44.638.734 11,351,543 10,743,076 8,076,546 7.580,443
Illinois Central Co
March
13,739,051 12,906,092 3.775,520 2,922,721 2,796,963 2,030.133
From Jan 1_38,638,954 38,709,493 9,058,460 9,377,275 7,218,913 6,655,395
Yazoo & Miss Valley
March
2,259,817 1,970,265
434,187
409,283
263,573
271.506
From Jan 1_ 6,707.345 5.929.241 1,392.373 1,365,801
935,343
871,390
Kansas Okla & Gulf(Idi Kan Okla 4: Gulf of Tex)
March
244,064
225,861 -79,694
19.368 -89,412
10.495
From Jan 1
675,400
684,807 -113,617
75,895 -142,821
51,940
Lake Superior & Ishpeming-.
March
68,513
70,487 --27.948 --30,842 --39,547 -42,352'
From Jan 1. 195,327
222,468 --83.303 --69,874 --118,102 --107.898
Lake Terminal
March
92.387
88,564
-5,544
10,841
325
From Jan 1
272,790
239,549
3,083
697
-5:2 1 21
15,543 -23,617
Lehigh Valley
March
6,159,737 7,151,864 1,079,176 1,935,346
798,434
From Jan 117,494.408 15,969,367 2,698,644 1,919,936 1,951,382 1,542,595
1,238,220
Louisville & Nashville
March
12,390,196 12,815,537 2,491,842 3,150,498 1,931,511 2,513.267
From Jan 1_35,396,119 37,090,844 6,917,124 8.718,901 5,128,346 6,471.269
Maine Central
March
1,952.246 1,999,468
537,458
507,183
398,818
423,543
From Jan 1 5,468,407 5,179,477 1,379,651 1,040,907 1,037,906
715,767
Midland valley
March
322.722
345,906
121.511
144,533
99,871
127,634
From Jan 1
953,568
983.839
398,630
421,873
337,586
371,117
Minneapolis & St Louis
eapolis
1,194,063 1,224,764
$93,244
124,345
62,454
79,424
From Jan 1 3,321,268 3,490,639
230,312
421,013
227,759.
88.784
--Gross from Railway
- -Net from Railway- -Net after Tares
1926.
1927.
1927.
1926.
1926.
1927.
$
$
Mo-Kansas-Texas721,821
981,810
March
3,058,702 2.754,990 1,213,586
939,300
From Jan 1_ 8,608.704 8,057,883 3.056,438 2,699,699 2,430,057 2,074,250
Mobile & Ohio
March
422,948
1,648,576 1,737,344
405,008
518,362
490,293
From Jan 1 4,406,559 4,903,397 1,028,061 1,360.374
779.970 1,079,188
Montour
March
151,073
27,504 -26,180
35,818 --24,338
57,150
From Jan 1
57,495 --09,404
397,247
158,463
81,787 --63,802
Nashv Chatt & St Louis
March
1,997,610 2,219,307
5403,936 5415,009
From Jan 1_ 5,554,910 6,092,581
5858,274 51,060,680
Newburgh & South Shore
26,495
4,974
March
145,694
40,289
17,612
178,206
From Jan 1_
60,405
9,150
99,188
398,917
46,010
494,369
New Orleans Great Northern
March
52,511
80,657
71.686
293,460
247,848
100,573
From Jan 1
200,123
218,652
259,150
828,791
272,088
772.182
New York Central
March
33.116.389 33,490,647 7,569,832 7,675,512 5,497,417 5,495.687
From Jan 1 93,716,382 92,956,143 20,316,042 20,389,378 14,188,900 14,140,614
C C C St Louis
&
March
8,327,961 7,798,330 2,441,565 1,925,979 1,967,797 1,435,970
From Jan 1 22,854,962 22,143,221 5,406,299 5,143,716 4,144,171 3,803,594
Cincinnati Northern
March
112,886
131,796
140,042
419,165
159,936
400,683
From Jan 1_ 1,172,641 1,174,800
335,178
305,339
413,417
380,611
Michigan Central
March
7,761,844 8,483,516 2,558,512 2.771,782 2,025,276 2,245,510
From Jan 1_21,339,710 22,773,972 6,403,713 7,143,942 4,986.636 5.687,299
Pittsburgh 4: Lake Erie
March
558.540
360,862
520,844
354.778
2,914,213 2,873.878
716,610 1,092,989
From Jan 1 8,248,326 8,335,626 1,191,771 1,651,362
New York Chicago & St Louis
March
4.742,267 4,821,472 1,542,881 1,492,562 1,274,256 1,240,192
From Jan 113,224.226 13,418,908 3,478,750 3.738,874 2.672,634 2,983,169
NYNH& Hartford
11,089,142 11,543,152 3,023,516 3,334,485 2,510,165 2,884,500
March
From Jan 1 30,999,093 31,063,065 7,007,750 7,346,719 5.466,191 5.998,970
N Y Ontario & Western
-2,554
238.731 -52,579
March
188,728
840,204 1,124,475
178,916 -12.172
329,797
162,290
From Jan 1 2,341,394 2,136,411 N Y Suse & Western
146,185
116,908
416,145
55,252
26.576
505,189
March
39,460
116,026
30,302
127,210
Fr in Jan 1 1,209,219 1,102,226
Norfolk & Western
9,594,853 9,450,578 3.682,661 3,667,799 2,831,704 2,916,624
March
From Jan L27,402,970 26.752,114 9,438,521 9.740,826 6.886,843 7,485,566
Northern Pacific
911,170
95,636
7,320,692 7,535,219 1,608,920 1,575,354
March
From Jan 1 19,388,390 20,781,013 3,334,134 4,107,689 1,340,849 2.118,125
Pennsylvania System
Pennsylvania Co
58,798,527 58,234,574 14,991,788 11,210,956 12,530,678 8.586,144
March
From Jan 1 164358,253 164203,431 33,023,341 27,470,907 3,289,077 3,238,087
Bait Chas & Atlantic
96,018 -30,371 -17,731 -33,566 -20,915
94,656
March
102,803 -86,399 -102,901 -86,426
238,045 238,639
From Jan 1_
Long Island
335,247
240,626
155,185
406.349
2.998,570 2,930,979
March
672,948
895,093
743,693
872.818
From Jan'. 8,477,724 7,904,422
Monongahela
238,525
396.229
356,083
264,737
742,518
March
567,783
843,788
937,432
928,676
From Jan 1_ 2,060,974 1,934,212 1,039,078
West Jersey & Seashore
93,588
36,087
19,020
110,088
851,249
969,590
March
51,112
7.009
51,591
8,136
From Jan 1 2.433.753 2,533,262
Peoria & Pekin Union
34.979
49.944
51,979
66,944
154,993
176,427
March
107,832
158,137
157,832
159,137
458,794
479.462
From Jan 1
Pere Marquette
51,003,400 5968,758
3.932.076 3,836,664
March
52,121,325 52.134.816
From Jan 1_10,285,611 10,281,493
Perkiomen19,574
33,084
26,426
37,545
91,722
101.008
March
114,689
101,895
137.881
315,314
117,795
296,721
From Jan 1_
Pittsburgh & Shawmut30,479
37,098
30,644
38,245
141,792
168,292
March
84,458
73,544
84,865
76.940
395,281
447,771
From Jan 1_
Pitts Shawtnut & North
27,964
39,888
31,169
43,116
161.068
182,974
March
63,400
103,475
72,531
112,660
438,661
523,585
From Jan 1
Pittsburgh & West Va1
* 58,394
188,184
213,998
258,461
453,613
510,320
March
405,949
517,778
560,645
711,637
From Jan 1_ 1,426,690 1,266,363
Port Reading
123,527
101.801
140,055
262,194
117.578
225,060
March
311,165
236,378
358,067
282.772
711,778
From Jan 1_ 661,442
Reading Co
8,092,832 9,189,930 1,874.722 2,815,878 1,423,466 2,222,394
March
From Jan 1 23,368,841 22,569,211 5,106,624 5,129,712 3,197,235 3,799,754
Richmond Fred & Potomac
391,703
310,838
477.450
393,290
1,146,041 1,223,290
March
684,228 1,052.683
874,182 1,298,190
From Jan 1 3,115.423 3,404,578
Rutland
69,531
127,592
98,343
602,800
540.060
March
126,676
203,395
225,767
From Jan 1_ 1,506,971 1,571,705
Louis-San Francisco
St
7,574,316 7,581.115 2,182,927 2,133,984
March
From Jan L21,530,028 22,314,101 6,330,722 6,607,568
Louis Southwestern
St
483,545
549,290
514,566
1,492,121 1,543,441
March
From Jan 1 4,248,727 4,608,986 1,441,223 1,495,530 1,270,687
Total System
397,309
483,072
475,859
2,089,001 2,116,704
March
From Jan 1 5,992,862 6,402.190 1,307,239 1,452,548 1,055,489
94,809
148,232
475,074
1,275,801
380,998
1.149,057
Seaboard Air Line
6,060,666 6,989,112 1,764.517 2,176,881 1,437,239 1,877,257
March
497,410 1,257,202
From Jan 117,670.212 19,185,184 4,44,8567 5,282.263
Southern Railway System
16.936,846 18,429.596 4,647,310 5,842,584 3,666.556 4,751,169
March
9,291,901 11,612,130
From Jan 1 47,576,468 51,220,560 12,165,064 14,926.641
Southern Railway Co
3,392,941
12,833,279 13,737,111 3,463,714 4,198.169 2,713,424
March
7,033,433 8,062.330
From Jan 1 36,104,750 37,944,854 9.205,375 10,522,261
Ala Great Southern
275,769
232,094
322,293
283,586
943,587
888.458
March
605,112
498,712
779,828
657,821
From Jan 1 2,454,658 2,598,219
Ciii N 0 & T P
1,911,513 2,051,542
March
From Jan 1 5,279,566 5,856,321
Georgia Southern & Florida
729,679
413,669
March
From Jan 1 1,234,452 2,047,508
New Orleans & Northeast
569,771
521,709
March
From Jan 1 1,485,832 1,587,926
Alabama
North
128,327
132,038
March
355,199 Et 373,881
From Jan 1
[VOL. 124.
THE CHRONICLE
2576
582.056
1,157,108
692,652
1,963,082
496,453
1,085,744
562,814
1,616,926
-611
71,442
229.885
615,016
-21,400
10,352
203,052
514,824
179,802
503,337
240,559
600.228
132,087
387,570
185,257
445,077
64.908
153,274
52,224
145.266
59,648
137,986
45,089
127,654
-Gross from Railway- -Net from Railway- -Net after Tarts-1926.
1927.
1927,
1926.
1927.
1926.
Southern Pacific System
March
24.810,928 24.455,835
From Jan 1 67,880,439 67,175,980
Sou Pacific Co
March
995,566 1,129,389
From Jan 1_ 2,938,008 3.039,709
Staten Island R T
March
245,264
251,825
From Jan 1
684,692
697,299
Term Sty Assn of St Louis
March
1,273,996 1,148,464
From Jan 1 3,527.554 3,317,646
Texas & Pacific
March
3,406,254 2,872,824
From Jan L 9,432.820 8,585.559
Ulster & Delaware
March
77,636
82,534
From Jan 1_
193,021
193,902
Union Pacific
March
15,322,499 16,095,760
From Jan 1 42,350,155 43,908,899
Union RR (Penna)884,012
March
908,490
From Jan L 2,356,157 2,525,293
Utah
March
142,825
108,397
From Jan 1
496,211
398,347
Virginian
2,175,327 1,710,001
March
From Jan 1 6,263,439 5,192,135
Wabash
6,174,988 5,957,205
March
From Jan 1_16,881,446 16,652,235
Western Maryland
2,025,011 1,815,910
March
From Jan!. 5,920,942 5,533,129
Western Pacific
1,145,162 1,104,758
March
From Jan 1_ 3,052,624 3,122,758
Western Sty of Alabama
343,042
277,385
March
From Jan L 781,016
880,600
Wheeling & Lake Erie
1,908.212 1,725,903
March
From Jan 1_ 4,915,818 4,643,487
6,012,703 5,947,899 4,283,421 4,150,391
14,227,828 14,479,130 9,217,058 9,459,467
37,445
272,656
178,748
387,806
27,806
251,454
171.967
353,618
57,126
146,767
43,212
106,476
40,126
95,742
27,697
59,072
478,286
1,288,147
415,001
1,185,069
383,198
978,326
309,644
867,648
629,707
1,144,797
347,303
1.137,322
--4,476
-42,846
--9,868
-53,689
--10,226
-60,096
3,939,572 4,246,166
10,868,286 10,851,781
2,655,091
7,019,488
2,979,098
7.085.754
112,553
235,161
127,889
252,410
89,553
182,161
106,600
198,544
49,469
200,320
30,034
129,958
39,927
163,895
20,550
101,505
1,135,900
3,233,260
704,092
2,230,290
971,100
2,738,252
568,083
1,825,167
1,593,565 1,574,961 1,297,991
3,971,900 4,106,108 3,131,291
1,260,107
3,255,744
--4,118
-36,439
592,775
1,762,098
511,837
1,606,093
492,775
1.469,371
431,837
1.261,865
180,688
409,878
237,614
650,357
556,809
5286,007
6128,463
5377,888
56,293
164,331
122.119
260,764
42,225
121,637
101,468
215,488
621.101
1,445,277
504,688
1,240,026
465,099
1,026,216
363,303
849,379
Total Net
Income.
Fired
Charges,
- Deficit.
S After rents. '
Fonda Johnston & Gloversville
March 1927
March 1926
Since Jan 1 1927
Since Jan 1 1926
Minn St P & S S M System
March 1927
March 1926
Since Jan 1 1927
Since Jan 1 1926
Minn St Paul & El S Marie
March 1927
March 1928
Since Jan 1 1927
Since Jan 1 1926
Wisconsin Central
March 1927
March 1926
Since Jan 1 1927
Since Jan 11928
St Louis Southwestern System
March 1927
March 1926
Since Jan 1 1927
Since Jan 1 1926
-Grossfrom Railway- -Avail. for
1927.
1926.
1927.
$
$
$
-Texas
Missouri-Kansas
4,891,478 4,379,095 1.119,566
March
From Jan 1 14,075,381 12,971,938 3,163,295
Balance.
30.993
45,432
97,036
104,453
31,864
33,052
95,252
96,379
-981
12,300
1,784
8,073
251.305
235,844
505.974
607.349
589,045
582,377
1,771,252
1,698,014
-337,740
-346,531
-1,265.279
-1,090,665
204.151
173,584
474,782
501,985
421,097
422,613
1,228,786
1.233,261
-216,945
-249,028
-754,004
-731.275
47,154
62,260
31,192
105,363
167,948 -120,795
159.764 -97,503
542,466 -511,275
464,753 -359,370
184,413
299,034
413,447
233,373
385.427
152,055
692,504
1,084,673
372,170
450,561
701,936
1,152,497
.Interest- -Surplus aft. Chges
1926.
1927.
1926.
$
$
$
963,488
2,866,264
555.057
1,454,002
372,688
1,093,653
Electric Railway and Other Public Utility Net
-The following table gives the returns of
Earnings.
ELECTRIC railway and other public utility gross and net
earnings with charges and surplus reported this week:
-Gross Earnings--Net Earnings
-Current
Previous
Curren:
Previous
Year.
Year.
Year.
Year.
$
$
$
$
123,057
116,968
78,437
76,973
Southern Canada Power_Mar
769,781
705,620
476,839
517,646
6 months ended Mar 31_
Gross
Net after
Balance,
Fixed
Earnings.
Taxes.
Surrus.
Charges.
Companies.
$
$
$
Feb '27 3,092.814 5c273,645
556,430
1217,215
AIIG&WISS
/243,365 5-126.384
Lines & Sub SS Cos '26 3.298.337 *c116.981
570,905
2 mos ending Feb 28 '27 6.590.453 5c514,374 /443,468
'26 6,807.206 *c268,522
/490,988 5-222,466
317,918
171,700
Feb '27
98,132
73,568
Columbus El &
285,049
'26
118.038
66.104
Power Co & Subs
904,595 1,208„691
12 mos ending Feb 28'27 3,821,598 2,113,286
858,773
'26 2,914,442
542,278
316,496
*169,274 m114,545
503.565
Feb '27
54,740
Eastern Texas El
378,816
*138.967
m87,977
'26
50,999
Co & Subs
12 mos ending Feb 28'27 5,892,873 *2,246,862 m218,372 1,028,485
'26 3,837,047 *1,236,190 m563,884
672,308
*138,178
239,870
17,106
121.072
Fort Worth Power Feb '27
*122,435
241.675
17,426
'26
105,009
& Light
206,418 1,278,204
12 mos ending Feb 28'27 2.846.437 *1.484,622
203,122 1.180.081
'26 2,835.625 *1.383,203
20.001
53,954
6,155
13,846
Feb '27
Jamaica Public
18,589
51.182
6.271
12,319
'26
Service Co
263,975
661.705
74,396
189,579
12 mos ending Feb 28'27
630.952
240,658
78,071
'26
162,587
48,280
7 .650
2
Mar '27
7,647
Manchester
10,045
56.148
'26
57
9,988
Street Railway
8
149.344
22,618
22,609
3 mos ending Mar 31 '27
28,970
162,008
332
'26
28,638
424.702
80,579
*248.109
Feb '27
Nebraska
167,530
379,793
'26
*218.062
69,595
Power Co
148.467
860,938 1,529,511
12 mos ending Feb 28 '27 4,461.398 *2,390.449
828,670 1,366,307
'26 4.189,616 *2.194,977
363,164
*126.244
955,255
New Bedford Gas Mar '27
70,989
360,143
*109,102
'26
946,254
& Edison Lt
62,847
9667,354
12 inns ended Mar 31 '27 4,201.828 *1,637,967
970,613
'26 4,030,262 *1,504,678
9596,937
907,742
297.399
Mar '27
3158,898
/99,640
New York Dock
59.258
'26
257,360
3129.427
/89,921
Co
,
39,505
874,550
3463,958
1294,745
3 mos ended Mar 31 '27
169,213
744.621
'26
3371,984
5265,871
106.113
Companies.
APR. 30 19271
THE CHRONICLE
Gross
Net after
Taxes.
Earnings.
Companies.
Pacific Power
Feb '27
299,639
*122.540
'26
297,772
& Light
*137.409
12 mos ending Feb 28 '27 3,747,052 *1.758.254
'26 3,610,128 *1.612,502
Pennsylvania Coal Mar '27
694,712
*112.080
& Coke Corp & Subs '26
521,160
*-4,591
3 mos ending Mar 31 '27 2,081,190
*340.295
'26 1,646,258
*107.568
Penn Ohio
Mar '27 1,145,530
453,088
Edison Co
'26 1,020,312
428.451
12 mos ending Mar 31 '27 13,073,283 5.404,785
'26 11,490,774 4.673,767
Portland Gas
Feb '27
409,438
*160.858
& Coke
'26
361,470
*136,080
12 mos ending Feb 28 '27 4,293.867 *1.532,828
'26 4,071.659 *1.436,778
Public Service Co of N H
and Subs
Mar '27
289,815
141.204
3 mos ending Mar 31 '27
908.531
441.879
Public Serv Co of Mar '27 9,211,364*c2,
546,F28
'26 6,852,272 *c2.715.880
New Jersey
27
12 mos end Mar 31' 108.265,352 *c30970586
'26 97,700,718 *c28822147
Feb '27
Tampa Power &
431.234
157.455
'26
& Light Co
408.752
150,261
12 mos ending Feb 28 '27 4,905,426 1,511,839
'26 3,652,584 1.229,937
Feb '27
Texas Power
800,261
*371.388
'26
& Light Co
631.568 *261,709
12 mos ending Feb 28 '27 8,139,478 *3.618,370
'26 6,961.414 *3,001.885
Third Avenue By Mar '27 1,304,145 *c272,275
'26 1,214.258 *c221.144
System
9 mos ended Mar 31 '27 11,437,129*c2,237.021
'26 10,855,001 *c2,002,725
Mar '27
20,722
York Utilities
31,258
'26
Company
21.230
.
3-77
160.901
3 mos ending Mar 31 27
5*3,607
'26
58,976
/*2,455
Fixed
Charges.
Balance.
Surplus.
63.794
66.026
798.880
787.022
040.944
041.879
0120,800
0127,772
1227,439
1266,404
13,359.117
13,179,481
56.299
52,966
653,257
575,465
58,746
71.383
554,921
425,766
71,130
-46.470
219,495
-20,205
180,649
162,046
2,045,667
1,494.286
104,559
83,114
879,571
861,313
36,791
104,413
94,105
347,774
1.630,641
915,897
1.385,751 1,330.129
18,759,867 12,210,719
16,943,892 11,878,255
4,750
152.706
5.154
145.10't
73,918 1,437,922
62,212 1.167,725
149,243
222,145
53.247
178.462
1.248.174 2,370,196
998,410 2.003,475
e230,947
41,328
e222,208
-1.064
e2,031,342
205,680
e2
.022,687 -19.962
k3.916
--2,658
k3,731
--3.808
k11,749
--8,142
k11,259
--8,804
* Includes other income.
Includes depreciation.
Includes dividends on preferred stock in hands of public.
I Before taxes.
k Includes taxes.
m Includes interest, amortization charges and dividends on securities of
underlying companies held by Public.
* Includes other income. c After depreciation. e Includes amortization
of debt discount and expenses. g Includes depreciation.
Earnings of Large Telephone Companies.
-The InterState Commerce Commission at Washington has issued a
monthly statement of the earnings of large telephone companies having an annual operating revenue in excess of
$250,000. Below is a summary of the return:
No. of Co.
Stations in
Gross
Service.
Earnings.
Nov. 30.
February 1927
14,021,053 73,915,067
February 1926
13,184,719 68,393,270
2 mos.end. Feb.28 1927 14,021,053 150,536,049
2 mos.end. Feb.281926 13,184,719 138,620,494
Operating
Expenses.
Net
Operating
Revenues.
Operating
Income.
48,592,708
45,441,888
98,616,627
92,405,219
25,322,359
22,951,382
51,919,422
46,215,275
18,455,898
16.583,155
38,148,592
33,483,305
FINANCIAL REPORTS
Annual, 4kc., Reports.
-The following is an index to all
annual and other reports of steam railroads, public utilities,.
industrial and miscellaneous companies published since and
including 34tomh 26 1927.
This index, which is given monthly, does not include
reports in to-day's "Chronicle."
13oldface figures indicate reports published at length,
Steam RoadsAnn Arbor RR
2275
Alabama Great Southern RR
2273
Atchison Topeka & Santa Fe Re.
2267, 2304, 2115
Atlantic Coast Line R11.2470, 2419, 2115
Bangor Aroostook RR
2114
Belt Ry.of Chicago
2275
Boston & Maine RR
1811
Buffalo & Susquehanna RR Corp_ ...1973
Canadian Pacific Ry
1998, 1967
Central of Georgia
2306, 2268
Central of Georgia By
2111
Central New England By
1975
Chesapeake & Ohio Ry
2150, 2112
Chicago Burlington dr Quincy RR__1814
Chicago Great Western RR
2274
Chicago Indianapolis& Louisville Ry1968
Chicago dr North Western Ry.2462, 2419
Chicago Rock Island & Pacific Ry.
2459, 2419
Chicago St. Paul Minneapolis dr
Omaha By
2465, 2419
Chicago & Western Indiana RR_ _ _ _2275
Cincinnati New Orleans dr Texas
Pacific By
2274, 2113
Delaware & Itudson Co_2452, 2419, 2271
Delaware Lackawanna & Western
RR
2300, 2267
Denver & Rio Grande Western BR.
.2113
Denver & Salt Lake RR
2117
Detroit dr Mackinac By
2423
Erie RR
2296, 2268
Georgia Southern dr Florida By 2114, 1970
Green Bay & Western RR
1815
Necking Valley Ry
2154, 2110
Hudson & Manhattan RR
2420
Central RR
Illinois
2448, 2419
International Great Northern RR.
2423, 2268
Kansas City Southern By._ _2111, 1970
2272
Long Island RR
Louisiana & North West RR
2424
Louisville & Nashville RR_ _ _2144, 2110
2112
Maine Central RR
Maryland & Pennsylvania RR
2275
missouri-Kansas-Texas RR- _2276, 1968
Missouri Pacific RR
1975
2114
Mobile & Ohio RR
New Orleans, Texas dr Mexico By..1975
1975
New York Connecting RR
New York New Haven & Hartford
1969
BR
New York Ontario & Western Ry--.1975
2421
Norfolk Southern RR
1994, 1967
Norfolk Sc Western By
2420
Northern Pacific By Co
2107
Pennsylvania RR
Railroads (Continued)
Reading Co
2110
Richmond Fredericksburg dc Potomac RR
2424
Seaboard Air Line By
1817
Southern Pacific
2137, 2109'
Southern Railway
2001, 1968
Tonopah & Goldfield RR
2276
Toronto Hamilton & Buffalo Ry--2425
Ulster & Delaware RR
2114
Virginia Ry
2273, 2111
Wabash By
2456, 2419, 2269, 1817
Western Maryland By
2276
Public Utilities
All American Cables Inc
2117
American & Foreign Power Co., Ine_2421
American Public Service Co
2276
American Telephone & Telegraph Co 2278
American water Works dr Elec. Co.
Inc
2118, 1971, 1817
Arizona Edison Co
2118
Arkansas Natural Gas Co
2425
Associated Gas & Electric Co.2425, 2118
Bangor Hydro-Electric Co
1976
Baton Rouge (La.) Electric Co
2285
Berkshire Street By
1976
Birmingham (Ala.) Electric Co
2276
Blackstone Valley Gas de Elec. Co_ _1976
Boston Consolidated Gas Co_ _2425, 2276
Boston Elevated By
2276, 1974
Boston de Worcester Street By
1976
Brooklyn-Manhattan Transit Corp_2426
Buffalo General Electric Co
1977
Buffalo Niagara & Eastern Power
Corp
1818
California Oregon Power Co
1977
California Water Service Corp 2277, 2118
Calumet & South Chicago By.Co -.1977
Cambridge (Mass.) Electric Light
Co
1818
Cambridge Gas Light Co
1818
Canadian Light & Power Co
2118
Cape Breton Electric Co. Ltd
2277
Capital Traction Co., Washington,
D.C
2118
Central Gas& Electric Co., Chicago_2118
Central Illinois Light Co
2119
Central Illinois Public Service Co-1818
Central Power & Light Co
1977
Central dr Southwest Utilities Co_ -2118
Central States Utilities Co
2119
Chesapeake & Potomac Telephone
Co.(D.of C.)
2119
Chesapeake & Potomac Tele. Co. of
Ball. City
2119
Chesapeake & Potomac Telephone
Co.(Va.)
2119
Chicago City Rya
.2 0
27
2577
Public Utilities (Continued)- Page.
Public Utilities (Concluded)- Page.
Chesapeake & Potomac Telephone
Standard Power & Light Corp
2430
Co.(W. Va.)
2119 Tampa Electric Co
2282
Chicago Railways
2269 Tennessee Electric Power Co_ _2122, 1822
Chicago Surface Lines
1818 Texas Louisiana Power Co
2122
Cincinnati Hamilton Sr Dayton Corp.2119 Tri-State Telephone & Telegraph Co.1823
Cincinnati Street By
2277, 2119 Tyrol Hydro-Electric Power Co_ _ _ _2282
Cities Service Co
2467, 2426, 2419 Union Gas Corporation
2283
Citizens Gas Lt. Co., Quincy. Mass_2277 Union Light & Power Co.(Mass.)_ _2283
Coast Counties Gas & Electric Co__2119 Union St. By.. New Bedford, Mass_2283
Coast Valleys Gas dr Electric Co__ _ _2426 Union Water Service Co
2122
Columbia Gas & Electric Corp.(Del.)2277 United Gas Improvement Co
2430
Columbus Electric & Power Co
2119 United Light & Power Co
2122
Commonwealth Edison Co
2426 United Public Utilities Co
2283
Commonwealth Power Corp_ _2426, 1818 Utah Power dr Light Co
1823
Connecticut Company
1978 Utica (N. Y.) Gas & Electric Co__..2431
Connecticut Light & Power Co
1819 Washington Baltimore & Annapolis
Consolidated Gas, Elec. Light &
Electric RR
2283
Power Co. of Baltimore
1982
1978 Washington Gas & Electric Co
Continental Gas & Electric Corp.,
Washington Water Power Co
2284
Chicago
2120 West Ohio Gas Co
1824
Continental Telephone Co. Lincoln,
West Penn Electric Co
2431
Neb
1978 West Penn Power Co
1982
Detroit Edison Co
2426 West Penn Railways
1982
Dominion Pr. & Transm. Co., Ltd 2426 Western States Gas & Electric Co.
.2431
Duke-Price Power Co., Ltd
2277 Western States Utilities Co
2122
Duquesne Light Co
2422, 2277 Western Union Telegraph Co., Inc.
Edison Elec. Ilium. Co., Boston_ _ _ _1819
2284, 2007, 1968
El Paso Electric Co
2120 Western United Gas & Electric Co_ _1982
Electric Light & Power Co. of AbWeymouth (Maas.) Lt.& Pow. Co...2283
ington & Rockland
2278 Winnipeg Electric Co
2284
Electric Public Service Co
2278 Worcester (Mass.) Gas Light Co..--1982
Empire District Electric Co
Industrials
2426
Paper Co., Ltd..._1982
Engineers Public Service Co., Inc_ _ _2120 Abitibi Power &
Fall River Electric Light Co
2284
1819 Abraham & Straus, Inc
Federal Light & Traction Co
1982, 1824
1819 Advance-Rumely Co
Federal Water Service Corp
1824
1978 Ajax Rubber Co., Inc
Florida Public Service Co
2120 Albany (N.Y.) Perforated Wrapping
Fort Smith Light & Traction Co_ __ _2427
Paper Co
1824
Ft. Wayne Van Wert dr Lima TracAlexander Hamilton Institute, N. Y.
tion Co
2123
City
2427
General Gas & El. Corp_2472, 2420. 1819 Amalgamated Laundries, Inc
2123
General Power & Light Co
2120 Ambassador Hotel, Los Angeles... _2284
General Telephone Co
1824
2120 Amerada Corporation
Great Falls Power Co
1825
1978 American Bank Note Co
Greenwich (Conn.) Water & Gas Co-1978 American Bosch Magneto Corp.-1824
Haverhill Electric Co
1825
2120 American Chain, Inc
Honolulu Rapid Transit Co., Ltd_ _ _1819 American Chicle Co
2431
Houston (Texas) Gulf Gas Co
1979 American District Teleg. Co.(N.J.)2284
Houston Lighting & Power Co
2284
2278 American Druggist Syndicate
Illinois Northern Utilities Co
2120 Amer.European Securities Co-2312,2268
Illinois Power & Light Corp_ _ _2004, 1968 American Glue Co
1825
Interborough Rapid Trane.Co 1979, 2427 American Ice Co
1983
Joplin (Mo.) Water Works Co
1819 American International Corporation
Kansas City Power & Light Co
2284, 1849, 1814
2285
2427, 1854, 1814 American Linseed Co
Kentucky Utilities Co
1825
2279 American Locomotive Co
Keystone Telephone Co.(N. J.)_ _ _ _2120 American Machine & Foundry Co.
.2123
Knoxville Power & Light Co
2278 American Maracaibo Co. (Del.)--_1825
Laclede Gas Light Co
1825
2279 American Milling Co. (Del.)
Lake Superior District Power Co_ _ _ _2279 American Pneumatic Service Co..
.2431
Lehigh Power Securities Corp
1826
1970 American Radiator Co
Lehigh Valley Transit Co
2279 American Safety Razor Corporation_1826
Long Island Lighting Co
2121 American Sales Book Co., Ltd., ToLouisville Gas & Electric Co.(Del.)_2427
1826
ronto, Out
Louisville (Ky.) By
1826
2279 American Tobacco Co
Lowell Electric Light Core
2285
2279 American Type Founders Co
Lower Austria Hydro-Electric Power
American Writing Paper Co.. Inc--1826
2427, 1979 American Zinc. Lead & Smelting Co_2123
Co
Manchester(N.H.) Street By
1827
2428 Archer Daniels-Midland Co
Market Street By
2428, 1979 Arkansas Natural Gas Co
2123
Massachusetts Gas Companies
2279 Arizona Commercial Mining Co._ _ _1827
Massachusetts Lighting Cos
2285
2280 Arnold Brothers, Ltd
Midland Utilities Co
1827
1979 Art Metal Construction Co
2285
Middle West Utilities Co
1972 Artloom Corporation
.2121, 1980 Associated Simmons Hardware Coe_2431
Mississippi River Power Co..
Missouri Gas Sr Electric Ser. Co-- _ -1980 Atlantic Gulf dr West Indies SS.Linee1983
1983
Monongahela West Penn Public
Atlantic Refining Co
2431
Service Co
1980 Austin. Nichols & Co.. Inc
Montreal Tramways Co
2280 Balaban & Katz Corp.. Chicago_ _ _ _2432
1827
Mountain States Power Co
2428 Bamberger (L.) dr Co
2432
National Public Service Corp
1820 Bayuk Cigars. Inc
2285
Nevada-California Elec. Corp_2428, 2280 Beatrice Creamery Co
2432
2280 Beech Nut Packing Co
New England Fuel & Trans. Co
2123
New England Public Service Co_ _ _2280 Bertha Consumers Co
1852, 1813
New York & Queens County Ry-...2280 Bethlehem Steel Corp
1827
New York Bye. Corp
2428 Bigelow-Hartford Carpet Co
2432
New York dr Stamford By
1980 Bing & Bing, Inc
New York State Railways
2428 Bliss(E. W.) Co., Brotatlyn; N.Y 2124
1983
New York Transportation Co
2280 Bloomingdale Bros., Inc
2432,182?
New York Westchester & Boston By 1980 Bon Ami Co
Niagara rails Nivel'Co
2280, 1820 Botany Consolidated Mills, Inc_ _ _ _2285
2433
'Niagara Lockport & Ontario Pr. Co-2280 Brandram-Henderson. Ltd
2281 British Columbia Fishing & Packing
North American Edison Co
2432
North Shore Coke & Chemical Co_ _1980
Co.. Ltd
Northern Indiana Public Service Co_1821 Brompton Pulp & Paper Co., Ltd_ _1983
Northern Michigan Public Ser. Co_ _1821 Brunswick-Balke-Collender Co
2285
Northern Ohio Power & Light Co.
.2281 Burkart (F.) Manufacturing Co... 2285
Northern States Power Co.(Del.)
..2428 Burns Brothers (Coal) ______<-__ 2433
Northwestern Bell Telephone Co
'1983
1821
Terminal CoBush
Nova Scotia Tram.& Pow.Co., Ltd.2281 Butte & Superior Mining Co
2124
Ohio Edison Co
2433
2428 Butterick Company
Ohio Electric Power Co
2433
1981 Byers Machine Co
2433
Ohio Public Service Co
2281 By-Products Coke Corporation
Oklahoma Gas dr Electric Co
1981 California Petroleum Corporation...1828
Ottawa 6c Hull Power Co., Ltd_ _ _1821 Callahan Zinc Lead Co
2286
Ottawa River Power Co.. Ltd
1821 Calumet & Arizona Mining Co.2124, 1984
Otter Tail Power Co.(Del.)
2428 Calumet & Hecht Cons. Copper Co_ _1984
Pacific Electric By
1828
2429 Canada Dry Ginger Ale, Inc
Pacific Gas dr Electric Co
2121 Canada Foundries & Forgings, Ltd._2286
Pacific Tele. & Telegraph Co
2429 Canada Steamship Lines. Limited. 1984
Peninsular Telephone Co
2429 Canadian Department Stores, Ltd 1828
Penn-Ohio Edison Co
1981 Canadian General Electric Co., Ltd_2124
Pennsylvania Power & Light Co__ 2429 Canadian Westinghouse Co., Ltd.._2124
Penn. State Water Corp
2281, 1821 Celotex Co
2433, 1829
Peoples Light & Power Corp
1829
2429 Central Coal & Coke Co
Philadelphia Co
1984. 1829
2421 Central Leather Co
Philadelphia Electric Co
1984
2281 Centrifugal Pipe Corp
Philadelphia Rapid Trans. Co
2429 Century Ribbon Mills, Ino_2433, 1829
Pittsburgh Bye. Co
2434
2472 Chamberlain & Procter
Portland Electric Power Co
1981 Chandler Cleveland Motors Corn
11 29
-3
Porto Rico Railways Co., Ltd
1981 Chic. June. Rys. & Union Ste. Yds_1829
Providence Gas Co
1829
1821 Chicago Mill & Lumber Co
Public Service Co.(N.H.)
2434
2429 Chicago Pneumatic Tool Co
Public Service Corp.(N. J.)_1839, 1811 Christie Brown & Co., Ltd
2434
Public Service Corp.(Okla.)
2124
1821 Cleveland Hotel Building site
Puget Sound Power & Light Co_ _ _ _2281 Cleveland (0.) Worsted Mills Co.._2124
Quebec Southern Power Corp
2434
1981 Collins & Ackman Co. N.Y
1830
Queens Borough Gas & Electric Co.
Colorado Fuel & Iron Co
2124
2281, 1981 Columbia River Paper Mills
1830
Rochester Gas & Electric Corp
2282 Columbia Steel Corp
St. Maurice Power Co., Ltd
2434
1822 Commercial Solvents Core
San Diego Cons. Gas & Elec. Co_ _ 2429 Conde Nast Publications, Inc
1830
2288
Savannah Electric & Power Co
2282 Comagas Mines, Ltd
1830
Sierra Pacific Electric Co
2282 Consolidated Cigar Core
2125
Southern Bell Tel. & Tel. Co., inc..1822 Consolidated Laundries Corp
Southern California Edison Co
2158 Consolidated Mining & Smelting Co.,
2286
Southern Colorado Power Co
2429
Can.. Ltd
1984
Southern Ohio Public Service Co_...1822 Consolidated Textile Corp
2125
Southern Wisconsin Electric Co_..2282 Container Corp. of America
Southwest Power Co
2282 Continental Paper & Bag Mills Corp_2125
2434
Southwestern Bell Telephone Co_ _ _2429 Continental Securities Corp
2434
Southwestern Gas & Electric Co__ 2429 Corn ProPueta Refining Co
Spring Valley Water Co
1984
2430 Cosgrove-Meehan Coal Corp
1830
Springfield (Mass.) Gas Light Co...1822 Crook (J.W.) Stores Co.,Ball
Standard gas & Electric Co
228d
2421 Cunard Steamship Co., Ltd
2578
Industrials (Continued)Industrials (Corditrued)2291
2435. 1830 Natomas Co.(Calif.)
Cuahman's Sons, Inc
2130
2435 Nevada Consul. Copper Co
Cuyamel Fruit Co
2130, 1989
Davenport Hosiery Mills, Inc
1985 New Cornelia Copper Co
2291
Davis Coal & Coke Co
2125 New England Coal & Coke Co
1989
De Forest Radio Corp
2125 New England Steamship Co
2131
Detroit Properties Corp
1985 New Erlanger Theater
2130
Devonian 011 Co., Tulsa, Okla
2286 New River Co
2308, 2268
Diamond Match Co
1831 New York Canners, Inc
2130
Dodge Bros., Inc
2435 (J. J.) Newberry Co
1836
Dome Mines, Ltd
2126 Nippissing Mines Co., Ltd_
Donnet Steel Co
2435 North American Investment Corp_ _1990
Douglas-Pectin Corp
1831 North Central Texas Oil Corp_2439, 1990
1990
Duz Co., Inc
1831 Ohio Oil Co
1838
Eastman Kodak Co
2268 Ohmer Fare Register Co
Eaton Axle & Spring
1836
2286 Orange-Crush Holding Corp
2291, 2131
Economy Grocery Stores Corp
1831 Otis Elevator Co
1990
Eisenlohr (Otto) & Bros., Inc
1831 Otis Steel Co
2446
Electric Auto-Lite Co
1985 Outlet Co.. Providence, R.I
2440
Electric Boat Co
2286 Ovington Brcs. Co., Inc
1990
Electric Household Utilities Corp_ 2287 Packard Motor Car Co
Electric Refrigeration Corp_ _2435, 1831 Pan American Petroleum & Trans.
2310, 2268
Equitable Office Building Corp
Co
2126
(E. S.) Evans & Co
2435 Pan American Western Petrol. Corp_1990
2441
Fanny Farmers Candy Shops, Inc...2127 Panhandle Prod. & Ref. Co
(The) Fair, Chicago, Ill
1832 Paragon Refining Co., Toledo, 0_ _2131
2440
Fairbanks Co
1832 Path° Exchange, Inc
Fairbanks. Morse dr Co
1831 Patino Mines & Enter. Consol., Inc_2291
2131
Federal Mining dr Smelting Co
1974 Peerless Motor Car Corp
Federated Metals Corp
1985 (David) Pender Grocery Co., Ltd_ _ _2131
2132
(A.) Fink & Sons, Inc., Newark, N.J 2435 Penick & Ford, Ltd
2132
First National Pictures, Inc
2435 (J. C.) Penny Co., Inc
2132
Forbes & Wallace, Inc., Springfield.
Penn Seaboard Steel Corp
2292
Mass
.1985 Pennok Oil Corp
2441, 1836
Ford Motor Co., Detroit
2127 Penn. Coal & Coke Corp
2132, 1990
Gabriel Snubber Mfg. Co
2287 Peoples Drug Stores, Inc
1990
(Robert) Gair & Co., N.Y
-Dodge Corp
1832 Phelps
2441
Gardner Motor Co., Inc
1986 Photomaton, Inc
2441
General American Tank Car Corp_..1986 Pie Bakeries of America, Inc
2441
General Asphalt Co
1972 Pierce Petroleum Corp
General Baking Corp
2127 Piggly Wiggly Western States Co
2292, 1836
General Electric Co
2436, 1970
.2132
General Fireproofing Co
2436 Port Alfred Pulp & Paper Co., Ltd.
2441, 2292
2287. 1832 Pcstum Co., Inc
General Motors Corp
2132
2436 Prairie Pipe Line Co
Georgian Inc
2292
Gimbel Bros., Inc
1986 Provincial Paper, Ltd
2292
Golden Gate Ferries, Inc
1986 Pullman Co
1991
Goodyear Fire & Rubber Co., Akron 1972 Pyrene Manufacturing Co
..l987 Reece Button Hole Machine Co__ _ _2292
Goodyear Fire & Rubber Co., Calif
1951, 1811
Reid Ice Cream Corp
Granby Consul. Min.& Smelt.& Pr.
2292
Co., Ltd
2288 (Robert) Reist dr Co
2441
Reiter-Foster Oil Corp
(F.& W.) Grand 5-10-25 Cent Stores,
2127 Remington-Nolselese Typew'r Corp.2442
Inc
2292
1987 Remington, Rand. Inc
(W. T.) Grant Co.(Delaware)
2115
(W.T.) Grant Co.(Mass.)
2127 Remington Typewriter Co
2442
Grasselli Chemical Co
2436 Republi • Iron & Steel Co
2132
Great A.& P. Tea Co. of Amer __ _ _2127 Reynolds Spring Co
2292
Gulf 011 Corp
1832 Richfield 011 Co.(Cal.)
2132
Gulf States Steel Co
1833 Richmond (Va.) Ice Co., Inc
2132
(M.A.) Hanna Co
2436 Rime steel Corp
2132
Hartman Corp., Chicago
2128 Roach Studios, Inc
1991
Hazeltine Corp
1833 (Wm. A.) Rogers, Ltd
2442
(Richard) Hellman, Inc
1987 Rolls Royce of America,Inc
2442
Hermes Building (Garment Center
Root Glass Co
2442
Capitol Inc.)
2128 Rubberold Co
2133
Hocking Valley Products Co
2436 St. Joseph Lead Co
Household Products, Inc
1833 St. Louis Rocky Mt. dr Pacific Co_ _2442
1991
Houston Oil Co
2437 Safeway Stores, Inc
Hudson Motor Car Corn
2437 Salt Creek Producers Assn., Inc.._ _2443
2292
Humble 011 dr Refining Co__ __1987, 1833 Savannah Sugar Refining Co
2442
Hupp Motor Car Corp
2128 Sawyer-Massey Co., Ltd
2443
Independent Oil & Gas Co__ _1833, 2437 Schlne Chain Theatres, Inc
2292
India Fire & Rubber Co
2288 Schoeneman, Inc., Bait
2443
Indian Refining Co.. Inc
2288, 1833 Schulco Co., Inc
2443
Ingersoll-Rand Co
2128 Schulte Retail Stores Corp
1991
Inland Steel Co., Chicago
1834 Bears Roebuck & Co., Chicago
1837
2288 Security Housing Corp
Inspiration Consul. Copper Co
2443
International Bus. Mac. Corp 2149, 2111 Shaffer Oil & Refining Co
1991
Internat. Cement Corp_2289, 2156, 2111 (Frank G.) Shattuck Co
2443
.2128 Shell Union Oil Corp
International General Electric Co.
2133
International Harvester Co__ _1856, 1813 (Isaac) Silver & Bros. Co., Inc
2269
2289, 1834 Sinclair Consul. Oil Corp
International Paper Co
2443
2128 Sinclair Pipe Line Co
International Silver Co
2444
International Waterways Nay., Ltd_2128 685 Fifth Ave. Office Building
2133
1834 Skelly Oil Co
Interstate Iron & Steel Co
2444
2437 Sloss-Sheffield Steel & Iron Co
Intertype Corp
2293
2289, 1834 (A. 0.) Smith Corp
Jewell Tea Co
2133
Kellog Switchboard & Supply Co_..1987 Solar Refining Co
2133
1834 South Penn 011 Co
Kelsey Wheel Co
2438 Southern Bankers Securities Corp_ _1837
Kennecott Copper Corp
2444
2289 Southern Stores Corp
Keystone Fire & Rubber Co
1837
2289 (A. G.) Spalding & Bros
'(G. R.) Kinney Co.,Inc
2444
1834 Spicer Manufacturing Corp
Kraft Cheese Co., Chicago
2289 Splitdorf-Bethlehem Electrical Co_ _1837
Kresge Department, Inc
2128 Spruce Falls Power & Paper Co.,Ltd 2293
(fli. EL) Kresge Co-.1991
2128 Standard 011 Co.(KY.)
(S. H.) Kress & Co
2293
1988 Standard 011 Co.(0.)
Laclede Steel Co
2134
Standard Screw Co
Lake St. John Power & Paper Co.,
2293
1835 Stanley Co. of America
Ltd
2444
1988 Steel Co. of Canada. Ltd
Lambert Co
2445
2289 Stern Bros
Lambert Pharmacal Co
1837
2289 Stoval Properties
Landay Bros., Inc
.1988 Stromberg Carburetor Co. of Amer
Lawrence Portland Cement Co...
2294
tea, Inc
1988
Rubber & Fire Corp
Lee
2294
1811 Submarine Boat Corp
Lehigh Coal & Nay. Co
1992
1988 Sun Realty Co
Lehigh Valley Coal Co
2445
Superior Oil Corp
2289
Libby McNeill dr Libby
2134
2289 Sweets Co. of America
(Louis K.) Lige& Co
2134
2438 Swift International Corp
Lincoln-Boyle Ice Co
..2445
2128 Sycamore-Hammond Realty Co..
Lofts, Inc
1992
2128 Telephone Inv. Corp
McCrory Stores Corp
2128 Tennessee Copper & Chemical Corp_2445
McLellan Stores Corp
1838
1989 Texas Company
(R.H.) Macy, Inc
1838
2129 Texas Corporation
Magma Copper Co
2445
1835 Texas Pacific Coal & 011 Co
Mandel Bros
2445, 2134
2129 (John R.) Thompson Co
Manomet Mills New Bedford
2445
2289 Timken Roller Bearing Co
Marion (0.) Steam Shovel Co
2445
2290 Trumble Steel Co
Martin Parry Corp
2445
2129 Tulip Cup Corp
Massey Harris Co., Ltd
2134
2438 U. S. Industrial Alcohol Co
Mathieson Alkali Works, Inc
1838
1835 U.S.Light & Heat Corp
May Dep. Stores Co
,
2134
Union Bay & Paper Co
Mayflower-Old Colony Copper Co_ _2290
2438 Union Carbide dr Chem. Corp.1858, 1813
Mead Pulp & Paper Co
2294
2438 Union 011 Co. (Calif.)
Mengel Co
1992
2290 Union Tank Car Co
Mercantile Stores Co.. Inc
2294
2129 United Cigar Stores of America
Metropolitan Chain Stores. Inc
1992
2438 United Drug So. (Boston)
Middle States Oil Corp
2294
2290 United States Can Co
Minnesota he Ontario Paper Co
2129 U.S. Smelt., Refin. & mining Co_ -.2135
Mohawk Mining Co
2295
Corp
Monteleone Hotel Annex, R.0-2129 United States Stores
2135
1989 Universal Pipe & Radiator Co
Montgomery Ward dr Co
2269
Mills,Ino 1989 Utah Copper Co
Mount Vernon-Woodberry
1992
1989 Utilities Coal Corp
Mountain & Gulf Oil Co
2135
2129 Vacuum Oil Company
Mueller Brass Co
Vanadium Corp. of America_ _2446, 1992
2130
Mutual Stores, Inc
1968
2290 Victor Talking Machine Co
Mystic Steamship Co
2135
2439 Vulcan Detinning Company
National Acme Co
2135
2290 Vulcan Last Company
National Belles Hess Co
2446
2290 Waldorf System, Inc
National Biscuit Co
1993
-1989 Wanner Malleable Castings Co
National Cash Register Co.(Md.)
2295
2439 Ward Baking Corp
National Dairy Products Corp
2136
2130 Warner Quinlan Company
Inc
National Dept. Stores.
2136
._2I30 Warner Sugar Corporation
National Distillers Products Corp.
2446
2130 Washington (D. C.) Arcade Co
National Sugar Refining Co
2138
2290 Weber & Hellbroner
National Supply Co. (Del.)
1993
2291 Weiland Dairy Company
National Tea Co
[VOL. 124.
THE CHRONICLE
Industrials (Concluded)Industrials (Contintred)Welsbach Company
2136 Willys Overland Company
1812 Wire Wheel Corp. of America
Western Electric Company
Western Grocery, Ltd
2446 (F. W.) Woolworth Company
Westinghouse Air Brake Co_ _12136, 1838 Wright Aeronautical Corp
Weston Electric Insturment
2136 (Wm.) Wrigley, Jr., Co
Westvaco Chlorine Products Corp_ _1859 Yellow Taxi Corp.(N. Y.)
White Eagle Oil& Refining Co
2446 Youngstown Sheet & Tube Co
Wickwire Spencer Steel Co
1993
1978
1838.
2447
1859
2447
2446
2447'
Missouri Pacific Railroad Co.
(10th Annual Report-Year Ended Dec. 31 1926.)
The remarks of President L. W. Baldwin, together with
the income account and comparative balance sheet for theyear 1926, will be found under "Reports and Documents"
on subsequent pages.
-YEAR ENDED DEC. 31.
TRAFFIC STATISTICS
1923.
1924.
1926.
1925.
Revenue freight (tons).- 41.761,665 40,380,712 36,713.004 32.715,582
Rev, tons carr. 1 mile-10132,034,120 9564442,764 8773081,103 7416475,588
Rev, tons carriled 1 mile
1,024.981
1,191,999
per mile of road
1,303,480
1,379,054
1.159 cts.
1.094 cts.
Avge.amt.rec.pertonm. 1.065 cts.
1.091 cts.
9,198,614 10,277,948
No. pass. carried
6,890,526
5,846.836
No. pass. carr. 1 mile
490,810,960 492,044,088 511.952.827 547,304.201
$1.8457
$1.9052
Avg. rec.from each pass.
$2.3998
$2.7427
3.47 cta.
3.42 cts.
Avg. rec. per pass. mlle3.27 cts.
3.36 eta.
YEARS.
COMPARATIVE INCOME ACCOUNT FOR CALENDAR
1923.
1924.
1925.
1928.
7,235.72
Avge. mileage operated7,337.62
•
,
7,347.09
$
$
$
Operating RevenuesFreight
107,913.649 104,319,277 95,949,391 85,961,414
16,536,035 17,525,200 18.970,393
Passenger
. .
2,854,093
2,989,954
2,886.211
2,649.501
Mail
2,882,702
2.901.920
2,747.172
Express
2,890,927
2,006,868
2,279,219
2,285,012
2,409,837
Miscellaneous
1,707,280.
1,771,640
1,829.703
1,859,186
Incidental
225,196
230,398
228,252
231,222
Joint facility
Total ry. oper. revs__133,990.294 130,831,661 123,647,724 114,607,948
OperatingEx ensesMaint. of way & struc- 21,262,028 20,465,706 18.916,235 16,464.182
Maint. of equipment__ 26,532,577 25,895.938 25,843,403 30,324,816
2.019,098
2,566.671
3,108.345
3,533,471
Traffic
47.481.048 48,307,743 46,725,525 45,101,683
Transport'n-Rail line
873.278
1,073,394
1,184,455
1,276.158
Miscell. operations
3,385,243
3,713,741
3,929,948
4,040.780
General
228,335
372,604
615.637
Transp. for inv.-Credit 1.274,118
Total ry. oper. expen_102,851,944 102,276,500
Net rev, from ry. oper__ 31,138,351 28,555,162
98,466.365
25,181.358
5,266.438
35,485
4,690,480
45.414
Railway tax accruals...
Uncollect. railway revs-
5,612,341
37.163
97,939.968
16,667,982
4,430,589.
51.975
Total oper. income... 25,488,846 23,253,239 20,445,464
Non-Oper. Income
183,760
293,036
392,676
Rent from locomotives..
232,257
255,215
287,715
Rent fr. pass. train cars_
Rent from floating equip.
46,040
60.501
150,909
Rent from work equip__
383.297
412.621
451.013
Jt. facility rent income__
17,392
17,392
17.273
Inc. from lease of road__
213,074
229,156
231.943
Miscell. rent income_ -- _
114.227
108,314
114,078
MLsc, non-op. ph.prop
2,918,923
1,756,248
2,307,333
Dividend income
730,785
1,172,729
770.566
Inc. from funded securs_
409,669
289.966
216,379
Inc. from unfund. scour_
Inc. from sinking, &c.,
103
71
468
reserve funds
3,121
3,027
4,997
Miscellaneous income...
12,185.417
30,392,445 28,733,701 24,857,679
Gross income
Deductions
3,375,832
4.038,149
-deb. bal. 4,286,254
Hire of fgt. cars
137,002
87.673
85,152
Rent for locomotives_..
333.231
345,537
256,363
Rent for pass. train cars_
930
24,195
8,830
Rent for floating equip
50,946
35.963
53,537
Rent for work equip_ _ _ _
1,562.986
1.742,339
1.747,237
Joint facility rents
148,992
138,845
138.081
Rent for leased roads...
49,466
37,111
35,854
Miscellaneous rents....
19,961
17,446
20,575
Miscell, tax accruals__ _ _
48,004 loss92,554
39,513
Separately oper. prop_ _ Int, on funded debt_ _ _ _ 15,007,530 14,524,188 12,268,266
285,682
40,839
65,752
Int. on unfunded debt
16,307
17,509
16,100
Miscell. Income charges-
16,332,478
Total deductions from
21.760.778
gross income
8,631,667
Net income
828.395
Shs. corn. out.(par $100)
66.09
Earns, per sh. on corn._
-V. 124, p. 1975.
21,085,493
7.648,209
828.395
$4.90
18,354,462
6,503,218
828 395
$3.52
147,326
190,603
73
41,t98
366 2
17,374
162,754
113,120.
1,807.325
1,039,768
259,988
382
805
1,893,376
245,038
304,422
255
52,739
1,541,884
163,469.
42,944
20,396
105562,696.
11,815,499
19,039
49,372
16,211,132
121.346
828,395.
Nil
Union Pacific Railroad.
(30th Annual Report-Year Ended Dec. 311926.)
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. 123, p. 1995.
Missouri-Kansas-Texas Railroad.
-Year Ended Dec. 31 1926.)
(Annual Report
The remarks of President C. Haile, together with comparative income account and balance sheet and other tables,
will be found under "Reports and Documents" on subsequent pages. A comparative income account was published
in V. 124, p. 1968.
COMMODITIES CARRIED FOR YEARS ENDED DEC. 31.
Mines.
Forests. Mfrs.. &c.
(All in tons.) Agriculture. Animals.
5.770,771
441.172
3.253,885
467,196
2,798,659
1926
5,824,403
89•401
522,917
3,406,091
„
1925
5.213.993
570,705
3.221.205573,312
1924
2,398,899
5,048,986.
619,067
2,965.940
653,725
1.943,514
1923
4.659,761
516,412
3,100,008
673.443
1.895,923
1922
4.583,827
438,274
3.265,018
656,272
2.472,928
1921
5.789.868
552,512
3,871,630
844,611
2.293,846
1920
719,028
4,837.662
975,020
4.313.923
2,463,314
1919
4,077.230'
704,985
4.510,078
897,862
2.685.712
1918
4.218,965
693,115
4,624.013
944,994
2,329.886
1917
GENERAL STATISTICS FOR YEARS ENDED DEC. 31.
1923.
1925.
1926
1924.
3,360.
3,189
3.189
3,193
Average miles operated3.530.823
2,042.902
2,373.819
3.041.445
Passengers carried
Pass. carried one mile_ _264.989.971 279.287,233 311.585.006 335.121.955
3.37 cts.
3.34 cta.
3.36 cts.
3.27 eta.
Revenue pass, per mile
Revenue tons carried... 12.731.683 12.701,471 11.978.114 11.231,232
2,789,306
3,068,947
3.317,094
do 1 mile (000 omit.) 3,432,551
1.43 eta.
1.32 eta.
1.3s cts.
1.31 cts.
Rev, per ton per mile...
616.664
617.948
118.031
Rev, per mile of road...
318,222
9. 2276.
-V. 124,
A
APR. 30 1927.]
THE CHRONICLE
2579
Standard Gas & Electric Corp. & Subsidiaries.
Northern States Power Co. of Delaware & Subsidiaries.
-Year Ended Dec. 31 1926.)
(Annual Report
-Year Ended Dec. 31 1926.)
(Annual Report
The remarks of President John J. O'Brien, together with
The remarks of President John J. O'Brien, together with
the income account and balance sheet as of Dec. 31 1926, income accounts, balance sheets and other statistical tables,
will be found under "Reports and Documents" on subse- will be found under "Reports and Documents" on subsequent
pages. Our usual comparative income account and balance
quent pages of this issue.
sheet tables were published in V. 124, p. 2421.
INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1924.
1925.
1926.
Gross EarningsCanadian National Railway System.
Electric Department-623,155,955 619,080,733 $17,420,097 $13,684,365
(Annual Report-Year Ended Dec. 31 1926.)
714.870
1.444.226
1,507.191
3,977.141
Gas Department
755,505
667,270
772,050
693.331
Steam Department
Sir Henry W. Thornton, Chairman and President, says
Street Railway Dept
333,919
496,857
356.231
268,705
107,382
113,410
89,366 in part:
93,981
Telep. & Water depts
Results.
Total gross earnings_ _628,270.716 $21.744.869 $20,227,211 $15,489.791 regarded -The operating results for the year reflect what may be fairly
as
Operating expenses
9,931.900
8.361,024 7,767.606 6,686.994 earnings of a satisfactory position. An increase in the system's gross
8.6% indicates a
Maintenance
1.576.161
1.481.637 1,411,452
992,253 throughout the Dominion, and itgenerally satisfactory business situation
Taxes
2,637,363 1,644.933 1,630,837 1,229,552 increase of nearly 622,000,000 inis equally gratifying to note that with an
gross earnings there was an increase of
Withdrawals from tax &
but 61,000,000 in transportation expenses.
equalization oper. res..
0.337.000
A reduction in the operating ratio from 86.82 to 82.5 shows a further
operating efficiency.
614,125,292 $10,594,275 $9,417,316 $6,580.992 Improvement intime the net earnings for the
Net earnings
first
year are more than sufficient
6!200,268 4.595,498 4,243.524 2.345.292 to For thefixed charges due the public.
Interest chargcs (net)
pay all
-For the Dominion fiscal year ending March 31 1927. the sum
a$7,925,024 a$5,998,777 a$5.173,792 $4.235,699 ofFinance.
Net income
not exceeding
3.777,487 3.398.853 2,899,442 2,161.775 Canadian National$31,000,000 was requested from the Government for
Pref. stock dividends
purposes. $10,000,000 of this
1,837,778 b1,294,156
Common stock dive_
614.307
493.600 in cash. The remainder can be provided under amount has been received
1,500.000 1,100,000
Approp'n for deprec'ri
650,000 at the present session of Parliament. As grossauthority of an Act passed
1,000,000
and net earnings for 1926
350,000
Approp'n for contingency
were larger
it
Amort.ofdt. disc.& exp.
350,000 000,000 willthan be was expected they would be, the full amount of $21,not
required.
The funded debt retirements during the year were:
$459,759
Balance, surplus
$205,768
6660,043
$580.324
certificates of various Issues
$5,663.400
3.289.368 3.083,601
Surplus Jan. 1
2.423.558 1.843,234 Equipment trust various sinking funds and otherwise
Payments under
520.658
Total surplus Dec.31_ $3,749,127 63,289,368 63,083,601 $2,423,558
Total
$6,184,058
a The company on its books has charged against capital surplus arising
Construction.
-During the year 193.53 miles of new line were placed in
from appraisal the unamortized bond discount and expense at Dec. 31 and operation, including the following: Turtleford, south-easterly 42% miles.
accordingly no charge has been made above for the portion ofsuch discount Warden-Hanna, 29.18 miles, Bengough-Willowbunch, 28.49 miles, Central
and expense applicable to the years 1924. 1925 and 1926.
Butte, towards Dunblane, 25.98 mlles. Acadia Valley Branch. 24.6 miles,
Pine Falls extension, 19% miles, St. Paul, south-easterly, 19.55 miles.
b Including interest on gold notes converted into common stock.
In addition to this, 117 miles of track were laid and 65 miles were graded.
CONSOLIDATED GENERAL BALANCE SHEET DECEMBER 31.
The construction by the National Transcontinental Railway Branch
Lines Co. of its line from Taschereau to Rouyn, which was commenced in
1926.
a1925.
AssetsDec. 1925, is now practically completed and as was Intended is being
Plantproperty, rights, franchises, &c
6201,297,308 $195,318.566 operated by the Canadian National Rye, on behalf of the Government.
5,466.638 It is proving a valuable traffic producer.
6,282,863
Stock discount and expenses
459,299
Sinking funds and other deposits
398,235
Grand Trunk Pacific 4% Debenture Stock.
-The scheme of arrangement
-Stocks and bonds of other comInvestments
National guaranteed stock will be issued in exchange
413.192 under which Canadianby the holders of about 90% of the 4% debenture
panies,associations, &c
422,649
has been assented to
56,343
361.689
Bal.of unamort.disc. St exp.since Dec.31 1924The
carrying tit of the scheme,
138,096 stock. "the Dominion Act authorizing the Act. 1927," was passed
Prepaid insurance and interest
121,915
Grand Trunk Pacific Securities
the
Rate investigation expenses
140,514
193.087 entitled session of Parliament and became effective on Feb. 18 1927.atThe
present
Expenses and advances on purchase of property86.715
66.416
at after friendly discussions between representatives of
Undis.exp. in connec. with water now.,dams,&c.
164,160 scheme was arrived debenture stockholders and an advisory Committee
the railways and the
Miscellaneous deferred and unadjusted items_ _ 406.782
191,188 composed of the Rt. Hon. Reginald McKenna, Sir George May. Mr. E. R.
Cash
2,203.998 13,245,067 Peacock and Mr. D. Berdoe Wilkinson, whose services were given gratuitCash deposited for bond interest
153,360
120.614 ously and were much appreciated.
Cash deposited for future construction
3,065.000
INCOME STATEMENT YEAR ENDED DECEMBER 31.
Notes receivable
55.157
56.680
Accounts receivable
(Including Central Vermont By. In 1926 and 1925.1
Y2,781.528
2.591.935
Unbilled gas and electricity
913.888
833.388
1926.
1925.
x1924.
x1923.
Receivable on sale of preferred stock
769.876
609,766
$
Revenue-$
Due from affiliated companies on open account..
43,360
4,278,975 Freight
207.157.028 187.763,637 171,045.298 185,240.897
Materials and supplies
3,068,797
2,754,547 Passenger
39,427,265 37.963.480 37.233.998 39,285.318
3,688.357 3,693,647 3.595.262 3,543,078
Mail
Total assets
$219.328,222 6230,203,365 Miscellaneous
25.297,660 24,288.011 23,713.624 25.066.194
Liabilities1926.
a1925.
275,570,310 253,708,774 235,588.182 253,135.487
7 cumulative preferred stock
Total
$50.507,300 $49,180,400
.
Expenses6% cumulative preferred stock
5.377.200
Class A common stock
17,967.600
17,658.200 Maint. of way & struc 48,536,503 44.753,310 44,039.965 44.778,445
Class B common stock x
5.000,000
5,000,000 Maint. of equipment- -- 51.211.821 49.324.911 47.972,444 52.176.320
7,026,005 6,902,502 6.892,751
Capital stock ofsubs. in hands of public, pref
5,792.928
717,800
4.279.630 Traffic
111,393,758 110.386,975 110.085,034 120,302,451
Funded debt
110,772,694 109.230.874 Transportation
2,272.918 2.381.469 2.304.106
Notes payable
4,376,342 Miscellaneous operations 2,336,041
3.502.293
7,881,496 7,520,303 7,633.834 8,063,391
Amount due on property purch. commitments
14,467.849 General
895.442
661,567
Accounts payable
712.802
1,023.193 Transp.for invest't-Cr. 1,040,343
931.778
Accrued interest
1.194,932
1.235,248
227,345,281 220,265.476 218,343.931 232.704.838
Total
Accrued taxes_
2,684,389
3,053.910
48,225,030 33.443.298 17.244,251 20.430.649
Accrued preferred stock dividends
873,428 Net earnings
968,711
Common stock dividends payable
444.324 Railway tax accruals._ 5,281.818 4,465,378 4,588.593 3,819,918
459,512
59.792
50.388
38.198
Consumers' and other deposits
40,541
476,046
449.357 Uncollec. railway revs
Sundry current liabilities
119,195
104,009
Railway oper.income.. 42,892,824 28.918.129 12.617,460 16.570,190
Depreciation (retirement) reserve
13,121.185 15,078.161
2.015.458 2.092.819
Miscellaneous reserves
133.170
88.765 Revenues from misc. op_ 2,301.547 2,010.801
Contributed for line extensions
2.397.902 2.389,771
195.562
151,844 Exp. of misc. operations 2,350,525 2.114.676
Reserve for comingencies
350,000
Surplus on books of companies acquired a.. date
Net rev,from misc.op. def48,977 def103,875 def382,442 def296,952
of acquisition thereof
689.894
628.299
Earned surplus
3,749.127
Total oper. income_ - 42,843,846 28,814,254 12,235,017 16.273,239
3.289,368
Non-Operating Income
Total liabilities
$219.328.222 $230.203.365 Rent from locomotives-268.840
196,594
318,575
586,129
252,093
a After giving effect to the acquisition as of Dec. 31 1925 of the physical Rent from pass.train cars
211,347
145.541
127.843
property and other assets and the assumption of the liabilities and preferred Rentfrom floating equip.
150
337
920
1,003
Rent from work equip-stock of the St. Paul Gas Light Co. and its affiliated companies.
352,012
316.996
487.620
209,284
Joint facility rent income 1,068,235
1,029,440
994.988
895.448
x Represented by 500.000 shares of no par value.
Inc. from lease of road....
91,375
85.641
85.698
78.602
y After deducting $194,218 reserve for uncollectible accounts.
-V. 124, Misc.rent income
633,544
1,205,651
1,158,333
837,194
p. 2428.
Misc.non-op.phys.prop204,263
192,139
165,128
493,176
Separately oper. properUnited States Steel Corporation.
ties-profit
1,606,280 1,179,057 1,044,876
853,754
Dividend income
413,228
386.959
454.613
515.436
(Results for Quarter Ended March 31 1927.)
Inc. from funded secure.
642,732
573,125
572,872
523,094
Income from unfunded
INCOME ACCOUNT FOR QUARTER ENDED MARCH 31.
securities & accounts- 1,269,329 . 1,461.088
1,538,573
1,068,883
Income from sinking,&c.,
1927.
1926.
Net after Taxes, &c.1925.
1924.
reserve funds
736.907
634.785
519,739
371.227
613.512,787 $13,810,149 $13,027,058 $14.771.103
January *
83,836
222,070 1.650.393 loss352,555
14,943,305 14.385.381 12,357.801 16.238,867 Miscellaneous income....
February*
17.128.633 16,865,755 14,498,133 19,065.475
March*
Total non-oper.income 7.622.827 7.695.228 9.137.872 6.208,517
Gross income
50,466,674 36,5.09,481 21,372.889 22,481,756
Total.(see x below)
-$45,584,725 $45,061,285 $39,882,992 $50,075,445
Deductions
-Deduct
Hire of freight cars
For sinking fund, deprec.
debit balance
3,947,606
1,861.208 1,694.487 3,887.479
and reserve funds_ ___ 14,660.387 14,317.715 13,848.770 13.274.972 Rent for locomotives..._
33.392
26.849
54.016
163,038
4,238,894 4,374.863 4,505.931
Interest
4,631,637 Rent for pass.train cars364.675
408.901
145.527
147.862
358,082
293,750
Prem. on bonds redeem_
323.000
250,000 Rent for floating equip
9.224
21.748
8.944
11,271
work equipment
13.643
6,174
5.492
12.944
Total deductions
$19,257,363 $18.986.328 618,677,701 $18,156,609 Rentfor
facility rents
958,464
682,065
933.503
928.211
$26.327,362 $26.074,957 $21,205.291 $31.918.836 Joint for leased roads.... 1,487.040
Balance
Rent
1,478.438
1,452,709
1,387.906
6,304.919 6,304.919 6,304.919 Miscellaneous rents---Div. en pref.(1i%).__ 6.304,919
111,922
117.905
75,609
109,868
12,453 411 8,895,293 6,353.781
Div. on common
6,353.781 Misc,tax accruals
162.486
162.062
124.477
482,580
(15i%)
(1,(%)
9%)
(1t0/) Separ. over. prop.
Rate
-loss.
646,747
759.060
802.470
795.877
extra(A %)
Div.oncom.,
2,54 ,512 2.541.512 Interest on funded debt.- 39,701.896 40.966.559 38,361,704 35.041.380
mt. Dom. Govt. adv. 32,090,454 31.450.381 31,271,043 30,157,944
finrPlus
$7,569,032 $10,874,745 $6.005,079 $16.718.624 Int. on unfunded debt
116.968
133,051
377,115
on
239,536
shs cool,out.(par $100) 5.083.025 5,083 025 5,083.025 5,083,025 Amortization of discount
.
4.89
$3.94
$2.93
Earns, per sh. on coin
$5.04
529.651
518.886
317.671
on funded debt
119.173
61.571
120.693
608.538
674.860
Misc, income charges.. _ _
I After deducting interest on subsidiary co.'s bends outstanding, viz.:
57.606
60,567
1926.
Misc. approp. of income.
19.503
1925.
1927.
1924.
$699,059
$675.402
$655.853
JanuarY
$685.765
80.360.747 78.707,146 76,233.308 74.179.431
698.314
Total deductions
655.698
675.292
FebruarY
684.507
696,803
655,221
674.926
684,022
March
Net income, deficit.... 29.894,073 42.197,665 54.860.419 51.697.675
x After deducting all expenses Incident to operations, comprising those
x Not including the Central Vermont Ry.
ordinary repairs and miantenance of plants, estimated taxes (incl. estifor
The profit and loss account for 1926 shows: Debit balance Can.Nab.
mate for Federal income taxes) and interest on bonds of subsidiary cox,•
Ry. system Jan. 1 1926. $385.712,040: Central Vt. Ry. system debit Jan. 1
1926. $5.187.179: total $390.899.219. less Hudson Bay Ry. eliminated,
Unfilled Orders as Previously Reported (V. 124, p. 2215).
$287.316; balance. $390.611.902: debit balance from income, $29.894.073;
/gr. 31 1927. Dec. 311926. Sept. 30 1926. June 30 1926. Mar. 311026, surplus applied to sinking and other reserve funds. $3,336: surplus appro3,478,642
3,960,969
3,593,509
4,379,935
priated for Investment In physical property, 632.180: loss on retired road
3 553,140
-1.124, p. 2446.
and equipment. $2.173.611, miscellaneous appropriations of surplus,
orBalanCe,
•
2580
TAF CHRONICLE
£84,484; adjustment of land account. $32,428; delayed income debits,
$415; total, $422,832,430. Profit on road and equipment sold, $164.826;
=refundable overcharges, $26,516; donations, $108,800; miscellaneous
credits and debits, net, $8,211,994; debit balance forward, $414,320,294.
CONSOL. BALANCE SHEET DEC. 31 (CAN. NAT. BY. SYSTEM).
Assetsx1926.
3 1925.
,
,
3 1924.
Investment in road & equiP-$1,886,449,586 $1,855,037,568 $1,837,072,741
'flints. on leased ry. prop__
5.964,868
6,291,2805,860,651
Sinking funds
9,374,042
8,275,615
12,416,538
Deposits in lieu of mortgaged
property sold
6,060,510
5,538,986
6.347,556
MWeell. physical property54,545,169
55,536,066
53,912,610
-Stocks2,064.960
Inv. in affil. cos.
1,770,403
2,037,129
Bonds
11,790.460
12,331.565
15,526,840
Notes
8,041.905
8,041.906
Advances
613.188
8,973,750
11,536.779
Other investments at cost.5,869,507
6,744,424
7,700,326
Cash
27,569,771
30,007.678
31,677,084
Special deposits
7,154.504
3,547,392
7,590,398
Loans and bills receivable
27,577
56.471
55,135
Traffic & car serv. bal. recle
2,025,518
2,006,140
1,907,089
Net balance receivable from
agents and conductors-.4,345,785
5,212,604
6,307.104
Misc, accounts receivable
8,107,260
8,345,739
5,759,298
Material and supplies
38,271,283
50,459,445
42,582,984
Interest & dividends recle
311,959
493,214
405,668
Rents receivable
151,410
213,069
225,935
Other current assets
152.821
51.249
146,008
Working fund advances....
544,782
606,626
643,618
Insurance, &c., funds
9,233,122
7,382,224
6,071,235
Other deferred assets
14,734,444
7,565,378
8,552,210
Rents and insurance premiums paid in advnae,e
8,936
52,466
25,181
Discount on capital stock.. _ 190,520
193,500
193,500
Discount on funded debt.._.
4,995,313
5,292,713
5,518,333
5,128,450
5,517,062
Other unadjusted debits
4,984,192
414,320,294
Profit and loss deficit
344,060.771
385,712,040
$2,525,725,761 $2,484,379,537 $2,418,316,119
Total
Liabilities
$271,032,349 $270,228,414 $270,229,839
Capital stock
10,600
10.600
Stock liability for conversion
10,600
16,416,351
16,203.084
Grants in aid of construction
16,280,820
913,913,083
Funded debt held by public_ 935,383,110
931,329,303
Dominion of Canada account 1,225,663,756 1,188,482.341 1.142,268,435
1.900
Loans and bills payable8,500
8.500
Traffic and car service balances payable
5,712,753 .
,541,358
4,393,308
Audited acc'ts & wages pay17,173.510
14,251.460
16,229.955
Misc, accounts payable_ --4,481,248
2,035,957
3,252,392
Interest matured unpaid..-5,626,797
13,008.761
6,582,090
Funded debt matured =pd..
422,543
815,550
419,730
Unmatured interest accrued
7,875,804
8,508,496
8,603.066
Unmatured rents accrued_
422,350
620,531
441.164
Other current liabilities.-791,672
929,450
274,240
Liability for provident funds
510.016
44,122
34,519
Other deferred liabilities
5.815,568
11,161,307
4,582,310
Tax liability
2.813,936
2,439,885
2,815,354
5,848,552
Insurance & casualty reserve
9,107,247
7.256,762
232,299
Operating reserves
2,497,262
Accrued depreciation-Road
2,116,342
2,410,414
4,763,684
Accrued deprec'n-Equip't
5,121,897
6,707,437
619.357
Accrued depr'n-Miscell's
700.474
779,519
4,681,707
Other unadjusted credits_....
2,824,285
3,154,804
Additions to prop. through
1,661,307
income and surplus
1,700,833
1,778,965
Funded debt retired through
910,000
939.000
income and surplus
967,000
488,842
534.140
Sinking fund reserves
575,284
1,798,954
1,973,888
Appropriated surplus
2,058,372 •
Tide Water Associated Oil Co., Inc.
(First Reportfor Periodfrom Aprill to December 31 1926).
President Axtell J. Byles, April 25, wrote in substance:
Organized in March 1926, the company at Dec. 311926, had acquired.
by exchange of its capital stock, 78% of the common capital stock of TideWater Oil Co.(N. J.) and 9435% of the capital stock of Associated Oil Co.
(Calif.).
During 1926. the subsidiary companies expended approximately $7,000,000 for oil producing properties and acreage, $5.000,000 for additions.
replacements and betterments in manufacturing units, and more thas
$3,000,000 for additional domestic marketing facilities.
In the accompanying consolidated balance sheet, the assets of the subsidiary companies give effect to the values as disclosed by the books of the
respective companies (actual cost less depreciation and depletion). The
appreciation of values shown by the appraisal of physical properties at the
time of the formation of Tide Water Associated 011 Co. is not reflected
in the balance sheet.
A brief commentary on certain of the accounts which cannot conveniently
be set out in the balance sheet itself may prove interesting.
Investments in companies affiliated not consolidated, $16,659,180.
represents an investment, at cost, in oil producing, pipe line and miscellaneous companies, the assets of which are not included in the balance
sheet. Combined they represent a net book value of $2,000,000 in excess
of their cost, the result of undistributed earnings.
Other investments. $1,868.538. also at cost, includes the company's
interest in certain export companies selling our products exclusively.
Invested reserve funds, $3,229,798. represents marketable securities
purchased with funds contributed by the subsidiary companies to meet
contingencies such as fires and pensions.
Advances to others-secured, $1,182.738. is the balance due on a seriesof demand notes secured by mortgages and lease assignments.
Sinking fund deposit, $162,975, is the cash deposited with the trustee
for purchase of 6% gold notes of Associated 011 Co.
Deferred purchase money obligations, $1,250,351, is a deferred liability
falling due at various dates subsequent to one year from Dec. 31 1926.
incurred for the purchase of tank cars and oil producing properties in
Pennsylvania and the mid-Continent.
Reserves for contingencies, $5,651,155, is a book reserve, accumulated
through like amounts having been charged to earnings. To meet the
requirements for which this reserve was created, there have been invested
thus far $3,229,798 in high grade securities, pursuant to the company's
policy of fortifying book reserves with funds invested in this character of
securities.
During 1926. the company extended its holdings of oil producing properties in California by the acquisition of properties of San Francisco and
McKittrick Oil Co. and Miocene Oil Co. The Miocene Oil Co. properties
have been taken over by the company's subsidiary, Tide Water Associated 011 Co. of Calif. The San Francisco and McKittrick Oil Co. properties will be transferred to this subsidiary. In the balance sheet these
properties are carried as "investments in companies affiliated not.
consolidated."
Two additional ocean going tankers have purchased and a third is under
construction. These tankers and certain other marine equipment, orders
for which have been placed, will be owned and operated by Tide Water
Associated Transport Corp., a 100% subsidiary organized under the laws
of Delaware, Feb. 3 1927.
-PERIOD FROM
CONSOLIDATED STATEMENT OF INCOME
APRIL 1 TO DEC. 31 1926.
Total volume of business done by the Tide Water Associated
Oil Co. and its subsidiaries as represented by their combined
gross sales and earnings exclusive of inter-company sales and
transactions
$128,776,089'
Total expenses incident to operations including repairs, maintenance, pensions, administrative, insurance, costs and all
other charges exclusive of depredation and depletion and
Federal income tax
106,254,276
Operating income
Total
62,525,725,761 $2,484,379,537 $2,418,316,119 Other income
x Including the Central Vermont By. y Excluding Central Vermont By.
Total income
Note.
-The title of the Canadia Northern Ontario By. and the Canadian Depreciation and depletion charged off
Northern Quebec Railway Companies to lands carried in "miscellaneous Estimated Federal income tax
been questioned by the Ontario and Minority interests' proportion of earnings
physical property" at $7,318.140 has
-V. 124, p. 1105.
Quebec Provincial Governments.
Surplus acquisition by minority interests
Tide Water Oil Co. and Subsidiaries.
-Year Ended Dec. 31 1926.)
(38th Annual Report
CONSOLIDATED INCOME ACCOUNT FOR CALENDAR YEARS.
1923.
1924.
1925.
1926.
884.890,082 $78,755,465 $66,256,620 $58,274,731
Gross earnings
73.769,173 66,859,366 57,207,396 51,912,201
Operating expenses
Operating income__ _ 411,120.909 $11,896,100 89,049,224 $6,362,530
926.431
697,892
733.184
1,115,753
Other income
$12.236.662 $12,629,284 $9,747,116 $7,288,961
Total income
6,070,594 5,785.656 5,358.924 4,476.775
Deprec. & depletion....
548,524
889,672
770,758
Federal taxes
$5,395,309 $5,953,956 83,839.669 $2,812,186
Net
stockholders'
Outside
Cr.58,745 Cr.96,031
Dr.236 Cr.33,297
proportion
Tide Water Oil stockholders' proportion-- $5,395,073 $5,987,253 $3,898,413 $2,908,217
299,732
Preferred dividends--- 1,075,003
3,214,490 2,017,845 (4)2.000,145 (1)499,968
Common dividends
$1,105,580 $3,669,676 $1,898,268 $2,408,249
Balance, surplus
24.812.646 23.607,582 20,516,596 19.172.142
Profit & loss, surplus
COMPARATIVE CONSOLIDATED BALANCE SHEET DECEMBER 31.
1925.
1926.
1925.
1926.
Liabilities$
$
$
$
AssetsOil
Oil prod. prop.... 41,158,941 38,243,951 Tide Waterpref.
Co. 5%
Ref. prop az eq'p 30,779.527 27,124,364
20,705,200 25.042.000
Transpor. equip 20,363,349 19,515,534 stock
Common stock_x53.951.175 50,455,775
Mark. prop. &
26,134,383 23,613,495
8,238,491 7,111,843 Surplus
equip
Miscell. prop.... 2,021,859 1,839.891 Minority Int. In
subsidiaries:
32,000
1,000
Capital stock_
102,560,167 93,835,582
60,193
36
Surp[wi
Less deprec. &
depletion_ - 37,280.222 32,967,184 Purchase money
313,738
obligat's., cur. 1.513,518
Accts. pay.,trade 3,275,155 3,204,366
Total prop. &
117,253
65,299.945 60,868.398 Notes payable....
equip
Accts. pay., wgs.
Other invest.(at
1,187,690 1,023,231
1,575,184 1,127,146 & miscell__
cost)
Due cos affil.
Invest. In Mill.
107,097
283,887
7,353,420 6,403,229 not consolid
companiesAccrued taxes._ 1.061,673 1,047,969
1,923,578
Inv. reserve fds. 3,229,798 7,518,524 Capital stock
subscriptions:
2,420,164
Cash
324,281
339,846
6,135,951 9,070.042 Corn.(empl's)
Securities
161,825
•608,608 Preferred_
902,458
Notes receivable
Deferred purch.
Accts. receiv.1,250,351 1,563,945
5,221,234 money(Wig
less reserves._ 5.676,577 15,111.779 Res, for contIng 4,812,820 4,503,583
Crude oil & prod 17,983,227 1,729,126
Materials at EMIL 1.856,649
Due from MM.
67,234
622,733
companies- -Duefrom subscr.
114,618,421 111,469,062
24,150 Total
stock_
to pref.
Continaent Liability
Deferred items. 1,662,316 1,796,015 Notes receivable discount492,783
114,618,421 111.469,062 ed
Total
-V. 124, p. 1233.
shares of no par value.
x Represented by 2,158,047
[VOL. 124.
Net income
Dividends paid in cash, preferred
common
do
$20.521.812
1,324.557
$21,846.376.
8,687,520.
1,160,086.
2,122,856.
174,730
$9,711.178.
3.261,213
2,854,937
Surplus end of period
$3,595,028
BALANCE SHEET AS AT DEC. 31 1926.
Lia6iintes & Capital
Assets
6% preferred stock
872,724,400
Properties and equipment:
$116,581,967 Common stock (4,786.479
011 producing
44,883,352 shares of no par value)....- 74,536,419
Refining
37,016,783 6% gold notes due Sept. 1
Transportation
1935 (Associated Oil Co.) 21,525,000
23,074,260
Marketing
3,352,181 Notes payable
1,466,798
Miscellaneous
Purchase money obligations 1,513,518
Total
$224,888,543 Accounts payable-trade..... 12,609.189
Wages, int. & miscell
Less: Reserves for dorm.
3,392,055
& depletion
86,392,974 Due to companies affil. not
consolidated
1,942,259
Total properties & eguip.8138,495,569 Estimated Fed. tax
1.298,721
Investments in companies
Divs. payable tide Water
affiliated not consolidated
Associated 011 Co.'s 6%
-Atcost
16,659,180
1,117,420.
preferred
Other Investments
-At cost 1,868,538 Employees' pay. on capital
Cash on hand and in banks. 8,669,114 stock subscriptions (Tide
324,281
Marketable securities
6,135,951
Water Oil Co.)
Notes & trade acceptances
Deferred purchase money
receivable
2,233,512 obligations
1,260,351
Acc'ts receivable-less res._ 13,619,803 Deferred & unadjusted Items 1.029,516
Due from companies affil.
Reserve for contingencies..._ 5,651,155
808,701 Surplus
not consolidated
3.595,028
45,172,102 Minority int. In subsidiaries a43,183.989
Crude 0118. products
Materials & supplies
7,054,539
131,352
Other current assets
3,229,798
Invested reserve funds
Advances to others-secured 1,182,737
162.975
Sinking fund deposit
Deferred & unadi. items...., 3,736,430
CONSOLIDATED
$247,160,099 Total
$247,160,099
Total
-V.
a Includes $20,705,200 Tide Water Oil Co. 5% preferred stock.
124. p. 1992.
The Pittsburgh & West Virginia Railway Co.
-Year Ended Dec. 31 1926.)
(10th Annual Report
Chairman F.E.Taplin,Pittsburgh, April 1, wrote in brief
The operating revenue for 1926 shows an increase of about 6% over the preceding year, while the operating expenses were reduced about 2%.
The result of this showing is a decrease in the operating ratio from 61%
or the year 1925 to 56% for the year 1926.
The road has been splendidly maintained and is in very fine physical
condition. A great deal of money has been spent upon the rebuilding of
coal cars during the past year.
Notwithstanding the very poor market for coal, the mines on our road
have done very well when we consider that they were working under the
high scale known as the Jacksonville Agreement, which has just expired
March 311927. No new contract has been entered into by the operators
on your road with the United Mine Workers of America, and it is generally
conceded that the mines will be shut down for a considerable period of time,
until some solution of the wage question can be made as between the union
mines and the non-union mines.
APR. 30 1927.]
THE CHRONICLE
2581
Our traffic is divided approximately as follows:
penditures made to Dec. 31 1926 and to be made during a portion of the
1925
1924
1926
1923 year 1927. Equipment trust obligations increased by the issue of equip467
0
Coal
50V
62%
72% ment trust notes series B, in amount $750.000.
Merchandise
54%
50
389
Long-term debt decreased by the redemption of New Orleans Texas &
289
We have made some new arrangements for merchandise traffic to and Mexico Ry. 1st mtge. 6% gold bonds to the amount of $43,600, by the
from points which we have not reached in the past and which should prove exchange of non-cumulative income bonds to the amount of $1,594,200
to be advantageous to your company.
for series B bonds of like amount, and by the payment of New Orleans
The common stock was placed on a 6% dividend basis one year ago and Texas & Mexico Ry. series A equipment trust certificate to the amount of
it is hoped that this dividend rate will be maintained, notwithstanding the $116.000 and series B equipment trust certificate to the amount of $50.000,
probable loss of a large volume of coal traffic during 1927.
maturing during the year.
During the year the net increase of investment in road and equipment
Acquisition.
-During the year company acquired control of San Antonio
Southern Ry. Co. by purchase of its entire capital stock, the purchase
was $2,677,784.
COMBINED. INCOME ACCOUNTS OF PITTSBURGH ee WEST VIR- price being $600,000. San Antonio Southern Ky. owns 38.72 mlles of
railroad and branches extending from Kirk to Christine, Texas. The
GINIA AND WEST SIDE BELT RR.FOR CAL. YEARS.
I.-S. C. Commission authorized and approved the purchase on Nov.20 1926.
1926.
1925.
1924.
1923.
oper. revenue__ $5,156,484 $4,856,384 $4,164,733 $3.844,587
Railway
STATISTICS FOR CALENDAR YEARS.
Railway oper. expenses_ 2,902,850 2,967,268 2,901,327
3,020.328
1926.
1925.
1924.
1923.
Average miles operated926.06
921.74
921.74
921.74
$2,253,634 $1,889,116 $1,263.406
Net revenue
$824.259 Revenue tons carried... 5,210.935 4,865,930
3,774,839
705,922
Railway tax accruals_ _ _
561,327
498,228
481,112 Rev,tons carried 1 mile-868,690.034 853,294,193 4,111,838
801,423,472 612,231,726
149
647
Uncollec. ry. revenues
300
46 Rev. p ton per mile...
1.53 cts.
1.38 cts.
1.40 cts.
1.47 cts.
Passang,rs carried
676,220
661,436
802,005
931.655
Ry. oper. income..__ - $1.547,563 $1,327,142
$764,877
$343.101 Pass.carried ode mile_ _ _ 71,997,326 65,557,569
66,598,670 69,422,619
Dividend income
220,000
720.000 Rev.per pass. per mile
3.13 cts.
3.12 cts.
3.15 cts.
3.15 cts.
Hire & rent of eq. (net)_ 1,165,477
782.291
812,073
979,483
299,519
INCOME STATEMENT FOR CALENDAR YEARS.
Inc. from sec. & accts._ a1,185,339
437.746
44,597
ail
21,858
Miscellaneousincome_ _ _
40,114
215.070
42,237
1926.
1925.
1924.
1923.
Freight
313.302.598 $11.787,381 $11,180,225 $9,019,943
$3,920,246 $2,449,067 $2,449.767 $2,129,418 Passe Lger
Gross income
2,251,411
2,044,295 2,094,656
2,190.111
178,074
132,839
Deduct-Interest, &c_ _ 22,727
120 Mail, express, &c
946.672
887,142
976.665
701,366
505,439
397,491
Rent for leased road
253,275
302,617
Miscellaneous charges
25,539
20,258
4,401
150
Total oper.revenues_ _516.500.683 $14,718,818 $14,251.546 $11,911,420
Preferred dividends
542,260
544,242 Maintenance of way,&c. 3,077,210
2,216.018 2,480.419
1.793.529
Common dividends(6%)1,814,106
slut. of emipnaent___ 2,802.053
2,401,637
1,879,741
1,718.844
Traffic expenses
463,919
454,873
371,763
368,813
$1,397,086 $1.898,478 $1,577,762 $1,331,632 Transportation
Balance, surplus
4,595,885 4,161,456
3,588,280
3,132,761
a Includes $1,097,866 received from West Side Belt RR. as interest on General & miscellaneous.
751,410
647,937
560,530
462,372
-Dee. 31 1926.
advances for the period Oct. 1 1923
Trans.for inv.,Cr
109,938
53,381
34,122
19,756
INCOME STATEMENT OF WEST SIDE BELT RR. FOR CAL. YEARS.
Total oper.expenses_ _$11,580,539 $9.828,640 58.846,612 57.456.564
1926.
1925.
1924.
1923.
Net earnings
4,920,143 4,890,178
5.404,935
4,454,857
$397,491
$302,616
$253,275 Ry. tax accruals
Income from lease of rd. $505,439
765.752
728,139
747,930
764,158
6.776
9,351
12,989
Other income
13,107 Uncollectible ry.rev.._ _
4,971
4,599
18,103
22,936
$512,215
$406,842
$315,605
$266,382
Total income
Operating Income__ $4,149,420 $4,124,145 $4,672,196 $3.667,762
*1,105.927
283,839
385,103
55,354 Equip.rents(net)
Interest, &c
483.204
475.856
97,681
Cr.46.131
Joint facility rents(net)_
243,901
268,605
257,828
263.222
$593.712 sur$123.003
$69,498 sur$211,028
Deficit
Pitts. & West. Va. Ry. Co. as interest on ad* Includes $1,097,865 paid
Net operating income- $3,415.735 $3,757,859 $3,945,091 $3,450,671
vances from Oct. 1 1923 to Dec. 31 1926.
Miscell.rent income_ _ __
16,876
13,421
12,302
18,555
GENERAL BALANCE SHEET DEC. 31.
Separate oper. props....
166,226
4,180
Dividend income
1926.
1926.
1926.
1925.
Income from funded secs
$
$
Liabilities$
Assets258,637
$
400
400
400
71%212
Inv.lard.& equip.35,571,421 32,893,637 Common stock. 30,235,100 30,235,100 Inc. fr. unfunded secs
104,193
154,371
94,970
281,669 Equip, trust ctfs__ 4,400,000 2,700,000 Miscellaneousincome... Dr.19,580
Misc. phys. prop-- 203,280
18,810 Dr.73,939
208.232
Trat.,&c.,bals.pay. 384,480
Inv. In attn. cos.:
136,024
Total non-oper.inc.__
Stks.-Pitts. Ter.
Accts.& wages pay 415,191
314,985
$333,005
$34,853
$356,682
$325.126
149,062 Misc. accts. pay
Coal Corp
7,441
13,820 Gross income
3,748.740 4,114,541
3.775,797
3,979.944
Stk.-W.S.B.RR. 68,333
68,333 Divs. mat unpd_
'd
461
417 Loss on sep. oper. prop.
Adv.-W.S.B.RR. 5,255,415 5,255,415 Int. mat'd unpaid_
(New Iberia & N.RR.)
60,323
427
99,432
170.822
143,494
-W. S. B.
Int. on funded debt....1,862,238
Notes
Unmat'd div. decl. 453,527
1.463.438
1,166.679
1.027,320
RR
1,064,585 1,064,585 Unmat'd int. accr_
2.062
48,000
20,250 Int. on unfunded debt
982
35,584
27,393
Stocks-P.&C.C.
Miscellaneous charges
Negot. rec. for coal
9,881
9,789
10,114
9,160
RR
1
1
company stock_
149,062
Other investments 100,576
Total deductions
100,076 Unred. pref. stock
$1,874,180 $1.600,377 $1,216,187 $1,347,644
Mat'l 8r supplies
176,327
192,913 (par & prem.)._
1,995
1,874,559 2.514,164
2,763,756
4,515 Net income
2,428,153
Bal.fr. agents, &c.
3,146
7,310 Deferred liabilities
707
1,435 Div. appropriations..... 1,038,198
1,038.198
1,038.198
1,050.557
Cash
3,753,952 2,507,907 Other liabilities...
40,045
25,853 Surp. approp. for inv. in
Special deposits_
62,426
physical property_
85,360 Tax liabilities... 560,031
505,328
796,655
Traffic, &c., bale_ 338,294
329,311 Accrued depreciaMLso. acc'ts rec... 407,083
Bal. to profit & loss.. $836,362 51,475.966 $1,725,558
181,658
Lion equipment_ 932,352
686,771
$580.940
Int., &c., receivle
417
417 Unadjust. credits_ 4,232,023 4,233,599 Shares of capital stock
Adv. in transit....
outstanding (par $100)
5,228 Add'ns to prop'ty
150,000
150,000
3,214
150,000
150,000
Deferred assets
732
$12.50
$16.76
1,460
thr. Inc. & Burp_ 131,834
318.43
131,936 Earns, persh.on cap.stk
$16.19
Unadjusted debits 661,409
582,612 Profit and loss bal. 5,767,104 4,467,429
GENERAL BALANCE SHEET DEC. 31.
1925.
1926.
1926.
1925.
Total
47,670,613 43,626,952
Total
47,670,613 43,626,952
LiabilitiesAssets
$
$
$
a Includes $4,579 for pref. stock redemption.
-V.122, p. 3602.
15,000,000 15,000,000
Road & equipm't_46,415,103 43,413,837 Capital stock
2,102 Funded debt
2,102
39,278,000 32,437,600
Impt.on leas. prop
New Orleans Texas & Mexico Ry. (Gulf Coast Lines) Misc. phys. prop__ 325,826 389,354 'Traffic, &c., bale_ 244,162 528,157
Inv.in affil. cos_ _ _12,699,954 9,287,904 Accts. dc wages un(11th Annual Report
-Year Ended Dec. 31 1926.)
9,547
9,022
paid
2,862,869 1,541,868
Other Investments
48,782
48,092
Cash
1,028,773 2,221,118 Misc, accts. pay
President L. W. Baldwin reports in substance:
Interest matured_
45,324
47,151
Time drafts and
5,000 Fund, debt mat'd_
2,600
5,000
Operations.
--The results from operation for the year show an increase in
deposits
55
volume of freight traffic handled and in gross revenue received. Total Loans & bills rec
3,255 Interest accrued
586,246
487,624
214,104 Other liabilities... 325,422
207,899
railway operating revenues for the year were $16,500,682, an increase of Special deposits... 2,553,039
.781,864, or 12.11% The increase in freight revenue amounted to Bal.from agts., &c 171,271
132,544 Deferred liabilities
35,380
12,363
1,515,217,or 12.85%. The total number of tons ofrevenue freight handled Materials & suppl_ 2,726,790 1,781,266 Tax liability
189,701
264,572
creased 7.09%, while the ton miles increased 1.80%. The average Other assets
23,879 Operating reserves
63,172
revenue per ton mile was 15.31 mills, as compared with 13.81 mills in the Traffic, &c., bals_ 100,873
675,126 Accrued del:wee:a_ 2,318,856 1,957,232
previous year.
Misc, accts. resell/. 1,113,954
750,477 Unadjust. credits_ 462,787
744,291
The increase in tonnage handled under products of agriculture was Int.& dive. reedy346 Add.to prop. thro.
27,734
13.32%, animals and products 17.05%, products of mines 4.18%. products Deferred assets
178,814 inc. & surplus 1,650,192 1,646,558
186,889
of forests 4.93%, manufactures and miscellaneous, 8.19%; merchandise Unadjusted debits 1,562,823 1,215,396 Approp. surp. not
(all less than carload freight), 12.02%.
5,248
5,248
spec. invested
The increase in passenger revenue amounted to $207,115, or 10.13%.
Profit and loss..,.. 5,937,335 5,374,889
The number of revenue passengers show an increase of 2.24%, while the
number of passenger miles increased 9.82%, with an increase in average
Total
68,992,903 60,303,544
Total
68,992,903 60,303,544
passenger of 7.43%. The average revenue per passenger per mile
haul per ,
Profit and loss account shows: Credit balance at the beginning of year
was $0.0.313. as compared with $0.0312 last year.
$5,374,889; income balance brought forward for 1926, $836,362; profit on
Total railway operating expenses increased 17.82%, due primarily to
increase in maintenance of way and structures and maintenance of equip- road sold. $165; unrefundable overcharges, $8,795; donations, $3,634;
other credits, $60,974; total, $6,284,819; Deduct, surplus appropriated for
ment expenses, and the increased cost of fuel in transportation expenses.
The ratio of maintenance of way and structures expenditures to total investment in physical property,$3,634; debt discount extinguished through
operating revenue was 18.65, an increase of 3.59 compared with the previous surplus, $270.131: loss on retired road and equipment,$3,269; other debits,
year. The major portion of the maintenance of way and structures ex $70.450; credit balance Dec. 31 1926, $5.937,335.-V. 124, p. 2424.11borpoi
penditures during the year was Incurred on the line south of Houtson, in
rehabilitating the Kingsville division on account of the substantial increase
The Studebaker Corporation, South Bend, Ind.I
in traffic handled. The ratio of expenditures for maintenance of equipment to total operating revenue was 16.98 an increase of .66. This
(Report for Quarter Ended Mar. 31 1926.) ,
increase was due largely to the necessity for improvement in condition of
motive power and freight train cars. The ratio of transportation expenses
RESULTSwFOR
-THREE MONTHS ENDED MARCH 31.
to total operating revenue was 27.85. a decrease of .42.
1927.
1926.
1924. oil
1925.
The increase of $442,116 in hire of freight car charges resulted from an
Number of cars sold.._.on 29,155
29,435
30.573
29.937
increase of $154,201 in per diem payments, a decrease of $9,601 in reclaims
$34,306,643 $37,397,451 $35,205.221 $35.603.490
an increase of $297,516 in private line mileage. The latter is largely Net sales
and
Cost, sell. & gen. exp.. 30,448,521 32,836,696 31,074,931 31.644.759
due to increase in perishable business handled.
Average miles per car per day in 1926 was 41.0, compared with 38.1
Net earnings
$3,856,122 $4,560,755 $4,130,290 $3,955,32
in the previous year.
Cr.69.965
Cr.77,889
Cr.44,971 Dr.16,474
-Since the publication of the annual report for 1925 Interest received
Federal Valuation.
there has been no change in the status of the valuation proceedings. No
Net prof. bef. taxes-- $3,926,088 54.605,727 54,113.817 54.036,620
-S. C. Commission and no forecast
final report has yet been made by the I.
Reserve for income taxes
523,151
494,361
576,806
508,036
can be made as to the probable date of the final decision, although a decision is anticipated during 1927.
-S. C. Commission has concluded
-The I.
Recovery of Excess Income.
Net profits, all sources $3,402,937 54.028.921 53,605.781 $3.542,259
hearings in the proceeding instituted by it to determine whether in any Pref. dividends (1% %)131,250
150,500
137,025
147,000
accounting period between March 1 1920 and Dec. 31 1923 these lines had Common dividends
2,343,750 2,343.750
1.875,000
1,875.000
Rate
any excess railway operating income, of which one-half would be payable
($1.25)
($1)
($1.25)
($1)
Government under the so-called recapture clause of Section 15a of
to the
the Inter-State Commerce Act. There yet remain the filing of briefs and
Balance to surplus___
$927,937 $1,548,146 $1,583.781 $1,516,759
the oral arguments before the I.-S. C. Commission. It is possible that the Previous surplus
36,533,832 33,409,038 30,212,603 24,533,734
matter may be finally decided by the Commission before the end of 1927,
but the opinion may conceivably be delayed beyond the end of that year.
*Profit & loss surplus437,461,769 $34,957,184 $31,796,384 $26,050,493
In this proceeding the chief issue relates to the value of the property "held
for and used in the service of transportation" during the years 1920. 1921, Shs, com. outst. (no par) 1,875,000
1,875,000
1.875,000
1,875,000
Earns, per ski. on com__
1922 and 1923.
51.81
$1.74
$2.08
51.84
-Long term debt outstanding and in the hands of the
Debt.
Funded
* Includes special surplus of $5,670,000 as of March 311926, 55.265,000
public increased $6,840,400.
as of March 31 1925 and $4,860,000 as of March 31 1924.
First mortgage 5% series B bonds to the amount of $3,294,200 were
President A. R. Erskine says:
Issued during the year as follows: $1,700,000 in connection with acquisition of securities of Sugar Land Ry. $1,594,200 issued in exchange for
The total net sales of the Studebaker Corp. and subsidiary companies for
non-cumulative income bonds of like amount.
the quarter ended March 31 amounted to $34,304.643, a decrease of 8.3,%
First mortgage 5% series C bonds to the amount of $4,600,000 were under the same quarter last year. Net profits derived from sales, with
ssued for the purpose of reimbursing the treasury in part for capital ex- other net income, after all_charges, increased depreciation, and reserve for
E
2582
THE CHRONICLE
taxes, amounted to 53.402.936, a decrease of 15.5% under last Year.
These profits were at the rate of $1.74 per share on the outstanding common stock, as compared with $2.08 last year. Profits upon Erskine Sixes,
of which 5.250 were sold, were practically negligible, as these new cars
were just being introduced. Decreases in investments and receivables,
and increases in inventories were largely due to bookkeeping changes in
foreign branch accounts and increased shipments of Erskine Sixes.
Business in the second quarter is in large volume, and we expect both
sales and profits to exceed the second quarter of last year.
CONSOLIDATED BALANCE SHEET MARCH 31.
1927.
1927.
1926.
Assets8
Liabilities$
$
Preferred stock. b7,500,000
Real est., buildings, &c
a62,164,643 59,626.566 Common stock. c75,000,000
Investments
218,995
763.656 Deposits on sales
7.141,413 5,943,925
Sight drafts
contracts
520,042
Inventories
29,484,961 29,412,902 Accts. payable__ 8,972,128
Accts. and notes
Reserve for Fed. &
rec., less res_ -- - 3,587,925 7,326,581
Canadian taxes_ •1,940,431
Deferred charges.
Sundry creditors &
472,818
2,881,221
insurance. Are
455,529
reserves
11,289,804 9,441,046 Res. for contIng__ 1,221,490
Cash
Housing develop't_ 1,329,245 1,459,497 Special Burp. sect_
37,461.769
Goodwill, patent
Surplus
rights, &c
19.807,277 19,807,277
1926.
$
7,830,000
75,000,000
497.840
6,311,041
2,472,594
4.168.320
3,000.000
5,670,000
29,287,184
135,497,080134,236,979
Total
135,497.080134,236,979
Total
a Plant and property at South Bend, Ind., Detroit, Mich., Walkerville•
additions during the year
Ont.,and at branches.Jan. 1 1927.571.895,260; plus
less realizations, $795.726; less total reserve for depreciation, 810,526,343.
b Preferred stock. 7% cumulative, authorized, 150.000 shares of $100 each,
$15.000,000. whereof issued $13,500,000; less retired under provision of
charter, $6,000,000. c Represented by 1.875,000 shares of no par value.
-V. 124, p. 2134.
International Great Northern Railroad Co.
-Year Ended Dec. 311926.)
(5th Annual Report
President L. W. Baldwin, St. Louis, Mo., March 1 wrote
in substance:
The results from operations for the year show an increase in the volume of
freight traffic handled and in gross revenue received.
Total railway operating revenues for the year were $19,245,644, an increase of$2.161.896, or 12.65%. The increase in freight revenue amounted
to 11.894,901. or 14.38%.
The total number of tons of revenue freight handled increased 11.23%.
while the net ton miles increased 15.08%. The average revenue per ton
mile was 16.90 mills, as compared with 17 mills in the previous year.
The increase in tonnage handled under products of agriculture was
20.82%, animals and products 4.78%. products of mines 14.63%, manufactures and miscellaneous 9.51%, merchandise 1.33%. There was a decrease in products of forests of6.81%.
The increase in passenger revenue amounted to $185,223. or 8.14%.
The number of revenue passengers shows a decrease of 2.73%. while the
number of passenger miles increased 13.21%. The decrease in the number
of passengers represents a loss in local traffic due to motor vehicle competition on the public highways, offset to some extent by a substantial increase
in long-haut interline traffic, which also explains the increase in number of
passenger miles. The average haul per passenger in 1926 was 112.13
miles, an increase of 15.79 Dile, over the previ nis year. or 16.39%. Avaverage revenue per passenger per mile was 30.0313,compared with 30.0328
last year.
Total railway operating expenses increased 11.52%, which compares with
an increase of 12.65% in total railway operating revenue. The ratio of
maintenance of way and structures expenditures to total operating revenue
was 17.69%. a decrease of 0.37'1. compared with previous year while the
ratio of expenditures for maintenance of equipment to total operating revenue was 17.30%. an Increase of 0.43% compared with the previous year.
With an increase in train and car miles,the transportation ratio Was reduced
from 38.96 in 1925 to 37.95.
Hire of freight car charges increased $104.624. or 13.60%.compared with
the previous year. Of this increase $29.328 was in private line mileages
due to increase in perishable freight handled in cars belonging to private car
lines. Per Diem charges increased $75.297 compared with the previous
year. Average miles per car per day in 1926 was 29.94, compared with
27.44 in the previous year.
-Since the publication ofthe 1925 report there has been
Federal Valuation.
no substantial change in the status of our Federal valuation proceeding.
The testimony has all been introduced, briefs have been filed 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.
-Long term debt outstanding in the hands of the public
Funded Debt.
increased $5.392,000. First mortgage bonds, series B. to the amount of
$8.738.000 were issued during the year. Of this amount 56,000.000 were
sold and 32.738,000 are held in the treasury. Out of the proceeds of the
-year 6% sebonds sold. 52.400.000 was used for the purpose of retiring 6
cured gold notes and the balance was used to reimburse the treasury for
additions and betterment expenditions previously made.
Equipment trust certificates. series A.were issued for $1,920.000 to apply
on purchase of 5 locomotives. 10 passenger train cars, 750 box cars and 250
automobile cars. Equipment trust obligations amounting to $128,000
matured and were paid during the year.
RESULTS FOR YEAR ENDED DECEMBER 31.
Increase.
1926.
1925.
Railway operating revenues
$19,245,644 517.083.748 $2.161.896
15,074,441 13.517.750
1.556,691
Railway operating expenses
Net revenue railway operations.. _ _ _ $4,171.202 $3,565,997
Ry.taxes & uncollec. ry.revenue_ _ _ _
549,472
518.204
5605.204
31,267
Railway operating income
Other operating income
33.621.729 $3,047,792
263,098
257.839
$573,937
5,259
Total operating Income
Deductions from operating income..
$3,884.828 $3,305,632
1.330.030
1.066,354
$579.196
263.675
Net railway operating income
Non-operating income
$2,554,798 $2,239.277
111,554
94.909
$315.520
16,644
Gross income
Deductions from gross income
$2,666,352 $2.334,187
1,981.701
1.886,726
5332,165
94.975
li
Net income transf. to profit & loss_ $684.650
$447.460
$237.189
&detailed statement of corporate income was given in V. 124, p. 2268.1
TRAFFIC STATISTICS FOR CALENDAR YEARS.
1926.
1925.
1923.
1924.
4.170.323
Tons rev. fr't carried_ _ _ 5.330.138
4.792.066
4.429.176
Tons rev.fed car. 1 mile 891.900.547 775,015.289 721.963.934 677,805.666
1.700 cts.
1.713 cts.
Rev. per ton per mile_ __ 1.690 cts.
1.755 cts.
701.641
721.419
1.103,625
Rev, passengers carried..
973,646
Rev, pass. card 1 mile__ 78,677.999 69,498.493 76,652.171 81,281.988
112.13
Aver. dist'ce car'd. miles
96.34
78.73
73.65
$3.50
$3.15
$2.51
Aver.rev. per passenger_
$2.67
8.13 cta.
3.276 cts.
3.393 cts.
3.412 cts,
Rev. per pass. per mile__
The usual comparative income account was given in V. 124. p.2268, and
the comparative balance sheet was published in V. 124, p.2423.
American Water Works & Electric Co.
-Year Ended Dec. 311926.)
(13th Annual Report
President H. Hobart Porter says in substance:
Results
.-The income account (V. 124, p. 1971) shows a most satisfactory
vowth in the business of the company. only a minor portion of which is
due to the purchase of new properties.
-The Increasing demands for service upon
How New Capital Is Obtained.
the subsidiaries of the company constantly require the investment of new
capital. This capital Is obtained under the most favorable conditions and
at the lowest rate by maintaining a proper balance between the funded
debt and the stocks of the subsidiaries. A substantial part of this capital
[VOL. 124.
is obtained from the sale of bonds of the various operating subsidiaries, and
the remainder is secured, first, by the sale of the preferred stocks of the
operating subsidiaries to their customers, employees and to the general
public, and second, by the sale of the common stocks of the operating subsidiaries to the company.
Company can obtain the funds for the purchase of such common stocks
of its subsidiaries through the sale of bonds, debentures, preferred stock or
common stock, each being issued in proper proportion.
It has been the policy of the company to acquire such funds largely
through the sale of its debentures and preferred stock, but that portion
which must come through the issuance of common stock has been obtained
by the reinvestment of net earnings, otherwise distributable as cash dividends. and the issuance to stockholders of additional common stock representing such reinvestment of earnings, rather than the issuance and sale of
additional common stock to the general public.
One of the most significant features of the business life of our time is the
vast expansion of the public utility Industry in property and earnings and
the grouping of the operating companies for ownership, management and
control under holding companies, of which your company is one of the
largest.
The soundness of investment which the securities of well-managed holding corporations offer is now generally recognized. Most of the operating
subsidiaries of company have been grouped for ownership, management and
control for more than 40 years. This long record of continuous operation
and the experience gained thereby contributes much to stability.
Company is unique among holding companies, in that a very substantial
portion of its earnings are derived from the Operation of its 31 water works
subsidiaries. This Is the most essential form of public service and expands
year by year with little reference to varying business conditions. An
analysis of company's water works subsidiaries shows a steady and continuous growth in both gross earnings and number of consumers served,
and the rates charged by these water works companies have been, in almost
all instances,fixed or approved by rate regulatory bodies.
Stability of Earnings.
-The stability of company's earnings is exceptional,
when it is considered that if no dividends were received by it from its large
investment in the common or preferred stocks of its electrical subsidiaries,
its income from the water subsidiaries and other sources would be sufficient
to pay all of its operating expenses, taxes, interest on its collateral trust
bonds.and debentures and its preferred stock dividend.
Acquisitions During 1926.
-During the year the company purchased additional water works properties as follows: Texarkana Water Corp., supplying the city of Texarkana and surrounding territory, situated on the boundary line between Texas and Arkansas, and Fort Madison Water Co.,
supplying the city of Fort Madison, Iowa. In addition to the foregoing,
Old Dominion Water Corp., which is a subsidiary of your companypur.
chased an adjacent water works system owned by the City Point Water
Co. and supplying part of the city of Hopewell. Va.
Subsidiary Electric Companies.
The consolidated earnings of West Penn Electric Co. and subsidiary companies follow:
1925.
Calendar Years1926.
Gross earnings
$34,437.010 $31,472,134
18,548.262 17,641,095
Operating expenses, maintenance and taxes
Gross income
Interest and amortization of discount
Pr
Preferred dividends of subsidiaries
Minority interests
Balance
Reserved for renewals, replacements & depletion
$15,888.749 $13,831,039
5,974.657
6,272,949
2,215, 9 3 1.892,158
25
33
9,804
$7,400,153 $5,954.420
2.380,223
2.794,966
Net income
54.605,188 $3,574,197
The plant, property and investment account of the companies now controlled by West Penn Electric Co. shows a net increase during the year of
37,073.287.
There was an increase in electric consumers during the year of 19.447,
due almost entirely to the growth of the properties owned.
The installation of an additional steam turbine unit of 30,000 k.w. capacity at the Williamsport power station of the Potomac Edison Co. was
started in Dec. and it is expected that it will be placed in operation in the
early fall of 1927, increasing the total installation of this station to 45,000
k. w.
In Sept. 1926 the first unit of the West Penn Power Co.'s new hydroelectric power station on the Cheat River in West Virginia went into operation, the other units followed, and this hydro-electric station, with water
wheels totaling about 75,000 h.p. and each directly connected to an electric
generator, is now in operation and connected with transmission lines comprising the West Penn system.
Subsidiary Water Companies.
The combined earnings of the subsidiary water companies for the years
ended Dec. 31 1926 and 1925 are as follows:
Calendar Years1926.
1925.
Gross earnings
310,388.458 $9.298.699
Operating expenses, maintenance and taxes
4.687,863 4.328,674
Gross income
$5,700,595 $4,970.025
Interest and amortization of discount
2,808,348
2,509.998
Reserved for renewals and replacements
537,922
481.239
Preferred dividends
485,327
449,528
Minority interests
83,180
62,354
Proportion applicable to stock holdings of Amer-ican Water Works St Electric Co.,Inc
1,805,818
1,466,906
The preceding statement of earnings, which includes earnings of the water
companies purchased during the year only from the dates of their acquisition, reflects the steady growth of the communities supplied with water
and the effect of the purchases of additional water companies. These
new properties increase the total number of consumers by 6,500, which,
with the 17,700 consumers added to the water properties already owned.
make a total of 24,200 new consumers added during 1926. During the
year the subsidiary water companies expended for improvements and extensions to their properties the sum of $5.695,090.
New Financing.
-In March 1926 a total of $2,492,000 bonds of the following subsidiary water companies were sold to the public: Birmingham
Water Works Co., Huntington Water Corp., Terre Haute Water Works
Corp., Wichita Water Co., City Water Co. of Chattanooga, Commonwealth Water Co., South Pittsburgh Water Co., Monongahela Valley Water
Co.
The proceeds from the sale of these bonds were used by the individual
companies for extensions and improvements to their properties and for other
corporate purposes.
In June 1926 the Monmouth Consolidated Water Co. sold $2,500,000
1st mtge. 5% gold bonds, Series A. The Monmouth Consolidated Water
Co. was formed by a consolidation of Tintern Manor Water
Monmouth County Water Co. and Rumson Improvement Co., all of which
Co.,
companies were subsidiaries of your company located In New Jersey and
served territories which were contiguous. The proceeds from the sale of
these bonds were used to retire an equal principal amount of indebtedness
of the merging companies.
In July 1926 the West Penn Power Co. sold 318,500.000 1st mtge. gold
bonds, Series GI,5%. The proceeds of this issue were used to provide funds
for the retirement of $6.000,000 West Penn Power Co. 1st mtge. gold bonds,
Series D, 7%, to reimburse partially the company for funds expended in
the purchase of the Connellsville Power Station heretofore leased from the
West Penn Railways, for extensions and improvements to the company
'S
property, and for other corporate purposes.
On Sept. 1 1926 the West Penn Rys. called and retired all of its outstanding $3,500,000 3
-year 06% gold debentures, due April 11927, funds having been made available to its treasury through reimbursement by certain
subsidiary companies to whom advances had heretofore been made for
construction, now funded. During the latter part of the year the company
also retired through the trustee under the 1st mtge. of West Penn RYs.
dated April 1 1905, $1,497,500 of 1st mtge. 5% gold bonds due Jan. 1 1931,
out of funds deposited with the trustee for that purpose. All of that company's outstanding 1st equip. trust 8% notes of 1921, aggregating $120.000,
were retired on Oct. 1 1926.
In Oct. 1926 the Arkansaw Water Co. sold $2,750,000 1st mtge. 5% gold
bonds, Series A. The proceeds from ON sale were used to retire 31,789,000
Arkansaw Water Co. 1st mtge. 6s, Series A, and to reimburse partially
the company for expenditures made for extensions, improvements and additions to its property.
In Nov. 1926 the Potomac Edison Co. sold $11.250,000 1st mtge. gold
bonds, Series B,5%, The proceeds from the sale of this Issue were applied
to the retirement of $11.017,700 principal amount of several baues of bonds
of this company. Part of the bonds retired were high Interest rate bonds
2583
THE CHRONICLE
APR. 30 1927.]
Under the provisions of the statutes of Canada relating to railway comand part were underlying issues. Through this refinancing the mortgage panies. the rentals payable by a railway company under a lease of equipment
charges
of the Potomac Edison Co. became a first mortgage and the interest
rank as a working expenditure of toe railway company and constitute a
substantially reduced.
were
the railway company's earnings prior to both principal and
Company has also continued to obtain part of the funds needed by its claim against its mortgage debt.
of all
subsidiaries for extensions and betterments through the issue and sale of interest the capital stock of the Canadian National Railway is owned by the
All of
preferred stocks to patrons and consumers. During the year 1926 a Government of the Dominion of Canada.
their
-V. 124. p. 105.
total of $4,532,800 par value of subsidiary companies' preferred stocks was
sold or subscribed for.
Canadian Northern Ry.-No Interest on Income Debs.
-Company in 1914 acquired as a necessary part of
Properties.
California
farm lands in the Sacramento Valley,
Referring to the trust deed securing the 5% income charge convertible
Its organization some 36,000 acres offollowed a consistent policy of disposdebenture stock, the directors regret to announce that the earnings of the
Calif. Since that time company has opportunity offered, with the
result company for the half-year ended Dec. 31 1926, are insufficient to enable
suitable
ing of these lands whenever
that the company now owns only about 8.000 acres of the more valuable them to declare any interest to be payable on the said stock on May 2 next.
.
lands. It has two well developed orchards located respectively at Hamil- Last year there was no distribution. London "Stock Exchange Weekly
ton,in Glenn County, and at Maxwell,in Colusa County,comprising 1.080 Official intelligence.'-V. 124, p. 230.
planted to
acres planted to citrus fruits and 650net profits deciduous fruits.
Carolina Southern Ry.-Acquis.and Operation Line.
of the company, quarterly
-Out of the surplus and
Dividends.
The I. S. C. Commission on March 31 issued a certificate authorizing
dividends were paid during the year ended Dec. 31 1926 as follows: Four
7, were paid
quarterly dividends, each of P40 dividends, on the 7% cumulative first the Company to operate in interstate and foreign commerce a line ofrailroad
each of 135%,were paid on extending from a connection with the Atlantic Coast Line RR. at .Ahoskie
preferred stock: four quarterly cash
the common stock, and two dividends, each of 2 %, were paid on the in a southernly direction to Windsor, a distance of 22.55 miles, all in Hertford and Bertie Counties, N. 0.
common stock in common stock at par on Feb. 15 and Aug. 16 1926.
The railroad that the company proposes to acquire and operate is a
operated
&
The comparative income account was given in V. 124, p. narrow-gauge line formerly owned andwas sold at by the WellingtonW.
a receiver's sale to
Powellsville RR.,the property of which
1971.
C. Everett for $55,700. Prior to the payment of the final installment of
CONSOLIDATED BALANCE SHEET DECEMBER 31.
the purchase price, Everett assigned his rights to S. Wade Marr and Kenneth
1925.
1925.
B. Coulter. The company was organized in North Carolina on August 18.
1928.
1926.
1926,with an authorized capital stock of $500,000(par 8100)divided equally
Assets$
7% cumulative
between preferred and common. Both classes of stock will have voting
Plant, property
its properties, the company pro& investts-271,452,584 258,734,622 1st pref. stock_ 14,050,000 14,050,000 privileges. To finance the acquisition of
Common stock_ 12,958,361 11,949,350 poses to deliver to Marr and Coulter $53,000 of common stock; a two-year
Temp. Invest'ts:
U.S.bds.pledg'dFret, stocks of
promissory note in the face amount of$60,000, bearing no interest until after
1,579,402 subs. with pub_ 65,011,824 58,079,195 maturity; by assignment, $20,900 of notes payable to the company: and
with trustee
476,316 Mln. stkhldrs.'
$1,100 cash, a total of $135.000.
483,855
System secure_
321,975 int. In common
The principal reason of the failure of the Wellington & Powellsville RR.
Other securities
It is stated was the high cost of transferring freight between the narrow-gauge
stock & surplus
Cashof sub. cos__--867,886 3.426.142 and standard-gauge lines. The new company proposes to remedy this sitCurr. checking
gauge, and substituting 56 or
acct. & on h'd 4,694,916 4,379,270 Collat. trust 5s_ 12.571.500 12,691,300 uation by converting the line to standard use. In order to provide part
-pound rail now in
6% debentures_ 8,000,000 8,000,000 60
-pound rail for the 30
Held by trustee
Fund.debt subs_148,153,700 139,211,064 of the funds for this conversion, Windsor Township in Bertie County has
for construc'n
819,129 Acc'ts payable__ 1,866,946 2,910,070 voted to issue $50,000 of bonds, which will be sold and the proceeds used
purposes. &c. 2,488,925
preferred stock. The remainder
Sec'd call loans_ 1,700,000 3,000,000 Notes payable__ 2,507.287 2,684,529 to purchase a like amount of the company's
1,444,533 of the necessary funds will be secured through bank loans or the sale of
Federal taxes_ __ 1,218,431
Accounts, notes.
-V.123, p. 3034.
&c., receivable x4,535,174 3,934,754 Other taxes__ __ 2,104,560 1,508,164 stock.
306.741
287.633
Mat'is & suppl's 3,544.055 3,455,064 Mat'd Int. pay_
Central Indiana Ry.-Abandonment Lines.
Accr'd int. pay_ 2,034,062 2.252,444
Due from subscr.
-S. C. Commission on March 29 issued a certificate authorizing the
The I.
Divs,accrued on
stock
to pref.
428,931 company to abandon, as to inter-State and foreign commerce, its lines of
424.401
stocks__
pref.
980,811
of sub. cos_ __ _ 1,185,043
374,774 railroad in Delaware, Madison, Hamilton, Boone, Montgomery, Parke and
Divs.decl. unpd. 474,501
Disc, on bds. &
Clay Counties, Ind.
6% pf. stk. not
notes, &c., deThe report of the Commission says in part:
79.275
148,365
pres. for red
ferved charges_ 13,454,948 10,885,675
The company is controlled by the Pennsylvania Co. and the Cleveland
Consumers'dep. 3,580,882 2,948,893
Commis. & exp.
206.233 Cincinnati Chicago & St. Louis Ry. through ownership, in equal shares, of
0th. def. habits_
265,519
on sale of cap516,727
463.596 95% of its outstanding capital stock. With the exception of five shares
1,170,889 Deferred credits
1,213,166
ital stock
owned by an officer off the Indianapolis Union Ry., the remaining 5% of
Res. for deprec.,
damages, &c. 19.674,663 18,155.897 the stock is held by Pennsylvania and Big Four officers, some of whom
serve also as directors and officers of the applicant.
Burp. Invest. In
From the beginning ofoperations in 1903 to Dec. 31 1922 annual operating
258,579
fixed capital_
461,656 deficits ranged from $70,336 in 1918 to $281,917 in 1920. Funds required
Spec. say. fund_
were adGeneral surplus- 7,825,040 6.037,137 to make up these deficits and to make necessary improvements applicant
vanced to the applicant by the proprietary companies. The
304,750,664 287,697,707 paid no interest on the bonds issued by it. Early in 1922 the proprietary
Total
304,750,864 287,697,707
Total
companies refused to make any further advances to the applicant, and in
x After deducting $282,965 reserve for uncollectible.-V. 124, p. 2425.
March 1922 the Pennsylvania demanded payment forthwith of each and all
semi-annual installments of interest accrued upon the $750.000 of bonds
held by that company. Foreclosure proceedings were instituted, and on
Nov. 1 1922 the applicant's properties were taken over by a receiver. The
judgment on foreclosure amounted to $2,640,000.
Pursuant to court authorization, the properties were offered for sale, as
an entirety, at public auction on Oct. 9 1923, it being stipulated that no
STEAM RAILROADS.
bid less than $945,000 would be accepted. No qualified bidder appeared
and the sale was adjourned to a later date. The Pennsylvania and the
Atlanta & West Point RR.
-Annual Report.
Big Four thereafter proposed to the master in chancery that sale of the
Calendar Yearsproperties in parcels be suggested to the court,in which case representatives
1924.
1923.
1925.
1928.
Railway oper. revenues_ $3,173,186 $3,184,981 $2,939,380 $2,950,513 of both companies would bid $750,000 for the line from Anderson to Lebanon
2,283,862 together with terminals, equipment, tools, &c., and representatives of one
Railway oper. expenses_ 2,443,226
2.241,784
2.393,065
or both of the companies would bid $88,000 for tracks, terminals, &c.„ in
$666.651 the city of Muncie. The applicant's properties were again offered for sale
Netrev,from ry. oper. $729,960
$697.596
$791.916
171.756 as an entirety on Dec. 3 1923 and again no bid was received. Finally the
Railway tax accruals_ - 166,254
190,357
184,790
962 Pennsylvania and the Big Four surrendered 81.497,000 of the applicant's
645
897
Uncollectible r y. revs...
988
bonds, and deposited cash sufficient to pay the remaining $3,000 of bonds
$493,932 and accrued interest in satisfaction of the judgment on foreclosure. On
Railway oper.income_
$530,697
$600.662
$554.182
Non-operating income__
249,762 March 31 1924 the properties were returned to the applicant, the receiver
219,027
233.478
201,874
being continued merely to close up his accounts. As explained by counsel,
$743,694 the reason for the voluntary surrender of the bonds by the proprietary comGross income
$749,724
$834,140
$746,056
Deduct-Hire of equip.. $179,138
$172,951 panies was the desire to dismantle and dispose of the properties.
$187,216
$194,050
As a result of the surrender and cancellation of the bonds, all liability
Joint facility rents__ 105,478
110,085
244,113
99.400
on account thereof has been extinguished and the applicant now has no
Miscellaneous rents..
220
240
111,625 funded debt. It is, however, indebted to the proprietary companies in
Int. on unfunded debt
854
204
214
(28%)689,808 (8)197,088 (7)172,452 (6)147,816 the following amounts:
Dividends
Big Four. Perznsylvan.
$228,804
8228,904
Balance,surplus
$283,723
$343,158
$201,218 Advances for additions and betterments
1os4387,437
853.601
853,601
Advances for operating deficits
-V. 123, p. 321.
3,345
Accrued interest
of
of
GENERAL INVESTMENT NEWS.
Atlantic Coast Line RR.
-Bonds
-Lease of Road.
-S. C. Commission on April 4 authorized the company to issue
The I.
$8,809,000 gen. unified 50
-year, series A, 4,34% gold bonds, to be sold at
not less than 94.4 and int. (See offering in V. 124,p. 2115.)
See Washington & Vandemere RR. below.
-V. 124. p. 2419. 2423.
Camden & Burlington
Part of Branch.
County
Ry.-Abandonment
of
-S. C. Commission on April 18 issued a certificate authorizing the
The I.
Camden & Burlington County Ry. and the Pennsylvania RR., lessee, to
abandon, as to inter-State and foreign commerce, that part of the Vincentown branch of the Camden extending from the Mt. Holly-Pemberton
public road, south of Ewansville, to Vincentown, a distance of approximately 2.4 miles. all in Burlington County, N. J.
Canadian National Railways.
-Equipment TrustCertificotes Offered.-Offering was made yesterday of a new issue of
$15,000,000 4%% equipment trust certificates, series "J,"
to be issued under the Philadelphia plan. The bonds mature
in annual installments of $1,000,000 each from May 1 1928
to May 1 1942, incl. They were priced to yield from 4.50%
to 4.70%, according to maturity. Offering was made by
,
Dillon, Read & Co., National City Co. Guaranty Co. of
New York,Bankers Trust Co.,Lee, Higgmson & Co., White
Weld & Co., Harris, Forbes & Co. and the Dominion Securities Corp., Ltd.
Dated May 11927: maturing in annual installments of $1,000.000 each,
May 1 1928 to May 11942, incl. Guaranty Trust Co.of New York,trustee.
Denom. $1,000 c*. Dividends payable M.& N. Principal and dividends
payable in gold at the office of the trustee.
The equipment is for the use of the Canadian National Rys., which is
owned or controlled by the Dominion Government. The Canadian National
By. System comprises approximately 22.700 miles, extending from the
Atlantic to the Pacific oceans, and serving practically every important
centre in Canada.
The certificates are to be issued against new standard railway equipment
substantially as follows: 56 mountain type locomotives, 10 eight wheel
.
switchers. 1 electric locomotive, 12 dining cars. 5 compartment observation
cars. 2 parlor cars. 50 steel sleeping cars, 20 steel first class passenger cars,
cars. 4 baggage and smoker cars, 2 mail and express cars, 50
12 baggage
express refrigerator cars, 1.000 60 ton box cars, 40 tank cars, 1,700 automobile cars, 45 air dump cars, 260 freight refrigerator cars. 100 ballast cars,
14 milk cars, 70 cabooses, 21 snow plows, 4 gas electric motor cars and 3
trailers. Title to the equipment remains vested in the trustee clear and
unencumbered for the benefit of the certificate holders.
$1,085,752 $1.082,406
Total
2,168,159Grand total
The receiver operated the applicant's properties from Nov. 1 1922 to
March 31 1924. For the cal. year 1923 the receiver's books showed net
income amounting to $26,000. It was testified that 1923 was a good year
In the railroad business. The receiver handled much more tonnage than
the applicant handled in any year from 1916 to 1925, with the exception of
1917. A part of this increase in tonnage is explained by a coal movement,
now discontinued, and by unusual patronage by a large industry. It is
contended that moerating expenses in 1923 were reduced by deferring maintenance and by failure to apportion to that year charges paid in 1924 but
accruing prior thereto. Proper adjustment of the receiver's accounts for
1923, it is stated, would change the railway operating income apparently
earned to a large deficit. The net result of operations during the receivership was a deficit of $41,299. Expenses during that period included sums
aggregating $32,10() for compensation of the receiver and fees of counsel
and the master in chancery.
The applicant's operating deficit in 1925 was $95,262. It is stated that,
excluding the results of operations during the period of Federal control
and excluding unpaid interest on its bonds, the applicant's average annual
deficit has been $'76,774. . . .
On behalf of the applicant it is replied that there is no public necessity
for the applicant's lines; that whether the lines are considered to be operated
independently or as a branch,revenues of the proprietary companies should
not be used to keep shippers along the line in business; and that a railroad
which for more than 50 years has failed to earn operating expenses, although
efficiently and economically managed and which has no prospects for future
business, should be abandoned.
With the advent of control by strong trunk lines, it would seem that
some favorable change could have been expected in the fortunes of the
properties now owned and operated by the applicant. But the proprietary
companies have never been able to find any functional use for the lines in
connection with the operation of their own systems, except for the delivery
at Anderson of coal originated by the Pennsylvania. After acquiring and
reorganizing the Southeastern, the Big Four and the Pennsylvania continued to compete, and now compete, with the lines of their subsidiary as
actively as though the companies were unrelated.
Less than 7% of the applicant's traffic is handled in local movement.
As a general proposition, it was testified, use of the lines in intermediate
movement is impracticable. Accordingly the bulk of traffic obtained by
the applicant is handled in interchange with connecting trunk lines. It
would therefore appear that an important limitation upon the volume of
tonnage obtainable by the applicant is the extent to which the territory
occupied is also directly served by connecting trunk lines, notably lines of
the Big Four System, with which the applicant is unable to compete on
equal terms. Numerous connections of the applicant's lines with lines of
both proprietary companies, and with lines of trunk-line competitors of
those companies, afford considerable latitude in the choice of routes for
nterline movement of traffic originating in and destined to points in the
ierritory served by the applicant. It is apparent that the competition
2584
THE CHRONICLE
against the subsidiary company is expedient, not so much to deprive the
applicant of traffic as to protect line-haul revenues which otherwise might
be diverted to competing trunk lines.
upon the facts presented, we find that the present and future public
convenience and necessity permit the abandonment by the applicant as
to inter-State and foreign commerce of its lines of railroad in the State of
Indiana. Our certificate will provide that it shall take effect and be in
force from and after 6 months from the date thereof, and that within that
period the applicant shall sell its lines, or any portion or portions thereof,
to any person or persons desiring to purchase the same for continued operation and offering to pay therefor not less than the fair net salvage value
thereof. Suitable provision will be made therein for the revocation of concurrences and powers of attorney and for the cancellation of tariffs. Nothing
contained in this report or the certificate to be issued herein shall be construed, however as authorizing such purchaser to operate the lines or any
part thereof in inter-State and foreign commerce without first securing a
certificate therefor under the provisions of paragraph 18 of section 1 of
-V. 124. P. 105.
the Inter-State Commerce Act.
[VoL. 124.
Nashville, Chattanooga & St. Louis Ry.-Construction of Branch Line.
The I. S. C. Commission on March 30 issued a certificate authorizing the
company to construct a branch line ofrailroad from a point on its Sequatchle
Valley branch at mile post 33.4 in a general southwesterly direction a
distance of 5,431.4 feet, all in Sequatchle County, Tenn.
-V.124. p. 1217.
Northern Pacific Ry.-New Passenger Office Opened.
-
Effective April 25, the company opened a new passenger office at 560
Fifth Ave. A. B. Smith, Passenger Traffic Manager, and M. M.
Goodsill,
General Passenger Agent,came from the railway's general office in St. Paul,
Minn., for the opening. Mr. Smith said:
"I believe greater Western and National Park interest exists among
Eastern people than ever before, inspired particularly since war days when
patriotism for things American ran high. Our Western railroads and
Western States and cities, through advertising are persuading increasing
numbers of travelers from this part of the United States to 'see America.
The new attractive and convenient uptown offices of Western railroads
already opened and soon to be opened answer the genuine desire of Western
-Earnings.
Central Vermont Railway.
Bal., Def. America to be well represented in New York and to secure more tourists
Charges.
Total Inc.
Gross.
Net.
Cal. Yrs.
from the East.
$268.230
$9,089,724 $1,439,154 $1,593,537 $1,861,768
1926
"In addition to providing a convenient headquarters for Northwest
867,056
8,463.639
1,004,321,
1925
897.063 travelers in uptown New York. we expect our new Northern Pacific office to
1,910,618
1,013,555
851,968
8,380.752
1924
1,081.676 serve the States of Minnesota, North Dakota. Montana.Idaho, Washington
1,913,271
831.595
707.204
8,627,980
1923
736.814 and Oregon as an exposition building to constantly remind and inform the
1,755,744
1,018,930
881,375
7,626,626
1922
St.
1,633.695 tens of thousands of people who pass the corner of Fifth Ave. and 46th the
1,347,931
881.375 def285.764
7,135,753
1921
every day, of the civilization, the advancement, the industrial life and
-V. 122, p. 2646.
charm of Northwest United States. We expect the Northern Pacific
- building to be a creditable advertisement of the territory served by our lines,
Chicago, Burlington & Quincy Ry.-Branch Line.
as well as of the railroad itself; and also, as a representative of the NorthThe I. S. C. Commission on March 31 issued a certificate authorizing west, to help us greatly in interesting both travelers and settlers in our part
the Chicago, Burlington & Quincy RR., the Deadwood Central RR. of the country. We feel that our building represents the States we serve.
and the Black Hills & Fort Pierre RR. to abandon, as to interstate and Yellowstone Park, Rainier Park and Alaska. -V. 124.p. 2424. 2420.
foreign commerce, a branch line of railroad extending from Galena Junction
to Galena,a distance of6.98 miles,all in Lawrence County, S. Dak.
Pigeon River Ry.-Abandonment of Part of Line.
The Nebraska Extension Mortgage 4% bonds, which mature May 1
The f.
-S. C. Commission
certificate authorizing the
1927, will be paid at the First National Bank, 2 Wall St., N. Y. city, or company to abandon, as to on March 30 issued a commerce, that portion
foreign
inter-State and
-V.
at the office of the company, Room 910, 32 Nassau St., N. Y. City.
of its main line extending from station 635 plus 10 at Sunburst to station
124, p. 1975.
797 plus 64 at Spruce, a distance of 3.078 miles, all in Haywood County,
Chicago & North Western Ry.-Construction of Branch. N. C.
Quanah, Acme & Pacific Ry.-Acquisition & Operation.
The L-S. C. Commission on April 19 issued a certificate authorizing the
company to construct a branch line of railroad, extending from a connection
The L-S. C. Commission on April 13 issued a certificate authorizing the
with one of its main lines at a point about 3 miles south of Belle Fourche in company to acquire and operate a line of railroad formerly owned and
section 25, township 8 north, range 2 east,in a general southwesterly direc- operated by the Motely County Railway, which extends from a connection
tion 3.5 miles, all in Butte and Lawrence counties, So. Dak.-V. 124. p. with the company's line at Matador Junction in a general northerly
2419.
direction to Matador, a distance of8.47 miles. all in Mutely County, Texas.
The railroad was built by local interests, principally farmers livirg in the
-Listing.
Chicago & Western Indiana RR.
vicinity of Matador, and some of the citizens of that town,to give Matador,
The New York Stock Exchange has authorized the listing of $283.000 the county seat of Motely County, rail connection with the Acme's main
-year gold 4% bonds, due July 1 1952, making line. It is represented that the line was operated at a financial loss practiadditional consol. mtge. 50
the total amount applied for $49,258,000.-V. 124, p• 2276.
cally throughout its existence, and that it was sold under execution at sheriff's sale to G. E. Hamilton, trustee, for 523.000. The trustee is holding
-Tentative Valuation.
Dayton & Union RR.
the property in trust until the Acme can secure authority to acquire and
The L-S. C. Commission has placed a tentative valuation of $666,135 operate it.
on the owned and used property of the company as of June 30 1918.By an Act of the Legislature of Texas, approved Jan. 22, 1927. the sale
V. 97, p. 236.
of the railroad to the trustee was ratified and confirmed; the trustee was
empowered to transfer the railroad to the Acme: the Acme was authorized
-Tenders.
Erie Railroad.
to operate the line as a part of its railroad: and permission to abandon
The Guaranty Trust Co.. trustee. 140 Broadway. N. Y. City, will until operation was granted to the Motley County Railway and the trustee.
-year sinking fund -V. 120. p. 2547.
May 4 receive bids for the sale to it of 1st mtge. 6% 50 exhaust
$48.354.
amount sufficient to
gold bonds, due July 1 1955. to an
-V. 124. p. 2268.
-Listing.
St. Louis-San Francisco Railway.
at a price not exceeding 115 and interest.
The New York Stock Exchange has authorized the listing of an additional
-Permanent Bonds Ready.
Georgia & Florida RR.
$15.096,200 common stock, (par $100). on official notice of issue and
The New York Trust Co. is now prepared to deliver permanent 1st payment in full, making the total amount of common stock applied for
-year 6'% gold bonds, series A. due 1946, for outstanding tem- 565,543,200.
mtge. 20
porary bonds. (For offering, see V. 124. p. 230.)-V. 124. p. 1815.
The $15,096.200, common stock has been offered for subscription by the
- company to the holders of its common stock under the terms of a letter
-Final Valuation.
Gulf and Sabine River Ry. (La.).
dated March 23 1927, (see V. 124, p. 1817).-V. 124. p. 2424.
The I. S. C. Commission has placed a final valuation of $243,000 on the
St. Louis Southwestern Ry.-Chairman's Statement.
property of the company,as of June 301919.
Winslow S. Pierce, Chairman of the board of directors, who has been
-Kuhn, Loeb & Co. absentfor several days, was asked (Monday)whether he wished to comment'
Sold.
-Bonds
Illinois Central RR.
on the recently published statement of Waiter E. Meyer, who is personally
have sold at 973' and interest, to yield 4.64% $17,350,000 soliciting proxies for use at the annual meeting of the company's stock'
Chicago St. Louis & New Orleans holders on May 4th. Mr.Pierce said:
Illinois Central RR. and
"In this era of sounder popular and legislative thought, the railroads are
RR. joint first refunding mortgage 4M% bonds, series C trying to assure a future due to them and important to the prosperity of the
nation. I believe that stockholders understand and will aid. 1 question if
1 1927). Due Dec. 1 1963.
(bearing interest from June
which the present affords the chance of personal advantage that speculative
Illinois Central RR. secured gold 534% bonds, due Jan. 1 1934,will be opportunists may suppose. Under the cumulative system of voting in
interest,
have been called for redemption on July 1 1927 at 101 andcomputed on the Missouri it is, of course, possible that Mr. Meyer may secure a deceived or
payment for these bonds on a 4% interest basis bonds to be ren- unthinking vote which will make him again a director of the Cotton Belt
accepted in
of such
redemption price, provided notice of the amountprior to the date fixed for Co. I doubt this, and I think it would be very undesirable: but, if such a
dered in payment is given not less than five days
result should happen, the stockholders giving him their support will secure
payment for the above bonds.
delivery of and
but his purpose, not their gain."
Denom. $1,000 c*&r*. Interest payable J. & D. The entire series, the
Walter E. Meyer, who is seeking proxies for the annual meeting, in a
at the option of
not part thereof, redeemable on any interest date,
than 90 days' previous circular letter April 27 states that the associates of Chairman Loree, "are
Chicago St. Louis & New Orleans RR.,upon not less 1 1958. and thereafter endeavoring to oust me from the board because. in the course of my duty
notice at 105 and interest up to and including Dec.
for each six as director I have found it necessary to write you of the actions of the
at their principal amount and interest plus a premium of 34%
beard of directors now controlled by Mr. Loree." He further says, "If
maturity.
months between the redemption date and the date of
- you feel it is in your interest to support me, and have not already sent me
of the Inter
Issuance and sale of these bonds are subject to the approval
your proxy, or if through misrepresentation or false statements you have
Commission.
State Commerce
the
been induced to give your proxy
-Application will be made in due course to list these bonds on return the enclosed proxy so that tomay majority control, please sign and
Listing.
be enabled to continue to protect
I
the New York Stock Exchange.
your interests upon the board of the St. Louis Southwestern."
-V. 124.
bonds are the joint and several obligations of the Illinois p.
-The
Security.
2424.
Orleans RR.and are secured
Central RR.and the Chicago St. Louis & New
(under the joint first refunding mortgage made by the Illinois Central RR..
-Annual Report.
Terminal Railroad Assn. of St. Louis.
the Canton
the Chicago St. Louis & New Orleans RR., andtrustee) by a Aberdeen &
direct mortCalendar Years1923.
1924.
1926.
*1925.
Nashville RR. to Farmers' Loan & Trust Co.. as
leaseRevenues
on about 1.544 miles of railroad (in addition to trackage and Cairo,
gage
Switching
$12.924,964 $12.599.181 $12.171.621 $12,622,321
holds), including the important bridge over the Ohio River at East
2,360
Ky., with its Kentucky approach, and on valuable terminal properties in Special service train..
Ind., Incidental
980.109
935,391
939,792
1,016.199
New Orleans, La., Louisville, Ky.. Memphis, Tenn., Evansville,
-Dr
405.708 Dr.367.840 Dr.380.603 Dr.336,006
and elsewhere, subject to existing liens which may not be renewed or ex- Joint facility
tended and for the retirement of which, at or before maturity, provision is
Total ry. oper. revs_513.537.818 $13,166,732 $12,730,810 $13,266,424
made in the joint first refunding mortgage.
line
Expenses
The system of railroads covered by this mortgage includes the main and
Mahn. of way & struc__ $2,204,231 $2.298,851 $2,318,966 $2,009,208
Central System from Cairo, Ill., to New Orleans, La..
of the Illinois
1,021,306
1,115,426 1.112,267
connects such important traffic centres as New Orleans, Memphis and Maint, of equipment_.. 1,129,856
28,239
27.491
29.444
27.711
Louisville with the main line to Chicago and the North, and comprises all Traffic
5,326,539
Central System south of the Ohio River, with the excep- Transport'n-rall line-- 5.142,027 5,201,275
5.357.813
lines of the Illinois
41,759
42.829
41,510
41.330
tion of the Chicago Memphis & Gulf RR., the Brookhaven & Pearl River Miscell. operations
241,718
264,211
238,326
246,154
RR. (with mileage of 52 miles and 21 miles. respectively) the Yazoo & General
3,608
Mississippi Valley RR. and the Gulf & Ship Island RR., which is operated Transp.for inv.-Cr.
independently.
Total ry. oper. exp.... $8,807,037 58.932,659 $9,096,414 $8,668,770
-The purpose of this issue is to provide the necessary funds for
Purpose.
4,597,654
4,234,072
3,634,397
the retirement of 516,000,000 secured 534% 'tends, which have been called Net rev.freight ry.oper_ 4.730.781
1,311,412
1,273,046
1,069.033
redemption on July 1 1927 and for other corjoorate purposes. capital Railway tax accruals-- 1.347,419
for
Uncollec. railway revs583
1,372
10.344
-The Illinois Central RR. has paid dividends on its
Earnings.
stock uninterruptedly since 1860. Company has at present outstanding
11Aitt
Railway oper.income- $33,382,778 82,959,655 $2,555,020 $3
0
$24,420,900 of 6% pref. stock and $130.024,500 of com. stock, on which
dividends are being paid at the rate of 7% per annum. The gross income Net rev,from misc.oper_ loss33,274 loss31,135 loss32,567
2.311
ended Dec. 31 1926, after
1.003
1,142
1,107
of the Illinois Central RR. System for the yearwhile its total fixed charges Taxes on misc, op. proppayment of all taxes, amounted to $34,735,157,
p. 2419)•
Total oper. income_ $3,348,500 $2.927,378 $2,521,346 $3,246,782
for rentals, interest, &c., amounted to $17,584,758 (see V. 124
3,187,347
1,646,926
3,388,182
-Total authorized amount is $120.000.000. of which there will Total non-oper. income_ 1.801,851
Bond Issue.
issue.$48,698.000
be outstanding in the hands of the public, after the present
% bonds.
Gross
$5.150,352 $4,574,304 $5.909,527 $6,434,129
of series A and series B 5% bonds, and $17.350,000 of series C 434 collateral Hire of income
$199,686
as part
freight cars
-deb. $119,493
$130.384
$159,874
In addition $3,820.000 of series A 5% bonds are pledgedbonds, due July 1 Rent for
180.547
171,907
locomotives_
-year 634% secured gold
for the Illinois Central RR. 15
153
The balance of $50.132,000 bonds framable under this mortgage are Rent for pass, train cars1936.
1,059.967
-V. 124, p. 2419. Joint facility rents
11.780
lien bonds.
904,006
18,576
reserved to retire a like face amount of prior
822,342
Rent for leased roads___
696,901
697,733
812,211
2423.
584.324
330.019
332,486
Miscellaneous rents.... _ 1,053,426
72.833
Mina.tax accrual& _ _ _
158.537
125.870
-Bonds Called.
142,336
Missouri Pacific RR.
1,758,663
1.785,554
1.825,337
company has called for redemption Aug. 1 1927 at 10734 and int. Int. on funded debt- --- 1,823,969
The
9.432
1.668
468
1,808
1st & ref. mtge. 6% gold bonds, series D. On that Int. on unfunded debtall of its outstanding
9,808
22,277
the bonds will become Amort. of disc, on fd.dt_
26.130
16,022
date, from and after which interest will cease, N. Y. City.
14.353
-V. 124, Misc,income charges__ _
13,405
14.543
14.336
Guaranty Trust Co., 140 Broadway,
payable at the
212,852
100.000
241.771
Inc. appl. to sk.,res.fds.
217.408
p. 1975.
$1,868,449 $1,164,859
Income balance
$630,637 $1,509,370
County Ry.-Sale.Motley
* Figures for 1925 revised to compare with 1926.-V. 122, P. 2796.
-V. 122, p. 3208.
By. below.
Bee Quanah Acme & Pacific
THE
APR. 30 1927.]
CHRONICLE
-Final Valuation.
Tonopah & Tidewater RR.
on
-S. O. Commission has placed a final valuation of $2.709.998
The I.
the owned and used property of the company, as of June 30 1915.-V. 113.
p. 1054.
Seaboard Air Line Ry.-Abandonment of Branch Line.
The I. S. 0. Commission on April 19 issued a certificate authorizing the
company to abandon that portion of its line of railroad extending from Buda
Counties,
to Norwillis, a distance of 9.84 miles, all in Alachua and Gilchrist
-V. 124. p. 2117.
Fla..
-Control by Lease.
Washington & Vandemere RR.
The 1.-S. 0 Commission on April 13 approved the acquisition by the
Atlantic Coast Line RR. of control of the railroad of the Washington &
-V. 122. p. 478.
Vandemere RR., by lease.
-Successor Company.
Wellington & Powellsville RR.
-V. 123, p. 979.
See Carolina Southern Ry. above.
-Annual Report.
Western Railway of Alabama.
1924.
1925.
1926.
Calendar YearsRailway oper. revenues_ $3,344,018 $3.392,382 $3,159.930
2,283.751
2.311,390
Railway oper. expenses_ 2.486.280
1923.
$3,042,220
2,318,894
Net rev.from ry.oper_
Railway tax accruals.-Uncollectible ry.revs-
$857,738 $1,080,992
211.269
197,876
1.229
381
$876,179
149.419
863
$723,326
176.653
296
Railway operating inc.
Non-operating income._
$659,481
238,204
$868,493
278,085
$725.897
269,495
$546,378
256.250
$802,628
$995,392
$897.685 $1,146,578
Grossincome
410,507
317,275
318,556
295.613
Deduc. from gross inc.(33%)990,000 (8)240.000 (7)210.000 (6)180.000
Dividends
$212,120
$468,117
$588,022
df.$387,928
Balance, surplus
-V. 123. p. 322.
-Securities.
Wichita Falls Ranger & Fort Worth RR.
-S. C. Commission on April 13 authorized the company to issue
The I.
(1) $1,000,000 common stock, (par $100); and (2) $2,000.000 5%% first
mortgage bonds, to be secured by a proposed first mortgage.
The report of the Commission says in substance:
"The applicant's road is approximately 75 miles long, extending from
Jimkurn to Dublin, both in the State of Texas. It was built in the period
from 1919 to 1921, and incorp. in 1919 in Texas,with an authorized capital
stock of $120,000, all of which is outstanding.
"The road was originally constructed by Jake L. Hamon and Frank Kell.
doing business under the partnership name of Hamon & Kell. About the
time the construction of the road was completed. Hamon bought Kell's
interest in the road, borrowing money from the National City Bank, New
York for that purpose. Hamon died soon afterward, and by numerous
transactons the National City Bank acquired all the outstanding capital
stock and practically all claims aganst the road, advancing funds to pay
the creditors and taking assignments of their claims. In December 1921,
a receiver was appointed, and on March 23 1926. the District Court of the
United States for the Northern District of Texas rendered judgment against
the appacent in favor of J. A. Hurley, representative of the National City
Bank,in the sum of $3.084,916. The applicant states that Hurley and the
National City Bank are willing to accept $1,000,000 of capital stock,
including that now held by the bank, and $2,000,000 of bonds in full settlement of the judgment. It is proposed to issue either $1,000,000 of capital
stock upon cancellation of the $120,000 of stock now outstanding, or
8880,000 of capital stock in addition to that now outstanding. Upon
delivery of the securities to the National City Bank the judgment lien will
be canceled.
The bonds will be issued under and pursuant to, and will be secured by,
a proposed first mortgage to the Mississippi Valley Trust Co., St. Louis.
Mo. Dated Jan. 1 1927. will bear int. at the rate of 5%% per annum,
and will mature Jan. 1 1957. They will be redeemable on any int. date at
105 and int
"The record indicates that the applicant has reasonable expectation of
sufficient earnings to pay the interest on the amount of bonds it now
proposes to issue. However, the National City Bank does not propose to
offer either the stock or the bonds for sale to the public untilsuch time as the
applicant shows a record of earnings that will afford the purchasers of the
bonds reasonable assurance of the prompt payment of interest thereon.
Authority to issue stock in the amount now proposed will be conditioned
-V. 124. P. 109.
on the retirement of the stock outstanding."
2585
New plants and additional transmission lines now projected or in course
of construction by the group are expected to increase the installed capacity
of its plants by 1930 by about 140.000 h.p., and its transmission lines by
about 170 miles. Company estimates the cost of completing this new
construction at about $5,000.000.
-These bonds will be the direct obligation of Adriatica and will
Security
be unconditionally guaranteed as to principal and interest by Societe
Italians per l'Utilizzazione dello Forze Idrauliche del Veneto (herein called
Canine), one of its principal operating subsidiaries. In the trust indenture
under which these bonds wilt be issued Adriatica and Cellina will covenant
% gold notes of Adriatica
-year
that upon the retirement of $2.000,000 2
maturing Dec. 15 1928 Cellina will inscribe a 1st mtge. as security for these
bonds upon all of its hydro-electric plants, transmission lines and distribution systems now owned. Cellina will also covenant that pending the
retirement of the 634% notes it will not dispose of or mortgage any of its
properties.
Neither Adriatica nor Cellina has any direct mortgage debt. The only
mortgage debt of Adriatica's subsidiaries consists of a mortgage from
Societe Idroelettrica Veneta to Italian Pubic Utility Credit Institute to
secure a long-term loan of 50,000,000 lire, of which 1,000,000 lire has been
retired by snkng fund and 634,000 lire principal amount of bonds of
Societe Elettrica Milani outstanding out of an original issue of3,000.000 lire.
The total interest-bearing debt of the Adriatica group (excluding the present
issue and inter-company indebtedness) at Dec. 31 1926 was less than
300.000,000 lire, or less than $13,560,000 atthe then current rate ofexchange.
The aggregate sale value of the properties of the Adriatica group as a unified operating system, after completion of the new construction above menhas been appraised by Stone & Webster. Inc., at approximately
$55,000,000.
tioned,
.-The consolidated net earnings (converted at the annual averEarnings
age rates of exchange) of the Adriatica group as reported by Price, Waterhouse & Co., after deduction of operating xepenses, maintenance and taxes,
available for interest, income taxes, depreciation, reserves and
participations, have been as follows:
directos'1924. 1926.
1925.
$3,265.365
$3.565,713
$2.918,024
Consolidated net earnings of the group on the basis shown above for the
year 1926 were over 4 times annual interest charges on all indebtedness of
the group (excluding inter-company indebtedness) outstanding during that
year and the annual interest requirements on these bonds.
Equity
.-The outstanding capital stock of Adriatica at present market
id
paid
junior
prices converted at the current rate of exchange represents an equityn
its
to the bonds in excess of $19,000,000. Adriatica has
outstanding capital stock (which was 100,000.000 lire prior to Oct. 1924,
and since then has been 200,000,000 lire) at the rate of 9% in respect of each
of the fiscal years 1920 and 1921, 10% in respect of each of the fiscal years
1922, 1923 and 1924. 1234% in respect of the fiscal year 1925 and 16% in
respect of the fiscal year 1926.
Sinking Fund.
-Under the trust indenture the bonds will be entitled to the
benefit of a cumulative sinking fund payable annually, commencing Oct. 1
1932, calculated to be sufficient to retire the entire issue by maturity
The sinking fund payments are to be applied by.the fiscal agents to the
purchase of bonds at not exceeding 100 and int., or, if not so obtainable,
Aprh
to tile redemption by lot of bonds at 100 and int. on the next succeeding
Cellina.-Cellina is the principal distributing unit of the Adriatica group
and distributes, in addition to energy produced by it, large amounts of
energy which it purchases at favorable rates under contracts with the main
producing units of the group. principally from the Santa Croce plants
owned by Societe Idroelettrica Veneta. 60% of the capital stock of which
is owned by Cellina,and the other40% by Adriatica. The properties which
Cellina will agree to mortgage include three generating plants with an installed capacity of 22,000 h.p., 12 principal substations and over 294 miles
of transmission lines, the latter constituting the main outlet for the production of the Santa Croce plants, which in 1926 produced over 245,000.000
k.w.h. Such properties also include 136 miles of primary and secondary
distribution lines.
-The group serves a territory comprising about 17.000 square
General.
miles, including 15 provinces surrounding the northern end of the Adriatic
-over one-seventh, reSea and having a population of over 5,500,000
spectively, of the total area and of the total population of the Kingdom of
Italy. This territory includes Trieste and Venice.2 of the 4 most important
Italian ports, as well as the important cities of Bologna, Padua. Verona
and Ferrara. The diversified character of the industries served including
steel works, glass factories. fertil.zer plants, paper mats. textile mills and
shipbuilding plants, and the large proportion of energy(approximately43%)
distributed for the essential needs of the inhabitants, namely, for domestic
and agricultural uses and land reclamation. insures relative stability of consumption and, with the industrial development of the territory generally,
and especially of the Ports of Venice and Trieste, promises steady future
growth.
-Operation of Line.
Wichita Falls & Southern RR.
-Application will be made to list these bonds on the New York
Listing.
-S. C. Commission on April 13 issued a certificate authorizing the 4tock Exchange.
The I.
company to operate in inter-State commerce, under a trackage agreement,
from Maple Switch to the
over the railroad of the Wichita Valley Ry.,
-New FinancAmerican Commonwealths Power Corp.
Union Station in Wichita Falls, Texas, a distance of 3.21 miles, in Wiehita
ing Acquisition.
-V.122. p. 1760.
County, Texas.
a. E. Barrett & Co. and Frederick Peirce & Co.. have purchased and
plan to offer next week an additional issue of$1,000,0006% gold debentures,
and a new Issue of $1.000.000 of $7 1st preferred stock. This financir g is
PUBLIC UTILITIES.
in connection with the acquisition from Rufus Dawes and associates of the
Jacksonville Gas Co. of Jacksonville, Fla.
-Acquisition.
Adirondack Power & Light Corp.
An authoritative statement says:
The New York P.S. Commission has authorized the company to acquire
The American Commonwealths Power Corporation has contracted to
the outstanding capital stock of the Consolidated Electric Co. which serves
Greenwich, Cambridge, Schuylerville and Victory Mills and adjoining rural purchase all of the common stock and all of the second preferred stock of the
Jacksonville Gas Co. of Jacksonville, Fla., from the present owners,
-V. 124. p. 503.
communities.
Rufus C.Dawes and associates. Gross earnings of the Jacksonville company
Adriatic Electric Co.(Societa Adriatica di Elettricita) for the year 1926 exceeded $1,400,000.
The present Jacksonville Gas Co.
-Bonds Sold.
-Blair & Co. Inc. have sold at 96 and int., operated by Mr. Dawes since 1922. was organized in 1874 and has been
In the meanwhile, the sales of gas
to yield over 7.35%,$5,000,b00 2 -year 7% external sinking since 1922 have increased from 357,000.000 cu. ft. to 525.000.000 cu. ft.
annually. The population of Jacksonville is now estimated to exceed
fund gold bonds. A portion of the issue was reserved for
150.000.
offering abroad.
Roy A. Ziegler, Vice-President and General Manager of the company in
Dated April 1 1927; due April 1 1952. Denom. $1,000 and $500. Prin- Jacksonville, will continue on with the new owners and remain the chief
cipal and int. (A. & 0.) payable in U. S. gold coin of the present standard executive officer of the Jacksonville company.
of weight and fineness in N. Y. City at principal office either of Chase
Upon completion of the necessary financing to take over the Jacksonville
National Bank, New York, trustee, or of Blair & Co., American fiscal Gas Co., the American Commonwealths Power Corp. will have outstanding
agents, or in Swiss francs at the rate of 5.18 Swiss francs for each dollar $4,500,000 6% 25
-year debentures: 10.000 shares of 7% 1st pref. stock,
at the principal office in the city of Zurich, of Credit Suisse. Swiss fiscal 13,711 shares of 7% 2nd pref. stock, and 109,688 shares of common stock.
agents, without deduction for and free from any present or future taxes of and will have consolidated gross earnings exceeding $5.500.000. and net
the Kingdom of Italy or of any taxing authority thereof or therein. Red, earnings available for interest charges and dividends exceeding $850,000.
other than for sinking fund as a whole but not in part (except as provided -V. 124, p. 2425.
in the trust indenture) on 60 days' notice on April 1 1932 or on April 1 in
-any year thereafter at principal amount and interest plus a premium of2%%
-Earnings.
American Public Utilities Co.
if red. on April 1 1932:2% if red. on April 1 1933: 134% if red. on April 1
Results for Year Ended Dec. 31 1926.
1934: 1% ICred. on April 1 1935, or%% if red. on April 1 1936.
$567,933
Gross revenue
-P. Dirac.,Venice,Italy, Apr.20 Operating and administrative expenses
Data from Letter of Achille Gaggle,V.
36.173
History.-Societa Adriatica di Elettricita (hereinafter called Adriatica)
$531,760
Gross income
was organized in 1905 under the laws of the Kingdom of Italy with an auth22,790
orized capital stock of 300,000 lire. Its authorized capital stock consists Interest on funded debt
15,588
now of 2000.000 shares of the par value of 100 lire each, all of which are Miscellaneous deductions
outstanding and fully paid. It is both an operating and a holding com2493,383
Net income
pany, and owns directly or indirectly more than a majority of the capital
200,524
stock of 20 subsidiary companies. It and its subsidiaries, constituting Dividends on prior preferred stock
238.490
the so-called Adriatica group, own and operate hydro-electric plants.trans- Dividends on participating preferred stock
mission lines and distribution systems, which together form one of the 3
$54,369
Balance to surplus
largest systems for the production and distribution of electric power, heat
682,107
Previous surplus
And light in Italy.
Dr.10.926
The plants owned by the group have an aggregate installed capacity of Sundry
Approximately 236.000 h.p.(including steam reserves), with approximately
$725.543
Profit and loss surplus
1.120 miles of transmission lines and approximately 6,700 miles of distribution lines and 58 principal sub-stations. Over 90% of such capacity is -V. 122, p. 3336.
hydro-electric. These plants generate almost all of the electric energy
-Deb.Certificates Called.
Associated Gas& Electric Co.
sold by the group, only about 10% of the energy sold being purchased outAll of the outstanding
side the group.
% cony, debenture ctfs., Manila Electric series
The electric energy supplied by the group has increased steadily from "A," have been called for payment May 23 at 105 and int, at the office of
about 220,000,000 k.w.h. In 1920 to over 546,000.000 k.w.h. in 1926, an the company,61 Broadway, N. Y. City.
Increase of about 150% during the past 6 years. Of the energy distributed
Holders of the above certificates may present the same, at any time
-V.124.
by the group in 1926 it purchased about 55.000,000 k.w.h. outside of the prior to May 23 and receive 105 and int. to date of presentation.
group. The number of consumers served by the group has increased from P. 2425.
about 178.000 in 1920 to over 300.000 in 1926. The water concessions
Berlin Electric Elevated & Underground Railways
from the Italian Government covering the deviation of public waters under
which the companies of the group operate either do not expire, or by virtue (Gesellschaft fur Elektrische Hoch-und Untergrundlaw of Oct. 9 1919, are renewable in such manner as not to expire
of the
.-Speyer & Co.Interim Receipts Listed.bahnen in Berlin)
prior to 1977.
2586
THE CHRONICLE
124.
The New York Stock Exchange has authorized the listing of Speyer &
Co. interim receiptsfor $12,000,000 30
-year 1st mtge. 6% 0 sinking fund
gold bonds, due Oct. 1 1956, with authority to add to ,the list $3,000,000
Interim receiplts of Speyer & Co, on official notice of issuance in exchange
for receipts of Dutch bankers, representing bonds of the above issue and
series, sold in Holland, making the total amount applied for $15,000,000.
The interim receipts of Speyer & Co. will be exchangeable at the office
of Speyer & Co.,24 and 26 Pine St.. New York,for the bonds if, as and when
issued in definitive form.
-V. 124, p. 2425.
Earnings Year Ended Dec. 31 1926.
Gross income
$2,254,941
Oper. exps., maint., prior charges of subsidiary companies and
taxes (not incl. Federal income taxes)
1,853,739
Balance
$401.201
Annual interest requirements on $2,150,0006% gold debentures.
series"A"
129,000
The above earnings reflect only three months' increased revenue derived
from the recent water rate increase granted by the Illinois Commerce
Brooklyn City RR. Co.
-Earnings.Commission to the Peoria Water Works Co..
-Month ofMarch- -9 Mos.End. Mar.31- 1926, and which should, for the succeeding which became effective Oct. 1
year amount to an increase of
1927.
1926.
1927.
1926.
not less than $100,000 in the net consolidated income of the Community
Passenger revenue
$1.000,842
$976,278 $8,519,645 $8,462,853 Water Service Co.
Other revenue
21,688
22,766
187,192
280,917
Purpose.
-Proceeds will be used to reimburse the company for expenditures in connection with the acquisition of properties and for other corporate
Total revenue
$1.022,530
$999.044 $8,706,837 $8,743,770 purposes.
-V. 124, p. 2426.
Oper.exp. and taxes_ _
879.046
831.748
7,421,084
7,226.214
Income deductions
47,549
47,588
423,192
Consumers Power Co. (Me.).
467,168
-Earnings.
12 Months Ending March 311927.
1926.
Netincome
1925.
$95,935
$119,708
$862.561 $1,050.388 Gross earnings
$24,732,676 $21,563,584 $18,455,210
-V. 124 p. 2426.
Operating expenses, including taxes
& maintenance
12,760,330 11,425,274 9,612,840
Brooklyn Edison Co., Inc.
-Rights.
2,581.658 2.508,0810.
The stockholders of record May 11 will be given the right to subscribe Fixed charges
Dividend preferred stock
3,042.953
2,585,158
1,709,839
on or before June 1 at par ($100) for $15,000,000 additional capital stock Provision for retirement
reserve
1,536,000
1,392,328 1,324.000
on the oasis of one new share for each five shares held. Subscriptions will
be payable at the Bank of America, 44 Wall St., N. Y. City, at the election
Balance
$4,811,735 $3,654,742 $3,138,260
of the subscriber, either in full on June 1 or in 3 installments as follows: -V. 124,
p. 643.
On June 1 40%, on Sept. 1. 30%, and on Dec. 1 .30%. The proceeds
will be used to provide for the rreimbursement, in part, of the company's
County Gas Co. (of Dallas), Tex.
-Control.
treasury for expenditures made for additions and extensions to its plants
See Lone Star Gas Corp. below.
-V. 122. p. 2039.
and facilities. The issuance of this stock has been authorized by the
New York P. S. Commission.
-V. 124, p. 1660, 1357.
Dallas (Tex.) Gas Co.
-Control.
Bee Lone Star Gas Corp. below.
-V.121. P. 1347.
Cambridge Gas Light Co.
-Stock Changes Hands.
Checks were sent out April 25 in payment for the stock which was deGeneral Gas & Electric Corp.
-Earnings.
posited for sale at $105 a share, except for the minor portion which elected
An increase of 15% in operating revenue and other income is reported
to take instead of cash 1 and 1-20th share of preferred stock of the New
England Gas & Electric Association, for each share of Cambridge stock. by the corporation and its subsidiaries for the year ended March 31, am
Approximately 90% of the 78,000 outstanding shares of Cambridge stock compared with an increase of 10.2% in this item reported for the corresponding period of 1926 over 1925. The total was $25,437,848 as compared
were deposited for sale. See also V. 124, p. 2426.
with $22,057,134 a year ago,and $20.005.507 two years ago. Total income,
Chesapeake & Potomac Telephone Co. of W. Va.- after deducting operating expenses. maintenanee, depreciation, taxes, etc..
amounted to $9,535,444, an increase of 23% over the preceding year,
Acquisition.which in turn showed a gain 'of 16% over the like period of
Net
The I. S. C. Commission on April 19 approved the acquisition by the income for the year ended March 31 1927, after deductions for1925.
interest on
company of the telephone properties of the Consolidated Power & Light Co. funded debt and preferred stock dividends of subsidiaries and minority inIn Cabell County, W. Va.-V. 124. p.2119.
terests increased 30% over the preceding year to $2,875,639.
Consolidated income statement (Corporation system) year ended March 31.
Cities Service Co.
-New Director.
1927.
1926.
1925.
Merlin Hall Aylesworth, President of the National Broadcasting Co.
and former President of the National Electric Light Association, has Operating Revenue & other income-425,037.848 $22,057.134 $20,005,507
Total income, after operating exbeen elected a director of the Cities Service Co.
-V. 124, p. 2419. 2426.
penses, maintenance, depreciation,
taxes, etc
City Gas Co. of London (Ont.).-Bonds Offered.
-Mid- Net income, after interest on funded 9.535.444 7,719,087 6.662,127
land Se2urities, Ltd., London, Ont., is offering at 100 and
debt and preferred stock dividends
ofsubsidiaries and minority interests 2,875.639
int. $225,000 6% 20
2,195,605
1.728,858
-year 1st mtge. sinking fund gold bonds.
Operating revenues of General Gas & Electric Corporation and subsidiaries
Dated April 1 1927; due April 1 1947.
for the month of March totaled $2,157.428. as compared with $1,976,945
Principal and int. (A. St 0.), payable in Canadian gold coin, or its a year ago; while operating income, after deduction of operating expenses.
equivalent of lawful money of Canada, at Bank of Toronto, London, maintenance, depreciation, etc., for the month amounted to $822,556.
Montreal or Toronto. Denom. of $1000 and $500 c*. lied. all or part against $701,561.-V. 124, p. 2420.
at any time upon 60 days' notice-at 103 and int. up to an incl. April 1.
1929: at 102 and int. thereafter up to and incl. April 11932: at 101M and
Grand Rapids (Mich.) Railway Co.
-Reorganization
int. thereafter up to and incl. April 1, 1937; at 101 and int. thereafter up to
-A plan of reorganization has been formulated which
and incl. April 1 1942, and at par and in,thereafter. London and Western Plan.
Trusts Co. Ltd., trustee.
contemplates the organization of a new company to take
Company.-Incorp. by Special Act of the Legislature of the Province of
Ontario for the purpose of manufacturing and supplying artificial gas to its over the assets of the present company and the cancellation
customers in the City of London, Ont, and vicinity, and its rates and tolls of all of its common stock, and extinguishment of $600,000
are subject to revision from time to time by the Ontario Railway and
of its indebtedness, through issuance of common stock of
Municipal Board.
Company was incorporated under the name of The City Gas Co. in 1864 the new company, and the exchange of its preferred stock
and has been manufacturing and distributing artificial gas throughout the on the basis of 2- shares of new
company common stock for
City of London and surrounding district since that time. The property
consists of an artificial gas plant with a distributing system of 110 miles one share of present preferred stock, the depositors of which
of mains throughout the City of London and part of the Townships of are also offered subscription rights. The plan
also provides
London and Westminster.
for the authorization of additional preferred stock by the
Capitalization.
Authorized Issued.
6% 20
-year sinking fund gold bonds (this issue)
$250,000 $225,000 new company to provide funds further to reduce existing
Capital stock
400,000 288,000 indebtedness and for other corporate purposes.
Earnings.
-The earnings of the Company for the last 5 years have
L. J. De Lamarter, V.-Pres. & Gen. Mgr. in a notice to
averaged over 3 times the interest requirements on these bonds, and in no
year during that period have they been less than twice the interest require- preferred stockholders, says:
ments on these bonds, and in no year during that period have they been
This company has outstanding as of March 1 1927, indebtedness consist
less than twice the interest requirements. Company, according to its last
audited statement as of Dec. 31 1926, has a net worth of over $750,000 ing of 42,971.000 1st mtge. 7% sinking fund gold bonds, maturing May 1
1939; $700,000 gold debenture 7% bonds, maturing May 11944; $198,045
after providing for the payment of the bonds of this issue.
car trust notes, maturing monthly up to May 26 1929, and $419,958
notes and advances payable. In order to reduce the amount ef indebtedCity Light & Traction Co.
-To Pay Bonds.
The $700.000 5% bonds of the City Light & Traction Co., due May 31 ness and provide a means of financing the requirements of the company, the
1927. will be paid off at maturity at office of Fidelity Trust Co., New York. situation demands a reorganization which will protect the interests of the
preferred stockholders.
-V. 122, p. 2948.
The plan below has been formulated in the interest of the preferred stockholders and requires their co-operation by depositing their stock promptly.
Coast Valleys Gas & Electric Co.
-Control.
Unless the time is extended, no deposits can be accepted after May 1 1927.
Bee Pacific Gas & Electric Co. below.
-V. 124, p. 2426.
Digest of Plan for Reorganization of Company dated April 11 1927.
Columbus Railway, Power & Light Co.
-Tenders.
New Company.
-It is proposed to reorganize the present company
The Harris Trust & Savings Bank,trustee, 115W, Monroe St.,
Chicago, through the organization of a new company or otherwise under the name of'
Ill.. will until May 10 receive bids for the sale to it of ref. mtge. gold Grand Rapids RR. (or
some other suitable name) to acquire all of the assets
bonds, 8% series clue 1941, to an amount sufficient to exhaust
$147,575. of the Grand Rapids Ry. and assume its indebtedness.
-v.123. p. 2138.
Capitalization of New Company.
-The new company will have 100,000
shares of common stock without par value outstanding and an authorized
Commonwealth Power Corp.
-Listing.The Boston stock exchange has authorized the listing on or before May issue of preferred stock bearing cumulative dividends at rates to be fixed
10, of 123,544 additional shares, (without par value)conunon stock, as the by the board of directors at time of issuance under authorization of the
same may be issued in accordance with rights to subscribe for the same as stockholders and the Michigan P. U. Commission.
Issuance of New Stock.
-$300,000 of the new preferred stock to bear
set forth in V. 124, p. 1818-V. 124, p.2426.
dividends cumulative at the rate of 7% per annum from May 1 1927, is
Community Water Service Co.
offered for subscription with common stock and options (on the terms
-Bonds Offered.
-P. W. be ow)
c
he .
Chapman & Co., Inc., re offering at 100 and int. $1,000,000
ommon stock of the new company is to be issued in
additional 6% gold debentures, series "A." Dated Dec. 1 the extinguishment of $600,000 of existing debt of theconsideration of
Grand Rapids
Railway, the
1926; due Dec. 1 1946 (See original offering in V. 124, p. and making cancellation of all its outstanding common stock ($2,000.050),
exchange and subscription offers to the holders of outstanding
1358).
preferred stock as follows:
-Owns and operates water companies supplying water
Company.
Exchange Offer.
-For one share Grand Rapids Railway
domestic, municipal and industrial purposes to communities located for there will be delivered 2 shares of common stock of the newpreferred stock
in
States and serving an aggregate population estimated in excess of
four
The holders of preferred stock of the Grand Rapids Ry. company. to
374,000. Company owns all of the common stock, except qualifying shares, deposit their certificates of stock under this plan with the are invited
Old National
of the Peoria Water Works Co., which supplies water without competition Bank, Grand Rapids, Mich. as depositary, which will deliver its receipt
and important suburbs; the New Jersey Water Co., which therefor, calling for the delivery of common stock of the new
to Peoria,
supplies territory in and around the City of Camden, N. J.; the New the above basis if this plan is declared operative or for the company on
return of the
Rochelle Water Co., supplying water to the City of New Rochelle, N. Y., preferred stock deposited if the plan is not declared operative.
and other suburban territory all of which is adjacent to New York City;
Subscription Offer.
-(a) 3 000 shares preferred stock of the new company
the Citizens Water Co. of Washington, Pa., supplying the City of Washing- (par $100 each) to bear dividends cumulative at the rate of 7% per annum
ton. Pa- and surrounding territory' the Pennsylvania State Water Corp., from May 11927;(b) 15,000 shares of common stock of the new company
serving through its subsidiaries various communities within Pennsylvania; (without par value) and (c) 15,000 options, each of which will entitle the
and the Cairo Water Co. supplying the City of Cairo, Ill. Company also holder to purchase 1 additional share of new company common stock at
owns 26% of the common stock of the Si. Louis County Water Co. serving $10 per share on or before May 1 1929, are offered for subscription in
communities that are suburban to the City of St. Louis, Mo.
amounts of $100 or multiples thereof to the preferred stockholders who
deposit their stock under the plan on the following terms: 1 share
CapitalizationAuthorized.
pref.
Issued.
stock par $100, 5 shares common stock, and 5 options for the sum7%$100.
6% gold debentures, series "A" (this issue)._ _
32.150,000
Subscriptions may be made in any amount ($100 or multiples of
$7 cumulative first preferred stock
100,0;0 shs. b11,500 dhs.
thereof)
Common stock, class "A"
100,000 shs. 100,000 shs. and allotments will be made in full up to 1 share of new company preferred
Common stock. class "B"
250.000 shs. 250,000 shs. stock, 5 shares of new company common stock and 5 options for each 5
shares of Grand
pref. stock
a Additional debentures may be Issued in accordance with the provisions of this ratio will Rapids By. pro rata to deposited. Subscriptions in excess
be
the extent not taken by other deof the indenture. b The present market value of which is about $1,150,000 positors of preferred allotted
stock.
based on current quotations.
Each subscription must be accompanied by check or draft equal
to 10%
Earnings. The following is the consolidated earnings statement for the of the amount
thereof to the order of the depositary, which will deliver its
company, after giving effect to present financing, including earnings of the receipt therefor.
above companies, but not including earnings from the ownership of 26% ments, viz: 10% Subscriptions may be paid for in full or in partial payon subscription, 15% when plan is declared operative and
of the common stock of the St. Louis County Water Co. which reported 25% in one month, 25% in two months and 25% in three
months thereafter.
surplus earnings available for common stock for the period from Jan. 20
Vioe-President De Lamarter in an explanatory circular states in part:
1926, of $158,570.
1926, to Dec. 31
"II is necessary to reorganize the company at this time because of its Wm)
•
APR. 30 1927.]
THE
CHRONICLE
floating debt and its lack of a medium for doing any financing other than
through first mortgage bonds which cannot be issued and sold in sufficient
amount or at advantageous prices in view of the company's present condition. The cause of the present floating debt position goes back to June 1
-year issue of bonds amounting to $3,700,000 became due,
1919. when the 3
which bonds were in turn issued to refund the long term 5% bonds originally
Issued in 1900.
The capital expenditure situation since June 11919. may be summarized
as follows:
Payments.
$3,700,000
Bonds maturing June 1 1919
1,411,892
Construction from June 1 1919 to Dec. 31 1926
Reacquirement of $229,000 1st mtge. bonds of present issue
206,000
through sluicing fund, &c
$5,317,893
Total payments for capital purposes
Receipts.
$2,944.000
$3,200,000 1st mtge. bonds sold
Insurance moneys received on account of Hall St. car-barn
368,395
property and cars destroyed by fire
559,298
Provided out of earnings and reserves
Leaving net increase in debt junior to 1st mtge. bonds
x$1,446,199
amounting to
x Now representet ay gold debenture 7% bonds, $700,000; car trust
notes, $198,045; increased amount of paving assessments not due. $69,977;
increased amount of accounts payable, $58,218;advances payable,$245,458;
bank loans. $174,500.
"The present outstanding let mtge. bonds require semi-annual sinking
fund payments amounting to $80,000 annually and the car trust notes
outstanding become due about $8,000 per month or approximately $98,000
per year until their final maturity May 26 1929. Thus these two items
alone constitute a cash requirement of about $.78.000 per annum. It is
believe the consummation of the plan will enable the company again to
sell its first mortgage bonds at prices more nearly approaching par, and an
agreement has been reached for the sale of $200.000 of 1st mtge. bonds upon
the plan being declared operative, the proceeds to be applied to the retirement of ail the car trust notes ending the monthly drain on the cash resources
on their account which with saving of interest on the $600.000 debt cancelled
will reduce the annual cash outlay by about $140,000. The moneys received
from issuance of the new preferred stone will be applied first to the liquidation of bank loans and thereafter to the liquidation of other indebtedness
and thereby improve the current asset position and thus to that extent free
the cash derived from earnings and make it available for payment of dividends. first on the new preferred stock and then on the new common stock."
-The earnings position of the new company, based upon all
Earnings.
matters outlined in the plan as applied to the actual earnings for 12 months
ending Feb. 28 1927, will be:
$1,774,749
Gross earnings
1,091,267
Operating expenses
153.671
Taxes
529,809
Gross income available for fixed charges, retirements & Divdends
221,970
Annual interest at 7% on $3,171,000 mortgage bonds
15.365
Interest on $219500 debentures
5,052
Interest on unpaid paving assessments
$287,421
21,000
Balance
7% on $300,000 preferred stock
$266,422
Balance available for retirements and other purposes
Balance Sheet of the new company after giving effect to the consummation
of the plan for reorganization will be substantially as follows:
Liabilities
Assets.Plant, property & equip-- - $6,043,234 Comstk.(100,000 shs.no par) $2,000,000
300,000
1,081 7% pref. stock
Sinking fund-not invested__
3,171,000
3,500 let mtge. 75
Deposit with trustee
1 Gold debentures 75
219,500
Other investments
128,548
124,732 Accounts payable
Cash
1,122
1,050 Employes' deposits_ ,.
Notes receivable
84,215
10,104 Unpaid paving assessments__
Accounts receivable
193,590
97,920 Accrued & reserve accounts__
Materials & supplies
6,866
Unredeemed tickets
Deferred charges & prepaid
3,259 Res. for rain of plant, prop.
accounts
180,702
& equipment
$6,285,543
Total
80,285,543
Total
In Sept. 1922, an ordinance ratified by the voters granted the company
a 30-year franchise and provided a sliding scale of fares based on net return
upon valuations agreed upon in the franchise. This franchise will be
assumed by the new company. The original value placed upon the property
was $5,50(1,000 as of Jan. 11922, which with subsequent additions to Feb.
28 1927, amounts to $6,043,234. The rates of fare now in effect, viz., 10c.
individual cash fare and 6 tickets for 50c., were instituted at the beginning
of 1925 at which rates this property is entitled, according to the franchise
terms, to earn a return of 7X% on its value after deduction of operating
expenses and taxes, and an amount equal to 3% of the value of the property
for retirement reserve. As of Feb. 28 1927. the deficit in the automatic
fare equalization account amounted to $423,173; in other words that Is the
amount that the property failed to earn the return allowed under the
franchise from its date to Feb. 28 1927. This contingent amount receivable
is not shown in the above balance sheet nor is any part thereof included in
the above earnings statement. It is estimated that if the full return allowed
by the franchise is realized the above earnings showing would be increased
$98,912.
Deducting from $266,421 the above balance of earnings,3% of the present
value of the property for retirement reserve, or $181,297, there would
remain available 585,124, or 85c. per share on the 100.000 shares of the new
company common stock to be issued and outstanding. If the charge
for retirement reserve were modified to 2%,which the management believes
is adequate in view of the present excellent condition of the property, it
would amount to $120,864 and leave available for the 100,000 share; of
common stock of the new company to be issued and outstanding 3145.557,
-V. 124. P. 644. 227g.
or at the rate of $1.45 per share.
Great Consolidated Electric Power Co., Ltd. (Daido
Denryoku Kabushiki Kaisha.).-Listing.The New York Stock Exchange has authorized, the listing of 813,003 500
6
,
let & gen. mtge. 63 % sinking fund gold bonds, duo July 11950.
Income Account for 6 Months Ended May 31 1926.
Yen.
RevenuesDollars.
13.313,751
Income from operation
6,656,875
1.156.539
Income from securities and bonds
578,269
123,425
61,712
Miscellaneousincome
Total
Expenditures
Cost of power generated
Cost of power purchased
Taxes
Interest expense
General expenses
Depreciation
Net profit for 6 months
-V. 124, P. 111.
14,593.716
7.296,858
1,536,530
1.975.562
736,134
2,731.685
683,825
155,910
768.265
987,781
368.067
1.365,843
341,912
77.955
6,774,070
3,387,035
Havana Electric Ry.--Earnings.-
Company reports for the first quarter of the current year surplus after
interest and other charges but before deducting depreciation, of $197,154.
Gross was $1,575,344 and expenses and taxes were $1,229,752. With
the addition of $12.540 representing non-operating revenue, gross corporate
income stood at $358,132, from which was deducted $160,978 representing
-V. 124, p. 1979.
Interest and other charges.
-Trustee,
Houston Gulf Gas Co.
The Guaranty Trust Co.of New York has been appointed trustee, paying
agent and registrar under indenture of mortgage dated April 1 1927,securing
-V. 124.
an unlimited authorized issue of general mortgage gold bonds.
p. 2279.
-Bonds Sold.
Hydro-Electric Bond & Share Corp.
Wood, Gundy & Co., Inc., New York, announce the sale at
95 and int., yielding over 5.33%, of $3,500,000 30-year 55"
1st collat. trust gold bonds, series A. The issue was offered
2587
in the Canadian market by Wood, Gundy & Co., Ltd.,
Toronto, and Societe de Placements du Canada, Montreal.
Dated May 1 1927; due May 1 1957. Principal and int. (M. & N.)
payable at the holders' option in Canadian gold coin at Royal Bank of
Canada,in Montreal or Toronto or in United States gold coin at the agency
of the Royal Bank of Canada. New York, or in gold coin of the United
Kingdom of Great Britain at the Royal Bank of Canada, London. Eng.,
at the fixed rate of $4.86 2-3 to the el. Denom. $1,000 and $500 c*.
Red. all or part on any int. date on 60 days'notice at 102 and int. Montreal
Trust Co., Montreal, trustee.
Legal investment for life insurance companies under the Insurance Act,
1917, Canada.
Data from Letter of Pres. H. S. Holt, Montreal, April 9.
•
-Has been incorp. under the laws of the Province of Quebec
Corporation.
and will conduct a business which willl combine the salient features of an
investment trust company and a public utility holding company under the
direction of tnen of experience in financial and corporation management.
The fundamental principle of the business will be the investment and reinvestment by the corporation of its resources in marketable shares and obligations ofcarefully selected issues. Its assets will consist ofsecurities and cash
and its revenues will be derived from the interest and dividends on its investment holdings, together with such profits as may accrue upon disposal from
time to time of the securities it may own. The powers of the corporation
under its charter and the self-imposed safeguards surrounding the management of its portfolio, as set forth in the trust deed, are designed to permit as
great a degree of elasticity of operation as is consistent with conservative
financial practice.
Upon completion of the present financing the corporation will own revenue bearing securities of a total current market value in excess of$6,600,000.
These securities are issued by the successful and representative public utility
corporations which operate or control essential public services in populous
districts sufficiently distributed geographically to offer desirable diversification of security:
Montreal Light, Heat & Power Consolidated,common shares; Shawinigan
Water & Power Co., common shares; Brazilian Traction, Light & Power
Co., Ltd., ordinary stock; Middle West Utilities Co. 7% cumul. prior lien
o
stock, n cumul. pref. stock and common stock; Consolidated Gas. Electric
Light & Power Co. of Bait., common shares; Barcelona Traction, Light
& Power Co., Ltd., non-cumul. partic. preference stock; Laclede Gas & Electric Co.,common shares;Pennsylvania Water & Power Co..common shares:
Cities Service Co..6% cumul, pref. stock and common shares; Empire District Electric Co., 6% cumul. pref. stock; International Power Securities
Corp., common shares; American & Foreign Power Co. Inc., $7 cumul.
'
1st pref.stock; Associated Gas & Electric Co.,635% convertible debentures,
$6.50 cumul. pref. stock, $7 cumul. pref. stock; St. Maurice Power Co.,
Ltd. eiSi% 1st sinidng fund gold bonds 1953; Brooklyn Edison Co., inc..
common shares; Columbia Gas & Electric Corp., common shares.
-Under the terms of the trust deed and prior to the
Security for Bonds.
certification by the trustee of this issue of bonds of series A, there will be
pledged with the trustee under the first specific lien of the deed marketable
securities having a current market value in excess of $5,400,000, or 154%
of the principal amount of bonds of series A presently to be issued. The
bonds will further be secured by a floating charge on all the other assets of
the corporation now or hereafter owned; and before certification of this issue
of bonds the floating charge will cover marketable securities of a current
market value in excess of $1,200,000.
-The trust deed will provide that the corporation
Sinking Fund Reserve.
will pay or deliver to the trustee annually, as a cum. sinking fund reserve
applicable to series A bonds, commencing May 11928, either an amount in
cash equal to 1% of the principal amount of all first collateral trust bonds
of series A previously certified and issued or, in lieu of cash, an equivalent
market value of bonds or debentures of the following descriptions: Bonds
or debentures of the Dominion of Canada or any Province thereof or of the
Kingdom of Great Britain or of the United States of America, or of any
municipality orschool corporation in anyProvince ofCanada;or first mortgage
bonds of corporations controlling or operating public utilities in Canada or
the United States; or first collateral trust bonds, Series A, of the corpora,
tion, which may be forthwith canceled.
-Shares or securities held by the trustee under
Replacement of Investments.
the first specific lien of the trust deed (other than securities in the sinking
fund reserve) may be released to the corporation by the trustee, provided
that the cash and market value of the shares or securities remaining under
the first specific lien is not thereby reduced to less than 150% of the principal amount of the first collateral trust bonds at the time outstanding; and
if, at the time of the proposed release, the cash and market value of the securities under the first specific lien (other than cash and securities in the
sinking fund reserve) is less than 150% of the principal amount of the first
collateral trust bonds outstanding, then the cash or securities so released
shall be replaced by cash or securities of a market value at least equal to
the market value of the shares or securities so withdrawn.
The trust deed will provide that for purposes of the trust deed the market
value of securities shall be determined by the trustee and the market value
so determined shall be conclusive and binding upon the corporation.
Authorized. Outstanding.
Capitalizaticm$3.500,000
$20,000,000
First collateral trust bonds (this issue)
2,000.000
12,000,000
Income debentures, due 1967
600,000 shs. 200,000 shs.
Common shares (no par value)
-Sir Herbert S. Holt, President; John S. Norris. V.-Pres.;
Directors.
S. Godin Jr., Managing Director; J. H. Gundy, G. H. Montgomery, K.C.,
Andrew P. Holt.
-Bonds Sold.-Howe,
Inland Power & Light Corp.
Snow & Bertles, Inc.; Spencer Trask & Co.; Stroud & Co.,
Inc., and A. E. Fitkin & Co. have sold at 96 and interest, to
yield 6.30%, $3,000,000 collateral trust sinking fund gold
bonds, series C 6%.
Dated April 1 1927; due April 1 1957. Redeemable on first day of any
month on 30 days' notice at 106 and interest to and including March 11932.
reducing 1% on first day of April in each of the years 1932, 1937, 1942.
1947 and 1952. Interest payable A. & 0.in New York,without deduction
for any normal Federal income tax not exceeding 2%. Denom.$1,000 and
$500 c5. Corporation agrees to reimburse the resident holders of these
bonds, as provided in the trust indenture, for the Conn. 4 mill tax, Penn.
4 mill tax. Maryland 4 mill tax. Dist. of Col. 5 mill tax, Calif. personal
property tax net exceeding 4 mills per annum, and for Mass. income tax
not exceeding 6% of such interest per annum. Central Union Trust Co. of
New York, trustee.
Data from Letter of President A. E. Fitkin, New York, April 26.
Subsidiaries.
-Corporation organized in Virginia will own tee entire
common stocks (except directors' qualifying shares) of the Kansas Power
Co., Michigan Public Service Co. Missouri Public Service Co., Arkansas
Missouri Power Co.. and Dalhart Public Service Co., which are local oper'
ating companies furnishing electric light and power, gas, water and (or)
ice to a population estimated at over 314,300 in 320 communities serving
57,7:34 electric, 3,622 gas and 4,476 water customers.
Kansas Power Co. will represent the consolidation in one ownership of
8 utility companies which have been successfully operated over a period
of years, and which serve 105 communities in the heart of the Kansas wheat
belt with electric light and power, ice and (or) water. Company will serve
a population of 73,500, its electrical customers numbering 16,216. The ice
plants serve a population of 25,200 in 30 communities. For the 12 months
ended Feb. 28 1027, there were generated 22,533,137 k.w.h. The transmission lines total 842 miles.
Michigan Public Service Co. will provide electric light and power service
to 11,409 customers in 60 growing communities with a combined population
of 47,000. It will also serve the town of Gaylord with water. Company
is a consolidation in one ownership of 7 old line Michigan power companies.
The territory served includes the famous peninsular section which is fast
developing as one of the most populist summer resort sections of the Mid
West, and in the southern section includes towns which are showing marked
progress as manufacturing centres. Interconnection of the two districts
by a 66,000-volt transmission line has made available the hydro-electric
resources of the northern division with great resultant economies and effieieacies in the operation of the steam generating plants of the southern
division. For the 12 months ended Feb. 28 1927 there was generated
14.383,338 k.w.h.
Missouri Public Service Co. will furnish electric light and power. gas, ice
and (or) water service to 76 communities located in Missouri having a
combined population of89,000. The electric system will include generating
stations having a total installed capacity of 9,080 k.w. and 580 miles of
'
high tension transmission lines servWg 17.200 customers in 75 communities
having an aggregate popualtion of more than 79,000. The gas properties
include generating plants with a daily capacity of 845.000 Cu. ft. and 123
2588
THE CHRONICLE
[VOL. 124
miles of gas mains serving 3,622 customers in 7 communities. Company
will represent the consolidation of a number of well-known and successfully
operated Missouri public utility properties. For the 12 months ended
Feb. 28 1927. there was generated 19,743.344 k.w.h.
-Missouri Power Co. serves ruectric light and power to 77 comArkansas
munities, and ice to 24 communities in the States of Arkansas and Missouri
having a total population of 102,800. An electric railway is operated
between the towns of Hoxie and Walnut Ridge, Ark. The entire electric
system is interconnected permittiag developments of power business in
sections where local generating facilities have heretofore been inadequate.
For the 12 months ended Feb. 28 1927, there was generated 12,573,754
k.w.h.
Dalhart Public Service Co. will serve Dalhart. Tex., with electricity, ice
and water. Dalhart is a growing town of 4,000 population. There were
produced for the 12 months ended Feb. 28 1927. 1,157,226 k.w.h. of energy
and 12,548 tons of ice.
The electric systems have an installed generating capacity of 33.068 k.w.
and 2.252 miles of high tension transmission systems. The gas systems include generating plants of a daily capacity of 845.000 cu. ft. with 123 miles
of gas mains. The water systems have a daily capacity of 12,009,600 gals.
and 82 miles of water mains. During the year ended Feb. 28 1927. the total
electrical energy generated by the system was 70,390.799 k.w.h., and there
were made 138.269,000 cu. ft. of gas. The total ice produced was 53,922
tons and the water pumped aggregated 548,043,000 gals.
Consolidated Earnings Statement, Twelve Months Ended Feb. 28 1927,
Gross earnings of subsidiaries and other income
$4.083.811
Oper. exp., maint. and taxes (other than Federal taxes). incl.
prior charges of subsidiary companies
$3,168,072
Provision for depreciation
207,418
Net earnings
$708,321
Annual interest requirements on $5.162,100 6% coll, trust bonds
(including this issue)
The foregoing statement includes earnings of West Missouri Power Co.
30
for 12 months period ended Dec. 31 1926. Earnings for subsequent
months, although unaudited, indicate a substantial increase.
The above net earnings are equivalent to over 2.28 times the annual
interest requirements on the collateral trust bonds, including series C.
For the 12 months period ended Feb. 28 1927, there was derived from the
electric departments of the system 77.4% of the gross earnings and 81.5%
of the net operating revenues.
Security.
-Direct obligation of corporation, and upon completion of this
financing will be specifically secured by pledge with the trustee of all the
outstanding common stocks (except directors' shares) of the above subsidiary operating companies.
Valuations.
-The properties. recently appraised by Hagenah & Erickson,
engineers, Chioago, plus additions to Feb. 28 1927, have a depreciated
valuation, including working capital, in excess of $26,000.000. Such
valuation, after deducting funded debt and preferred stocks of subsidiary
companies which will be outstanding in the hands of the public upon completion of this financing will leave an equity of over $1,600 for each $1.000
collateral trust bond.
Purpose.
-Proceeds from the sale of this issue of collateral trust bonds,
together with the proceeds of other financing, will be used in part for the
acquisition of the common stocks of the local operating companies referred
to above, for the retirement of outstanding securities of predecessor companies and for other corporate purposes.
Sinking Fund.
-Indenture will provide for semi-annual payments to the
trustee. beginning April 1 1928. and semi-annually thereafter,for the retirement of bonds of series 0, which payments. it is estimated, will retire this
entire series on or before maturity. Indenture will provide that with
respect to additional series C bonds or bonds of any subsequent series (issued
while any series 0 bonds are outstanding) maturing more than five years
from date ofissue, provision shall be made for their retirement (on the basis
of par) at or before maturity by sinking fund or otherwise.
Conversion.
-Bonds of series C are convertible at any time on or after
April 1 1932, and prior to maturity, or if called for redemption prior to
redemption date, at the option of the holder-with adjustment of accrued
dividends and accrued interest
-into the fully paid and non-assessable 7%
cumulative preferred stock of the corporation on the basis of 11 shares, of
the par value of $100 each, for each $1,000 principal amount of bonds.
This privilege shall not extend to bondholders who are at the time residents
of States where so-called blue sky laws are imeffect at time of converison,
unless and until such preferred stock shall be salable under the respective
blue sky laws of the States where the bondholders reside.
Plan forlExchange of Securities Modified.
The plan for exchange of securities of the Commonwealth Light &
Power Co. and Interstate Electric Corp. for securities of Inland Power &
Light Corp. dated April 1 1926 was declared operative March 1 1927 and
announcement was made that A. E. Fitkin, on the consummation of the
plan and the acquisition of an important electric property then under
contract, would personally invest $1.500.000 in stock to be issued by the
Commonwealth Light & Power Co.
At that time A. E. Fitkin & Co., Managers, also called attention to the
fact that authority from State public utility commissions was required in
respect of certain financing of operating companies, and that it was therefore impossible then to state when the plan would be consummated or the
new securities ready for delivery.
Depositors under the plan are now advised of the progress which has been
made, of certain modifications, improvements and enlargements of the
plan which it is believed will substantially improve the position of the holders
of the new securities, and of the date by which it is expected that the plan
will be consummated and the new securities delivered to depositors.
The announcement further says in substance:
In the case of the Michigan Co.,the outstanding Michigan Public Service
Co. first mortgage 6%% gold bonds will be called and retired, and there
will be but one issue of first mortgage bonds against the Michigan properties. The amount of bonds of Michigan Public Service Co. to be presently
Issued will aggregate $2,000,000 and will bear interest at the rate of 5%
per annum. Here again, there is a reduction in interest rate of from l:,
to 1%% from the in
interest rates contemplated by the original plan. While
the amount of bonds to be outstanding against the Michigan properties
upon the consummation of the plan will be increased by $259,500 this is
less than the amount expended for additions and betterments to the
Michigan properties made since the date of the plan.
Subsequent to the date of the original plan the first mortgage6% bonds of
Arkansas-Missouri Power Co. have been increased to $2,538500, its 10year gold debentures have been increased to $875,000, and its preferred
stock has been increased to $939,500. In connection with the consummation of the plan as modified, it is proposed to issue and sell $340,000.
of additional first mortgage 6% bonds of Arkansas-Missouri Power Co.
and $200,000, of additional 7% preferred stock. The increases in the
outstanding securities and stock of Arkansas-Missouri Power Co., both that
at present issued and that proposed to be issued in connection with the consummation of the plan as modified, represent additions. improvements and
acquisitions to the properties of that company made since the date of the
original plan whose aggregate value is in excess of the face value of such
securities and stock.
To provide for the cost of the construction of a new electric and ice plant
at Delbert, Texas,subsequent to the date of the plan,it is proposed to issue
and to sell $250,000 of 6% bonds of that company.
As contemplated in article VI of the original plan, it has been necessary
for Inland Power & Light Corp., in order to raise the funds required to
consummate the plan and acquire the West Missouri Power Co.. to sell
additional collateral trust gold bonds and preferred stock. There is, therefore, proposed to be issued and sold $3,000.000 of its collateral trust sinking
fund gold bonds, series 0 6%, which will have the same security as its
series A and B bonds, and $1.000.000 of its 7% preferred stock. The
series C bonds will be dated April 1 1927 will mature April 11957. will be
redeemable on 30 days' notice at 106, to and incl. March 1 1932, which
premium will be reduced 1% on April 11932, with alike reduction of 1%
for each 5 years thereafter to maturity, in each case with accrued interest.
The series C bonds will also be convertible on and after April 1 1932,into
7% preferred stock at the rate of!! shares for each $1,000 series C bonds,
subject to the salability of such stock under Blue Sky laws, all as will be
provided in the trust indenture.
The bankers who have underwritten the series C bonds have further
stipulated that the series A and B bonds shall be called collateral trust
sinking fund gold bonds, series A and B respectively. The foregoing series
C bonds and 7% preferred stock of the Inland company as well as all of
the other securities and preferred stock of the various subsidiary companies,
proposed to be sold in connection with the plan, have been underwritten
by Howe, Snow & Bertles, Inc.,Spencer Trask & Co., and associates, on
terms which, in the opinion of the managers, are advantageous to the
companies involved.
It should be noted that the $1.000,000, of preferred stock of the Inland
company will constitute an investment also junior to the bonds to be
received under the plan by the depositors of the first lien bonds and debentures of Interstate Electric Corp.. as well as the depositors of the first
mortgage bonds of the Commonwealth Light & Power Co. Furthermore,
such preferred stock and the preferred stock of the Inland company to be
received by the depositors of first mortgage bonds of Commonwealth
company, first lien bonds, debentures, preferred and common stock of the
Interstate company will rank equally.
The original plan provided that the debentures to be issued by the
Inland company would be limited to $25,000,000, but the issuance of such
debentures has, at the request of the bankers, been closed at $1,291,900.
The bankers who have purchased the additional $1,000,000 7% cumulative preferred stock of Inland Power & Light Corp. have requested not
not only the protective provisions contemplated by the original plan but
additional restrictive clauses to be provided with respect to such stock.
Such restriedve clauses will apply equally to the preferred stock to be
delivered to the depositors.
A tabulation showing a schedule of the securities to be outstanding upon
completion of the financing under the plan as modified, follows:
Schedule of Securities to be Outstanding in the Hands of the Public Upon
Completion of Financing.
Inland Power & Light Corp.:
10
-year 6% 1st coll. trusts, f. gold °ones ser."A"due 3-1-36
$709,200
15
-year 6% 1st coll, trust s. f. gold bonds sor."B"due 5-1-41
1,452,900
30
-year 6% 1st coll. trusts. f. gold bonds ser."0"due 4-1-57
3,000,000
7,sinking fund debentures series "A" due 6-1-35
1,291,900
7% cumulative preferred stock
1,286.450
Class"A"common stock (no par)
100,000 shs.
Class"B"common stock (no par)
100,000 abs.
Subsidiary Companies:
Arkansas
-Missouri Power Co.:
1st mortgage 5 bonds, due Jan. 1 1953
$32,000
1st mortgage 6 bonds, due Jan. 1 1953
2,878,500
1st mortgage 7% bonds, due Jan. 1 1953
444,100
10
-year 6%% debentures, due May 1 1935
875,000
Preferred 7% stock
1,139,500
East Missouri Power Co. 1st mtge.6% bonds
150,000
East Missouri Power Co. preferred 7% stock
43,700
Dalhart Public Service Co. 1st mortgage 6% bonds
250,000
Kansas Power Co. 1st mortgage 5% bonds
3,500.000
Michigan Public Service Co. 1st mortgage 5% bonds
2,000,000
Missouri Public Service Co. 1st mortgage 5% bonds
5,000,000
do
Preferred 7% stock (no par)
15,000 shs.
The properties will not be managed by Genera! Engineering & Management Corp., as mentioned in the original plan, but will be operated from
the office of the company in St. Louis, Mo., and will be under the supervision of men of long experience in the public utility field who will be in
the direct employ of Inland Power & Light Corp. These men are thoroughly
familiar with the properties in the system, having been identified with
the controlling interests for many years, and it is believed that operations
can be more economically conducted in this manner.
It is the unqualified judgment of the managers that none of the modifications to the original plan and agreement, as summarized above adversely
affects the interest of any class of securities embraced in the original or in
inal
the modified plan. On the contrary, the managers are convincedthat
such modifications are a direct benefit to, and in the interest of every class
of depositors.
It is proposed that shortly after May 27. the plan, as modified, will be
consummated, the securities and stock of the Inland company and its
subsidiaries proposed to be issued and sold, will be delivered to the bankers,
and delivery will also be made to the depositors of the new securities to
which they are entitled. In the interval the oankers who have underwritten
the new securities which are to be sold to the public propose to make public
offerings of the same from time to time, delivering trustees' interim certificates therefor against the deposit of cash, which cash will only be released
when all new securities, including those deliverable to the depositors, are
available for delivery. Delivery will be made to the depositors linen
surrender of their certificates of deposit, due notice of which will be given.
Comparative Statement of Earnings.
[Inland Power & Light Corp. and Subsidiaries.]
12 Months EndedFeb. 28 1927,Dec.31 1925. Increase.
Operating revenue & other income_ $4,083,811 $2,940,559 $1,143,252
Operating expenses, including maint.,
local taxes, &c
2.168,976
1.747,180
421,796
Not earnings
$1,914,835 $1,193,379
$7 .
21 456
Annual interest & dividend requirements of subsidiary companies_
999.096
467,176
531,919
Bal. avail, from oper. companies
8915,739
$254,279
$661,459
Annual int, requirements on collateral
trust bonds
309,726
28,494
281.232
Annual int. requirements on debs
90,433
103,103 Dec.12,670
Annual div. requirements on pref stk.
90.051
54,232
35,819
Bal. avail, for deprec., amort., &c. $425,529
$814,223
$241,305
-v. 124, P. 2279.
The important property referred to in the notice to you dated March 1
1927, as being under contract, has heretofore been known as West Missouri
Power Co. Its gross earnings exceed $850,000 a year, and its physical
properties have a depreciated value of over $6,800,000. Not only do the
properties enjoy an excellent reputation at the present time, but in the
opinion of A. E. Fitkin & Co. they have excellent future possibilities, and
their inclusion in the system should be of great potential as well as present
value.
After careful consideration, it was determined that, however great the
value to the system of the West Missouri Power Co. properties, additional
was
Mr. Pitkin holds $467 741
NuiKTTei
Light & Power Co. which
he has received from time to time for money in like amount which he
advanced to enable the company to carry on its business and to make
essential improvements and betterments to its subsidiaries since the promulgation of the original plan.
Mr. Fitkin also has contracted to acquire $730,400 of 1st mtge. 6%
bonds of the Commonwealth Light & Power Co. due Nov. 1 1947, and
$519,600 first lien 6% collateral sinking fund gold bonds of Interstate
Electric Corp. due March 1 1933. Under the plan, Mr. Fitkin would be
entitled to receive series A and series B collateral trust bonds and preferred
stock of Inland Power & Light Corp. for the Commonwealth and Interstate
bonds upon the same basis as other depositors, and would also be entitled
to have the $467.741 of short term notes paid in cash. Mr. Fitkin has
agreed, however, that his Commonwealth and Interstate bonus and his
notes shall all be cancelled and that he shall receive in exchange therefor
S1.717.700 common stock of the Commonwealth Light & Power Co.. to
the end that the total investment of $1,717,741 shall increase the amount
of equity money invested In the properties. This investment will thus be
junior to all securities to be received under the plan by former holders of
Interstate bonds or stock and former holders of Commonwealth first
mortgage bonds. It will also be junior to the Commonwealth refunding and
unifying bonds which will remain outstanding.
In connection with the acquisition of the West Missouri Power Co.
properties, Missouri Public Service Co. has been formed to take over those
properties, and also all properties in the system which lie in the State of
Missouri, except such thereof as are already owned or being acquired by
Arkansas-Missouri Power Co. The physical valuation less depreciation of
the properties to be included in the Missouri Public Service Co. will exceed
-year
$8,300,000 and it is proposed to issue and sell $5,000.000 of 5% 20
first mortgage bonds, and 15,000 shares of $7 preferred stock of Missouri
Public Service Co. All of the common stock of this company will be owned
Jacksonville (Fla.) Gas Co.
by Inland Power & Light Corp. This financing will, in addition, make it
-Sale.
-possible to retire the $450,000 Trenton Gas & Electric Co. 634% sinking
See American Conunonwealths Power Corp. above.
-V. 121 p. 1678.
fund gold debentures referred to in the original plan to remain outstanding.
Lone Star Gas Corp.
-year gold bonds of the Kansas Power Co. will
The new first mortgage 20
-Acquisitions.
The corporation on April 22 announced the acquisition, through purchase
bear interest at the rate of5% instead of6%.as contemplated by the original
plan, and the amount presently to be issued has been fixed at $3.500,000. of common stock, of the Dallas Gas Co. and the County Gas Co.. which
distribute natural gas to consumers in and near Dallas. Tex.
which is $250.000 less than the limit set by the original plan.
gdfo
for
tofhe acquiston.gr
APR. 30 1927.]
Results for Year Ended Dec. 31 1926.
Gross earnings
Other Income
Gas purchased
Operating expenses
Depreciation & depletion
Taxes
Other charges
Net profit for the year
Dividends paid
Balance,surplus
-V. 123, 13• I5 3•
0
THE CHRONICLE
2589
Eguity.-Company has paid dividends on its capital stock continuously
since 1911. such dividends for the last two years having been at the rate
of 9%. The stock is listed on the Naples. Milan and Geneva Bourses
and at current quotations has a market valuation of more than $17,$11,142,904 869,700. Company has just authorized a further increase in the capital
•
1,841.674 stock equivalent to $8,242,500.
Conversions of gold debt are at 19.3c. per lira; all other conversions
2,825,313
1,931,592 are at the average rates of exchange prevailing during the respective
703,286 periods.
There have been placed on the Boston Stock Exchange list $10,750,000
185.376
-year 1st mtge. sinidng fund 7% gold bonds,
(authorized $25,000,000) 30
13,655,662 series A.to be dated April 1 1927 and due April 11957.
1,616.398
$10,983,057
159,846
Market Street Ry.-New Vice-President.
$2.039.264
--Listing.
Louisville (Ky.) Gas & Electric Co.
The New York Stock Exchange has authorized the listing of an additional
$2,000,000 1st & ref. mtge. 30-year 5% gold bonds, series A. due Nov. 1
1952.
The proceeds from the sale of the $2,000,000 bonds have been used to
reimburse the company in part for extensions and additions to the proper-V. 124, p. 111.
ties.
Burt Hamerstrom Manager of the commercial department has been
elected Vice-President. Mr. Hamerstrom will continue in charge of
-V. 124 p. 2428.
commercial department.
Missouri Electric Gas & Water Co.
-Merger.
See Missouri Public Service Co. below.
Missouri Public Service Co.
-Priced at
-Bonds Offered.
97 and int., to yield about 5.25%, offering was made yesterday by Howe, Snow & Bertles, Inc., E. H. Rollins & Sons,
Meridionale Electric Co. (Societe Meridionale di and Spencer Trask & CO'. of $5,000,000 1st mtge. 20
-year
-Marshall Field, Glore, 5% gold bonds, series A.
-Bonds Sold.
Elettricita), Italy.
Blair & Co.. Inc.; Blyth, Witter & Co., and
1947. Red. on first of any month on
Ward & Co.;
Dated Feb. 1 1927. due Feb. 1
and hit, to and
Banos. Commercial Italiana Trust Co. have sold at 9534 and 30 days' notice at 102%in each of the incl. Jan. 1 1932. reducing 3% on
day of February
years 1932, 1937 and 1942. Int.
over 7.35%, $10,750,000 30-year 1st mtge. first
int., to yield
payable F. & A. in New York and Chicago, without deduction for any
fund 7% gold bonds, series A. $3,500,000 bonds normal Federal income tax not exceeding 2%. Denom.$1.000 and $500c5.
sinking
Company agrees to reimburse the resident holders ofthese bonds.ifrequested
of thisissue have been withdrawn for public issue in Switzer- within 60 days after payment in the manner provided in the trust indenture,
Union Financiere de Geneve, and approxi- for the Conn. 4 mill tax, Penn. 4 mill tax, Maryland 43 mill tax, District
land by the
mately $1,900,000 have been withdrawn for private sale in of Columbia 5 mill tax. California personal property tax not exceeding 4
mills per annum, and afor the Mass, income tax on hit, not exceeding 6%
of such interest per annum. The Bank of America and John N. Goblet,
England and other European countries.
Dated April 1 1927; due April 1 1957. Cumulative sinking fund calculated to retire all of the series.A bonds on or before maturity. Authorized
$25,000.000: to be presently issued $10,750,000. Int. payable A. & 0.
Denom. $1,000 and $500c*. Int, payable at the principal office of International Acceptance Securities & Trust Co., N. Y. City, and principal
payable at the principal office of Chase National Bank. New York, in
United States gold coin of the present standard of weight and fineness,
without deduction or diminution for any taxes now or at any time hereafter
levied by or within the Kingdom of Italy. At the option of the holder,
principal and interest payable at the office of Union Financiere de Geveve,
Switzerland, in Swiss gold francs at the fixed rate of exchange of 5.18
Swiss gold francs for one dollar, or at the office of Helbert. Wagg & Co.,
Ltd., London, Eng., in pounds sterling at the fixed rate of exchange of
$4.86 2-3 for one pound sterling. Red. for sinking fund on April 1 1928
and on any int. date thereafter at 100 and int. and red, at the option of
the company as a whole or in part on any int. payment date upon 60 days'
notice, on or before April 1 1932 at 103, thereafter and on or before April 1
1937 at 102%, thereafter and on or before April 1 1942 at 101%. thereafter and on or before April 1 1947 at 101%, thereafter and on or before
April 1 1952 at 100%, thereafter at 100. plus accrued interest in each case.
Chase National Bank, New York, trustee.
Data from Letter of Pietro Fenoglio, President of the Company.
-The Societe Meridionaie di Elettricita, together
History and Business.
with its subsidiaries, is the largest producer and distributor of electric
energy in southern Italy, and owns the most important concessions of
developed and undeveloped hydro-electric power sites. The territory in
which these companies operate, or have rights to operate, comprises 14
Provinces having a total area of over 25,000 sqyare miles, or nearly onequarter of the total area of Italy, including 1,545 separate communities
and a total population in excess of 9,000,000. Service is extended to
over 340,000 consumers in 403 separate communities, having an aggregate population of approximately 4.350.000. including the City of Naples
which, with its envorons, has a population of over 1,000,000. Of the
total communities served, 140 with a combined population in excess of
800,000 are supplied at wholesale and they are treated as individual power
users in the above number of consumers regardless of the customers connected in each of these places.
The rapid and continued growth enjoyed by the company since its
organization in 1899 has been partly due to the increase in the use of
electricity for both industrial and domestic purposes and partly due to
the extension of territory served throughout southern Italy. The future
growth of the company should be even greater, for during the .year 1925
the average consumption of electricity per capita was but 42 k.w.h. in
southern Italy, compared with 193 k.w.h. In central Italy and 279 k.w.h.
in the northern section.
Properties.
-The properties of the Company and its subsidiaries, including the properties to be mortgaged as security for these bonds, comprise generating plants of 195,000 h.p. capacity, of which approximately
120,000 h.p. is hydro-electric. 12 principal sub-stations and 1.995 miles
of transmission lines, of which 593 miles are of 60,000 and 150.000 volt
construction, connecting the various plants with the distribution centres.
Practically all of the main plants contain electric installations of modern
design and construction. In addition there are under construction and
proposed new hydro-electric plants having a total capacity of 230.000 h.p.,
approximately 70,000 h.p. of which will be available during this year,
sub-stations, and 600 miles of high-tension transm,ssion lines.
-These bonds will be secured by a direct first mortgage (after
Security.
the satisfaction of certain existing liens as hereinafter provided for) on
the entire mortgageable properties of the company proper and also, to
the extent of the appraised valuation thereof, of certain of its electric
subsidiaries and of cetrain of their subsidiaries. Those properties Include
five principal hydro-electric plants and steam plants and other equipment
having a total generating capacity of over 148,000 h.p. and an additional
20,000 h.p. steam unit now being installed, the entire system of 1.995
miles of high-tension transmission lines. 12 principal sub-stations. distribution systems and all other fixed property appurtenant thereto. These
properties have recently been given a depreciated reproduction value of
over $25,000,000 by Day & Zimmermann, Inc., engineers. Indenture
provides for the release, upon the retirement of bonds otherwise than
through the sinking fund,of a proportionate amount of mortgaged property.
Indenture limits the amount of bonds to be outstanding at any one
time thereunder to the aggregate principal sum of. $25.000,000. In
addition to the $10,750,000 series A bonds, presently issued. $1,250,000
series A bonds have been reserved by the company solely for the retirement
of an equivalent principal amount at par of gold exchange of 4%% debentures of one of its subsidiaries, the Societe Generale per la Illuminazione,
which debentures have the privilege of ranking pad passu with these
series A bonds against the properties of said subsidiary. The additional
$13,000,000 bonds may be issued only In accordance with the conservative
restrictions provided by the indenture.
Company has certain obligations (directly and as guarantor) to Italian
banks amounting to approximately $3,580,000 guaranteed by the Italian
Government which, until discharged, constitute a first lien on certain of
the Properties to be mortgaged. There are also outstanding on certain
properties to be subjected to the mortgage, mortgage bonds to the extent
of approximately $247,000. The company has the right and in the indenture has covenanted to discharge these obligations within one year
and an amount of cash will be held by the trustee sufficient to discharge
all the above obligations. Of the above-mentioned obligations to Italian
banks approximately $1,285,000 is the direct obligation of the Sicilian
Electric Co., the Meridionale Electric Co. being obligated as guarantor,
and upon the discharge thereof by the Sicilian Electric Co. or the discharge
of the Meedionale Electric Co. from its obligations, the cash reserved
therefor will be released..
Earnings. For the fiscal year ended March 31 1926 the consolidated
net earnings of the company and Its subsidiary companies whose properties
Fiduciare Suisse,
are to be mortgaged, as audited by the Societe Anonymeor
approximately
Basle, available for interest amounted to $2.346,404,
2.8 times annual interest requirements, computed on the basis of a present
aximum amount of $12,000,000 series A bonds. Such net earnings
for the past three fiscal years have averaged annually $1,841.422, or
approximately 2.2 times, and for the six months ended Sept. 30 1926 they
requirements.
were at the rate of over 2.8 times such annual interestwill be
used for new
-Proceeds from the sale of these bonds
Purpose.
and recently made improvements,extensions and additions to the properties,
other corporate purposes.
and for
trustees.
-Indenture will provide for a sinking fund, under the
Sinking Fund.
terms of which, during the calendar year 1930 and during each calendar
year thereafter, there shall be used for retirement of bonds of series A an
amount equal to not less than 1% of the principal amount of the series A
bonds then outstanding, by purchase in the open market at not exceeding
the then prevailing redemption price, or by redemption.
Data from Letter of Vice President A. E. Fitkin April 29 1927.
Company.-Incorp. in Missouri in 1926 and will acquire the various
electric light and power, gas ice and water properties now owned by West
Missouri Power Co., Peoples Gas & Electric Co., Trenton Gas & Electric
Co. and Missouri Electric, Gas & Water Co., located in rich agricultural
and industrial sections of Missouri, having a combined population of 86.500.
The system serves without competition, through 580 miles of high power
transmission lines, electric light and power to 17.000 customers in 75 communities with an aggregate population of more than 79,000. Gas is served
through 123 miles of gas mains to 3.622 customers in 7 communities with an
aggregate population of more than 29,800. Water is served in 4 communities with a population of 16,300. Ice is served to the town of Trenton,
with a population of 8,000, and buses are operated in the town of Nevada.
Mo.
The present aggregate plant capacity is 9,080 k.w. and the generating
stations are located at Clinton, Nevada, Pleasant Hill, Warrensburg.
Cainesville and Trenton. For the 12 months ended Feb. 28 1927 the total
output of these plants was 19.743.344 k.w.h. of electric energy. The
principal communities are inter-connected by high tension transmission
lines. Gas plants are located at Clinton. Chillicothe and Trenton. and
natural gas is distributed in the town of Nevada. For the 12 months ended
Feb. 28 1927 their total output was 138,269.000 cu. ft. of gas. Nevada is
also served with water, as are Clinton, Osceola and Pleasant Hill. For the
12 months ended Feb. 28 1927 the total output of water was 229,700,000
gallons. The ice plant situated at Trenton, during the year ended Feb. 28
1927 manufactured 2,912 tons of ice and has adequate storage capacity.
Outstanding.
Authorized,
Capitalization-year 5% gold bonds, series A
let mtge. 20
(thisissue)b$5,000.000 sha.
15.000
0
1
40,00 abs.
Preferred stock $7 cumulative
Common stock (all, except directors' shares,
35.400 she.
40,000 shs.
owned by Inland Power & Light Corp.)
a Not limited to specific amount but issuance restricted by provisions
the
of trust indenture. b Not including 5187.500 in the treasury of
company.
1927 (After Present Financing).
Earnings for 12 Months Ended Feb. 28
$1,106.671
Gross earnings
492.879
Oper. exp., maint. & taxes (other than Federal taxes)
$613,792
Net before depreciation and Federal taxes
Annual int. requirements on $5,000,000 let mtge. 5% bonds, 5250,000
series A (this incie)
The foregoing statement includes earnings of West Missouri Power Co.
for 12 months' period ended Dec. 31 1926. Earnings for subsequent
months,although unaudited,indicate a substantial increase.
The above net earnings are equivalent to over 2.36 dines the annual
interest requirements of this series of 1st mtge. gold bonds, including
those held in the treasury.
For the 12 months period ended Feb. 28 1927 there was derived from the
electric department of the system 79.9% of the gross earnings and 88.7%
of the net operating revenues.
-Secured by a direct first mortgage on all the fixed properties
Security.
of the company now or hereafter owned, except as to divisional liens, if
any, on after acquired property, and will be further secured by the pledge
and deposit of all the stock of the Eastern Kansas Pipe-Line Co.
-The properties to be owned, as recently appraised by
Valuation.
Hagenah & Erickson, engineers, Chicago, plus additions to Dec. 31 1926.
have a depreciated valuation, including working capital. in excess of
$7,700.000.
-Proceeds from the sale of $5,000,000 jet mtge. 20-year 5%
Purpose.
gold bonds, series A, together with the proceeds from the sale of preferred
and common stocks,are being used for and in connection with the acquisition
of the properties above described, for the retirement of the securities of
predecessor companies and for other corporate purposes.
Management -Company will be controlled through stock ownership by
Inland Power & Light Corp
-Quarterly Statement.
Montana Power Co.
1924.
1925.
3 Mos. End. Mar. 31- 1927.
1926.
Earnings
52,488.150 $2,28.3.289 $2,159,067 $2,110,062
775,989
732,363
784.042
Oper. exp.and taxes__
819,009
452,092
443,018
Int. & bond discount
456,383
458.619
2881.980
2984.575
Balance, surplus
$1.179,622 $1.042.864
Net income for the first quarter of 1927 is equivalent after preferred
dividends (but before depreciation) to $2.03 a share on 496.333 shares of
common stock outstanding, against $1.76 a share in the corresponding
quarter of 1926.-V. 124. p. 1667.
New England Tel. & Tel. Co.
-Quarterly Report.
1924.
3 Mos, End. Mar,31- 1927.
1925.
1926.
Operating revenue)
515.584.456 $15,104,765 512.268.472 511.324.666
Operating expenses
9,967.535 8,'.78.780
10.691,483 10,591.758
719.801
Taxes and uncollectibles 1.440.231
740.813
1,297.657
Total operating Inc_ _ - 93,452.742 $3,215.350 $1.560.124 $1.826,085
197.467
Net non-operative revs_
182.270
151,576
130.986
Total gross income_ -- $3.583.728 $3,366,927 $1,742,394 $2,023,552
583.222
583.262
Interest on funded debt- 1,033.263
583,262
317,081
497,320
Other interest
378.320
16,890
Debt disc. & exp
41.575
112.702
131,701
134.780
Rent. &c
139,209
1.329424
1,660.508
Dividend appropriation- 2,212,932 2.206,259
$64.305def$1.130.397 def$318.977
Balance,surplus
$139.860
-V. 124, p. 86.
2590
THE CHRONICLE
New York Steam Corp.-Pref. Stock Offered.
-The National City Co. and Cassatt & Co. are offering at $97.50 per
share and div., to yield 6.15%, 25,000 shares (no par)
cumulative preferred stock, $6 dividend series.
Entitled to $105 a share and dive, in the case of voluntary distribution of
capital assets, and $100 a share and dive. in case of involuntary liquidation.
Red. all or part on any div. date on 30 days' notice at $105 a share and dive.
Dividends payable Q.
-J. National City Bank, New York, transfer agent.
Farmers Loan & Trust Co., New York, registrar. Dividends are free of
present normal Federal income tax. Corporation from its surplus will refund to resident owners, upon proper application, personal property taxes
paid on this stock in Penn. not exceeding 4 mills on each dollar of assessed
valuation in any year, and any Mass, income tax not exceeding 6% of the
dividends.
Issuance.
-Authorized by the New York Public Service Commission.
Listing.
-Application will be made to list these shares on the New York
Stock Exchange.
Data from Letter of James D. Hurd, President of the Corporation.
Corporation.
-The largest company of its kind in the United States.
Supplies steam for heating and power purposes in the downtown financial
district and in Important uptown commercial and residential sections of the
City of New Yorlc. The franchise under which the corporation operates
is very satisfactory and grants the right and privilege, without limit as to
time, to lay mains and pipes in any of the streets of the Island of Manhattan and to supply steam for power and heating.
Earnings Twelve Months Ended March 31.
1925.
1926.
1927.
Gross earnings
$3,927,672 $4.947.711 $5,842,939
Oper. exps., current maint. & taxes
2,885,502
3,482.563 4,172,916
Net earnings
$1,042,170 $1.465.148 $1,670,023
Int. on funded and unfunded debt &
amort, of bond discount
337.868
389.314
347,853
Income available for dividends, reserves and surplus
Dividends on cumul. pref. stock
*704.302 $1,075.834 $1,322,170
166.683
281,170
367,085
Balance
$537,618
$794,664
$955,084
The income of $1,322,170 for the 12 months ended Mar. 31 1927, as
shown above, compares with $593,510 annual dividend requirements on the
cumulative preferred stock to be outstanding upon completion of the present
financing.
The rates in effect during the past 9 years under a schedule approved by
the Public Service Commission, fluctuate automatically with the cost of
fuel to the corporation, thereby assuring a continuance of the satisfactory
increases in net earnings as the business expands.
-V. 124, p. 2121.
North American Co.
-Change in Capitalization Approved.
The stockholders on April 25 approved the elan to change the company's
capitalization, as outlined in the 'Chronicle of March 26, page 1820.V. 124, p. 1980.
North Boston Lighting Properties.
-Earnings.
-
Calendar Years1926.
1925.
Gross revenues
$1.270.776 $1.050,704
Gen'l & misc. expenses-19.541
14,583
Taxes
4.971
9,148'
Interest, &c
94,902
57,273
Preferred dividends__ _
684,234
683.352
Common dividends
439,370
279,655
Balance, surplus
-V. 124. p. 2281.
$27,750
$6,694
1924.
$888.700
13,653
7,375
63,889
661,980
106,319
1923.
$761,406
13,070
6,098
98,193
567.525
60,754
$35,484
$15.767
Northern Maryland Power Co.
-Sale.
-
See Philadelphia Electric Co. below.
-V. 120. p. 3188.
Northern Ohio Power Co.(& Subs.).
-Earnings.
-
12 Months Ending Feb. 281927.
1926.
Gross earnings
$12,034,975 $11,676,657
Operating expenses, incl. taxes & maintenance- 8,884,183
8,541.867
Fixed charges (see note)
2,334,985
2,211,853
Net avail, for retirement reserve and corporate
purposes
$815.807
$922,936
Note.
-Includes interest, amortization of debt discount and dividend on
outstanding preferred stocks of subsidiary companies.
-V.124, p. 112. 648.
Northern Ohio Power & Light Co.-Earning8.-
12 Mos. End. Mar. 31- 1927.
1926.
1925.
1924.
Gross earnings
$12,049.066 $11.761.111 $10,503,477 $9,870,537
Oper. exp., incl. taxes &
maintenance
8.928,720 8,621.469 8,163.408 7,642,896
Fixed charges
1.670,850
1.573.502
1.488,013
1,298,520
Div.pref.stock
484,763
441.848
433,504
418.959
Balance
$964,733 $1,124,292
$418.552
$510.163
-V. 124, p. 2281.
North West Utilities Co.
-Income Account.
-
Calendar YearsInterest received and accrued
Dividends on stock of subsidiary companies
Profit from sale of securities to outsiders
Miscellaneous income
Total income
Administration expense
Interest
Net income for year
Previous surplus
Total
Dividends on 7% prior lion preferred stock
do on 7% pref stock
do on 8% preferred stock
do on common stock-In cash
do do in stock (18,040 shs. at $40 each)
1926.
$49,182
818,935
12,474
36,219
1925.
$15,460
644,980
41,929
$916,810
41,397
6,804
$702,368
46.417
43,276
$868,609
1,139.945
$612.676
985.793
52,008,554 $1,598.469
266.633
231,659
296,733
174,650
52,213
193,280
721,600
[vol.. 124
Oberpfalz Electric Power Corp.
-Bonds Called.
-
Certain 1st mtge. 7% sinking fund gold bonds, due June 1
aggregating $15,500. have been called for payment June 1 at par1946,int. at
and
the New York Trust Co.. 100 Broadway, N. Y. City.
-V. 123. p. 2262.
Pacific Gas & Electric Co.
-Acquires Properties.
-
President W. E. Creed announces that, subject to the approval by the
California RR. Commission, the company has concluded an arrangement
with the Byllesby interests of Chicago for the acquisition by the Pacific
company of the Sierra & San Francisco Power Co., the Western States
Gas & Electric Co., and the Coast Valleys Gas 8: Electric Co., effective
as of May 1.
All three companies are substantially interconnected with the Pacific
Gas & Electric System.
-V. 124, p. 2121.
Penn-Ohio Securities Corp.
-Earnings of System.
-
For March the Penn-Ohio System reports gross income of $1,145,530 and
net earnings of $180,649 available for retirement reserve and parent company dividends
-gains of 12.2% and 11.4%,respectively, over March 1926.
In the 12 months to March 31 gross income established a new record of
113,073.282, while net earnings amounted to $2.045.667, an increase of
nearly 37%.
In connection with the report the company announced the signing of a
blanket power contract covering the requirements of all United States Steel
Corp. subsidiaries in the Penn-Ohio System territory. This load, it was
stated, will be taken on as rapidly as the mills progress with their electrification program.
-V. 124, p. 2281.
Pennsylvania State Water Corp.
-Stock Offered.
Hale Waters & Co. are offering 5,000 shares $7 cumulative
preferred stock (no par value) at $100 per share and div.
The $7 cumulative preferred stock has preference over the common stock,
both as to assets and dividends. Cumulative dividends payable Q-M.
Red, all or part on any div, date, upon 30 days' notice, at $107 per sh, and
div. In liquidation, dissolution or winding up there shall be paid to the
holders of the $7 cumulative preferred stock $100 and div. before any amount
Is paid to the holders of the common stock. Corporation agrees to refund
to resident holders upon proper and timely application, the Mass, income
tax, no.., to exceed 8e1 and the Penn. Property tax, not to exceed 4 mills.
Dividends not subject to present normal federal income tax. Transfer agent.
Seaboard National Bank New York. Registrar, the New York Trust Co.,
New York.
Data from Letter of Edward M. Fox, Vice-President of the Company.
Corporation.
-A Delaware corporation. Through its subsidiaries, owns
and operates water properties supplying water without competition for
domestic, industrial and municipal purposes to various communities located
in the Commonwealth of Pennsylvania.
Capitalization.Authorized. Issued.
1st lien 5.50% gold bonds, series
"A"b$2,075.000
$7 Cuml. pref. stock (no par)
30,0130 shs. 7,000 shs.
1
Common stock (no par)
50,000 shs. 50,000 shs.
a Restricted as to further issuance by provisions of trust indenture.
B Does not Include $192,000 par amount held in Treasury.
Consolidated statement of earnings (Corporation and subsidiaries) year ended
Dec. 31, 1926.
Gross Income
$369,026
Operating expenses, maintenance, depreciation and taxes, including
Federal income tax
155,717
Balance
Annual interest requirements on entire outstanding funded debt_
$213,309
114,125
Balance
$99,184
Annual dividend requirements on $7 cumulative preferred stock
fentfre issue)
49,000
Earnings, as shown above, are over twice the annual dividend requirements on the $7 cumulative preferred stock to be outstanding. Compare
also V. 124, p. 2281.
Peoples Gas & Electric Co.
-Merger.
-
See Missouri Public Service Co. above.
-V. 124, p. 2281.
Philadelphia Company.
-Listing.
-
The New York Stock Exchange has authorized the listing on or after
April 30 of $387.050 additional common stock (par $50) on official notice
of issuance as a stock dividend, making the total amount applied for to
date $46,830,050. On March 16 the directors declared a dividend on
the common stock, payable on April 30, in common stock at the rate of
1-120th of share a common stock in respect of every share outstanding
on April 1. The amount of common stock outstanding at the close of
business on April 1 1927 was 546,443,000.-V. 124, p. 2421.
Philadelphia & Darby Ry.-Bonds Extended.
-
The directors have extended the $100,000 mortgage bonds (which mature
May 1) for 50 years at 5j$%. Originally the interest rate had been 7%
but was later reduced to 4%. The stockholders on April 18 approved
the extension.
-V. 124, p. 2121.
Philadelphia Electric Co.
-Proposed Acquisitions.
-
The company has contracted for the purchase of the Eastern Power
Co., the Southern Pennsylvania Power Co. and the Northern Maryland
Power Co., formerly owned and controlled by John Ware Jr.
-V. 124, p.
2281.
Public Service Co. of Northern Illinois.
-Earnings.
-
Period Ended Mar. 311927Gross earnings
Netincome after taxes, interest & depreciation_ _
-V. 124. p. 1361.
3 Months. 12 Months.
$6,596,545 $23,779,161
1.403,253 4.461,834
Public Service Co. of Oklahoma.
-Bonds Offered.
Halsey, Stuart & Co., Inc., A. B. Leach & Co., Inc. and
Hill, Joiner & Co.,Inc., are offering at 97M and int., yielding
over 5.15%, $8,500,000 18t mtge. 5% gold bonds, series D.
Dated May 1 1927: due May 1 1957. Interest payable M. & N. in
Chicago and New York without deduction for normal Federal income tax,
not in excess of 2%. Denom. $1,000, $500 and $100c*. Red. all or part
upon 30 days' notice at following prices and int.: to May 1
105;
on and from May 1 1932 to May 1 1937 at 103: on and from 1932 at 1937
May 1
Surplus, Dec. 31 1926
$530.309 $1.139,945 to May 1 1942 at 1024: on and from May 1 1942 to May 1 1947 at 102:
on and from May 1 1947 to May 1 1952 at 101; on and from May 1 1952
Consolidated Earnings Statement of the Subsidiaries for Years
to May 11056 at 10054: on May 1 1956 and thereafter to maturity at 100.
1926.
1925.
Company will agree to reimburse the holders of series D bonds if requested
Gross earnings
$10,316,289 $8,944,797 within 60 days' after payment for the Penn. and Conn. 4-mills taxes and
Oper.exps.& taxes, incl. retirement appropriation- 6,756,890
5,931,536 for the Mass, income tax on the interest of the bonds not exceeding 6%
of such interest per annum.
Net earnings from operations
$3,559,398 $3,013,261
Security.
-These bonds, will be secured by a first mortgage on all of the
Rentals of leased properties
49,720
99,506 fixed properties, rights and franchises of the company now owned, and on
all such property hereafter acquired against which any bonds can be issued
$3,509,679 $2,913,755 under the mortgage.
Bond, debenture ez other interest charges paid or
accruing to outside holders
Prior Lien Stock Offered.
-A. B. Leach & Co., Inc., are
1,438,248
1,271,755
Amortization of discount on securities
141,294
107,952 offering privately at 933/i and div., yielding about 6.42%
Dividends on stock and proportion of undistributed
earnings to outside holders
762,511
625.494 25,000 shares 6% cumul. prior lien stock (par $100).
Prior lien shares are fully paid andmon-assessable. Preferred as to assets
Total Earns, accruing to North West Utilities Co.$1,167,626
$908,553 to the extent of $100 per sh. and as to cumulative dive. of 6% per annum
Of the above amount North West Utilities Co.
over both the preferred and common stocks. Red. at any time all or part.
received and accrued as interest on bonds and
on 30 days' notice. at $110 per share and div. Dividends payable Q-J.
debentures
1.850
1.850 Transfer office, Middle West Stock Transfer Co., 72 West Adams St.,
Received & accrued general Interest
.33,403
13,610 Chicago. Registrar, National Bank of the Reflublic, 134 South La Salle
Received and accrued dividends on stock
818,935
644,980 St., Chicago. Dividends exempt from present normal Fed. income tax.
Company.
-An Oklahoma corporation. Recently acquired all the propNorth West Utilities Co.'s proportion of the
erties of Oklahoma Power Co. Upon completion of present financing, will
surplus carried to the aggregate surplus acc't
supply electricity without competition in the cities of Tulsa and Okmulgee
of the subsidiary companies on their own books $313.437
and 68 other communities in Oklahoma. Company will also supply ice to
$248,114
-V. 124. p. 648.
13 communities. The territory served by the company, a large part of
which centers
Okmulgee,
Northwestern Public Service Co.
-Debentures Called.
- mineral wealtharound Tulsa andSome of theis rich in natural resources of
and fertile soil.
large
industries that
-year 7% cony, gold debentures, dated Dec. 1 and growing demand for power are: smelters, glass plants, create a
All of the outstanding 10
oil refineries,
have been called for payment June 1 at 105 and int. at the Seaboard cotton gins and mills. The population of the communities to be served
1923,
-V.124.P.922.
is approximately 254,000.
National Bank, 115 Broadway, N. Y. City.
APR. 30 1927.]
THE CHRONICLE
The properties of the company consist of electrical generating stations
with a combined capacity of 43,180 k.w. which radiate their electrical
energy over 690 miles of high tension transmission lines and adequate
distribution lines. The company's ice plants are 14 in number and have a
daily manufacturing capacity of 726 tons. There is now under construction
a modern steam generating station at Weleetka, with an ultimate capacity
of 45,000 kw. The first unit of 15,000 kw. will be completed by the end of
1927. This plant is designed to meet the increased demand for electric
service in the territory to the north and south and east of Weleetka, and to
supply the Tulsa area with additional service.
-The proceeds of these bonds and pref. stock will be applied
Purpose.
toward acquisition of additional property and for other corporate purpo r
CapitalizationAuthorized, Outstanding.
Prior lien 7% cumulative stock
$6.000,000 83.186.500
Prior lien 6% cumulative stock
3,500,000
2.500,000
Preferred 6% cumulative stock
None
1.000,000
Common stock
7 500 000
: :
6,000,000
1st mtge. gold bds.,5% ser. C,due Sept. 1 1961}
14,750,000
a
do 5% ser. D (this issue)
18.500.000
a Issuance of additional bonds limited by the restrictions of the mortgage.
Earnings.
-The earnings and expenses of the company, as It will be
constituted upon completion of the present financing, for the years 1926
and 1925, were as follows:
12 Months Ended Dec. 311925.
1926.
Gross earnings, incl. other income
$4,091,957 84,459,444
Operating expenses, maintenance & taxes
2,344,868
2,436,284
Net before depreciation
81.747,088 82,023,160
Annual int. on the 1st mtge. gold bonds to be outstanding
requires
$662,500
For the 12 months ended Dec. 31 1926 over 77.8% of gross earnings and
80.4% of net earnings were derived from the sale of electricity.
Management.
-Company is controlled, through the Central and South
West Utilities Co., by the Middle West Utilities Co.
-V.124, p. 1821.
Radio Corp. of America.
-Earnings.
-Quarter Ended March 311927.
1926.
1925.
Gross income
$10,572,490 816,552,195 815,229,923
Exp., deprec.,amort., Fed.taxes, &c. 10.445,712 14.763,685 13.301,594
Net profit
-V. 124, p.2122.
$126.778 $1.788.510 $1.928.329
San Joaquin Light & Power Corp.
-Earnings.
Calendar YearsGross operating revenue
Operating expenses, maintenance & taxes
1926.
x1925.
$8,740,233 $7,794,506
3,988,631
3.485,877
Net earningsfrom operation
Sundry earnings
$4,751,601 $4,308,629
137,933
161,388
Net income
Interest charges
Interest charged to capital
Depreciation reserves_ a
2591
will be constituted, have increased from 81.270,502 for the year 1916
to $5,863,951 for the year 1926, an increase of over 361%, and during
every year in this period gross earnings showed an increase over the preceding year.
-Proceeds will be used in part for the acquisition of property.
Purpose.
for partially reimbursing the treasury for expenditures made on account
of additions and improvements to the properties, and for other corporate
purposes.
aclnement.--Company is controlled, through the Central & South
West Utilities Co., by the Middle Wset Utilities Co.
-See also V. 124.
p. 2429.
Tennessee Electric Power Co.
-Debentures Called.
-
The company has called for redemption at par and int. on June 1 1927
its outstanding 10
-year 6 % debentures, due 1933. and 15
-year sinking
fund 6%% debentures, due 1939, a total principal amount of $1,729.000.
Any of these debentures tendered prior to June 1 to the Tennessee company at the office of Hodenpyl, Hardy & Co.,Inc., 14 Wall St., N.Y.City,
will be paid at par and int. to date of payment.
12 Months Ending March 311927.
1926.
Gross earnings
$11,998.918 811,781,458
Operaexps., incl. taxes & maintenance
6,428,255
6,619.181
Fixed charges (see note)
2.258,399
2,240.142
Dividends on first pref. stock
1,105.766
961.256
Provision for retirement reserve
929,224
908,511
Balance
$1.277,274 81.052,367
-Includes dividends on Nashville Railway & Light Co. preferred
Note.
stock not owned by the company.
-V. 124. P. 2430. 2122.
Trenton (Mo.) Gas & Electric Co.
-Merger.
See Missouri Public Service Co. above.
-.V 124. p. 2282.
Twin State Gas & Elec. Co.
-Report (Incl. Subs.).
-
Calendar Years1925.
1926.
1924.
1923.
Gross earnings,including
merchandise sales__ _ $1,886,143 $1,684,274 31.532.741 81.462,324
Oper. exp., incl. taxes di
depreciation
1.056.560
1.186.305
949.538
959.156
Miscellaneous income_ _ _ Cr.22.525
Cr.21.497
Cr.15.636
Cr-24.383
Int., amortization, discount & exps.on bds
300.101 • 258.101
244.186
254,992
Net income
Previous surplus
$422.263
85,480
$3c1,110
80.049
$354.652
76.842
$272,559
69.960
Total surplus
Prior iien dividends_ _
Preferred dividends_ _ _ _
Common dividends
Common dive. stock__ _
$507.743
171.929
77.625
143,432
8471,159
164,623
77,625
143,432
8431,494
140,429
77,625
133,391
8342,519
110.604
77.625
77.448
$4,889,534 $4,470,018
2,223.352
2,278.971
Profit di loss surplus_. 8114,757
885.480
880.049
876.842
Cr.295,494 Cr.171,945
1.092,369
981,100 -V.122 p.2498.
United Gas Improvement Co.
Net income for dividends
-New Director.
$1,869.307 $1,381,892
Rearranged for comparison with 1926.-V. 124, p. 2282.
Richard B. Mellon of Pittsburgh has been elected a director, succeeding
Morris W. Stroud.
Sierra & San Francisco Power Co.
-Control.
Upon the approval by the stockholders at the annual meeting to be
See Pacific Gas & Electric Co. above.
-V. 121, p. 2639.
held May 2 of an amendment to the by-laws providing for the election
of one additional director, Samuel T. Bodine will be elected a member of
Southern California Edison Co.
-Listing.
Arthur W. Thompson having become ex-officio a director when
The New York Stock Exchange has authorized the listing of $4,268.300 the board,
-V. 124, p. 2430.
additional amount common stock (par $25 each) on official notice of pay- he succeeded Mr. Bodine as President.
ment in full, making the total amount applied for $51,324,200. The
United Light & Power Co.(& subs.).
-Earnings.
34.268.300 common stock is to be issued for cash, having been offered for
12 Mos. End. Feb. 28subscription at $25 per snare to common stockholders and original preferred
1927.
1926.
subsidiary companies
stockholders of record April 9, at the ratio of one share for each 12 shares Gross earnings of
$42,314.257 837.324,118
of common and (or) original preferred stock owned. The proceeds from Less: Inter-company transfers
2.030,727
1,749.699
the sale of the additional stock are to be used for tile acquisition or construcTotal gross earnings
tion of necessary additions, extensions and improvements to the company's
340.283.530 835,574,418
Operating expenses
properties, and for other corporate purposes,
19.850.008 16.739,805
-V. 124, p. 2429.
Maintenance, chargeable to operation
2.438,647
2.322,933
Southern Pennsylvania Power Co.
Taxes, general & income
3,344.830
2.971.883
-Sale.
See Philadelphia Electric Co. above.
-V. 120. p. 2818.
Total operating expenses, maint. & taxes
825,633.484 822,034,620
Less: Inter-company transfers
2,030,727
1,749.699
Southwest Power Co.
-Bonds Called.
All of the outstanding let mtge. gold bonds of 634% series "A" and
Total operating expenses
823,602.758 820,284,921
6%
series "B," have been called for payment May 1 at the Seaboard National Net earnings of subsidiary companies
16.680.772 15.289,498
Bank, 115 Broadway, N. Y. City. The series "A" bonds are redeemable Non -operating earnings
1.487,830 2,430.241
at 107% and int. and the series "B" bonds at 104% and int.-V.
124,
p. 2282.
Net earnings, all sources
$18,168.602 817.719.739
Interest on bonds and notes of sub-companies due
Southwestern Bell Telephone Co.-Earnings.public
4.315.206
4,369,632
Quer. End. Mar.31-1926.
1927.
1925.
Gross income
817,062.194 $14,154,836 $11.764.258
Balance
$13.853,396 813,350.107
Net after taxes
4.431.297
3,845.449 3.175,935 Dividends on preferred stocks of subs, due public
-V. 124, p. 2429.
and proportion of net earns, attributable to
common stock not owned by company
3.015,359
2,626,906
Southwestern Gas
& Electric Co.
-Bonds Offered.
A. B. Leach & Co., Inc.; Hill, Joiner & Co., Inc.; Halsey,
Stuart & Co., Inc.; Old Colony Corp., and Tucker, Anthony
Co. are offering at 96% and int., to yield about 5.23%,
&
$5,000,000 1st mtge. 5% gold bonds, series B.
Dated May 1 1927; due May 1 1957. Int. payable M. & N.
York or Chicago without deduction for Federal income taxes in New
not in
excess of 2%. Delimit. 0$1,000, 8500 and $100. and 081.000 or
other authorized amounts. Red., all part, at any time, upon 30 days'
notice at following prices and int.: On or before April 30 1932 at
105;
after April 30 1932, but on or befsre April 30 1937. at 103: after April
30
1937. bu. on or before April 30 1942. at 102%; after April 30 1942, but
on or before April 30 1947, at 102; after April 30 1947, but on or before
April 30 1952. at 101; after April 30 1952. but on or before April 30 1956,
at 100%; after April 30 1956, at 100. Penna. and Conn. 4
-mills taxes,
and Mass. 6% income tax on int. refundable if requested within 60 days
after payment. Central Trust Co. of Illinois and Aksel K. Bodholdt
Chicago, trustees.
Data from Letter of James C. Kennedy, President of the Company.
-Incorporated in 1912 in Delaware. Will, upon
Company.
completion
of present financing, own and operate public u Oily properties supplying
one or more classes of service to 79 communities. inducing the cities of
Shreveport, La.; Beaumont and Marshall, Texas; Texarkana. Texas
-Ark.:
Biloxi, Gulfport and Pass Christian, Miss. Electric light and power
will
be supplied to Shreveport, Texarkana, Marshall and 61 adjacent communities. Natural gas will be supplied at Beaumont. Shreveport. Texarkana and 20 additional ctlies and towts and manufactured gas at Biloxi,
Gulfport, Pass Christian and imermediate territory. The total population
to be served is estimated to exceed 275.000, and the company will have
connected to its system 38,776 gas and 34,349 electric meters, besides
furnishing street railway service in Texarkana, and ice in 24 cities and
towns.
Electric light and power for Shreveport, Texarkana ,Marshall and
adjacent communities to be served is generated at power stations having
installed capacity of 51,793 k.w. The largest central electric power
station of the company (30.000 k.w.) located at Shreveport was only
recently placed in service and is of the most modern and efficient type of
construction, with facilities for enlargement as requirements dictate.
The high_voitage transmission lines will total 600 miles, and the gas manufacturing plants at Beaumont and Biloxi have capacity of 3,000,000 cu. ft.
per day.
Earnings and Expenses of Company as it will be Constituted.
1925.
12 Months Ended Dec. 311926.
Gross earnings, including other income
85,046.397 85.863,951
Operating expenses, including maint. and taxes- -- 3.347,932
3.471.048
Net eamings
81.698.465 82.392.903
Annual int. requirements on total funded debt (incl. this issue)
8875.000
Net earaings for the 12-months' period ended Dec. 31 1926 were over
2.72 times the above annual interest requirement.
Company has an uninterrupted dividend payment record on its preferred
stocks since issuance, in 1912. Gross eareings of the company, as it
Gross income-available to U. L.& Pr. Co
Interest on funded debt
Other interest
Prior preferred stock dividends
Net Income
Preferred Stock Dividends:
Class"A" preferred
Class"B" preferred
810.838.037 810,723.200
3,252,305
2,634.720
561,801
351,948
612.103
486.264
86,411,736 87,250.267
$1.013.571
316,950
8915.914
324,000
Total preferred stock dividends
1.330,521
1,239,914
Surplus earnings, available for depreciation, amortization and common stock dividends
$5,081.216 86,010.353
-V. 124, p. 2283.
United Public Service Co.
-Consolidation of 37 Middle
Western Utilities under Control of above Company, Announced.
Organization of the above company, under the laws of the State of New
Jersey has been officially announced. The company was formed for the
purpose of placing under one control 37 public utility operating companies
located in the middle west and southern states. The consolidation involves
the issuance of approximately $15,200,000 of new bonds and common
and preferred stock of both tho parent company and principal operating
companies.
A total of 87,400,000 bonds and notes have already been sold to the
public, thus providing for approxinately half of the capital needed to carry
out the consolidation. The remaining financing is now being negotiated
and public offering of the new securities is expected in the near future.
The investment banking firms of Hambleton& Co., Thompson, Ross & Co.
and Lane, Piper & Jaffrey underwrote the securities already offered and
probably will arrange for the additional capital needed to complete the consolidation.
The securities issued, and to be issued, will be used in part in
for the bonds, notes and capital stocks of the operating subsidiariesexchange
to be acquired by the company and (or) the deposit of cash against outstanding
indebtedness of such subsidiaries not acquired by the company, if
any.
Under the corporate structure the United Public Service
organization, will own all of the common stock of the UnitedCo., the parent
Public Utilities
Co. (see V. 124.p.2283. 2430). which in turn controls 21 prominent public
utility companies in the Middle Western and Southern States. The officers
of the parent cmv.pany are: Ernst Jacobson. Pres.•. Nicho.as Stahl. VicePros. in charge of operation; Horses H. Clark, Vice-Prea in charge of sales:
George E.Wells. Vice-Pres.; R.H.Morrison, Treas.;
ma,,agements of all subsidiary operating companiesRalph E. Davis. Local
will be maintained.
The United States Service Co. will also control the Southern United Ice
Co. and the Southern United Gas Co., which in turn will control 16 additional companies.
As a result of these acquisitions the United Public Service Co. will control
operating companies serving 43 communities in Ohio and Indiana, 42 communities in North and South Dakota, and ice service to 9 communities in
Louisiana, including New Orleans. Electric light and power is supplied
in 71 communities and gas in 19 communities. [Further details regarding
the company are given in our "Public Utility Compendium" of even date.
2592
[vol.. 124
11:11.4 CHRONICLE
United States Electric Light & Power Shares, Inc.
-
The Central Union Trust Co. of New York has been appointed trustee for
the above corporation's trust certificates, series A, dated April 23 1927.
Virginia Electric & Power Co.
-Reduces Electric Rate.
A general reduction of 10% on May 1 by this company in its residence
rates on electric lighting and its combination residence rates on electric
lighting and appliances throughout Virginia has been authorized by the
Virginia Corporation commission. The company's officials estimated& that
the reductions will mean a saving of more than $200,000 a year to residence
light and power users.
-V. 124, p. 1513.
West Missouri Power Co.
-Merger.
-
See Missouri Public Service Co. above.
-V. 124, p. 2283.
Western Power Corp.
-Definitive Bonds Ready.
The National Bank of Commerce in New York is prepared to exchange
definitive series A 5M % convertible collateral trust gold bonds for the
temporary bonds now outstanding. (For offering see V. 123. p. 2657.)V. 123. p. 2780.
Allis-Chalmers Mfg. Co., Inc.
-Earnings, &c.
Sales Billed
1927.
1926.
$2,663,239 $2,442.826
2,640,524 2,417,870
2,602,593 2,467,322
Month ofJanuary
February
March
Net Profit after Pros. for
Federal Taxes.
1926.
1927.
3300,247
$260,689
277,131
283,667
266,250
290,581
Total
$7,906,356 37,328,018
Dividends on preferred stock
$850,163
288,703
$828,401
288,703
Balance available for common
$539,699
x$561.460
x Equivalent to $2.18 a share on the common stock, against *2.09 a
share in the corresponding quarter of 1926.
Unfilled orders on hand as of Mar. 31 1927 amounted to $11.561,978,
against $10,787,000 at Mar. 31 1926.
Bookings of new business for the first quarter amounted to 87,833,622.
against $7,967,818 in the corresponding quarter of 1926.-V. 124, p. 1657.
Amerada Corporation.
-Reports Larger Gross Income.
-
In contrast with the statements issued by a number of oil companies for
the first quarter of 1927, the corporation reports larger gross income and
See Pacific Gas & Electric Co. above.
-V. 124. p. 2431.
Increased net income compared with the same period last year.
Quarter Ended March 311927.
1926.
Western Union Telegraph Co.
-Definitive Bonds.
Gross operating income
-year Operating costs, aclm. exp., leases abandoned and $4,938,689 $2,305,761
The Chase National Bank is prepared to deliver definitive 25
5% gold bonds, due Dec. 1 1951.in exchange for and upon surrender of the
reduction of value of storage inventories to cost
outstanding temporary bonds. (For offering see V. 123. p. 2263.)of production (less than market value)
2,143,999
916.457
V. 124, p. 2284.
Western States Gas & Electric Co.
-Control.---
#
West Penn Electric Co.-Pref. Stock Offered.
The West Penn Securities Department, Inc., Pittsburgh, are offering at
Par ($100) 25,000 shares of 6% cumulative preferred stock.
Stock full paid and non-assessable. Preferred as to assets and dividends
over class A,class B and common stocks. Red. all or part on any div. date
-F. 15. Dividends
on 30 days' notice at 110 and dive. Divs. payable Q.
not subject to normal Federal income tax under present law.
Outstanding.
Authorized.
Capitalization (after Present Financing)$50,000,000 x$24,624,700
Preferred stock ($100 par)
59,258 shs.
59,258she.
Class A stock kno par)
165,742 she. 165,742 she.
Class B stock (no par)
1,000,000 shs. 777,774 shs.
Common stock (no par)
x All of the outstanding preferred stock has been classified as follows:
6% cumulative (this issue), $2,500.000; 7% cumulative, $22,124,700.
ote.-The company has no funded debt outstanding.
Company.
-A Maryland corporation. Organized in Dec. 1925. Controls a number of important utility companies, principal among which are:
West Penn Rys., West Penn Power Co., Monongahela West Penn Public
Service Co., Keystone Power Corp. and the Potomac Edison Co.. supplying electric light and power,railway and gas service over an area of approximately 22,000 square miles extending from within 25 miles of Baltimore,
Md.. across Maryland and northern West Virginia to the Ohio River, and
northward in the important industrial sections of western Pennsylvania,
with the exception of the City of Pittsburgh and its immediate environs,
to north central Pennsylvania. The total population served by the company Is approximately 1,700,000. The subsidiaries of the West Penn
Electric Co. own and operate 27 electric generating stations. Including the
modern hydro-electric station on the Cheat River, with an aggregate installed capacity of approximately 482,000 k.w.; 2,258 miles of high-tension
transmission lines (including 175 miles of 132,000-volt steel tower lines);
637.8 miles of track for street and interurban railway service; and serve
approximately 207,800 electric consumers in over 945 communities.
Consolidated Income Account Year Ended Dec. 31 1926.
Gross earnings
$34.437.010
Operating expenses, maintenance and taxes
18.548,262
Interest and amortization of discount
6,272.949
Preferred dividends of subsidiaries
2.215,353
Minority interests
293
Reserved for renewals, replacements and depletion
2,794,966
Net Income
34.605.188
Surplus at Jan. 1 1926 (less $152,445 of contributions from
consumers for extensions, &c.now carried on balance sheet
in surplus invested in fixed capital
$3,863.075
Total surplus
$8,468.263
Dividends paid on capital stocks of the West Penn Co
37,219
Dividends paid on capital stocks of West Penn Electric Co.:
1,513,241
7% cumulative preferred
409,052
Class A
1,160,194
Class B
123,395
Discount and expense on sale of preferred stocks written off_272,199
Sundry adjustments (net)
34,952,964
General surplus, Dec. 31 1926
-V.124, p. 2431.
INDUSTRIAL AND MISCELLANEOUS
-Earnings.
Adams Royalty Co.
Earnings Statement for the Period from Jan. 2 1926 to Dec. 31 1926.
$1.119,352
Gross income from royalties
43,901
Field expenses
33.593
General and administrative expenses
Net income from royalties
Interest charges
Federal taxes
Organization expenses and other non-recurring charges
$1,041,859
68,182
15,650
16,855
Net income before providing for depletion
$941.172
Dividends paid
$350,000
Balance,surplus, before depletion
Shares of capital stock outstanding (no par)
Earnings per share on common
-V. 122, p. 3213.
$591,172
200.000
$4.71
Operating income
Other income
$2,794,690 $1,389,305
49,525
40,997
Total income
Depreciation, depletion and Federal taxes
$2,844,214 $1,430,302
1.678,540
618.675
Net income
Shares capital stock outstanding
Earnings per share
-V. 124, p. 1824.
$1.165.674
915.675
$1.27
American Cellulose & Chemical Mfg. Co.,Ltd.
-Name.
It was announced on April 28 that the name of this company has been
changed to Celanese Corp. of America. The change was made in order
that the name of the company will conform more closely with the products
which it manufactures.
-V.124, p. 2284.
American Chain Co., Inc.
-Annual Report.
Consolidated Statement of Earnings for 12 Months Ended Dec. 31.
1923.
1924.
1926.
1925.
Income from oper. (net) $4,561.568 34,270,100 $3,384.777 $4,776,116
Deprec. of plants and
981.160
amort. of patents.. _
925,579
1,379,188 1,118,587
444.945
Interest(net)
465.181
405.557
353.722
251.327
Income tax-Fed.&for'n
240,251
361,942
396,414
525,000
Div. on class A stock
680.067
700,000
700.000
375,000
Divs. on common stock
500.000
500,000
500,000
Div.on stk.red. Apr.'23
162,531
Surplus for year
31.234.815 $1.201.376
Cash approp.for diva. on
class A stock for 9 mos.
ended Sept. 30 1924-
$553,765 $2.036,153
Balance, surplus
$1,234,815 $1,201,376
Surplus adjust. (credit)22,979
17.498
Previous surplus
9.727,387 8.508.511
$553.765 $1,511,152
25,281
21.485
7,929.465 6,396.828
525.000
Balance at Dec.31- _$10,985,181 $9.727,387 $8.508,512 $7,929,465
-V. 124, p. 2284.
American Chicle Co.
-Listing, &c.
The New York Stock Exchange has authorized the listing on or after the
termination of the voting trust, definitive certificates for 16,343 shares of
cumulative prior preference stock without par value, and 91,632 shares of
common stock without par value, on official notice of issuance and exchange
for present outstanding voting trust certificates for cumulative prior preference stock and common stock, making a total amount applied for 37,500
shares of cumulative prior preference stock and 187.170 shares of common
stock.
The voting trustees have decided to terminate the voting trust agreement
dated June 16 1924, as of May 16 1927. There are at present voting trust
certificates outstanding for 16,343 shares of cumulative prior preference
stock and 91,632 shares of common stock without par value.
The voting trustee in a letter dated April 28,10 the holders of voting trust
certificates, says:
"The voting trustees feel that the conditions which led to the formation
of the voting trust no longer exist. At the same time they feel that the
formation of the voting trust furnished to the company the necessary opportunity to meet the problems which confronted it at that time and enabled it
to pass from a condition offinancial embarrassment to its present prosperous
condition.
"The voting trustees have unanimously decided to terminate the voting
trust, not only because of the present strong financial condition of the
company, but also because there usually exists a lower market price for
voting trust certificates than for stock certificates, which is a burden upon
those who might desire to sell their voting trust certificates, which, it is
felt, they should no longer be called upon to bear.
"The holders of voting trust certificates upon surrender of their certificates at the office of the agent of the voting trustees, Registrar & Transfer
Co.,7 Dey St., New York on and after May 16, will receive in exchange
therefor stock certificates of the same class and for the number of shares
stated in the voting trust certificates so surrendered."
-V. 124, p. 2431.
American Hardware Corporation.
-Annual Report.
Calendar Years*Net earnings
Depreciation,&c
Net profit
Dividends paid
-Air Reduction Co., Inc.
-Listing-Earnings.
$811,628
713,300
$1.14
1923.
1926.
1925.
1924.
$3,524,771 $3,523,476 $2,918,439 $3,051,977
327,624
351,612
449.636
327,606
43.173,160 $3,073,840 $2,590,833 $2,724,353
2,976,000 2.976,000 2,480,000 2,480,000
The New York Stock Exchange has authorized the listing of 15,000
Balance,surplus
$244,353
$197.160
$97,840
$110,833
additional shares of common stock without par value on official notice of Previous surplus
2,812.946 2.715,106 2,604.273 2,351,9'10
issuance and payment in full, making a total amount applied for of 261,438 Adjustments-Cr
8,000
shares.
The company proposes to issue 2,500 shares to employees under its extra
Profit & loss, surplus_ $3,010,106 $2.812.946 $2,715,106 $2.604,273
compensation plan. The price for which the stock will be issued is fixed
* After reserve adjustments.
from time to time by the board of directors. Company also proposes to
Balance Sheet Jan. 1.
issue 3,083 shares to acquire voting trust certificates representing shares of
1926.
1928.
1927.
the Commercial Acetylene Supply Co.. Inc., common stock. Company
1927.
Assets$
Liabilities
$
also proposes to issue at this time up to 2.408 1-3 shares of capital stock to
2,280,797 2.787,693 Capital stock
Inter-State Oxygen Co., and up to 391 2-3 shares capital stock to Com- Cash
12,400,000 12,400,000
864,924
pressed Gas Manufacturing Co., on account of the purchase of all of the Bills & accts. rec_ _ 5,599,782 4,825,940 Bills & accts. pay_ 842,086
Real estate, &c_ _ _ 5,452,347 5,256,279 Dividend payable_ 496,000
496,000
assets, including the good-will of said companies respectively.
Materials & mdse_ 3,415,268 3,723,957 Surplus
3.010,106 2,812,948
1924.
1925.
1926.
3 Mos. End. Mar. 311927.
Gross income
$3.365,862 $3,043,710 $2,349,138 $2.448.779
Total
16,748,192 16,573,870 Total
16,748,192 16,573,870
2,226.913 1,966,096 1,548.096 1,574,609 -V. 123, p.
Operating expenses
1509.
271,750
446,996
284,956
455,587
Addition to reserves
5,387
Bond int. & expenses
American
Co.
Approved.
-
Piano
Net pref. bef. Fed. tax_ _ _ _ $683,362
-V. 124. p. 2431.
$630,618
$516,086
$597.033
-Annual Report.
Alaska Juneau Gold Mining Co.
1924.
1923.
1925.
1926.
Calendar YearsGross recovered gold,silver and lead values
$1,504,823 $1,576,984 $1,519,312 81,173,078
Bullion
536,470
341,698
607,400
563,013
Concentrates
$2,067,836 $2,184,384 $2,055,782 $1,514,774
Total
1.796.288
1.544.857
Total oper. costs & exp- 2,098,305 2.018,496
Net profit
-V. 124. p. 651.
def$30,468
$165,888
$259,494 def$30,083
-Recapitalization
The stockholders on April 25 approved the proposed recapitalization
plan by which 5 shires of new no par common stock will be exchanged for
one of the present $100 par stock.
The stockholders also voted to increase the authorized preferred stock
from $6,000,000 (al, outstanding) to $10.000,000. See V. 124, p. 2431.
-First National
American Radiator Co.
-Bonds Sold.
Bank, New York, has placed privately at 96 and int. $10,000,000 20-year 4%% gold debentures.
Dated May 1 1927; due May 1 1947. Int. payable M. & A". at First
National Bank, New York, trustee, without deduction for Federal income
tax not exceeding 2%. Red.. all or part, on any int. date upon 60 days'
notice at following prices and int.: From Nov. 1 1927 to Nov. 1 1931
incl., at 102%; from May 1 1932 to Nov. 1 1936 incl., at 101A %;from
2593
THE CHRONICLE
APR. 30 1927.]
May 1 1937 to Nov. 1 1941 incl.. at 101%; from May 1 1942 to Nov. 1
1946 incl., at 1003i%. Denom. $1.000c*.
Data from Letter of Clarence M. Woolley, Chairman of the Board.
-Proceeds from the sale of these debentures will be employed
Purpose.
In connection with land, buildings, equpment, and machinery to supply
substantial additions to producing capacity for a new and rapidly increasing adjunct of the business;for important improvements in mechanical
equipment, marketing facilities, and additional working capital.
-Company's consolidated net assets after deducting all inAssets.
debtedness, as shown by the consolidated balance sheet of Dec. 31 1926
amounted to more than $84,000,000. Net current assets as of that date
amounted to more than $33,000,000. of which $9,640,008 was cash.
As of Dec. 31 1926 the consolidated balance sheet showed depreciation
and depletion reserve amounting to $13,821,978 set up against real estate,
plants, and equipments, having a book value of 555,216.907. resulting
in a net book valuation of fixed properties of $41,394,929.
Indebtedness.
-These $10,000.000 debentures constitute the sole funded
debt of the company. Company has, however, purchase contract liens
aggregating $772.000 on some of its properties and obligations to retire
the redeemable preferred stock of subsidiary companies amounting to
$3,782,500. In anticipation of the retirement of this preferred stock of
subsidiaries, the company has heretofore invested $1,960,648 in United
States and Canadian bonds in a sinking fund which is being accumulated
for the retirement.
-Company has outstanding 30,000 shares of preferred
Capital Stock.
stock and 1,242,561 shares of common stock, having a market value of
over $150.000,000.
Dividends.-DivIdends o )7% have been paid on the preferred stock
since the incorporation of the company in 1899, and dividends on the
common stock as outstanding from time to time have been paid in every
year since 1904.
-Company's consolidated net earnings (after deducting
Earnings.
Federal income and excess war profits taxes and all other expenses and
charges, including amounts for depreciation and depletion), available
for the payment of interest, have been as follows:
511.153.728
53.168,32611924
52,666.30011921
1918
11.633.602
5,884,727 1925
1919(11 mos.)3,571,843 1922
12,476.485
10.968.977 1926
4,186,078 1923
1920
-V.124, p. 2431.
-Annual Report.
American-Hawaiian Steamship Co.
Consolidated Balance SheelDec. 31.
AssetsLiabilities1925.
1926.
1925.
1926.
bStock
Land & bides- $6,366,7051
$20,603,261 520,784,150
Eqp. & fixtures 1,975,588 $8,186,849 /Wets payable_
318,425
•
Divs. payable_
Constr.in prog.
24,206
824,620
3,589,744
Cash
5,397,082
4,350,401 Res, for taxes__ 1,706,250
Mkt. securities 6,707,4871
Mort. payable_
35,400]
15,400
Inventories
11,332,130 16,959,574 Capital surplus 3,054,858
3,372,549
245,578
Sundry debtors
Earned surplus 19,808,524 15,825,685
Treasury stock_ 82,564,867
1,334,341
Trustee empl stk 1,735,114
2,661,664
Goodwill
9,808,770
9.808,766
Def. charges
193.811
285,930
Total
846,351.340 843.587,528
Total
$46,351,340 $43,587,528
a112,162 1-3 shares. bStock outstanding 1926. 1.761,40334 no par shares;
-V. 123, p. 2143.
1,800,000 shares.
1925
American Type Founders Co.
-Capital Stock Increased.
The stockholders on April 26 increased the authorized 7% preferred
stock from $4.000,000 to $6.000.000,and the common stock from $6.000,000
to $12,000.000, par $100. It is proposed to offer to common stockholders
$3,000,000 of the new common stock at $110 a share on the basis of one
new share for each two shares held.
John A. Remick of /Kidder, Peabody & Co. has been elected a director
to fill a vacancy.
-V.124, p. 2285.
American Writing Paper Co., Inc.
-Listing.
The Boston Stock Exchange has authorized the listing of 85.500.000 let
mtge. 6% gold bonds, dated Jan. 1 1927 and due Jan. 1 1947, and voting
trust certificates for 90,000 shares (par $100) pref. stock and 155.000 shares
-V. 124, P. 1826.
(no par) common stock.
American
Lead & Smelting Co.
-Earnings.-
Zinc,
1927.
3 Mos. End. Mar. 31Net profits before deprec.
and depletion
$96,492
-V.124. p.2123.
1926.
1925.
$118.008
$214.298
1924.
$67.834
Amparo Mining Co.
-Smaller Dividend.
Income and Surplus Accountfor Years Ending Dec. 31.
1924.
The directors have declared a dividend of 1%,payable May 10 to holders
1926.
1925.
53.641,816 $3,101,834 $2.877.173 of record April 30. On Feb. 10 last a quarterly dividend of 2% was paid.
3,666.540 -V. 122. p. 3344.
4.088,144 3.888.040
Operating earnings
Oper., gen. exps. and deprec
III
IN
1446,328
$786.206
Net lossfrom operations
Other income-Profit arisingfrom adj.
17,387
17,788
and recoveries on prior years_
207,174
2,051
Net profit on sale of vessel & inv'ts
Int. & diva. rec. on inv. and from
146.612
130,806
other sources
Deb80,627 Deb31,'757
Less interest on notes payable
PI
$667,319
Net loss for year, carried to surplus 3155.782
6,011,286 6.746,820
x Previoussurplus
$789,367
Totalsurplus
Adjustments
Dividend paid
Surplus Dec.31
$6,636.830 $6.011,287 $6,746,820
1 x x u
77;i3Mfund held under proviston of YreiWant Marine Act of 1920.
y Loss arising through exchange of capital stock of 39 Broadway Corp.
for capitalstock of American-Hawaiian 138. Co.and sales of notes receivable.
z Amount withdrawn from funds in trust under provisions of Merchants
Marine Act of 1920 for construction of new vessel which accrue to the
company, provided vessel under construction is finally completed.
-V.
123, p. 3040.
American Republics Corporation.
-Earnings.
3 Mos. End. Mar. 31.
1926.
1927.
1925.
1924.
Sales
$7,657,002 $5,915,306 $7,264,217 $6,981.198
Coat ofsales
6,700,159
4,856,582 5,952,417 5,483,524
Expenses
514,963
475,285
527,097
443,308
Net profit
Other charges (net)_
Netincome(after deducting reserve for Federal
Income taxes)
-V. 124, p. 1223.
Anaconda Copper Mining Co.
-New Plant.
-
Vice-President J. R. Robbins announced on April 22 that plans have
been completedfor the construction ofan electrolytic zinc plant at Anaconda.
Mont. The new plant is needed to enlarge the zinc producing facilities of
182,820 the company.
The electrolytic zinc plant of the company at Great Falls, Mont.. is now
producing at the rate of 20.000.000 pounds of zinc a month. The new
plant at Anaconda will have a capacity of 10,000.000 pounds a month,
$361,676 making the total capacity
pounds a day, which is
7.494.209 approximately 13% of theof the company 1.000.000about 30% of the total
world's total output and
of the United States based on the figures for 1925.
$5.855,504 $6,079.501 $7,132,532 outputnew plant at Anaconda will treat ores and concentrates from Idaho.
The
z781,325
Cr.3,126 Dr.85,712 Utah, Butte and other districts.
-V. 124, p. 1827. 1364.
71.340
300,000
504,.822
y259.953
$441,881
30,403
5583,521
83,728
334,456
423,663
5784.702 $1,054,366
112.176
36,394
-Earnings.
Androscoggin Mills.
For the seven months' period between May 31 1926 and Dec. 31 1926
during which time the new management has been in control, company
reports loss after all charges of $120,690. Sales were $1,619.962. Charge
for depreciation was $62,310 and for taxes $29,641.
Comparative Balance Sheet.
LiabilitiesDec.31 '26 May 31'26
AssetsDee.31 '26 May31 '26
Real est.& mach_ -$1,395.753 $1,436,735 Capital stock
$2,000,000 $2.000.000
1,016,329 1,254,666 Accts. payable- _ _
51,766
Merchandise
16,899
187,283
330,074 Notes payable_ _ - 200,000
Cash
450,000
428,551 Reserve for taxes_
434,007
Accts.receivable
26,552
Surplus
50,000
857,761
Call loan-secured
978,451
17,683
17,682
Securities
4,194
Tot.(each side)-$3,109,527 $3,471,902
8,471
Prepaid Interest
-V. 123. p. 1636. '
Argo Oil Co.-Earnings.651,458
816.714
American Rolling Mill Co.
-5% Stock Dividend.
Jan.1'2610 Apr.1'2510
Dec. 31 '26. Dec. 31 '25.
$785,836
$851,167
491.438
375,264
428.360
506,162
334.200
334.193
PeriodGross earnings
x Expenses, including taxes
Depreciation
Depletion
The directors have declared a 5% stock dividend on the common stock,
payable July 30 to holders of record July 1, and the regular quarterly cash
dividends of 50c. a share on the common stock, payable July 15 to holders
4468,162
$364,452
Net loss
of record June 30 and of 1(% on the preferred stock, payable July 1 to
a Argo Oil Co.'s proportion. $376.295; minority stockholders' proportion,
holders of record June 15. A stock dividend of the same amount was paid
-V. 122, p. 3344.
$91,867. x After deducting miscellaneous earnings.
In July of 1924. 1925
American Seating to.
-Earnings.for Cal Year 1926.
Sales
Cost of sales
59,860,967
6,987,790
Gross profit
Administrative and sales expense
$2.873.171
1.509,749
Interest charges
Federal Income tax
Net profit
Miscellaneous income
$1.363,428
141.189
191.800
$1,030,439
198,945
Net income
$1,229,383
At a meeting of the Directors of American Seating Corp. and American
Seating Co. held Jan. 24 last, a consolidation agreement contemplated in
the original plan of recapitalization was accomplished whereby both companies were merged into one, the consolidated company taking the name
American Seating Co. This agreement was ratified at special meetings of
the stockholders of both companies held for that purpose on Feb. 16 1927.
The stockholders of American Seating Corp. are the stockholders of the consolidated company, the small interest in the old American Seating Co., due
to inability to locate these stockholders, being provided for.
Holders of temporary voting trust certificates of American Seating Corp.
may, if they desire, exchange their temporary certificates for permanent
certificates of the consolidated company on request at the Seaboard National
Bank, 115 Broadway, New York City, or at the Continental & Commercial
Trust & Savings Bank, 208 South La Salle Street, Chicago, Ill. Such
exchange, however, is not necessary as the temporary certificates constitute
the same obligation as the permanent certificates, the latter being held at the
depositaries for substitution in the ordinary course of transactions whenever
the temporary certificates shah appear for transfer, or other purposes.
V. 124, p. 1363.
American Sumatra Tobacco Corp.-Pref. Stock Retired.
The corporation is reported to have purchased an additional 5.000 shares
of the pref. stock in the market at a price up to $105 a share. This reduces
the outstanding pref. stock to $1,500.000. V. 124, p. 2285.
-Reports.
American Stores Co.(& Subs.).
Calendar Years1926.
1925.
1924.
$116,902,229 $108,886,071 898,178.602
Gross sales
7.357,8751
Net income after deprec. & taxes...
4,142,145/Not available
Dividends
Balance for year
Adjustment of res
Previous earned surplus
$3,215,730
767,109
15,825,685
$2.726.232 $3.825,714
Armstrong Cator Co., Baltimore, Md.-Discontinues
Certain Lines.
The company announces that because of the substantial deveiopment of
its business in model hats, ready-to-wear hats and other millinery lines,
dry goods silks and men's, women's and children's hosiery, its organization
will hereafter specialize in the manufacture and wholesale distribution of
only those lines of merchandise. The company will proceed at once to
dispose of and close out all other departments.
During the past 6 months it has been found necessary to double the
manufacturing facilities of the "Acato" model hat work room. "Acato"
models are now being sold from the Atlantic to the Pacific Coast and in
Canada.
-V. 123, p. 585.
Atlantic Fruit & Sugar Co. (and Subs.).-Annua
Report
.Calendar Years1924.
1926.
1925.
Sales of fruit
$6,104,561 $5,735,332 $4.135.082
Sales of sugar 3c molasses
2.525.143 2,401,473 2,438.697
Steamship receipts
1,998 364 2 699 451 2 979 275
Interest received
214 676
222 621
186 574
Excess of amt. realized on cap. assets
over book val
137 490
Miscellaneous income
207 032
176 447
170 983
Total
110,985,626 811.235,324 810.112.252
Exp.of producing, manufacturing, selling & cost ofoper.steamers,incl. head
office admn. exp
10,212.533 10,857.425 8,869.494
Provision for deprec
653,200
536,725
592,862
Interest paid
321,447
372.284
401,954
Loss for year
Previous surplus
$531,109pr.x$268.111
268.111
Balance transf. to balance sheet loss $484,721loss$262.999 sur$268.111
xInel. expenses of Tanamo (sugar) div.sion for less than full year, due
to change of operating statements to end Sept. 30-V. 122. p. 1921.
Atlantic Gulf & West Indies SS. Lines.
-Earnings.-Month of February- -2 Mos. to Feb. 28Period1926.
1927.
1927.
1926.
Operating revenues
$3.092,813 $3.298,336 $6,590,452 0.807,206
Net after depreciation
$174,335
;0384,837
$208,252
$70,864
Gross income
268,521
514,373
273,644
116,980
Int.,rents and taxes_ _ _ _
490,988
443.468
243,365
217,215
Total earned surplus
Capital surplus
13,099,453 9,273,739
Net income
$19,808,524 $15.825,685 513,099.453 -V. 124, P. 1983.
3,372,549
1,469,699
3,054,858
Total surplus
522,863.382 $19,198,234 $14 569 152
$221,722
262,999
856,429 def$126,384
$70,905 defS222,467
Atlantic Refining Co.
-New Oil Tanker.
-
See Ingersoll-Rand Co. below.
-V. 124. P. 19 .
83
2594
THE CHRONICLE
Atlantic Sugar Refineries, Ltd.
-Annual Report.
-
Calendar YearsNet profits
Bond interest
Other interest
xteserve for depreciation
Res. for bad debts &c
1926.
1925.
1924.
1923.
$1,206,892 $1,246,391 $964,104 $1,459,982
182.519
41.910 47.910
53.510
154.263
355,774 384.781
466.522
356.968
355,376 304.224
302.618
30,000
Balance, surplus
Assets.
1926
Land, buildings_ _S5,993,219
Franch., good-will
&c
3,000,000
Cash
76,107
Accts.& bills rec_ _ 679,883
Investments
139,825
Inventories
1,607,781
Prepaid' charges__
56,201
Deficit
$513,142 $493,331 $227.188 $606.932
Balance Sheet Dec. 31.
1927
Liabilities1926.
1925.
$5,965,421 Preferred stock___31.111,100 $1,111,100
Common stock__ 1,972,225 4,888,900
3,000,000 Bonds
4,571,246
796,000
87,688 Loans
700,000 1,600,000
445,820 Accts., &c., pay
159,482
84,373
139,825 Def. accts. pay_
3,84704:010304
1,149,943 Bad debts res
35,194 Res. for dep.&cont 2,591,266 2,190,727
3,760,342 Surplus
437,697
Total
11,553,016 14,584.235
-V.122 ir 2501.
Total
11.553.016 14,584,235
Baltimore Tube Co., Inc.
-Tenders.
-
The Union Trust Co. of Maryland. trustee, Baltimore, Md., will until
May 2 receive bids for the sale to it of 3
-year 7% sinking fund
notes,
due May 1 1928. to an amount sufficient to exhaust $25,000 gold best
at the
terms flat.
-V. 124, p. 1223.
Barber & Ross, Inc., Washington, D. C.
-Permanent
Bonds.
The New York Trust Co.is now prepared to exchange permanent 10
-year
63 % sinking fund gold bonds for outstanding temporary certificates.
See V. 124, P.2
38.
Barium Tower, Detroit.
-Bonds Offered.
-Federal Bond
& Mortgage Co., Inc., Detroit, are offering at par and int.
$2,700,000 1st ]ntge. serial 63.. % real estate gold bonds.
Dated Jan. 1 1927; due serially April 1 1931-1942. Int. payable A. & 0.
Normal Federal income tax up to 2% paid by borrower. Tax free in Mich.
Security.
-Directly secured by a closed 1st mtge. on land owned in fee
simple and the building now being erected thereon. The property is
located at the northwest corner of Cadillac Square and Bates St., Detroit.
The Barium Tower will be a 40
-story, basement and sub-basement steel
frame building covering the entire area of the above lot. Building Is 437 ft.
high from the sidewalk and is 100 ft. square. Foundations extend to a
depth of approximately 120 ft. Light and air are available from three
sides, making it unnecessary to build a court or set-back. This gives
maximum floor space on every floor and simplifies construction.
The entire basement is available for renting. The sub-basement contains
extensive mechanical equipment necessary for a building of this size.
First and second floors of the building are arranged for stores and shops.
The lobby is two stories high, entirely surrounded by a mezzanine which
permits a good view of the second floor shops from the lobby. There are
8 stores on the ground floor and 9 shops on the second floor.
Borrower.-Barlura Realty Co. (Michigan corporation); John J. Barium,
Thomas J. Barium and Louis P. Barium own the entire capital stock of
the Barium Realty Co.
Guaranty.
-These bonds are personally guaranteed by John J. Barium,
Thomas J. Barium and Louis P. Barium.
Value of Properly.
-The land has been appraised by Clark C. Hyatt and
Morris Higer, realtors, of Detroit, at $1,000,000. The building will cost
$3,583,000. Total valuation is $4.583,000, which is a conservative figure.
Earnings.
-Gross annual income Is estimated at $804,897. Estimated
operating expenses, including taxes and insurance, are $342,900. Estimated net annual income is $461.997.
Barnet Leather Co., Inc.
-Earnings.
-
3 Mos. end. Mar. 31itNet earns, from oper__
Divs. on pref. stock--
1927.
$43,016
17,500
1926.
$75,035
17,500
1$6 ; 48
92 4
8
5
26,250
1924.
$17,364
26,250
Net for period
Surplus as of Jan. 1
Adjustments applicable
to prior years
$25,516
1,021,218
$57,535
822,337
$42,198
623,542
def$8,866
433,452
5,608
865
4.037
112,224
Surplus as of Mar. 31_ $1,052.343
$880,737
$569,777
$536.811
x After deducting charges for maintenance and repairs to plants, depreciation and estimated amount of Federal and State taxes, &c.
Note.
-The result Is subject to adjustment at the end of the year when
accounts are finally audited and to change incident to income tax rulings.
-V. 124, p. 1671.
Barnsdall
Corp.
-Earns. Quarters Ended March 31.1027.
1926.
1925.
1924.
Gross sales
Prod. & open expenses
$6,547,866 $7,030,025 83,222.285 $2,448.021
3,896.592
4,332.727
2.141.922
1,494.927
Net earnings
Other income
$2,651,274 $2,697,298 $1,080.363
15.440
14,275
3.077
$953,093
3,395
Total Income
$2.666.714 82,711,573 81.083,440
Interest charges
389,904
476,179
175.819
Federal taxes
75.000
75,000
24,055
Depreciation and deple n 1.237,210
795,536
333.416
Net income
$955,599 $1,364.858
$550,150
-v.124. p. 1514.
8956,488
179,640
12,000
294,198
Bathurst Co., Ltd.
-Earnings.
Calendar Yearsx Profit from operations
1926.
$853.437
263,307
463.646
51,985
6,308
$470,650
1925.
$854,032
286.922
460,644
86,808
3.500
[Vol.. 124
now being completed in England. These purchases will give the company
a total fleet of 4 tankers ordinarily capable of carrying its entire crude oil
requirements. The purchase of 2 gasoline barges for delivery in 1927 will
permit of the transportation of gasoline from the refinery to bulk terminals
recently acquired in Portland, Providence, New London, Hartford and
Bridgeport. These investments will result in substantial savings as compared with rail transportation costs, and therefore, practically all of the
company's tank cars have been sold to the Union Tank Car Co. of Chicago.
in connection with which a favorable lease for any future tank car requirements has been secured. Compare Beacon Transport Co. below.
-V,124,
p. 926.
Beacon Transport Co.
-Equip. Trusts Offered.
-White,
Weld & Co., Freeman & Co., First National Corp. of Boston
and Curtis & Sanger are offering at prices to yield from 5%
to 6%, according to maturity, $2,000,000 6% marine equip.
& mtge. gold trust certificates. Unconditionally guaranteed
both as to principal and dividends by endorsement by Beacon
Oil Co. To be issued under the Philadelphia plan.
Dated April 15 1927. Principal payable in semi-annual installments of
$100,000 each from Oct. 15 1927 to April 15 1937, both incl. Denom.
$1.000 c*. Both principal and dive.(A. & 0.) payable at principal office of
National Bank of Commerce in New York, trustee, without deduction for
normal Federal income tax up to 2% per annum. Company is to refund
certain income, personal property and securities taxes of certain States,
including Penna. and Mass. Red. all or part by lot or by maturities on
any div. date on 30 days' notice at 10234 and div. on or before April 15
1928, with successive reductions in the red, price of M of 1% on April 16
1928 and on each April 16 thereafter up to and incl. April 16 1930. Red.
thereafter at 101 and divs.
Data from Letter of Ftic ard B. Kahle, President of Beacon Oil Co.
Security.
-These certificates are to be issued pursuant to an equipment
and mortgage trust agreement under which the trustee or its nominee is
to hold title to 2 large tank ships, of an aggregate deadweight tonnage of
20,078 tons and 2 all-steel barges of a combined capacity of15,000 barrels.
A third large tank ship (D. W. 11,350 tons), now under construction in
England, is to be owned and operated under foreign registry by a whollyowned foreign subsidiary, which, upon completion thereof, Is to execute
and deliver to the trustee or its nominee as further security for this issue a
bond secured by a mortgage thereon. Appraisals have been made subsequent to March 1 1927 by Alfred E. Jordan, marine surveyor and appraiser, and Messrs. Esplen Sons & McNaught, Inc.. naval architects,
placing values on the above vessels, including the ship under construction,
of $2,881,995 and $2,893,857, respectively, or over 140% of the total face
value of the entire certificate issue.
This marine equipment is an important integral part of the business of
Beacon Oil Co. and is a substantial factor in its successful operation. The
equipment is to be chartered to Beacon Transport Co. and (or) to Beacon
011 Co. at a rental sufficient to provide for payment of these certificates,
the dividend warrants and other charges as they come due, and payment of
the certificates and dividend warrants is to be unconditionally guaranteed
by Beacon Oil Co. by endorsement on each certificate.
The agreement is to provide that the above vessels will carry customary
Insurance against damage by fire, destruction by the elements, perils of the
sea, collision and other losses arising from marine risks. Title of the trustee
to any ship may not be relinquished except(a) upon deposit with the trustee
of an amount of cash equal to 140% of that proportion of the then outstanding certificates which the present appraised value of such ship bears to the
present appraised value of all the ships, including the ship now under construction, or (b) upon substitution of another ship or ships having an appraised value at least equal to tho present appraised value of the ship to be
relinquished, all as provided in the agreement.
Beacon Oil Co. is engaged in transporting, refining and marketing petroleum products in New England and New York State. Company owns and
operates a 16,000
-barrel refinery situated on tidewater at Everett(Boston),
Mass., and the company's transportation of crude oil from American and
foreign ports to its refinery is effected by water, making the employment of
its fleet of tank ships of vital importance. Company owns or controls
approximately 270 wholesale and retail filling stations,including the Colonial
Filling Station system.
The consolidated net income of Beacon Oil Co. and its subsidiaries for
the 5 calendar years ended Dec. 31 1926, before depreciation and Federal
taxes and after all other charges except interest requirements on the present
outstanding debentures, has averaged $1.322.934 per annum, or over four
times the combined annual debenture interest and dividend requirements
on this issue of marine equipment and mortgage gold trust certificates.
Such net income for the year ended Dec. 31 1926 amounted to 82,025,265.
equivalent to over 6;4 times the combined annual debenture interest and
dividend requirements on this issue.
-V. 124. p. 2432.
Beaver Board Cos.( & Subs.).
-Annual Report.Consol. Income Acct.
Calendar YearsNet profit of Beaver
Products Co., & subs.
(see that co.)
General eutps. of Beaver
Board Cos
Int. on 8% gold notes-
1926.
1925.
1924.
$777,924
4778,143
$717,417
$438,898
21,035
355,232
23,961
362,872
35,042
370,512
47,061
370.504
Net profit
$401,656
5391,310
$311,863
x Includes $12,359, other income.
-V. 122. p. 1921.
$21.333
1923.
Beaver Products Co., Inc.(& Subs.).
-Ann. Report.Consol. Income Acct.
Calendar Years1926.
Gross profit after deduct
big exps.Incid. to oper.,
incl. those for repairs
& maintenance
$4,907,489
Other income
150,831
1925.
1924.
$4,522,955 $4,447,507
221,513
178,976
1923.
$4,147.953
205,502
Total income
55,058,320 84,701,931 $4,669,020 $4,353,455
AdnI.,selling & gem. exp. 3,246,694
2.836,366
2,815,185
2.893.810
Interest on bonds
172,238
193,189
220,576
239,147
Int. on notes payable--..
6.749
11,834
Amort. bond disc. & exp.
46.875
46,875
46,875
46,875
Net profit for year
17,561
19,638
17,539
8,950
368.191
416,158 Prem. on bonds red_ _
Adj. of sterling exchange
x After charging manufacturing, selling and administration expenses.
13,378
- Prov.for deprec. & depl.
713,811
767,050
798,397
V.115, p. 1945.
761,687
Pray. for Fed. & Can.
profits taxes
70.900
30.000
23.000
17,500
Beacon Oil Co., Inc.
-Annual Report.
The consolidated net earnings of the company and its subsidiaries before
Net profit
$765,784
$771,924
$717,418
8438,899
deducting reserves for taxes and depreciation for the calendar year 1926. -V. 124, p.
1364.
were $1.995,264, as compared with 1783.790 in the preceding year. After
deducting these items and preferred stock dividends, there was a balance of
Bethlehem Steel Corp.
-Earnings.
$1.030,161 applicable to the co-ninon stock for 1926.
Quarters Ended March 311927.
The amount of common stock outstanding was increased to 704,000shares,
1926.
1925.
by a stock divideial of 100% and through the sale of 160.000 shares in Jan. Total income of corp. and its subsid's_$11,757,289 $11,973,038 $10,399,316
2,883,958
1926. The proceeds of this sale were used largely for the retirement of then Interest charges
3,065,032
3,337,594
Prov.for depl., deprec.& obsc iescence 3,255.293
existing obligations.
2,990,205
3.042.156
During the year, company increased its 50% stock ownership in Victory
Net income for period
$5.618,038 $6,865,850 $4,071,517
Filling Stations, Inc., to substantially 100%, and exchanged its ownership
1.697,500
of 100% of the common stock of Colonial Filling Statiors, Inc., and sub- Preferred dividends
1.075,638
1,688,795
sidiaries for the assets of those companies. Incident to this consolidation.
Surplus for the period
$3,920,538 $4,177,055 $2,995,879
-year 6 % gold bonds of Colonial
the $904.000 real estate first mortgage 10
Filling Stations, Inc., due in 1933. were assumed by Beacon Oil Co.
E. G. Grace, President, says: Earnings during
Marketing facilities have been substantially increased in the past year. after deducting all charges and dividends on the the first quarter of 1927,
preferred stock, were
Complete distributing organizations were purchased from the Pennzoil Co., to $2.18 per share on the common stock as compared with $1.55 per equal
share
Inc.. In N. V. State, the Petrol Service Stations, Inc., in N. Y. City and in the fourth quarter of 1926 and $2.32 per share in the first quarter of 1926.
the Bartlett Oil Corp. In Buffalo. All of the class"A" common stock of the
The value of orders on hand Mar. 31 1927 was 845,791.990 as compared
Narragansett Filling Stations, Inc.. operating in Rhode Island and all of with $49,912,796 at the end of the previous quarter and $59,360,376 on
the common stock of the Craycroft Oil Co., owning a bulk terminal in New Mar. 311926.
York Harbor. as well as a distributing business, were acquired.
Operations averaged 79.8% of capacity during the first quarter as comDuring 1926 a subsidiary corporation, the Beacon Transport Co., was pared with 74.5% during the previous quarter and 87.2% during the first
organized, all of the stock of which is held by Beacon Oil Co.. to which quarter of 1926. Current operations are at the rate of approximately
ownership was transferred of the S. S. Beaconoil and S. S. Beaconlight and 83% of capacity.
The regular quarterly dividend on the preferred stock of the corporation
other marine and tank car equipment owned at that time. The company
purchased from the U. S. Shipping Board, in the latter part of 1026, a was declared payable July 1 1927 to stockholders of record on June 3 1927.
10.000 deadweight ton oil tanker, S. S. BeaconhIll. An additioaal taaker is -V. 124, p. 2123, 2432.
Interest
Provision for depreciation
Provision for depletion
Provision for income tax
THE CHRONICLE
APR. 30 1927.]
-Balance Sheet March 31.Beech-Nut Packing Co.
1927.
1926.
1928.
1927.
Assets-
Real estate, build5,304,287
Ingo, &c
Mtge& ahd secured
102,193
loans on real est
124,000
Pref. treas.stock_ _ _
1
Patents, trade-inks.
.
Securities owned_ _ 1,842,239
504,043
Cash
623
Cash for red. notes_
56,670
Securities
981,983
Accts.& notes rec_ _
Inventories(cost). _ 7,713,705
244,198
Due from sub. cos_ _
. 143,282
Deferred assets_ _ _
124, p. 2432.
4,961,463
94,153
124,000
1
1,820,886
398,985
623
58,670
1,156,847
6,906,811
314,679
115,024
LiabilitiesCommon stock_ _ _ _
Pref. stock, cl. A _ _ _
Pref. stock, cl. 13_ _ _
Notes & accts. pay_
Notes mat'd orcalled
Divs. payable
Expenses & taxes_ _ _
Res. for deprec_
_
Res.for ins., &c_
Other reserves
Surplus paid In. _
Earned surplus_ _ _ _
7,500,000
4,500
1,119,500
1,599,628
623
242,500
273.710
1,692,319
109,700
151,674
100,025
4,223,045
$
7,500,000
4,500
1,119,500
1,452,453
623
242,500
293,551
1,452,552
91,043
64,559
100,025
3,628,835
Tot.(each side)_ _17,017 22415,950,141
(Isaac) Benesch & Sons, Inc. (Baltimore).
-Balance
Sheet Dec. 31.1925.
1926.
LiabilitiesAssets1926.
1925.
Land, bldgs., &c.- $790,472 $708,167 let pfd.8% stock_ $845,450 $903,250
62,571
33,475 Common stock_ _ _ x875,000
Cash
875,000
Acc'ts receivable_ 5,234.760 4,830,185 Surplus
y1,738,325 1,474,530
439,238 Bend prof. in as
475,798
Inventories
counts receivle_ 2,253,903 2,056,762
3,930
2,138
Mdse. in transit1,750
2,348 Mtges. payable.__
Supplies
111,000
8,864
8,577 Notes payable_
Insurance prem.._
500,000
350,000
1,051
3,594 Acc'ts payable_
Taxes & licenses
294,387
200,876
6,210
4,404 Def'd credit item
4,707
Int. on notes pay_
3,857
Res. for depree'n_
Improvls on leased
112,212
90,523
38,769
33,673
properties
$8,623,985 $6,065,799
Total
$6,623,985 $8.085,799
Total
x Represented by 25,000 class A shares and 75,000 class B shares, no
ar value. y Subject to provision for Federal income tax for year ended
ec. 31 1926 and accumulated dividend, when declared, on the preferred
stock for the two months ended Dec. 311926.
-The volume of net sales for the year totaled $4,558,573, as comNote.
pared with 84.021,990 in 1925.-V. 122, p. 1315.
y
Bingham Mines Co.
-Consolidated income Account.
(Including Eagle /k-Blue Bell l'aining Co.)
1926.
Calendar Years1925.
1924.
1923.
81,315.642 $1.690,992 $1,105,374 81,371,082
Gross earnings
986,174 1,019,339
Operating expenses,taxesAc
723,224
919,051
61,716
146,274
Mine developments
110.147
114,546
Net operating gain
Less-Outside hat. (E. & B.
B. M.Co.)
Bingham Mines Co. net
gain and equity (before
deprec.& deplet'n)
-V. 123, p. 2524.
$267.752
$525.379
8272.003
$337,485
3,065
2,176
302
1,589
$264,688
$523,202
$271,701
$335,896
Borg & Beck Co.
-Earnings.
Years Ended Dec. 311926.
1925.
Mfg. & trading profit, after
maint. and depreciation
$1,596,499 31,279,742
Selling, distrib. & adm.exp.
621,688
559,081
1924.
1923.
$745,230
412,552
$715,560
262,752
Operating profit
Other income
$974.810
62,968
$720.661
52,331
$332,677
36,742
1452,807
21,348
Gross earnings
11.037.778
Interest and other charges
Provision for income taxes..
130,555
Dividends
400,2.50
$772,992
104.059
281,250
$369,419
15,767
44.415
237,500
$474.156
45,483
54.493
275,000
Balance,surplus
$506.973
Shares of capital stock outstanding (par 8100)
125,000
Earns, per share on cap.stk.
$7.26
Quar. Ended March 31Net income after taxes & charges
-V. 124, p. 1672.
8387,682
$71,736
$99,180
125,000
85.35
125.000
$2.47
1927.
$224,232
100,000
$3.74
1926.
$202.680
(E. J.) Brach & Sons, Chicago.
-Earnings.
Year Ended Dec. 31Gross sales
Cost of sales
Sales & admin.exp
1926.
$7,310,655
4,649,724
1 1,798,985
Net operating income
Other income
Gross income
Int., etc
Depreciation
Federal taxes
1925.
88,267,227
5,375,827
1.777,286
$
851.947
$1.114,114
159,518
$
1
861,947
$1,273,632
99,616
82,202
102,000
Net income
Dividends paid
$
Balance
Earned per share on common
-V.123. p. 2394.
$
145.484
677.745 $1.028,532
653,333 not avail.
24.412
$3.38
81.028 532
St 14
(C.) Brewer & Co., Ltd.
-Earnings.
-Results for 12 mos. Ended Dec. 31 1926.
Gross earnings
Expenses, including taxes, depreciation, etc
$2,040,470
345,837
Net income
Dividends paid (13%)
$1,694,633
1,040,000
Balance, surplus
Profit and loss surplus
-V. 115, P. 2796
.
$654,633
4,450.184
Briggs Mfg. Co.
-Explosion at Harper Plant.
-
An explosion occurred on the morning of April 23 in the company's
Harper plant in Detroit, with a reported loss of life of 24 to 28 employees.
'According to a dispatch from Detroit, Pres. John H. French said in part:
"The loss from the fire at our Harper Ave. plant will probably amount to
around 12.000.000, but this is entirely covered by Insurance. We are
carrying over $20,000,000 of insurance. All jigs and dies have been saved.
This plant did only wood assembly work and painting, principally for one
automobile manufacturing company and odd jobs for others. We have a
number of plants and can easily transfer operations to these plants."
Chairman W. 0. Briggs on April 25 issued the following statement:
"Fully 50% of the Harper plant was saved and is operating in the usual
manner to-day. The mill room and part of the assembly rooms were
destroyed. There was no damage of any kind to our other plants. Bodies
that were built in the destroyed portion of the plant are being milled and
assembled starting this morning in our Hamtramck plant. We will reach
full production Thrusday (April 28). We are most concerned with the
loss of life and injury to our employees. Building losses are fully covered
by both fire and use and occupancy insurance. The flexibility due to our
having several plants made the many offers of outside assistance unnecessary.
Earnings for Calendar Years.
1926.
1925.
1924.
812,223,529 $11.998,100 $14,554,209
Gross profit
755,759
639.874
Other income
587,043
Total income
Expenses and depreciation
Poderal taxes
Dividends
Balance, surplus
812,979,288 812,637,974 815,141,252
3,533,775
3,208,318
2,415,176
1,267,000
1,288,000
1,590,500
6,009.675
5,999,863
2,030,236
$2.168,838
$2,141,793
$9,105,340
2595
Balance Sheet
1926.
1925.
Assets$
$
Land, bldgs., &c.a17,026,174 17,986,177
Cash
11,016,258 2,743,488
Accts. receivable
2,531,419 7,861,868
Inventories
5,347,732 9,248,307
Misc.accts.& adv. 110,575
102,018
Unexp. Ins., prepaid tax, &c
201,618
807,922
Other def'd Items_ 2,067,287
307,024
December 31.
1926.
Liabilities$
Capital stock_ _ _148,630,607
Accounts payable_ 1,271,765
Accrued accounts_
27,550
Dividends payable 1,502,419
Land.contr. pay._ 1,032,500
Res. Fed'I tax and
contingencies_
2,166.187
Res. apprec. plant
and property _ _ _ 3,670,014
1925.
$
26,381,143
3,898,207
54,253
1,500,000
1,397,500
2,013,753
3,611,948
Total
38,301,041 38,856,804
Total
38,301,041 38,856,804
a After deducting depreciation. b Represented by 2,003,225 shares of
no par value.
-V. 123, p. 2144.
Brillo Manufacturing Co.
-Annual Report.
Comparative Income Account for Calendar Years.
1926.
1925.
Packages of products sold
27,946,846 22,268,748
Sales
1,442,275
1,321,230
Mfg. cost & oper. exp. (incl. deprec.
& taxes)
1,267,800
1,176.117
1924.
16,982,556
1,134,143
1,047,339
Operating Mints
Other income
8174.475
4,370
8145,113
10,986
$86.805
10,289
Net income
Preferred dividends
5178,845
62,450
8156,100
21,936
891,094
14,168
Surplus for year
$116,395
$134,164
$82,926
Net Earnings, After Decpreciation, but Before Taxes,
1st Quar. 2nd Quar. 3rd Quar.
4th Quar.
1926
842,474
839,035
840.960
$74,376
1927
(est.)82,500
Balance Sheet December 31 1926.
AssetsLiabilities
Total fixed assets
$608,704 Accounts payable
$75,165
Cash
28,530 Accruals
7,766
Securities
9,772 Mortgage(6%)
100,000
Certiricate of deposit
75,000 Capital stock:
Inventories
Class"A" stk.(32,620 site.
76,707
Accounts receivable
145,484
no par)
637,400
Notes receivable
6,500 Common stock (160,000 shs.
Stock subscriptions
no Par)
575
400,000
Interest receivable
225 Surplus
423,171
Deferred charges
166,737
Good will, trade marks &
patents
525,266
Total
-V. 124, p. 1672.
91,643,501
Total
81,643,502
Brown & Williamson Tobacco Co.,(No. Caro.).
-Sale
-To Dissolve.
The following statement is understood to be substantially correct:
The Brown & Williamson Tobacco Co., the old North Carolina company,
under authorization of stockholders' meeting held Mar. 21 1927. for a fixed
cash consideration,sold and transferred all of its assets and property of every
kind to Brown & Vs illiamson Tobacco Corp., a new Delaware corporation,
free and clear of any and all debts, claims and liabilities. The old North
Carolina company called for redemption as of April 1 1927 all of its outstanding $898,000 7% cumul. pref. stock at 110 and diva., at Wachovia
Bank & Trust Co.. Winston-Salem, No. Caro.,the cumulated and unpaid
dividend being the quarterly,dividend due April 1 1927. It has also called
a stockholders' meeting for April 30 1927 to take action upon a proposition
to dissolve and liquidate.
The new corporation was organized in Delaware on March 16 last and has
since increased its authorized capital stock from 200,000 shares of no par
value to 400,000 shares of no par value.
Officers of the new Delaware corporation are: Col. F. H.Fries, Chairman
C. A. Kent, President;R.L. Williamson,1st Vice-President; J. M. Cabaniss,
2d Vice-President; G. C. Watson, Treasurer, and P. L. WIthers, Secretary.
These officers, together with R. J. Parrish, constitute the board of directors.
-V. 122, p. 2657.
Brown & Williamson Tobacco Corp. (Del.).
-Acquisition, &c.
See Brown & Williamson Tobacco Co.(N. C.) above.
Bunker Hill & Sullivan Mining & Concentrating Co.
Earnings Cal. Years1926.
Ore mined (tons)
459,761
Production revenue__
$7,222.350
Prod. & marketing coil's 4,363,666
1925.
453,412
$7,749,847
4.334,755
1924.
422.907
86.756.343
4,005,337
1923.
425,817
$5,920.135
3,746.115
Operating profit
Other income (net)
82,858,684
x895,497
13.415,092
x643,223
82.751,006
x174.553
82,174,020
150,329
Totalincome
Depletion
Income taxes
Divideads
13.754,180
596,879
See (x)
2,981,709
$4,058,315
598,501
See (a)
2,959,210
$2,925,559
574,873
See (a)
1,962,000
82,324,350
562.242
220,337
1,635,000
Balance, surplus
$175,591
5500.604
8388.686 def$93,230
x Other net revenue in 1926, 1925 and 1924 is after providing for income
taxes.
-V. 122, p. 1921.
Burroughs Adding Machine Co.(& Subs.)
-Report.
Calendar Years1926.
1925.
1924.
Gross profit on sales of machines, service, parts, accessories,supplies,&c.$13,026,773 111,381,164 $10,411,587
Other income
945,737
783,755
649,564
Total income
Sales, general & miscellaneous exps
Provision for U. S. Federal taxes
$13,972,510 $12,164,920 $11,061,151
6,967,735
6,369,401
5.959.133
939,678
752,000
577,000
Net profit
$6,065,096
Surplus at Jan. 1
11,788.308
Increase in value of invest. in foreign
subs, due to fluctuations in rates of
exchange
$5,043,518
9,529.432
84,525,018
7,506,966
101,663
Total
817,853,404 114,572,950 812,133.647
Premiums paid on pref.stk. purchased
1,652
80.312
635,105
Prof. and coin. dividends
2.602.564
2.704,330
3,013,580
Profit & Loss Surplus at
$14.204,719 811.788.308 59,529.432
Net income for 1926 is equivalent after preferred dividends to $9.071,
share on 600.000 of no par common stock, against 86.92 in 1925.
Consolidated Balance Sheet Dec. 31.
1925.
1926.
1926,
1925
Assets$
Liabilities
$
Plant, equip., &c_x 4,516,107 4,532,707 Preferred stock
12,702,100
Good-will, pats., &c.. 5,123,213 5,123,212 Common stock__ _ y15,000,00015,000,000
Cash
726,719 645,581
4,998,465 3,716,055 Acc'ts payable
Govt.securities
4,803,61415,015,606 Wages & corn. pay.. 1,099,850 913,657
Notes & accts rec_
989,558 811.795
4,006,199 4,958.539 Prov.for inc. taxes_ _
Inventories
9,607,232 9,187,880 Repairs to mach'y
378,749 285,250
Miscell.Invest'ts _
under guaranty_ _
224,501 141,353
Deferred charges_ _ _ _ 1,923,995 1,881,017 Deferred credits_ ___ 1,110,159 989,218
Res.for conting _ _ _ 1,713,632 1,400,461
Surplus
14,204,71911,788,307
Total
Total
35,203,386 44,536.373
35,203,388 44,536,373
After deducting $6.073,649 reserve for depreciation. y Represented
by 600,000 shares of no par common stock valued at 825 per share, for the
purpose of payment of dividends thereon.
-V. 124, p. 1071.
2596
THE CHRONICLE
(F. N.) Burt Company, Ltd.
-Annual Report.
-
Calendar Years1923.
1926.
1924.
1925.
Profits for year
$594,258
$574,657
$801,040
$664.727
Reserve for depreciation
200,065
138,844
208.585
162,123
Written off patents
24.511
25,695
25.321
24.996
Pref. dividends (7%)
29.976
24.930
7,649
12.294
Common dividends_ __(12%)316.887 (10)295.970 (10)236.905 (10)229,698
Balance, surplus (before Federal taxes). $175,652
$110,008
$79,240
$305.333
Profit and loss surplus__ 4687,279 $1.146,403 $1.095,106 $1.060,302
x This balance is after adding previous surplus of $1,146,403,from which
reserves, &c., for Federal taxes amounting to $100.000 were deducted,
and 8534.775 written off good will account.
-V. 122. p. 1315.
Cadet Knitting Co.
-Merger.
-
See Cadet
-Lehigh Hosiery Corp. below.
-V.116, p. 1181.
-Listing.
California Petroleum Corporation.
The New York Stock Exchange has authorized the listing of 814,562,500
additional common stock (par 325), on official notice of issuance and payment in full, and $12,500,000 on official notice of issuance on conversion of
outstanding convertible debentures, making the total amount applied for
364,265,725.-V. 124, p. 1984, 1828.
Calumet & Hecla Consolidated Copper Co.
-Earnings.
Total receipts
$3.632,230 83.860.751 $2,804,732 $2,741,276
Disbursements
Copper on hand Jan. 1.. _ $3,372,632 $3.182.379 $5,866,909 34.816.495
Prod., selling, adm. and
taxes
2,510,884 2,443.307 2,119,592 2,253,644
966.862
Depreciation and depletio 862,973
977,637
1,257,863
Miscellaneous
10,367
53.016
77.192
23,030
Total expenditures_ _ _ 36.823.680 36,893.916 $8,987.168 38,090.017
Less cop. on hand Mar.31 3.345,073 2.978.842 6.111.175 5.198.235
man; C. G. Weston, Vice-Pres. & Treas. John S. Capper, who has heretofore been Chairman of the Board, will have a substantial interest in,the
company through ownership of a large amount of preferred stock.
Carib Syndicate, Ltd.
-Deposit Agreement Terminated.
-
The committee of sub-shareholders, composed of Arthur H. Buhker
(Chairman), Marshall W. Pask, William B. Scarborough, James*K.
Trimble, James A. Wilsey and Robert 0. Dawson (Secretary), announces
to holders of certificates of deposit, that the deposit agreement for subshares, dated Dec. 13 1926, was terminated at the close of business Apri122
1927.-V. 124, p. 2433.
Caterpillar Tractor Co.
-Earnings.
-
Quarter Ended March 31Gross revenue
Net profit before taxes
-V. 124, p. 1071.
1927.
1926.
36,671.000 35.677,403
1,438,000 1.400,542
Celanese Corp. of America.
-New Name.
-
Cadet
-Lehigh Hosiery Corp.
-Organized.
-
Formation was announced April 23 of the above corporation, to be
Incorporated In Delaware. The new company. which will be a consolidation
of six concerns manufacturing women's full-fashioned silk hosiery, will
become one of the largest companies in the country manufacturing and
distributing its own proauct to more than 20,000 retail stores. The
companies to be consolidated include the Cadet Knitting Co., Philadelphia,
Pa.; Lehigh Silk Hosiery Mills, Inc., Philadelphia, Pa.: Lansdale 8Ik
Hosiery Co., Lansdale, Pa.: Kramer Hosiery Co., Nazareth, Pa.; Cambria
Silk
•Hosiery
Co., Philadelphia Pa., and Blackwood Silk Hosiery Co..
.
Blackwood, N J.
.
The plants to be consolidated are modern in all respects and contain
over 371 full-fashioned knitting machines with a capacity of approximately
900.000 dozen pair of hose per year.
The combination will result in the offering of new securities shortly.
These offerings will consist of 106.000 shares of a total of 147,000 to be
outstanding of no par value common stock; $3.750,000 debenture bonds.
and approximately $1.500.000 of 7% cony. pref. stock (par $100).
Consolidated sales for the year 1927 are estimated:at $11,500,000. while
earnings per share on the common stock exceeded $5 in 1926 and are
estimated at 27 per share for 1927.
Earnings Statement Three Months Ended March 31.
Receipts1926.
1927.
1925.
1924.
Copper sales
$3.596.721 33,801.980 $2,672,844 $2,688,924
Custom mill. & smelting
14,418
14,091
5,198
35.818
Dividends
4,770
54,365
3,714
Interest
23.637
31,566
18,320
6,098
Miscellaneous
8,016
6,675
6.722
45.112
rirea.
See American Cellulose & Chemical Mfg. Co.. Ltd., above.
Central Alloy Steel Corp.
-New Secretary.
-
J. B. Moseley has been elected Secretary, succeeding C. W. Kreig.
Frank H. Hobson, Vice-President of the Cleveland Trust Co., has been
elected a director to succeed I. M.Taggart.
-V.124, p. 2433.
Central Leather Co.-Earnings.-
Quer. End. Mar. 31*Net profit
Interest and discount_ _ _
1927.
$790,835
222,360
1926.
$363,420
239.020
1925.
$883,157
304,429
1924.
$89,934
459.552
Net income
8568.475
$124,400
3578,726 def$369.618
* After all charges (except interest) and reserve for depreciation.
-V.
124.p. 2124.
Certain-teed Products Corp.
-Quarterly Earnings.-
Quar. End, Mar. 311927.
1926.
1925.
Gross operating profit after deducting
repairs, maintenance & depreciation 31,272.049 $1.258.396 31.232.189
Income from other sources
8.508
218
3,060
Total
81,280,557 $1,258,614 $1,235,249
Selling, administrative. & general expenses & bank interest
874.597
884,068
781,750
Interest on bonds
132,600
Federal taxes
48,900
53,500
38,000
Sundry adjustments (net)
3,201
cr802
193
Net income carried to earned sum- $342,797
$331.916
3283.701
President Brown, says in part: "A comparison of results with those of
previous years shows an improvement for the present year. The first
quarter is rated as our poorest quarter of the year. During Jan. business
started off slowly in comparison with the two previous 'Tars. In Feb.
conditions began to improve, and in March we had a decided upturn,
making the quarter the most satisfactory first quarter we have ever had.
April, as indicated by the latest figures available, is running well ahead of
last April, and well ahead of March. Our increased efficiency, our large
volume and the manufacture of all ofour own goods, are satisfactory features
of our present conditions. We are getting the benefit in lower production
costs of the expenditures last year for plant extensions and improvements."
-V. 124, p. 1071.
Childs Co.
-Earnings.
-
Quarters ended March 31Gross income
Expenses and taxes
.
1927.
1926.
1925.
$7,789,806 $6,525,020 36,137,615
6.928.999 5,929,580 5.738.060
Operating income
$860,807
3595,440
$399,555
Net expenditures..___ $3,478,607 $3,915,074 $2,875,993 $2,891.78!
47,239
38.696
84,062
Loss for quarter
$150,506 Other income
$71,261
$54,322
sur$153,623
The Cliff Mining Co.(of whose 60.000 shares 28,785 are owned by the
Total income
$908,046
$634.136
3483.617
above company) has levied an assessment of$4 a share on its stock.
-V.124, Depreciation. &c
363.113
279,784
150,000
2433.
Net income
8544,933
$3354.352
3333,617
Canadian Rail & Harbour Terminals, Ltd.(Toronto).
Net income for the first quarter of 1927 is equivalent after preferred diviEdmund Seymour & Co., Inc., report that the Niagara-St. Catharines & dend requirements to $1.31 a share on 346,825 shares of no par
Toronto Navigation Co., a subsidiary of the Canadian National Rys. stock. against 79 cents a share in the corresponding quarter ofcommon
1926.has leased 3.000 sq. ft. on the ground floor of the Canadian Rail & Harbour V. 124. p. 2124.
Terminals. Ltd. building for waiting room and offices and 3,500 sq. ft.
for warehouse purposes together with 450 ft. of dock space.
Chrysler Corp. (Del.).
-Sales Increase.
The Ontario Liquor Commission has secured a substantial amount of
President Walter P. Chrysler says: "Production and
space in the Terminal Building for storage for reserve stocks of liquor under run ahead of last year and establish new records. Oursales continue to
distributors and
the new License Act of the Province which comes into operation May 15 dealers are handling an unprecedented volume of business."
1927.-V. 123, p. 715.
A dispatch from Detroit states that overseas sales during March were
the largest
company's history, showing an
of
- 80.5% overin any month of theForeign business during the firstincrease of
-Condensed Income Account.
Canton Co. of Baltimore.
March last year.
quarter
7 Mos.End.Dec. 31 -Years Ended May 31- this year exceeded the record first quarter of 1926 by 74.1%.-V. 124.
1924.
1925.
1926.
1928.
p. 1502. 1515.
$655,074
Rev., rentals & storage- $439,808
8678,817
$708,747
Other income
153,898
145,695
214.218
78,543
City Investment Co. of San Francisco.
-7'o Retire Bonds
It is announced that the outstanding first mortgage
$808 973 be retired June 1 at 105 and interest. Funds will be5% gold bonds will
Total income
$824,512
3922.965
3518,351
available
Exp.. oper. & maint-360.567 proceeds received through the sale of holdings of the company. from the
392,046
388,194
233,420
17.444
Miscellaneous deductions
6.805
16,661
8,195
Payment will be made at the Crocker First Federal Trust Co., trustee,
112.388 San Francisco, Calif.
Taxes
144,460
141.175
76,833
-V.124, p. 927.
Int. & disc, on bonds
144.122
75,000
75,000
50.404
Res. for Fed. inc. tax
20,000
25.000
25.000
Cluett, Peabody & Co.
-New Officer, &c.
Dividends
(38)176,000 (38)176.000 (38)176.000 (38)176.000
Sanford L. Cluett has been elected Vice-President, succeeding A.
Gillespie.
Balance, surplus
$10,201
$42,573 -V. 124. Charles M. Connolly succeeds Mr. Gillespie as a director.
$31,813
def$26.501
p. 1830.
-V.123. p.3041.
Coca Cola Co.
-New Common Stock Placed on a $5 Annual
Capper & Capper, Inc., Chicago.
-Debentures Offered.
-The directors on April 25 declared a quar-James H. Causey & Co. Inc., and Union Trust Co. of Dividend Basis.
Chicago are offering $600,0b0 6% sinking fund gold deben- terly dividend of $1.25 per share on the outstanding 1,000,000
shares of common stock, no par value, payable July 1 to
tures (closed issue) at 100 and interest.
Dated April 1 1927: due Jan. 1 1937. Interest payable J. & J. at Union holders of record June 11. This is at the annual rate of $10
Trust Co.. Chicago. trustee, without deduction for normal Federal income per annum on the
500,000 shares of no par common stock
tax up to 2%. Red. on any int. date at 103 and int. until and incl. July 1
1928, the premium decreasing thereafter )1 of 1% for each year or fraction outstanding before the payment late this month of a 100%
thereof that shall have elapsed thus making the redemption price 101 stock dividend. On April 1
last a regular quarterly dividend
the year prior to the fixed maturity. Denom.$1,000 and 3500c*.
Data from Letter of George H. Capper, President of the Company. of $1.75 per share and an extra dividend of 75 cents per share
-An Illinois corporation. Is the outgrowth of were paid on the old common stook. (For record of cash
History and Business.
a business established in Chicago in 1893. It now operates six stores: dividends paid since 1920, see V. 124, p. 796.)
Two in Chicago and one each in the cities of Milwaukee, St. Paul. Minne-
apolis and Detroit. From a small beginning company's business has
been built to its present size entirely out of earnings and is known in trade
circles as one of the finest and most profitable retail organizations in the
United States dealing in men's clothing and furnishings of the best quality
The stores are centrally located, well equipped and each is on a profitable
basis of operation.
-Business has earned a profit eachyear since 1893. Net
Earnings.
earnings after all charges. including interest and depreciation, but before
Federal income taxes have been as follows for the years ending Jan. 31:
1927.
1925.
1924.
1926.
1923.
$255,089
8237.070
$246,956
3198,229
$265,365
Sales for the year ending Jan. 31 1927 were the largest in the company's
history, and it is the belief of the management that both sales and earnings
will be further increased through a continuance of the present merchandising
policies and a contemplated increase in the number of stores.
-The indenture requires that while any debentures are
Sinking Fund.
outstanding there shall be minimum sinking fund payments for the retirement of debentures in the following amounts: During the year ending
Jan. 1 1929. $440,000; 1930. 345.000: 1931, 350.000; 1932. $55.000; 1933,
365,000: 1934,875,000:1935. $85,000; 1936. 390.000. Amount outstanding
at maturity. Jan. 1 1937, 395.000. Debentures to be retired are to be
purchased in the open market at not exceeding the call price, and if not so
obtainable are to be retired through call by lot.
-Proceeds of these debentures, together with $600,000 of
Purpose.
preferred stock, will be used as part payment for the acquisition of the
-Capper & Capper.
predecessor company
-George H. Capper will continue as President and will
Management.
have a majority interest in the common stock. William D. Downs, Chair-
Results for 3 Months Ended March 31.
1927.
1926.
1925.
1924.
Gross receipts
36.661.929 $5,926.742
Mfg. & general expenses 4.304,930 3,809,911 35,785,799 34,730.145
4,081,257 3.807.685
Operating profits- --- 82,356.999 32.116,831 31.704.542
8922.480
Miscell.deductions
313.487
378.734
127.109
Net income
82,043,512 $1.738,097 $1,577,433
$922,460
-V. 124, p. 1830.
Commercial Pigments Corp.
-Agent.
-
The Guaranty Trust Co., 140 Broadway, N. Y. City, has been appointed
agent for the issuance of option warrants for the acquisition of crass 'B"
stock of the above corporation.
-V. 124. p. 1984.
Congress Cigar Co.
-Earnings.
Quarter Ended March 31Net after all charges except Fed.taxes
-V. 124, p. 1224.
1927.
$658.778
1926.
$405.458
1925.
$363,757
Conley Tin Foil Corporation.
-Liquidating Dividend.
In accordance with the action of the trustees in liquidation on April 12,
the corporation will distribute a third liquidating dividend of 60 cents a
share on and after May 2. Secretary E. L. Adie,in a letter to stockholders.
said that virtually all of the company's business was adjusted prior to the
final liquidation of the firm, but that the adjustment of the income tax with
the Government had not yet been brought to a close.
APR. 30 1927.]
2597
THE CHRONICLE
Continuing, Mr. Adie said: "In view of the fact that the final dividend
will depend upon a settlement with the Government, with the attending
uncertainty as to time, the stockholders should look for a considerable delay
before receiving the next and final dividend, and should anticipate that this
-V. 120. p. 2555.
will be only of very moderate amount."
Consolidated Textile Corp.-Earnings.-
1925.
1926.
1927.
Quar. Ended Mar. 31$56,458
$119,398 def.$21.968
Net profit after int. deprec. & res.
'
Net profit for the quarter ended March 31 1927 is equivalent to 9 cents a
-V. 124,
share on 1,301,356 shares of no par capital stock outstanding.
p. 1984.
--Earnings.
Continental Baking Corp.
Results for 15 Weeks Ended April 9 1927.
Net earnings, $2.408,637; other income,$129,200; total Income-32,537.837
$171.685
Interest and amort zation of bond discount
778,230
Depreciation
215,500
Estimated Federal taxes
38,439
Minority interest
31.333.983
Net profit
Net profit is equivalent after allowing for dividend requirements on the
8% pref. stock to 46 cents a share on 291,813 no par shares of class A stock.
-v. 124. p. 2125.
Continental Terminals, Inc.-Deberaures Offered.
of accruals, both payable June 1 to holders of record May 14. Like
amounts were paid March 1 last. An extra distribution of
% on
account of accumulations was made on the pref. stock on Dec. 1 1926,
while in the preceding three quarters extra distributions of 35 of 1% each
were made. After payment of the dividend just declared, there will
remain 83(% in arrears on this issue.
-V. 124. p. 654.929.
Douglas-Pectin Corp.
-Earnings.
Quarter Ended March 31
Net profit after depreciation and interest
Shares of capital stock outstanding (no par)
Earnings per share on capital stock
-V. 124. p. 1831.
1927.
$269,525
300.000
$0.90
1926.
$135,524
300.000
$0.45
(The) Drake (Winfred Realty Corp.), N. Y. City.
Bonds Offered.-Ames,Emerich & Co. and Greenebaum Sons
Securities Corp. are offering at prices ranging from 100 and
int. to 101 and int. to yield from 5.30% to 6%, according
to maturity,$3,750,000 1st (closed) mtge.6% ser. gold loan.
Dated May 1 1927; due serially each 6 months from Nov. 1 1928 to
May 1 1939 incl. Principal and int.(M.& N.) payable at offices of Ames,
Emerich & Co., Inc., New York and Chicago, and at all of the offices of
Greenebaum Sons Investment Co., Greenebaum Sons Securities Corp. and
Chase National Bank, New York, trustee. Interest warrant certificates in
denom. of $1.000 and $500. Certificates are red., all or part, on any int.
Taylor, Ewart & Co., Inc., Pope, Willard & Co. and J. A. date on 60 days' notice at 103 and int. The borrower agrees to pay, if
not
any State
,
Ritchie & Co., Inc., are offering at 963 and int. to yield claimed, the normal Federal income tax and in excess of 2%,andtax on the
Mass. State income
taxes up to 5 mills of principal amount
over 6.80% $3,000,000 63 % convertible debentures, interest not exceeding 6% of such interest per annum will be refunded
upon application.
series "A.'
Property and Location.
-The Drake, completed March 11927. is situated
Dated April 1 1927; due April 1 1947. Int. payable A.& 0. in New York on the northwest corner of 56th St. and Park Ave. This district embraces
City without deduction for normal Federal income tax up to 2% Per annum. the wealthiest residential section in the world; the site is eminently suitable
Company agrees to reimburse holders of these debentures upon proper for hotel purposes. Independent appraisals by recognized authorities
application, for income, personal property and securities taxes of political have been made as follows:
subdivisions of the United States not exceeding M of 1% of par. Red. all Land owned in fee and completed building, total
$5,650.000
or part on any Mt, date on 30 days' notice at 105 and hit. Denom. $1,000
(Appraised by Douglas L. Elliman & Co., Inc., N. Y. City.)
and $500 e*. New York Trust Co. trustee.
Land owned in fee
1.960.000
'
Stock Purchase Warrants-Debentures carry non-detachable warrants
Butler-Herrman Corp.,
(Appraised by N.H Gregory of the
entitling the holder to receive without cost common stock at the rate of
New York City.)
10 shares for each $1,000 debenture, on Oct. 1 1928. or earlier at the Completed building
3.785.000
discretion of the company.
(Appraised by Dwight P. Robinson & Co., Inc., N. Y. City.).
Convertible at any time at the option of the holder, as set forth in the
Indenture,into 7% pref. stock, cumulative from April 1 1929, at the rate of
$5.745,000
Total
11 shares for each $1,000 debenture and 5;4 shares for each $500 debenture
On the basis of the lesser of the two above appraisals, the land and buildwith adjustment of dividends and interest.
over 150% of the amount of this loan
ing together have a valuation of
Data From Letter of S. V.P. Quackenbush, V.-Pres. of the Company, These securities, in the opinion of counsel, are legal investments for trust
Companv.-A Delaware Corporation. Will own all of the capital stock funds under the laws ot the State ot New York.
Central Railway Terminal & Cold Storage Co., Inc.
Security.-Thts issue will be the direct obligation of Winfred Realty
and junior bonds of
(Albany. N. Y.), the Distribution Terminal & Cold Storage Co.(Cleveland, Corp., a wholly owned subsidiary of Bing & Bing, Inc., and will be secured
Grand Trunk Ry. Terminal & Cold Storage Co.(Detroit, Mich.). by a 1st (closed) mtge. on land owned in fee and a 20-story fireproof hotel
Ohio) and
When completed, the combined capacity of these 3 terminals, which win building. This site contains 15,277 sq. ft. of land, fronting 67 ft. on Park
include ice manufacturing plants in Detroit and Cleveland, will be approxi- Ave. and 185 ft. on 56th St. The building erected thereon is of the most
mately 15,000.000 Cu. ft., of which 7.700.000 cu. ft. will be devoted to modern type of steel, fireproof construction, with an exterior of limestone
and terra cotta; the interior is finished in marble, tile, bronze and oak.
cold storage.
-Company will presently have outstanding $3,000,000
Capitalization.
-Independent estimate of the income and operating expenses
Earnings.
651% convertible debentures,series A (this issue); approximately $2,552.600 of this property by Douglas L. Elliman & Co., Inc.. is as follows:
Gross income (after deducting 10% allowance for vacancies) --3952,965
7% preferred stock and 300.000 shares (no par) common stock.
&run/v.-Debentures will be a direct obligation of company and will be Operating expenses, taxes and insurance
370,078
secured by deposit with the trustee of all the capital stock, together with
$582,887
$3,750,000 6% sinking fund bonds,due April 1 1950, of the three subsidiary
Net income
bonds will be secured by direct mortestimated above, is over 251 times
companies above mentioned. These
Net annual income, as conservatively
gages,subject only to closed first mortgages totalling $6,700,000 on terminal maximum annual interest charges on this issue. Moreover, although the
properties located in Albany, Cleveland and Detroit.
building has only recently been completed, 40% of the suites have already
The American Appraisal Co. has appraised the properties and business of been leased and the major renting season is in October.
these subsidiary companies on a going concern basis, exclusive of lands, at
$12.172,000. Independent appraisals of lands owned in fee and a leasehold
-Bonds Offered.
Drexel Plaza Building, Chicago.
(valued at $37,500) total $1,009,143. Based on the above appraisals, total
George M. Forman & Co., Inc., Chicago, are offering
fixed assets of the subsidiary companies will be $13,181.143.
the $265,000 1st mtge.6% serial coupon gold bonds at 100
Net cash working capital of over $1,200,000 will be available for
company after deducting reserves for one full year's interest charges on this
running in excess of 5 years to maturity.
series of debentures and on the closed first mortgage bonds of subsidiary and int.for all bonds
companies.
Bonds maturing within 5 years or less are priced to yield
The indenture will provide for the issuance of additional debentures upon
annum.
such terms as shall be determined at the time ofissuance, but any additional 63.4% per
Dated March 1 1927; due serially 1929-1937. Int. payable M. de S. at
debentures so issued shall not be entitled to a lien upon the above-mentioned
of George M. Forman & Co. Callable at 103 and int, on any int.
. equal or superior to the lien of the series A debentures thereon.
office
security
Earntngs.-The interest and sinking fund charges on the bonds deposited date upon 60 days' notice. The following State taxes lawfully paid will be
with the trustee as security for this issue are more than sufficient to care for refunded to bondholders: Penn., Conn., Maryland, Calif., Kansas, Mich.,
for complete amortization Vermont, Kentucky, Virginia and Dist. of Col. not in excess of 534 mills
the interest and sinking fund charges providing
per annum and Mass and New Hampshire income taxes not exceeding
of this issue.
On the basis of net earnings estimated by Moores & Dunford, Inc., 8% of the interest. Chicago Title & Trust Co., trustee. of
Henry Geo.
-These bonds will be the personal obligation
Security.
Warehouse Engineers,of N.Y.City,for the subsidiary companies,operating
at normal capacity in the third year, net earnings accruing to Continental Slavik, a responsible Chicago business man and property owner, and will
applicable to this issue, after reserves for taxes, including be secured by a closed 1st mtge. on land, owned in fee, located at 5210-5220
Terminals, Inc.,
-story English basement semi-fireproof
Federal taxes, interest and sinking fund charges on first mortgage bonds Drexel Boulevard, Chicago, and a 3
apartment building now being erected thereon. The property has a street
of subsidiaries, will be $1,139.934 per annum.
are equivalent to more than frontage of 110 ft. on Drexel Blvd.. running back to a depth of approxiSuch estimated net earnings of $1,139,934
5.8 times the maximum annual interest requirements, and over 3.8 times mately 228 ft, with an additional strip of land approximately 10x50 ft. in
the average combined interest and sinking fund charges of this issue.
size, facing the alley. Upon completion of the building, these bonds will
-Indenture will provide for annual sinking fund payments be in effect a first lien on the net earnings of the property. The building
Sinking Fund.
to the trustee commencing April 1 1933 sufficient to redeem this entire will contain six 5-room apartments and 48 4-room apartments with two
series of debentures at or before maturity. All cash payments received by additional 4
-room apartments in the English basement.
the trustee are to be applied to the purchase of debentures of this series
-The gross rental income based upon a reasonable rental schedule
Income.
at not to exceed 105 and Mt. or if not so obtainable to the redemption of for apartments of this type is estimated at $82,800. Operating expenses
debentures by lot at that price. A minimum of $125,000 par value of with 10% allowance for vacancies are estimated at $34,800, making an estidebentures are to be retired on April 1 1933 and increasing amounts annually mated annual net income of $48,000.
-V. 124.
thereafter until all debentures of this series have been redeemed.
p. 2434.
-Earns.
(E. I.) du Pont de Nemours & Co.(& Subs.).
1927.
1926.
1925.
3 Months Ended March 31-Earnings.
Craddock-Terry Co.
Income from operations, incl. co.'s
Operations, and Distribution of Profits-Calendar Years.
equity in earns, of controlled cos_- $3,287,771 $3,321,983 $2,881,641
1925.
1924.
1,981,159
1923.
1926.
Inc. from invest. in General Motors_a11,977,865 c8.984,263
455.078
525,526 .2,359,661
$19,963,915 $17,560.731 $17,500,571 $19,405,072 Inc. from miscell. securities, &c
Gross income
333.375
620,953
311.592
1,652.437
Net income
2,853,789
2,824.356
2,541,900
$15,791.162 $14,665,907 $5,317,878
Previous surplus
2,200,000
Total income
602,561
606,286
599.186
410,017
264,688
310,830
Dividends paid
712.939 Provision for Federal taxes
35.872
38,300
75.500
370,471
315,140 Interest on funded debt
22,064
30,121
zCarried to reserves..
2.541.900
2.853.789
2,213.319
2.824,356
Final surplus
$15,458,268 $14,225,769 $4.682,719
Net income
z Including reserves for Federal income and excess profits taxes and other
Items, and is after charging operating expenses with the cost of all repairs Dividends on debenture stock
1,176.431
1,026.242
1,198,988
and renewals and a proper allowance for depreciation of plant and equipment
Amount earned on common stock_ _$14,259,280 $13,049,338 $3,656,477
Balance Sheet Dec. 31.
Amt. earned per sh.00 2,661,658 shs.
1926.
1926,
1925.
1925.
no par value common stock outt
Ltubiltaes$
$
t
Assets$4.90
$1.37
standing March 31
estate, do3...x2,569,440 2,409,819 Common stock__ 3,296,700 3,296,700
Real
608.848
736,584 1st pref.,6% cum_ 1,250,000 1,250,000
Surplus Account.
1927.36
Cash
1925.
1926.
1927.
Accts. receivable._ 4,389,410 3,326,793 2d pref., 6% cum_ 1.250,000 1,250,000
91,921 Cl. C aid.7% cum. 948,100
789,100 Surplus at beginning of year
185,350
$66.417.566 $62,669,541 $55,881,491
Notes receivable
4.682,719
15,458.268 14,225,769
Mdse. inventories. 6,300,086 5,089,493 Notes payable__ 5,288,000 2,062,500 Net income three months
270,432
40,000 Surplus resulting from revaluation of
180,609 Real estate mtge.
assets
Other
accts. payable... 587,102
714.620
26,184,371
Gen. Motors invest. (see note)..
Stocks of affiliated,
26,149
15,218
224,439 Accrued accounts_
&c., companies. 603,668
38,300
36,829
106,747 Federal income tax
Total
$108,060,205 $76,895,310 $60,564,210
Deferred charges- 111,554
1,026,242
Res. for conting a_ 141.117
1,176,431
169,538 Dividends on debenture stock
1,198,988
2,213,319 2,541.900 Dividends on connom stock
2,376,185
Totaheach side) 15,038,787 12,166.405 Surplus
b13,307.545 d9,979,645
-V.124. D. 1225.
x After deducting $1,123,888 reserve for depreciation.
Surplus at March 31
$93,553,672 $65.739,234 $57,161.783
-Earnings.
a Includes $7,984.976 received Jan. 4 1927, representing an extra diviCrown Willamette Paper Co.
but not including the Pacific dend of $4 per share on General Motors Corp. common stock.
Company and wholly-owned subsidiaries
b On .Nov. 15 1926 an extra dividend of $5 per share was declared on
Mills. Ltd., report for the three months ended March 31 1927, net earnings
1927. $2 per share
amounting to 3607,274 after allowing for depreciation, depletion. interest du Pont company's common stock, payable Jan. 5dividends on common
included in
of this extra dividend. or
and Federal taxes. Profit of the company reached $1,327,574 during the stock for the year 1926; $5,322,994, was $3 per share, amounting to $7,the balance, or
first quarter.
first quarter of 1927.
Net earninKs of the Pacific Mills, Ltd., a subsidiary,'for the same period 984,976,is included in dividends on common stock for
received from Greneral Motors
C Includes extra
totaled $205,768 while profit before charging off depreciation, depletion, Investment on Jan.dividend of $6,654,145
7 1926.
and Dominion and Provincial taxes, aggregated $538,591.-V.
interest
d Includes extra dividend of $6,654.145 paid Jan. 8 1926, equal to $2.50
124, p. 1673.
per share on no par value common stock now outstanding.
e Includes approximately $2,000,000 representing interest received from
Deere & Co. of Moline, Ill. 2A% Pref. Dividend.
of taxes overpaid for the years
The directors have declared a regular quarterly dividend of 151% on the Government on account of the refund
the pref. stock, together with an extra dividend of 31 of 1% on account 1915 to 1924 inclusive.
2598
TUE
RONTCLE
I VoL. 124
-The value of du Pont company's investment in General Motors
Note.
Corp. common stock, equivalent to 1,996,244 shares carried at $46.88 Per
share. was adjusted on the books of the company in March 1927 to a
new figure of $60 per share, or a total valuation of $119,774,640, which
closely corresponded to its net asset value as shown by the books of the
General Motors Corp. at Dec. 33 1926.-V. 124, p 2286.
Land.
Building.
Total.
J. Romaine Brown Co
$350,000
$769,400
$1,119,400
Trend Realty Co., Inc
350,000
768.250
Based upon the lower appraisal, this loan represents 58% of 1.118.250
the value
of the property.
The net annual earnings, after deducting operating expenses, taxes,
Insurance and a due allowance for vacancies, have been
Ducktown Chemical & Iron Co.
$129,250. This is equal to three times the greatest interestestimated at
-New Control.
Control of this company has been acquired by the Copper Pyrites Corp. twice the combined interest and amortization requirements. charges and
This control, together with its rights on the school property, has been
4 East 66th St. Corp.
transferred by Copper Pyrites Corp. to a new corporation, orgarized in
-Bonds Called.
Delaware, known as the Ducktown Pyrites Corp.
This corporation, successor to 845 Fifth
William Y. Westervelt, President of Copper Pyrites Corp., has been redemption May 1 at 100 and int, all of its Avenue Corp., has called for
outstanding 534% Gold Mtge.
elected President of both the Ducktown Chemical & Iron Co. and the bonds, due Nov. 1935. Payment will be made
at the New York Trust
Ducktown Pyrites Corp. F. M. Kirby, A. P. Kirby and William Y. Co., 100 BroadwaY, N. Y. City.
Westervelt have been elected directors of both companies.
Operations will be continued under the name of Ducktown Chemical &
Fleischrr ann Company.-Earnings.Iron Co., offices of which company are a: Isabella. Tenn.
-V.121, p.2756.
Quer. End. Mar. 31- 1927.
1926.
1925.
1924.
Net sales
$15,130,160 $14,984,387 $12,594,232 $10.539,443
Economy Grocery Stores Corp.
Costs and expenses
-Earnings.
10,343.185 10.387.859
9.526,586
8,218.074
Quarter Ended March 311927.
1926.
Operating profit
Grosssales
$4.786,975 $4,596,528 $3,067,646 $2,321,369
$1,983,038 $1,765,293
Net income
221,263
38,690
178,643
55,268 Other income
246,860
191,909
Shares of common outstanding (no par)
100,000
100,000
Gross income
Earnings per share on common
$5,008,238 $4,775,171 $3,314.506 $2,513,278
$0.38
$0.55
Charges & Federal taxes
-V. 124, P. 1831
667.742
643,793
475,534
.
322,680
Net income
$4,340,496 $4,131,378 $2.838,972 $2,190,598
Electric Auto-Lite Co.(& Subs.)
-Earnings.
Preferred dividends---18,333
18,522
Quarter Ended March 3118,618
1927.
19,425
1926.
Common dividends
3,375,000
2,250,000
Profit after depreciation
1.500,000
$1.003,471
1,125,000
Expenses
204,987
Not
Surplus
$947.163 $1.862,856 $1,320,354 $1.046,173
Interest
22,535 available
Profit & loss, credit
8,049
7,689
6,769
12,270
Profit before Federal taxes
$775.949
8671,219 Ins. fund & profit & loss
charges
41,907
262.186
Shares of common outstanding (no par)
77,401
250,000
92,235
250,000
Earnings per share on common
$3.10
$2.68
Net surplus
$913,305 $1,608,359 $1,249,722
-V. 124. p. 1985.
$966,208
Net income for the first quarter of 1927 is equivalent after preferred
dividends to 96 cents a share on 4,500,009 shares of no par common stock,
Electric Boat Co.
-Notes.
against 91 cents in the corresponding quarter of 1926.-V. 124, 13. 1213.
The Central Union Trust Co. of New York has been appointed trustee
for $1,000,00:I 6 months' notes, due Oct. 18, 1927.-V. 124, p. 2286.
Follansbee Brothers Co.
-Listing.
The Boston Stock Exchange has authorized the listing of $3,250,000
-Earnings.
Electric Vacuum Cleaner Co.
1st mtge. 5% sinking fund gold bonds, dated June 1 1927, due June 1 1947.
Results for Year Ended Dec. 31 1926.
Income Account for Calendar Years.
Net profit after depreciation, reserves and estimated Fed. taxes $809,757
1926.
1925.
1924.
Preferred dividends paid
71,393 Sales: less allowances, returns, discounts, &c
$15,484,203 $14,514,198 $13,401,711
Balance, surplus
$738 364 Cost of sales
13,250,842 12,657,198 11,695.574
Earns per share on 20,600 no par shs. common
838.84
Gross operating profit
$2,233.361 $1,857.000 $1,706,137
Comparative Balance Sheet Dec. 31 1926.
Other income
65,128
96,755
29,293
Assets1925.
1926.
1926.
1925.
Plant acc'ts, less
Preferred stock _ 486,300 1,350,500
Gross income
$2,298,489 $1.953.756 $1.735,429
reserves
$468,033 $446,141 Com.stk.& surplus 1,996,199 1,487,205 Selling & general expenses
1,086,729
962,930
836,265
Invest.securities_
4,850
.
10,935 Accounts payable. 205,684
100,728 Interest on funded debt
292,604
316,008
309,777
Merchandise
853.474
792,681 Fed. & other taxes
U. S. income tax
121,175
84,469
73.373
Receivables
2,095,308 1,800,337
accrued
208,408
187,871
Cash
122,153
472,191 Commissions accr_ 112.303
105,989
Net income
$797,981
$605,579
$509,783
Deferred charges_
.
9,850 Other. 141,038
8,425
charges accr.
76,562 Surplus at beginning of year
2,181,703
1,553,009
1,041,303
Patents. Goodwill,
Divs.decl.& unto__
41,200
U. S. taxes, prior years, refunded41,160
23,026
,4c
1
1 Reserve
361,112
223,281 Sundry credits
2,012
Total
3,552.244 3,532,136
Total
$3,552,244 $3,532,136
Total
$3.020,844 $2,181,703 $1.553,098
Sundry debits
-V. 122. p. 3090.
2,643
Dividends paid
255.728
Federal Security & Mortgage Co., Washington, D. C.
Surplus
$2,762,473 $2,181,703 $1,553.098
-Bonds Offered.
-The company is offering at prices to -V. 124, at end of year
p. 1832.
yield from 6% to 7%, according to maturity, $500,000
63% collateral trust gold coupon bonds, series UA.
Dated March 1 1927, due serially 2 to 10 years. Interest M. & S.
Denom. $500 and $1.000. Callable at option of company at 102 and int.
up to three years, thereafter at 101 and accrued int. Bonds payable at
the District National Bank, trustee.
-These bonds are the direct obligation of the Federal Security
Security.
& Mortgage Co. and are issued under and secured by a collateral trust
indenture by and between the company and the District National Bank of
Washington. The trust indenture provides in part as follows:
The bonds are secured by the pledge with the trustee under a trust
indenture of a principal amount of notes and (or) bonds secured by mortgages and (or) trust deeds, constituting first and (or) second liens on real
estate. U. S. bonds, U. S. Treasury certificates, and (or) cash, equal in
the principal amount to not less than 105% of the aggregate amount of all
bonds of this series at any time outstanding. The aggregate principal
amount of all notes and (or) bonds secured by mortgages and (or) trust
deeds constituting second liens on real estate included in the collateral
securing the bonds of this series shall never be less than 130% of the aggregate principal amount of all the bonds of this series at any time outstanding
after deducting from the aggregate principal amount of the bonds of this
series then outstanding the principal amount of any U. S. bonds, U. S.
Treasury certificates and (or) cash and the principal amount of all notes
and (or) bonds secured by mortgages and (or) trust deeds constituting first
liens on real estate then included in the collateral securing this series; the
aggregate principal amount of all notes and (or) bonds secured by mortgages
and (or) trust deeds constituting first liens on real estate included in the
collateral securing the bonds of this series shall never be less than 105% of
the aggregate principal amount of all the bonds of this series at any time
outstanding after deducting from the aggregate principal amount of the
bonds of this series then outstanding the principal amount of any U. S.
bonds, U. S. Treasury certificate and (or) cash and the principal amount
of all notes and (or) bonds secured by mortgages and (or) trust deeds constituting second liens on real estate then included in the collateral securing
this series.
Character of Loans.
-The properties securing these loans are well diversified
and consist principally of monthly_amortized trusts on home owner residences located within the city of Washington, D. C. The total number
ofloans securing this issue will appro]dmate 200 loans, an average loan being
$2,500.
Federal Motor Truck Co.
-23.% Stock Dividend.
The directors have declared a stock dividend of 2M % on the outstanding
capital stock, no par value, payable July 5, and the regular quarterly cash
dividend of 20c. per share, payable July 1, both to holders ofrecord June 18.
Like amounts were paid in October 1926 and in January and April 1927.V. 124, p. 2127.
51 West 86th Street Apartments, New York City.
-Empire Bond & Mortgage Corp.,
Mortgage Loan Offered.
New York, recently offered ht 100 and interest $650,000
guaranteed first mtge.6% gold loan, series A. Guaranteed
as to principal and interest by Maryland Casualty Co.
Dated March 1 1927; maturing Sept. 1 1929-1939. Principal and interest
(M.& S.) payable at the office of the trustee or at office of the Empire Bond
& Mortgage Corp., New York City. Denom. $10,000, $1,000, $500 and
$100. Callable.at 103 after Sept. 1 1930, and at 102 after Sept. 1 1933.
Normal Federal income tax up to 2% paid at source. Income tax of any
State up to 6% and the personal property tax of any State up to 5 mills
refunded, if requested within 60 days after payment.
Security.
-The security for this loan is a closed first mortgage on the land
-67 ft. 6 in. x 100 ft. 8 in., situated on the north side of West 86th St.
between Central Park West and Columbus Ave.. New York City, together
with a 16-story and basement elevator apartment building under construction thereon. This issue of series A certificates is senior and prior in lien
to an issue of $209 000 series B certificates which have been underwritten
by another agency. The building, which will contain 238 rooms, divided
Into 78 apartments, wi I be fireproof throughout, and will rank with the
highest grade apartment structures in the city.
-The land and building when completed have
Valuation and Earnings.
been independently appraised by the following well-Anovrn realty firms, who
pecialize in Manhattan properties:
Fox Film Corp.(& Subs.).
-Earnings Statement.
Consolidated Income Account
-Period Dec. 27 1925 to Dec. 25 1926.
Profit for year
Profit credited in the period in respect of excess amortization $1,288,774
previously written off
1,956,534
Profit arising through the sale of leasehold
232,604
Total
Expenses in connection with acquisition ofinvests,in other cos_ _ $3,477,911
93,073
Foreign exchange adjustments
13,199
Provision for Federal income tax
340,712
Net income
Surplus Dec. 27 1925
$3,030,927
11,983.468
Total
$15,014.395
Expense of retiring Fox Film Realty Corp. bonds
$118,440
Dividends paid
Excess reserves for depreciation, prior years restored to surplus 2,000,000
Cr50,154
Surplus Dec. 25 1926
$12,946,109
The consolidated surplus and profit and loss account reflect the financial
condition of Fox Film Corp. and its subsidiaries named below at
Dec. 25
1926 and the results of their operations for the year ending as of that
date.
Fox Film Corp., Wm. Fox Vaudeville Co., Fox Philadelphia
Bldg., Inc..
Fox Film Realty Corp., Fox Film. Ltd., Canada, Broadway
Building
Corp., Fox Motion Picture Display Co., Fox Film Corp., Texas,
Fox
Chicago Realty Corp.,Fox Film de Mexico,S. A.,Fox Film ao
Fox Film do Brazil, S. A., Fox Film Societe Anonyme, Fox la Argentina,
laget, Sweden, Fox Film Co., Ltd., England, Fox Film Corp.Film Aktiebo(a 1 Sia). Ltd.,
Australia, Fox Film de Cuba, S. A., Cuba, Fox
Italy, Hispano Fox Film, S. A.E., Netherlands Fox Film Corp. (S.A.I.).
Film Corp., Deutsch
Vereins Fox A. G., Fox Film Corp. G.m.b.H., Austria, Fox Film
G.m.b.H., Czechoslovakia, Fox GumHungary. Fox Corp. Corp.,
l A. G.,
for the
Baltic States, Fox Eiga Kaisha, Japan, Los Angeles Studios (Production
Dept.), Fox Film Corp., Poland, Fox Film Corp., Egypt, Fox Film
Corp.,
Chile, Fox Europa Film Production, G.m.b.H., Fox T'ilm Corp., Philippines, Fox Film Corp., Jugoslavia. Fox Film Corp., Porto Rico.
-V. 124.
p. 1075.
Gabriel Snubber Mfg. Co.
-Shipments Increase.
-
Shipments in April, it is reported exceeded those for the month of March
when 31% more snubbers were shipped than in March 1926.-V. 124,
P•
2287.
Gardner Motor Co., St. Louis.
-Output Increased.
-
Orders from distributors and dealers, it is announced have caused
management to increase the production schedule for the third time so tho
first 6 months shipments should show a gain of 50% as compared withthat
last
year. The number of dealers has boon increased over 30% since
Jan. 1.
The stock of new cars in the field is lower than at any other time in months.
and incoming orders, it is said, are still running ahead of production.
Current monthly earnings are satisfactory, running at this time at an annual
rate of over $6 per share.
-V. 124. p. 2127.
General American Tank Car Corp.
-Bonds Ready.
-
The equipment trust series D bonds areready for delivery at the ChathamPhenix National Bank & Trust Co. (For offering see V. 124, p.
1226.)
The Fidelity-Philadelphia Trust Co., Philadelphia, Pa., is now prepared
to exchange, at its Broad and Chestnut Sta. office, definitive
equipment
trust certificates, series 18. for outstanding temporary certificates
same issue. (For offering see V. 124, p. 241.)-V. 124, p. 2287. of the
General Asphalt Co.
-Earnings.
-
3 Months ended March 311927.
1926.
Net loss
$99,259
$170,574
At the annual meeting President Sewall pointed out that
while last year's
earnings of $2,001,991 (before dividends) were sufficient to warrant
dividends on both classes of stock, 30% of net came from
and its products, the world-over production of which trading in petroleum
has in
months become so excessive and prices so low as materially the past few
to
ings from that source. He was therefore disinclined to ask the affect earnInitial dividend on the common until the petroleum situation board for an
had
less righted itself, but at some time during this calendar year. more or
-V. 124.
p. 1972.
APR. 30 1927.]
THE CHRONICLE
2599
General Motors Corp.-lst Quarter Earnings.
-President
Alfred P.Sloan, Jr., made the following statement, April 25,
regarding the corporation's earnings for the first quarter of
this year:
under lease the Loretto Iron Mine at Loretto. Mich., on the Menominee
Range which will be operated under the name of the American Boston
Mining Co. The product of this mine is low manganese low phosphorus
ore. "The Iron Age."
-V.124. p. 2436.
Net earnings of General Motors Corp. including equity in subsidiary
operations, applicable to dividends for the first quarter ended March 31
1927, were $52,551,408. This compares with $44,911618 for the corresponding period a year ago
-an increase of $7,639,790. For the sake of
making this comparison, there has been included in the last year's earnings
the minority interest in Fisher Body Corp. at that time outstanding. After
deducting dividends on preferred and debenture stock, there remains
applicable to common stock.$50,493,278 for the current period as compared
with $43.000.983 & year agc, the comparison being made on the same
basis. The earnings in the first quarter of 1927 equalled $5.80 per share on
the common stock. In the corresponding quarter last year, not including
the minority interest in the Fisher Body Corp., earnings amounted to $5
per share on the common stock then outstanding after making allowance
for the increased number of shares resulting from the stock dividend paid
Sept. 111926.
Current conditions are satisfactory.
Quarter EndedMar. 31.1927.
1926.
1925.
Net income after deprec., deplet. and
Federal taxes
3979,000 8954,000 *731,000
Net income for the first quarter of 1927 was equivalent after preferred
dividends to $2.59 a share on the 360,000 shares of common outstanding,
against $2.53 a share in the corresponding quarter of 1926.-V. 124. p. 1076.
To Set New Record.
Harbison Walker Refractories Co.
-Estimated Earn
Harris, Seybold, Potter Co.
-Earnings.
-
For the first two months of 1927 the company reports earnings after
depreciation of $181,807, against $131.326 for the constituent companies
during the corresponding period of 1926.
The company's balance sheet shows as of Feb. 28 current assets of
$4,080.867 and current liabilities of 3504.725, a ratio of about 8 to 1.
An issue of $4,000,000 of bonds and preferred stock were sold a short
time ago by the Union Trust Co. of Cleveland, R. V. Mitchell & Co. and
Hornblower & Weeks.
-V. 124. P• 1675.
Hayes Wheel Co., Jackson, Mich.
according to Lawrence Fisher. President of the Cadillac Division. April
-Proposed Merger.
will be the largest month,from the standpoint of production and delivery,
The stockholders of this company will vote May 23 and those of the
Kelsey Wheel Co. on May 26 on approving a plan to merge both companies
In the history of the General Motors Corp.
"The month so far is running in all divisions far ahead of forecast made Into a new corporation to be known as the Kelsey-Hayes Wheel Corp.
some time ago," Mr. Fisher said. "March was a record with us, but
It is planned to issue three shares of new no par value Kelsey-Hayes
April will greatly exceed March. Our production schedule calls for 2.500 Wheel Corp. common .stock for each share of Kelsey Wheel common
Cadillacs and 2.500 La SaIles to be made this month. Orders have been stock now outstanding. It is also planned to issue one-half share of
coming in so heavily on the new La Salle car that it will be the middle common stock of Kelsey-Hayes Wheel Corp. and $15 cash for each share
of summer before we can catch up with production. Our Cadillac orders of Hayes Wheel common stock. The Hayes Wheel preferred stock is to be
also are running considerably ahead of production. This is true in all called for redemption at 110 and diva. The Kelsey Wheel preferred will
-V. 124, p. 1657.
divisions of General Motors and I see no abatement of the demand." not be disturbed under the plan.
-V.124,p. 2287.
General Outdoor Advertising Co.
-Earnings.
-
Quarters ended March 31Operating revenues
Operating expenses, including depreciation
1927.
1926.
*6.661,946 $6,668,010
6,143,071
5.523.701
Earnings from operations
Miscellaneous income
$1,138,245
89.802
$524,939
66,480
Gross earnings
Amortization
Interest
Federal taxes
$1.228,047
573,896
16,865
86.033
$591,419
10.178
79.355
Net profit
$501,886
$551.253
Net profit for tho first quarter of 1927 is equivalent after preferred and
class A stock dividend requirements to 59 cents a share on 642,383 shares
of no par common stock, against 53 cents a share in the corresponding
quarter of 1926.-V. 124, p. 931.
General Railway Signal Co.-Earnings.-
Quar. Ended Mar. 311927.
1926.
Net earns, after deprec.. Federal taxes, &c
*715.373
*966.705
Net profit for the first quarter of 1927 is equivalent after preferred
dividends to $2.08 a share on 325,000 shares of no par common stock
outstanding, against $2.85 in the corresponding quarter of 1926.-V.
124, p.2127.
Gilliland Oil Co.
-Meeting Postponed.
-
The meeting of the stockholders to ratify refinancing plans, which was
postponed several weeks ago to April 20, has again been postponed to April
27.-V. 124, p. 2127.
Gulf States Steel Co.
-Earnings.
--
Quarter end. Mar.31Net operating income-Taxes, depreciation, &c_
1927.
$386,598
149,503
1926.
$389,470
132,836
1925.
*545.584
149,237
1924.
$499,777
144,030
Net income
$237,095
$256,634
$396,347 • $355,747
Net income for the first quarter of 1927 is equivalent, after preferred
dividends to $1.61 a share on 125,000 (Par $100) shares of common stock
outstanding, against $1.77 a share in the corresponding quarter of 1926.V. 124, p. 1833.
Hajoca Corp., Philadelphia.
-Debentures Sold.
E. Naumburg & Co. and Janney & Co., Philadelphia,have
sold at par and int. $2,500,000 10-year 6% d bentures.
.Each debenture will be accompanied by a detached warrant,
in bearer form, entitling the holder thereof to subscribe to
5 shares of common stock (no par value at $23 a share at any
time up to April 1 1929, and thereafter at $25 a share until
April 1 1930.
Dated April 1 1927; due April 11937. Red. on any int. date at 104 and
int. on or before April 1 1928. with successive reductions in the redemption
• price of % of 1% per annum up to and including April 11934; thereafter
at 1004 and int. until maturity. Denom. $1.000 c*. Interest payable
A. & O. without deduction of the normal Federal income tax not in excess of
2%. Provident Trust Co. of Philadelphia, trustee. Interest payable without deduction of the Penn. 4
-mills tax.
Data from Letter of J. Harvey Horton, President of the Corporation.
CapitalizationAuthorized. Outstanding.
6% debenture bonds
Closed
$2.500.0C10
7% cumulative preferred stock (par $100)
$3.000,000
$2,450,000
Common stock no par value)
*250,000 shs. 109,264 shs.
•Of this amount 67,500 shares are reserved for sale under certain options.
Corporation.
-Has been incorp. in Delaware to acquire the business
and all of the assets (excepting certain pieces of real estate and other assets
not required by the new corporation) of the Haines, Jones & Cadbury
Co., Keystone Supply & Manufacturing Co., Bridgman Co. and Krupp
Foundry Co. The first three named companies have been successfully
engaged for many years in the distribution of plumbing, heating and steamfitting supplies, and in addition, the Haines, Jones & Cadbury Co. has been
a large manufacturer of brass fittings, plumbers' supplies and soil pipe.
The Krupp Co. has been a large manufacturer of soil pipe and pipe fittings.
Aside from its business in Philadelphia, the Hajoca Corp. has 20 branches
in other cities. The combined gross business of the predecessor companies
for the year 1926 was in excess of $16.000.000.
Corporation has adopted the trade name "Hajoca," well known as a symbol for quality in plumbing supplies in the Philadelphia district, and on the
Atlantic seaboard. It is believed that substantial economies and increased
efficiency in operation will result from the consolidation.
Earnings.
-Net earnings of the predecessor companies, after depreciation but before Federal income taxes, available for interest have averaged
$782,175 for the 5 years ended Dec. 31 1926, and for the year 1926 such
earnings were $857,853, or 5 71 times the 3150.000 interest requirement
on these debentures.
Sinking Fund.
-Indenture will provide for a sinking fund commencing
Oct. 1 1927 to operate semi-annually for the retirement of $125,000 par
value of debentures per annum.
-Sale of Plants.
(C. M.) Hall Lamp Co.
Hayes Wheels & Forgings, Ltd., Chatham, Ont.Pref. Stock Sold.
-McLeod, Young, Weir & Co., Ltd., and
Murray & Co., Toronto, have sold $650,000 7% cum.
sinking fund pref. stock at 100 and dive., with a bonus
of three shares of common stock with every 10 shares of pref.
Transfer agent, National Trust Co., Ltd. Registrar, Royal Trust Ce.
Cumulative dividends payable Q.
-J. by check negotiable at par at any
branch in Canada of the Bank of Toronto. Preferred as to cumulative
dividends at the rate of 7% per annum, and as to assets in distribuJon
to the extent of $110 and dividends. Red., all or part, on 60 days' prior
notice at 110 and dividend.
CapitalizationAuthorized.
Outstanding.
First mtge. sinking fund gold bonds
$1,500,000
a$600,000
7% cum.sink,fund pref. stock ($100 par). 1,500,000
650,000
Common stock (without par value)
100,000 shs.
50,000 shs.
a Series A 6% due April 1 1942.
Data from Letter of J. D. Chaplin, President of the Company.
Company.
-Is the largest manufacturer of automobile wheels in Canada.
It is a consolidation of the Hayes Wheel Co. of Canada. Ltd., with the
Canadian Hardwood Co., Ltd., and subsidiaries, and owns modern factory
properties at Chatham and Merritton, as well as at other strategic points
in the Province of Ontario. Property at Chatham covers an area of seven
acres, while at Merritton the company holds on a long-term lease, renewable in perpetuity, a valuable water-power capable of developing
1,050 h.p., of which 750 h.p. has been developed. Company manufactures
wood and metal disc automobile wheels, hubs, rims, front and rear axle
assemblies, motors, carriage and wagon wheels, poles, shafts, automobile
top bows and miscellaneous bent goods, and, in addition to supplying the
leading motor car manufacturers in Canada,has a large export trade with
Great Britain and other European countries. Australia, New Zealand,
South Africa, India and South America.
Sales.
-Sales over the past 10 years show a most satisfactory record of
expansion, increasing from $987.120 in 1917 to $3,824,703 in 1926. or
over 287%. For the past five calendar years, sales have been as follows:
1922. 82.273 946; 1923, $2,729,725; 1924, $2,651,914; 1925. $3,383,930;
7
1926, $3.824,103.
-Net earnings, after providing for depreciation and income
Earnings.
taxes, but before deducting interest on bonds, all of which are to be retired
out of the proceeds of the present financing, were as follows:
Earnings from
Provision for
Provision for
Net
Depreciation. Income Taxes.
Operations.
Earnings.
$10,143
$97,024
$224.256
1924
$117,088
369.434
21,910
96,938
1925
250,585
95.782
439,107
27.647
315,677
1926
available for dividends on the pref. stock, after providing
Net earnings
for all charges, including depreciation income taxes, and annual interest
amounting to $36,000 on bonds to be issued, averaged for the three years
above mentioned $191,783, which is at the rate of $29.51 per share on the
pref. stock outstanding, and for the year 1926 were $279,677, which is at
the rate of $43.02 per share. The balance available for the common stock
for the year 1926 was $4.68 per share on the 50.000 shares of no par value
stock outstanding.
Sinking Fund.
-A sinking fund beginning April 1 1928 of 10% of the
net profits available for common dividends is provided for the redemption
of the preferred stock at or under par and accrued dividends. If the
stock be not obtainable at such price. the sinking fund is to be maintained
as a reserve for the redemption of the stock if and when it can be so
purchased.
Purpose.
-Proceeds of this issue are to be used for acquiring or redeeming
outstanding stocks and bonds of the constituent companies, for improving
the capital structure of the company and for effecting the amalgamation
of the several businesses in order to secure the advantages that go with
centralized buying and management; and for other corporate purposes.
Listing.-Appllcation will be made in due course to list both the preferred
and the common stocks on the Toronto Stock Exchange.
Hedley Gold Mining Co., Ltd.
-Report.
The company reports net earnings for the year ended Dec. 31 1926 of
1112,475.-V. 122, p. 3091.
Hercules Powder Co.
-Quarterly Report.Quar. End. Mar. 311927.
1926.
1925.
1924.
Gross receipts
$6.577,671 $6.004.731 $5,503,369 $5.171,399
xNet earns, all sources
700,811
667,408
604.225
433,828
Prof. div.(1%%)
197.937
185,656
182,010
179,369
Balance, surplus
$502.875
$481,752
$422,215
$254,460
Shs.of com.out.(par$100)
147,000
143.000
143,000
143,000
Earns. per share on corn.
$3.42
$1.78
$3.37
$2.96
x After deducting all expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance of plants, accidents, depreciation.
taxes, &c., also interest on Aetna bonds.
Consolidated Balance Sheet March 31.
1927.
1920.
1926.
1927.
Assets8
$
Liabilitiesi
$
Plants& property-27,136,903 26,203,408 Common stock_ _14,700,000 14,300,000
Cash
1,154,679 1,672,649 Preferred stock_ _11,405,200 10,611,400
.
Acc'ts receivable 4,245,437 3,658,010 Aetna bonds
3,261,675
Collateral loans_
175,000 Acc'ts payable_ _ _. 534,966
394,358
Invest. securities_ 1,084,239 2,162,071 Pref. env. payable
92,850
99,796
Liberty bonds__ 3,903,899 3,933,158 Deferred credits__
25,190
86,662
Mans & supplies- 3,809,503 3,144,996 Fed's taxes (est.). 499,359
461,300
Finished products_ 2,531,462 2,314,513 Reserves
5,563,627 4,274,347
Deferred charges__ 105,418
156,059 Profit and loss_ __ _11,101,931 9,996,743
Following the recent merger with this company of the Edmunds &
Jones Corp., arrangements have been made for the sale of the plant and
property of the Hall company at Kenosha, Wis.,and the sale of the Chicago
Electric Mfg. Co., and the Canadian Lamp & Stamping Co., both former
subsidiaries of the Edmunds & Jones organization. The Hall company
Total
43,971,541 43,417,863
will concentrate production at Detroit, Mich. ("Iron Age.")
-V. 124,
-V.124. p. 2436.
D. 1833.
(M.A.)Hanna Co.,Cleveland.-A cquires Ore Properties
.-
The company has organized the Missouri Ore Co. which has taken over
and will operate the iron ore properties in Missouri that have heretofore
been operated by the Iron Mining Co. The new company will conduct
exploration work and in addition will continue the operation of a mill for
treating conglomerate concentrates, a small tonnage of which is produced
and shipped to the St. Louis Coke & Iron Corporation. The property
acquired covers 16,000 acres. The Hanna company has also taken over
Total
43,971,541 43,417,863
-Hibernia
Hibernia Mortgage Co., Inc.
-Notes Offered.
Securities Co., New Orleans, is offering $100,000 1st mtge.
coll. trust 6% gold notes, series D, 1927, at prices to yield
4
53 % for all maturities.
Dated April 1 1927; due April 1 1930-33. Denom. $1,000, $500 and
roe. Int. payable A. & 0.at Hibernia Bank & Trust Co., New Orleans,
La.,trustee. Callable on any int. date upon 30 days' notice at 101 and int.
2600
THE CHRONICLE
These notes are the direct and unconditional obligations of the Hibernia
Mortgage
Inc., and to addition are secured ratably and without
preference by the assignment to the trustee of first mortgages on improved
Co.'
city real estate.
-V. 124, p. 1675.
Highbourne Garden Apartments (Highbourne Hffling Co., Inc.).
-Bonds Offered.
-Leo G. McLaughlin Co.,
Los Angeles, recently offered at 100 and int. $300,000
7% 1st mtge. serial gold bonds.
Dated Feb. 11927: due serially, 1929-39. Int. payable F. & A. Free
from Calif. personal property taxes and also 2% of the normal Federal
Income tax. Callable on 40 days' notice at 1.02M and int. up to and incl.
Feb. 1 1930, and thereafter at 1033 and int. Pacific Southwest Trust
& Savings Bank, Los Angeles, Calif., trustee.
Security.
-Secured by a first closed mortgage on land and all improvements thereon. The property is owned by the borrowing corporation in
fee simple and consists of 320 ft. on Highland Ave. north of Franklin, the
south 80 ft. having a depth of 143 ft., while the remaining frontage of 240 ft.
has a depth of 295 ft. to Las Palmas Ave., Los Angeles. In addition to
the above security, the corporation has contracted to deposit a chattel
mortgage on all furniture with the trustee.
The principal improvement on the property will consist of a modern
class A apartment building, six stories in height with full basement. It
will be of reinforced concrete fireproof construction surfaced with cement
and cast stone trim. This building will have 147 large room in combinations
of1,2 and 3
-room apartments. There will be modern equipment,including
electrical refrigeration in all apartments, electric dishwashers. &c. There
will also be a swimming pool in the building and two complete bungalows
one single and one double-located On the roof.
Earnings.
-Corporation estimates that the income from the apartment
building will be $75,000 per annum, present rental of bungalows is reported
at $22,000, making a total of $97,000 anticipated gross annual revenue.
Estimated expenses, including 10% allowance for vacancies, amount to
442,500. leaving a net of $54,500, which is more than 2% times maximum
interest charges of the bonded debt, and considerably in excess of the
largest principal and interest requirements in any one year.
(A.) Hollander & Son, Inc.
-Listing.
The New York Stock Exchauge has authorized the listing of 200.000
shares of common stock without par value.
Consolidated Income Account 2 Years and 3 Months Ended March 31 1927.
!Includes Bertram J. Goodman, Inc., since date of acquisition Jan. 1 1926.1
-Calendar Years- 3 Mos.End.
1925.
1926.
Mar.31'27.
Sales
$3,656,370 $4,747,374 51,437,284
Cost of sales
2,339.414 2,982,810
896.558
Selling, general & administrative exp..
616,994
895.757
239,030
Balance
$699.963
$868,807
5301,698
Other income
452,530
328,023
57.235
Total income
$1.152.494 51.196.830
*358.933
Interest paid
47,364
86,345
22,661
Depreciation
59,326
87.183
14,775
Other deductions
130,054
199,923
73,627
Federal taxes
116,661
111,156
34,046
Net Income
3798.788
$712,222
$213.820
Earnings per share on common
$3.99
53.38
51.02
-V. 122, p. 891.
Honolulu Plantation Co.
-Resumes Dividends.
-
The directors have declared a monthly dividend of 25 cents per share
on the outstanding on the capital stock, par $50, payable May 10 to holders
of record Aprll 30. This is the first distribution since Feb. 1926, prior to
which date monthly dividends of 40 cents per share were paid.
-V. 122, p.
1319, 1178.
Hotel Lafayette Co. Atlantic City, N. J.
-Bonds
Offered.-Bioren &Co. Philadelphia, are offering at 99 and
int., to yield about 6.10% $600,000 1st mtge. sinking fund
6% gold bonds.
'
Dated April 15
1926; due April 15 1941, Atlantic County Trust Co.,
Atlantic City, N. J., trustee. Red. on 30 days' notice at 102 and hit.
Denom. $1,000. $500 and $100 co. Interest payable A. & 0., without
deduction of the normal Federal income tax not in excess of 2%. Penn.
-mills tax refunded. Principal and interest guaranteed by endorsement
4
by the Atlantic County Bond & Mortgage Co., Atlantic City.
Data From Letter of Arthur 0. Franckle, Pres. of the Company.
-These bonds are secured by a closed first mortgage on land with
Security.
a frontage of 85 ft. on North Carolina Ave., Atlantic City, N. J. and the
recently opened Hotel Lafayette erected thereon, together with all improve'
ments, fixtures and furnishings. The hotel is a 9
-story steel frame and
brick structure, containing 18 housekeeping apartments, 100 rooms for
transients, and 90 baths.
The property has been appraised by the C. J. Adams Co., Atlantic City,
at 51,035,640. These bonds represent less than a 58% loan, based on this
appraisal.
-Estimated annual net earnings of *187,000 are equal to more
Earnings.
than 5 times maximum interest requirements and 23's times maximum
combined interest and sinking fund requirements on these bonds.
Sinking Fund.
-A semi-annual sinking fund is calculated to retire 60%
of the bonds by maturity, based on an average purchase price of par.
Equity -These bonds are followed by a second mortgage in the amount
of $125,000; and by $45,500 7% preferred stock, and $202.000 common
stock.
Hudson Motor Car Co.
-Sales Increase.
-
It is announced that the company sold more ofits cars at retail in the first
two weeks of April than in any other two weeks' period of It history. In
that period buyers purchased 18,700 Hudson and Essex. The HudsonEssex factories are said to be working at their capacity of 1,500 cars daily.
Nearly 5.000 cars a month are going overseas.
-V. 124. p. 2437.
Hupp Motor Car Corp.
-Balance Sheet March 31.1927.
Assets
property account
(less depree.)___ 6,776,508
.Accts. receivable__ 2.547,964
Inventories
5,966,174
Cash & Govt. see_ 8,812.600
Investmenta
1.003.329
&e
1
Deferred charges._ 114,881
1926.
$
7,933,387
2,986,611
8,003,716
4,644,386
1.363,017
1
150,632
25,221,547 24,481,731
Total
-V. 124, p. 2437.
1927.
Liabilities$
Common stock _10,051,899
Accounts payable_ 3,073,647
Accrued accounts_ 100,799
Fed, tax reserve__ 452,025
Reserve for int.,
conting., &c____ 1,454.906
Other reserves_ _ _ 312,099
Dealers deposits,- 137,810
Surplus
9,638,362
Total
1928.
$
9.138,090
3,417,475
214,702
610,531
2.129,655
129.470
8,841,808
25,221,547 24,481,731
Indian Motocycle Co.
-Earnings.
-
The company reports for the 6 months ended Feb. 28 1927, net profit
of $36.387 after deducting expense, depreciation and other charges, but
before taxes. After allowing for preferred dividends requirements, balance
Is equivalent to 10 cents a share on 100,000 shares of no par common
-V. 124. p. 1227.
stock.
-Bonds Offered. Fletcher American
Indian Realty Corp.
Co. Indianapolis, are offering $125,000 1st mtge. 5M%
serial gold bonds at 100 and int.
Dated April 1 1927: due serially Oct. 1 1928 to 1934. Denom. $1,000
and $500. Red. all or part on any int. date on 30 days' notice in inverse
order of maturities at 101 and int. Principal and int. (A. & 0.) payable
at Fletcher American National Bank. Indianapolis, trustee.
Company.-Incorp. in Indiana. Is a wholly owned subsidiary of the
Indian Refining Co. As such, it owns real estate in Indiana, Michigan,
Ohio and Kentucky which is used by the Indian Refining Co. in certain
a its operations.
-A direct obligation of the corporation and specifically secured
Security.
by a first closed mortgage on approximately 4 acres owned in fee adjacent
[Vox.. 124.
to the Indianapolis Union Ry. and extending from New York to Michigan
Sts. Indianapolis. The improvements on this property either already
erected or in the course of construction will consist of motor repair,
paint
and machine shops, warehouse, garage, office building, loading building
and other improvements necessary for the operations of the Indian Refining
Co. in this territory. The real estate has been appraised at $50.400. The
improvements have been appraised upon completion at 5201.600. making
a total valuation of mortgaged property of $252,000.
Income.
-All the property subject to this mortgage will be leased for a
period of 10 years to the Indian Refining Co. at an annual rental which is
In excess of 4 times the maximum interest requirements of this Issue and
more than sufficient to provide for both interest and serial maturities.
Purpose.
-Proceeds will be used to provide a portion oethe funds necessary
for the present construction program.
Ingersoll-Rand Co.
-Contracts
Work on the largest oil tanker in the world to be equipped with Diesel
electric propulsion has just been begun at the yards of the Scott Shipbuilding
& Engineering Co., Greenock, Scotland, for the fleet of the Atlantic Refining Co., according to announcement by the Ingersoll-Rand Co. The
tanker will be of 12,500 tons deadweight, 469 feet in length and with a
designed speed of 11 knots. Four oil engines, of the Carols
-Ingersoll-Rand
4
-cycle airless injection type, built by the Carols firm at Ghent, Belgium,
will drive the dynamos. Each engine will be of 750 h.p. capacity with 6
cylinders 193- inches in diameter. Each engine will drive an auxiliary
generator mounted on the same shaft. The electrical machinery, to be
supplied by the British Thomson-Houston Co.. Ltd., ef Rugby. England,
will consist of four 250
-volt dynamos, running in series, supplying one
1,000-volt main propelling motor.
The Atlantic Refining Co. owns 5 oil-electric vessels, and is converting
3 more tankers. All are equipped with the Ingersoll-Rand oil engine.
-V. 124, p. 2128.
Inland Steel Co.
-Earnings.
3 Mos,End. Mar.311927.
1926.
1925.
1924.
Net profits after expenses *3,247,064 $2,441,629 $1,715.872 $2.775,753
Deprec'n and depletion_
618,201
490,095
537.301
309,014
Interest & Federal taxes_
497.937
410,625
150.000
296,250
Preferred dividend
175,000
175,000
175.000
175,000
Common dividend
764,249
764.249
739,249
739,249
Balance, surplus
$1,191,677
$601,660
$114,321 $1,256,240
Net profit for the first quarter of 1927 is equivalent after preferred dividends to $1.65 a share on 1,182.799 shares of no par common stock, against
$1.15 a share in the corresponding quarter of 1926.-V. 124, p. 1834.
Insurance Exchange South (Underwriters Building
Corp.), Chicago.
-Bonds Offered.
-An issue of $5,.000,000
1st mtge. leasehold 6% sinking fund gold bonds is being
offered at 100 and int. by Central Trust Co. of El., Chicago
and A. C. Allyn dr Co., New York and Chicago.
Dated April 1 1927: due April 11947. Int. payable A. & 0. at Central
Trust Co. of
Ill., Chicago, trustee, without deduction for normal Federal
income tax not exceeding 2%. Redeemable prior to maturity on 30 days'
notice, on any int, date at following prices, plus hit.: At 103 on or before
April 1 1932: at 1025i thereafter And on or before April 1 1935: at 102
thereafter and on or before April 1 1938; at 1013's thereafter and on or
before April 1 1941: at 101 thereafter and on or before April 1 1944; and
at 1003. thereafter and prior to maturity. Denom. $1,000. $500 and
$100 c*.
Data from Letter of Ernest R. Graham. President of the Corporation.
Location and Owners/rte.-The new building, to be known as Insurance
Exchange South, will occupy the south halfof the block bounded by Jackson
Boulevard, Wells, Van Buren and Sherman Streets, in the central business
district of Chicago, directly west of the Board of Trade Building, and
within three blocks' distance of practically all of the most important financial
institutions of the City. The building is being erected by the Underwriters
Building Corp.
-the ownership of which is identical with that of Insurance
Exchange Building Corp., which owns the Insurance Exchange Building
occupying the north half of the block-primarily to meet the demand for
additional space in that building, which, since its completion in 1912, has
been the center of the underwriting and insurance interests of the city.
The two buildings, which will be under the same management and so
interconnected as to form practically a single building, with streets and
light on 4 sides, will have approximately 1,118,000 square feet of rentable
space, and from the standpoint of rentable area will constitute the largest
office building in Chicago and the third largest in the United States.
The building, to be erected, will be a highly modern,steel frame, caisson
foundation, 21 story, store and office building. It will conform in architectural design with the existing building, and will contain about 547,000
square feet of rentable space. The foundation and structural strength of
the building are designed to support an 18
-story tower, with 200,000 square
feet of additional rentable space.
Security.
-Bonds are the direct obligation of the Underwriters Building
Corporation, and are specifically secured by closed first mortgage upon its
99 year leasehold estate in and to the south half of the above block, comprising 39,500 square feet of ground area, and the new 21 story building
above described, to be erected thereon.
In accordance with the appraisal of Preston M. Nolan, Real Estats
Valuator, the leasehold estate and completed building are conservatively
valued at $8,668,764. These bonds represent less than 58% of such
valuation.
Earnings.
-Based upon a lower rental schedule than has been obtained
on all recent leases in the present building, and upon the actual record of
_perating expenses of that building, the annual net income of Insurance
i xchange South, after all operating expenses including allowance for
vacancies, available for bond interest, depreciation and Federal taxes, is
estimated by Mr. Nolan at $763,441, equivalent to 2.54 times the maximum
interest requirement on these bonds.
Sinking Fund.
-Indenture provides for the deposit with the trustee on
Oct. 11930, and on each April 1 and Oct. 1 thereafter, of $200,000, to be
applied first to the payment of the current interest; the balance to be used
for the retirement of bonds by purchase or redemption at the then current
redemption price: all bonds so purchased or redeemed to be cancelled. II
bonds are available at par, the sinking fund so provided will retire 57%
of the issue prior to maturity.
International Agricultural Corp.
-Status.
-Vice-President Albert French, April 21, says in substance:
The directors have determined to defer the payment of
dividend due June 19 1927 on the prior preference stock, andthe quarterly
the
stockholders should be informed in regard to the company's feel that snd
position
the conditions in the fetilizer industry which have led to
this decision.
The South was confronted in 1926 with a record cotton
a
market price for it below the average cost of production. crop, and it
Further,
became manifest to the fertilizer manufacturers that there would be an
important decrease in the cotton acreage in 1927, and as a consequence a
corresponding decrease in the consumption of fertilizers. These factors
led to severe price cutting. The situation is not peculiar to this company,
but applies to the whole fertilizer industry.
The 1927 spring shipping season for fertilizers is not
over, and it is,
therefore, difficult to make any definite prediction asyet what the final
to
outcome for the fiscal year will be, but it appears certain, at this time, that
the business will result in some loss.
Other departments of the company's business have been good and profits
will be earned, but not sufficient in amount to offset the losses in the fertilizer department.
The company's management has exercised caution in its credit policy.
Approximately 90% of the business in the South is being done on a cash basis.
The financial position of the company is sound. On March 31 1927 its
current assets were $10,726,822 and its current liabilities $2,127,404, or
current assets equal to .504 times current liabilities. It is expected that
at the end of the fiscal year (June 30 1927) the company will have no bank
loans outstanding. Since the reclassification of the company's capital
structure Dec. 1 1923 net profits to June 30 1926 aggregate $2,479,762,
and the directors believe the company is in good position to face the unfavorable trade conditions now existing.
The directors, however, feel that as the prior preference dividend has
not been earned during the present season and in view of the conditions
in the industry it is wise to conserve working capital by deferring the dividend payable June 1 1927 on the prior preference stock.
-V.124. p. 2437.
.
International Business Machines Corp.-Quar. Earns.
1927.
3 Mos.End. Mar.31Net after bond interest,
reserve. deprec'n, &c_ $1.084,446
141,046
Estimated Federal taxes.
2601
THE CHRONICLE
APR. 30 1927.]
1926.
1925.
1924.
$873,654
113.654
$747,481
93.481
$658,410
82,410
$576,000
$654,000
1760.000
6943,400
Balance, surplus
share on
Net profit for the first quarter of 1927 is equivalent to $1.63 athe same
par capital stock, against $1.31 a share on
578 643 shares of no
capital share basis in the corresponding quarter of 1926.-V.124, p.2111.
.
.
International Silver Co -Earnings.
(Rudolph) Karstadt, Inc., Hamburg, Germany.
The stockholders will vote May 27 on the adoption of a resolution de-V.123. p. 3329.
claring a cash dividend of 10% on the capital stock.
-Proposed Merger.
Kelsey Wheel Co.
-V. 124. p. 1834.
See Hayes Wheel Co. above.
-Capital Stock Increased.
Kraft Cheese Co., Chicago.
The stockholders have increased the authorized capital stock from 350.006
shares to 500,000 shares, par 825.-V. 124. p. 1834.
-Stock Increased.
Lago Oil & Transport Corp.
The stockholders on April 29 increased the authorized capital steck
The company and subsidiary for the quarter ending Mar. 31 1927,reports
from 4.000.000 shares to 5,500,000 shares.
net income of $364.392 after depreciation, bond interest, provision for (no par value)
Results for Year Ended December 311926.
Federal taxes, &c., equivalent after allowing for preferred dividend requireOperating profit
on 60 798 shares of common stock.
$4,911,197
ments to $4.25 a share
debenture bonds, due Jan. 1 1933, have Depreciation and depletion
1.054,136
All of tho outstanding 6;
been called for payment July 1 next at par and int, at the New York Trust
-V. 124, p. 2128.
City.
Balance
way, N. Y.
.$3.857,061
Co., 100 BroadOther income
305,258
-Resumes Div.
Interstate Terminal Warehouses,Inc.
The directors have declared a dividend of 25c. per share on the pref.
stock, payable May 5 to holders of record April 30. The regular quarterly
-V.124.
dividend of87%c. per share on this issue was deferred in Jan. last.
p. 656.
Total income
Provision for taxes
$4.162,319
230,000
Profit
Minority interest
63.932.319
15.784
Investment Company of America.-Pref. Sto, k Offered.
Net profit
$3.916,535
E. E. Mac Crone & Co., Detroit are offering $3,500,000 Shares of capital stock outstanding (no par)
3,987.464
Earnings per
$0.98
7% cum. pref. shares, series A, in units as follows: One -V. 124. p. share on capital stock
2438.
share (no par
pref. share, series A (par $100), one common
1 1937)
Layne & Bowler, Inc., Memphis, Tenn.
-Bonds Of...
value), and one warrant to purchase (prior to April
one common share at $30 per share, at $116.50 per unit and fered.-Rogers Caldwell & Co. Inc., New York, and Canal
Orleans, are offering $850,000
Bank & Trust Co., New
accrued pref. share dividends from April 1.
Security Trust Co., Detroit, Transfer Agent; Detroit Trust Co., Detroit, 10-year 6M% sinking fund gold debenture bonds (with stock
registrar. Dividends payable 0. & J. Preferred as to cumulative purchase warrants) at 99 and int. to yield over 6.60%.
the rate of 7% per annum and as to assets of $100 Per share.
dividends at
Callable as a whole or in part on 30 days' notice at 6110 and diva. Exempt
from Norma' Federal Tax and from Multiple Inheritance Taxes.
-Has been established to conduct the business of an investment
Company.
a higher return
trust. Its purpose is to obtain for the Investor in its sharesas an individual
on his capital than is ordinarily available with safety to him
business of investing and reinvesting its
It is engaged solely in the securities an affords its shareholders resources
safely of
In seasoned, marketablediversification, careful examination, and constant
Principal through broad
supervision of investments. In legal form this trust is a business trust,
administered by trustees who are incorporated as a trustee corporation
under Michigan law.
whose
The organization includes four main divisions: A Board of trustees
members have had years of successful experience in investment and financial
handling
markets; a research department of analysts thoroughly capabie of problems
the financial accounting, statistical, engineering and technical
encountered in the determination of sound values and trends; an economic
council composed of a group of distinguished economists of national reputation in the fields of applied economics; an advisory board of business men
who have achieved success in many fields and eye the beads of industrial
and financial institutions of wide scope and contacts. These units will work
in close co-operation toward the conservative and effective investment of
the trust fund.
Authorized. Outstanding.
Capitalization.
Pref. shares-Series A-7% cumul.(par $100) *$5,000,000 $3,500.000
200,000shs *35,000 shs.
Common shares (no par value)
*Common shares outstanding may be increased and further Issues of senior
securities authorized under terms of the trust indenture.
Operation.
-The trustees have personally paid the entire expense involved
In organization of the company and have assumed, and wilt continue to pay,
all operating expenses of the trust, except taxes, through March 26, 1928.
The trustees serve without salaries or fees. They will receive as compensation for this original expenditure and their continuous service as trustees,
the right to purchase common shares at prices which will equal or exceed
-V. 124,
the prices paid by the public for common shares in this offering.
P. 2437.
-Changes in Personnel.
Jones & Laughlin Steel Corp.
Charles A. Fisher has been elected President to fill the vacancy caused
by the death of William Latimer Jones. Mr. Fisher had been Vice-President
in charge of finance since the creation of the present corporation in 1923.
B. F. Jones, 3d, formerly Secretary, has been elected Vice-President and
Secretary.
T. M. Girdler, Vice-President in charge of operations, has been elected a
member of the executive committee.
Quar. End. Quer. End.
Mar.31 '27. Dec.31 '26.
Period$5.085.291 $4,927,855
Net after taxes
1,333,522
1,227.989
Depreciation and depletion
204.795
198.578
Interest
Net income
Preferred dividends
Common dividends
63.658.724 63.389,538
998,137
1.012.718
716.650
716.650
Surplus
Shares of common outstanding (par $100)
Earnings per share en common
-V. 124. p. 1519.
61,929,356 11,674.751
573,320
573,320
$4.61
$4.17
Dated Jan. 1 1927: due Jan. 1 1937. Int. payable J. & J. at Canal
Bank & Trust Co.. New Orleans. and Chemical National Bank, N. Y.
City, without deduction for normal Federal income tax not exceeding
2%. Company agrees to refund the Penna., Conn. and Calif. taxes not
in excess of 4 mills per annum, Md. personal property tax not in excess
of 4% mills per annum, Ky., Va., Mich. and Dist. of Col. taxes not in
excess of 5 mills per annum and the Mass. Income tax on the interest not
In excess of 6V per annum. Denom. 31.000 and $500c*. Red., all
i
rt,
e % o any int. date after Dec. 31 1928 upon 30 days' notice at 105
n
d
and t, to and incl. Dec. 311929. the premium declining 17 ach calendar
e
year thereafter until Dec. 31 1933, and at par and int. thereafter until
maturity. Canal Bank dr Trust Co., New Orleans, trustee; Clinton F.
Niebergall, New Orleans, co-trustee.
-Each debenture bond will bear a detachable
Stock Purchase Warrants.
warrant entitling the holder thereof to purchase common stock of the
company in the ratio of 10 shares for each 61,000 of bonds at $11 per
share up to and incl. Dec. 31 1928. the purchase price increasing $2 per
share biennially thereafter to and incl. Dec. 31 1936.
Company.-Inccrporated in Delaware in December 1926. Owns and
operates the business formerly conducted by Layne & Bowler Mfg. Co.,
which company succeeded Layne & Bowler Co. originally organized in
Texas in 1907. Company Is engaged in the business of manufacturing and
selling pumps and other appliances used in connection with the sinking,
equipping, developing and operating of large-capacity water wells.
Company with its affiliated sales companies is the largest organization
In the world specializing in the installation of large-capacity watet wells
with a guaranteed flow of water.
-For the 3 years and 11 months' period ended Nov.30 1926
Earnings.
net profits of the company available for bond interest charges, depreciation
and Federal taxes were 61,377,406, or an annual average of 3351.678.
This is over 6.3 times maximum annual interest charges on this issue.
The net profits were as follows.
1925.
1924.
1926 (11 Mos.).
1923.
8414.051
6280,126
1555.691
6127.538
For the 11 months period ended Nov. 30 1926 net profits were 11 times
Interest charges.
-Beginning May 1 1927 company will pay semi-annually,
Sinking Fund.
as and for a sinking fund, a sum sufficient to retire annually at the then
redemption price 5% of the principal amount of bonds originally issued.
These minimum sinking fund payments will retire 50% of the entire issue
by maturity. In addition, beginning May 1 1928, the company agrees
to make additional payments, on May 1 in each year. to the sinking fund
account, equivalent to 20% of its net earnings (as defined in the indenture)
for the preceding fiscal year after deducting the minimum sinking fund
payments; provided, however, that the additional sinking fund payment
due in any year shall be reduced by an amount equal to the proceeds
from the exercise of stock purchase warrants originally attached tc bonds
exercised during the preceding fiscal year. It is estimated that the total
sinking fund payments will retire the entire iesue prior to maturity.
-Bonds have been issued in part for the acquisition of the
Purpose.
properties and business of Layne & Bowler Mfg. Co.,for additional working
capital and other corporate purposes.
-Lloyd F. Layne, V.-Pres., and J. G. Gordon Jr., V.-Pres.
Management.
& Gen. Mgr.
Authorized.
Issued.
Capitalization$850,000
-year 6%% s. f. deb. bonds. (this issue)--$850,000
10
250.000 shs.
207,500 shs.
Common stock (no par)
-Extra Dividend of
Lehigh Coal & Navigation Co.
-The board of managers on April 27 declared an extra
of 1%.
-Earns. dividend of
(Anton) Jurgens United (Margarine) Works.
3, of 1% and the regular quarterly dividend of
According to cable advices from Nymegen. Holland, received by White,
Weld & Co., the Anton Jurgens 'united (Margarine) Works reports net 2% on the outstanding $29,243,400 capital stock, par $50
appllcable to interest for the year 1926 of 23,709,473 guilders, both payable May 31 to holders of record April 30. Like
earnings
compared with 14,500,000 guilders for 1925 and 13,752,449 guilders for the
year 1924. The 1926 earnings are the largest in the company's history, and amounts were paid on Feb. 28 last. On Nov. 30 1926, the
-year company made an extra distribution of 2%.-V. 124, p. 657.
are nearly 10 times the interest requirements on the company's 25
secured convertible 6% bonds, publicly offered in the American market In
1922 and now listed on the New York and Amsterdam Stock Exchanges.
-Business Ahead of Last Year.
Loft, Inc.
of shareholders to be held on
understood that at the general meeting
It is
May 13, the directors will propose the payment of 10% dividend on the
common stock. After such payment and after appropriating 1,000,000
guilders for debenture sinking fund and 1,796.446 guilders for depreciation
and other reserves, the company will carry forward a net balance of8,791,813
guilders.
The 6% debentures above referred to will be convertible into common
stock only during the month of July next. They were not redeemable until
call
July 1 1928, when sinking fund retirements will begin; company maydate
the entire issue for redemption at 105 and interest on any interest
-V. 121, p, 1233.
thereafter.
-Easter
(G. R.) Kinney Co., Inc. SundaySales. $1,383,767, comtotaling
Sales for the 14 days preceding Easter
gain of
pared with 61,289.319 in the same period of last year, a against $94.447,
$386,897.
$321,731
or 7.3%. Sales for Saturday, Aprli 16, were 561,819. or 20.2%, and the
Saturday preceding Easter 1926 a gain of
for
'
largest single day's sale in the history of the company
1924.
1923.
1925.
Earnings Calendar Years- 1926.
613,077,982 $17,358,610 516,315,372 614,107.306
Store sales
6,728.087 6,341,418 5,961,632 4,939,677
Factory sales
-President James J. Newman at the annual meeting held April 22,
Vice
stated that the Easter period of 1927 had been the best the company had
ever had in Its more than 50 years of business. He said that the day before
Easter was the largest single day's business recorded in the company's
history, and that the business to date this year was well in advance of the
same period of last year.
-V. 124. p. 2128.
Ludlum Steel Co.
-Earnings.
Calendar Years1925.
1926.
Operating profits (after deducting Federal & other taxes)$472,064 $687,475
Other income
120.596
39,562
Total! ncome
Repairs & maintenance
renewal of plant
Interest on bonds
Net profit
Dividends paid
3592,659 3727.037
expense,
depreciation
$228,379 3245.084
81.398
78,601
6285,679 6400.554
270.000 255,000
Amount added to surplus
$15,679 $145,554
Shares of capital stock outstan
(no par)
135.000 135.000
$2.97
$2.12
$24,806,070 $23,703,028 622,277,004 819,046,933 Earnings per share on capital stem
Total sales
-V. 124, p. 243.
inter-company sales_ 6,364,514 5,671.568 5,208,099 3,725.975
Less
Loose-Wiles Biscuit Co.
-Listing.
818.441.556 618,031,460 $17,068,905 815.321,009
Net sales
Stock Exchange has authorized the listing on and after
The
Cost of sales & oper. exp-.- 17,441,700 16,463.479 15.583.245 14,066,076 May 9New York engraved certificates of not to exceed 500.000 shares
permanent
255,940
190.458
322.766
344,825
Int. & misc. chgs- -common stock (par 625). consisting of (a) 320,000shares on May 9 in
Deduct Federal Sz State
152,172
110,000
140,000 exchange for $8,000,000 common stock (par 6100), on the basis of 4 shares
78,000
inc. tax, est
of common stock (par $25) for each share of the common stock (par $100);
$924,475 (b) 80,000 shares on July 1 as a stock dividend of 25% payable on July 1
$577,031 $1.135,215 $1,077,547
Net profit
433,128 (11)591,639 (13)703.488 1927 to the holders of record June 1; (c) upon official notice of the Issuance
434,179
(8%)
Priest "ividends__ -thereof of not to exceed 80,000 shares for exchange on and after May 9 1927
Common dividend_.... (64)240,000 (63)179.985
for such of the shares of the 2d preferred stock as may be converted therein;
$485.908
$220,987 and (d) upon official notice of the issuance thereof not to exceed 20,000
6522,102
1 def$97.148
Balance, surplus
shares as a stock dividend payable on July 1,to the holders of record June 1
124, p. 2289.
2602
THE CHRONICLE
of said new common stock, the certificates for which may have been delivered to them in exchange on or prior to June 1 1927 of the shares of
2d preferred stock. See also V. 124, p. 1369.
P. Lorillard Co.
-Listing.
The New York Stock Exchange has authorized the listing on or after
May 1 of $1,968,850 additional common stock (par $25) on official notice
of issuance thereof as a stock dividend, making the total amount of said
common stock applied for $34,779.850.-V. 124, P. 1676.
McColl Brothers, Ltd., Toronto.
-May Retire Pref. Stk.
[VOL. 124.
E. W. Marland, President, says: "It should be noted that the reserves
aggregating $4,739,065, representing a substantial increase over those for
the corresponding period of last year, were due largely to the great number
of wells completed during the first quarter of this Year.
"Production of the company increased approximately 50% over that of
the first quarter of last year, but the average price received was 30% less
per barrel and net income before reserves was adversely affected to the
extent of $3,135,000 by this decline in price.
-V. 124, p. 1661."
Mary Lee Candy Shops, Inc.
-Earnings.
-
Calendar Years1926.
1925.
1923.
1924.
Shops at end of year---52
38
27
17
Sales
$1,309.547 $1.064.959
$652,201
1487.750
Net after taxes81,208
16,758
68,606,
Balance Sheet Dec. 31 1926.
AssetsLiabilities
Plant, &c
$127.875 Capital stock
a$406.699
Cash
46.275 Notes payable
12.273
Magma Copper Co.-Earnings.Munic. & Can. Govt. bonds 203,239 Accounts payable
86,138
Accts. rec., net of reserve-Quar Ended Mar. 316,829 Accrued charges
1927.
1926.
19.415
Copper produced (lbs.)
7.386,059
63,366 Real est. purch. contract7.115.386 Inventories
7,883
Prepaid expenses
Net earnings after expenses but before deprec. and
'
13,297 Insurance reserve
2,120
taxes
$389,515
3,150 Surplus •
$422,826 Life insurance policy
29,771
The net earnings for the 1927 quarter are based on a net sales price of Formulas and good-will77,000
12.85c. per pound of copper,against 13.833c. per pound in the corresponding Def. chgs. & organ. exp_..._ 23,250
Total (each side)
$564.280
quarter a year ago.
a Authorized 8.000 shares class A,
par
Net earnings for the first quarter of 1927 are equivalent to 95 cents a issued and outstanding 8,000 shares70,000 shares class B, no classvalue;
B.
class A, 64,195 shares
share on 408.155 shares of capital stock, outstanding. against $1.03 cents a V. 123. p. 2147.
share in the corresponding quarter of 1926.-V. 124, p. 2129.
It was announced at the annual meeting on April 20 that before the next
annual meeting the directors probably would take some action with a view
to retiring the preferred stock.
It was also stated that the new refinery is now operating satisfactorily.
The company now owns 21 filling stations and 12 bulk stations in Ontario.
-V. 123, p. 1122.
Mandel Brothers, Inc.
-Initial Dividend.
The directors have declared an initial quarterly dividend of 624 cents
per share on the 313.000 shares of no par value capital stock, payable
July 2 to holders of record June 2.-V. 124, p.2438.
Manufacturers' Liability Insurance Co.
-Stock Of-.
fered.-The Bankers Trust Co., 16 Wall St., New York, has
been appointed agent to receive subscriptions for the unsold
portion of 100,000 shares capital stock at $10 per share.
Company.
-Is a corporation of the State of New Jersey, organized in 1911
with its home office in Jersey City. N. J. started to write business in July
1912. Company is authorized to issue policies and transact the business
of accident, health, liability, workmen's compensation, property damage,
collision and theft insurance, as specified in its charter and amendments
thereto. In the following States; Delaware, Illinois, Indiana. Maine,
Maryland, Massachusetts, Missouri, New Hampshire, New Jersey, New
York, Pennsylvania, Rhode Island, Vermont, District of Columbia.
Branch offices are maintained at Boston, Providence. Bridgeport and
Baltimore.
-The capitalization of the company at present is repreCapitalization.
sented by 100,000 shares of common stock. Upon the completion of this
public subscription there will be outstanding 200,000 shares of stock. The
board of directors, when authorizing this increase in capitalization, stipulated that the price of the stock should be $10 per share, $5 of which would
be credited to capital and $5 to surplus.
Company has no preferred stock or bonded indebtedness, therefore this
common stock is not limited as to dividends.
-Company increased its volume of business in 1926 to approxEarnings.
imately 25% over the previous year and operated at a cost of 12.9%,
which is considered exceedingly low in the insurance business.
Surplus.
-After settig aside reserves for all known liabilities at Dec. 31
1926,there remained a surplus for the protection of policyholders of$700,427.
This surplus does not include, however, office fixtures. Insured for $40,000.
or premiums 90 days overdue. of $137,327, a large part of which have been
collected.
Dividends have been paid stockholders over a period of 10 years, up to
1924, which averaged over 11%. Since that date they have been deferred
to enable the company to expand by taking on additional lines. It is the
company's intention to resume dividends on the completion of this financing.
-The purpose of the additional capital provided by this Issue
Purpose.
is to enable the company to accept an increased volume of business, which
is being offered to it at the present time.
Directors.
-Fred Atwater, S. Proctor Brady, Walter H. Cole, Samuel
H. Dodd, Hon Edward I. Edwards, Edward I. Edwards Jr., J. G. S.
Johnson, Carleton D. Morse, 'Walter B. Pollock, George G. Raymond,
Frederick Snare Jr.. A. E. Williamson, George E. Williamson, D. T.
.3.).-V.123.p.2272.
Winter Jr.. M.D.(President of the co.. Jersey City, N.
Mayflower-Old Colony Copper Co.
-Assessment.
--
An assessment of 50 cents per share has been levied on the capital stock
of the company payable May 10 1927. by stockholders of record May 9
1927. This assessment is payable at the office of the American Trust Co.,
transfer agent, 50 State St., Boston, Mass. Thls is the first assessment
since Dec. 8 1925 and makes $16.50 per share paid in on the outstanding
200,000 shares of capital stock, par $25.-V. 124, p. 2290.
Merrimac Chemical Co., Boston.
-Proposed Acquisition.
Vice-President Charles Kelknap states that the company is prepared to
take over and operate the properties of the Vermont Kaolin Co. of Bennington, Vt.,if permission can be obtained of the town authorities to relocate
about one-third of a mile from the highway. The change is necessary, he
said, because the present highway passes over one of the largest deposits of
kaolin, as shown by borings. Experiments have also shown a profitable
percentage of aluminum salts, one of the company's products.
-V. 123.
p. 3193.
Miag Mill Machinery Co. ("Miag" Muhlenbau und
Industrie Aktiengesellschaft).
-Listing.-)
The New York Stock Exchange has authorized the listing of $2.894,500
7% closed 1st mtge.30-year sinking fund gold bonds, due June 1 1956.
Profit and Loss Account as Reported by the Company Years Ended Dec. 31.
(Relchsmarks converted to U.S. dollars at rate of 23.8c. per reichmark.)
1928.
1925.
1928.
1925.
Surplus br't forw'd $20,592
$3,332
$30,898 7% div. pref.stock
$3,332
Gross profits
3,365,743 3,123,895 5% div.corn.stock 140,420
140,420
8,104
Res. for welfare fds. 47,600
Total surplus_ _ _$3,388,334 $3,154,590 Res.for pension fds.
35.700
35.700
Expenses
$2,428,989 $2,388,872 Statutory paym'ts
Taxes
361,389
207,860
to the directors_
15,602
11,733
Depreciation
184,000
200,995 5% ext.div.on corn 140,420
140,420
Balance
$413,970
-V. 122, p. 3462.
$379,083
Unapprop.Burp-
$30,896
$39,353
Midland Steel Products Co.-Earnings.Quer, End. Mar.31Manufacturing profit
Expenses
1927.
1926.
1925.
$861,919 $1,041,393 $1.141,396
124,412
142,145
200,533
Operating profit
Interest, &c
Depreciation
Federal taxes
$737.507
28,290
106,169
$899,248
29,327
101,827
$940.863
92,312
98,191
94,000
$603.048
$788,094
-v. 124. P. 1521
.
Motion Picture Capital Corp.-Earning8.-The
-Equipment Trusts Offered.
Marietta Mfg. Co.
Quarter Ended March 31
1927.
Bank of Pittsburgh (N. A.) recently offered at 100 and Total income
$223,971
Expenses,interest, &c
136,888
int. $125,000 5-year serial 532% equipment trust certificates, Federal taxes
11,773
series A. Issued under the Philadelphia plan.
$656,361
Guaranteed unconditionally, jointly and severally as to payment of
principal and dividends, by endorsement of the Marietta Mfg. Co. and
the Indiana-Belfont Transportation Co. Dated April 1 1927; due $25,000
annually, April 1 1928-32. Dividend warrants payable A. & 0. Denom.
81,000. Red. on any int. date upon four weeks' notice as a whole at 102
and div. Principal and div. warrants payable at the Bank of Pittsburgh
N. A., Pittsburgh, Pa., trustee, without deduction for the normal Federal
income tax up to 2%.
These certificates, issued under the Philadelphia plan, whereby title
to the equipment remains vested in the trustee until all certificates have
been paid, will be secured by (a) one new 360-h.p. full Diesel engine driven
stern-wheel towboat, the Belfont, together with all appurtenances and
necessaries appertaining thereto; (b) 10 steel barges of the standard coal
barge type each having a length of 150 ft. by 26 ft. wide and 10 ft. deep.
These barges and towboat were built In 1926 by the Marietta Mfg. Co.
at Point Pleasant, W. Va. The contract price of this equipment was
$250.300. and these certificates are issued for approximately 515% of cost.
-Initial Pref. Dividend.
(Lewis) Mark Shoes, Inc.
The directors have declared an initial quarterly dividend of 1X% on
the 7% cumul. cony. pref. stock, payable May 1 to holders of record April
21.-V. 124, p. 1369.
-Quarterly Report.
Marland Oil Co.
1924.
1925.
1926.
3 Mos.End. Mar.31- 1927.
$19,350,146 $16,096,643 $16,039,305 $9,568,259
Gross earnings
Oper. & admin. exps., &c 15,581,079 12,837,168 12,799,970 5,710,534
Profit
Net income
Shares of com. outst'd'g (no par)
Earns, per share on common
-V. 124, p. 1522.
$75,310
175,464
$0.35
1926.
$221,175
89,032
18,043
$114,100
171.774
$0.59
Nashawena Mills; New Bedford, Mass.
-Resumes Div.
-
The directors have declared a quarterly dividend of $1.50 per share,
payable May 3 to holders of record April 26. The last previous dividend
was $1.50 per share paid Nov.2 1926. The dividend ordinarily paid Feb. 1
was omitted.
-V. 124. p. 1522, 658.
National Brick Co. of Laprairie, Ltd.
-Decreases Div.
-
The directors have declared a quarterly dividend of 1X% on the 7%
cum. pref. stock, payable May 16 to holders of record April 30. since
May 1925 the company has paid quarterly dividends of 1X % on this issue.
It is understood that there is at present 24% arrears on the pref. stock.
-V. 122, p. 2958.
National Dairy Products Corp.
-33 1-3% Stock Dividend.
-The directors have declared a 33 1-3% stock dividend
on the outstanding 1,045,039 shares of common stock, no
par value, payable June 17 to holders of record June 7.
Cash dividends at the rate of 75 cents per share quarterly
have been paid since April 1 1924.-V. 124, p. 2439.
National Food Products Corp.
-Acquires Control of
Old Dominion Ice Co., Inc.
-
$3,769,067 $3,259,475 $3,239,335 $3,857.835
Net earnings
The corporation, it was announced April 25,
46,284
1,816.508
1,934,188
acquired
Miscellaneous income_ _ _ 1,280,330
stock of the Old Dominion Ice Co., Inc., which hasturn owns 100% of the
in
the common
$5,049,397 $5,193,663 $5,055,843 $3,904,119 stock and $466,000 pref. stock of the Richmond Ice Co.,Inc. (V. 1 24, P•
Gross income
2132). The companies supply Richmond (Va.) with 90% of the ice con274,045
352,778
7,682
81,640
Int. & amortiz. disc_ _ -sumed in that city.
for
The acquisition is part of the expaasion program of the National Food
737,237
1,080,995
1,555.915
4,739,065
Products Corp. which includes the acquisition of controlling interests in
1,887,705
2,310,853
Dividengs
operating companies'engaged in food and allied industries. The initial
in this
def$2,082.161 $1.742.361 $3,622,070 $2,892,837 stepstock plan was consummated recently when it acquired all of the capNet income
ital
of the Allentown Dairy Corp., which operates a modern dairy
The profit and loss surplus March 31 1927 amounted to $6,316,707 plant in the city of
Allentown, Pa., distributing over 15,000 quarts of milk
Dec. 31 1926.
as compared with $8,627,560
and cream per day.
Net income for the first quarter of 1927 is equivalent to 10 cents a share
Month of January1926.
on the 2,317,059 no par shares of capital stock outstanding, against $1.91
1927.
Approx.$19,000
a share on 1,896,245 no par shares outstanding in the corresponding quarter Earnings
$25,830
-V. 122. P. 3046.
of 1926.
Consolidated Balance Sheet March 31.
National Fuel Gas Co.
-Split Up of Shares.
1927.
1928.
1926.
1927.
The stockholders on April 28 voted to change the authorized capital
$
Liabilities$
$
Assetsstock from 370,000 shares of $100 par value (all outstanding) to 3,700,000
Cap. stk. & surp.s91,613,906 90,601,483
Fixed assets (lees
26,951 shares of no par value, 10 new shares to be issued in exchange for each
20,551
deprec.& depl.).59,023,904 61,071,282 Minority interests.
-V. 124, p. 1667.
875,000 share of present stock.
Invest.& advs._ _ _12,234,884 12,559,589 Federal taxes
10,900,000
Deferred charges. _ 2,454,091 1,386,099 Bills payable
National Lead Co.
-Stock Dividend Ruling.
3,021,389 Accounts payable_ 3,692,265 3,214,677
4,085,118
Cash
The Committee on Securities of the New York
Exchange rules
350,294
Bills & accts. rec 9,021,741 5,900,237 Accrued items_ _ __ 428,806
that the common stock shall not be quoted ex-the Stock stock dividend
100%
7,726.954 3,917.887
Crude oil
on May 2 and not until May 27. See V. 124. p. 2439.
Refined products_ 7,113,455 4,920,245
Material & supplies 4,936,851 2,238,738
National Shirt Shops, Inc. N. Y.
-Stock Oversubscribed.
52,939 Total (each sIde)-106,655,528 95,088,405
Accrued items_ __
. 58,530
The unissued 1,755 shares of preferred stock, par $100 each, and 3,510
shares of common stock without par value, recently offered to preferred
x Represented by 2.317,059 no par shares.
.
zr
THE CHRONICLE
APR. 30 1927.]
2603
Charles S. Munson, Thomas G. Flaherty and Lawrence G. Preston have
stockholders of record Jan. 15 1927, have been oversubscribed. Each pre-V. 124, p. 2132.
ferred stockholder was entitled to subscribe on or before Feb. 15 for each been elected directors, to fill vacancies.
of prethree shares of preferred stock held, a unit consisting of one share$110.
-Registrar.,
(J. C.) Penney Co., Inc.
ferred stock and two shares of common stock, at the total price of
The Chase National Bank has been appointed registrar for 300.000 shares
The company is planning an expansion program during the current year.
present it owns 42 stores and by the end of the year it expects to have of preferred stock par $100.-V. 124, p. 2132, 1372.
At
50 stores in operation. In five years the company plans to increase this
Pennsylvania Coal & Coke Corporation.
-Earnings.number to 200.
-Month of March- -3 Mos End. Mar31F. A. Sarg is President and C. T. Mortimer, Secretary. Offices of the
Period1927.
1926.
1926.
1927.
company are at 222 Fourth Ave., New York City.
Gross earnings
$694,711
$521,160 $2.081,189 $1,846,258
Balance Sheet December 31 1926.
Oper. exp. & taxes (excl.
LiabUittesFederal taxes)
603,956
539.848
1.798.224
1.793,328
$574,500
Furn. d: fixtures (less res.) __ 1205,669 Preferred stock
232,450
229,240 Common stock
Cash
Operating income_ ___
$90,755 loss$18,688
$282,965
$52,931
23,992 Miscellaneous income__
339,409 Accounts payable
Merchandise
21,324
54,637
14,096
57,330
30,213
5,567 Reserve for taxes
Acc'ts receivable
1,137
65 Rents receivable prepaid_ _
Special funds & deposits_ _ _
Gross income
$340,295
$107,568
295,527 Depreciation & depletion $112,079 loss$4,592
250,000 Undivided surplus
Goodwill
$81,806
$24,5541
687,770
$30,024J
123,373
Deferred expenses
10,9251
Other charges
17,325J
45,967
33,031
3,260
Insurance policies
81,157,819
Total (each side)
1,237
Label stock
Net inc. bef. Fed. tax..
$71,130 def$46,471
$219,494 def$20,205
-V. 124, p. 2127.
Net income for the quarter ended March 31 1927 is equivalent to $1.27
a share on 172,606 shares of capital stock outstanding. , 124. P• 2441.
-V.
-Earnings.
Ohio Leatl-er Co.
1926.
1925.
1924.
Quarters Ended March 31- 1927.
$41,245
$47.372 loss$9,962
$33.433
Net profit after charges
Net profit for the first quarter of 1927 is equivalent after first and second
preferred dividends to 31 cents a share on the common stock. V.124.13•1231.
-Listing.
Oil Well Supply Co.
Photomaton, Inc.
-New Director.
Franklin D. Roosevelt has been elected a director succeeding James G.
Harbord (Pres. of the Radio Corp. of America).
Henry Morgenthau is Chairman,and Charles S. Green is Secretary of the
Photomaton, Inc. See also V. 124, p. 2441.
Phillips Petroleum Co.-Earnings.The New York Stock Exchange has authorized the listing of 40.625
Quar. End. Mar. 311927.
1926.
1925.
1924.
additional shares of common stock (par $25), on official notice of issue and
$12,879,312 $9,982,596 $7,220,060 $5,655,087
payment ;n full, making the total amount applied for 70,000 shares, each Gross income
3,861,332
1,982,441
2.853,659
the par value of $100 of pref. stock and 520,069 shares each of the par Expenses & Federal tax_ 6,074,593
of
value of $25 of common stock.
Net before depr.&depl. 06,804.719 $6,121.264 $1,366,401 $3,172,646
The 40.625 additional shares of common stock are being issued for the
purpose of providing a portion of the funds necessary to be used in calling, -V. 124, p. 2440.
paying off and cancelling the 1st mtge. 6% sinking fund serial gold bonds,
Pierce-Arrow Motor Car Co.
-Outlook, &c.
dated June 1 1919, of which $1,875.000 are issued and outstanding. It is
President M. E. Forbes, says: "Since the price reduction as certain
anticipated that the 40,625 additional shares of common stock will be issued
series 80 models early in April, orders are more than 3 times greater than
on or about April 30 1927.-V. 124, p. 2440.
those received in March. Present indications are that total April shipments
will be 33 1-3% greater than in March. and March shipments were 50%
-New Director-Outlook.
Otis Elevator Co.
Albert IL Wiggin, Chairman of the Chase National Bank, has been higher than February.
"Actually the company is in an unusually sound financial condition.
succeeding Charles G. Comstock, deceased.
elected a director,
Gross sales in 1926 constituted a record amounting to more than $65,- having borrowed no money from banks during the year, and *hero are no
000,000. Chairman W. D. Baldwin stated at the annual meeting. Of this outstanding loans.
"The cash balance April 26 was $1,709,000, and this after payment cif
amount $52.282,000 represented sales in the United States and the balance
was foreign business. Of the total business in the United States last year $66,000 for its 8% debenture bonds purchased to meet next year's sinking
fund requirements."
New York State.
31% was in
Pres. Baldwin further states in substance: "There is every indication now
Quer. End. Mar. 311927
1926
1924.
1925
$286,185
$550.964
078,110
that we will have a very substantial profit and a satisfactory volume of Net earnings
$687,846
192,984
business this year. Within the last few weeks we have taken some very Depreciation
129,258
204.590
175,569
substantial contracts, including one with the New York Life Insurance Interest, Federal tax., &c
123,812
113,153
154,274
157,514
Build.ng, calling for 33 elevators and also for the Bamberger stores in
Newark. Safety signal device business is growing in favor and within
$200,411
$78.729
Net income
343,774
$328,982
the last ten days we have taken orders for $5,000,000 of this class of business.
The net income of$43,774 for 1927 is equivalent to 43 cents a share earned
"Foreign business is rapidly getting better, as the companies are getting on 100.000 shares of 8% cumulative preferred stock. This compares with
better organized and profits in those countries which are money markets $328.982. equal to $3.28 a share on the preferred and 39 cents a share on
for the company more than offset losses in those countries in which Otis 328,750 outstanding shares of common stock in the first quarter of 1921.
is not yet making profits. Business in the Argentine and Canada is -V. 124, p. 2292.
especially good. Profits are being shown in England. France and Ger-Balance Sheet Dec. 31.Pierce Oil Corp.
many, though Switzerland and Italy are not yet showing a profit. We
have Just opened an office in Brazil."
1926.
1126.
1925.
1926.
Last year the company spent $2,000.000 for improvements, while in the
$
$
Assetslast four or five years upwards of $6.000.000 was spent on this account. Cash on deposit._
l5,000,0
1,661 Preferred stock
111,000,001
1,707
.
according to Mr. Baldwin. It was to capitalize this that the stock divi- Treasury stock__
44,493 Common stock_ __29,622,111 19,622.831
44,493
dend of25%on the common was recently declared,he stated.-V.124.p.2291. Investment
834,917,817 34,917,817
9,658,815 9,658,859
Deficit
Otis Steel Co.
-New Director-Earnings.
Charles F. Batchelder, Asst. V.-Pres. of the Chase Securities Corp., has
Total
44,622,811 44,622,831
44,622,831 44,622,831
Total
been elected a director, filling a vacancy.
-Y. 122,
x 1,103.41934 shares of capital stock of Pierce Petroleum Corp.
1924.
3 Mos.End. Mar.311926.
1925.
1927.
3464.
$706,622 P.
Manufacturing profits__ $1,339,001 $1,462,565
$844,861
271,415
291,145
Expenses, taxes, &c____
303,609
-Earnings.
372,755
Pierce Petroleum Corp.
1927.
1926.
1925.
Quarter Ended March 31$415,477 Gross profit
Operating profit
$573,446
$966,246 $1,158.956
$1,936,749 $1,781,949 61.958,400
33,622 Expenses
Other income
20,671
43,738
62,434
1,737.867
1,632,627
1.620,212
75,809
73,610
71,202
&c
Total income
$449.099 Interest,
$594,117
$1,028,680 $1,202,694
252 569
230.300
157.948
281,644 Depreciation
285,459
Interest, discount, &c1 277,545f
296,976
Cr.6,616
Subsidiary companies
Cr.14,605
1 Dr.17,074
J
$129,496
$154.588prof$109.038
Net loss
-v. 124, p. 2441.
Net profit before depr. $751.135
$323,263
$174,071
$888,644
Net profits for the first quarter of 1927 is equivalent after preferred
(Societa Italiana Pirelli).
Pirelli Company of Italy
dividends to 73 cents a share on the common stock, against 92 cents in the
.
-J. P. Morgan & Co. have sold $4,000,000
Bonds Sold.
corresponding quarter of 1926.-V. 124, p. 1990.
Owens Bottle Co., Toledo, Ohio.
-Annual Report.
Calendar Years1924.
1925.
1926.
1923.
Mfg. profit &royaltiee.._ $8.550,974 $7.489,282 $5,643,463 $5,064.738
Other income
2,362,891
734.575
1.025.508
1,037,236
Total income
$10.913,865 $8,223,856 $6,665.971 $6,101,974
Expenses,&c.,charges.._ 2,728,186
2.314,173
2,558,927
2,161.411
Federal taxes
1,257,022
858,633
399.500
380,000
Net profit
36,928.657 $5.051,052 $3,710,544 03,560,563
Preferred diva.563,861
575,360
608.031
622.167
Common dividends_(20 7'4)3,479,825(16)2643.554(12)1981,909(12)1981,944
1
Balance, surplus
$2,884,971 $1,832,138 $1,120,604
$956.452
Profit & loss,surplus
$9,288,332 88,204,892 06,471,718 35.970,391
Shares of common outstanding (par $25)
695,100
661,128
760,548
660,508
Earns, per sh. on corn
$9.16
$6.77
$4.70
$4.45
Stock dividends of 5% each were paid Jan. 1 1927 and 1926.
Results for the Quarter Ended March 31.
1927.
1926.
1925.
1924.
Net profit after expenses
and Federal taxes_ __ _ $1.119,118 $1.214,412
$941,690
$802,454
Net profit for the first quarter of 1927 is equivalent after pref. div. requirements to $1.34 a share on 729,906 (par $25) shares of common stock
outstanding, against $0.53 a share on 697,643 shares outstanding in the
corresponding quarter of 1926.-V. 123. p. 3332.
Pan American Western Petroleum Co.
-Earnings.
Quarter Ended March 31Gross
Operating costs
1927.
1926.
$9,068,064 $5,424.647
7,233,389
4,062,617
Operating profit
Other expenses,interest, dre
$1,834,675 $1,362,030
609,540
551,994
Profit
Depreciation and depletion
Federal taxes
$1,225,135
948,392
16,605
Net profit
-V. 124, p. 1990.
$810,036
893,469
$260,138 def$83.433
-Status.
Peerless Motor Car Corporation.
President Ver Linden says in part: "We do not owe a cent except current
charges. We have no bank loans, and our ratio of current assets to liabilities is 11 to 1, an increase from 4 to 1 in 1926."-V. 124, p. 2131.
-Earnings.
Penick & Ford, Ltd., Inc.
Quarters Ended March 31Gross earnings
Expenses
Depreciation
Interest
Net income before Federal taxes.--
1926.
1925.
1927.
$1.175,500 $1,125,246 $1,237,273
526.289
545,040
525.814
151,243
122,797
157,500
60,599
57,004
64,494
$422,212
$415,561
$489.465
bonds at 98 and mt.,
sinking fund 7% convertible gold'
to yield over 7.15%.
Dated May 1 1927; due May 1 1952. Interest payable M. & N. A
cumulative sinking fund calculated to be sufficient to redeem the entire
Issue on or before maturity, is to be applied to the purchase of bonds if
obtainable at or below 104 and int., or, if not so obtainable, to the semiannual redemption. commencing May 1 1928. at 104 and int., of bonds to
be called by lot. Red, also in whole (but not in part, except for the sinldng
fund) on May 1 1937, or on any int. date thereafter up to and incl. Nov. 1
1941. at 105 and int., thereafter on any int. date prior to maturity at 100
and int. Principal and interest payable in New York City at the ohice
of J. P. Morgan & Co. in gold coin of the United States of America of the
present standard of weight and fineness. without deduction for any Italian
taxes present or future. Denom. $1,000. The National City Bank of New
York, trustee.
-Each bond will be convertible, at the holder's
Conversion Privilege.
option, into series A stock of the company as follows: During the two years
ending April 30 1929, into 25 shares or at $40 per share: during the two
years ending April 30 1931. into 2234 shares or at approximately $45 per
share: during the two years ending April 30 1933, into 20 shares or at $50
per share, provided that a minimum price of par, viz. 500 lire per share,
figured at the rate of exchange current at the time of conversion must be
paid, any excess over $1.000 per bond thereby payable to be paid in cash.
Data From Letter of G. B. Pirelli, President of the Company,
Milan, Italy.
Organization ee Business.
-The Pirelli business, which has been in existence
for 56 years under the continuous control of the Pirelli family,is now carried
on by several companies bearing the name "Pirelli" and their subsidiaries.
About 50% of the total sales of the group consists of electric cables and
wires, about 35% of automobile tires, and the balance of sundry rubber
articles. The Pirelli group is one of the largest producers of electric conductors and cables in the world and the third largest European producer of
automobile tires. The total sales of the group in the year ended Dec. 31
1926. excluding Intercompany sales, amounted to the equivalent, at average
exchange rates for the year, of approximately $27,700,000.
The principal Pirelli works are in Italy, but there are factories also in
England, in Spain and in the Argentine. A complete sales organization is
maintained in Italy and abroad, and a world-wide export business is conducted. In 1926 (at average exchange rates for the year) the Italian company's export sales amounted to over $5,225,000 of which approximately
$2,142,000 were made by affiliated companies. The Pirelli group employs
about 13,000 men.
The Pirelli Co. of Italy owns all the Pirelli plants and business in Italy
and about 54% of the capital stock of the Pirelli International Co. (Cornpagnie Internationale Pirelli, Brussels). Practically the entire balance of
the outstanding capital stock of the latter company is owned by the principal
shareholder of the Pirelli Co. of Italy.
Purpose of Issue.
-Proceeds of this issue of bonds will be used to repay
bank loans and other short-term debt incurred for additions and betterments of the company's plant already made or now in progress, and to
increase the working capital of the company.
Properties of Pirelli Co. of Italy.
-The principal manufacturing plant of
the company is the Bicocca Works, situated about two miles from the
centre of Milan. This is one of the most modern and best equipped industrial plants in Italy. The works comprise 35 separate plant buildings of
one, two, and three-story construction, all of modern,fireproof, reinforced
2604
THE CHRONICLE
r Vol_ 124
concrete construction, and having an aggregate floor space of 1,734,000 terly dividend of 37%e. per share, both payable
June 1 to
sq. ft. The Bicocca Works date only from 1912. and has been steadily
enlarged as manufactinIng departments have been transferred to it from the holders of record May 20. An extra dividend of like amount
old plant situated in the center of the City of Milan. The latter will even- was paid on the common stock in each of the five preceding
tually be abandoned altogether and all manufacturing operations concenquarters.
-V. 124, p. 659.
trated in the Bicocca Works.
Company owns 94.8% of the capital stock of S. A. Filature Mako, a
Real Estate Trust Co., Phila.-Dividends.cotton spinning mill with 106,592 spindles, which is one of the largest in
The company has declared semi-annual dividends, payable May 2 to
Italy, and 87.5% of the capital stock of S. A. Tessuti Industriall, a cotton
cloth weaving mill with 41 looms and complementary machinery. These holders of record April 21 to be distributed in accordance with the plan of
spinning and weaving mills supply the Italian Pirelli factories with approxi- distribution as follows: $3.50 per share on the assented preferred. 33.50 on
mately one-half of their requirements of automobile tire fabric. The ac- the assented common,$3 on the non-assented preferred and $3.08 per share
p t4
08
-V.123,
counts of these two companies have been consolidated with those of the ou3he uon-aasented preferred stock on account of accumulations.
parent company,the Pirelli Co. of Italy, in the statements presented below.
Pirelli International Co.
-This affiliated company is organized under
Realty-Securities Investment Trust.
-Certificates OfBelgian laws and is a holding company, owning directly or indirectly the
-National American Securities Co., Inc., New York,
entire capital stock of companies selling Pirelli products in France, Belgium. fered.
Great Britain, Spain and the Argentine, and operating factories in the two is offering at 100 and int. $1,000,000 insured 6% particilatter countries. The British subsidiary also owns 50% of the capital
stock of the Pirelli General Cable Works, Ltd., which operates two cable pating certificates, serieS A.
Dated April 1 1927: due April 1 1937. Trust fund unconditionally and
factories iii,England, the other 35 int. in this co. being owned by the General
Electric Co. Ltd.(of London) These factories sell their output for the most irrevocably insured by the Metropolitan Casualty Insurance Co. of New
part in their respective local markets. The International company also York. Principal and interest payable at Central Mercantile Bank & Trust
holds the entire capital stock of two companies owning rubber plantations Co., trustee. Certificates with interest warrants attached in denom. of
by British Malaya and in Java with an aggregate area of about 10,000 acres. $1,000 and $500 c*. Red. all or part on any int. date on 30 days' notice
The Pirelli Co. of Italy carries its investment in the capital stock of the at 102 and int. and participation. Interest payable A. & 0. without
Pirelli International Co.in its own balance sheet of Dec.31 1926 at $386.665. deduction for any Federal income tax up to 2% per annum.
Securita.-Certificates, series A. are a direct obligation of Realty FounThe consolidated balance sheet of the International company and its
subsidiaries shows a book value (which is considerably below the actual dation, Inc.. having net assets in excess of $1,500,000, which by the terms
value) for its capital stock of which the proportionate share of Pirelli Co. of the indenture cannot be reduced below that amount by payment of dividends or distribution of assets to stockholders.
of Italy would be approximately $3,000,000.
The trust indenture has been deposited with the trustee, and provides
(Amounts originally expressed in lire have been converted into dollars
herein at 4.5 cents to the lira (unless otherwise noted), which was approxi- as follows: Securities and mortgages with an aggregate value at all times
equal to at least 125% of the principal amount of outstanding certificates
mately the rate of exchange on Dec. 31 1926.)
Property Valuation ei Balance Sheet.
-The Perilli Co. of Italy and its shall be assigned, transferred to, and deposited with the trustee for the
predecessor companies, in accordance with the practice of many strong benefit of certificate holders: at least 25% of the principal amount of outEuropean industrial companies, have made extraordinarily heavy charges standing certificates shall be invested in securities other than real estate
for depreciation, have written off new construction against earnings, &c., mortgages. Realty Foundation, Inc.. covenants that it will not request
so that the property account in the company's published balance sheet has the issuance of and shall not be permitted to issue at any time certificates
become merely a nominal one.
which shall exceed the aggregate total of the principal amount of first
According to an appraisal by Day & Zimmermann, Inc.. the real estate, mortgages assigned to the trustee, the market value of the securities
plants, machinery, and equipment owned by the company and by its pledged with the trustee, and 66 2-3% of the principal amount due the
Italian subsidiary companies, have a cost of reproduction new in Italy, less trustee under any mortgage on property subject to any prior lien or mortgage
All mortgages held by the trustee shall be on improved real property in
accrued depreciation, of $12,087,230 as of June 30 1926.
Company's consolidated pro forma balance sheet, as of Dec. 31 1926, as the City of New York and counties adjacent thereto in the State of New
prepared by Price. Waterhouse & Co., and after giving effect to this York and shall mature prior to the maturity of the certificates. All
financing, shows total current assets of $20,319,000, total current liabilities securities and mortgages shall, before acceptance by the trustee, be approved
of 88,132.906 and net current assets of $12,186,094. This balance aheet, by the insurer and all mortgaged properties shall be appraised by two
after giving effect to the above-mentioned appraisal and to this financing, competent appraisers approved by the insurer. The value of any mortshows total net assets, after deducting all hob-Mies except these bonds, of gaged property shall be at least one-third greater than the amount of
$26,224,777, or over 6 times the amount of this issue. Company's only said mortgage, together with any prior liens or mortgages.
Participation.
-All income and profits accruing [rem the investment and
funded debt other than this Issue Is represented by $65,041 of debentures
reinvestment in securities, other than mortgages, of a value equal to 25%
maturing in 1927 and in 1932.
Earnings.
-The annual reports of the Pirelli Co. of Italy, as published, of the principal of the total outstanding certificates shall be distributed
skew net earnings after allocating a considerable part of the net earnings to pro rata to certificate holders, except that Realty Foundation, Inc., shall
extraordinary depreciation and various other write-offs. Sales for the 5 receive 6% on its capital investment in such securities. The accumulated
years ended Dec. 31 1926, and net earnings, after deducting ordinary profits are payable at the maturity of the certificatee or upon their prier
depreciation charges based on the company s book values, were as set redemption.
The investment management of that portion of the trust fund in the
forth below. These earnings are as lasted by Price, Waterhouse & Co.from
profits of which certificate holders participate will be vested in an indeexamination of the company's books.
pendent advisory board of not less than three members. The indenture
Net avail.for
Calendar
Net
Int, and for
Profits Balance for restricts such Investments to securities having an immediately available
a Interest
Years.
Sales.
Profits Taxes.
Dividends. market in the City of New York.
Taxes.
Payments.
Other Provisions.
-Realty Foundation, Inc. agrees to re-purchase from
1922
$192,224
$9.770,331 $1,202,640
$653.946
$356,470
'
1923
11,058,532
256,021
134,716
925,880 the trustee whenever called upon by the insurer. on 30 days' notice, any
1,316,617
mortgage deposited with the trustee, if default occurs in the payment of
1924
12.932.323
1,557,553
214,356
1,195.334
147,863
1.720.294 principal, interest or taxes; and similarly to re-purchase from the trustee
20.446,496.
1926
19.442.136 *1,940.289
99,516 b1,438,405 any security if the market value thereof decreases to 90% of its market
402,368
value
real
(Lire figures have been converted at following rates: 1922.4.8 cents; 1923: estateon the date of its original deposit with the trustee. All titles toeach
covered by mortgages and the validity of said mortgagee will in
4.5$ cents; 1924, 4.346 cents: 1925. 4 cents; 1926. 3.856 cents; or approxi- instance
be guaranteed by a title company doing business in the State of
mately the annual average exchange rates for each of these years.)
a On floating debt chiefly. b After crediting to earnings 81,080,221 New York, and there will be deposited with the trustee, fire insurance
charged against equalization reserves aggregating $3,564,733 established policies in such amount and with such ccmpanies as the insurer shall approve.
out of the earnings of the three preceding years before arriving at the
Richmond Ice Co., Inc.
-Control, &c.-'
figures of net earnings as shown above.
The figures shown above represent the consolidated sales and net earnings
Control of this company has been acquired by the National Food Products
of the Pirelli Co. of Italy and Its subsidiaries, S. A. Filature Mako and S. A. Corp. through the Old Dominion Ice Co. (See National Corp. above.)
Tessuti Industrial!: the earnings include only the dividends received from
Capitalization of the Richmond Co. After Recent Financing.
the Pirelli International Co. and do not include the Italian company's
Authorised. Outstanding.
proportion of the undistributed surplus earnings of the International com- 1st mortgage bonds
41,500,000 $1.000.000
pany and its subsidiaries.
7% preferred stock, 7% cumulative
1,500,000
1.000,000
During the 5 years shown in the above table, net earnings available for Class "A" stock (no par value)
5.000 shs.
5.000
interest and for profits taxer; averaged $1,645,673 annually, or over 5.8 Class B stock (no par value)
15,000 abs. 15,000 she.
times the maximum annual interest requirements of $280.000 on this Issue
Additional bonds may be issued only under the restrictions contained
of bonds, and in 1926 were more than 6.9 times such interest requirements. in the first mortgage. See also V. 124. p. 2442.
In the 5 year period, net earnings averaged over 4.6 times the total annual
Royal Typewriter Co., Inc.
-Changes in Personnel.
interest and sinking fund charges of $350.400 on this issue, and in 1926 were
more than 5.5 times such charges.
Frank J. Carney,formerly assistant treasurer, has oeen elected treasurer,
Company's sales and net earnings increased steadily from 1922 to 1925. succeeding E. C. Faustmann who has been elected vice-president.
In 1926 the company's net earnings were lower than in 1925, due to a V. 122, p. 1323.
recession in business during the latter part of the year resulting from the
general restriction of credit in Italy and due to generally declining prices for
St. Louis Rocky Mountain &Pacific Co.
-Earnings.
crude rubber and cotton throughout the world.
Quer. End. Mar. 31- 1927.
1926.
1924.
1925.
Capital Stock et Dividends.
-Company has 155.000,000 lire 46,975,000) Gross earnings
$653,136
$771,101
$564,087
$626,629
capital stock outstanding, consisting of 310.000 shares of 500 lire par value Expenses, taxes, &c
435,234
430,139
507,840
406,979
each. The capital stock is divided into two classes, there being 273,000 Interest, &c
54,125
53,816
53,825
64.882
aeries A shares having one vote each and 37,000 series B shares having five Depreciation & deplet'n_
60,881
68,090
65,538
54,261
votes each. All shares of each series are identical except as to voting power.
Dividends on the capital stock of the company and of its predecessor
Net income
$30,598
$113,952
$76,826
$37,964
company have been paid in every year since organization in 1884, with the
Net income for the first quarter of 1927 is equivalent
preferred
exception of 1891 and 1892. Dividends have been paid in recent years at dividends to $1.01 a share on 100.000 (par $100) shares ofafter
common stock
the following rates: 1923, 83%; 1924, 9%; 1925, 107 1926, 11%•
s:
outstanding, against 64 cents a share in the corresponding quarter of 1926.
Company's shares are now quoted at approximately 641 lire per share, - 124, p. 803.
V.
equivalent, at the current exchange rate, to about $33.97 per share and
Savage Arms Corp.-Earnings.indicating a total market value for the company's capital stock of about
Quer. Ended Mar.31$10.530.452, representing the equity Junior to the bonds.
1924.
1927.
1926.
1925.
The company will cause its authorized capital stock to be increased by Net profit after deprec.,
taxes, &c
100.000 additional shares of series A stock, such shares to be issued from
$67,099
def$99,198
$69.526 def$20.176
V.
time to time upon the conversion of bonds. The indenture under which - 124, p. 1679.
these bonds are to be issued, will contain appropriate provisions protecting
Sawyer-Massey Co., Ltd.
-Reorganization.
the interests of bondholders in case of a change in the par value of the
The stockholders on April 19 approved a plan of reorganization which
series A stock, in case of the issuance of additional shares of such stock as a
stock dividend, and in case of the issuance of additional shares for a con- will provide (1) a change in name to Sawyer-Massey Holding Co., Ltd., or
sideration in cash or property less than the then existing conversion price such other name as the Secretary of State may approve:(2) the issuance of
50.000 shares of no par value common stock, of which 18,500 shares are to
per share.
Listing.
-Application for the listing of these bonds on the New York Stock be issued to the Wel company for its assets; (3) the issuance of $600,000
15
-year 6% bonds. Control of the new company will be held by a syndicate
Exchange will be made by the company in due course.
known as the Grosvenor Co., Ltd,
-V. 124. p. 2289. 2442.
Pittsburgh Terminal Coal Corp.
-Defers Dividend.
-
The directors on April 28 decided to defer the quarterly dividend of 1X%
usually paid on June 1 on the 6% cumul. pref. stock. Dividends at this
rate had been paid since March 1 1925.
Horace F. Baker, Chairman of the Board and President, made the following statement:"Net earnings for the first three months of this year exceeded
preferred dividend requirements: however, the Board thought it was wise
and a conservative policy, in order to maintain the present strong cash
position, not to pay the dividend in view of the strike of the miners, which
began April 1 1927, and the determination of the company to operate on the
reduced scale posted April 1. The company has begun to mine coal under
the reduced scale. Mine No. 8 has been opened and Is producing10 to 12
cars a day, but no one can tell when normal operations can be reached.
Although it is felt that real progress has been made under the new order, the
company's position can be won only in opposition to every resource a the
-V. 124. p. 1079.
striking miners."
-Bonds Called.
Producers 8c Refiners Corp.
The Central Union Trust CO. of New York, as trustee, has called
Safety Cable Co.
-Acquisitions.
The company has concluded negotiations for the purchase of the plants
and businesses of the American Insulated Wire & Cable Co. and the BrennerMerv's Co., both of Chicago, and will consolidate both with its organization. The American company specializes in the manufacture of insulated
and bare copper wire and magnet wire, and the Brenner company manufactures copper rods, wire, &c. It is understood that the Chicago Plants
will be continued in service.
-V. 124, P. 1679.
Seagrave Corp.
-Earnings.
-
Quarter Ended March 31Net sales
Costs aid expenses
Operating profit
Other income
1927.
$389,076
244,287
1926.
$532,160
438,553
$44,789
11,563
$93,607
9,644
Total income
$103,251
$56.352
for Federal taxes, &c
20.409
13,368
redemption on June 1 next $261,100 of serial numbered let mtge. 10
-year
8% sink, fund gold bonds of the a.yove corporation at 110 and int. The
Net profit
$82.842
$42.984
bonds called for redemption are payable at the trustee's office,80 Broadway,
During March 1927 the corporation received orders amounting to
-V. 123. p. 1771.
N. Y. City on or prior to June 1 next.
$334,642, the largest aggregate received in any one month in its history
- 124. p. 1837.
V.
-The direc-Extra Dividend of 12 Cents.
Co.
Pure Oil
tors on April 25 declared an extra divithind of 12qc. per share
on the common stock, par $25,in addition to the usual quar-
Sears, Roebuck & Co., Chicago.
-To Open New Store.
The company will build In Milwaukee, Wis., a retail store with about
100,000 sq. ft. of floor space. A site has been acquired for $252,000 on
THE CHRONICLE
APR. 30 1927.]
2605
Balance Sheet March 31.
the northwest side of the city covering approximately 234 acres. The
store will be completed by Sept. 1. It win include three stories and a
Assets1927.
Liabilities1926.
1927,
1926.
basement and there will be ample space for parking facilities. About 250 Bldgs., mach., &c.
aCapital stock__ _ _$4,154,223 $4,154,223
workers will be employed.
less deprec'n__:33,918,962 $4,064,368 1st mtge. 6s
2,313,000 2,459,000
This store brings the total number of Sears. Roebuck retail plants to Cash, &c
1,004,272
684,701 bAcc'ts payable
494,354
361,039
14,besides the eight separate mail order distributing stores.
Bills & acc'ts rec... 550,412
693,043 Surplus
721,411
789,595
It is estimated that the company will invest about $1,000,000 in the Liberty bonds_
101,000
200,000
-V. 124, p. 1991. 1837.
Milwaukee plant.
Inventories
1,494,185 1.822.465
- Preferred charges_ 614,157 299,109 Total(each sIde)37,682,988 $7,763,857
-Sells Wheeler Co. Holdings, &c.
Servel Corp. (Del.).
a Represented by 100,000 shares, par $100. b Includes accrued taxes
The corporation has disposed of for cash its holdings of common stock of and interest.
-V. 124. P• 1681.
Wheeler Condenser & Engineering Co. As part consideration, the
the
Servel Corp. has retained for a period of 2 years the Newburgh plant of the
Stewart-Warner Speedometer Corp.
-Earnings.
Wheeler company. It is in this plant the company manufactures at preseat
3 Mos. End, Mar.311927.
1926.
1925.
1924.
the gas-fired Electrolux refigerating unit, production of which has now Net after depr.& Fed.tax $1.062.048 $1,353,102 $1,303,972 $1,496.700
passed a rate of 100 per day.
Net profit for the first quarter of 1927 Is equivalent to $1.77
At the annual organization meeting of the board of directors an executive 599.990 shares of no par capital stock, against $2.25 a share in a share on
the correCommittee of 3 in charge of management was created, of which H. G. sponding quarter of 1926.-V. 124, p. 1992.
Scott was elected Chairman; the other memoers being Richard E. Forrest
Superior Oil Corporation.
Frank E. Smith. Mr. Smith was elected President and also elected a
and
director in place of Thomas H. Biodget4, resigned. The other directors
G. C. Hamad, John H. Stone and J. R. Nelson have been elected direcre-elected were: J. J. Brown, Clifford Bucknam, Richard E. Forrest, tors.
-V. 124, a. 2445.
William F. Ingold, C. M. Kittle, Wm. H. McCurdy, George Q. Palmer,
Texas Gulf Sulphur Co., Inc.-Earnings.Paul Plunkett, H. G. Scott. and W. V. Swords.
Quar. End. Mar.311927.
1926.
1925.
1924.
The management reported its Evansville plant operating at full capacity
$2,854,631 $1,930,624 $1,413,093 $1,155.868
on its motor-driven electric refrigerators with forward orders assuring the Net earnings
Dividends paid
2,540,000 1.587,500
-V. 124, p. 936.
continuance of this production for an indefinite period.
1.111,250
1,111,250
-Office of Chairman
Sheffield Farms Co., Inc., Inc.
Created.
I. A. Van Hemel, President. has been elected Chairman of the board, a
newly created position, and L. A. Van Bomel, one of 5 Vice-Presidents,
has been elevated to the presidency.
Tne following have been elected directors: H. T. Brown, Waddill
Catchings, A. Cuddeback, T. W. Decker, B. S. Halsey. Ralph Horton,
T. H. McInnernoy, H. S. Tuthill, H. S. Van Home!, L A. Van Bomel,
-V. 123, p. 2403.
L. A. Van Bomel, and F. A. Wills.
-Extra Div. of 1%.
Sherwin-Williams Co., Cleveland.
Balance, surplus
$314,631
$343,124
$301,843
$44,618
Sur. & res've for depl'n- 19,318,720 17,583.399 $7.409,127 $7,100.386
Net income for the first quarter of 1927 is equivalent to $1.12 a share
on 2,540,000 no par shares of capital stock, against 76 cents a share on the
same share basis fcr the corresponding quarter of 1926.
During the first three months of 1927 the company increased its reserves
for depreciation, &c., and for Federal taxes accrued, &c., by $567.797,
making a total of these reserves of $8,500,372 at March 31 1927.-V. 124.
p. 783.
Thompson-Starrett Co., N. Y.
-New Certifs. Ready.
-
President Louis J. Horowitz announces that certificates in permanent
form for the new shares of capital stock may now
An extra dividend of 19; has been declared on the outstanding $14,861,125 render of the outstanding certificates, at the officebe obtained, upon surof the
conunon stock, par $25, in addition to the regular quarterly dividend of Title Guarantee & Trust Co., 176 Broadway, N. Y. City. transfer agent,
2%, both payable May 15 to holders of record April 30. Like amounts
certificates for
quarterly on this issue since Nov. 16 1925. Extras of 34 to Holders ofcertificate for the old shares of common stock will be entitled
have been paid
receive a
23; new shares for each old share
of 1% each had been paid quarterly on the common stock from Nov. 15 by the certificates surrendered; holders of temporary certificates represented
for the new
1923 to Aug. 15 1921. incl.-V. 124. p. 518.
shares will be entitled to receive a certificate in permanent form for the
Siemens & Halske (A. G.), Siemens-Schuckertwerke, number of shares represented by the temporary certificates surrendered.
Stock certificates for half shares will not be issued, but scrip certificates,
G.m.b.H.-Listing.exchangeable in amounts representing one or more full shares for stock certificates, will be delivered in lieu thereof. Holders of scrip certificates will
The New York Stock Exchange has authorized the listing of $4,472,000 not be entitled to dividends with respect to the half shares of stock repre-year 7% secured sinking fund gold bonus, due Jan. 1 1935.
10
, sented thereby until the scrip certificates have been exchanged for stock ctfs.
The New York Stock Exchange has also authorized the listing of out
Arrangements have been made whereby holders of scrip certificates who
-year 634% sinking fund
standing allotment certificates for $24,000,000 25
Sept. 1 1951, with authority to add to the list the desire to do so may, upon application to L. H. Rockwell, Title Guarantee &
gold debentures, due
Trust Co., 176 Broadway, N. Y. City, sell one half-share scrip certificate
debentures to an aggregate principal amount of $24,000,000, on official for $47 or purchase one additional half-share certificate for $50.-V. 124,
notice of delivery upon surrender of the allotment certificates. The total P. 1682.
authorized issue ef the debentures is $29,000,000.
Tubize Artificial Silk Co. of America.
-To Redeem Bds.
Earnings Statements (Siemens & Halske, A. G.) Years Ending Sept. 30.
The $1,000,000 lot mtge. 10
-years. f. 8% gold bonds, series "A," due in
1925. L
(Expressed in dollars.)
a1926.
1933, have been called for payment on July 1, next at 110 and int. Holders
Earnings before prevision for interest or deprec'n_ _$4,629.519 $9,586.400 of the bonds are reauested to prese,,t them for redemption at the Chase
240,115
794,000
Interest payable
-V. 124, p. 1234.
573,521
Depreciation of properties and plants
1,556.900 National Bank, 57 Broadway, N. Y. City.
Net earnings
Special income
$3,815,882 $7,235.500
87,142 1.331 ,200
Total
Special expenditure
Expenditure deferred to loan interest
$3,903,025 $6.566,700
1,869.880 3,517,600
211,150
Balance, surplus
41,821.954 $5,049,100 -V. 124, p.1813.
975,000
United Cigar
267,900
Balance
Dividends and interest from S. S. W
Interest from S. S. W
Total
Reserves created, less absorbed
Profits taxes
$2,796,954 $5,317,000
1.034.047
1,456,500
275.952
829,500
Balance
$1,486,954 $3,031,000
a Figures for fiscal year 1926 are given in dollars to the nearest hundred.
Earnings Statement (Siemens-Schuckertwerke, G.m.b.H.) Years End. Sept. 30.
(Expressed in dollars.)
a1925.
b1926.
Earnings before prevision for interest and depree'n_$10.643.333 $8,687,400
Depreciation of properties and plants
2.079,761
2.341,200
Interest payable
920.238
864,000
Earaings
Special income
17.643,333 $5,482.200
285,714 2,648.800
Total
$7,929,047 $8.131.000
Special expeaditure
959.523 2.947,200
Expenditure deferred to loan interest
476,190
595,200
Interest on deferred loan payable to shareholders571,428
535,700
Reserve created, less absorbed
3.178,095
297.400
Profits taxes
714,285 1,048,100
Balance
$2.029,523 $2.707,400
a The figures for the fiscal year encill_g Sept. 30 1925 are converted into
dollars from an earnings statement expressed in reichsmarts to the nearest
thousand. b The figures for the fiscal year ending Sept. 30 1926 are
expressed in dollars to the nearest hundred -V. 124. p. 1837.
Southern Stores Corporation.
-Sales.
-
Mar. 1927.
Month ofA
1837.pprox.$317,000
Sales
-V. 124, p. 2444,
-Earnings.
Union Carbide & Carbon Corp.(& Subs.).
Quarters Ended March 311927.
1926.
1925.
Earns.(after prov.for inc.& oth. tax.) $7,571,152 $8,014,561 $6,319,622
Int. on funded debt & diva. on pref.
299,763
306,439
stock of sub. cos
256,989
1,926,126
Depreciation and other charges (est.)_ 1,925,060
1,800.382
Feb. 1927. Jan. 1927.
1272.932
$296,128
Dec. 1926.
$311,928
Standard Oil Co. of New Yo k.
-To Increase Stock.
The tockholders will vote May 26 on increasing the authorized capital stock (par $25) from $437,500, 00 to 450,000,000.
$5,346,329 $5,781,995 $4,262,251
-To Increase
Stores Co. of America.
-The stockholders will vote May 12 on inCapital Stock.
creasing the capital stock by 500,000 shares of6% cumulative
pref. stock, par $100 (a new issue), of which $20,000,000
was sold last week by a banking group headed by Kuhn,
Loeb & Co. and Guaranty Co. of New York.
The common stockholders of record May 14 will be given
the right to subscribe on or before June 10 for new 6% pref.
stock at 109 and divs. The holders of more than 80% of
the common stock have agreed to waive this privilege and
accordingly about $16,000,000 of the $20,000,000 6% pref.
stock above offered was sold to the public. See V.124,p.2445.
The stockholders will also vote on approving the retirement of the United Stores Realty Corp. 6% debentures.
All of the outstanding $3,660,250 7% pref. stock has been
called for redemption May 26 next at 140% of par and diva.
at the Bankers Trust Co., 16 Wall St., N. Y. City.
Maxwell E. Erdofy has resigned as managing director of the Tobacco
Stores Securities Corp., a subsidiary of the United Cigar Stores Co.
V. 124. p. 2445.
United Dyewood Corp.
-Annual Report.
Income Account (of Holding Company)for Calendar Years.
1924.
1926.
1925.
$297,243
$466,774
1656306
50,614
70,337
63,668
Dividends received from subsidiaries
Other income
Total income
Gen. & adm. exp. and foreign taxes
$367,579
214,023
1530,442
89.343
$706,720
110.884
Net income
Preferred dividends
Common dividends
$153,556
276,500
$595,836
$441,099
261.625
271,250
(3%)417,549
The company has issued the following statement: "No definite action has
Surplus
def$122,944
$169,849 def$83,338
been taken in reference to an increase in the authorized capital stock. Profit and loss surplus
$914,45
$932,214 $1,030,189
It is expected, however, that the directors will ask the stockholders at their
Consol. Income Account (Subsidiary Companies)for Calendar Years.
meeting to be held the last Thursday in May, to authorize an inannual
1924.
1926.
1925.
crease of $12,500,000 in the capital stock and to set apart that amount, Net profit from operations
$732,255
$703,012
$673,638
or so much thereof as may be necessary, for the sale and issue to employees Other income
20,294
75,561
22,040
stock purchase plan of the company.
under the
"The plan has been very successful for the purposes intended and almost
Total income
1752.549
$695,678
$778,572
of the eligible employees are subscribers. Employees of subsidiary Deprec., int., Federal taxes, &c
50%
292.911
256,239
314,446
companies, as well as direct employees of the company, are entitled to
124,166
152,476
142,873
participate in the plan and on account of the merger of the Magnolia Le- General reserves
701.989
455,568
387,825
and the General Petroleum Corp. of California the number of Dividends
troleum Co.
subscribers to the plan has been greatly increased so that $10,000,000 of
$366,517
Deficit
$168,605
los466,572
capital originally set anal for the purpose is now exhausted requiring the Profit and loss surplus
*12.284,252 $2,217,172 12.639,800
appropriation of additional stock to continuetheplan for the remainder of
*Equity of United Dyewood Corp. amounted to $2,272.481.-V. 123.
-V. 124. p. 1991, 1082.
-year period as originally contemplated."
the 5
D. 1888.
It
-Earnings.
Superior Steel Corp.
1927.
1926.
1925.
1924.
Quarters end. Mar. 31:
$1,589,934 $2,233,908 $1,486,784 $2,081,170
Net sales
1,556,816
1,973,886
1,436,567
1,874,633
Expenses, &c
Balance
Other income
$33,118
25.606
$260,022
19,427
*50,217
18.374
Total Income
Depreen, interest, &c..}
Tax reserve
Other reserves
$58,724
$279,449
89,569
35,627
2,266
$68.591
89,692
8,700
1,508
Net profit
96,739
def$38,015
{
1151,987 los.431.309
-Tenders.
United States Dairy Products Corp.
The American Trust
trustee 135 Broadway, N. Y. City, reports
that tenders for $110,000 of 10-year'634% gold notes have been submitted
Co.,
under sinking fund operations as follows: $54,000 series A at an average
842.000 series B at an average price of 98.649 and $14,000
.
price
$207.137 -seriesof 99 319:
C at an average price of 97.243.-V. 124. p. 2446.
21,194
United States Rubber Co.
-New Office Created.
Homer E. Sawyer. for a number of years Vice-President of the company,
1228.331
has been elected Executive Vice-President, a newly created office.
29,885 V. 124, p. 1504.
1
George R. Deshler has been elected an additional director.-V.124.p.1504
$198,446
For other Investment News, see page 2621..
2606
THE CHRONICLE
[vol.. 124.
A**rt a1 ,ortlutents.
ALIRLISHID AS ADVERTISEMENTS
UNION PACIFIC RAILROAD COMPANY
THIRTIETH ANNUAL REPORT—YEAR ENDED DECEMBER 31 1926.
New York, N. V., April 14 1927.
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 calendar year ended December 31 1926, 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 Pacific Railroad Company and the Oregon Short Line Railroad Company. For convenience, the four companies are
designated by the term "Union Pacific System."
MILEAGE AND INCOME.
The operated mileage at close of year and income for the calendar year 1926, compared with 1925, after excluding all
offsetting accounts between the Union Pacific Railroad Co., Oregon Short Line Railroad Co., Oregon-Washington Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Company, were as follows:
Calendar Year
1926.
Calendar Year
1925.
9,676.55
1.518.88
3.800.54
9,555.39
1,493.65
3,732.73
121.16
25.23
67.31
14,995.97
14.781.77
214.26
$205,416,263.52
140,769,540.31
$198,039,900.87
138,842,479.79
67,376,362.65
1,927,060.62
Revenues over Expenses
Taxes
Uncollectible Railway Revenues
$64,646,723.21
15,725,933.06
13,950.91
$59,197,421.08
13,462,881.36
15,241.29
$5,449,302.13
2,263,051.70
Railway Operating Income
Rents from use of joint tracks. yards and terminal facilities
$48,906,839.24
1,371,230.91
$45,719,298.43
1.319.633.31
$3,187.540.81
51,597.60
$50,278,070.15
647.038.931.74
$3,239,138.41
$6,028,219.60
2,149,707.51
64.809,333.98
2,190,952.32
61,218,885.64
68.177,927.11
67,000,286.28
$1,177,640.83
$42,100,143.04
640,038,645.46
62,061,497.58
$8,893.880.25
5.909,970.54
1,271,990.88
122,020.26
551,686.53
380,115.11
$8,725,895.00
6,103,126.71
610,413.49
121.529.81
557,998.74
420,734.18
$167,985.25
617,129,663.57
616.539,697.93
$589,965.64
659,229,806.61
656,578,343.39
$2,651,463.22
617.794,133.79
26,841.56
424,082.08
$17,884,893.11
36,568.04
425,821.86
Operated Mileage at Close of Year.
Miles of read
Miles of additional main track
Miles of yard tracks and sidings
ow
Total Mileage Operated
Operating Revenues
Operating Expenses
Increase.
Decrease.
Transportation Operations.
Hire of equipment—debit balance
Rents for us* of joint tracks, yards and terminal facilities
.
Net Income from Transportation Operations
Income from Investments and Sources other than
Transportation Operations.
Dividends on stocks owned
Interest on bonds, notes and equipment trust certificates owned
Interest on loans and open accounts—balance
Rents from lease of road
Miscellaneous rents.
Miscellaneous income
ise
Total
61.290.31
$41,244.21
=
Total Income
Interest on funded debt
Miscellaneous rents
Miscellaneous charges
661,577.39
490.45
$193,156.17
6,312.21
40,619.07
Fixed and Other Charges.
Total
$18,245,057.43
$18,347,283.01
Net Income from All Sources
$40,984,749.18
$38,231,060.38
$3,981.740.00
$90,759.32
9,726.48
1,739.72
63.981,740.00
DISPOSITION OF NET INCOME.
Dividends on Stock of Union Pacific Railroad Co.:
Preferred stock:
2 per cent paid April 1 1926
2 per cent paid October 1 1926
Common stock:
234 per cent paid April 1 1926
234 per cent paid July 1 1926
234 per cent paid October 1 1926
2X per cent payable January 3 1927
Total Dividends
Sinking Fund Requirements
$1.990,870.00
1,990.870.00
$5,557,290.00
5,557,290.00 '
5,557,290.00
5,557.290.00
22,229,160.00
22,229,160.00
$26,210,900.00
5,676.64
628,210,900.00
18,681.03
Total Appropriations of Net Income
$26,216,576.64
626,229,581.03
Surplus, Transferred to Profit and Loss
$14,768,172.54
$12,001,479.35
$102,225.58
62,753,688.80
The increase of $7,835,272.72, or 5.2%, in "Freight Revenue" was due to an increase of 6.2% in net ton miles of
revenue freight carried (including freight carried by one
System company for another on which freight charges must
be assessed under the Interstate Commerce Law), partially
offset by a decrease of .8% in average revenue per ton mile
caused by fluctuations in the kinds of commodities hauled,
the level of freight rates being substantially the same as last
year. There were substantial increases in the transportation of grain, fruits, vegetables and other agricultural products, particularly of wheat and potatoes, due chiefly to a
large hold-over of 1925 wheat in Idaho, Oregon and Washington and Improved wheat crops in Nebraska, Kansas and
Colorado, and to favorable yields of fruits and vegetables in
the States west of the Rocky Mountains; although the move-
$13,004.35
$13,004.39
$2 766 693.19
ment of California grapes decreased substantially because a
large crop in the East lessened the demand for the California
product and a short crop of sugar beets in Idaho and Utah
resulted in a decrease in the transportation of that commodity. Improved financial conditions in the agricultural
districts stimulated purchasing, particularly of agricultural
implements, which moved in greater volume than last year.
Further developments in the oil industry in Kansas, Colorado and Wyoming and the construction of a breakwater at
Long Beach, California, resulted in heavier movements of
crude petroleum and stone, respectively. The movement of
gasoline increased substantially because of mild weather
conditions during the winter months, permitting of unrestricted use of automobiles with a consequent increase in
gasoline consumption, and because of a steady demand dur-
2607
THE CHRONICLE
APR. 30 1927.]
Operating results for year 1926 compared with year 1925:
Calendar Year. Calendar Year.
1925.
1926.
9.547.76
9,647.04
Average miles of road operated
Operating Revenues
1. Freight revenue
2. Passenger revenue
3. Mail revenue
4. Express revenue
passenger-train
5. Other train revenue revenue
Other
6. Switching revenue
7. Water ane revenue
8. Other revenue
9.
Total operating revenues
10.
Increase.
Decrease.
1.0
99.28
2157,841,014.51 $150,005,741.79 $7,835,272.72 $1,418,416.86
29,674,038.54 31,092,455.40
19,999.59
4,411,819.27
4.431,818.86
623,338.15
3,504,867.27
4,128,205.42
143,622.49
3,945,347.70
4,088.970.19
11,807.25
56.104.99
67,912.24
88,698.96
1,173,187.41
1,261.886.37
18,400.59
36,971.05
55,371.64
53,639.76
3,813,405.99
3,867,045.75
$205,416,263.52 2198,039,600.87 $7,376,362.65
2215,563.87
$28,160,940.03 227,946,376.16 1.318,315.02
38,010,184.42 36,691.869.40
$66,171,124.45 $64,637,245.56 21,533,878.89
427,969.84
4,101.242.59
4,529.212.43
$450,940.24
58,587,843.01 59.038,783.25
1,237.66
51,587.04
50,349.38
49,752.06
4,197,810.06
4,247.562.12
380.431.68
6,853.059.33
7,233,491.01
12.794.05
37,248.04
50.042.09
$140.769,540.31 2138.842.479.79 21427.060.52
264.646.723.21 $59.197.421.08 $5.449.302.13
Operating Expenses
11. Maintenance of way and structures
12. Maintenance of equipment
Total maintenance expenses
13. Traffic expenses
14. Transportation expenses-rail line
15. Transportation expenses-water line
16. Miscellaneous operations expenses
17.
18. General expenses
19. Transportation for investment-Credit
Total operating expenses
20.
Revenues over expenses
21.
Taxes
$10,903,677.65
22. State and county
303,566.50
Federal Capital
23. Federal Income stock
•4,514,978.51
24. All other Federal
3.710.40
25.
$15.725,933.06
Total taxes
26.
$13,950.91
27. Uncollectibls railway revenues
$48,906,839.24
Railway operating income
28. Equipment rents (debit)
6,028,219.60
29.
778,476.60
30. Joint facility rents (debit)
242,100.143.04
31. Net railway operating income
68.53
Per Cent-Operatng expenses of operating revenues
Freight Traffic (Commercial Freight only)
34,534,148
13,211,549,913
382.56
1.178
$7.51
Tons of revenue freight carried
Ton-miles. revenue freight ton (miles)
hauled per
Average distance per ton-mile (cents)
Average revenue per freight-train mile
Average revenue
Passenger Traffic (Excluding Motor Car and Motor Coach)
Revenue passengers carried one mile
Revenue passengers carried
per passenger mile
Average distance hauledpassenger-train(miles)
Average passengers per
Average revenue per passenger-mile (cents)passengers only
Average revenue per passenger-train mile,
Avenere tete.t
TRVATIllf• new. TISIALRMIIINAr-triairl mile
4,004,975
983363.679
245.49
51.27
2.982
$1.53
Cola
•
per
Cent.
5.2
4.6
.5
17.8
3.6
21.0
7.6
49.8
1.4
3.7
.8
3.6
2.4
10.4
.8
2.4
1.2
5.6
34.3
1.4
9.2
7.0
210,186,120.95 $717,556.70 $290,251.$1 43.9
593,817.66
63.4
2,681,727.00 1,833,251.51
205.2
2,494.65
1.215.75
16.2
$13,462,881.3682,263,051.70
1.5
81,299.35
$15,241.29
7.0
$45,719.298.43 23,187.540.81
25.3
4,809,333.96 1,218,885.64
892.142.41 10.7
871,319.01
5.1
$40.03 8,645.46 $2,061.497.58
2.3
1.58
70.11
5.4
1,763,247
32,770,901
6.2
12.444,146,082 767,403,831
.7
2.83
379.73
.8
.010
1.188
4.3
8.31
$7.20
4,638,102
1.050.052.344
226.40
55.98
2.926
$1.64
t227
19.09
.056
633,127
66.11,22.665
4.71
8.11
COO
13.7
6.4
'11.4
5.4
1.9
6.7
411
Full-face-Crodit.
Ing the other months of the year. The mild weather conditions caused also a substantial reduction in shipments of
bituminous coal.
The decrease of $1,418,416.86, or 4.6%, in "Passenger Revenue" was due to decrease of 6.4% in revenue passengers carried one mile, partially offset by increase of 1.9% in average
revenue per passenger mile. The decrease in revenue passengers carried one mile was principally occasioned by the
continued diversion of local short-haul business to motor vehicles and by fewer conventions being held on the Pacific
Coast, with a resultant reduction in transcontinental travel.
The lesser number of popular low-rate excursions conducted
in 1926 resulted in an increase in average revenue per
passenger mile.
The increase of $623,338.15, or 17.8%, in "Express Revenue" was due principally to a greater carload movement by
express of fruits and vegetables from California, Oregon
and Washington points to Eastern destinations. There was
also an increase in less than carload express traffic.
The increase of $143,622.49, or 3.6%, in "Other Passenger
Train Revenue" was due principally to an increase in milk
and cream traffic handled in baggage service.
The increase of $215,563.87, or .8%, 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:
New steel rails
Second-hand steel rails
Total
•
352.47 track miles
82.34 track miles
434.81 track miles
excluding yard tracks and sidings, equivalent to 4.2% of the
track miles in main track at the beginning of the year. Ties
2,974,554 (98.2% treated), equivalent to 7.8% of all ties in
track at the beginning of the year. Tie plates 2,164,064 and
continuous rail joints 186,546.
The increase of $1,318,315.02, or 3.6%, in "Maintenance of
Equipment Expenses" was due principally to heavy repairs
to locomotives and freight train cars because of increased
use resulting from improvement in traffic. Freight car mileage increased 6.4% and both freight and passenger locomotive mileage increased slightly.
The increase of $427,969.84, or 10.4%, in "Traffic Expenses" was principally due to increase in expenditures for
advertising and solicitation.
The decrease of $450,940.24, or .8%, in 'Transportation Ex-Rail Line" was due to decrease of $955,000 in prices
penses
of fuel consumed by locomotives, offset partially by increases
In engine and train crews and in station forces. There was an
increase of 5.4% in tons of revenue freight hauled, together
with a 7.2% increase in freight gross ton miles. This traffic
was moved with only .9% more freight train miles because
of an increase of 6.3% in the average train loading. Although there was an increase of 1.7% in total transportation locomotive miles, the consumption in tons of fuel by
locomotives was practically the same as last year.
The increase of $380,431.68, or 5.6%, in "General Expenses" was due principally to increase in wages, pension
payments and amount of premium payments on employees'
group insurance.
The table shows analysis by classes of the increase of
$2,263,051.70, or 16.8%, in "Taxes." The increase in Federal income tax resulted from increase in taxable income for
1926 over 1925 and increase in tax rate under the "Revenue
Act of 1926" from 122 to 13 % for the year 1926 and from
1
/
2
1
/
1
/
122 to 13% retroactive for the year 1925. 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 several States. The decrease in Federal capital stock tax was due to the abolishment of this
tax effective June 30 1926.
The increase of $1,218,885.64, or 25.3%, in "Equipment
Rents (Debit)" was principally due to a 23.4% increase in
mileage payments on refrigerator cars, there having been a
substantial increase in number of carloads of perishable
commodities handled.
2608
THE CHRONICLE
[Vol,. 124.
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.)
Dec. 31 1926.
Less:
Receiptsfrom improvement 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
United States Government Bonds and Notes
703. Sinking funds
Total Investments
Current Assets:
708. Cash
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 & Ohio Railroad Co. capital stock applicable to payment of
extra dividend of 1914
Miscellaneous items
Total Current Assets
Deferred Assets:
' 720. Working fund advances
722. Other deferred assets:
Land contracts, as per contra
Miscellaneous items
Total Deterred Assets
Unadjusted Debits:
723. Rents and insurance premiums paid in advance
725. Discount on funded debt
727. Other unadjusted debits
Total Unadjusted Debits
Grand Total
Dec. 31 1925.
$873,669.437.46
Investments
-Road and Equipment
2856.194,018.94 $17,475,418.52
223,823,091.13
13.310,236.52
837.133,327.65
Increase.
Decrease.
623,823,091.13
13,310,236.52
337,133,327.65
$836,536,109.8/ $819,060,691.29 $17,475,418.52
$19,019.12
342,430.78
2,262.609.68
$17,878.73
392,235.68
2,634.408.99
$1,140.39
22,624,059.58
63,044,523.40
•
6420,463.82
$20,483,584.46
23,630,904.87
9,023,246.45
820,981:719.46
19,528,843.11 $4,102,061.76
8,692.959.81
330,286.64
$498,135.00
$53,137,735.78
249,203,522.38 23,934,213.40
$89,891,599.93
69,997,954.25
$90,694,599.93
71,230,686.05
3159.889.554.18
8161.925,285.98
$2,035,731.80
331,999.543.75
$41,007,488.75
89,007,945.00
3194.405.65
$176.519.84
849.804.90
371,799.31
$803,000.00
1,232,731.80
$17,885.81
$1,084,381,408.75 $1,074,418,031.64 $9,963,377.11
$38,972,343.47
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
138,746.20
202,475.01
267.634.940.18
$29,031,509.31 $9,940,834.16
84,862.11
6,613.88
5,098,315.38
1,264,232.84
4,592.806.41
16.446,844.10
1,910.719.44
148,175.60
15,685.36
159,198.20
252.319.61
$37,382.48
4,717.01
362,290.20
138,318.60
128,690.89
328,510.82
246,969.62
20,452.00
49,844.60
S58.995.596.88 $8.639,343.30
854,664.06
656,467.55
21,803.49
82,692.97
4,007.684.34
121,833.75
3,667,430.60
340,253.74
39,140.78
$4,145,041.37
$3.845,731.90
8299.309.47
$3,504.66
1.080,411.78
1,163,799.94
22,988.20
1.112,110.86
1,233,072.54
$516.46
$2.247,716.38
82,348.171.60
$31,699.08
69,272.60
8100,455.22
21.158.409.106.68 81.139.607.532.02 818.801.574.66
The increase in "Investment in Road and Equipments' from Cottier, Wyoming, northeasterly, 4.05 miles, was comis madelup as follows:
pleted and placed in operation September 1 1920.
On June 7 1923 the Interstate Commerce Commission
Extensions and Branches, as detailed on page 7 'pamphlet
report
61,003,391.35 issued its first "Final Valuation Order" under the Act of
Additions and Betterments, excluding Equipment, as detailed on page 7 pamphlet report
9.138,409.57 1913 requiring it to value all railroad property in the United
Equipment, as detailed on page 7 pamphlet report
10.184,648.79 States, by which it determined the final value for rateTotal Increase
820,326,449.71 making purposes as of June 30 1914, of the properties of the
From which there was deducted:
Los Angeles & Salt Lake Railroad Company. In the belief
Cost of property retired from service and not to be rethat in its proceedings the Commission had disregarded
placed, charged (less salvage) to Profit and Loss in conformity with regulations of the Inter-State Commerce
legal principles, applied erroneous theories and rejected
Commission
$778,837.01 elements of value often
recognized by the Supreme Court of
Cost of real estate retired
81,273.72
Cost of equipment retired from service
1,990.920.46 the United States, with the result that the value fixed by the
order was several million dollars below the amount which
Total Deductions
$2,851,031.19
the property was worth according to the tests ordinarily
Net in
in "Investment in Road and Equipment,"
k. as reported in Table 3 pamphlet report
$17,475,418.52 applied in determining questions of value, suit was promptly
brought in the United States District Court at Los Angeles
There were constructed and opened for operation during to cancel and enjoin the order of the
Commission establishthe year three small branch lines extending in a southerly ing such value. After hearing the evidence the Court found
that the value of the property greatly exceeded the amount
direction from the North Platte Branch, as follows: Gering
to Riford, Nebraska, 9.14 miles, opened for operation Sep- found by the Commission; that there was no "value for ratemaking purposes" as found by the Commission, but only one
tember 24 1926; Lyman to Sears, Nebraska, 2.71 miles,
value, which was its true, actual value for any and all puropened for operation September 23 1926, and Yoder to poses; and, accordingly, entered a
decree setting aside the
Creighton, Wyoming, 8.54 miles, opened for operation Octo- Commission's order and enjoining its use for any purpose.
ber 1 1926. These lines will serve territory consisting of Thereupon an appeal was taken by the Government and the
approximately 65,000 acres of land adapted to the growing Commission to the United States Supreme Court, where the
case was argued on behalf of the company by former Justice
of sugar beets and other agricultural products.
Charles E. Hughes. On February 21 1927 the Supreme
A small line extending 2.35 miles from Ripple, Colorado, Court reversed the decree of the
ordered
District
on the Fort Collins Branch in a general easterly direction the suit dismissed upon the ground that Court and have no
the courts
to Orcutt, Colorado, was constructed during the year and jurisdiction to review orders of the
valuation
opened for operation Nov-unber 14 1926. The primary pur- proceedings by direct suits of this Commission in
character brought before
pose of this line is to serve the Union Oil Company in the such valuations are actually used against the carriers in
development of the Wellington Dome oil field. The Oil some rate or other proceeding. The
Court's opinion
Company has established headquarters at Orcutt for mate- did not dispose of, or consider, any Supreme
of the contentions as to
and supplies to be used in development work during the invalidity of the valuation; and it is impossible to forerials
the next few years and will construct there an absorption cast the full practical effect of the decision.
plant for the manufacture of gasoline from a large gas well
For the second consecutive year the Edward H. Harriman
nearby. It is expected that the line will later develop some Memorial gold medal presented annually by Mrs. E. H. Harproducts of agriculture.
traffic in livestock and in
riman was awarded on November 24 1926 by the American
The branch line from Rogerson, Idaho, to Wells, Nevada, Museum of Safety to the Union Pacific System "For the
94.11 miles, was completed and placed in operation Febru- utmost progress in safety and accident prevention during the
ary 15 1926, and the extension of the North Platte Branch year 1925."
2609
THE CHRONICLE
Am. 30 1927.]
GENERAL BALANCE SHEET—LIABILITIES.
(Excluding all offsetting securities and accounts between the Union Pacific Railroad Co., Oregon Short bine Railroad Co., OregonWashington Railroad & Navigation Co., and Los Angeles & Salt Lake Railroad Co.)
Dec. 31 1926.
Dec. 31 1925.
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
755. Funded Debt
$321.836.600.00
412,770,925.00
$321,836,600.00
414,893,320.00
$734,607,525.00
$736,729,920.00
$379,809.26
8300,777.47
$1,695,160.90
10,900,860.05
$1,839,806.88
12,378,039.06
$144,645.98
1,477,179.01
9.876,159.43
158,739.10
10,161.116.56
278,888.42
284,957.13
120,149.32
Total
754. Grants in Aid of Construction
Current Liabilities
759. Traffic and car service balances paTable
760. Audited accounts and wagesayab e
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 Jan. 8 1914, payable to
stockholders of record March 2 1914. unpaid
Dividend on common stock payable first proximo
764. Funded debt matured unpaid
766. Unmatured interest accrued
767. Unmatured rents accrued
768. Other current liabilities
Deferred Liabilities
770. Other deferred liabilities:
Principal of deferred payments on land contracts, as per contra
Contracts for purchase ofreal estate
Miscellaneous items
771. Tax liability
Total Deferred Liabilities
$2,122.395.00
*$79,031.79
153.821.35
5;081.874.90
8,336.40
32,439.60
118,763.00
115,380.50
$3,382.50
148,973.65
5,557.290.00
39,000.00
1.683,888.39
506,724.82
145,480.64
171,343.28
5,557,290.00
5,000.00
1,688,660.75
480,218.24
188,271.33
34.000.00
838,096.711.27
22,369.63
4,772.36
26,506.58
39,790.69
82.070,751.04
$82,692.97
1.660.000.00
7,700.637.52
9,677,984.04
8121,833.75
1,660.000.00
7,723,795.71
7,360,376.12 82,317.607.92
$19,121,114.53
Unadjusted Credits
773. Insurance reserve:
Reserve for fire insurance
776. Reserve for depreciation
778. Other unadjus ed credits:
Contingent interest
Miscellaneous items
$2,028,260.32
55,010,982.81
848,446.00
3,673.013.27
141,463.00
260,223.44
866,958.123.01
$61.560,702.40 $5,397.420.61
$857,092,532.03
$853,554,116.72 $3,538,415.31
*$88,683.36
830,182.674.16
34,972.570.88
536,828.66
207,169.80
Total Surplus
As this consolidated balance sheet excludes all intercompany items, securities of
the Los Angeles & Salt Lake Railroad Company owned by other System
companies are not included. The difference between the par and face value
ofsuch securities as carried on the books of the Los Angeles & Salt Lake (less
unextinguished discount on the bonds and discount charged to Profit and
Loss but added back in consolidating the accounts) and the amounts at which
the securities are carried on the books of the owning System companies is
set up hero to balance
$102,469.93
865,796,773.57
188,583,273.82 15,160,689.42
$269.643,206.74
Total Appropriated Surplus
784. Profit and Loss—Credit Balance
830,093,990.80
34,972,570.88
536,828.66
193,383.23
865,899,243.50
203,743,963.24
Appropriated for additions and betterments
Reserved for depreciation of securities
Funded debt retired through income and surplus
Sinking fund reserves
23,358.19
$384,448.78
4,611,285.39
989,909.00
3,933,236.71
Total Liabilities
$39,140.78
$16,866,005.58 82,255,108.95
82,412.709.10
59.622,268.20
Total Unadjusted Credits
Decrease.
$2,122,395.00
$36,025.960.23
Total Current Liabilities
Surplus—
145,484.95
5,049,435.30
Increase.
$254,380.047.39 $15,263,159.35
331.673,367.91
13,786.57
831,673,367.91
$1,158,409,106.68 $1.139.607.532.02 $18,801.574.66
Grand Total
and companies ha_part
* These amounts respectively represent donations made during the year by counties and municipalities and by individuals
In Road
payment for improvements, such as road crossings, drainage projects, and industry spur tracks, the cost of which was charged to "Investment
and Equipment." These amounts are so accounted for to conform with regulations of the Inter-State Commerce Commission.
STANDARD GAS AND ELECTRIC COMPANY
REPORT—FOR THE YEAR ENDED DECEMBER 31 1926.
231 South La Salle Street, Chicago, Illinois.
year, and equivalent to $1.25 per share on the 1.240,567
shares of common stock outstanding December 31 1926, comApril 16 1927.
pared with $4.23 per share on the 765M35 shares of common
To the Stockholders:
The seventeenth annual report of your Company is sub- stock outstanding December 31 1925.
Consolidated earnings as follows afford a comparison with
mitted herewith. Actual earnings for the year 1926 comother public utility holding companies reporting only on
follows:
pare with those for 1925 as
that basis.
1926.
1925.
12 Months Ended Dec. 31—
The consolidated earnings of Standard Gas and Electric
$10,893,059.35
$7,270.116.68
Gross Revenue
7,125,669.75 Company and subsidiary and affiliated companies for the
10,772,765.69
Net Revenue
*1.400,884.45
2,319,004.42
Interest Charges
year ended December 31 1926, apportioned on the basis of
8,453,761.27
5,724,785.30
Balance
2,485.368.58 inter-company and public security holdings at that date,
3,180,017.66
Preferred Dividends
5,273,743.61
3,239.416.72 were as follows:
Balance for Common Stock Dividends_ _
*1,953.365.56
2,993,668.55
Common Dividends (Cash)
Common Dividends (Common Stock at
1,215,150.00
$50 per share)
1,286.051.16
1,064,925.06
Surplus
* Interest on funded debt converted in 1925 into common stock included
in common dividends.
The gross revenues are those actually received or in process of collection, and do not include the Company's interest
in the undistributed surplus earnings of the subsidiary and
affiliated companies.
The above balance of actual eamings available for common dividends was equivalent to $5.25 per share on the
average amount of conanon stock outstanding during the
Gross Earnings:
Public Utility Companies
Shaffer Oil and Refining Company
$144,542,676.18
21,910,697.88
8166,453,374.06
Operating Expenses, Maint. and Taxes:
Public Utility Companies
Shaffer Oil and Refining Company
$83,600.428.83
15,865,122.71
Net Earnings:
Public Utility Companies
Shaffer Oil and Refining Company
$60,942.247.35
6,045,575.17
99,465.551.54
Other Income of Public Utility Companies
$66.987,822.52
1,178,372.39
Gross Income
$68,166.194.91
2610
THE CHRONICLE
Interest and dividend charges on securities
of subsidiary and affiliated companies in
hands of public, reserves and minority
interests' proportion of undistributed
earnings
$41,140,420.95
Retirement Reserves, Depletion and Amortization
15,337.090.11
[VOL. 124.
ties, namely, United Railways Investment Company, as well
as a minor holding company, Maine Securities Company,
have been dissolved. While steps may be taken for the
dissolution of one or more other subsidiary companies, this
Is not essential, as none of them has any interest in or con56,477,511.06
trol over Philadelphia Company common stock, the principal
Balance applicable to securities of subsidiary and affiliated
companies owned by Standard Gas and Electric Company $11,688,683.85 asset of Standard Power and Light Corporation.
The subsidiary and affiliated companies as a whole had
Other Income of Standard Gas and Electric Company, less
expenses, from engineering (reflected in capital accounts
a good year. The properties have been maintained in excelof subsidiary and affiliated companies), supervision,
profits on investments, and other operations
2.400.844.27 lent physical condition and are operated at a high standard
of efficiency.
Consolidated Net Income before deduction of interest on
With public demands for utility services continuing to
funded debt of Standard Gas and Electric Company__ -- $14,089,528.12
Deduct annual requirements on total funded debt and
increase, and many possibilities existing for the regrouping
preferred stocks of Standard Gas and Electric Company
of properties into more efficient units, the majority of the
outstanding December 31 1926:
Annual interest requirements
2.400,000.00 companies expanded their operations by the purchase of
Balance
$11,689,528.12 properties serving additional communities. The agrgegate
Annual dividend requirements:
number of new communities thus reached and served during
77 Prior Preference Stock
,, $1,470,000.00
the year, not including Standard Power and Light Corpora8% Preferred Stock
2,093,732.00
6% Non-cumulative Stock
tion, was 99, with an estimated combined population of
60,000.00
3.623,732.00 150,000. At the close of
the year the total number of comBalance
$8,065,796.12 munities served by all properties now in the system was
This balance of $8,065,796.12 is equivalent to $6.50 a 1,382, with a combined population of 5,700,000.
As of December 31, all utility companies comprising the
share on the 1,240,567 shares of common stock'outstanding
December 31 1926, compared with a balance equivalent to system had a total of 1,503,424 customers supplied with
$6.00 a share on the 765,635 shares of common stock out- various kinds of service, an increase of 6.2% compared with
1925. The combined electric connected load increased from
standing December 31 1925.
Gross earnings reported above represent an increase of 2,220,430 kilowatts to 2,429,773 kilowatts. The combined
9.75% and net earnings an increase of 10.24% compared electrical output for 1926 was 3,487,593,823 kilowatt hours,
an increase of 8.80%; total gas output was 64,952,297,000
with similar figures for 1925.
The larger earnings were due to increased volume of busi- cubic feet, an increase of 5.47%.
Construction expenditures of these utility companies
ness, higher operating efficiencies and the acquisition of
amounted to $39,583,328. A large proportion of this was for
additional properties.
The growth and condition of your Company and sub- transmission and distribution equipment to handle new busisidiary and affiliated companies are described in the accom- ness. Major construction activities included the installapanying balance sheets, income statements and tabulated tion in part of two steam turbine electric generating units
at Pittsburgh, totaling 107,200 horsepower, the construction
information.
COMMON STOCK DIVIDENDS.
of a 26,800 horsepower steam turbine electric generating
In addition to cash dividends at the rate of $3 a share on station at Green Bay, Wisconsin; the installation of an addithe common stock, your directors declared a special com- tional steam turbine electric generating unit in Oklahoma of
mon stock dividend equivalent to one-fiftieth of a share per 26,800 horsepower, and a similar generating unit of 20,000
share, payments being made to stockholders of record June horsepower at San Diego. Better than scheduled progress
was made in the construction of the 135,000 horsepower
30, September 30 and December 31.
The regular cash dividend on the common stock for the hydro-electric development on the Ohio river at Louisville.
first quarter of 1927 was declared at the rate of $3.50 a High voltage transmission lines built during the year aggregated 808 miles, and electric distributing lines 1,085 miles.
share per annum.
There was constructed 296 miles of new gas lines and mains.
CHANGES IN CAPITAL STRUCTURE.
For the year 1927 the construction budget
The acquirement of the controlling stock interest and of $61,500,000. This includes completion calls for a total
of the
other securities of Standaid Power and Light Corporation, generating capacity installation at Pittsburgh additional
and
the controlling stock interest of The California Oregon hydro-electric plant at Louisville. It also includes of the
the cost
Power Company, additional investment in the common stocks of a new hydro-electric plant of 20,000
horsepower capacity
of San Diego Consolidated Gas and Electric Company and (60,000 horsepower ultimate capacity) on the Rogue
River,
Wisconsin Public Service Corporation, and increase in work- near Medford, Oregon, and part of the
cost of a 24,000
ing capital resulted in an increase in the outstanding funded horsepower development on the Chippewa
River at Chipdebt and capital stocks of your Company as follows: $15,- pewa Falls, Wisconsin.
000,000 6% gold debentures, due February 1 1951; $10,000,The Byllesby Engineering and Management Corporation
000 6% gold debentures, due December 1 1966; $3,000,000 continued to expand its acitivitles in proportion to
the
7% prior preference stock; $9,671,650 8% preferred stock, growth of the operated properties, for which properties its
and 456,811 shares of common stock. The common stock was staff of experienced specialists renders valuable services in
further increased by 18,121 shares representing the part engineering, operating and commercial development.
All
paid in 1926 of the hereinbefore mentioned special dividend of the earnings of this corporation accrue to Standard Gas
on common stock, and in addition 6,182 shares were reservel and Electric Company.
to cover the balance of this dividend accrued in 1926 and
The Shaffer Oil and Refining Company again increased
paid in January 1927.
its earnings. For 1926 gross earnings advanced 43.23% and
Attention is called to an increase of $59,260,088.62 in the net earnings before retirement reserve and
depletion 36.52%,
securities owned by Standard Gas and Electric Company. compared with 1925. As a result that
Company resumed the
bringing the total to $139,922,542.30; also to the cash posi- payment of regular dividends
on its 7% preferred stock,
tion of the Company, which has been still further improved paid the accumulated preferred
dividends, amounting to
since the close of the year.
1914%, and declared an initial cash dividend of $7 a share
on its common stock, 93.79% of which is owned by Standard
SUBSIDIARY AND AFFILIATED COMPANIES.
Acquisition of control of Standard Power and Light Cor- Gas and Electric Company.
CUSTOMER OWNERSHIP.
poration—an important transaction—was reported in the
last annual report, as well as in greater detail in a letter t..)
The public utility properties in 1926 as a whole did better
the stockholders under date of April 6 1926. The transac- by 15 Jo than for any previous year in the sale of preferred
tions outlined in that letter to the stockholders are prac- stock on the customer ownership plan. Transactions numtically completed. Standard Power and Light Corporation bering 36,801 resulted in total sales amounting to $25,061,600
now owns directly over 94% of the common stock of Phila. par value. The net treasury distribution of stock amounted
delphia Company, which controls a comprehensive public to $20,112,900 par value, or 13.37% greater than in 1925.
utility system furnishing electric light and power, natural These figures are exclusive of the Standard Power and
and manufactured gas, street railway and other utility ser- Light Corporation properties, at which the customer ownervices in Pittsburgh and surrounding territory. Standard ship plan has not yet been inaugurated. New shareholders
Power and Light Corporation also controls approximately a added by the customer ownership plan
in 1926 numbered
40% stock interest in the Market Street Railway System in about 17,000. The approximate number of shareholders of
the city of San Francisco. Additional assets acquired by the subsidiary and affiliated companies at
the close of the
Standard Power and Light Corporation are a group of nat- year was 128,000, of which the customer, or home shareholdural gas producing and distributing properties in Ohio, ers, numbered about 100,000.
known as Muskingum Gas Producing Corporation, The NaIn addition to the shareholders of the subsidiary and
tional Oil and Gas Company, The Ohio Valleys Public Utili- affiliated companies Standard Gas and Electric Company
ties Company and Ohio Company; and cash and current had 38,000 shareholders of record at the close
of the year.
assets of other companies. Securities of Standard Power
CONCLUSION.
and Light Corporation consisting of long-term debentures
The opinions expressed in the last annual report regardand preferred stock have been issued for these additional ing your Company and its
subsidiary and affiliated comassets acquired and for the expenses and financing costs panies were supported
by the year's operations, and your
incident to the entire transaction.
Company is now in far better condition, in every respect,
There remain unissued the shares of participating pre- than ever before. As for the future,
it may be stated that
of Standard Power and Light Corporation adequate public service over wider
ferred stock
areas at progressively
oroginally issuable for the purpose of acquiring certain lower rates will require in increasing
functions
small holdings still outstanding in the hands of the public. which your Company has performed measure the
with conspicuous sucThe former principal holding company of all these proper- eesa
APR. 30 1927.1
Public utilities cannot be operated economically in small
units. Only by grouping them into large, strong organizations can they be favorably financed, scientifically engineered and successfully operated so as to render services at
the lowest reasonable cost to the user. Under these conditions it has been inevitable that the system controlled by
your Company has grown to a large size in properly carrying out the work undertaken. It now occupies a prominent
place among similar orgainzations, as will be observed from
the consolidated balance sheet, which shows total assets of
$973,859,382.97 as of December 31 1926.
The subsidiary and affiliated companies have continued
to enjoy satisfactory relations with the public served, as the
result of the confidence built up by the rendering of ample
and good service, progressiveness in community development
and a settled policy of considerate, fair dealing with all
concerned. Your Directors believe that the simplest possible
corporate structures are the most desirable, and wherever
conditions permit intend to continue the dissolution of intermediary corporations.
The sincere appreciation of the Board is hereby expressed
to the able force of executives and employees, whose efforts
made 1926 notable.
By order of the Board of Directors,
JOHN J. O'BRIEN, President.
REPORT OF THE TREASURER.
Chicago, Illinois, April 15 1927.
John J. O'Brien, Esq., President,
Standard Gas and Electric Company, Chicago, Ill.
Dear Sir:
I beg to submit herewith summary of Income and Profit
and Loss for the year ended December 31 1926 and Balance
Sheet at December 31 1926 of Standard Gas and Electric
Company, prepared by Haskins & Sells, certified public
accountants.
The figures given in the audit are the amounts actually
received or in the process of collection by the Company, and
do not include its interest in the undistributed surplus earnings of the subsidiary and affiliated companies.
Dividends were paid at the rate of 7% on the cumulative
prior preference stock,8% on the cumulative preferred stock,
8% on the non-cumulative stock and $3.00 per share on the
common stock. In addition to the cash dividends at the rate
of $3.00 per share on the common stock there was declared
a special common stock dividend for the year of one-fiftieth
of a share per share, payments being made to stockholders
of record June 30, September 30 and December 31. The balance, after preferred dividends, of $5,273,743.61 available
for common dividends was equivalent to $5.25 per share on
the average amount of common stock outstanding during the
year, and equivalent to $4.25 per share on the 1,240,567
shares of common stock outstanding December 31 1926, compared with $4.23 per share on the 765,635 shares of common
stock outstanding December 31 1925.
The consolidated earnings of Standard Gas and Electric
Company and subsidiary and affiliated companies for the
twelve months ended December 31 1926, apportioned on the
basis of inter-company and public security holdings at that
date, submitted herewith, show earnings equivalent to $6.50
a share on the 1,240,567 shares of common stock outstanding
December 31 1926, compared with a balance equivalent to
$6.00 a share on the 765,635 shares of common stock outstanding December 31 1925.
Immediately following the certified audit report will be
found statements of securities owned and capitalization, as
well as balance sheets, earning statements and statistical
data of the subsidiary and affiliated companies.
Respectfully yours,
M. A. MORRISON, Treasurer.
STANDARD GAS AND ELECTRIC COMPANY.
SUMMARY OF INCOME AND PROFIT AND LOSS FOR THE
YEAR
ENDED DECEMBER 31 1926.
Income Credits:
Interest on Bonds Owned
$699,404.24
Interest on Notes and Accounts Receivable_ 1,836,806.01
Dividends on Preferred and Common Stocks
Owned—Public Utility Companies,ByIlesby Engineering and Management Corporation, etc
8,297.375.62
Net Profit on Securities Sold
59,473.48
Total
$10,893,059.35
income Charges—General Expenses and Taxes
120,293.66
Balance Available for Interest and Other Charges
$10,772.765.69
Interest:
On Funded Debt
$1,386,723.37
Miscellaneous
932,281.05
2,319,004.42
Net Income
$8.453,761.27
Dividends on Preferred Capital Stock:
79' Prior Preference
$1,424,366.33
89' Preferred
1,695,651.33
69 Non-Cumulative
60,000.00
3,180,017.66
Remainder
$5,273,743.61
Dividends on Common Capital Stock:
Cash
$2,993,668.55
Stock—Common Stock at $50.00 per share_ _ 1,215.150.00
4,208,818.55
Surplus for the Year
*21.064,925.06
Surplus, December 31 1925
8.843,019.11
Surplus, December 31 1926
$9,907,944.17
* No charge has been made herein for amortization of debt discount and
expense applicable to the year ended December 31 1926, the total unamor-
2611
THE CHRONICLE
tized debt discount and expense incurred prior to December 31 1925, having
been charged against the capital reserve arising from the exchange in 192
of shares of common stock without par value for shares of par value, and
the debt discount and expense incurred during 1926 having been credited
6
with the net premium on preferred capital stocks for that period.k 6., 6
STANDARD GAS AND ELECTRIC COMPANY.
BALANCE SHEET DECEMBER 31 1926.
ASSETS.
Securities Owned
$137.563,614.54
Securities Owned—Pledged as Collateral to
Note Payable Issued in the Acquisition
Thereof
$4,784,408.00
Less Note Payable
2.425,480.24
2,358,927.76
Advances on Purchase of Property
124.442.43
Cash
$.382.418.04
Accounts Receivable:
Subsidiary and Affiliated Companies
$6.917,626.93
Sundry Debtors
416,134.13
7,333.761.06
Accrued Accounts:
Interest on Bonds Owned
$50,983.33
Dividends on Stocks Owned
1,952,052.29
2.903,035.62
Office Furniture and Fixtures
1.00
Prepaid Insurance
728.10
Discount and Expense. Subsequent to December 31 1925:
Unamortized Debt Discount and Expense.$1,734,352.27
Less Net Premium on Preferred Capital
Stock
681,169.10
1.953,183.17
Total
MC220,111.72
LIABILITIES.
Funded Debt:
Twenty-Year 6% Gold Notes, due October 1 1935
$15,000.000.00
6% Gold Debentures, due February 1 1951 15.000,000.00
6% Gold Debentures, due December 1 1966 10,000,000.00
Note Payable Deducted Contra
$2,425,480.24
Notes Payable
Accounts Payable:
Subsidiary and Affiliated Companies
Sundry Creditors
$40,000,000.00
Nil
$3,809,440.63
21,650.00
2.000.000.00
2,831,090.63
728,625.00
Accrued for Interest and Taxes
Accrued Dividends:
Preferred Capital Stock
Common Capital Stock
556,991.00
930.424.50
Dividends Accrued, Payable in Common Stock
Miscellaneous Reserves
Preferred Capital Stock:
Seven Per Cent Prior Preference
$21,000,000.00
Eight Per Cent Preferred
26,171.650.00
Six Per Cent Non-Cumulative
1,000,000.00
1.487,415.50
309,100.00
851,812.42
48,171,650.00
Common Capital Stock—I,240,567 Shares without Par
Value
48,032,474.00
Surplus, per Accompanying Summary
9,907,944.17
Total
$155.820,111.72
Note.—The Standard Gas and Electric Company was contingently liable
guarantor of the principal and interest of the first
at December 31 1926, as
mortgage convertible 6% sinking fund gold bonds of the Shaffer Oil and
Refining Company, of which $3,524,100, face value, were then outstanding.
and on account of notes endorsed, guaranteed or discounted for various subsidiary and other affiliated companies in the amount of $2,200,000.
CERTIFICATE.
We have made a general audit of the accounts of the Standard Gas and
Electric Company, Chicago, Illinois, for the year ended December 31 1926.
The amounts included in the accompanying Balance Sheet December 31
1926 for securities owned are those shown by the accounts of the company
without consolidation to reflect the underlying asset valuations of subsidiary
companies.
We Hereby Certify that, on the above stated basis, the accompanying
balance sheet and summary of income and profit and loss correctly set forth
the financial condition of the Company at December 31 1926, and the
results of operations for the year ended that date.
HASKINS & SELLS.
Chicago, April 4 1927.
STANDARD GAS AND ELECTRIC COMPANY.
SECURITIES OWNED DECEMBER 31 1926.
Face Value
Description.
Company-Bonds Owned.
Fort Smith Light & Traction Co_ _lst S. F. 5s, 1936
$645,000.00
Fort Smith Light & Traction Co__ _2nd Mtg. 8s, 1931
1,100.000.00
Madison Light & Railway Co
1st Mtg. 6s, 1942
96.000.00
Shaffer Oil & Refining Co
5
-year 6% Notes, 193l_
4,250.000.00
SouthwesternGeneral Gas Co
1st & Ref. S. F.6s, 1931
296,000.00
Standard Power & Light Corp
30
-year6% Deb., 1956- 14,000,000.00
Total
$20,387,000.00
Company—
California Power Corporation
Coast Valleys Gas & Electric Co
Fort Smith Light & Traction Co
Oklahoma Gas & Electric Co
San Diego Consolidated Gas & Electric Co
Shaffer Oil & Refining Co
Sierra & San Francisco Power Co
Southern Colorado Power Co
Southwestern General Gas Co
Western States Gas & Electric Co.(Calif.)._
Western States Gas & Electric Co.(Del.)
Wisconsin Public Service Corporation
Totals
Other Investments
Par Value
of Preferred
Stocks Owned.
Par Value
of Common
Stocks Owned.
$3,000,000.00
3,000,000.00
$881,500.00
950,000.00
2,835,800.00 *7,500,000.00
4,099,300.00
9,196,900.00
20,000.000.00
405,000.00
1,000,000.00
25,000.00
750,000.00
ig, --- - 0 .151
5 0 3 3,253.200.00
2,650,000.00
$13,603,700.00 846,202.500.00
30,500.00
Grand Totals
$13,603,700.00 $46,233,000.00
Shares Owned
without Par
Value or with
Nominal Par
Value.
Compangt—
Byllesby Engineering & Management Corporation, Common_
100,000
Louisville Gas & Electric Co. (Del.), Class "B" Common.—
148,872
Mountain States Power Co., Common
,
Northern States Power Co. (Del.), Class "B Common
499,926
Shaffer Oil & Refining Co., Common
118,000
Shaffer Oil & Refining Co., Class "A" Common
40,000
Southern Colorado Power Co., Class "B," Common
75,000
Standard Power & Light Corporation Preferred
120,000
Standard Power & Light Corporation,Participating Preferred 2.948,709
Other Investments
9,000
Total
•Includes subscription of $3,000,000.
4,147,627
2612
THE CHRONICLE
STANDARD GAS AND ELECTRIC COMPANY.
SUBSIDIARY AND AFFILIATED COMPANIES.
[Vol- 124.
LIABILITIES.
Funded Debt—Bonds and Notes:
Standard Gas and Electric Company:
Twenty-year 6% Gold Notes, due
October 1 1935
$15,000,000.00
6% Gold Debentures, due Feb. 1 1951- 15,000,000.00
6% Gold Debentures, due Dec. 1 1966- 10,000,000.00
Subsidiary and Affiliated Companies
429,320.608.07
$469,320.608.07
Deferred Liabilities:
Municipal assessments. due 1927 to 1954- $686,433.82
Customers' and line extension deposits
3,867,253.57
Other
1,007,654.41
5.561,341.80
Current Liabilities:
Notes Payable
$10,740,063.41
Accounts Payable:
Trade Creditors and Others
9,236,871.87
Affiliated Companies
127.822.73
20,104,758.01
Accrued Liabilities:
Taxes
$10,926,418.03
Interest
6,912,159.16
Dividends
4,880,590.23
Sundry
302.18343
23,021,350.85
Reserves:
Retirement and Depletion
$53,983,248.62
Contingencies, etc
12,882.949.58
66,866.198.20
Dividends Accrued—Payable in Common Stock
309,100.00
Preferred Capital Stock, with and without Par Value:
Standard Gas and Electric Company:
7% Prior Preference
$21,000,000.00
87 Preferred
26.171.650.00
6% Non-Cumulative
1.000.000.00
Subeldiary and Affiliated Conapanies_ _192,875,596.33
Subscriptions—Subsidiary and Affil. Co's
586,600.00
241,633,846.33
Common Capital Stock, with and without Par Value:
Standard Gas and Electric Company:
1,240,567 Shares without Par Value--$48,032,474.00
Subsidiary and Affiliated Companies___ 49,412,317.99
97,444,791.99
Surplus:
Standard Gas and Electric Company
$9,907,944.17
Subsidiary and Affiliated Companies
39.689.443.55
49,597,387.72
Total
$973.859,382.97
•
Notes.—This Balance Sheet does not include operated lessor companies:
of subsidiary and affiliated companies, none of the capital stock of said
lessor companies being owned by subsidiary and affiliateu companies. The
outstanding securities of said lessor companies at December 31 1926 were
Capital stock, $16.799.000, and bonds, $10,235,000, certain of which are
guaranteed as to dividends, principal and interest.
There has been eliminated from common capital stock owned and outstanding in this Balance Sheet a total par value of $24,200,000, representing
common stock of a subsidiary company owned and pledged by the parent
company as collateral, securing two-year 5% first lien gold notes. due
April 15 1928, in the amount of $10,000,000.
The California Oregon Power Company,
serves Dunsmuir, Yreka, Dorris, Scott Valley, Mt. Shasta
City and surrouding communities in California, and Medford, Grants Pass, Klamath Falls, Roseburg, Ashland,
Central Point, Gold Hill, Glendale, Merrill, Myrtle Creek
and other surrounding communities in Oregon. (Controlled by Standard Gas and Electric Company's subsidiary, California Power Corporation.)
Coast Valleys Gas and Electric Company,
operating in Monterey, Salinas, Pacific Grove and King
City, California, and surrounding territory.
Fort Smith Light and Traction Company,
operating in Forth Smith and Van Buren, Arkansas, and
surrounding territory, and controls, through stock ownership, Mississippi Valley Power Company, operating in
Mulberry and Ozark, Arkansas, and surrounding territory.
Louisville Gas and Electric Company (Del.),
through its subsidiaries operating in Louisville, Kentucky,
and surrounding territory.
Mountain States Power Company,
operating in Albany, Eugene and Springfield, Oregon,
Kalispell and Whitefish, Montana, Sandpoint, Idaho, Tacoma, Washington (Tacoma Gas and Fuel Company),
Everett, Washington (Puget Sound Gas Company), and
surrounding territory.
Northern States Power Company (Del.),
through its subsidiaries operating in Minnesota, Wisconsin, North Dakota. South Dakota and Northern Illinois,
including Minneapolis, St. Paul, La Crosse, Sioux Falls,
Fargo, Eau Claire, Chippewa Falls, St. Cloud, Winona,
Grand Forks, Mankato, Faribault, Minot, Stillwater and
surrounding territory.
Oklahoma Gas and Electric Company,
operating in Oklahoma City, El Reno, Norman, Drumright, Enid, Bristow, Kiefer, Muskogee, Fort Gibson, Sapulpa, Shawnee, Ardmore, Durant, Ada and Holdenville,
Oklahoma, and surrounding territory.
San Diego Consolidated Gas and Electric Company,
operating in San Diego, California, and surrounding terSTANDARD GAS AND ELECTRIC COMPANY
AND
ritory.
SUBSIDIARY AND AFFILIATED COMPANIES.
Southern Colorado Power Company,
CONSOLIDATED EARNINGS STATEMENT TWELVE MONTHS
ENDED DECEMBER 31 1926.
operating in Pueblo, Victor, Goldfield, Cripple Creek,
Canon City, Rocky Ford, La Junta, Anaconda and Inde- at(Apportioned on the basis of inter-company and public security holdings
December 31 1926.)
pendence, Colorado, and surrounding territory.
Gross Earnings:
Public Utility Companies:
Southwestern General Gas Company,
Electric Department
$76,249,766.27
Gas Department
31.442,988.12
owning and operating natural gas fields and pipe lines
Steam Department
1,604,055.01
to Fort Smith and Van Buren, Arkansas.
• Telephone Department
180,375.62
&street Railway Department
34,010.019.13
Western States Gas and Electric Company (Del.),
Water Department
314.449.40
Ice Department
363,963.32
through its subsidiary operating in Stockton, Richmond
OR Department
377,059.31
and Eureka, California, and a number of other communiTotal
8144.542.676.18
ties.
...hatter Oil and Refining Company
21,910.697.88
Wisconsin Public Service Corporation,
Total
$166,453,374.06
serving Green Bay, Oshkosh, Marinette, Manitowoc, She- Operating Expenses:
Public Utility Companies:
boygan, Oconto, Plymouth, Sturgeon Bay, De Pere, KauOperating
$60,873,437.68
kauna, Pestigo and surrounding communities in WisconMaintenance
12,260,560.98
Taxes
sin and Menominee, Michigan.
10,466.430.17
Total
Shaffer Oil and Refining Company.
$83,600,428.83
Shaffer 011 and Refining Company
15,865,122.71
Byllesby Engineering and Management Corporation.
Total
$99,465,551.54
Standard Power and Light Corporation;
Net Earnings:
Public Utility Companies:
Philadelphia Company and affiliated corporations, servElectric Department
$38,812.378.77
ing Pittsburgh and surrounding territory.
Gas Department
10,815,540.79
Steam Department
Market Street Railway Company, operating in San Fran524.565.97
COSCO.
STANDARD GAS AND ELECTRIC COMPANY
AND
SUBSIDIARY AND AFFILIATED COMPANIES.
CONDENSED CONSOLIDATED BALANCE SHEET DEC. 31 1926.
ASSETS.
Plant, Property, Rights and Franchises, etc. (including investments in other utility and miscellaneous companies
and advances on purchase of property)
$873,135,567.59
Excess of book value of stocks and bonds of subsidiary and
affiliated companies owned over the par value thereof.-- 4.589.830.05
Sinking Funds and Other Deposits:
$1.221,190.99
Cash on Deposit for Sinking Funds
Cash on Deposit for Mortgaged Property
39,350.00
Sold
1.260.540.99
Deferred Receivables
278,591.95
Current and Working Assets:
$18,584,769.37
Cash
Special Cash Deposits:
2,446.244.41
Cash on Deposit—Call Loans. etc
Cash on Deposit for Bond and Note
1,640,179.31
Interest. etc
Notes and Accounts Receivable:
Customers and Others (lees reserves
16.594.335.34
for bad debts)
2,289,021.94
Due from sale of securities
347,218.21
Affiliated Companies
15.380,550.48
Inventories—Materials and Supplies
57,282,319.06
Deferred Charges:
Prepaid Accounts and Unexpired Insurance $826,004.05
Deferred Expenses and Charges in Process
6,430.409.32
of Amortization
Unamortized Debt Discount and Expense 30,056.119.96
37,312,533.33
Total
$973,859,382.97
Telephone Department
Street Railway Department
Water Department
Ice Department
Oil Department
Total
Shaffer Oil and Refining Company --
64,304.30
10,371,237.63
135,214.68
39.327.07
179,678.14
$60,942,247.35
6.045,675.17
Total
$66,987,822.52
Other Income of Public Utility Companies
I.178.372.39
Gross Income
$118,166,194.91
Interest and dividend charges on securities
of subsidiary and affiliated companies in
hands of public, reserves and minority
interests' proportion of undistributed
earnings
Retirement Reserves, Depletion and $41,140.420.95
Amortization
15,337,090.11 56,477.511.06
Balance applicable to securities of subsidiary and affiliated
companies owned by Standard Gas and Electric Company
Other income of Standard Gas and Electric Company, less $11.688.683.85
expensesfrom engineering (reflected in capital accounts of
subsidiary and affiliated companies), supervision profits,
on investments, and other operations
2.400.844.27
Consolidated Net Income before deduction of interest on
funded debt of Standard Gas and Electric Company..
$14.089,528.12
Deduct annual requirements on total fundedklebt and preferred stocks of Standard Gas and Electric Company
outstanding December 31 1926:
Annual interest requirements
2.400,000.00
Balance
$11,689,528.12
Annual dividend requirements:
7 Prior Preference Stock
$1,470,000.00
8 Preferred Stock
2,093.732.00
6 a Non-cumulative Stock
60.000.00 3.623.732.00
Balance
$8.065.796.12
This balance of $8.065,796.12 is equivalent to $6.50
share on the
1,240,567 shares of common stock outstanding Decembera31 1926, compared with a balance equivalent to $6.00 a share on the 765,635 shares
of
common stock outstanding December 311925.
I
APR. 30 1927.]
2613
THE CHRONTCLE
SUBSIDIARY AND AFFILIATED COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY.
COMPARATIVE STATEMENT OF GROSS EARNINGS FOR YEARS ENDED DECEMBER 31
(All Properties Included for Full Periods.)
GROSS EARNINGS.
Company, Including Subsidiary and Affiliated Companies.
—
California Power Corporation
Coast Valleys Gas & Electric Company
Fort Smith Light & Traction Company
Louisville Gas & Electric Company (Delaware)
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas & Electric Company
San Diego Consolidated Gas & Electric Company
Seirra & San Francisco Power Company
Southern Colorado Power Company
Southwestern General Gas Company
Standard Power & Light Corporation
Western States Gas & Electric Company (Delaware)
Wisconsin Public Service Corporation
1926.
1925.
$2,502,003.04
1,260,219.99
1,409.951.13
8,654.574.72
3.302.972.53
28,270,715.91
11,118,601.36
5.743,391.75
171,471.06
2,433,339.57
56,010.71
71,902,486.28
3.407,592.94
4,454.565.42
1924.
$2,178,762.02
1,057.925.17
1.262.722.40
7,902.898.59
3,251,568 52
26.386.687.33
10.145.086.88
5,381.701.12
171,907.68
2,372,870.80
53,802.20
69,108.998.05
3,240.056.51
4,007.992.37
1923.
$1,710,822.60
886,503.70
,207.068.97
7,268,569.98
3,170,421.70
24,836,202.70
9,105,310.47
4,710,808.20
175.266.82
2,231,526.50
67.130.84
66.349,373.63
3,246,113.14
3,660,557.70
1
1922.
$1.383.650.84
795,212.55
,159,945.23
6,575,084.43
3.009.189.45
23,686.249.31
8.181.057.03
3,802,599.08
163,880.32
1,988.458.37
72,022.82
66,397,090173
2,984,670.59
3,457.124.56
1
51.077.798.45
684,623.15
1,158,245.94
5.663.969.04
2,697.485.71
21.504,516.61
7.713,024.57
3,771.526.62
112,061.01
1.865,794.64
80,722.19
61.861,082.92
2,697,383.82
3,081.213.88
Totals—Public Utility Companies
Less—Inter-ComPany Eliminations
$144,697.899.23 $136,523,979.64 $128,625.706.95 $123,656,235.31 $113,969.348.55
162,403.17
175.513.87
155,220 05
161.289.64
77,810.16
Total—Public Utility Companies
Shaffer Oil & Refining Company
$144.542,676.18 $136.361.576.47 5128,450,193.08 $123,494,945.67 5113,891,538.39
21,910.697.88 15,297.880.23 10,570,279.38
7,677.313.20
8,163.463.92
8166.453.374.06 $151.659.456.70 813.020.472.46 £131.172.258.87 $122.055 002 R I
Tnfn lo
COMPARATIVE STATEMENT OF NET EARNINGS FOR YEARS ENDED DECEMBER 31.
(All Properties Included for Full Periods.)
NET EARNINGS.
Company, Including Subsidiary and Affiliated Companies.
1926.
.
1924.
11925
California Power Corporation
Coast Valleys Gas & Electric Company
Fort Smith Light & Traction Company
Louisville Gas & Electric Company (Delaware)
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas & Electric Company
San Diego Consolidated Gas & Electric Company
Sierra & San Francisco Power Company
Southern Colorado Power Company
Southwestern General Gas Company
Standard Power & Light Corporation
Western States Gas & Electric Company (Delaware)
Wisconsin Public Service Corporation
Totals—Public Utility Companies
Shaffer Oil & Refining Company
.•
$1,420.222.84
454,007.51
367,452.52
4,370.309.91
1,236,213.31
14,125.291.84
4.074,51449
2,602,461.16
118,472.00
1,075.132.11
28,819.41
27,418.529.79
1,804,569.91
1,846,220.55
$1,337,109.97
381.449.30
343,326.70
4,092.030.58
1,185.661.85
12.397.596.31
3,612.012.50
2,260.767.18
117.505.45
1,002,465.95
24.047.24
26.265.541.02
1,647,331.50
1.670,531.93
1923.
$1,002,642.31
293,331.07
302,369.62
3,556,730.48
1.104,039.82
11.345.087.66
2,976,259.14
1,925,817.49
127,840.36
910.567.84
38.055.88
22.961,824.94
1,452,965.64
1,472.678.35
1922.
$783,271.73
292,248.31
337,370.95
3,248.561.68
1.021,681.01
10.223.699.94
2.621,691.75
1,503.238.32
117,424.72
775.471.97
43,859.72
23,462.112.38
1,049.009.20
1,249,563.61
$626.206.97
197,195.03
308,409.41
2.666,649.94
852,089.17
9,097.719.67
2.141.927.01
1,254.313.23
62,559 68
720.374.70
49.726.01
22,899.649.33
917,695.61
985.600.13
$60,942.247.35 $56,337.377 48 $49.470.240.60 $46,729.205.29 $42.780,115.89
4,428,406.13
2,438,640.58
6,045,575.17
1,175.600.04
2,005.047.89
566.987,822.52 560,765,783.61 851,908,881.18 547,904,805.33 544,785,163.78
Totals
SUBSIDIARY AND AFFILIATED COMPANIES OF STANDARD GAS AND ELECTRIC COMPANY.
CAPITALIZATION OUTSTANDING DECEMBER 31 1926.
Outstanding (Less InterCompany Holdings).
Owned by Standard Gas
and Electric Company.
Funded Debt—
California Power Corporation
Coast Valleys Gas & Electric Company
Fort Smith Light & Traction Company
Louisville Gas & Electric Company (Delaware)
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas & Electric Company
San Diego Consolidated Gas & Electric Company
Sierra & San Francisco Power Company
Southern Colorado Power Company
Southwestern General Gas Company
Standard Power & Light Corporation
Western States Gas & Electric Company (Delaware)
Wisconsin Public Service Corporation
Face Value.
$15,477,800
1.837.000
4,499,000
29,957.700
11,903.900
110,772,693
37.000.000
13.868,000
19,956,000
6,893,000
296.000
149,438,680
17,182,500
14,291.500
Face Value.
Total Public Utility Companies
Shaffer Oil & Refining Company
$433,373,773
16,791,834
$16,137,000
4,250,000
$416,778.773
12,541.834
5450,165.607
520,387,000
5429,320,607
COMPANY.
Including Subsidiary and Affiliated Companies.
Grand Totals
*$458,000 face value owned by an affiliated company.
Preferred Stocks—
California Power Corporation
Coast Valleys Gas & Electric Company
Fort Smith Light & Traction Company
Louisville Gas & Electric Company (Delaware)
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas & Electric Company
San Diego Consolidated Gas & Electric Company
Southern Colorado Power Company
Southwestern General Gas Company
Standard Power & Light Corporation
Western States Gas & Electric Company (Delaware)
Wisconsin Public Service Corporation
Total Public Utility Companies
Shaffer Oil & Refining Company
Grand Totals
Common Stocks—
Byllesby Engineering & Management Corporation
California Power Corporation
Coast Valleys Gas & Electric Company
Fort Smith Light & Traction Company
Louisville Gas & Electric Company (Delaware)
Mountain States Power Company
Northern States Power Company (Delaware)
Oklahoma Gas & Electric Company
San Diego Consolidated Gas & Electric Company
Sierra & San Francisco Power Company
Southern Colorado Power Company
Southwestern General Gas Company
Standard Power & Light Corporation
Western States Gas & Electric Company (Delaware)
Wisconsin Public Service Corporation
Total Public Utility Companies
Shaffer 011 & Refining Company
Totals
*Includes subscription of $3,000,000.
With
Par Value.
(Amount)
$3.059,100
2.185.200
1.460.000
16.169,500
3,900.700
56,602,300
14.562,000
6.292.500
3.950.200
25.000
63.806.963
6.695,500
5,037,000
Without
Par Value.
(Shares)
$3,000.000
3,000.000
950.000
8.600
17,967,600
7,500.000
4.157.100
20,000.000
2.750.000
*
296,000
14.000.000
W.th
Par Value.
(Amount)
Without
Par Value.
(Shares)
$881,500
2,835,800
405.000
25,000
3.160159
3,168,709
135.438.680
17,182.500
14,291,500
With
Without
Par Value. Par Value.
(Amount)
(Shares)
$3,059,100
2,185.200
578,500
16,169.500
3,900.700
56,602.300
11,726.200
6.292.500
3,545.200
63.806.963
6.436,000
5,037,000
100.000
$4,406,800
9,196,900
3,068,709
$179,339,163
4,803,100
100.000
$13,603.700
3,068,709
$184,142,263
100,000
8,600
614,164
54,380
74
100,000
763,036
142,500
500,000
Face Value.
$15,477,800
1.837.000
2,754,000
29,861.700
11,903,900
110,772.693
37,000,000
13.868.000
19,498.000
6,893,000
3,068.709
259,500
$183.745.963 3,168.709
14,000,000 -,
$197,745.963
$1.745.000
96,000
Outstanding in
Hands of Public.
$3.000.000
3,000.000
950,000
5,500
*7,500,000
4,099,300
20,000,000
1.001,000
75.000
8.407,360
4,254,500
2.650.000
440,000
$75.646.160
2,020,536
168,464
$46.208,000
$75.646.160
2.189.000
san 208 non
1.000,000
100.000
148.872
88.120
499.926
17,962,100
75.000
2,750,000
57,800
1.000
8,407,360
251,300
4,003.200
2.650,000
911.918
158.000
i nao oiR
440.000
$29.438,160
1.108.618
10,464
590 ARR 1 AR
1.110 082
2614
THE CHRONTGLE
[Vot,. 124
NORTHERN STATES POWER COMPANY
REPORT FOR THE YEAR ENDED DECEMBER 31 1926.
OFFICE OF THE PRESIDENT,
acquired subject to an issue of $1,800,000 first mortgage 6%
bonds. Preferred stocks of subsidiaries outstanding with
231 South La Salle Street, Chicago, Illinois.
public decreased $3,561,830. Through operation of the cusApril 18 1927.
tomer ownership plan there was issued and sold $1,326,900
To the Stockholders:
The seventeenth annual report of your Company is here- par value 7% preferred stock and $5,377,200 6% preferred
with submitted. Comparative earnings (including new stock of the Northern States Power Company. Class "A"
common stock outstanding increased $309,400 par value.
properties for periods operated only) were as follows:
The Company as of December 31 had a total of 53,938
Twelve Months Ended December 31—
1925.
1926.
Gross Earnings
$28.270,715.91 $21,744,868.51 shareholders, exclusive of those acquiring stock on the parOperating Expenses,Maintenance & Taxes- 14,145,424.07
11.150.593.31 tial payment plan, an increase of approximately 8,700 during
Net Earnings
10,594,275.20 the
14.125,291.84
year as the result of continued operation of the customer
Interest Charges
*4,595,498.11
6.200,267.98
Balance
7,925.023.86
5,998,777.09 ownership plan.
Preferred Dividends
3,777,487.01
Balance Available for Retrement Reserves,
Common Dividends and Surplus
4,147,536.85
3,398,853.49
2.599,923.60
*Intereet on securities converted into common stock in 1925 included
in common dividends.
Comparative earnings (including all properties now in
system for full periods) were as follows:
Twelve Months Ended December 31—
1926.
1925.
Gross Earnings
$28,270.715.91 $26,386,687.33
Net Earnings, before Provision for Retirement Reserve
14,125,291.84
12,397,596.31
It will be noted that for the full twelve months period the
combined gross earnings of the properties in the system at
the close of the year increased 7.14%, and the net earnings
13.94%.
Business and agricultural conditions throughout the extensive territory served showed improvement during the
year. The Company's increased volume of business was due
to the acquirement of additional properties and progressive
commercial activities, while the proportionately larger increase in net earnings resulted from a number of causes.
Operating efficiencies were improved by economies in operation, the consolidation of the Saint Paul Gas Light Company and other companies with the Northern States Power
Company, and by reason of additions and improvements previously made. Good water conditions during the latter part
of the year also favorably affected hydro-electric operations.
The foregoing conditions are reflected in the reduced ratio
of operating expenses to gross earnings, this index standing
at 50.04% in 1926, compared with 51.09% in 1925, 52.96%
in 1924 and 56.78% in 1923.
Of the gross earnings 81.91% and of the net earnings
91.18% were derived from the sale of electricity. An increase of 11.75% in the sale of power for industrial purposes is gratifying, as it indicates an improving industrial
situation, which in this territory is an indication of underlyng agrcultural conditions.
ACQUIREMENT OF ADDITIONAL PROPERTIES.
In addition to the extensive electric and gas properties of
the Saint Paul Gas Light Company, referred to in the annual
report for 1925, there were added to the system, distributing
plants in 13 other communities, three of these situations
having been municipally owned properties. Service is now
rendered to six towns in Minnesota and two in Wisconsin,
with a combined population of 10,000, which had not had
electric service previously.
The Company by purchase acquired ownership of the
Chippewa Power Company, which owns the Jim Falls hydroelectric plant—capacity 19,200 horsepower—on the Chippewa
River in Wisconsin, previously operated by the Company
under lease.
FINANCING.
Stockholders at the annual meeting February 23 1926
approved the •recommendation of the directors to increase
the authorized preferred stock from 500,000 to 1,500,000
shares, par value $100, providing for dividends at a variable
rate. This action was for the purpose of financing a portion of the cost of additions and extensions for a' long time
in the future. It also enabled the Company to discontinue
the sale of its 7% preferred stock early in 1926, and instead
issue and sell its 6% preferred stock on a customer ownership basis.
During the year the Company retired funded debt of its
own and of various subsidiary companies aggregating
$1,008,180 face value. The Chippewa Power Company was
DEVELOPMENT OF BUSINESS.
New business for which contracts were negotiated, represented a satisfactory increase over 1925. The total number
of customers of all classes (excluding those served indirectly
through wholesale contracts) increased 17,997 to 419,582.
The output of electric energy was 805,380,692 kilowatt hours,
an increase of 8.4%. Gas output increased from 3,703,126,000 cubic feet in 1925 to 3,829,223,000 cubic feet in 1926.
Sales of electric and gas appliances by the Company
amounted to $1,010,681. The volume of appliance sales by
other agencies probably added at least an equal number of
current-consuming devices to the Company's lines.
Construction expenditures in 1926 amounted to $3,055,656
for new plants, transmission and distribution facilities,
improvements and extensions. The new construction completed has resulted in substantial operating economies and
will enable the Company to take on new business without
unduly large additional investment.
During 1926 a transmission line was constructed between
Fargo and Mapleton, connecting with the Otter Tail Power
Company for the purpose of exchanging current.
At Fargo a new service station was built, providing
storeroom and garage facilities. Bus service was also
inaugurated at Fargo to serve certain outlying districts.
In the Faribault Division the Northfield and Hastings
distribution systems have been rebuilt; also the main transmission line between Cannon Falls and Zumbrota.
In the Grand Forks Division the municipal electric plant
and distribution system of Larimore was purchased and a
transmission line constructed from Grand Forks to supply
energy to Larimore. Extensive additions were made to the
gas distribution system in the city of Grand Forks.
At Mankato, gas holder capacity was increased by the
installation of a third life, and modern coal handling equipment was added to the gas plant.
At the Riverside steam station in Minneapolis one of the
large turbo generators was rebuilt to increase its capacity.
In the downtown district of Minneapolis 50% was added to
the capacity of the storage batteries connected with the
direct current system.
At Brainerd in the Saint Cloud Division a new modern
water gas plant was installed. A gas transmission line was
constructed between Saint Cloud and East Saint Cloud, and
a distribution system installed in East Saint Cloud to supply
gas to that community.
As a result of the acquisition of the Saint Paul Gas Light
Company, extensive improvements have been made in the
consolidated generating plants, electric transmission and
distribution systems and steam heating systems, resulting
in important operating economies and efficiencies. Certain
large gas mains were installed.
In Sioux Falls the program of changing direct current service to alternating current service has been completed, which
will result in increased operating economies.
In the Stillwater Division a second source of electrical
supply to White Bear was provided by a new transmission
line.
At La Crosse, Wisconsin, extensive improvements were
made to the gas plant to increase its capacity. The dam at
Menominee was rebuilt, resulting in a substantial increase
in the output of this hydro plant. The Flambeau Reservoir
was completed and put in service, increasing water storage
available for the Jim Falls and Wissota hydro plants.
In 1926 further progress was made by the Company in the
construction of rural lines, and a considerable number of
APR. 30 1927.]
THE CHRONICLE
farms were connected to the system on a basis fair to both
the farmer and the Company.
Further preliminary engineering investigations were carried on at various points on the Mississippi, St. Croix and
Flambeau rivers, preparatory to the development of proposed hydro plants.
The 1927 construction budget contemplates an expenditure of approximately $7,421,000. Some of the more important improvements are as follows:
- Construction work will be started on a pew hydro-electric
plant on the Chippewa river at Chippewa Falls, Wisconsin,
with a capacity of 24,000 horsepower, which will be completed in the fall of 1928. The additional current,generated
by this plant will be readily absorbed when it becomes available.
In Minneapolis several of the existing substations and
supply lines will be enlarged to provide for increased business. One of the large turbo generators at the Riverside
station will be rebuilt at small cost, resulting in increased
capacity and higher efficiency.
In Saint Paul one of the turbo generators at the High
Bridge station will be improved in order to secure increased
capacity and higher efficiency. Substations and supply lines
will also be improved to provide for increased business. The
rearrangement of the distribution system necessitated by
the purchase of the Saint Paul Gas Light Company will
continue, resulting in further operating economies.
At Saint Cloud the increase in the gas business requires
-cubic foot gas holder.
the installation of a new 200,000
The steam plant at Fargo will be increased by adding a
new 1,000 horsepower boiler and by installing larger steam
turbines.
A modern vertical retort type gas plant will be built at
Faribault. A new electrical transmission line will be constructed to connect Faribault, Kenyon and Dodge Center to
take on additional business and improve service.
At Mankato a new substation of larger capacity is contemplated.
On account of additional new gas business a third lift will
be added to the gas holder at Stillwater and the gas plant
capacity will be increased by the installation of an additional bench. A new office building is also contemplated for
Stillwater to give better service to our customers and to aid
in the display and sale of electric and gas appliances.
In Wisconsin in addition to rebuilding several of the substations and transmission lines for larger capacities, a new
high tension transmission line will be built between Neillsville and Colby to take on considerable available new.business and to improve service.
At Eau Claire an addition to the service station is contemplated, to improve garage and storage facilities.
At Minot additions to the telephone plant and distribution
systems are contemplated. -
2615
NORTHERN STATES POWER COMPANY OF DELAWARE AND
SUBSIDIARIES.
CONSOLIDATED BALANCE SHEET DECEMBER31 1926.
ASSETS.
Capital Assets:
Plant, Property, Rights, Franchises, &c
$201,297,307.96
Preferred and Common Stodk Discount, Premium and
Expense (Net)
6,282.862.72
Cash Sinking Funds and Other Deposits
398,234.99
Investments—Stocks and Bonds of Other Companies,
Associations; Sze
422.648.97,
Balance of Unamortized Debt Discount and Expense in,
curred since Dec.31 1924
361,688.68
Prepaid Accounts and Deferred Charges:
Prepaid Insurance, Interest and Rent__ _ _
$12I,914.83
Rate Investigation Expenses
140.514.11
Expenses and Advances on Purchase of
Properties
66,415.58
Miscellaneous Deferred and Unadjusted
Items
406.781.87
J12C,
Current Assets:
Cash in Banks and on Hand
$2,203,997.66
Bond Interest and Other Cash Deposits_ _ _
153,360.00
Notes Receivable
55,156.70
$2.975,745.74
Accounts Receivable
Less—Reserve for Uncol194,218.08
lectible Accounts
2.781,527.66
Tjnbilled Electricity and Gas
913,887.75
Preferred Stock_ _ _ _
Receivable on Sale of
609.765.89
Due from Affiliated Companies on Open
Account
43,359.83
Materials and Supplies
3,068,797.10
9.829.852.68
Total
$219.328,222.39
LIABILITIES.
•
Capital Stock of Northern States Power Company of'
Delaware Outstanding:
7% Cumulative Preferred,505.073 Shares.
par value $100.00 each
350,507,300.00
6% Cumulative Preferred, 53.772 Shares,
5.377,20000
Par value $100.00 each
Class A Common. 179,676 shares, par
value $100.00 each
17,967,600.00
Class B Common, 500,000 shares of no
par value
5,000,000.00
378.852,100.00
Capital stock of Subsidiaries in Hands
of Public:
7% Cumulative Preferred
$715.800.00
Common
2,000.00
717,800.00
Total Capital Outstanding in Hands
of Public
$79,569,900.00
Funded Debt (page 8, pamphlet report)
110,772.693.57
Deferred Liabilities:
Customers' Security and Extension
Deposits
476.045.91
'Current Liabilities:
Notes Payable
$3,502,292.50
Accounts Payable
931,777.71
Accrued Interest
1,235,247.81
Accrued Taxes
3,053,909.91
Accrued Preferred Stock Dividends
968,711.25
452,512.00
Common Stock Dividends Payable
Sundry Current Liabilities
119,194.71
10,270,645.89
Reserves:
Retirement Reserve
Operating Reserves
Line Extensions
Reserve for Contingencies
Contributions for
$13,121,185.15
133.169.80
165,561.67
350.000.00
Capital Surplus:
Surplus on Books of Subsidiary Companies at Date of
Acquisition Thereof
Surplus
Total
13,799.916.62
689,893.50
3,749,126.90
$219,328,222.39
CONCLUSION.
Your Directors anticipate a continuation of favorable
results during 1927. The properties are maintained in excellent physical condition and operated at a high standard of
efficiency. Relations with the public are satisfactory. Sincere acknowledgment is due the experienced force of executives and employees for their ability in the development of
business, progressive advance in operating efficiencies and
• alertness in rendering good service in a courteous manner.
By order of the Board of Directors,
JOHN J. O'BRIEN, President.
AUDITORS' CERTIFICATE.
We have audited the accounts of the Northern States Power
Company
of Delaware and Subsidiaries for the year ended December 31 1926.
As of December 31 1924, the Byllesby Engineering and Management
Corporation appraised the property of the Company and
(including water power rights and going concern value) and subsidiaries
determined
the cost ofreproduction and accrued depreciation at the date of the appraisal.
On the companies' books and in the Balance Sheet above, the property
and retirement reserve accounts as of the date mentioned have been adjusted to give effect to this appraisal. Subsequent additions have been
accounted for at cost, and in the case of major acquisitions of new
properties
include cost over appraised value with retirement reserves stated at amounts
determined by appraisals of such new properties. The property retirements
during the years 1925 and 1926, less the provision therefor. have been
applied against the depreciation reserve balance arising from these appraisals.
The companies, during the years 1925 and 1926, appropriated the
remainder of capital surplus ($1,173,810.78) arising from the appraisal
of their properties as of December 31 1924, to the writing off of a portion,
represented by that amount, of the bond discount and expense incurred
since that date.
On the foregoing bases, we hereby certify that, in our opinion, the above
Consolidated Balance Sheet and the accompanying Consolidated Income
and Surplus Accounts correctly reflect the consolidated financial condition
of the Company and its subsidiaries at December 31 1926, and the consolidated results from operations for the year ended that date.
ARTHUR ANDERSEN & CO..
Certified Public Accountants,
Chicago, Illinois, March 30 1927.
NORTHERN STATES POWER COMPANY OF DELAWARE AND
SUBSIDIARIES.
CONSOLIDATED INCOME ACCOUNT FOR THE YEAR ENDED
DECEMBER 31 1926 AND SUMMARY OF CONSOLIDATED
SURPLUS ACCOUNT.
Gross Earnings:
Electric Department
$23,155,955.02
Gas Department
3,977,141.26
Steam Department
755,505.49
Street Railway Department
268,704.62
Telephone and Water Departments
113.409.52
Total Gross Earnings
Operating Expenses and Taxes:
Operation
Maintenance
Taxes
$28,270,715.91
$9,031,900.02
1,576.160.93
2.637,363.12
Total Operating Expenses and Taxes
14,145,424.07
Net Earnings before Provision for Retirement Reserve_ $14,125,291.84
Interest Charges—Net
6,200,267.98
Balance before Provision for Retirement Reserve
*37.925 023.86
;
Deduct:
Preferred Stock Dividends
3,777,487.01
Remainder
Common Stock Dividends
Remainder
Appropriations for:
Retirement Reserve
Contingencies
Balance—Carried to Surplus
Surplus Balance at January 1 1926
Total Surplus at December 31 1926
24,147,536.85
1,837.778.09
$2,309,758.76
$1.500,000.00
350,000.00
1.850,000.00
$459.758.76
3.289,368.14
$3.749.126.90
* The Companies on their books have charged against the Capital
Surplus arising from an appraisal of their properties as of December 31
1924, the Unamortized Bond Discount and Expense at that date, and also
as reflected in the attached certificate, a portion of the Bond Discount and
Expense incurred since that date. Accordingly,no charge has been made
above for the Discount and Expense applicable to the year ended December
31 1926.
2616
THE CHRONICLE
(Vox- 124.
MISSOURI PACIFIC RAILROAD COMPANY
TENTH ANNUAL REPORT—FOR THE TWELVE MONTHS ENDED DECEMBER 311926.
To the Stockholders:
St. Louis, Mo., March
1 1927.
The Boardof Directors herewith submits report of the
operations and affairs of the Company as of December 31
1926.
CORPORATE INCOME STATEMENT.
FOR Tria YEAR ENDED DECEMBER 31 1926. COMPARED WITH
THE PREVIOUS YEAR.
Increase.
1925.
1926.
Halfway Operating Revenues 133.990,294.39 130.831,661.43 3.158.632.96
Railway Operating Expenses_ _102,851.943.72 102,276.499.59 575.444.13
Net Revenue Railway °portions
31,138,350.67 28,555.161.84 2.583,188.83
Railway Taxes and Uncol5,301.922.61 347,581.74
lectible Railway Revenue_ 5,649,504.35
Railway Operating Income_ _ _ 25,488,846.32 23,253,239.23 2.235,607.09
1,282.312.93
1,021,373.54 260,939.39
Other Operating Income
Total Operating Income.....26,771,159.25 24.274.612.77 2,496.546.48
Deductions from Operating In6,437,373.49 6.261.548.78 175.824.71
come
Net Railway Operating In20,333,785.76
come
3,621,286.12
Non-Operating Income
Passenger Per Mile was $0.0327, as compared with $0.0336
last year.
Total Railway Operating Expenses increased $575,444.13,
or 0.56%.
The increase in Expenditures for Maintenance of Way &
Structures was $796,322; for Maintenance of Equipment,
$636,639, while the Transportation Expenses decreased
$826,695, or 1.71%. the Transportation ratio having been
reduced from 36.92 in 1925 to 35.44.
Hire of Freight Car charges were in excess of the previous
year's charges due to an increase in use of private line cars,
the payments to that account for the year 1926 showing an
increase of $441,129. The average miles per car per day for
1926 was 39.66, compared with 37.22 in 1925, 33.02 in 1924,
26.61 in 1923.
18.013,003.99 2.320,721.77
4,459,088.49 *837,802.37
23,955,071.88 22.472,152.48 1.482,919.40
Gross Income
Deductions from Gross Income 15,323.404.87 14.823,943.82 499.461.05
Balance—Net Income trans8,631,667.01
ferred to Profit and Loss
of 15.15% and the Passengers Carried One Mile, a decrease
of 0.25%, with an increase in the Average Distance Each
Passenger Carried of 12.53%. The continued diversion of
short haul Passenger Traffic to Motor Vehicles operated over
public highways is apparent. The Average Revenue Per
PENSION SYSTEM.
One Hundred-three employees wore retired in 1926 because
of permanent physical disability or having reached the age
limit.
7,648.208.66
983,458.35
• Decrease.
FEDERAL VALUATION.
Forty-five employees on the Pension Rolls died during
the year, making total number of deaths to date, two hundred
twenty-four. In the operation of the Pension System since
its inauguration on July 1 1917, six hundred forty-eight ern-
Informal conferences with the Bureau of Valuation of the
Inter-State Commerce Commission, having for their purpose
the adjusting of errors and omissions in the preliminary
engineering, land and accounting reports previously submitted to your Company, were completed during the year.
The Commission's tentative valuation, which will be as
of June 30 1918, will be served upon your Company some
ployees have been retired on pension allowances, one pensioner having returned to the service. At the close of the
year, four hundred twenty-three retired employees were
receiving pensions, averaging $56.83 per month, involving
time during the present year.
No changes have been made in the Capital Stock during
the year.
INCOME.
A brief comparative statement of the Corporate Income
is shown above, subdivided to indicate the "Net Railway
Operating Income" defined in the Transportation ,‘ ct of
1920.
OPERATIONS.
(Compared with Previous Year.)
The operating results show increases in • volume of freight
traffic handled and in gross and net income.
Total Railway Operating Revenues for the year were
$133,990,294.39 as compared with $130,831,661.43 in the
previous year, an increase of $3,158,632.96, or 2.41%.
The increase in Freight Revenue was $3,594,372.60, or
3.45%. The principal increases being, Products of Agriculture, $1,839,898; Products of Mines, $500,425, and
Manufactures and Miscellaneous, $1,229,569.
monthly expenditures of $24,060.50.
CAPITAL STOCK.
FUNDED DEBT.
Long Term Debt outstanding in the hands of the public
increased $15,027,200, the detail of changes being shown on
page 13 [pamphlet report]. The proceeds of this increase
in funded debt were used, among other things, to pay
$13,391,500 7% Sinking Fund Notes which were called for
redemption January 17 1927.
The 7% Notes will be retired with the proceeds from the
sale of Missouri Pacific Railroad Company 5.i% Secured
Serial Gold Bonds in the amount of $13,156,000 issued in
December 1926 for that purpose, and the lower rate of
interest will result in a substantial reduction of the annual
interest charges.
First Mortgage Bonds of the Verdigris ValleyIndependence
& Western Railroad amounting to $806,000 matured
March 1
1926 were retired.
Included in the Products of Agriculture were increases in
Payment of $80,000 Serial Note No. 5 due the United
revenue from Cotton, Cotton Seed and Products of $427,797. States Government resulted in the release
of $107,000 First
Potatoes and Other Fresh Vegetables, $786,105. Citrus and Refunding Mortgage Series D Bonds
held as collateral.
and Other Fresh Fruits, $391,385, and Wheat, Flour and
Equipment Trust Certificates, Series E, were issued for
Meal, $770,451; this latter amount being offset to the extent $4,830,000 to apply on purchase of 25
Locomotives, 2,000
of $522,869 by a decrease in revenue from Oats.
Freight Cars, 22 Passenger Train Cars and 12 Work
Cars.
increase in revenue from Bituminous Coal included in Equipment Trust Obligations amounting
The
to $2,282,400 maProducts of Mines was $1,265,980 and from other Ores and tured and were paid during the year.
Concentrates, $345,665; there was a substantial decrease in
During January 1927 arrangements were completed for the
revenue from Crude Petroleum amounting to $1,184,150. sale, subject to the approval of the Inter-State Commerce
Increase in revenue from Refined Petroleum and its Products Commission, of $95,000,000 principal amount Missouri
includdd in Manufactures and Miscellaneous was $825,048. Pacific RR. Co. First and Refunding Mortgage 5% Gold
The increase in revenue from the Transportation of Auto- Bonds,Series F,due March 1 1977,for the purpose of retiring
mobiles and Auto Trucks was $333,166. The revenues from outstanding Series D and E 6% Bonds, to the amount of
9,101,500, and of $8,229,760 of 6% Notes issued to the
Products of Forest continue to show a decrease, the amount
United States Government, for the payment of $12,000,000
of decrease compared with previous year being $378,553.
The total Number of Tons of Revenue Freight Handled 5% Secured Notes maturing July 1 1927, and to reimburse
increased 3.42%, while the Ton Miles increased 5.93%. the Treasury of the Company for Capital expenditures hereThe Average Revenue Per Ton Mile was 10.65 mills as com- tofore made, and to cover expenditures to be made under
the improvement program for 1927.
pared with 10.91 mills in the previous year.
The details of this financing have been approved by the
The Passenger Revenue for the Current Year was $16,035,972.47, as compared with $16,536,035.26, a decrease Inter-State Commerce Commission, and the transaction
of 3.02%, all of which was in Local System Sales. Interline
Traffic, both Forwarded and Received, continues to show
substantial increases. Passengers Carried shows a decrease
will be completed early in the present year. The refunding
of the 6% Bonds and Notes will result in a material decrease
in the present interest charges.
2617
THE CHRONICLE
APR. 30 1927.]
NEW LINES.
Construction of new line from Epps, La., to Delhi, La.,
Railway, was completed
I nnecting with the V. S. & P.
during the year. Tracks extending from South Dupo, Ill.,
to Krause, Ill., commenced in 1925, were completed during
the year. An extension in a northwardly direction of the Hot
.
Springs Branch from its present terminus at Hot Springs, a
distance of 11.82 miles, primarily to serve an undeveloped
yellow pine timber territory, was commenced in the latter
part of the year, and will be completed and placed in operation during the year 1927. The net increase in mileage
owned and operated was 10.30 miles, details of which appear
on pages 42 to 45[pamphlet report].
The acquisition during the year of Capital Stock of the
Marion & Eastern Railroad company, with an approximate
mileage of 13 miles, located in Wiliamson County, Illinois,
will afford access to well developed shaft coal mines, including
undeveloped acreage tributary to the line, containing coal
for many years' operations, thus assuring a continuing substantial coal traffic to the Missouri Pacific Lines.
There was also acquired during the year the Capital Stock
and all outstanding Mortgage Bonds of New Orleans &
Lower Coast Railroad Company, owning and operating a
line of railroad extending 60 miles south from New Orleans,
La., along the west bank of the Mississippi River, through
a fertile agricultural territory,.considerable progress having
.
already been made by the citrus fruit industry near the
southern terminus of this line.. The dependable transportation service resulting from the improvements to this line will
not only develop this territory along agricultural lines, but
will also be the means of furnishing favorable locations
for industries.
ROAD AND EQUIPMENT.
Substantial expenditures were made for additional facilities, improved structures and additional equipment, the cost
of which is reflected in the charges to Road and Equipment.
The largest piece of construction work handled during the
year was the 22.27 miles of second maintrack on the heavy
traffic subdivision St. Louis to Jefferson City, including rearrangement and enlargement of Jefferson City Yard, which
is the second year's portion of a three-year program of additional main track construction on the Eastern Division.
Other large expenditures were an additional Smiles of second
main track between Alexander and Bauxite Junction, Ark.;
completion of construction of joint yard at Alexandria, La.;
improvements to Hot Springs, Ark., passenger terminals;
construction of new freight house at Coffeyville, Kans., and
installation of additional automatic block signals principally
on various sections of the line between St. Louis and Kansas
City and between St. Louis and Texarkana.
There was delivered and put in service during the year
the following equipment:
10 Santa Fe Type Freight Locomotives.
15 Switching Locomotives.
2 Steel Cafe Club Cars.
5 Steel Dining Cars,
15 Steel Baggage Cars,
1 Steel Business Car,
1,735 Box Cars,
250 Automobile Cars,
250 Stock Cars.
250 Self
-Clearing HoPnez Cars,
8 Gasoline Motor Cars,
2 Wrecking Derricks,
1 American Ditcher.
1 Jordan Spreader.
1 Tool Car,
7 Water Cars.
1 Convoy Car.
Orders have been placed for additional equipment as follows
5 Mountain Type Passenger Locomotives, 15 Switching
Locomotives, 5 Steel Dining Cars, 3 Steel Cafe Club Cars,
10 Steel Baggage Cars, 6 Steel Mail-Baggage Cars, 10 Steel
Coach-Baggage Cars, 10 Steel Coaches, 750 Box Cars, 750
Automobile Cars, 500 Furniture Cars, 250 Steel Hopper
Bottom Coal Cars, 250 Stock Cars, 2 Locomotive Cranes,
1 Ditcher, 2 Dump Cars, 2 Rail Unloaders.
Orders will be placed during the year for 5 Freight Locomotives, 5 Steel Baggage Cars, 4 Weed Burners and 300
Box Cars.
The details of charges to Road and Equipment are shown
on page 18[pamphlet report], a summary of which follows:
$370,826.01
3,454,396.26
New Lines Constructed
Second Main Track
Road
Less Retirements
$10,628,059.19
256,199.19
10.371.860.00
$8.136.954.50
2,499,425.57
Equipment
Less Retirements
5,637.528.93
Cr.496,725.74
Assets and Liabilities Not Appraised June 1 1917
Total Charges to Road and Equipment
519,337.885.46
By Order of the Board of Directors.
L. W. BALDWIN, President.
MISSOURI PACIFIC RAILROAD COMPANY.
DECEMBER 31 1925.
GENERAL BALANCE SHEET DECEMBER 31 1926 COMPARED WITH
ASSETS.
December 31
1926.
$
December 31
1925.
$
Increase (+) or
Decrease (—)•
$
Investments-Investment in Road and
458,374,811.31 439.036.925.85 +19.337.885.46
Equipment
Improvements on Leased
—1,545.95
34,945.38
33,399.43
Railway Property
—7.00
651.94
644.94
Sinking Funds
Deposits in Lieu of Mort—16,072.10
54.690.23
38,618.13
gaged Property Sold_ _
+110,856.57
2.387.725.73
Miscall. Physical Property_ 2,498.582.30
Investments in Affiliated
+209,759.00
34.910,448.65 34,700,689.65
CompanI3s—Pledged
Investments in Affiliated
Companies—Unpledged_ 23,757,818.57 19.519.902.19 +4.237,916.38
Investment in Securities Issued. Assumed or Otherwise Carried as a Liability by the Accounting
4.165,065.10 4,165.065.10
Company—Pledged
--3.006.19
365,674.64
Other Investments—Pledged 362,668.45
Other Investments — tin1,129,842.39
--273,713.45
856,128.94
pledged
524.998.185.82 501.396.113.10 +23.602.072.72
Total
Current Assets—
1.755,920.63 12,180,167.85 —10,424.247.22
Cash
2,116,957.45 +12,245,928.16
*14,362,885.61
Special Deposits__ __
—727,007.98
17,703.53
744,711.51
Loans and Bills Receivable
Traffic and Car Service Bal866,296.82
+80,931.06
947,227.88
ances Receivable
Net Balance Receivable
from Agents and Conduc1,664,201.11
1,524,684.20
—139,516.91
tors
3.588,374.23
+328,578.62
Misc. Accounts Receivable 3,916,952.85
14,468,627.71 11,749,653.85 +2,718,973.86
Material and Supplies_
Interest and Dividends Re386,331.59
+682.73
387,014.32
ceivable
36,000.00
36,000.00
Rents Receivable
143,487.33
—18,633.73
124.853.60
Other Current Assets
37.541,870.33 33.476.181.74
Total
Deferred Assets—
30,812.40
32,340.13
Working Fund Advances
119.334.13
176.469.31
Other Deferred Assets_ _ _ _
+4.065,688.59
150.146.53
+58.662.91
68,173.48
1,214.571.72
+51,362.22
+80,021.65
1.282.745.20
+131,383.87
208.809.44
Total
Unadjusted Debits—
Rents and Insurance Premi119,535.70
ums Paid in Advance__ Other Unadjusted Debits__ 1,294,593.37
Total
1.414,129.07
+1.527.73
+57,135.18
564,162.994.66 536,305.186.57 +27.857.808.09
Grand Total
Note.—The following Sein
curities not included
Balance Sheet Accounts:
Securities Issued or As264,940.00 +6,749,660.00
ia sumed—Unpledged- _ _ 7.014.600.00
As. Securities Issued or
21,998,500.00 23,305.500.00 —1,307,000.00
sumed—Pledged
29,013.100.00 23,570.440.00 +5,442.660.00
Total
LIABILITIES.
December 31
December 31
1925.
1926.
Stock—
ainon
itml St koc :
Caso
Preferred
Total
Increase(
or
Decrease(—)
582,839.500.00 882,839.500.00
71.800.100.00 71.800,100.00
154.639,600.00 154.639,600.00
Long Term Debt—
Funded debt unmatured_*320,360.980.00 305,333,780.00 +15.027.200.00
320,360,980.00 305.333.780.00 +15.021.200.00
Total
Total Capital Liabil.475,000.580.00 459.973,380.00 +15,027.200.00
Current Liabilities—
Loans and Dills Payable_
Traffic and Car Service Bal900,364.67
ances Payable
Audited Acc'ts and Wages
14,828,909.43
Payable
326,206.73
Miscell. Accounts Payable
Interest Matured Unpaid- 1,502,559.83
Funded Debt Matured Un15,000.00
paid
3,567,102.53
Unmatured Int. Accrued
319.33..47
Unmatured Rents Accrued
Other Current Liabilities
480.631.99
1,234.766.67
—1,234.766.67
1,106.396.17
—206,031.50
9,862.351.34
390.177.56
1.543.691.67
+4,966.558.09
—63.970.83
--41,131,84
865,000.00
3,550,327.32
331.272.13
431,901.93
—850,000.00
+16.775.21
—11,934.66
+48.730.06
21.940,112.65
19,315,884.79
+2,624.227.88
570,495.11
360,047.48
+210,447.63
570.495.11
360,047.48
+210,447.63
Unadjusted Credits.—
Tax Liability
3,777.392.91
Ins. and Casualty Reserves
284.97
Accrued Deprec.—Equip. 11,057,907.07
Other Unadjusted Credits892.991.51
3,331,979.70
7.214.27
9,051.958.65
1,214.062.41
+445.413.21
—6.929.30
+2.005.948.42
—321,070.90
13.605,215.03
+2,123.361.43
Corporate Surplus.—
Additions to Prop. through
Income and Surplus
752,315.20
841.047.08
Profit and Loss
50.082,183.36 42,298.344.07
+88,731.89
+7.783.839.29
Total
Deferred Liabilities.—
Other Deferred Liabilities_
Total
Total
15.728,576.46
50,923,230.44 43.050,659.27 +7.872.571.17
Grand Total
564,162.994.66 536.305.186.57 +27.857.808.09
Note.—The following Capital Liabilities not included in Balance Sheet
Accounts:
Fund. Debt—Unpledged 7.014,600.00
264.940.00 +6,749.660.00
Funded Debt—Pledged_ 21.998,500.00 23,305.500.00 —1.307.000.00
Total
Total
29,013,100.00 23.570.440.00
+5.442.660.00
offset by the liability carried in "Funded Debt Unmatured." Missouri Pacific Fifteen-Year 7% Sinking
•Includes deposit of $13.156.000.00 which is
January 17 1927.
Fund Notes, called for redemption above include the securities issued under the Reorganization Plan for bonds of various issues dealt with by the plan,
The Capital Liabilities shown
acquired on December 311926. which are accordingly not shown as Liabilities.
including $1.635,500.00 principal amount, not
default.
The company is guarantor jointly with other companies of the securities of certain terminal companies, none of which are in
2618
THE CHRONICLE
FoL.
MISSOURI-KANSAS-TEXAS RAILROAD COMPANY
and Controlled Companies.
ANNUAL REPORT
-FOR THE YEAR ENDED DECEMBER 31 1926.
St. Louis, Mo., April 18 1927.
To the Stockholders:
The Board of Directors submit herewith report of the operations and affairs for the year
ended December 31
1926.
A summary of results of operation compared with the year 1925 is as follows:
1926.
1925.
Increase.
Per Cent.
Operating Revenues
Operating Expenses
$58,100,765.67
39,979,069.65
$57,492,913.54
39,618,128.36
$607,852.13
360,941.29
1.1
.9
Net Operating Revenue
Taxes
$18.121,696.02
3.367,208.42
$17.874,785.18
2,867,589.28
$246,910.84
499,619.14
1.4
17.4
Operating Income, Taxes Deducted
Miscellaneous Income
$14,754,487.60
249,786.53
$15.007.195.90
255,578.44
$252,708.30
5,791.91
1.7
2.3
Rentals and Other Payments
$15.004,274.13
1,584,619.37
$15,262,774.34
1,974,322.78
$258,500.21
389,703.41
1.7
19.7
Income for Year Available for Interest
Fixed Interest Charges for Year
$13,419,654.76
4,379,546.59
$13,288,451.56
4,432,445.86
$131,203.20
1.0
$52,899.27
1.2
$9,040,108.17
2,682,640.62
$8,856,005.70
2.738,386.71
$184,102.47
2.1
$55,746.09
2.0
$6,357.467.55
46.117.61gM
22:151.R4R 5fi
R0
Balance Available for Interest on Adjustment Bonds
Interest on Adjustment Bonds
Net Income
Decrease.
Per Cent.
mon stock of St. Louis Southwestern Railway Company for
FINANCIAL.
Adjustment Mortgage 5% Series "A" Bonds amounting an aggregate purchase price of $13,613,301. Acting under
to $3,380,900 were converted, during the year, into shares this authority, the officers of your Company under date of
of the Preferred Stock, Series"A," with appropriate adjust- July 23 1926, entered into an agreement with The Kansas
ment of interest and dividend. The surrendered bonds and City Southern Railway Company to carry this resolution into
coupons were delivered to the Corporate Trustee for cancella- effect, and $7,000,000 has been paid on account. Under
date of July 23 1926 application was made by your Company
tion.
Underlying bonds and equipment obligations left undis- to the Inter-State Commerce Commission for an order apturbed in the reorganization, amounting to $94,100, were proving and authorizing the acquisition of control through
paid and retired during the year and $55,000 were exchanged stock ownership of St. Louis Southwestern Railway Company. This application is now pending before the Interfor Prior Lien Bonds.
Preferred Stock, Series "A"(7% cumulative after Janu- State Commerce Commission.
ary 1 1928) amounting to $30,400, and Common Stock
,
OPERATION.
(no par value) amounting to 181 shares, have been issued durThe mileage operated on December 31 1926 was 3,188.54,
ing the year by the Reorganization Managers for the purposes the same as the mileage on December 311925.
of the reorganization.
Passenger and Freight train service was satisfactorily mainDividends amounting to $1,615,111.56 were declared dur- tained for our patrons throughout the year. Freight
reve:
ing the year, being at the rate of 6% per annum on the Pre- nues in 1926 were $1,273,121 greater than in 1925; this
inSeries "A," outstanding in the hands of the crease was due largely to an unusually good wheat
ferred Stock,
crop, 011
public.
which commodity the M-K-T enjoyed a long haul. We had
Your Board of Directors on January 18 1926 authorized anticipated a large increase in revenue from cotton, but this
the execution of an agreement with Industrial Investment was not realized, by reason of deferred movement on account
Company,Limited,to acquire from that Company,subject to of depressed price due to the tinprecedented production.
the approval of the Inter-State Commerce Commission, Passenger revenues decreased $655,161. There has been a
5,000 shares of the par value of $100 each of Texas City decrease in this class of revenue each year since 1920, due to
Terminal Ry. Co. stock for an aggregate purchase price constant increase in competition from bus and
automobile
of $2,183,117.94. A provision of this agreement was that operation, and an uninterrupted highway improvement
proyour Company should submit and offer to Missouri Pacific gram throughout the territory.
Railroad Company,The Southern Pacific Company and The
The average purchase cost of fuel oil increased from $1.274
Atchison Topeka & Santa Fe Railway Company the right per barrel in 1925 to $1.360 per barrel in 1926,
which adto participate in the benefits of the agreement on equal versely affected transportation costs; however, continued
terms with your Company. Under date of January 19 1926 activities by our organization to effect economies in other
your Company entered into an agreement with Industrial directions in a large measure offset the increased fuel cost.
Investment Company, Limited, to carry this resolution into The operating ratio in 1926 was 68.81, compared with ratio
of 68.91 in 1925. The 1926 transportation ratio was 30.34,
effect and submitted offers to the above mentioned Com- compared with ratio of 30.60 in 1925.
participate in the agreement. This offer was acpanies to
The property, including roadway, structures and rolling
cepted by New Orleans Texas & Mexico Railway Company, stock, has been maintained in good condition.
on behalf of Missouri Pacific Railroad Company, and by
ADDITIONS TO PROPERTY.
The Atchison Topeka & Santa Fe Railway Company. Under
Additions and improvements to road during the year indate of June 18 1926 joint application was made to the volved capital account charges aggregating $3,281,003.98.
Inter-State Commerce Commission by Missouri-Kansas- Included in this amount is an item of $500,773.65 for purTexas Railroad Company, New Orleans Texas & Mexico chase of additional right-of-way at Houston,Texas,on which
Railway Company and The Atchison Topeka & Santa Fe a new freight station will be erected in 1927. A tract of land
at Waco,Texas, was also purchased during
year at a cost
Railway Company for an order authorizing and approving of $65,006.75, which land will be valuable the future indusfor
the acquisition of control of Texas City Terminal Railway trial development.
During the year 23.23 miles of new 90
Company. On September 4 1926 the Inter-State Commerce
-pound rail was laid
-pound rail;21.69 miles of new 90
-pound
Commission entered its order approving the joint applica- in Texas,replacing85
tion. Your Company has therefore purchased one-third of rail was laid on the McAlester District and 17.40 miles of
new 90
replac-pound rail was laid on the St.
the capital stock of Texas City Terminal Railway Company, ing 85-pound rail in each case; 24.61Louis District,
miles of second-hand
amounting to 1,666 2-3 shares, par value of $100,at a cost of 85
-pound rail was laid on the South Texas District, replacing
$727,705.98.
56 and 60
-pound •
-pound rail; 14.15 miles of second-hand 85
Your Board of Directors on July 21 1926 authorized the rail was laid on the Tulsa Division,replacing60 and 63-pound
execution of an agreement with The Kansas City Southern rail; 3.03 miles of 66-pound second-hand rail was laid on the
-pound rail
Railway Company to acquire from that Company, subject Mineola Branch and 2.34 miles of second-hand 66
was laid on the Sherman Branch, replacing in each case 52
to the approval of the Inter-State Commerce Commission, and 56
-pound rail. The total rail replacement during the
135,000 shares of preferred stock and 20,000 shares of com- year was 106.45 miles.
2619
THE CHRONICLE
APR. 30 1927.]
Other important road additions and improvements were:
Mechanical coaling station, Bartlesville, Oklahoma.
New station building,Pryor, Oklahoma.
Mechanical coaling station, Denison, Texas.
Car shop at Denison, Texas, for construction of and repairs to steel cars.
Installation of heavier spans on 20 bridges having aggregate length of 2,074 feet.
Construction of concrete bridges replacing wooden trestles at 13 locations; length of new structures aggregating 1,417 feet.
Expenditures for new equipment amounted to $1,047,332.76; expenditures for improvements to existing equipment amounted to $588,681.73. During the year there were
manufactured in the company shops at Denison, Texas, 500
-ton capacity box cars.
new 50
The amount of retirements for the year,less replacements,
was $830,502.87. The net increase in the value of equipment owned is $805,511.62.
TAXES.
During the year taxes were $3,367,208.42 as compared
with $2,867,589.28 during the previous year, an increase of
17.42%. Following the tendency of the past several years,
State, municipal and Federal taxation against railroads continue to increase.
Following is a statement of the charges for taxes for the
year 1926 compared with the previous year:
Increase.
1925.
1926.
State, County and Municipal-42,280,479.93 $2,032.471.04 $248.008.89
1.086,728.49 835,118.24 251.610.25
Federal
$3.367,208.42 $2,867,589.28 $499,619.14
Total
FEDERAL VALUATION.
During the year the Inter-State Commerce Commission
served on your Company a tentative final value "for ratemaking purposes" for the lines of the former companies,
as of June 30 1918, on a level of prices of land as of June 30
1918, and of other property as of June 30 1914, summarized
as follows:
Cost of
Reproduction
New.
Present
Value of
Lands.
$146,680,619
22,389
$146,658,230
351,782
$147,010.012
Deductionwned of property owned but not used
account
prdoupertlsec y used but not owned
Property aownoeudnlIn
Ad
cc
Property devoted to Common Carrier Purposes
Cost cf Reproduction Less
Depreciation.
$114,824,237
19,091
$114,805,146
287,453
S115.092.595
$16,695,528
112,918
$16.582,610
100,932
$16,683.542
Working
Capital.
Tentative Final
Value for Rate
Making
Purposes.
$5.057,924
$5,057,924
$5,057.924
$141,912,632
132.708
$141,779,924
401,060
$142,180,984
price levels, the tentative valuation would be subject
to revision for use as of another date. Cost of your
tested and it is expected that
end of 1926 aggregated
1927. As a result of property changes due to relinquish- Company's valuation work to the
to additions and retire- $1,365,319.17.
ments in the reorganization,
C. HAILE, President.
ments made since June 30 1918, and of variations in
p These values as affecting theapresent lines have been prohearing will be held during
INCOME ACCOUNT YEAR ENDED DECEMBER 31 1926, COMPARED WITH YEAR ENDED DECEMBER 31 1925.
1925.
1926.
Decrease.
Increase.
•
•
Amount.
Average Mileage Operated
Operating Revenues:
Freight
Passenger
Mail
Express
Miscellaneous
Incidental
Joint Facility
Total Operating Revenues
Operating Expenses:
of
Maintenance of Way and Structures
Maintenance Equipment
Traffic Expenses
Expenses
TransportationOpertaions
Miscellaneous
General Expenses
Transportation for Investment,-Cr
Total Operating Expenses
Net Operating Revenue
Railway Tax Accruals Revenues
Uncollectible Railway
Total
Operating Income
Other Operating Income:
from
Rentfrom Locomotives
Rentfrom Passenger Train Cars
Work Equipment
Rent Facility Rent
Joint
Income
Total Other Operating Income
Total Operating Income
Deductions from Operating Income:
Hire of Freight Cars-Debit Balance
Rent for Locomotives Cars
Rent for Passenger Train
Equipment
Rent for WorkRents
Joint Facility
Total Deductions from Operating Income
Net Railway Operating Income
Non-Operating Income: Road
,.. Income from Lease of
Rent Income
k Miscellaneous Non-Operating PhysicalProperty
Miscellaneous
Income from Funded Securities
Incomefrom Unfunded Securities and Accounts
Miscellaneous Income
Total Non-Operating Income
Gross Income
Deductions from Gross Income:
1... Rent for Leased Roads
Miscellaneous Rents
Miscellaneous Tax Accruals
Interest on Unfunded Debt
Miscellaneous Income Charges
Total Deductions from Gross Income
Balance Available for Interest
Fixed Interest Charges
Balance Available for Interest on Adjustment Bonds
Interest on Adjustment Bonds
Net income _
Boldface denotes Debit.
3,188.54
Per Cent
of Gross
Revenue,
Amount.
Per Cent
of Gross
Revenue.
3,188.54
$43,777,643.01 76.14 $1,273.121.18
9,325,059.52 16.22
1.99
1,143,052.49 3.06
9,828.86
1.758,952.12 1.23
53,172.14
705,652.37 1.27
729.568.59 .09
52,585.44
$607,852.13
$57,492,513.54 100.00
$414,133.33
$7,404,573.56 12.88
11.422,782.90 19.87
142,296.53
2.05
1.177,621.43 30.60
33.590.13
17.592,364.34 .64
2,301.18
372,178.73
98,587.81
1,886,171.37 3.28
237,563.97 .41
$360,941.29
$39,618,128.36 68.91
$246,910.84
$17,874,785.18 31.09
$499,619.14
$2,867,589.28
3,891.89
25,424.04
$503,511.03
$2.893,013.32
$14,981,771.86
$45.050,764.19 77.54
8,669.898.05 14.92
1.91
1.107.607.25 3.04
1,768,780.98 1.31
758,824.51 1.21
701,501.01 .07
43,389.68
$58.100,765.67 100.00
$7.818,706.89 13.46
11.203,004.57 19.28
1,319,917.96 2.27
17.625,954.47 30.34
374,479.91 .64
1,984,759.18 3.42
347.753.33 .60
$39,979,069.65 68.81
$18,121.696.02 31.19
$3,367,208.42
29,315.93
$3.396,524.35
$14.725,171.67
$74,744.54
$68,388.92
137,921.39
149.542.56
30,980.76
28,081.95
153,301.56
152.840.37
3396.948.25
$398,853.80
$15,378,720.11
$15.124,025.47
$1,534,777.83
$1,222,692.35
40,092.72
33,936.13
68,269.36
68,367.40
77.184.57
36,984.34
832,771.37
761,782.20
$2,553,095.85
$2,123,762.42
$12,825,624.26
$13.000,263.05
$140,102.20
$141,758.99
133,930.18
143,998.10
5,175.47
2,572.58
131,797.36
120,801.32
119,465.46
125,624.96
4,315.62
3,360.25
$532,971.14
$524,435.35
$13,533,234.19
$13,350,059.61
%
$7.661.40
$7,661.40
2,575.97
1,948.53
11,602.55
8,691.89
91,198.86
42,806.89
540.65
499.34
$113,579.43
$61,608.05
$13,419,654.76
$13,288,451.56 .
4,379,546.59
4,432,445.86
$9,040,108.17
$8,856.005.70
2,682,640.62
2,738,386.71
SRA 17 RI R oo
86.357.487.55
$11,621.17
$655,161.47
35,445.24
28.067.58
9,595.76
$219,778.33
110,189.36
$256.600.19
$6,355.62
2,898.81
461.19
$1,905.55
$254,694.64
$98.04
$312,085.48
6,156.59
40,200.23
70,989.17
$429.333.43
$174,638.79
$1,656.79
10,068.02
2,602.89
6.159.50
.
$10,996.04
955.37
$8,535.79
$183,174.58
$627.44
2,910.66
48,391.97
41.31
$51,971.38
$131,203.20
$184,102.47
8239.848.56
$52,899.27
$55,746.09
2620
T H K CHRONICLE
[VoL. 124.
CONSOLIDATED GENERAL BALANCE SHEET.
ASSETS.
December 31
1926.
Investments—
Investment in Road and
Equipment:
Road
Equipment
December 31
1925.
LIABILITIES.
December 31
December 31
1926.
1925.
Inc.(+)or
Dec.(—)•
Increase (+)or
Decrease(—).
Stock—
Capital Stock:
Preferred: (Par value.
$100.00 per share)
In hands of Public
29,328.300.00 25.917.000.00 +3,411,300.00
In hands of Reorganization Managers for purposes of Reorganization
5,655,600.00 5,686.000.00
—30,400.00
Common:(No par value.
See Note.)
In hands of Public
66.559.507.30 66.544,589.28
+14,918.02
In hands of Reorganization Managersfor purposes of Reorganization
15,860,492.70 15,875,410.72
—14,918.02
Total Stock
117,402,900.00 114,023.000.00 +3,380,900.00
Long Term Debt—
Mortgage Bonds:
In hands of Public
92.541,749.30 92,551,749.30
—10,000.00
In hands of Reorganization
Managers for purposes
of Reorganization
9,901,449.70 9,807.349.70
+94.100.00
Equip't Trust Obligations
756,900.00
841,000.00
—84,100.00
Income Mortgage Bonds:
In hands of Public
50,825,763.74 54.206.663.74 —3.380.900.00
In hands of Reorganization
Managers for purposes
of Reorganization
1.690.336.26
1.690,336.26
Total Long Term Debt _155.716,199.00 159,097,099.00 —3.380.900.00
230,572.845.20 227.291,841.22 +3,281,003.98
52,439,619.13 51,634.107.51
+805,511.62
283.012,464.33 278,925,948.73 +4.086,515.60
Improvements on Leased
Railway Property
8,552.87
8,552.87
Sinking Funds
598.82
—598.82
Deposits in Lieu of Mortgaged Property Sold
197.51
192.66
+4.85
Miscellaneous Physical Property
1,054.093.08
910,255.59 +143,837.49
Investments in Affiliated
Companies—Pledged
527,000.00
527.000.00
Investments in Affiliated
Companies—Unpledged__
861.561.42
132,364.35 +729.197.07
Investment in Securities
Issued, Assumed or Otherwise carried as a Liability
by the Accounting Company
121,688.00
+121.688.00
Other Investments:
United States Government
Securities
821,381.27 3,134,156.25 —2,312.774.98
Other Securities
623,532.96
614,462.42
+9.070.54
TotalInvestments
287,030.471.44 284,253,531.69 +2,776,939.75
Current Assets—
Clash
Time Drafts and Deposits
Special Deposits:
Against Purchase of Securities
Other Special Deposits_ ...
Loans and Bills Receivable.
Traffic and Car Service
Balances Receivable
Net Balance Receivablefrom
Agents and Conductors-.
Miscellaneous Accounts Receivable
Material and Supplies
Interest and Dividends Receivable
Other Current Assets
1,751.872.50
25,000.00
3.094,777.91 —1,342,905.41
3.000,000.00 —2.975,000.00
7,000,000.00
7,896.52
13,910.65
+7.000,000.00
8,151.10
—254.58
8,787.41
+5.123.24
814,601.61
603,860.57
+210.741.04
1.131,945.72
1.311.192.28
—179.246.56
1,311,058.82
6,777.784.68
1,330.393.01
6,278,584.63
—19,334.19
+499.200.05
10.333.33
135,457.71
41,953.13
71.340.47
—31,619.80
+64,117.24
Total Current Assets_ _ - 18.979,861.54 15,749,040.51 +3,230,821.03
Deferred Assets—
Working Fund Advances
Other Deferred Assets
26,310.31
4,002.00
Unadjusted Debits—
Rents and Insurance Premiums Paid in Advance_ _
Other Unadjusted Debits__ _
Reorganization Suspense__ _
+4,072.42
+3,000.00
30,312.31
Total Deferred Assets
22,237.89
1.002.00
23,239.89
+7,072.42
76,228.28
163.075.72
3.367,612.88
80,237.47
310.721.12
3.280,539.76
—4,009.19
—147.645.40
+87.073.12
Total Unadjusted Debits 3,606,916.88
Total
3,671,498.35
—64.581.47
309,647.562.17 303,697,310.44 +5.950.251.73
The following Assets not included in Balance Sheet
Accounts:
Securities Issued or Assumed—Unpledged_ _ 6.100,000.00 6,100.000.00
Securities in Course of
Acquisition
6,613,301.00
+6.613.301.00
Note--Intercorporate Assets and Liabilities are excluded.
Current Liabilities—
Traffic and Car Service Balances Payable
1.571,757.89 —266.788.66
Audited Accounts and Wages 1,304,969.23
Payable
4.076.750.68 5,025.690.89, —948.940.21
Miscellaneous Accounts Payable
)70,999.11
173,648.55
—2.649.44
Interest Matured Unpaid_ _ 1,840.260.76
1,849.099.92
— 8.839,16
Dividends Matured Unpaid_
11,903.25
7,051.00
+4.852.25
Unmatured Dividends Dedared
443,197.50
325,632.50 +117.565.00
Unmatured Interest Accrued 1.400.076.37
1,487.465.74
—87,389.37
Unmatured Rents Accrued_
103,276.23
132,227.10
—28,950.87
Other Current Liabilities.-295d76.48
284,311.59
+11.564.89
---———
Total Current Liabilities 9,647.309.61 Th7,856.885.18 —1,209.575.57
Deferred Liabilities—
Other Deferred Liabilities-.
347,071.18
253,489.42
+93,581.76
Unadjusted Credits—
Tax Liability
2,565,836.98 2.082,925.58 +482,911.40
Insurance and Casualty Reserves
458.83
379.39
+79.44
Accrued Depreciation—
Equipment
6,017,631.15 4,045,636.2'4 +1,971,994.91
Other Unadjusted Credits
1,067.835.46
1,134,898.69
—67,063.23
Total Unadjusted Credits 9,651.762.42 7.263.839.90 +2,387.922.52
Corporate Surplus—
Add'ns to Property through
Income and Surplus
36,763.90
31,744.95
+5.018.95
Profit and Loss—Balance._ 16,844,556.06 12,171,251.99 +4.673.304.07
Total Corporate Surplus 16,881,319.96 12,202,996.94 +4.678.323.02
Total
309,647.562.17 303,697,310.44 +5,950,251.73
The following Liabilities
not included in Balance
Sheet Accounts:
Long Term Debt— Unpledged 6,100,000.00
Liability for Securities in
Course of Acquisition_
6.613,301.00
6.100.000.00
+6,613.301.00
The Company is guarantor, jointly with other Companies, of the securities of certain terminal companies,
none of which are in default.
Note.—There were 807,565 shares Common Stock outstanding in hands of the public
There were also 192,435 shares Common Stock on December 31 1926, issued and held on December 31 1926, an increase of 181 shares.
subject to order ot the Reorganization Managers under the
Plan and Agreement"for Reorganization of Missouri Kansas & Texas Railway Company, dated
November 1 1921.
Securities held by Reorganization Managers under the Plan and
dated November 1 1921, will be accounted for and any unused balance Agreement for Reorganization of Missouri Kansas & Texas Railway Company,
returned to the Company.
PROFIT AND LOSS DECEMBER 31 1926.
Balance to Credit of Profit and Loss December 31 1925.--$12,171,251.99
Debits—
Dividend Appropriations of Surplus
Credits—
Surplus Appropriated for Investment in Physical Property $1,615,138.58
Credit Balance Transferred from Income
5,018.95
$6,357,567.55 Debt Discount Extinguished through Surplus
Profit on Road and Equipment Sold
2,026.30
5,853.13 Loss on Retired Road and Equipment
Donations
106,559.35
5,018.95 Miscellaneous Debits
Miscellaneous Credits
24,739.57
58,447.17
Total
$1,753,482.73
Total
$18,598,038.79
Balance to Credit of Profit and Loss December 31 1926--316,844,556.06
OPERATING REVENUES AND EXPENSES FOR TEN YEARS
ENDED DECEMBER 31 1926.
REVENUES.
Average
Mileage
Operated.
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
Freight.
Passenger.
3,866.31
3,860.88
3,838.66
3,793.42
3,783.69
3,737.46
3,359.76
3.193.14
3,188.54
3,188.54
$29,027.903 37
35.754.940 45
41,283.105 84
47.363,850 89
43.782,692 09
39.198.400 88
39,791,214 67
42,331,704 74
43.777.643 01
45.050.764 19
$11,160,922 06
14.715.178 42
16,709,710 51
19.378.120 16
13,904,679 97
10.958.411 71
11,295,456 27
10.457.070 86
9.325.059 52
8.669.898 05
at
of Way and
Structures.
1917
1918
1919
1920
1921
1922
1923
1924
1.9.F.
$6.353,665 13
9.539.254 15
12,124,064 16
16.422,652 00
9.835.638 33
7.237,27660
7.393,30728
7.563.137 47
7.404,57356
7.818.706 89
Mail.
$796,848 22
765.503 13
715.238 82
2,286.746 68
1,356.041 38
1,241,950 01
1.221.101 46
1,189.965 90
1.143.052 49
1,107.607 25
EXPENSES.
I
Express.
81.239.934 08
1.823,47200
1.609,69009
1.899,96898
2.102,426 33
2.130,755 79
2.181,23324
1.827,782 55
1.758.952 12
1.768.780 98
Miscellaneous.
$126,765 48
489.494 21
416,308 03
794.557 53
779.656 03
620,380 79
637.146 76
665.305 33
705.652 37
758,824 51
Other.
$691,777 18
790.210 78
1.091,32300
1 191.494 82
1.095,479 65
885.802 71
861.765 68
837,515 65
782,554 03
744,890 69
Total.
$43,344,150 39
54.138,798 97
61,825,376 29
72,914.737 06
63,020.975 45
55.035,701 89
56.987,91808
57,309,345 03
57,492,913 54
58,100,765 67
sainteriance
of
Equipment.
Traffic.
Transportation
Expenses.
General
and
Other.
Total.
NET
REVENUE.
83,737.922 08
12.630,284 39
14,814.834 52
17,378,34536
13.803.427 26
10.548.094 49
14,636,724 26
11.517.474 98
11,422.782 90
11.203.004 57
8786,979 55
582,149 43
657.119 63
978.596 39
1.064.545 36
1,041.435 68
1,151.353 02
1.138.962 06
1.177.621 43
1.319.917 96
$15.672,561 22
22,377.510 36
26.876.430 00
32,014.151 75
22.866.804 76
18.780,007 03
18,380.268 53
17.363.774 08
17,592.364 34
17.825.954 47
$1.594.982 61
2,199.835 07
2,514.447 24
3,087.133 40
2,485.368 60
2.076.88724
2.066.665 88
2,148.686 10
2,020.786 13
2.011.485 76
$33.146,110 59
47,329,033 40
56.986.895 55
69,880,878 90
50,055,784 31
39.683,701 04
43,628.318 95
39.732.034 69
39.618,128 36
39,979,069 65
810,198.039 80
6,809.765 57
4,838,480 74
3.033,858 18
12,965,191 14
15,352.000 85
12.359.599 13
17.577.310 34
17.874.785 18
18,121,69802
APR. 30 1927.]
2621
THE CHRONICLE
RATIO TO TOTAL REVENUE.
Maintenance
of Way and
Structures.
Maintenance
of
Equipment.
Traffic.
Transportation
Expenses.
General
and
Other.
14.66
17.62
19.61
22.52
15.61
13.15
13.20
13.20
12.88
20.16
23.33
23.96
23.84
21.90
19.17
26.14
20.10
19.87
1.81
1.07
1.06
1.34
1.69
1.89
2.06
1.99
2.05
II AA
10 04
9 97
36.16
41.34
43.47
43.91
36.28
34.13
32.83
30.30
30.60
zn 'AA
3.68
4.06
4.07
4.23
3.95
3.77
3.70
3.74
3.51
:1 40
1917
1918
1919
1920
1921
1922
1923
1924
1925
•--
Net
Revenue.
Total.
23.53
12.58
7.83
4.16
20.57
27.89
22.07
30.67
31.09
21 1 fl
76.47
87.42
92.17
95.84
79.43
72.11
77.93
69.33
68.91
fiR RI
-Dividend
United States Hoffman Machinery Corp.
-The directors on April 26
Rate Increased on Common Stock.
declared a quarterly dividend of $1 per share on the outstanding 222,203 1-3 shares of common stock, no par value,
payable June 1 to holders of record May 20. In each of the
four preceding quarters a regular div. of 75 cents per share
.
-40% Stock Distri- and an extra of 25 cents per share were paid.
United States Steel Corporation.
1926.
3 Mos.End. Mar.
1927.
1925.
1924.
- Operating profit 31- $354,449 $360,055 $257,606 $246.045
bution-New Stock to Be on a 7% Annual Dividend Basis.
49,279
47,306
32,983
35.986
The directors on April 26 declared a 40% stock dividend on Other income
the outstanding $508,302,500 common stock, par $100,
Gross income
4409,334
$401,755
$390,589
$283,031
78.037
Interest,reserve, &c_
75,158
83,901
payable June 1 to holders of record May 2.
112,311
-Chairman-Exec. Comm.
U. S. Industrial Alcohol Co.
C. E. Adams, President of the Air Reduction Co.. was elected Chairman
of the Board of the U. S. Industrial Alcohol Co. at the organizatoin meeting
of the company. Present officers were re-elected and Glenn Haskell,
General Sales Manager, was appointed Vice-President.
The following executive committee was elected: C. E. Adairs, F. B.
Adams, S. F. Pryor, G. H. Walker, J. Horace Harding, T..1. Macintosh.
-V. 124, p. 2446.
The Committee on Securities of the New York Stock Exchange rules
that the common stock shall not be quoted ex-the 40% stock dividend
on May 2 and not until further notice.
The ditctors also declared the regular quarterly cash divi4
dend of 13 %on the common stock,payable(on the increased
shares) June 29 to holders of I ecord June 7, and the regular.
quarterly cash dividend of 14% on the 7% cumul. pref.
stock, par $100, payable May 28 to holders of record May 2.
Record of Dividends Paid on the Common Stock Since '1911.
'11-'13. '14. '15. '16. '17. '18. '19. '20-'22. '23. '24. '25. '26. x'27
0 5 5
5 5 5 yrly. 5 5 5 61'i 13(
Reg. % 5 yrly.
1
---y 2 2
2 11X 11
Extra% ---x Paid ------ 30 1927.
The financial statement of the corporation and subsidiary
companies for the quarter ended March 31 1927 will be found
-V.124, p. 2446,2295.
under "Financial Reports" above.
-New Directors.
Victor Talking Machine Co.
Albert Strauss of J. & W. Seligman & Co., and George E. Cullinan,
Vice-President of the Graybar Electric Co., have been elected directors.
-V. 124. p. 2295.
Virginia Iron, Coal & Coke Co.-Earnings.Quar. End. Mar. 31.
Gross operating revenue_
Operating expenses
1924.
1925.
$829,252 41,420,745
759,007
1,355,736
1927.
$789,964
803,688
1926.
$920,607
868,677
Net operating revenue def$13,724
Rev,from other sources_
23,208
$51,930
22,558
$80,245
229,826
$65,009
33,991
Total net revenue__ - _
Bond interest, Sze
$74,489
84.506
$310,0/1
92,765
$98,999
93,207
loss$62,439 los.s$10,017
$217,306
$5,792
Net earnings
-V. 124, p. 1350.
$9,484
71,923
Vulcan Detinning Co.
-2% Back Dividend.
The directors have declared a dividend of 2% on the preferred stock on
account of accumulations in addition to the regular quarterly dividends of
15i% on the preferred and preferred A stock, all payable July 20 to holders
of record July 9. Like amounts were paid in the previous six quarters.
V. 124, p. 2135.
Waukesha Mineral Water Co.
-Transfer Agent.
The Guaranty Trust Co. of New York has been appointed transfer agent
for the preferred series A stock and common voting trust stock.
The New York Trust Co. has been appointed registrar of the 12.500 shares
of preferred series "A" stock.
-V. 124, p. 2446.
West Virginia Southern Coal Co.
-Permanent Bonds.
The New York Trust Co.is now prepared to deliver permanent 1st mtge.
& leasehold gold bonds 7% series due 1947 for outstanding interim receipts.
(For offering see V. 123, D. 2915.)-V. 124, p. 661.
Westinghouse Electric & Mfg. Co.
-Bookings, &c.
-
Period End.Mar. 31- 1927-Quar.-1926.
1927-12 Mos.-1926.
Bookings
$50.914,072 $52,596,434$186,609,739$180.085.715
Billings
42.192.394 44,861.438 189.080,580 167,570.596
-V. 124, p. 807, 661.
White Motor Co.
-New Vice-President.'--.
George M. Graham has been elected Vice-President in charge of sales
and advertas.ng. Ile was formerly Vice-President of the Chandler Motor
Car Co. and prior to that Vice-President of the Pierce
-Arrow Motor Car
-V. 124, p. 1501.
Co.
White Rock Mineral Springs Co.-Earni 2.-
Quar. Ended March 31Net profit after deprec.. Fed.tax, &c.
-v. 124, p• 1684.
1927.
4215,313
192 .
$175.644
1925.
$205,449
White Sewing Machine Corp.
-Earnings.
Quarters Ended March 31Gross earnings
Oper. expenses, taxes & deprec'n
Interest charges
Provision for Federal taxes
1927.
1926.
1925.
43,353,021 $2,794,316 $2,586,716
2,838,591
2.346,069
2.335,114
66,098
68,178
48,621
60.902
38.100
Net income
$387.430
$341,969
$202,981
Net income for the first quarter of 1927 is equivalent, after preferred
dividends, to $1.43 a share on 200,000 shares of no par common stock,
against $1.20 a share in the corresgnding quarter of 1926.-V. 124. p. 1838.
Wickwire Spencer Steel Co.
-Earnings.
1926.
1927.
3 Mos. End. Mar. 31$532.888
$239,776
Netearnings
Net income after bond
interest and deprec_ _ _ defx173,799
53.706
-V. 124, p. 1993.
x Before depreciation.
1925,
$581,525
1924.
$541,415
174,881
155.189
Wire Wheel Corp.
-Initial Preferred Dividends.
The directors have declared an initial semi-annual dividend of 43.50 per
share on the cumul. pref. stock, no par value, payable July 1 to holders of
record June 20.-V. 124. p. 2295. 1838.
Yellow Truck & Coach Mfg. Co.
p. H. Geyser, Vice-President. has been appointed new sales directing
-V. 124, p. 1376.
head of the cab sales division of the Yellow Cab factory.
Youngstown Sheet & Tube Co.
-New Directors.
At the annual meeting held April 26, the board of directors was increased
from II to 14 members by the election of Frank Purnell, Executive VicePresident: H. V. Dalton, Vice-President and member of the executive
-V. 124. p. 2447.
committee, and Harry Coulby of Cleveland.
Amortization of patents_
Miscellaneous charges_
54,899
54,719
54.541
53,253
7,498
Surplus
$276,578
$252,147
$271.698
$108,969
Net profits for the first quarter of 1927 were equivalent to $1.22 a share
on 222.203 shares of no par value capital stock, against $1.24 a share in
the corresponding quarter of 1926.
Condensed Balance Sheet March 31.
1927.
1926.
Assets1926.
1927.
Plant property-- c$753,279 y$755,552 Capital stock_ __b$4,632,182 $4,632.182
75,000
100,000
Patents
a2,133,830 2,346,656 Notes payable___1 Accts. pay. & 001
Good-will
crued accts., incl
329,641
Cash
326,434
380,743
Fed. taxes (est.) 361,100
Notes & bIlls rec 2,900,902 2,595.592
697,194 Deposits on acct. of
Accts.receivable
744,837
20,169
8,795
uncompl.sales__
50,957
Prepd.& def. chges
48,744
Inventories
1,266,180 1,128,487 Reserves for taxes
384,377
and royalties.__ 332,884
Deposits on leases,
2,023 TJnapprop. surplus 2,766,670 2,388,733
contracts, acc
2,322
101
Investments
101
$8,176,631 $7,906,205
88,176.631 87,906,205
Total
Total
a After deducting reserves of $1,125,551 b Authorized 223,334 shares of
no par value; outstanding, 222,203 1-3 shares. c After deducting reserves
of $770,627.-V. 124, p. 896.
CURRENT NOTICES.
William C. Orton, well known as a dealer in unlisted and inactive
securities and for the past fifteen years regarded as an authority on reorganizations, has become head of the firm of Orton, Kent & Co., Members of
the New York Stock Exchange, which has been formed to transact a general
brokerage business in stocks and bonds and to deal in unlisted and inactive
securities, specializing in reorganization securities. The offices of the new
firm are located at 60 Broad Street, New York. Associated with Mr. Orton
as partners will be Douglas Kent, Member of the New York Exchange,
formerly of Coggeshall & Hicks; Thomas F. Patterson. former partner in
the firm of F. D. Winslow & Co.; Sydney G. Willcox, former Director of
and Vice President of Willcox, Peck & Hughes; and as a Special partner.
C. T. Edgar, director of the Wausau Investment Company of Wausau.
Wis., and President of the Great Northern Manufacturing Company
The new firm will continue to make an exhaustive study of corporations
requiring reorganization, and In the process of reorganization, these depart
ments being under the personal supervision of Mr. Orton.
stocks
-The organization of new firms specializing in bank and insurance
is more frequently a regrouping than the bringing in of new blood, due to
the high degree of specialization in that field which serves to restrict the
number of such firms. In this connection the organization of Broomhall.
KIllough & Co., Inc., is announced, effective May 2, this concern to be
headed by Allen Broomhall and J. W. Vermilye, who for many years have
been associated with McClure, Jones & Co., and Edgar K. Sheppard and
C. Edmund Fay, who are retiring from the organization of Gilbert Ellett
& Co. Mr. Broomhall is a former president of the University of Michigan
Club of New York and also of the Delta Upsilon Club of New York.
At the same time McClure, Jones & Co. announced that its bank stock
department will be in charge of Warren Sullivan. who is retiring from the
firm of R. W.P. Barnes & Co.. as of May 2. Mr. Sullivan for many years
was associated with Mann, Pell & Peake, prior to going with R. W. P.
Barnes & Co.
-Hornblower & Weeks announce that their Pittsburgh office has been
moved to the ground floor of the Columbia National Bank Building, at
the corner of Fourth Ave. and Wood St., where it will be better equipped
to handle the enlarged business in Pittsburgh territory. C. F. Durning.
who started representation of hornblower & Weeks in that territory in
1919, is Manager of the office.
-Announcement is made of the formation of a company, by Robert P.
Beaman of Norfolk, Va., and William P. Lawson of Baltimore, Md., to
deal exclusively in high grade bonds and investment securities. The business will be conducted under the name of Beaman, Lawson & Co., Incorporated, and they will have offices at 240 Main St., Norfolk, and in
the Keyser Building, Baltimore.
-Hale, Waters & Co., of New York and Boston, bankers specialising m
the underwriting and sale of public utility securities, announce the removal
of their New York office from 2 Rector St. to 50 Broadway. They have
also announced that Van H. Cartmell. formerly with Bonbright & Co..
has become associated with them as Sales Manager of the New York office.
Cone Export & Commission Co., 61 Worth St., New York City,
announces the removal of its offices and salesrooms to its temporary quarters at 343 Broadway, pending construction of the new proposed subway
under Church St. and the erection of its new permanent building on its
present location.
- J. Hamershiag, member New York Stock Exchange and formerly
R.
of G. & A. Seligann; H. J. Hamershlag, member New York curb market
and Myron I. Borg, Jr., formerly with Simon Borg & Co., have formed the
firm of Hamersbiag, Borg & Co., members of New York Stock Exchange,
to conduct a generalibrokerage business, at 50 Broad St., New York.
pirs-C=Gilbert7Tvalrstre
73t7New YO'rk:has compiled a:(Yemparatis;
table of New York City banks and trust companies, with figures from April,
1926, to March.]927. on national banks, and from March, 1926 to March,
1927, on state banks and trust companies, the comparisons being based on
figures compiled at the New York Clearing House.
2622
THE CHRONICLE
[VOL. 124.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES-METALS-DRY GOODS-WOOL-ETC.
COMMERCIAL EPITOME
The sales of futures were 42,900 tons. New York ended
3 to 5 points lower. The May notices to the number of 48
were promptly stopped. Refined was 6 to 6.15e. Five more
centrals have finished grinding, bringing the total up to 115.
President Machado of Cuba was quoted as saying that he
Friday Night, April 29 1927.
COFFEE on the spot was in moderate demand;later dull has not come to any decision as to extending the decree reand weak; Santos 45, 17M to 173 c.; Rio 7s, 153 to 153/c.; stricting Cuban sugar crop next year. His decision as to
4
8
%
later Rio 7s, 15c. Victoria 7-8s, 153'c. Fair to good next year depends on desires of parties interested and on
Cucuta, 183 to 20c. Robusta washed, 173 to 173c.; sugar production in other countries. There will be no
Honda, 23 to 233 c.; Medellin, 26 to 263 0. On the 25th relaxing of the present decree. He visited the Exchange here
4
4
inst. Santos cost and freight offers were lower. They in- and expressed warm approval of it and its useful functions.
cluded Bourbon 2-3s for prompt shipment at 173 0.- 3s at Private cables on the 26th inst. from Europe said the market
4
16 8c.; 3-4s at 16 to 1658c.; 3-5s at 15.80 to 163%o.; 4-5s at there was dull, with offerings for May and June shipment at
/
16 to 16.40c.;5s at 16e.;5-6s at 15.60 to 15.80c.;6s at 15.90c.; 15s. Java was reported as easy and India dull.
As to an estimate due to the d ought that the 1927-28
Bourbon separations 6-7s at 15.10 to 15.85c.; 7-8s at 14.20c.
Part Bourbon or flat bean 3s at 173 c.;3-4s at 16 to 16.90c.; crop cannot exceed 4,800,000 tons,it is considered premature.
4
3-5s at 15.80 to 163%c.; 6s at 15Mc.; 6-7s at 155sc. Santos Some advicds are that even should the drought continue until
/
:
peaberry 4-5s at 163/20.; Rio 7s at 14.80c.- Victoria 7-8s at the start of the rainy season in May a crop of fully 5,250,000
143 to 145c. Future shipment Santos May-June 4-5s at tons can be made from the cane available for the next season.
This too is of course purely tentative. Receipts at Cuban
16.15c.; November-May 3-5s part Bourbon at 14.150.;
December-February 4s at 143c. Rio May-June 7s at ports for the week were 150,136 tons, against 142,146 in the
14.20c. Futures declined at one time under May liquida- previous week, 177,500 last year and 183,062 two years ago;
tion. To-day spot trade was dull with Rio 7s 15Mc., and e ports, 95,137 tons, against 113,543 in the previous week,
Santos 4s, 17 to 173e. Victoria May-June fell Mc. to 91,226 last year and 115,211 two years ago; stock, 1,469,553
13.25c. Santos 4s, 153' to 16c.; 4-5s, 15Mc.• 2-3s, 173 c. tons, against 1,414,554 in the previous week, 1,392,921 last
4
Futures on the 25th inst. were 3 to 10 points lower to 1 year and 1,051,320 two years ago; centrals grinding, 64,
higher with sales of 25,250 bags. Rio cables were weaker; against 97 in the previous week, 158 last year and 181 two
exchange was 5 59-64d; dollars were 10 points up at 88360. years ago. Of the exports, U. S. Atlantic ports received
Santos cables were 25 to 125 reis off since the 23rd inst; 46,487 tons, New Orleans, 8,154 tons; Savannah, 5,401 tons;
exchange up to 5 15-16d; dollars 8$340; Rio fell 250 to 500 Galveston, 2,361 tons; California, 1,070 tons; Europe, 14,133
reis since the 23rd. The United States visible supply of tons; Canada, 17,531 tons. Next week Cuban exports and
Brazil was 864,914 bags against 728,818 bags last year. receipts may about balance; stocks at the ports will soon
Some say that the Defense Institute is able to maintain begin to decrease. Last year the peak of stocks at Cuban
present prices and that this sobers the bears. But a con- pqrts was reached on May 8th and was 1,526,692 tons.
Receipts for the week at United States Atlantic ports were
tinuance of the already protracted indifference on the part
81,312 tons against 85,941 in the previous week, 100,817
of the consumer it is added must sooner or later cause selling last year and
years ago; meltings,
by producers, and lower prices. Some think that for the against 74,000 92,265 two week, 70,000 last year69,000 tons
in previous
and 78,000
next few weeks prices will depend largely on whether the two years
ago; imports stocks, 150,164 tons, against 147,726
consumer can easily cover his requirements in Brazil or not. in previous
week, 150,855 last year and 79,149 two years agoIt is now generally believed that the carryover on June refiners'
stocks, 125,199, ag inst 115,325 in previous week,'
30th in the interior of Sao Paulo will be only 1,500,000 151,711 last year and 93,382 two
years ago;
bags of old crop and such new coffee as will become available 275,363 tons, against 263,051 in previous week,total stocks,
302,556 last
during June, or say 500,000 to 750,000 bags. And the new year and 172,531 two years ago. Some
stress the fact that
crop may not be very early. Before harvesting the new stocks of raw sugar in the United States are now 26,167 tons
coffee, Colonos,it is recalled, have to prepare the soil around less than last year. Stocks of raw sugar in the United States
the trees, and gather in the rice, corn and beans which have and Cuba are about 40,000 tons more than last year. Cuba
been planted alongside the coffee, so that the picking of recently had 425,000 tons more than last year. But last
coffee will not really start until May. The growing of year from this date on Cuba made about 960,000 tons, whereeucalyptus trees planted between the coffee estates it is as this year it has only 380,000 tons to make. This gives
supposed will help to lessen the effect of frost. They Cuba from this time on 155,000 tons less to ship than in the
may help it is said to regenerate the many thousands of old corresponding period of 1926. Canadian refiners, it is stated,
coffee trees which for some time past have been showing have done quite a business in granulated sugar for export,
signs of decay. And they are growing coffee now in Para particularly to Europe, the sugar being for May-June shipand new plantations are being started in Loanda, Africa. ment; while no details of the transactions are available, the
The consumption is normal. In France for the current estimate by Willett & Gray is about 10,000 tons.
season it is about 2,630,000 bags against 2,565,000 bags last
Futures were 2 to 3 points up on the 28th inst. on covering
year and 2,802,000 in 1925.
and perhaps Cuban buying, though later Cuba sold, it is
Thus far the Coffee Institute has not officially outlined said, and the wly rise was lost. May went to 2.990.
any plan how it proposes to market the new Santos crop. Refined was quiet at 6 to-6.20c. To-day futures ended 2
The question is of signal importance to the consuming coun- to 9 points lower, with sales of 19,700 tons. Cuba afloat
tries. Their supplies, however, are depleted. That may was said to have sold at 3c. Refined was very dull. Lonas well be kept in mind. Futures here on the 28th inst. were don was weak. May Cuba was offered at 14s. 6d., or 2.900.
dull and irregular, ending 5 points lower to 4 points higher. f.o.b.; June at 14s. 7Md. to 14s. 93 d. Cuban mills now
4
Europe sold. Rio cables were irregular. Rio exchange on grinding, 55, against 150 a year ago and 180 in 1925. Dr.
London was 1-64d. higher at 5 59-60d. and the dollar buying Mikusch puts the European beet area, including Russia, at
rate was unchanged at 8$360. To-day futures closed 5 2,425,000'hectares (equal to 2.47 acres), against 2,182,000
points lower to 12 points higher, the latter on March, with last year; crop in 1926-27, 6,957,000 tons, against 6,949,000
total sales of 31,000 bags. Rio opened 5 to 150 reis higher on April 8. F. 0. Licht estimates the area
2,367,000
with exchange unchanged. Early Santos offers showed no hectares, against 2,120,000 harvested last at
Final
change. Hamburg was off M to 4pfennigs and Havre M to prices here to-day show a decline for the week of year. points
3
4 to 8
23 . The Santos market was closed. Long liquidation, on futures and He. on prompt raws.
4
especially in May, explains the weakness, together with the
September_
January
3.030 _ - _
dulness of spot trade. Final prices show a decline for the Spot (unofficial)_ _- _3c.II December- _3.136 --_ March
May
-3.18a
2.970
2.870
July
3.0303.041
week of 21 to 30 points.
Spot (unofficial)_153c. J July
12.46anom. I December _ _11.40a ---LARD on the spot was firmer early in the week. Prime
may
13.34a
March
11.20a nom.
September__11.80a
Western, 12.80 to 12.90c. in tierces; later 12.95 to 13.05.
SUGAR.
-Cuba raws were quiet at 3 3-32 to 33c.; later Refined Continent, 13Mc.; South America, 14 Mc.; Brazil,
2,250 tons of Philippine sold on abasis of 31-16c.,c.&f.for 153/8c.; later Mc. higher on all. To-day lard on the spot
Cuba. Some 48 notices were issued, but they had little was quiet; prime Western, 13.05c.• refined unchanged.
effect. About 21,000 bags of Porto Ricos for early May Futures advanced somewhat on the 23d inst. with hogs up
arrival sold at 4.86c. delivered,or 3 3-32c. c.& f.on the 25th 10c., cottonseed oil firm; shorts covering and commission
Inst. No activity has appeared. Raws at the end of last houses buying partly for long account. Western hog reweek were up Mc.from the year's low points. The rise was ceipts were 23,400, against 28,700 on the 16th and 32,900 on
due, of course, to recent buying of raws. A momentary April 23 last year. Futu es advanced 5 points though
reaction would cause no surprise. Political conditions in Liverpool was off 3d to is. and hog receipts were large.
China and the financial situation in Japan occasioned some To-day futures closed slightly higher with cottonseed oil up
uneasiness. Futures were 1 to 3 points higher early on the 7 to 11 points on small offerings. Hogs were 15 to 250.
25th inst., with London and Java advices bullish. But higher with the top $11. The influence of higher grain
London weakened later. Besides, refined here was dull. markets was plain enough but it was offset in a measure by
[The introductory remarks formerly appearing here will now be
found In an earlier part of the paper immediately following the
editorial matter, in a department headed "INDICATIONS OF
BUSINESS ACTIVITY."1
APR. 30 1927.]
THE CHRONICLE
2623
hedge selling and profit-taking. Final prices show a rise for over 21d. at the end of the month, an impossibility generally
conceded.
the week of 20 to 23 points.
On the 27th inst. prices closed 10 points lower to 10 points
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Frt.
Wed. Thurs.
Tues.
Mon.
Sat.
higher. The market was active. A local operator is credited
12.35
12.32
12.32
12.40
12.25
cts_12.20
May delivery
with having sold his May holdings and purchased July and
12.57
12.55
12.52
12.65
12.50
12.42
July delivery
more distant deliveries. Some 599 lots sold. It was the
12.77
12.75
12.70
12.87
12.70
September delivery----12.67
busiest day since early in December last. London was unPORK quiet; mess, $36;family, $39 to $40; fatback pork, changed to %d. lower. At the Exchange here on the 27th
$29 to $31. Ribs, Chicago market, cash, 14.12c., basis of May closed at 40.40e.; Julrat 41.40e.; September at 42.2004
40 to 60lbs. average. Beef steady; mess,$19 to $21; packet, October at 42.400., and December at 43.10e.London on the
$19 to $21;family, $21 to $22; extra India mess, $34 to $36; 27th inst. closed at 194d. to 20d. for spot and May; 203/i to
No. 1 canned corned beef, $2.50; No. 2, $4.25; South Amer- 203d. for June, 203/i to 204d. for July-September and
ica, $12.75. Cut meats quiet; pickled hams, 10 to 20 lbs., 21d. to 213/d. for October-December. Singapore April„
8
%
20% to 223.jc.; pickled bellies, 6 to 12 lbs., 213 to 234o. 194d.; May-June, 20d.; July-September, 203 d. The
%
Butter, lower grade to high scoring, 423/i to 48c. Cheese, average London price for the quarter to date was 19.699d.
21 to 28e. Eggs, medium to selections, 21 to 29e.
New York on the 28th inst. fell 10 to 40 points on the
-Linseed was quiet. Spot tank cars, 10.1c.; car- Exchange and %c. outside with London off %d. and dull.
OILS.
lots, barrels, 10.90. for spot and lie, for June and forward; New York sales,it is true,rose to 595 tons under the stimulus
less than 5 barrels, 11.9e. Cocoanut, Dom., barrels, spot, of lower prices. May closed at 40.30c.; June at 40.60e.;
10 to 103c.; Manila coast, tanks, 83/8c.; spot, tanks, 8Mc.; July at 41.10c.; August at 41.500.; September at 41.80e.;
Corn, crude, tanks, plant low acid, 73c. China wood, October at 42.10e.; January at 42.80c. Outside offered
/
New York, drums, spot, 28c.; Pacific Coast, tanks, spot, April and May delivery of sheets at 4030.; June at 410.;
28c. Olive, Den.,$1.65 to $1.75. Soya bean,coast, tanks, pale thin crepe on spot at 413.-c.; first latex May delivery,
nominal; blown, barrels, 140. nominal. Lard,prime, 1440.; 41% to 413c. Para, up-river fine sold at 333(e. and
extra strained winter, New York, 133e. Cod, Newfound- Caueho ball at 25c. In London on the 28th inst. spot was
land, 63 to 65e. Turpentine, 65 to 703c. Rosin, $9.75 194d. to 194d.; May, 194d. to 194d; June, 194d. to
to $15.75. Cottonseed oil sales to-day, including switches, 20d.; July-September, 203 to 204d.; October-December,
%
10,500 barrels. P. Crude S.E., 734e. Prices closed as 203 to 204d. Singapore on the 28th inst. was weaker.
To-day New York ended unchanged to 20 points lower;
fUllows:
9.63a
1July
9.32a _ lOctober
April and May, 40.70c.• July, 41.60c.; September, 42.200.
Spot
c 8.750
August
9.4609.50 November__.. 9.53a9.60 after a fair business. London weakened at first and then
8.80a
May
_-- December_ --9.58a
8.95a9.20 September_
June
rallied somewhat. Spot and May closed there at 194d.
-Gasoline was easier at the Gulf late in June, 194d. Outside market here was quiet. Spot and
PETROLEUM.
the week, with United States Motor quoted at 7%c. There May,403 0.
/
were intimations that business could be done at 7c. on a firm
-River Plate frigorifico of late have been weaker
HIDES.
gravity 375 end point, 83'c. was asked.
bid. For 64-66
of 18c. earlier
The local demand was small. Leading refiners quoted 9c., at 174e. as a nominal quotation against talk seems, 49,000
sales were, it
but 84c., it was understood, could be done. There was a in the week. Last week total to 17 15-16c.; 2,000 Armour
rumor of even as low as 83'c. was quoted, but this lacked Argentine steers at 17 11-16e.
confirmation. Kerosene was quiet but steady at 7c. for Santa Ana steers at 184e. City packers hides were at one
41-43 water white and 73.i to 73/2c. for 43-45 gravity. The time reported more active; 2,000 butt brands sold at 15c.
,
tank wagon market was easier. Gulf refiners quoted 53 c. and 4,500 Colorados at 1434e. Later trade was quiet.
for prompt white 41-43 gravity and 63'c. for 44 water white. Later 5,000 La Blanca frigorifico steers sold at $37.75, or
rather better demand at $1.75 for grade C 17 11-16e. Common dry Orinoco and Savanilla, 20%c.•
Bunker oil was in
at the refineries and $1.81% f.a.s. New York harbor. Diesel native steers, 153'c.; New York City calfskins 5-7s, 1.70 to
oil quiet at $2.30 refineries. New York export prices: 1.75c.; 7-9s, 1.90 to 2c.; 9-12s, 2.95 to 3e.
Gasoline, eases, cargo lots, U. S. Motor spec., deodorized,
-A better grain businesss was done
OCEAN FREIGHTS.
23.90e.; bulk, refinery, 8% to 90.; kerosene, cargo lots, with a small premium paid late last week over recent quotawhite, tions. Later grain traffic was larger.
super white, cases, 16.15c.; bulk, 41-43, 7c.• water
'
150 degrees, cases, 17.15c.; bulk 43-45, 7%c. Gas oil,
CHARTERS included sulphur from Gulf to Hamburg-Rotterdam,
Bayonne, tank ears, 28-34 degrees, 54c.; 36-441 degrees, prompt, $5.60: grain. 35,000 quarters from Montreal to Antwerp-Rotterdam, 16Mc., Hamburg, 17c., May 5-20i 26,006 quarters, same to Avon.
5Yic. Furnace oil, bulk, refinery, 6%c.; tank wagon 38-42, May 10-25, 3s. 6d.; 33.000 quarters, Montreal to Antwerp or Rotterdam,
lie.; kerosene, tank wagon to store, 16c.; bulk, water white, 16c., May 10-31: 36,000 quarters barley, same to Bremen, 18c., May 9-25;
grain from Montreal to Antwerp-Rotterdam, 3s. 3d., last half May with
delivery New York cars, 83/20.; refinery 43-45 gravity, 84c.; options; sugar from Cuba to United Kingdom-Continent, 20s. 6d.; lumber
prime white 42-43 delivery tanks, 8c.; refinery, 7c. Motor from North Pacific to Japan. May, $11.75; from Gulf to Buenos Airesto Japan, $11.50.
gasoline, garages (steel barrels), 19c.; up-State and New Rosario. 165s., May; North Pacific May 10, 52; round May-June. Time:
West Indies, 3.500
months
England, 19c.; single cars, delivery, 10e. Naphtha, V.M.P. 4 to 5 prompt.West Indies delivery,net. April, United States and South
$1.50; 3,168 tons,
tons,
American trade, $1.15; 1.640 tons, West Indies round,$1.50, April;sulphur
deodorized in steel barrels, 21c.
May; from Gulf to same, $4, first
Gulf to Rotterdam-Hamburg, $6,
i2.75 fromJune sugar from Cuba, option Santo Domingo to United KingdomBuckeye
.82.60 Eureka
half
.L60 Continent. 22s. 6d.. May. Tankers, about 75,000 barrels from Gulf to
2.90 Illinois_ _
Bradford
1.71 Wyoming,37 deg._ 1.30 north of Hatteras.35c..first half of May;grain.33,000 quarters. May 15-28,
Lima
1.48 Plymonto
1.33 Montreal to Antwerp-Hamburg, 17c.; 30,000 quarters. Montreal to French
Indiana
1.77 Atlantic, 3s. 9d., one port, 3s. 101d..two ports, May 24 canceling; 33,000
1.60 Wooster.-Princeton
2.24 Gulf Ooasial
Canadian _
1.20
May 16-28. Montreal to Rotterdam, 16c., full barley, M.;
ConJeana heavy.. 1.10 Panhandle.44 deg. 1.12 quarters. to French Atlantic, 3s. 6d., May;30.000 quarters. Atlantic range
Montreal
Elk Basin_
Oklahoma. liate.ate and 'Nita. S1.33 to Antwerp-Hamburg, 14s., option barley 15s.. option Bordeaux-Dunkirk
gt 11 We Muddy
1.25 16s., May 12-25: 32,000 quarters, Montreal to Mediterranean, including
40-40.0
,
32-32 0_
1.33 Casablanca, 22Mc. one port, Mc. more for each additional port, first half
0.95 Lance ere.1
52 and shove
-.... _
1.33 May;43.060 quarters, May 15-20, Montreal to Antwerp-Rotterdam, 1634c.,
1.33 Grass Creek.
LOUNialln and Arkansas-Bellevue__
1.25 Hamburg
-Bremen 17c., United Kingdom ports 35. 6d.• wood pulp.
32-32.9
'
1.20 Cotton Valley
1.00 Sheet Harbor to Aberdeen.first half May. 188.: grain, 32.000 quarters from
35 35
1.28i Somerset Light
2.35 Montreal to Antwerp-Rotterdam, 17c., May 25-June 10; 26,600 quarters
1.60'
52 and above
from Atlantic range to French Atlantic, 16 Mc. one port and 17c. two ports.
22,000 quarters from Montreal to Antwerp-Rotterdam, 18c.,
RUBBER was dull and 10 points lower on the 23d inst. May 5-16; 37,000 quarters, Montreal to Mediterranean. 22 Mc., May 15-28;
May-June:
though London was steady at 20d. on the spot and Singapore 21.000 quarters, Montreal to Dunkirk direct, 4s.• 33.000 quarters, Mon'
was 194d. for April. At the New York Exchange April treal to Antwerp-Rotterdam, 17c., Hamburg 18c.. May 25-June 20; 21,000
quarters, Montreal to Havre-Dunkirk-Bordeaux-Brest-San Lazaire,
and May closed at 40.60c.; July at 41.60c.; September at May 2C-31, 20c. and 21c. one and two ports: 22,000 quarters, Montreal to
Antwerp-Rotterdam, 18c.,
42.10e. and January at 43.20c. Outside prices for ribbed options. May 15-28: 35.000 Hamburg-Bremen-Emden 19c., with other
quarters Montreal to Antwerp-Rotterdam
spot and April were 403 to 410.; May, 41 to 413Ic.; June, 18c.. May 15-31; 45.000 quarters,'
Montreal to Mediterranean, 22c..
%
41% to 413/20 July-September, 42 to 43$3.2; October- May 20-June 5.
Pennsylvania
$2.90
1.45
Corning
°shell
1.40
Well ham. 40 deg. 1.11
1.25
Rock Creek
Smackover.24 (tett 1.25
December, 424 to 43c.; first latex crepe, 41% to 4140.;
clean, thin, brown crepe, 38 to 383c.; spooky brown crepe,
38c.; No. 2 amber, 384e. A London house increased its
estimate on the year's consumption as follows: United
States, 390,000 tons, against 366,000 last year; United
Kingdom, 50,000, against 40,000; Europe, 105,000, against
97,000; Canada, 23,000, against 20,000; rest of world, 25,000,
tons, against 23,000 tons, and the totals 593,000 tons,
against 546,000.
Uncertainty as to the price of tires had a rather dampening effect here on the 25th. Certainly it offset in a measure
the smallness of the increase in London's stock last week,
i. e. 478 tons. It is still, however, 65,511 tons, against
65,0i3 last week,63,167 a month ago,58,659 two months ago
and 18,210 a year ago. New York on the 25th inst. was 10
points lower on July to 10 higher on September, with some
months unchanged, as indeed most wree at the close on that
day. At the New York Exchange on the 25th inst. May
closed at 40.60c., July at 41.50c., September at 42.10c. and
December at 43c. London was very steady; spot and May,
20 to 203/sd. In Singapore, April, 194d.; May-June, 20d.
Spot and April ribbed here, 40% to 41c. The average spot
price in London was set at 19.692d. for the current quarter
to 9late and the market will have to go immediately to over
25d.for the remainder of the quarter to obtain an average of
TOBACCO has been steady to all appearance, but business has not been especially good. It shows no great life or
snap; simply there is a fair routine business; no(hing more.
Wisconsin, binders 25 (o 30e.; northern 40 to 45e.; southern
35 to 40c.; New York Stale seconds 45c.; Ohio, Gebhardt
binders 22 to 240.; Little Dutch 21 to 22c.; Zimmar Spanish
30c.; Havana first Remedios 85c.; second Remedios 70e
Washing on wired that developments in the move toward
consolidation of the tobacco jobbing houses of the country
will be carefully watched by the Department of Justice with
a view of curbing any monopolistic tendency. Officials
are without the full details of the newly incorporated Mutual
Tobacco Corporation, but an investigation will be made
to determine whether its purposes are in conformity with the
Sherman Anti-Trust Act and Clayton acts.
COAL has latterly been rather more active at Hampton
Roads. Some smokeless lump and egg producers are said
to be well sold up for all May at the West and quote an advance of 25e. in Chicago and Cincinnati. Production of
coal in general has decreased slightly and prices have been
firm on soft coal in particular, as reserve stocks are decreasing. The general trend of output is apparently downward,
although it may be rather too early to stress this. Yet the
Illinois bituminous output dropped from 2,041,000 tons in
2624
THE CHRONICLE
[Vor... 124.
the March 26 week, the last full week before the wage deadWOOL.
-General trading tends to slacken,
lock, to 102,000 tons in the April 9 week, the first full week ment report. Many concerns are directing said a Governmost of their
after the deadlock.
rs,
attention to sections of the country where shearing is under
way. Large houses offering a wide variety of lines continue
W- 0
C-PPER declid to 13c. delivered to the COT1173cticul
Valley early in the week. Demand was absent. The export to do a moderate business. Prices on standard domestic
price was reduced to 13.35c. on the 27th inst. There were and foreign wools remain steady. In Liverpool on April 22
some export sales at the decline but the buying was not at the East India wool fair about 850 bales of River Plate
spirited. Lake district reports stated that stocks at mines wools were offered. Buenos Aires slipes sold promptly at
and smelters are very small. Spot in London on the 26th firm prices. Scoured fleece was held above the market.
inst. advanced Is. 3d. to £43 16s. 3d.• futures unchanged at East Islands in good demand. Of Peruvians 1,478 bales
£55 7s.6d.;sales, 100 tons spot and 1,000 futures; electrolytic offered, but the demand was light; prices unchanged.
declined 5s. to £61 10s. for spot and £62 for futures; on the Philadelphia wired April 27 that cables from East India
27th spot in London dropped is. 3d. to £54 15s. for spot and auctions at Liverpool reported an advance of 10% in low£55 6s. 3d. for futures; sales, 100 tons spot and 900 futures; grade wools, which seemed to show that the sales are being
electrolytic off 5s. to £61 5s.for spot and £61 15s. for futures. largely supported by France and Germany. Washington
Later, trade was slow at 13c. to 133/ic. delivered. A reports total imports of raw wool in March as 14,500,000
moderate export business has been done since the export pounds smaller than in March 1926. Receipts for March
price was reduced to 13.35e. c.i.f. Europe ports. On the were 33,457,221, against 48,002,435 pounds last year.
28th inst. in London, standard copper fell is. 3d. to £55 Imports of wool manufactures showed a slight increase.
13s. 9d. spot and £55 5s. futures; sales, 100 tons spot and Montreal wired that Canada hasfound wool hard to sell with900 futures. Electrolytic was £61 5s. spot and £61 15s. in the past year; Canadian clip in 1926, 11,692,000 pounds.
London cabled that the third 1927 series of London Colonial
futures. London to-day, electrolytic, spot, £61; futures,
wool sales will open there on May 3d with a total offering of
£61 10s.
124,200 bales, comprising 95,650 bales Australian, 3,050
TIN, after declining early in the week rose 3/i to Mc. Capes, 24,400 South American and 1,100 sundries. Under
on the 26th inst. There was a fair demand. Trading in present arrangements the series is scheduled to close on
tin of late has been stimulated to a certain extent by the Wednesday May 18. In Liverpool on April 25, third series
fact that the world's visible supply is expected to show a of the East India wool auctions for this year opened. Offerdecrease of 1,500 tons during April. On the other hand ings for the series, 23,500 bales, of which the selection of
there are those who believe that bullish sentiment will be white wools suitable for the United States was small. Prices
short lived because of the decreasing tin plate production were generally unchanged as compared with the preceding
and consumption. Sales of April were made at 67 to 67Y0.; series, although one cable reports a 10% advance over the
May at 67c.; June at 6604 July at 65
to 68Mc., and last series on wasty sorts. England was a good buyer.
August-July at 653/i to 653.4c. London on the 26th inst.
Later scattered sales of the finer grades of
wools
advanced 5s. to £294 5s. on the spot; futures fell 10s. to were reported. Montana original bag wool territory about
sold at
£290 5s.• sales, 100 tons of spot and 200 futures; spot Straits $1.05, scoured basis. Further sales of very good territory
up 5s to £307 5s.; Eastern c.i.f. London declined 5s to £299 M blood, 58-60s, strictly combing were reported at $1 to
'
5s. on sales of 150 tons; on the 27th inst. spot in London was $1.02, scoured basis. Buyers for domestic worsted mills
up.£1 15s. to £296 and futures rose £1 12s. 6d. to £291 17s. 6d. have taken some South American wool of 58-60s.
sales, 100 tons spot and 700 futures. Spot Straits up £1 15s. Worsted wools were quiet and steady. The trouble quality.
is there
to £309; Eastern c.i.f. London fell £1 to £298 5s. on sales is so little demand. Western dealers are reported deadof 150 tons. Later prices fell Y with sales of spot Straits locked. Ohio and Pennsylvania fine delaine at Boston,
ic.
at 670., May at 66%c., June at 65,/ic., and August at 64.700. 44 to 45c.; M blood, 44 to 450.;
3
blood, 423/i to 433/io.;
Spot standard in London on the 28th fell 10s. to £295 10s. 3.4 blood, 42 to 43c. Melbourne cabled that Australasian
and futures declined £1 17s. 6d. to £290; sales, 100 spot and wool exports for the 9 months period ended March
31,
650 futures; spot Straits declined 10s. to £308 10s.; Eastern which 2,047,000 bales were from Australia and 490,000 of
from
c.i.f. London advanced £1 10s. to £299 15s. on sales of New Zealand, were 143,000 bales smaller than in the same
225 tons. London to-day spot £294 2s. d6.; futures £287 period the preceding year, when 2,201,000 bales were shipped
12s. 6d.
from Australia and 479,000 from New Zealand, the later
LEAD was in fair demand at 6.90 to 7c., New York; showing an increase in exports of 11,000 bales.
East St. Louis, 6.55 to 6.5732c. Lead ore declined $2.50
to $90 in the tri-State district. Later on a more confident
COTTON
feeling was noticeable. Some purchases of June and July
Friday Night April 29 1927.
were reported. Spot in London on the 26th inst. advanced
THE MOVEMENT OF THE CROP, as indicated by our
6s. 3d. to £25 17s. 6d.; futures up 7s. 6d. to £26 7s. 6d.;
telegrams from the South to-night, is given below. For the
on the 27th inst. spot there fell is. 3d. to £25 16s. 2d.;
futures off 2s. 6d. to £26 5s.; sales 50 tons of spot and 750 week ending this evening the total receipts have reached
tons of futures. Later came a decline of $3, making the 86,136 bales, agaist 102,107 bales last week and 131,290
new price in a dull market 6.85c. here, the lowest since bales the previous week, making the total receipts since the
November 1923; St. Louis, 6.45 to 6.50c. In London on 1st of August 1926,. 11,959,762 bales,. against 8,829,885
the 28th inst. spot declined 2s. 6d. to £25 13s. 6d.; futures bales for the same period of 1925-26 showing an increase since
unchanged at £26 5s.; .sales, 50 tons spot and 1,700 tons Aug. 1 1926 of 3,129,877 bales.
futures. In London to-day, spot, £25 10s.; futures, £26.
Receipts atSat.
Mon. Tues. Wed. Thurs. Fri.
Total.
ZINC though quiet was firm. East St. Louis 6.10 to Galveston
2,125 1.564 4,437 1,707 1.827 1,102 12,782
Texas City
898
6.15c. Production ofzinc in the tri-State district last week was Houston
898
3,614 3,093 3,329 1,993 2,2784 2,259 16,566
14,500 tons. Spot in London on the 26th inst. was unchanged New Orleans1,437 2.876 3,233 6,034 4.0881 4,010 21,678
Mobile
119
257
151 1,024
at £29 2s 6d; features up 2s 6d to £29 6s 3d; on the 27th Pensacola
640
749 2,940
52
52
Inst. spot in London advanced 2s 6d to £29 5s; futures rose Savannah
884 2,584
--__ 3,149 2.044 2,443 11,104
Charleston
771 1,082 2,351 1,376 1,115
35 9d to £29 10s; sales 25 tons spot and 625 futures. Wilmington
758 7,453
1.095
393
799
753
772 1,007 4,819
Western later was 6.10 to 6.12 Mc. East St. Louis with Norfolk
616
987
801
871
938 1,113 5,326
trade dull. Spot in London on the 28th inst. rose Is 3d to New York
Boston
75
524
100
55
£29 6s 3d; futures fell Is 3d to £29 8s 9d; sales 50 tons _spot Baltimore
1,519 1,519
and 50 futures. To-day London spot £29 2s 6d; futures
Totals this week_ 10,955 13.331 15.176 16.907 13.757 16.010 86,136
£295s.
The following table shows the week's total receipts, the
STEEL has been in the main dull and lower and it still total since
seems to be tending downward. Some demand is said to last year: Aug. 1 1926 and stocks to-night compared with
have grown out of the Southwestern floods but it is not
enough to count against the general apathy. The business
1926-27.
1925-26.
Stoat.
Receipts to
for April is expected to show a sharp falling off from that of
Aprtt 29
This Since Aug This Since Aug
March, though it may compare favorably with that of
Week. 1 1926. Week. 1 1925.
1927.
1926.
April last year. At Pittsburgh $1.90is the high for merchant Galveston
12,7623,153.331 19,366 2,905,691 412.411 414,912
steel bars. Sheets are irregular and it is intimated are Texas City
898 168.365
18,234
4.128
28,576
16566 3,701.331 37,582 1,601,752 615,713
rather weak, with the automobile demand less than that of Houston *
a
Arthur,
a year ago. Competition is sharp, output lessened and the Port Orleans &c 21,678 2.311.911 26.302 2.199,089 501.493 311,089
New
Gulfport
situation in general not satisfactory.
Mobile
2,940 362,038 2,260 221,251
8,401
32,522
Pig iron has been quiet and imports are increasing to Pensacola
14,015
52
16,264
make bad worse. April output is believed to have been Jacksonville
617
373
13,011
585
Savannah
11,104 1,046378 13,291 857,759
64,325
61.180
smaller than that of March, especially among steel makers Brunswick
400
furnaces. Eastern Pennsylvania is nominally $20.50 to Charleston
7,453 533,876 2.293 304,763
31.089
62.903
$21; Valley, $18; Buffalo, $17.50 to $18.; basic, $18.50 to Georgetown
Wilmington
4.819 135,419 1,217 119,980
25,281
21.708
$19; Bessemer Valley, $19.50, but all these prices are purely Norfolk
5.326 403.702 9,398 442,903
84,454 100.800
N'port News,
374
nominal. It is not easy to say what the real market is on New York &c.
27.420
495
636
26,848
48.201 219.050
sized tonnages. Yet recently it is declared cast iron Boston
good
27.155 2,124
524
1.289
5,650
33,162
Baltimore
69,341
1.519
979
1,272
37,651
1,580
manufacturers ordered 40,000 tons of iron from New Philadelphia
pipe
4.689
7,073
5,341
9,774
England and eastern New York furnaces, mostly for water
Totals
86.136 11959762 115.448 8,829.885 2.050,537 999.509
shipment. Buffalo iron is quoted for third quarter at $18.
•Houston statistics are no loner compiled on an
Some is still available there for second quarter at $17.75. on a port basis. In the season s receipts 1926-27 Interior basis, but only
we have included the
Everett, Mass. is said to be getting $20.50 for 2.25 to 2.75% stock carried over from the previous season. namely. 226,636 bales.
a In
1926. Houston stocks, amounting to 513,974 bales, were included
under interior towns.
APR. 30 1927.]
THE CHRONICLE
2625
say that the flood
In order that comparison may be made with other years, great damage done. Of late some reports
waters have covered some 9,000,000 acres. How much of
we give below the totals at leading ports for six seasons:
this may be cotton land is the question. Opinion seems to
PP"0
lean to the belief that it is about 6,000,000 acres, and that
Receipts at- 1926-27. 1925-26. 1924-25. 1923-24. 1922-23. 1921-22.
the yield may be cut down some 750,000 bales or over. All
28,316
8.885
13,436
13,293
19,366
12,762
Galveston__ _
1,230 this is, of course, purely tentative. Meantime Secretary of
15,268
25,846
37.582
16,566
Houston*____
28,798 Commerce Hoover, by profession an engineer, says that the
9.421
19,576
12,658
26,302
21.678
New Orleans_
836
4,676
841
690
2,260
2,940
Mobile
15,457 farmar may not be able to plant for the next four or six
3,120
6,811
3.220
13,291
11,104
Savannah
500 weeks. This would mean serious delay, but would still
Brunswick _
7,069
1,690
1.575.
1.139
2,293
7,453
Charleston_ - The floods
853 leave ample time for hurried planting.
353
1.105
433
1,217
4,819
Wilmington_
4,593 became so menacing that the city of New Orleans, with the
1,268
4,869
5.676
9,398
5,326
Norfolk
2,966 approval of the War Department to-day dynamited the
3,016
1,302
1,070
3,739
3,488
tNS k!::
t
i i
rPger .f_
levee at a point about 12 miles below the city to save the
94,458
28,589
64,783
64,025
86,136 115,448
Tot. this week
city from possible inundation. Several new breaks in the
11 959 782 8 820 883 8.7117.820 6.224.637 5.394.543 5.153.971 levee have been reported on the Mississippi, but they have
%linos> Amr 1
•Beginning with the season of 1926, Houston figures include movement not been of the first importance. More attention has been
of cotton previously reported by Houston as an inter or town. The dis- paid to some which have occurred in the Red River, near
tinction between port and town has been abandoned.
Shreveport, La. One was reported on the 28th inst., at
The exports for the week ending this evening reach a total NVestdale, La., which threatened to overspread some 100,000
of which 18,599 were to Great Britain, acres. With all this there is a fear that the crop of long
of 170,193 bales,
8,132 to France, 37,905 to Germany, 3,886 to Italy, 18,733 staple cotton in the Mississippi delta may be reduced very
to Russia, 46,76i to Japan and China, and 36,173 to other materially. One effect has been a very sharp advance in
destinations. In the corresponding week last year total ex- "sakels" cotton at Alexandria, Egypt. Liverpool, moreover,
ports were 130,081 bales. For the season to date aggregate has been buying futures at Alexandria. The delta and
exports have been 9,407,682 bales, against 6,839,886 bales Egyptian cottons compete snore or less, and Carolina spinin the same period of the previous season. Below are the ners fear that their supply of delta long staple cotton may
exports for the week.
be much curtailed this season. Latterly, too, Liverpool has
been more active at rising prices. New York operators, to
Exported to
be sure, have apparently assisted the rise there by liberal
Week Ended
Japan&
GerApril 29 1927. Great
buying. But apart from this there has been a noticeable
Britain. France. many. Italy. Russia. China. Other. Total.
Exports from
amount of calling in Liverpool by the mills, some buying
18.733 6,931 23,673 56.847
7,510
Galveston
by London and tile Continent and considerable local cover9.141 2,881 28,159
7.157 2,732 3,829 2.419
Houston
20,193 4,445 43,287 ing. Spot cotton in Liverpool, moreover, has been more
New Orleans_ __ _ 6.414 3,959 8.276
300 active at rising prices.
300
Mobile
52
_
52
Pensacola
fitio
8.889
In this country there has been a steady demand for the
1,089
Savannah
3.157 6,084 actual staple. The daily sales have been running ahead of
2,907
Charleston
4,800
4,800
Wilmington
those of last year. Discounts on the lower grades have
1.000
200 12,876
1,200
6,876
3:866
Norfolk
1,700 1,513 7,421
267
200 1,141 2,600
New York
been reduced at New Orleans. The basis on long staple
18
18
Boston
286 cotton at the South, according to some reports, has latterly
286
Philadelphia_ _
1,107
1,107
Los Angeles_ _
risen some 25 to 50 points. Meanwhile May notices were
87
87
San Francisco_ _
issued here on the 26th inst. for 150,000 bales, and had no
Total
18.599 8,132 37,905 3,886 18,733 48,765 36,173 170,193 great effect, although the discount on May under July rose
to 30 points. It is evident, however, that the issuers were
Total 1928
31,818 8.107 14,830 10.267 6,700 44,162 14,397 130,081
Total 1925
23,867 9,517 12,587 5,597 23.650 1.059 8.650 84.927 disposed to get back the cotton. That has been the usual
procedure for months past whenever the notices have risen
From
Exported to
to a conspicuous total. The discounts on the near months
Aup.1 192610
Japan&
April 29 1927 Great
Gerand the threatened crop confirmed it in this case. The
Total.
Exportsfrom- Britain. France. many. Italy. Russia China. Other.
mills have latterly been calling here rather more freely, to
Galveston_ _ _ 571,133 357.974 546,999 208,293 91,450 459,592 491,694 2,727,135 all appearances, and it is said that trade orders are in the
Houston_ _
517,688 349,627 556,760 203,223 92,053 351,328 165,258 2,235,937
market on a scale down. Wall Street, uptown, New Orleans
24,365
77,956
1,517 3,670
Texas city._
48,404
New Orleans 534,912 147,465 276,163 171.135 68,967 42.5.388 131,565 1,755,595 and the West have at times been buying. Short selling has
15,699 2,653 204,955
Mobile
84,795 4,765 94,943 2.100
been cautious. Shorts covered at the first alarm. Cotton
341
341
Jacksonville_
-546 11,015 goods have been firm, with some advance in gray goods.
Pensacola_ _ _
6.092
4,583
91;iio 36,811 876,328
Savannah_ _ _ 264.447 2.783 475,667 5.366
Manchester has done a better business with India, including
32,688 26.927 437,410
497 294,784
Charleston_ _
82,514
1,000
96,027 such goods as dhooties with Calcutta, and yarns have been
49,247 34.780
41,000
Wilmington _
9,550 6,220 274,583 firm. In Philadelphia yarns made from long staple cotton
Norfolk
97,874
-EOO 143,915 18,524
100
374
474
Newp News.
have risen 2 to 3c., owing to bad crop reports from the Mis14,258 163,848 358,185
New York_ _
43,551 28.353 89,001 19.178
2.766
Boston
4,159
8,883 sissippi delta. Finally, the tendency of the speculation has
1,958
400
142
3jai
Baltimore_
3,707
as well as in Alex4.890
100
210
Philadelphia
660
5.860 been to broaden at home and in Europe,
14,306 2,848 146,088 andria, Egypt.
Los Angeles_
61,319 19,180 45,254 3,181
San Diego_ _
9,232
9,232
80.047
San Fran_ _ _
320 0.325 1,254
520
6,244
On the other hand, at times the market has declined.
94,710
200
Seattle
82.461
82,661
Some are doubtful whether there will be any great decrease
Portland .Ore
600
600
in the crop this season, in spite of the floods. Trade hisTotal
2,342,515 916,356 2591361 665,366 252,470 1577609 1062005 9,407,682 torians point out that bull markets built on floods are apt
Total '25-26 2,041,182 812,243 1546109 577.238 134,123 990.839 738,152 8,839.886
to be merely temporary; that it is rare for them to last.
Total
2,426,188 837,060 1729336 615,298 150,486 832,003732.888 7.323.259 Moreover, the floods may leave a rich deposit and planting
NOTE.-EXports to Canada.
-It has never been our practice to Include In the in the mud may be done at once. There is no disposition
above tables reports of cotton shipments to Canada, the reason being that virtually all
the cotton destined to the Dominion comes overland and it is Impossible to get returns among reflective people to minimize the very distressing
concerning the same from week to week, while reports from the customs districts on
situation of the Southern cotton farmer over a vast area
the Canadian border are always very slow in coming to hand. In view, however, of
of the Mississippi Valley. He has been driven from his
the numerous inquiries we are receiving regarding the matter, we will say that for the
month of Mar h the exports to the Dominion the present season have been 27.100
home. His stock, his seed and perhaps his farm implements
bales. In the corresponding month of the preceding season the exports were 21.170
have been swept away. It entails a serious loss added to
bales. For the eight months ended March 311927. there were 197,912 bales exported
as against 187.993 bales for the corresponding seven months of 1925-26.
the loss on the price of cotton during much of the season.
In addition to above exports, our telegrams to-night also There will be a considerable delay in getting to work, but
give us the following amounts of cotton on shipboard, not some think there is still time to raise a good crop. Rains
cleared, at the ports named:
have latterly ceased. The outlook in the Atlantic States is
on the whole favorable if little cotton has been planted in
On Shipboard, Not Cleared for
Oklahoma and in northern Texas. In some parts of the
Great
South there has been a drought of many months' duration.
Other Coast.
GerLeaving
wise.
Apr. 20 at- Britain. France. many. Cont't
Total.
Stock.
What with cold rains in the North and dry weather at the
South, some decrease in the Texas acreage and a late season,
Galveston
13,200 7,700 8,900 50,000 2,500 82.300 330.111
4.839 4,508 11.584 16,907
250 38.088 463,405 some regard the outlook in the Southwest as well as in
New Orleans
____
____
Savannah
500
500
60.680 the Central belt as more or less dubious. But others think
____
____
____
___
Charleston_ _ _ _
138
138
62.765
4,500
--------2,900
Mobile
50 7.450
25,072 the situation has been exaggerated. They believe in any
254
Norfolk
254
84,200
have seen
Other ports.. 2,500 1,500 2,000 4.000 -__- 10,000 885,574 case that flood news has been discounted. They think that
the price of 12c. and now it is around 15c. They
25,039 13.708 22,484 73.807 3.692 138,730 1.911,807
Total 1927
Moreover, they believe that the
20,633 14,387 18,008 48.768 4.423 111,219 888.290 discounts a good deal.
Total 1926
.567 7.743 751 cdc WI,,,, carry-over of cotton will be large. So that even if the next
9.813 9.222 15 200 36
'meal 1925..
crop is only 15,000,000 bales the supply for the season of
a Esti mated.
Speculation in cotton for future delivery has been fairly 1927-28 will be ample. Recently, too, the textile business in
active, certainly more active than it was some weeks ago. New England has not been very brisk.
To-day prices with generally good weather and a decline
The weather and flood news has given it a new impetus.
Prices in the main have been advancing. Now and then in Liverpool fell some 15 to 18 points, partly due to profitthere have been reactions, but on the whole the tone has taking. Some are not convinced that serious crop results
been firm, both here and abroad. Of late Liverpool has will follow the floods. They await fuller information.
awakened to the fact that all is not well in the American Later came a rally on the prediction of rains or showers in
cotton belt. For a time It seemed to pooh-pooh the flood the Western belt, a bullish weevil report by the Government,
news. One of the latest cable dispatches from Manchester, fears of further breaks in the Arkansas and Louisiana levees
indeed, still openly questions whether there has been any and covering of shorts. Offerings on the whole were well
Al
2626
THE CHRONICLE
Form 124.
taken. Still later, July was sold with some freedom. But But to make the total
complete figures for to-night
the weekly figures were in the main bullish. They made (Friday), we add the itemtheexports from
an excellent showing on spinners' takings and exports. including in it the exportsof Friday only.the United States,
of
Final prices show a rise for the week of 25 to 28 points.
April 291927.
1926.
1925.
1924.
Spot cotton closed at 15.30c. for middling, an advance for Stock at Liverpool
bales_1,415.000 800.000 904,000 569,000
Stock at London
3,000
the week of 25 points.
Stock at Manchester
182.000
80,000 130.000
93,000
The following averages of the differences between grades,
Total Great Britain
1.597,000 880.000 1.037,000 662,000
as figured from the April 28 quotations of the ten markets Stock at Hamburg
7,000
designated by the Secretary of Agriculture, are the differ- Stock at Bremen
661.000 192,000 298,000 150.000
Stock at Havre
290,000 210,000 218,000 121.000
ences from middling established for deliveries in the New Stock at Rotterdam
18,000
6,000
11,000
17.000
Stock at Barcelona
York market on May 5:
125.000
96,000
92,000
57.000
Stock at
Middling fair
139 on *Middling "yellow" stained
3 25 off
Strict good middling
1.15 on *Good middling "blue" stained 2.00 off
Good middling
91 on Strict middling "blue" stained___2.70 off
Strict middling
65 on *Middling "blue" stained
3.59 off
Middling
Basis Good middling spotted
.25 on
Strict low middling
.98 off Strict middling spotted
.03 off
Low middling
2 03 off Middling spotted
98 off
*Strict good ordinary
3.28 off *Strict low middling spotted____1.95 off
*Good ordinary
4.40 off *Low middling spotted
3.25 off
Strict good mid."yellow" tinged_ .08 off Good mid, light yellow stained 1.20 off
Good middling "yellow" tinged__ .56 off *Strict mid, light yellow stained_1.75 off
Strict middling "yellow" tinged__ .98 off *Middling light yellow stained._.2.70 off
*Middling "yellow" tinged
2 08 off Good middling "gray"
.67 off
*Strict low mid."yellow" tinged_3.34 off *Strict middling "gray"
1.05 off
*Low middling "yellow" tinged__4.b9 off , *Middling "gray"
1 60 off
Good middling "yellow" stained_1.90 off I
*Strict mid. "yellow" stained_ _2.43 off 1 *Not deliverable on future contracts
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
April 23 to April 29Middling upland
Sat. Mon. Tues. Wed. Thurs. Fri.
15.25 15.35 15.10 15.30 15.35 15.30
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
April 29 for each of the past 32 years have been as follows:
1927
1926
1925
1924
1923
1922
1921
1920
15.30c.
18.85c.
24.25c.
29.80c.
28.35c.
18.35c.
12.35c.
41.40c.
1919
1918
1917
1916
1915
1914
1913
1912
29.65c.
26.75c.
20.65c.
12.20c.
10.50c.
13.10c.
11.80c.
11.60c.
Saturday___
Monday
Tuesday ___
Wednesday_
Thursday __
Friday
Futures
Market
Closed.
SALES.
Spot. Contr'ct Total.
Steady, 20 pts. adv. Steady
Quiet. 10 pts. adv.. Steady
Quiet. 25 pts. dee_ Barely steady_
Quiet, 20 pts adv.. Steady
Quiet. 5 pts. adv.. Steady
Quiet, 5 pts. dec_ - Steady
Total week_
Since Aug. 1
42.000
19,000
35,000
3.000
12,000
15,000
2,000
12,000
Total Continental stocks
1,136,000 1,523,000 1,669.000 1.381.000
Total European markets
110,000
152,000 188,000
India cotton afloat for Europe..
80,000
,0
000
0
American cotton afloat for Europe 524,000 279.000 321,000 266.000
95,000
88.000
56,000
EgyptHrazil,Stc.,afloat for Europe 93,000 276.000 145,000 161,000
Stock in Alexandria, Egypt
397.000 838,000 913,000 909,000
Stock in Bombay, India
669.000 999.509
453,254
Stock in U. S. ports
2, 54 536 1,479.275 5°9.'65
8 0 69
0 : 7
2
710 64
6 443
Stock in U. S. interior towns....
5.823
U. S. exports to-day
8.838
igg
Total visible supply
7,380.071 5,485,607 4.545,302 3,520.382
Of the above, totals of American and other descriptions are as follows:
American
Liverpool stock
bales_1,072.000 514,000 688,000 311.000
Manchester stock
76,000
160,000
64,000 118,000
Continental stock
1.078,000 463,000 595.000 284,000
American afloat for Europe
524,000 279,000 321,000 266,000
U. S. port stocks
2.050.537 999.509 709,656 453,254
U. S. interior stocks
824,696 1.479,275 510,646 443,328
U. S. exports to-day
8.838
800
5,823
Total American
East Indian. Brazil, &c.
10.70c.
9.81c. Liverpool stock
8.31c, London stock
9.81c. Manchester stock
6.19c. Continental stock
6.38c. Indian afloat for Europe
7.69c. Egypt, Brazil, Sic., afroat
8.12c. Stock in Alexandria, Egypt
Stock in Bombay. India
1911
15.45c. 1903
1910
15.25c. 1902
1909
10.80c. 1901
1908
10.10c. 1900
1907
11.30c. 1899
1906
11.70c. 1898
1905
7.85c. 1897
1904-----13.75c. 1896
MARKET AND SALES AT NEW YORK.
The tots 1 sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
which show at a glance how the market for spot and futures
closed on same days.
Spot Market
Closed.
Genoa
Stock at Ghent
Stock at Antwerp
Total East India, &c
Total American
5.718.071 3,804,607 2,942,302 1,834,382
343,000
286.000
22,000
58.000
80.000
93,000
397,000
669,000
16,000
60.000
110,000
95.000
276.000
838,000
216,000
3,000
12,000
74,000
152.000
88,000
145.000
913.000
258,000
17,000
97,000
188.000
56,000
161,000
909,000
1.662.000 1,681,000 1.603.000 1.686.000
5,718.071 3,804,607 2,942,302 1,834,382
Total visible supply
7.380,071 5.485.607 4,545,302 3,520,382
Middling uplands, Liverpool..
8.35d.
9.94d.
12.98d. 17.35d.
Middling uplands, New York__ - 15.30c.
30.15c.
24.40c.
18.90c.
Egypt,good Sakel. Liverpool.-- 16.30d. 17.50d, 33.65d. 24.55d.
Peruvian, rough good, Liverpool- 10.50c1.
18.00d. 20.75c1. 23.75d.
Broach, fine, Liverpool
7.554.
8.688.
11.45c1.
14.388.
Tintievelly, good, Liverpool
8.00d.
9.15(1.
12.10d.
15.288.
Continental imports for past week have been 128,000 bales.
The above figures for 1927 show a decrease from last
week of 178,976 bales, a gain of 1,894,464 over 1926, an
it crease of 2,834,769 bales over 1925, and an increase of
3,859,689 bales over 1924.
AT THE INTERIOR TOWNS the movement
-that is,
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
FUTURES.
-The highest, lowest and clos ng prices at
corresponding periods of the previous year, is set out in detail
New York for the past week have been as follows:
below:
Saturday,
April 23.
438.739 550,800 989,539
Monday,
April 25.
Tuesday, Wednesday, Thursday,
April 28. April 27. April 28.
Friday,
April 29.
April
Range..
Closing_
lifay-
Movement to April 29 1927.
Towns.
Receipts.
Week.
Ship- Stocks
ments. Sept.
Season. Week.
18.
Movement to April 30 1926.
Receipts.
1Veek.
Season.
Ship- Stocks
ments. Apr.
Week.
30.
Range__ 14.76-15.02 14.96-15.17 14.80-14.95 14.90-15.02 14.94-15.11 14.96-15.0E
Closing_ 14.96-14.98 15.03-15.04 14.82-14.83 14.99-15.00 15.03-15.06 15.00 June
Range..
Closing. 15.0815.15- 14.97
15.12- 15.10
15.12July
Range. 15.03-15.25 15.21-15.42 15.08-15.22 15.12-15.30 15.18-15.35 15.19-15.31
Closing_ 15.20-15.23 15.28-15.29 15.12-15.13 15.24-15.25 15.33-15.35 15.23-15.24
August
Range..
15.48-15.48
15.42-15.42
Closing_ 15.3015.3615.1815.4015.4315.33Sept.
Range__
15.55-15.63 15.35-15.50
- 15.53-15.54
Closing. 15.4515.5615.3715.50- 15.57
15.45October
Range.. 15.35-15.56 15.51-15.72 15.36-15.52 15.39-15.56 15.48-15.64 15.47-15.60
Closing_ 15.50-15.52 15.57-15.59 15.38-15.39 15.54-15.55 15.6415.52 Nov.
Range..
15.60-15.63
Closing_ 15.5915.6615.4615.6215.7315.60 Dec.
Range.. 15.57-15.75 15.69-15.91 15.53-15.71 15.55-15.73 15.67-15.84 15.60.15.78
Closing_ 15.69-15.71 15.75-15.76 15.55-15.56 15.70-15.72 15.82-15.84 15.70Jan.
Range.. 15.65-15.76 15.73-15.06 15.55-15.72 15.59-15.75 15.70-15.88 15.70-15.81
Closing_ 15.71-15.73 15.79-15.80 15.5815.73-15.75 15.8815.74-
Ala.,Birming'm
782
94,349
4611 10,827
610
91,127 2,152. 3,152
Eufaula
357
26,230
343 9,971
12
21,609
____ 3,417
Montgomery _
726 122,501 2,380 29,823
798 100,542 1,048 17,852
Selma
231
94,952 2,i59 20,069673 88,901 1,548 10,818
Ark., Helena_
175
95,169 2,150 17,691
238 100,341 1,736 28,999
Little Rock
252 203,07
1,252 27,999
394 228.168 2,472 47,715
Pine Bluff_
____ 185,054
___ 28,717
_365 179.736 2,074 53,001
Ga., Albany
3
8,776
280 2,427___
7.915
____ 2,067
Athens
227
49,819 1,160 9,291
200 33,619
500 9,552
Atlanta
1,118 251,848 2.317 40.586 3,483 214,431 3,910 43,951
Augusta
4,276 366.238 3,181 85,776 3,395 343,161 3,893 59.957
Columbus_
193
47,096
432 2,748
769
84,567
810 2,660
Macon
1,585 104,50
1.137 5,928
774 68,507 2,666 10:144
Rome
238
51,132 1,250 22,147
540
52,278
750 11,172
La., Shreveport 1,000 166,620 1,501 42,000
242 165,578
656 18,427
Miss.,Columbus
___
42,726___ 5,784
177
46,469
168 5.46
6
Clarksdale
888 189,972 4,86 48,404 1,112 232,473 2,809 74.577
2
Greenwood_ _
182 181,792 2,784 40.905
599 221,734 1,543 65,269
Meridian....
122
52,752 1,393 5,830
53 68,627
517 12,133
Natchez
162
49,768
307 10,764
74
689 9,823
57,849
Vicksburg....
___
35,40
5,748 6,045
67
54,368
329 15,716
Yazoo City
5 44,773 1,694 10,276
8 52,834
581 12,674
Mo., St. Louis. 5,307 539.533 5,549 5.028
5,648 663,669 5,682 15,775
N.C.,Greensb'ro
982
46,771
608 25,661 2,231
62,514 1,261 19,432
Raleigh
35
18,753
61 4,269
102
31.288
930 11,105
Okla., Altus.... 1,276 207,810 1,428 6,507
842
740.11.459
Pet,.
Chickasha
1,607 189,340 1,232 6,562 1,024 141,860
192,29s
943 15,192
Range..
Oklahoma
1,739 182,471 1,807 10,532 1,155
1958 24,443
Closing_ 15.7915.8715.6615.8215.9615.82- B.C.,Greenville 6,034 328,022 7,195 75,864 2,805 169,881
286,714 61541 50,218
glarchGreenwood_
--.... 3,251
___
___ 2.682
4,912
Range_
.15.76-15.93 15.91-16.12 15.72-15.89 15.77-15.92 15.89-16.04 15.89-15.98 Tenn.,Memphis 21.6142,109,0
7.77330,137173,907 13,5201,772,926 18,928 260,201
Closing_ 15.8715.96-15.97 15.74-15.75 15.9216.04 NashvIlle
15.91 184
7,59,
88 1,232
17
812
3,355
21
1,859
825
Range of future prices at New York for week ending Texas, Abilene_ --- 78,23. ___ 6.095 575 86,366 842 4,014
Brenham
143
28,83'
90
26
29
6,027
Austin
282
33,97:
April 29 1927 and since trading began on each option:
653 102i
322
___
114
12,654
1,371 185,83,
Dallas
5741 10,368 1,778
.
1,388
692 19,523
Houston_ _ _. •
•
•
4
25,3734,680.393 61,666513,97
Range for Week.
Option for
Paris
Range Since Beginning of Option.
35
56,499
185
348
65 113,941
532 2.406
San Antonio_
23
81,741
187 3,327
11
25,881
---,
' 640
12.60 Oct. 22 1926 16.10 July 0 1926
April 1927
Fort Worth
328j 121,192 1,095 4,857
348
050 7,707
94.198
May 1927._ 14.76 Apr1123 15.17 Apr1125 12.02 Dec. 4 1926 18.65 Sept. 8 1926
Total. 40 towns 53.8536.668,007 87,671 824,696 70,27711.025,106 131,2661479275
12.92 Oct. 27 1926 16.00 Sept.23 1926
June 1927._
Less Houston, no long er reporte d
July 1027._ 15.03 Apri123 15.42 Apr1125 12.25 Dec. 4 1926 18.51 Sept. 2 1926
25,373 4,680,393 61,666 513,974
Aug. 1927_ 15.42 Apri127 15.48 Apri125 13.03 Jan. 4 1027 15.48 April 25 1927
Total, 39 towns 53,8536.668.007 87,671824,696 44.9046 244 712 09.600 965,301
Sept. 1927._ 15.35 Apri126 15.63 April 25 12.00 Dec. 4 1926 15.63 April 25 1927
Oct. 1927._ 15.35 Apr112315.72 AprIl 25 12.46 Dec. 4 1926 15.72 Apri125 1927
*Houston statistics are no longer compiled on an interior
Nov. 1927._ 15.60 Apr1129 15.63 Apr1129 12.75 Dec. 6 1926 15.63 AprI129 1927
basis, but only on a
Dec. 1927._ 15.53 Apri126 15.91 Apr1125 12.36 Jan. 3 1927 15.91 Apr1125 1927 port basis. To make the comparisons with the previous year correct, we deduct
Jan. 1928_ 15.55 Apri126 15.96 Apri125 14.11 Mar. 15 1927 15.96 Apri125 1927 the Houston figures from last year's total at the end of the table.
Feb. 1928
Mar. 1928_ 15.72 Apri126 16.12 April 25 14.25 April 4 1927 16.12 Apri125 1927
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.
The above total shows that the interior stocks have de.
creased during the week 35,974 bales and are to-night
140,605 bales less than at the same time last year. The
receipts at all the townsihave been 8,949 bales more than
the same week last year.
2627
THE CHRONICLE
APR. 30 1927.]
-Cool weather the early part of the week
Mobile, Ala.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the caused a slight set back. Plants were badly chilled, but
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made stands are good. Chopping out and planting are nearly
up from telegraphic reports Friday night. The results for finished.
Rain. Rainfall.
Thermometer
the week and since Aug. 1 in the last two years are as follows: Galveston, Texas
1.17 in. high 76 low 52 mean 64
1 day
-1926-27-Since
Week. Aug. 1.
5,549 551.950
6,150 314.330
21.155
247
48,533
499
4,745 227,101
9.794 547.801
----1925-26---Since
Week. Aug. 1,
5,682 643.794
2,550 278,712
38,874
352
55,558
560
5,254 200,358
7.563 374,609
26,984 1,710,870
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c_ _ _ 2,538 120.498
578
21,896
Between interior towns
11,931 768,537
Inland. Stc.. from South
21.961 1.591,905
Apr. 29ShippedVia St. Louis
Via Mounds,&c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
3,739
479
5,792
130,423
21,538
708,078
15.047
910,931
10,010
860,039
Leaving total net overland *___11,937
799,939
11,951
731,866
Total to be deducted
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 11,937 bales, against 11,951 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 68,073 bales.
-1925 26
-1926-27
Since
Since
In Sight and Spinners'
Aug. 1.
Week.
Aug. 1.
Week.
Takings.
115,448 8,829.885
86,136 11,959,762
Receipts at ports to April 29
731,866
799,93911,951
11.937
Net overland to April 29
Southern consumption to Apr. 29 115,000 4,063.000 105,000 3.635,000
213,073 16,822,701 232,399 13,196,751
Total marketed
294,361 *62,498 1,323,140
*35,974
Interior stocks in excess
Excess of Southern mill takings
663,983
763.202
over consumption to April.1_
Came Into sight during week....177,099
17,880,264
Total in sight April 29
North. spinn's's takings to Apr. 29 26,136
* Decrease.
1,656,042
169,901
15,183,874
27,661
1,728,947
Movement into sight in previous years:
Bales.
13.983,348
10,614,763
10,383,468
Since Aug. 1Bales.
82,074 1924-25
113,999 1923-24
109,967 1922-23
Week-May 2
1925
-May 3
1924
-May 4
I923
1 day 0.01 in.
1 day 0.52 in.
1 day 0.32 In.
2 days 0.59 in.
1 day 0.06 in.
dry
1 day 0.18 in.
dry
1 day 2.00 in.
1 day 0.04 in.
1 day 0.44 in.
1 day 0.58 in.
2 days 0.96 in.
1 day 0.02 in.
1 day 0.66 in.
I day 0.58 in.
1 day 0.21 in.
dry
1 day 0.07 In.
2 days 0.54 in.
1 day 0.40 in.
1 day 0.04 in.
dry
dry
dry
dry
1 day 0.07 in.
dry
dry
dry
1 day 0.15 in.
dry
dry
dry
dry
1 day 0.01 in.
1. day 0.17 in.
dry
1 day 0.02 in.
dry
dry
1 day 0.16 in.
1 day 0.04 in.
3 days 0.85 in.
2 days 0.17 In.
1 day 0.16 in.
I day 0.35 In.
1 day 0.01 in.
Abilene
Brenham
Brownsville
Corpus Christi
Dallas
Henrietta
Kerrville
Lampasas
Longview
Luling
Nacogdoches
Palestine
Paris
San Antonio
Taylor
Weatherford
Ardmore, Okla
Altus
Muskogee
Oklahoma City
Brinkley, Ark
Eldorado
Little Rock
Alexandria, La
Amite
New Orleans
Shreveport
Columbus, Miss
Greenwood
Vicksburg
Mobile,Ala
Decatur
Montgomery
Selma
Gainesville, Fla
Madison
Savannah, Ga
Athens
Augusta
Columbus
Charlton,8.0
Greenwood
Columbia
Conway
Charlotte. N. C
Newborn
Weldon
Memphis, Tonn
high 98
high 82
high 84
high 82
high 88
high 86
high 88
high 88
high 84
high 90
high 80
high 80
high 80
high 90
high __
high 84
high 82
high 94
high 85
high 88
high 84
high 85
high 84
high 84
high 83
high __
high 85
high 90
high 86
high 80
high 82
high 86
high 87
high 88
high 86
high 89
high 84
high 91
high 87
high 92
high 84
high 88
high __
high 85
high 84
high 89
high 85
high 82
low 40
low 42
low 58
low 60
low 46
low 34
low 56
low 44
low 40
low 50
low 40
low 40
low 42
low 46
low 44
low 38
low 45
low 40
low 41
low 42
low 39
low 40
low 42
low 44
low 34
low __
low 44
low 34
low 39
low 45
low 43
low 34
low 40
low 41
low 47
low 43
low 44
low 36
low 42
low 44
low 44
low 34
low 38
low 36
low 36
low 40
low 31
low 45
mean 69
mean 62
mean 71
mean 71
mean 67
mean 60
mean 62
mean 66
mean 62
mean 70
mean 60
mean 60
Mean 61.
mean 68
mean _ _
mean 61
mean 64
mean 67
mean 63
mean 65
mean 62
mean 63
mean 63
mean 64
mean 59
mean 65
mean 65
mean 62
mean 63
mean 63
mean 63
mean 60
mean 64
mean 65
mean 67
mean 61
mean 64
mean 64
mean 65
mean 68
mean 64
mean 61.
mean _ _
mean 57
mean 60
mean 65
mean 58
mean 64
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given. It is interesting to note that at
QUOTATIONS FOR MIDDLING COTTON AT Vicksburg the height of the river has risen to 56.3 feet, as
-Below are the closing quotations against 39.6 feet at the corresponding date last year; at
OTHER MARKETS.
for middling cotton at Southern and other principal cotton Shreveport to 37.4 feet, against 20.2 feet; at Nashville to
markets for each day of the week:
17.3 feet, against 10.7 feet; at Memphis to 44.7 feet, against
22.6 feet, and at New Orleans to 20.8 feet, against 13.6 feet.
Closing Quotations for Middling Cotton on
This last (20.8 feet) was before the cutting of the levee
Week Ended
later in the day.
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Apr. 29.
Galveston
15.00
New Orleans_ _ _ 14.76
Mobile
14.45
Savannah
14.78
Charleston
14.75
Norfolk
14.75
Baltimore
15.00
Augusta
14.50
14.00
Memphis
Houston
15.00
Little Rock__ - - 14.35
Dallas
14.20
Fort Worth_ _ _ _
15.10
14.85
14.50
14.76
14.95
14.75
14.30
14.81
15.10
14.56
14.00
15.05
14.35
14.30
14.20
14.63
15.15
14.38
14.00
14.90
14.25
14.10
14.10
15.05
14.88
14.40
14.75
14.63
14.75
15.15
14.50
14.00
15.05
14.35
14.20
14.25
15.15
14.95
14.45
14.81
14.75
14.88
15.15
14.56
14.50
15.10
14.45
14.30
14.25
15.05
14.86
14.45
14.75
14.75
15.15
14.50
14.50
15.00
14.35
14.20
14.20
-The closing
NEW ORLEANS CONTRACT MARKET.
quotations for leading contracts in the New Orleans cotton
market for the past week have been as follows:
Saturday,
April 23.
Monday,
April 25.
Tuesday, Wednesday, Thursday,
April 26. April 27. April 28.
Fr V.
Ay" 29.
April
14.86-14.88 14.9815.09 bid 14.91 14.97
14.86-14.87 14.95May
June
15.15-15.17 15.25-15.28 15.16-15.17 15.25-15.20 15.34-15.35 15.21 15.21
July
August_ _ _
September
15.38-15.39 15.47-15.48 15.34-15.35 15.44-15.46 15.54-15.55 15.4 -15.42
October
November
December_ 15.53-15.54 15.64 -- 15.48 --- 15.59-15.60 15.69-15.70 15.51 15.57
15.54-15.55 15.60 bid 15.48 bid 15.62 bid 15.73-15.51
bid
January
February 15.71 15.71
March__ 15.68-15.70 15.80-15.82 15.60-15.62 15.74-15.82Tone
Steady
Steady
Quiet
Steady
Steady
St dy
Spot
dy
Options
WEATHER REPORTS BY TELEGRAPH.
-Reports to
us by telegraph this evening indicate that generally the
weather during the week has been favorable throughout'
the cotton belt. Rainfall has been scattered and precipitation light. The early part of the week temperatures
were somewhat too low for germination of seed and for
development of plants, but the latter part temperatures
have been higher. Planting has made good progress and
is well under way as far north as central South Carolina and
northern Georgia. Good stands of early planted cotton
are indicated and chopping is progressing in the more
southern districts.
Much concern continues to be felt over possible damage
and loss from the overflow of the Mississippi River. Private
estimates put the probable loss very high, but the whole
thing is a matter of the future, since much of the area still
remains to be planted, and there will be ample time to do the
planting (or replanting) if the floods subside during the next
six weeks and farmers are not prevented from so doing
by the loss of their livestock, buildings, seed and implements. The deposit of sediment from the overflow will
add to the fertility of the soil.
-The progress of the crop in this State has been
Texas.
poor and much replanting will be necessary because of cold
weather.
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
April 29 1927. April 30 1926.
Feet.
Feet.
20.8
13.6
44.7
22.6
17.3
10.7
37.4
20.2
56.3
39.6
Above zero of gauge_
Above zero of gauge_
Above zero of gaugeAbove zero of gauge_
Above zero of gauge_
RECEIPTS FROM THE PLANTATIONS.
Receipts at pens.
Week
Railed 1927. 1926. 1925.
Stocks at Interior Towns.
1927. 1 1926.
1925.
Receiptsfrom Ptantatisse
1927.
1926.
1925.
Jan.
1
23_ 258.932 171,156200,371 1.467.4281.966.783 1.306,792238,380 158,778 123,537
Feb.
1
235.198 173,227179.899 1.404.18911.930,287 1.248,011 171,958 136,731 121.118
411.... 228.44i148,354204.982 1.350,179 1.912.997 1.199,953 174,431 131,064 156,924
18..1206,770 148.404 167,066 1,305,5801,893,776 1,170,855 162,171 128,456 137.968
25_ 210,19311120,512,159,418 1,279.194,1,866,224 1,130,368181.807 93,687 118,931
Mar.
1
1
4._ 196,1591118,766199,633 1.224,58011,836,790 1,048,699 141,545 88,669 117,964
11 _ _ 217,975 105.260185.061 1,168.286 1.810,852 969,348 161,681 79,322 105,710
18_ _ 227,560 121,458 148,871 1,097,53111,760,002 893.950156.805 70.608 73.473
25 _ _ 185.888,104,414 100,249 1,036,360 1,730,985 837,576 124,717 75,397 43.875
April
1
2_ 168,7661110,4331109,150 984,1881,679,443 753.817 116.594 58,891 25.591
9__ 140,928 91,081 74,709 922,7351,630,308 708.223 79.175 41.896 29,115
15._ 131 290 104,943 74.512 889 9251.575,256 630,689 98.792 49,891 10,304
22._ 102,307 71,673 50,632 860.670 1,541.773 594.768 72,540 38,190 14,711
29_ _ 86,136 115,448 64,025 824,696 1,479,275 510,646 50,162 62,4981
The above statement shows: (1) That the total receipts
from the plantations since Aug. 1 1926 are 11,966,908 bales:
in 1925 were 10,078,876 bales, and in 1924 were 9,116,893
bales. (2) That although the receipts at the outports the
past week were 86,136 bales, the actual movement from
plantations was 50,162 bales, stocks at interior towns
having increased 35,974 bales during the week. Last year
receipts from the plantations for the week were 62,493
bales and for 1925 they were nil bales.
WORLD SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1926-27.
Week.
Season.
1925-26.
Week.
Season.
Visible supply April 22
5,605.743
7.559,047
Visible supply Aug. 1
2.342,887
3,646.413
American in sight to April 29
177.099 17.880.264 169.901 15,183,874
Bombay receipts to April 28_....
68,000 2,863.000
.498.000
77.000 2
Other India ship'ts to April 28..
509.000
28.000
340.000
4,000
Alexandria receipts to April 27_
18,000 1,450.200
19,000 1.508.400
Other supply to April 27*6
637.000
10.000
599.000
8,000
Total supply
Deduct
Visible supply April 29
7,844,146 26,472.077 5,899.644 22,985,961
7.380,071 7.380.071 5.485.607 5.485.607
Total takings to April 29-a_--_ 464.075 19.092.006 414,037 17.500.354
Of which American
380.075 14.400.606 338.037 12.422.154
76.000 5.078.200
Of which other
84.000 4,691.400
a This total embraces since Aug. 1 the total estimated consumption by
-26
Southern mills. 4.063.000 bales in 1926-27 and 3.635,000 bales in 1925 takings not being available-and the aggregate amounts taken by Northern
and foreign spinners, 15,029.006 bales in 1926-27 and 13.820,354 bales In
1925-26, of which 10,337.606 bales and 8.742.154 bales American
b Estimated.
THE CHRONICLE
INDIA COTTON MOVEMENT FROM ALL PORTS.
Since
Aug. 1.
77.000 2.498.000 68.000 2.863.000 93.000 2.930.000
Since August 1.
Great Conti- rapan&
Great I Conti
Britain. nent. China. Total. Britain. I neat.
Bombay
-27__ 1,000 7,000 22,000 30,000
1926
1925-26__ 5,000 8,000 46,000 59,000
1924-25__
____ 93,000 9,3000
Other India
4,000
1926-27.. _
4,000
1925-26._ 5:666 23,000
28,000
1924-25__ 6,000 11,000
17.000
Total all
1926
-27__ 1,000 11,000 22,000 34,000
1925-26 __ 10,000 31.000 46,000 87,000
1924-25 __ 6,000 11,000 93,000110.000
Japan ot
China.
Toll.
7,0001 273,000 1,301,000,1,581,000
42,000 424,000 1,452,0001,918,000
51,000, 443,000 1,445,0001,939,000
31,0001 309,000
93,000 416,000
72,000 337,000
340,000
509,000
409,000
38,000 582,000 1,301,0001,921,000
135,000 840,000 1,452,0002,427,000
123,000 780,000 1,445,0002,348.000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
9,000 bales. Exports from all India ports record a decrease
of 53,000 bales during the week, and since Aug. 1 show a
decrease of 506,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
1926-27.
1925-26.
1924-25.
95,000
7.542.655
90,000
7.248.990
4,500
7,032,915
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
This Since
Week. Aug. 1.
198,072 5,000 164,984
To Liverpool
155,936 5,500 169,089
To Mancheser, &c
To Contin't & India_ _ _ _ 6,000 315,991 5,750 290,197
113,559 4,750 136.101
To America
4,250 182,760
208,099
2:866 323,689
1,250 117,652
Receipts (cantars)This week
Since Aug. I
Exports (bales)
-
6,000 783.561 21.000 760.371 8,000 832.200
Total exports
Note.
-A cantor is 99 lbs Egyptian ba es weigh about 750 lbs.
statement shows that the receipts for the week ending April 27 were
This
95,000 cantors and the foreign shipments 6,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that the market in
both cloths and yarns is steady. Merchants are not willing
to pay present prices. We give prices to-day below and
leave those for previous weeks of this and last year for
comparison.
1926-27.
32s Coy
Twist.
1925-26.
8 Lbs. Shirt- Cotton
ingo, Common Middi's
to Finest.
UP1'ds
32s Cop
Twist.
8 X Lbs. Shirt- Cotton
(nos, Common Midt1Pg
to Finest.
UpPda
Mar.4.11..
18.
April
-
6.6.
d.
d. a. d.
12 ES13 12 1 @l2 3
d.
d.
d. s. d.
s. d.
7.26 IBM@ 17X 14 4 @14 6
10.63
115(@,133i 12 1 G12 3
12 @133S 12 2 @l2 4
1234@ 14 12 3 (4)12 6
12A4.14;4 12 4 (iI12 6
Jan.
7.47
7.69
7.76
7.77
16348.1734
16Si@l73
,
1
16Yi@l7X
16 617h
14 0
14 4
14 0 @l4 3
14 0
14 0
C414 3
@l4 3
10.80
10.52
10.57
10.33
12 0 1813 0
12 5 012 7
7.93
7.70
7.54
7.71
15X©17X
1534 @)17
153‘0,17
1535@l7
14 0
13 3
13 3
13 3
414 3
@,13 6
@,13 6
@136
9.95
9_g0
10.08
10.16
7.86
7.76
7.77
8.07
8.35
22 34 @ 24
1534 @•16.6
15 (41615
,
15 @,16J5
15 8:1694
17 1 @,17 4
13 3 E413 6
13 3 @13 6
13 3 @13 6
13 2 @la 5
13.72
9.99
10.13
10.01
9.94
123481434
12X@14%
1294181494
12;i614;4
12 5 @12 7
12 4 012 6
1294 @1434
1254@ 1434
1234614 34
34123481494
1234 00
.14
12 4
12 3
12 3
12 3
12 4
@12 6
@l2 5
(412 5
@12 5
an 7
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 170.193 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Bales.
-To Liverpool-Apr. 22-Caronia, 200
200
NEW YORK
-President
To Bremen-Apr. 22-Yorck, 1,400--_Apr. 26
Harding, 1,200
2,600
1,700
To Japan-Apr. 21-Chinese Prince, 1,700
-Alicante, 1,500
1,500
To Barcelona-Apr.22
67
To Leghorn-Apr. 26-Livenza, 67
13
To Rotterdam-Apr.28-VeendIjk, 13
-Alberta, 200
200
To Trieste-Apr. 28
-Independence Hall, 1,141
-Apr. 27
1,141
To Havre
-Rio!, 7,115
-To Bremen-Apr. 22
7,115
NEW ORLEANS
1,161
To Hamburg-Apr. 22-Riol, 1,161
-Toledo, 1,150
1,150
To Gothenburg-Apr. 22
100
To Porto Colombia-Apr. 22-Coppename. 100
-Apr. 20-Atenas, 100
100
To Port Barrios
-Steel Trader, 7,450; Ferneliff, 2,800To Japan-Apr. 23
--Volunteer, 2,895
13,145
Apr. 26
-Steel Trader, 4,601---Apr. 26
-Volun-Apr. 23
To China
7,048
teer, 2,447
3,959
-Apr.23-Coldbrook, 3,959
To Havre
100
To Antwerp-Apr. 23-Coldbrook, 100
-Apr. 23-Coldbrook, 1.374
1,374
To Ghent
1,092
To Barcelona-Apr.25-Prusa, 1,092
529
To Rotterdam-Apr. 26-Leerdam, 529
3,877
-Apr. 27-Labette, 3,877
To Liverpool
2,537
To Mane ester-Apr. 27-Labette, 2.537
GALVESTON-To Rotterdam-Apr. 19-Beemsterdijk, 2,250--Chester Valley, 63
2,313
Apr. 22
-Montevideo, 750__-Apr. 22-CarTo Barcelona-Apr. 20
2 670
donia, 1.920
27- '
To Bremen-A,pr. 22n-blest& Valley, 4,363___Apr.
7,255
Texas, 2,892
-Atlantic, 18,690
18,690
To Bombay-April 25
-Invincible,
To Japan-April 27-Ferncliff, 2,950-_ -April 26
5,753
2,803
255
-Rio Bravo, 255
-Apr.26
To Hamburg
18,733
To Murmansk-Apr.27-L. A. Christensen, 18,733
1,17
-Invincible, 1,178
26
To China-Apr.
5,794
1,363
2,732
437
1,745
1,760
200
449
236
8.905
2,419
1,265
2,335
1,000
1,200
6,876
200
7,800
989
100
300
52
1,107
18
286
4,800
87
2,907
2,483
674
170.193
COTTON FREIGHT.
-Current rates for cotton from
New York, as furnished by Lambert & Burrows, Inc., are
as follows, quotations being in cents per pound:
High
StandDensity
ard.
Liverpool .400.
55c. Oslo
Manchester .400.
.55c. Stockholm
Antwerp
.450. .60c. Trieste
Ghent
.52340. .6734c. Flume
Havre
.50c. .65c. Lisbon
Rotterdam .80c. .75c. Oporto
Genoa
.500.
Mo. Barcelona
Japan
High
High
StandStandDensity.. ord.
Density. ord.
.50c.
.60e. Shanghai .70c. .85e.
.60c. .75c. Bombay
.75c. .90c.
.50c.
Ji5c. Bremen
.50c. .65c.
.50e.
.050. Hamburg .500. .65e.
.50c.
.65c. Piraeus
.850. 1.00
.650.
.800. Saionica
.85c. 1.00
.30c.. .45c. Venice
.500. .650.
.673.5o. 8234c.
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Apr. 8. Apr. 15. Apr. 22. Apr. 29.
27,001
L4,100
18,000
41,000
19,000
14,000
11,000
26,000
-.3)00
2,600
2,000
72,000
49.000
46,000
77,000
1,323,000 1,392,000 1,418,000 1,415,000
997,000 1,048,000 1,072.000 1,672,000
65,000 125.000
86,000
82.000
48,000
89.000
68.600
59,000
291,000 221.000 194.000 155,000
206,000 147,000 125,000
85,000
Sales of the week
Of which American
Actual exports
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount af'oat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturday.
Market, I
Quiet
12:15
and
P. M.
unchanged
MId.UpPds
Sales
Monday.
Tuesday.
More
demand,
A fair
business
doing,
8.07d
8.20d.
5,000
3,000
Wednesday. Thursday.
8.19d.
6,000
Priddy,
More
Hardening. Moderate
demand.
demand.
8.24d.
8.45d.
7,000
8,000
8.35
7,000
Futures. Quiet unch. Steady
Steady Ste'dyunch
Steady
Steady.
Market f to 3 points 12 to 16pts. 5 to 7 pts. to 6 points 5 to 8 pta. 3 to 5 pts.
opened 1 advance, advance,
decline,
decline,
advance. advance.
Market,
Steady
Very ste'dy Q't but sty Steady
Steady
Steady,
4
4 to 7 pts. 20 to 23pts. 10 to 14pts. 3 to 9 pts 7 to 13 Ms 6 toll pta.
P. M. I advance, advance,
decline,
advance, advance.
decline
Prices of futures at Liverpool for each day are given below
Sat.
April 23
to
April 29.
April
May
June
July
August
September_
October
November
December
January
February
March
kpril
Mon.
Tues.
Wed.
Thurs.
Fri.
12 X112;i 1234 4:00 1234 4:00 1234 4:00 1234 4930 1234 4:00
p. m.p. m p. m.p. m p. m.p. m.p. m p. m.p. m.p. m. p. m. p. m.
d.
._
__ __
__ __
__ _
__ __
.__
__ __
__ __
___
d.
7.99
8.02
8.08
8.18
8.22
8.27
8.31
8.34
8.38
8.40
8.42
8.46
8.49
d.
7.89
7.92
7.97
8.07
8.11
8.15
8.19
8.22
8.25
8.27
8.29
8.33
8.35
d.
7.89
7.92
7.97
8.07
8.11
8.15
8.19
8.21
8.25
8.27
8.29
8.33
8.35
d.
7.94
7.96
8.01
8.10
8.14
8.18
8.22
8.24
8.28
8.30
8.32
8.36
8.38
d.
7.98
7.99
8.04
8.14
8.17
8.20
8.23
8.24
8.28
8.30
8.32
8.36
8.38
d.
8.11
8.08
8.12
8.21
8.24
8.28
8.31
8.32
8.36
8,38
8.40
8.44
8.46
1
Alexandria, Egypt,
April 27.
Total bales
Bales,
2,069
50
I
For the Week.
Exports.
000000000000000000000000W
Week.
c.00,
Bombay
Week.
1924-5.
Since
Aug. 1.
woommoommono
Week.
1925-6.
Since
Aug. 1.
TIOUSTON-To Bremen-Apr.20
-Chester Valley, 2,069
To Rotterdam-Apr. 20
-Chester Valley,50
To Liverpool
-Apr. 20
-West Modus, 2,860---Apr. 26Dakarion, 2,934
To Manchester-Apr. 20
-West Modus, 856-Apr. 26Dakarian,507
To Havre
-Apr.20
-Brush, 1,498--_Apr. 26-Hornby Castle,
1,234
To Antwerp-Apr. 20
-Brush, 63--_Apr. 26-Hornby Castle,
374
To Ghent
-Apr. 20
-Brush, 925......Apr. 26-Hornby Castle.
820
To Hamburg
-Apr. 23
-Rio Bravo, 1,760
To Copenhagen-Apr. 25
-Toledo, 200
To Gothenburg-Apr,25
-Toledo,449
To Japan-Apr. 26
-Invincible, 236
To China-Apr. 26
-Invincible, 8,905
To Genoa-Apr.27
-Marina Oder°,2,419
NORFOLK
-To Liverpool-Apr. 23-Hoxie, 700---Apr. 27Valemore, 565
To Manchester-Apr. 23-Hoxie, 625___Apr. 29-Artigas,
1,710
To Japan-Apr. 25
-Chinese Prince, 1,000
To Genoa-Apr.27
-Blair, 1,200_
To Bremen-Apr. 29-Westpool, 6,876
To Rotterdam-Apr.29-Binnendijk, 200
SAVANNAH-To Japan-Apr. 23-Bengol Maru, 7,800
To Liverpool
-Apr. 27-Dundance,989
To Manchester-Apr. 27-Dundance, 100
MOBILE-To Havre-Apr. 21-Michigan, 300
PENSACOLA-To Liverpool-Apr. 29-Coahoma County, 52_ _ _
SAN PEDRO-To Bremen-Apr. 25
-Isis, 332Apr.
775
BOSTON-To Antwerp-Apr. 19
-Westerner, 18
PHILADELPHIA-To Antwerp-Apr. 16
-Eastern Moon, 286
WILMINGTON-To Bremen-Apr. 28-Woodfield, 4,800
SAN FRANCISCO-To Liverpool-Apr. 18-Dinteldijk,87
CHARLESTON-To Bremen-Apr. 28
-West Haven, 2,907
To Antwerp-Apr. 28
-West Haven, 2,483
To Ghent
-Apr. 28
-West Haven, 674
comwwwwwww,
1926-7.
April 28.
Receipts at-
(Vol- 124
00004000oPW0.44.=040!
2628
d.
8.05
8.04
8.09
8.18
8.21
8.25
8.28
8.29
8.33
8.35
8.37
8.41
8.43
d.
8.00
7.99
8.05
8.14
8.17
8.21
8.25
8.26
8.30
8.32
8.34
8.38
8.40
BREADSTUFFS.
Friday Night, April 29 1927.
Flour showed little change in prices where it showed any
at al. The consumer still maintains an attitude of indifference. The market is always there, deliveries are quick,
price changes recently small, wheat quotations for a time
nearly motionless. He takes his time; he takes little flour
when he takes any. Supplies are sufficient. He thinks he
has only to select small quantities and let somebody else
carry the load. Export business is also small. Yet somehow the weekly clearances are by no means unimportant.
Apparently, however, the export sales are not being reported.
Ara. 30 1927.]
THE CHRONICLE
Wheat at first was easier on the 23d inst. on better
weather and liquidation. Spring wheat seeding was expected to be resumed early this week. The temperature
2
promised to be more seasonable. Liverpool opened % to 30.
lower, owing to larger Canadian and River Plate offerings
and lack of a demand from the United Kingdom and the
c.,
1
2
Continent. Buenos Aires fell / but some recovery came
later on the same day. It looked like smaller world's shipments for last week. The on-passage total would be smaller.
The United States visible supply would fall off noticeably.
Export sales were 500,000 bushels, including a fair quantity
of American wheat. Cash markets wound up steady. After
all, the prospect of better weather cooled the ardor of buyers.
Better weather at the Northwest and Southwest offset export sales of the 25th of 1,300,000 bushels, largely, however,
Manitoba. Northwestern prices were lower later, with cash
demand small. All markets reacted under the more favorable weather. The visible supply decrease was large, or
4,035,000 bushels, but it was mainly due to shifting of positions owing to the reopening of navigation. Chicago's receipts were large, chiefly of wheat coming to fill contracts
for forward shipment. Offerings of soft wheat at Chicago
were noticeable from territory south of Chicago, but only
elevator interests wanted it for delivery purposes. The
weather conditions were much more favorable in Canada.
Spring wheat seeding is expected to start again very shortly.
There was also a large decrease in the stocks at Port Arthur
and Fort William. The United States visible supply is 41,997,000 bushels, against 27,980,000 a year ago.
On the 27th inst. prices advanced on short covering and a
higher Liverpool market. May showed the most strength.
There was some buying of this delivery, supposedly in undoing hedges against export sales. Winnipeg was firmer.
Export sales were large. They were estimated at 2,000,000
to 3,000,000 bushels. Cash markets were firm. Liverpool
cabled that wheat was firm early in the week owing to the
good buying by the United Kingdom and the Continent. The
large consumption of wheat in Europe is impressing traders
and further, large imports are expected, especially by France
and Germany. The latter's requirements have increased
owing to the active buying by Poland of German wheat,
which still continues. May wheat was conspicuously firm
on the 28th inst. and there was export business to the
amount at least of 500,000 to 750,000 bushels. Liverpool
opened firm but reacted. The Northwest needs dry, warm
weather. The weather in the main was good in both the
spring and winter belts. Premiums at the Gulf and at the
seaboard were very firm. Offerings were not at all free.
Red wheat premiums at the seaboard were again higher.
That was a fillip for the May delivery; the buying of it increased. Chicago's stock is mostly red wheat. Holders of
some May wheat may take delivery at Chicago; it would
not be very surprising; they might ship it. Argentine exports for the week were estimated at 6,475,000 bushels, indicating quite liberal world's shipments. Chicago's trading
on the 27th was 37,084,000 bushels.
To-day prices ended / to 2c. higher, Minneapolis lagging
1
2
behind other markets. The tense situation in the May delivery was one of the dominant factors. It was assisted
by firm cables and export purchases of some 800,000 bush-els, or more, though this was largely Manitoba. There was
some durum. Seeding conditions in Canada were not altogether favorable. That had some slight influence. Moreover, the offerings were not large. Commission houses and
shorts had to bid prices up and May increased its premium
over July to 6c.. as against Sc. the day before. It was 20c.
over July a year ago. Millers wanted red wheat at Chicago,
it was stated, at lc. over May. Winnipeg reported that
1,000,000 bushels of Manitoba were taken for export there.
The rising premium on the May delivery reflects, it is believed, a strong cash position. Liverpool ended % to %d.
higher. Argentine, on the other hand, was a trifle lower.
Argentine exports for the week were 6,450,000 bushels;
Australian, 2,500,000; North American, according to Bradstreet's, 6,652,000 bushels; the total, it is believed, will approximate 16,000,000 bushels. Final prices show a rise for
the week of % to 3c., the latter on May.
CLOSING PRICES OF DOMESTIC WHEAT AT NEW YORK.
Sat. Mon. Tues. Wed. Fhurs. Fri.
cts-136
136
May deliverY
13534 13634 137% 139
July delivery
13434 134% 134% 13434 134
135
September deliverY
13231 13234 132% 133 13234 133
CLOSING PRICES AT NEW YORK FOR WHEAT IN BOND.
Sat. Mon. Tues. Wed. Thurs. Fri.
May deliverY
cts_14634 14634 146r 147 147% 1484
144% 144% 144
145
July delivery
14534 1463
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts-145% 146% 14634 14634 147 14934
No. 2 red
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_133% 133 133% 134% 135
$
May delivery In elevator
1361
13034 130 13034 13034 129% 1307
July delivery in elevator
12934 129% 129 129
September delivery in elevator_ -129% 129
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG
Sat. Mon. Tues. Wed. Thurs. Fri..
cts-141% 1423 14234 14334 14334 144
c
1
May delivery in elevator
,
13934 1397 140
140 14034 141
July delivery in elevator
129% 129% 12934 12934 130 130
October delivery in elevator
2629
Indian corn advanced 4/ c. on the 23d inst. under the
4
stimulus of covering, in spite of better weather. The season
is a little late. Country offerings were small. On the other
hand, cash corn was still dull. Corn was strong early on the
25th, with wheat, and helped also by covering coincident
with the unexpectedly large decrease last week in the United
States visible supply last week of 3,592,000 bushels, against
only 491,000 in the same week last year. The total is now
40,171,000 bushels, against 33,452,000 a year ago. But Chicago still has a stock of 21,500,000 bushels, even if it decreased last week 1,139,000 bushels. The cash demand from
the East was still unsatisfactory. Moreover, the weather
was better. It will promote field Work; possibly also the
crop movement.
On the 27th inst. prices declined % to %c., in spite of the
advancing tendency of wheat. Liquidation of May and
favorable conditions for farm work were the depressing
factors. Receipts are expected to increase shortly. On the
28th inst. prices advanced I/ c. on some months. Liquidation
4
curbed the rise. Yet offerings were quite readily absorbed
by elevator interest taking the May if they sold July. Shipping demand, however, was poor, with territory east of Chicago still underselling it. But receipts were light, although
promising some moderate increase. The weather was favorable for farm work. Chicago's training on the 28th inst. was
15,651,000 bushels.
To-day prices ended %c. higher. At one time May was
up lc. No great amount of business was done, but the
weather was wet, and this helped to brace prices. Corn is
largely under the domination of wheat. Final prices show
a rise for the week of % to 1 c.
/
1
2
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 yellow
cts_ 89
8934 8934 8834 8874 8934
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
N_ay delivery In elevator
cts_ 7134 7134 7134 71
71
71%
July delivery in elevator
7734 7734 7734 77
77
77%
September delivery in elevator
8136 8134 8136 8134 8134 82
Oats declined % to Y4c. on the 23d inst., with a forecast
of better weather. The trading was not large; far from it.
Oats do not get much attention. Prices on the 25th inst.
advanced 1
4c. early with other grain higher. Later they
turned downward with other grain. The weather, too, was
good for seeding. The receipts were moderate, but the cash
demand was not at all sharp. The United States visible
supply decreased 1,407,000; total, 32,779,000 bushels, against
48,691,000 a year ago. On the 27th inst. prices advanced
% to 1
4c. The strength of wheat and private reports that
a substantial reduction in the acreage was possible in many
States had a bracing effect. At one time during the day
prices were % to 1%c. higher. Prices advanced 14c. net on
the 28th inst., with rumors of export inquiries. Heavy
weight oats, however, are wanted and not much of that sort
is held in Chicago. Delayed seeding, meantime, is said to
portend decerased acreage here and there.
/
To-day prices ended 14 to %c. higher. Export sales were
reported of 300,000 to 400,000 bushels. Of course that is
something new. There was some covering of hedges. The
weather was rainy and generally unfavorable. Cash markets were stronger. Only realizing of profits reined in the
advance. It is said that some Canadian oats were also sold
for export for the first time this season. Final prices show
a net rise for the week of % to %c.
DAILY CLOSING PRICES OF DOMESTIC OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 4834 4734 4734 4734 48
May delivery
4734
July delivery
4834 4834 4834 4834 4834 4934
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 5434 5434 54
No. 2 white
54
54
5434
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 44,
May delivery In elevator
44
44% 44q 44% 4534
July delivery in elevator
45
44
45% 46
4534 45
September dellvery in elevator---- 443% 4434 44% 447 45% 45%
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts- 5635 56% 56% 56
57% 58%
July delivery in elevator
56
56
56% 56
56% 57
October delivery in elevator
50
50
5036 5034 50% 51
Rye advanced % to %c. on the 23d inst., with some business for export to the Continent. It was only 50,000 bushels.
Duluth shipped fully 1,000,000 bushels. A good-sized stock
of rye is something of a drag on the market. On the 25th
Inst. prices advanced early in company with wheat and encouraged by reports of export business, but when wheat
reacted rye followed. Selling increased on the advance. The
United States visible supply decreased last week 2,581,000
bushels, against an increase in the same week last year of
277,000 bushels. On the 27th inst. prices advanced % to
114c., owing to the rise in wheat and a good foreign demand.
/
Germany was credited with good purchases. The seaboard
also bought. Prices on the 28th inst. were % to lc. higher,
despite a lessened export demand. Rye responded to a rise
in wheat.
To
-day prices closed % to 3c. higher, May leading the rise.
Cash rye was very firm. Commission houses were buying.
Stop orders were caught on the short side. Export business was prevented by the sudden rise, the estimated sales
being only 50,000 to 100,000 bushels. But some rye, it was
said, sold late to-day at 27% guilders, the high point thus
far. This and the export business in wheat and oats tended
to help rye. Yet the Northwest reported that the seaboard
was offering in some cases to resell, whether that was ac-
2630
THE CHRONICLE
tually so or not. A very large decrease in the United States
visible supply, say 2,500,000 to 3,000,000 bushels, is predicted for next Monday. Final prices show a rise for the
week of 5%c. on May and 24 to 4%e. on other months.
DAILY CLOSING PRICES OF RYE FUTURES IN CHIGAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_1023 102% 102% 103% 104% 107%
%
July delivery in elevator
1023 103
100% 101% 101
105
%
7
September delivery in elevator_
95% 96% 96% 96% 97
97%
Closing quotations were as follows:
GRAIN.
Oats. New York
No. 2 white
1.49%
54%
No. 3 white
1.55
52%053%
5
1.54% Rye, New York
No. 2 f.o.b
119%
89% Barley, New York
Malting as to quality
86%
97©99
FLOUR.
Spring patents
$7.00037.35 Rye flour patents
$6.25(8t$6.50
Clears, first spring
6.500 6.70 Seminole No. 2, pound- 4%
Soft winter straights_ 5.80
. Oats goods
3.100 3.15
Hard winter straights __ 6.70
7.10 Corn flour
2.150 2.20
Hard whiter patents ___ 7.10
7 50 Barley goods
Hard winter clears
6.00
6.50 Coarse
3.75
Fancy Minn. patents... 8.45@ 9.40 Fancy pearl Nos. 2, 3
City mills
8.700 9.40
and 4
7.00
For other tables usualy given here, see page 2546.
Wheat, New York.
No. 2 red f.o.b
No. 1 Northern
No. 2 hard winter,f.o.b
Corn, New York
No. 2 yellow
No.3 yellow
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, April 23, were as follows:
United States
New York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Fort Worth
Buffalo
afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
Sioux City
St. Louis
Kansas City
Wichita
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal and River
GRAIN STOCKS.
Corn.
Wheat.
Oats.
bush.
bush.
bush.
32,000
278,000
933,000
.5,000
4,000
21,000
221,000
88,000
162,000
599,000
366,000
55,000
862,000
172,000
73,000
817,000
1,054,000
319,000
923,000
1,826,000 5,490,000 3,423,000
230,000
42,000
392,000
1,727,000
258,000
266,000
205,000
79.000
126,000
2,335,000 21,151.000 5,223,000
127,000 1,035,000 1,291,000
7,798,000
16,000 6,838,000
9,351,000
614,000 9,402,000
308.000
165,000
142,000
1,967,000 2,023,000
405,000
7,230,000 4,133,000
535,000
2,084,000
16,000
660,000
733,000
9,000
415,000
238,000
338,000
693,000
223.000
1,236,000 2,266,000 1,177,000
640,000
60,000
931,000
71.000
Rye.
bush.
130,000
5,000
12,000
62,000
7,000
21,000
1,000
48,000
387,000
10,000
8,000
1,083,000
381,000
4,053,000
3,114,000
1,000
16,000
imp®
Barley.
bush.
65,000
2,000
4,000
20,000
32,000
1,000
121.000
48,000
523,000
874,000
9,000
51,000
2,000
38,000
1,241.000
Total April 23 1927._ 41.977,000 40,171,000 32,779,000 10,747,000 1,752,000
Total April 16 1927_ _ .46.012,000 43,763,000 34,186,000 13,327,000 2,481,000
Total April 24 1926____27.980,000 33,452,000 48,691,000 13,663,000 4,658.000
--Bonded grain not included above: Oats, New York, 61,000 bushels;
Note.
Buffalo, 222,000; Duluth, 29,000; total, 312,000 bushels, against 428,000 bushels in
1926. Barley. New York, 62,000 bushels; Baltimore, 20.000; Buffalo, 14.000.
Buffalo afloat, 132,000; Duluth, 93,000: on Lakes, 1,198,000; total, 1,519,000
bushels, against 658,000 bushels in 1926. Wheat, New York, 709,000 bushels,
Boston, 246,000; Philadelphia, 664.000; Baltimore, 949,000; Buffalo, 1,907,000,
Buffalo afloat, 4,150,000; Duluth, 295,000; on Lakes, 1,024,000; Canal. 168,000.
total, 10,112,000 bushels, against 3,422,000 bushels in 1926.
Canadian
1,696,000
Montreal
1.402,000
330,000 1,183,000
Ft. William & Pt. Arthur_33,755,000
2,797,000 2,318,000 3,692,000
3.625,000
Other.Canadian
1,769.000
303,000
165,000
Total April 23 1927_39.076,000
5,968,000
Total April 16 1927_ _ _ _56,277,000
6,508,000
Total April 24 1926___ _55,357,000
118,000 8,599,000
Summary
41,977,000 40,171,000 32,779,000
American
Canadian
39,076,000
5,968,000
2,951,000 5,040,000
3,027,000 7,414,000
1,968,000 7,861,000
10,747,000 1,752,000
2,951,000 5,040,000
Total Apri123 1927._ _81,053,000 40,171,000 38.747,000 13,698,000 6,792,000
Total April 16 1927...102,289,000 43,763,000 40,694,000 16,354,000 9,895,000
Total AprI124 1926..83.337.000 3:3,570,000 57,290,000 15,631,000 12,519,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, April 22, and since July 1 1926 and 1925,
are shown in the following:
Wheat.
1926-27.
Week
Apr. 22.
Since
July 1.
Corn.
1925-26.
Since
July 1.
1926 27.
Week
Apr. 22.
Since
July 1.
1925-26.
Since
July 1.
Bushels.
Bushels. Bushels.
Bushels.
Bushels.
Bushels.
9,906,000
North Amer_ 8,106,000402.974.000314.463,000 178,0001 4,621,000
Black Sea.__
472,0001 42,124,000 22,416,000 1,496,000 31,684,000 23,286,000
Argentina___ 4,961,000 94,493.000 75.475,000 4,452,000200,084,000 116,796,000
Australla____ 2,464,000 73.200.000 61,975,000
4,416.000 5,768,000
India
0th. eountr
160,000 19,905,000, 1,040,000 102,0001 3,232,000 33.850,000
Total
16,163,000637,112.000481,137,000 6.228,000239,621,000 183.838.000
SPINNING QUALITIES OF COTTON ARE TESTED.
-Spinning tests of ( otton equal to the nine white grades of
cotton included in the Universal cotton standards have been
completed by the Bureau of Agricultural Economics in cooperation with Clemson Agricultural College of South Carolina, according to a report issued on April 26 by the United
States Department of Agriculture at Washington.
The tests showed the quantity of waste per 500-pound bale to range
approximately from 26 pounds to 69 pounds. or from about 5% to 14%%•
Though the strength of the yarn did not always follow the grade of the
cotton, there was an obvious tendency for the lower grades to produce
weaker yarns and the higher grades stronger yarns. Bleached yarns were
weaker than the corresponding gray yarns, whereas mercerized yarns
were stronger.
The tests indicate, says the Bureau, that the irregularity of the sizings
of the stock in process and of the strength and sizings of the yarns are
Independent of the grade of the cotton. A study of finishing properties
brought out the fact that the low grades do not bleach so satisfactorily as
the higher grades and that the dyeing of the low-grade yarns produces less
bright colors.
[Vol. 121.
Full details of the tests are contained in Department Bulletin 1488-D,
"Manufacturing Tests of Cotton of the White Grades of ;he Universal
Standards for American Cotton," copies of which may be obtained free.
so long as the supply lasts, from the Department of Agriculture. Washington, 13. C.
CO-OPERATIVE REPORT ON BOLL WEEVIL EMERGENCE FROM CAGE TESTS PRIOR TO APRIL 1
1927.
-The following, which is the second of the series of
reports I eing issued semi-monthly for the season of 1927,
by the United States Bureau of Entomology, Cotton Insect
Investigations, Tallulah, La., includes the percentage of
weevils that had emerged prior to April 1, at the various
co-operating stations. These records are given in the following table and in addition records for 1926 and 1925 are
given where available:
Station.
Co-Operator.
Per cent of Number Put into Cages
That Emerged
Prior to April 1.
1927. 1926. 1925.
College Station, Tex_ _ Dr. F. L. Thomas, Texas State
Experimental Station
2.28 2.45 1.96
Florence, S. C
Dr. P.A. Fenton, U.S. Bureau of
Ent. & S. C. State Exp. Sta.,
co-operating
1.51 .04 1.80
Aberdeen, N. C
Dr. R. W. Leiby, N.C. Dept. of
Agriculture
1.15
.19
Raymond, Miss
Mr. 0. M. Chance, Miss. State
Plant Board
.65
A.& M.College, Miss. Mr. Hunter Kimball, Miss. State
Plant Board
.36
Auburn, Ala
Mr. J. M. Robinson, Ala. State
Experimental Station
.18
Rocky Mount, N. C. Dr. A. W. Leiby, N. C. Dept. of
Agriculture
.16 .02 .05
Tallulah, La
U. S. Bureau of Entomology_ _ _ _
.12 .02 .01
Stoneville. Miss
Mr. G. I. Worthington, Miss.
State Plant Board
.10
Experiment, Ga
Mr. R. P. Bledsoe, Georgia State
Experimental Station
.02
40
Baton Rouge, La
Dr. W.E. Hinds, Louisiana State
Experimental Station
.80 1.64
Holly Springs, Miss_ _ _ Mr. T. F. McGehee, Mississippi
State Plant Board
Poplarville, Miss
Mr. J. E. Leo, Mississippi State
Plant Board
.05
Fayetteville, Ark
Mr. Dwight Isely, Arkansas State
Experimental Station.........
At College Station, Texas, emergence records are available at sever&
nearby points for the years 1906, 1907 and 1908. At these points an aver
age of 2.44% of the weevils emerged prior to April 1 and at College Station
1.96% emerged prior to the same date in 1925, 2.45% in 1926 compared
with 2.28% this year.
At Florence, S. C., in 1924, prior to April 1. .03% of the weevils had
emerged; in 1925, 1.80%; in 1926. .04%, and this year, 1.51% emerged.
At Tallulah, La., during the ton years prior to 1925, an average of .22%
of the weevils emerged prior to April 1. In 1925, during the same period,
.01% emerged, .02% in 1926, and .12% this year.
It will be noted in the table that weevil emergence was somewhat greater
this year prior to April 1 than in 1926 at one point in South Carolina,two in
North Carolina, three in Mississippi, one in Alabama and one in Louisiana,
and that emergence was somewhat greater last year than this year at one
point in Texas, one in Georgia, one in Louisiana and one in Mississippi.
At one point in Mississippi no weevils emerged either in 1926 or 1927.
Comparing the records of this year with those of 1925,emergence was greater
this year at one point in Texas, two in North Carolina, one in Alabama and
one in Louisiana, and greater in 1925 at one point in South Carolina, one in
Georgia and one in Louisiana. No weevils emerged either in 1925 or this
year at one point in Mississippi.
Records in past years at Tallulah, La., show that an average of about
17% of the total emergence for the season is completedprior to April 1.
At most points, weather conditions were more favorable for weevil emergence
this year than during the same period last year. It is too early to predict
the final emergence, but it is now obvious that the percentage of survival
will probably be greater this year than in 1926 at many points.
WEATHER BULLETIN FOR THE WEEK ENDED
APRIL 26.
-The general summary of the weather bulletin
issued by the Department of Agriculture, indicating the influence of the weather for the week ended April 26, follows:
The most favorable feature of the week's weather was the cessation o
heavy rains in the valleys of the central and lower Mississippi
its tributaries where flood conditions had become serious. River and
Excessive
rains continued in much of the affected area during the first two days of
the week, with Little Rock, Ark., reporting nearly 9 inches for the 48,
hours ending at 7 a. m. Aprll 21, and heavy falls occurred at many other'
places, but thereafter an extensive "high" moved southeastward over
valley areas and precipitation during the remainder of the week was the
erally light and of a local character. The middle portion of the weekgenhad
widespread rains in nearly all sections between the Mississippi valley
and the Atlantic Ocean, but during the latter part the weather was fair
in nearly all portions of the country.
At the beginning of the period much colder weather overspread the far
Northwest, but abnormally high temperatures
interior
and Eastern States. The cool wave, attendingcontinued in the
the extensive high pressure area noted above, moved eastward and southward, and by Friday,
the 22d, subnormal temperatures prevailed quite generally east of the
Rocky Mountains, but in the meantime it had become warmer over the
Northwest. Temperatures were erratic during the week. The lowest of
record for the season was reported from some far Northwestern stations on
the 20th, and at the same time readings as high as 90 deg., record-breaking
for so early in the season, occurred at some Northeastern stations.
Chart I shows that the week.was much colder than normal in most of
the country, especially over the Southwest and the interior valley States
where the weekly mean temperatures ranged from 6 deg. to as much as
12 deg. subnormal. In the l'acific Coast area it was quite warm, with plus
departures of temperature locally as much as 9 deg.; in the Northeast the
temperature averaged moderately above normal. In the East, freezing
weather extended as far south as eastern Tennessee and western North
Carolina and in the interior to extreme northwestern Arkansas.
Chart II shows that precipitation was again heavy to excessive, occurring
early in the week, in some south-central valley districts, with
amounts
ranging up to about 9 inches locally. Otherwise the weeklythe
totals were
mostly moderate, except in the Southwest and west of the Rocky Mountains, whore little or no rain occurred.
With a cessation early in the wt oak of the heavy rains that have created
a very serious flood condition in the south-central valleys, some very high
totals of rainfall for the past eight weeks are shown over a considerable
area. The following amounts have been recorded at first
-Order Weather
Bureau stations in the affected sections:
Total Rainfall •
Total Rainfall
for 8 Weeks Endfor 8 Weeks EndName of Station- ing April 26.
Name of Station- ing Apra 26.
Vicksburg, Miss_.
12.9
Indianapolis, Ind _ _ _
ln.s
New Orleans, La_ __ 20.7
Terre Haute, IndShreveport, La
12.7
Springfield, Ill
Little Rock, Ark
21.4
afro, Ill
16.5
Fort Smith, Ark
St. Louis, Mo
14.7
13.4
Bentonville, Ark
12.9
16.7
Springfield, Mo
Memphis,Tenn
25.5
12.6
Columbia, Mo
Nashville, Tenn.__ _
16.7
10.4
Kansas City, Mo
Chattanooga, Tenn17.3
St. Joseph, Mo
10.0
Louisville, Ky
10.0
10.0
Topeka, Kan
Evansville, Intl
13.0
13.7
Iola, Kan
APR. 30 1927.]
THE CHRONICLE
Aside from the favorable let-up in rainfall in the South-Central States,
weather conditions during the week were mostly Unfavorable. Large
sections of valley lands in the lower Mississippi drainage area are inundated; and in most other central valley districts it continued too wet for
field work, with a consequent further delay in preparation of soil and in
spring planting. The latter part. of the week was more favorable and
some work was accomplished where the higher lands and sandy soils had
dried out, especially in the upper Mississippi Valley. In the Southeast,
farm work made good progress, but cool weather the latter part of the
week retarded growth, and warm rains are still needed in many districts.
The generally cold weather, with freezes, throughout much of the central portion of the country was decidedly unfavorable and more or less
damage resulted to fruits and tender vegetation over a wide area from
the southern Great Plains eastward to the Appalachian Mountains, the
harm being severe in some sections. Much damage resulted from the
severely cold weather in the far Northwestern States also, but otherwise
west of the Rocky Mountains the higher temperatures made conditions
more favorable than recently.
SMALL GRAINS.—While the growth of winter wheat was checked by
cool weather, the crop outside of the flooded valley areas continued to make
favorable advance and is generally doing well in practically all interior
sections of the country. Some wheat was reported as jointing as far north
as Maryland, the lower Ohio River districts, and east-central Kansas.
Progress was good to excellent in the Great Plains and Atlantic Coast
States, but considerable apprehension is felt as to possible injury by recent
cold weather in parts of the Pacific Northwest. .
Much of the week was also unfavorable for seeding spring wheat because
of cold weather and wet fields, though some sowing was accomplished on
the lighter soil and higher ground. Some injury by freezing was reported
to early spring wheat in parts of South Dakota and in the far Northwest.
Some oats were sown, but in general this work made slow progress, especially in the interior valley States where wet soil prevented field work
in most places, but considerable seeding was accomplished the latter part
of the week in some upper Mississippi Valley sections. It has been too
dry for oats in the Southeastern States. Rice planting is backward in
Louisiana, but the condition of this crop is mostly good in Texas.
CORN.—While the preparation of land for corn was further delayed
generally by cold, wet weather in eastern sections, some local seeding was
accomplished as far north as the Eastern Shore or Maryland. Seeding
made good progress in the Southeast, but the cool weather was rather
unfavorable for germination, while growth was slow in the Southwest
because of the prevailing low temperatures. In the main Corn Belt very
little field work was possible, although plowing was resumed the latter part
of the period in some upper Ohio and Mississippi Valley districts.
COTTON.—While the last half of the week in the southeastern and eastern portions of the belt was generally too cool for germination and growth
of cotton, planting made good progress and is well along as far north as
central South Carolina and is extending into northern Georgia; mostly
good stands of early-planted are indicated, and chopping is progressing
in the more southern districts. In the northern portions of Alabama and
Mississippi. in Tennessee. and generally west of the Mississippi River the
weather and soil conditions were decidedly unfavorable. In Texas progress of the crop is poor and much replanting will be necessary because of
cold, wet soil, while in other States of the western belt very little seeding
was possible. Large areas of bottom lands are inundated and in others
work is suspended because of the fear of overflow. In Arizona the crop is
irregular due to the recent cold weather.
2631
THE DRY GOODS TRADE.
Friday Night, April 29 1927.
Textile markets have been more or less irregular. Although sales in some divisions maintained fairly large proportions, the situation in other sections has been less satisfactory, due largely to a combination of circumstances over
which no influence could be exercised. These included
strikes in certain bituminous coal mining districts, damage
by floods along the Mississippi River and close prices in the
automobile industry, all of which adversely affect purchasing volume. Results in the textile industry varied. For
instance, in the linen division, although sales have decreased
recently, particularly in the affected sections of the country, the current dulness is attributed mainly to seasonal
causes and is regarded as wholly normal for this time of the
year. Cottons, however, have not felt the pinch of decreasing sales, owing to their cheapness. As to silks, although
local consumption, especially of the newer prints and finer
crepes, is fairly good, total sales fail to be generally satisfying. However, fashion changes are being instituted in
stylings which are expected to stimulate a larger demand
for silk fabrics. In regard to woolens, conditions have continued generally unsatisfactory, although there have been
some re-orders for spring merchandise stimulated by the
recent warmer weather. Thus some manufacturers are inclined to view the future a little more optimistically. They
base their optimism on the current curtailment of production and the fact that mills are becoming firmer in their
views. They further claim that conditions cannot become
much worse and therefore must improve shortly. Regarding rayons, the price structure of this division of the textile
markets continues quite strong and in fact there have been
intimations of a further advance in quotations shortly. Demand continues active, production is being steadily absorbed
in consuming channels and surplus stocks are steadily
diminishing.
DOMESTIC COTTON GOODS.—The announcement that
the new fall gingham and percale prices would remain unchanged from the previous steady levels was an encouraging
The Weather Bureau also furnishes the following resume feature in the markets for domestic cotton goods during the
of the conditions in the different States:
week. This promise of a stable market in finished goods at
Virginia.—Richmond: Warm and favorable for farm work and growth
stronger inspired conof crops first of week, but cold and wet, with frost latter part, interrupted a time when raw cotton is becoming
farm work and checked crop growth. Frost damage to fruit in interior fidence in this class of merchandise. The attitude toward
not determined, but probably considerable. Wheat and pastures continue unfinished cloths has also improved, owing to the well soldin good condition. Preparation of soil for corn crop well advanced.
North Carolina.—Raleigh: Continued dry in southeast; beneficial rains up position of mills and the strong situation in raw cotton,
elsewhere. Cold latter half of week unfavorable; considerable frost dam- where adverse weather and flood conditions have resulted
age to fruits and early vegetables in west; apparently many of mountain
addition abnormally
apples killed. Truck made slow progress in east. Planting corn con- in a bad start for this season's crop. In
tinues, with some early under cultivation. Planting cotton in east and high exports along with expanding domestic consumption
south; some coming up.
work toward the same end. The situation in first hands is
South Carolina.—Columbia: One day with scattered, light showers;
abnormally cold generally with light to heavy frosts on two mornings, claimed to be better than for the past three years as stocks
but probably no serious damage. Winter cereals heading, but general have been reduced to a minimum and mills are in a position
complaint of wheat rust and oat smut. Cotton and corn planting prochanging congressing and nearing completion in central and south, and considerable where they can easily adjust themselves to
planted in north with fair germination of early plantings and scattered ditions and satisfy unusual retailing demands. As to the
chopping in coastal plain. Warm rains needed.
fall gingham lines opened in conjunction with the obGeorgia.—Atlanta: Rains favorable, but still inadequate in south, and new
cool weather checked germination and growth. Frost in north nipped servance of "National Gingham Week," the reception was a
tender garden truck and cut down potatoes, but damage moderate. Plant- highly satisfactory one. Styling, which has made notable
ing cotton and corn proceeding rapidly and extending into northern
favorable comcounties; good stands of cotton secured and chopping progressing; much progress in the spring lines attracted much
corn large enough for first cultivation. Peaches dropping some and early ment. Color harmonies have been made finer, and there
varieties coloring in south.
attempts to secure novelty weavings at the exFlorida.—Jacksonville: Locally heavy rains in southeast improved are fewer
truck and citrus fruits and scattered showers in west and extreme north pense of service in wear. New denim prices have also been
beneficial, but truck drying up, oats failing, tobacco backward, and
by one of the leading producers at levels which were
citrus dropping on some uplands. Corn very good. Melons, peanuts, named
cane, truck and citrus fruits fair to good progress on lowlands. Last of considered low as compared to the basis of the present cotweek too cool and dry for cotton germination.
-Inch, 64 x 64's conton replacement costs. Print cloths, 28
Alabama.—Montgomery: Freezing locally in north on 23d, with light
4c., and 27-inch, 64 x 60's, at 43fic.
frost to coast; considerable damage to tender vegetation in some sections struction, are quoted at 51
-inch, 68 x 72's construction, are quoted
of north, but slight in south. Farm work good progress, except in more Gray goods in the 39
northern counties where wet soil preventing planting cotton and retarding corn planting. Condition of crops mostly fair to good. Cotton plant- at 8c, and 39-inch, 80 x 80's, at 119c.
ing generally good progress in south and central; finished in many secWOOLEN GOODS.—Markets for woolens and worsteds
tions of south where stands of early-planted mostly good; too cold for
developed an Irregular undertone. While some further imgermination of late-planted.
Mississippi.—Vicksburg: Moderate to heavy rains in extreme north provement was reported in finished goods, buying of the
at beginning; mostly light elsewhere. Fifteen hundred square miles raw material continued more or less spotty. Retailers reflooded in delta counties. Heavy frost in north and light in central affected
early cotton, corn, and truck 22d and 23d. Progress in cotton and corn port that since Easter consumer buying of needed merchanplanting on uplands fair; over one-half completed in south and central. dise has been increasing. This in turn has prompted the
Progress of gardens and truck fair and progress of pastures good.
orders. Mills manufacturing the
Louisiana.—New Orleans: Rains continued into first part of week and placing of some duplicate
soil generally too wet for farm work; cold middle and latter parts with light more staple fabrics, however, have not received as large a
in some interior and southern sections. Unfavorable for growing share of this repeat business as those whose chief output
frost
cotton and corn; practically no planting accomplished and much low Ian
idle account danger from overflow. Cane made slow growth. Rice plant- comprises the more highly styled goods. Some preparations
ing backward.
for the fall season are being made in certain channels for
Texas.—Houston: Cold with freeze in north and northwest middle of
order
week. Moderate to excessive rains delayed farm work. Condition of the showing of sample lines for jobbers and mail
pastures, wheat, oats, truck, rice, and potatoes mostly good; growth houses. In the raw material market, except for a few cerslow. Some greenbug damage to wheat and oats in northwest and by tain grades of wool, conditions continued quiet, owing to the
rust in central. Condition of corn very good, but progress poor account
of cold and high winds. Condition and progress of cotton poor; and cautious policies adopted by mills.
much replanting necessary account cold and wet soil; planting backward
FOREIGN DRY GOODS.—Many factors do not consider
in northeast.
Oklahoma.—Oklahoma City: Cold week with rain in east where crop basic conditions in the linen markets to be quite as satisfaclosses from floods tremendous. Practically no cotton planted and very tory as is generally believed. In support of this contention,
little plowing account wet soil; much cor_ must be replanted. Heavy to they point to the fact that there has not been sufficient exkilling frost on 22d, except in southeast, and gardens, potatoes, corn,
and fruit suffered slight to moderate injury. Wheat, pastures, and minor pansion of domestic demand during the past few weeks to
crops good to excellent.
enable holders of stocks in first hands to secure anything
Arkansas.—Little Rock: Heavy to excessive rains, except in north,
replacement costs on their sales. Although orders have
first of week very unfavorable. Freezing temperatures in extreme north like
cut grape and strawberry crops considerably in some localities. Consid- been quite numerous in certain directions, buyers as a rule
erable increase of overflowed area. Growing crops, where not overflowed have been resisting the payment of advances in keeping
or killed by frost, made fair progress. Little work possible.
costs, and as a result, competition has
Tennessee.—Nashville: , Fair and colder last of week accelerated prep- with the rise in mill
aration of land and some oats sown, but bulk of corn crop not in ground. developed among importers who lack confidence in the
portion of some western counties flooded and no farm work pos- future. However, it does not appear to matter how attracLarge
sible for several weeks, except on high lands. Heavy frost did considerable damage to early vegetables and some injury to wheat, but most tive prices are made, as retailers are not disposed to push
wheat excellent.
sales at the present time. This is considered a normally
Kentucky.—Louisville: Two warm days at beginning; otherwi
se unseasonably cold with heavy to killing frosts. Fruit damaged seriously, dull period of the year, and not much activity is expected to
especially grapes and strawberries; extent of injury uncertain as yet. develop until a few months hence. Burlaps have ruled someClover and early potatoes injured. Light to moderate precipitation and
plowing and gardening resumed at end of week in best drained localities. what less active and easier. Light weights are quoted at
Wheat and rye generally very good.
6.75c., and heavies at 9.10-9.15c.
2632
1.11h CHRONICLE
Sftate anti it pepartment
MUNICIPAL BOND SALES IN MARCH.
We present herewith our detailed list of the municipal bond
Issues put out during the month of March, which the crowded
condition of our columns prevented our publishing at the
usual time.
The review of the month's sales was given on page 2019 of
the "Chronicle" of April 2. Since then several belated
March returns have been received, changing the total for
the month to $8 ,849,084. The number of municipalities
issuing bonds in March was 397 and the number of separate
issues 533.
Rate. Maturity. Amount. Price. Basis.
Name.
Page.
80,000 100.0069 4.999
1928 19,14
2019-Abbeville Co.. So. Caro. 5
1872-Adams Co. S. D. No. 1
65,000 100
414
aah•
,‘
444 1931-1966 252,000 102.28 1752
1554-Akron, N. Y
4.28
1872__Akron. 0.(3 issues)
43.4 1928-1952 3.550,000 101.91
1928-1967 675.000 103.15 3.93
-Albany. N. Y.(4 Issues).
1401
8.000 100
414
1401-Alhany, N. Y
4.513
43.4 1930-1957 100.000 102.10 -1554-Albion S. D., Mich
1.490 100
1927-1932
6
1554-Allen County. Ohio
20.000
1715-Allison Ind. S. D..Iowa. 414 1928-1947
40.000
6
1715-Alto. Tex
4:84
75.000 104.02 1928-1951
5
2019-Amherst. 0
75,000 100.65 4.68
2173--Ashland. Ore
434 1934-1939
15,000 101.73 4.615
1924-1035
5
2173_ _Ashland. Ore
1927-1946 172.000 102.27 4.44
1554-_Ashtabula, Ohio (8 issues)5
9,465
1937
444
1872_Arkansas City. Kan
1.413
1937
444
1872--Arkansas City. Kan
1872-Artesla Paving Dist. No.
---88.000
1928-1937
6
Mex.
2, N.
r96.000 101.10 -_-_
53.4
1554__Astoria. Oregon
2,590.000 100.75 4.35
1929
434
1872__Asheville. No. Caro
13,500 103.03 5.26
1947
534
2019__Athens. Tenn
4.24
1554-Atlantic County, N. J__ 4341929-1957 567,000 102.77 4.31
59,000 102.13
1929-1958
4
tiatitic County. N. J
1554-A
35.000 92.50 7.79
1928-1937
6
1554-Auburndale. Fia
30.000
414 1929-1948
2486--Aurora S. D.,Tex
25.000 106.40 - ,,._
1872__Austell, Ca
20,000 101.29 4.35
2173__Bad Axe S. D.. Mich_ ___444 1933-1942
4.07
2019-Baltimore Co., Md1928-1940 500,000 102.46 5.18
50.000 102.54
11 1928-1947
1872-Bastrop, La
44.000 102.82 4.68
1928-1951
2020__Beach City S. D., Ohio_ _5
---53.4 1928-1957 125.000 100
1872-Beaufort. No. Caro
75.000
1715-Beaufort Co.. So. Caro_.434
75.000 102.41 __-_
43.4 1924-1917
2173-_Be iter.i. Ohio
26,000 103.05 5.04
1928-1932
6
2020__Bellville, Ohio
40.920 102.44
4341928-1937
2173_ _13e,iton Cou,ity. Ind
247.200 100.856
1401__Benton Harbor. Mich....414
r30.000 100.02 4.49
1716-Benton Harbor, Mich__.434 1928-1915
434 1927-1951 600.000 100.410 4.45
1872-Berea 8. D., Ohlo
10.000
1928-1937
5
1554-Berlin, Md
5.15
73,000 104
013.137
6
2173_ _Besse ner. Ala
414 1928-1967 480.000 102.68 4.31
2020-Beverly Hills, Calif
1401-Blitmore, *No. Caro. (3
75,000
534 1930-1951
issues)
1716-Blitmore Special Tax S.
1930-1957 125.000 101.66 4.85
D., No. Caro
5
1872-Bingham Co. 8. D. No.
40.000 100
d1947
6
30. Idaho
434 1928-1937 400.000 100.92 4.30
1716-Birmingham, Ala
2020-B1ackman Two. Frac.
85.000 101.80 -S. D. No.6. Mich
454
1927-1954 r57.000 102.37 4.79
1554__Biodsoe County, Tenn__ .5
15.000 100
190-1939
2020„Blowing Rock, No. Caro_li
4.a7
15.000 100.30 -1928-1931
1554__Boardman Twp., OW0.5
2174-_Boone Co. S. D. No. 4.
....
75.000
414
Neh
42.000 100
1947
6
2020-Bothineati. No Dak
434 1933-1957 100,000 100.015 4.49
1554-_Boyd County. KY
2174__Bracevilie .Twp. Rural
50.000 100.87 4.64
434 1928-1942
S. D Ohio
30.000 101.13 4.26
1928-1937
1554_ -Bradford. Pa
•1311 1928-1951 556.000
_Brighton. N. Y
1554_
5
35.000 100
1028-1937
1716__Buckhannon, W. Va
1924-1966 115.000 101.75 :fai
1716__Bridgeton. N J
4.36
25,000 100.61
11 1928-1937
1716-_Bridgetou,
1928.1947 304.500 100.689 3.85
1872-Brockton, Mass.(5 issues)4
75.000 102.09 4.18
414 1927-1941
1716-Bronxville. N. Y
300,000 95
1716-Broward County. Fla---5
38.000
1872_ _Solna County. KY
40.920 102.39 ----Burton Co., Intl. (2 iss.)_414 1928-1937
2020
1873-Butler Twp. Rural 8. D.,
85,000 102.83 4.79
1929-1949
5
Ohio
1928-1937 290.000 101.11 3.77
4
2020-Cambridge, Mass
1716-Cameron Parish Rd. Dist.
1928-1957 162.000 100.24 ---No. 6. La
2020-Carbon Co. Rural S. D.,
27.000
Mont
78.000 100.20 4.20
1928-1937
4
,
1554-Carlisle S. D.. Pa
120,000
1716_ _Cannon City. Colo
4:25
1929-1937 180.787 103.71 5
2020_Canton, O.4 issues
---35,000 100
1927-1931
1716__Carson Co., Tex.(2 iss.) 6
12,?00 102.04 ---434 1928-1937
2174_ _Owls County. hid
25.000
2020-Caswell Co.. No. Caro4.37
22.000 100.31
440 1927-1946
2020-Celoron. N. Y
1554-Centerville Fire Dist.,
5.000 102
Y
N.
1716_Chambers Co. Corn. S. D.
500
No. 14. Tex
15,000 106.91 :al
,
544 1950-1952
2174__Chan ler, Ariz
57.973 100.62 -_-_
1928-1937
6
2020-_Chattanooga. Tenn
2020-Chelan Riv. Irrig. Dist..
90
28.000
---1936-1947
6
Wash
1716-Chesterfield Co. S. D.
12,000 105.58 5.05
1947
Caro
534
No. 20. So.
1873_Chicag0 Lincoln Park
4.07
414 1928-1947 1.000.000 103.51
Dist., III
103.39
2020-Chillicothe City S. D.,0_441 1927-1947 320.000 105.13 4.33
4.38
40.000
1928-1952
5
-Chillicothe, Ohio
2020
25.000 93
5.98
534 1930-1941
1873-Chiloquin. Ore
1716-Cincinnati City Sch. Dis..
414 1936-1952 238.000 103.85 4.17
Ohio
1927-1936 r19.000
6
1873__Citr00elle. Ala
r110.000
534
Tex
1402-Clarendon. Tex
25.000
541 1942-1967
1402-_Clarendon.Ohio (2 iss.)--43( 1928-1942 1,275.000 101.44 3:155
1873__Cleveland,
42.000 102.50 4.45
1928-1936
5
1716-Clinton. N. Y
42.000 102.35 4.27
1928-1933
5
1716--Clinton. N. Y
40.000 107.85 4.19
1936-1943
5
1716-Clinton, N. Y
140.000
4
2174-Colleton County, S.0- _54 d1042-1051 200.000 108.60 4.79
100
2020-Columbla S. D..So Caro.4 X 1928.1052
33.000 102.40 Tie
1927-1936
2021-_Col11m Wane Co.. Ohio_-5
98.700 100.04
414
0
2021-Columbus, D. No. 156.
j554 Cook Co. S.
60.000
1932
6
1929-1945 3.400.000 99.377
4
2021--Cook County.Ill
75.000 100.84
5
Corbon Ky
1
352.000 100
414
2O22021-Columbus. Ohio
6.000 104.06
-Corvallis. Oregon
2021
r95.000
1664__Cottonwood Co., Minn_ _41( 1930-1942 196.000 100.27 1721
105.94 4.60
514 1929-1949
1873__Creek Co., Okla
80.000 10))
d1947
D..Colo.414
2174-Crested Butte S.
4
96.000 108.13 - :63
514 1928-1951
Ohio
1873__Crooksville,
10.000
1378-0ulver City. Calif
Rate. Maturity.
Page.Name.
414 1927-1930
2328.-Cuyahoga Co.. Ohio
414 1927-1936
2328-Cuyahoga Co.. Ohio
1927-1936
5
2828--Cuyahoga Co., Ohio
1927-1936
5
2328-.Cuyahoga Co.. Ohio
414 1927-1935
2328-Cuyahoga Co.. Ohio
1555_ _ Dade City, Fla.(2immesh
1928-1947
4
2021„Danvers, Mass
434 1928-1952
155 -- ayton. Ohio
1717...Dayton. Tenn
8
1928-1933
1873_ _Dearborn Mich
1555. _ De Kalb `o.. Ind1928-1937
1928-1937
.
i8suo )
1717__De Kfl1 b Co.. Ind
.11
1402„Delaware Twp., N. J. (3
riroL. 124
Amount. Price. Basis.
.14.944 101.37 4.20
46.592 101.35 4.20
142.870 103.27 3.78
147.170 103.27 3.78
8.505 128.000 1112---- --...-:
275.000 101.28 3.85
50.000 102.51
4.24
75.000 101.21 - .60
36,000 100.01 1
13.700 101.80 4.18
5,800 101.69 4.16
51i 1933-1937 193.799
1555-Delaware Co., Ohio (2 is72.400
1928-1936
5
sues)
5.000
1947
2175- _De Beque, Colo
534
15.000
414
2021- _ Deep River, Iowa
45.000
2175-Des Plaints., III. (2 issues)434 1928 1936
2021._ Dimmit County. Tex_.._544 11)27-1965 560.000
1873-Dixon Co. 8. El. No. 70.
d1952
28.000
43(
'Neb
454 1927 1936 108.613
2175-Dodge city. Kan
1928-1937 110.000
2175-Dodge City. Kan
250.000
4v
1250--Dodge City S. D., Kan 4i
1920-1937
4
1717--Dubuque, Iowa
00
00 99
65. 0
2021__Dulutli. Minn
43( 1928-1947 213..009
1947
1717__ Duncan 8. D.,So. Caro- _514
1717 Du Page S. D. No. 99.111.
.
9 9
115;000
1873--Duplin Co., No. Caro_ -434 1947-1957 1399
2175__Duval County Spec. Tax
60,000
1929-1952
8. D. No. 3, Fla
5
2175_-Duval County Spec. Tax
40.000
s
S. D. No. 7, Fla
2175__Duval County Spec. Tar
44.000
1930-1051
S. D. No. S. Fla
5
1928-1957
1873_ _Eagle Lake, Tex
0
91;07
6802 2
1928-1941
1402_ _Eastchester, N. Y
1555-Eastchester Un. Fr. S. D.
No. 3. N. Y.(2 issues)-414 1928-1956 176.000
9.510
1928.1032
5
2021__East Liverpool. 0.
1717_ _East Providence, R. I_..434 1928-1957 500.000
55.789
1928-1941
1555_ _East Sparta Spl. S. D.,0.5
1874__Edgerembe Co., N. C..434 1928-1950 108.000
1937-1956 275.000
1717_ _El Camino Irrig. D. Cal_6
43( 1029-1942 100,000
2021_ _Elizahet h City. N.0
10.000
414
1717_ _El Reno, Okla
1924-1952 700.000
4
2021-Elyria. Ohio
d1957
115.000
4
2021__Ephrata S. D,, Pa
1928-1951 133.000
2022__L'rle. Pa.(2 issues)
1932-1956 500.000
1717__Erie S. D., Pa
1928-1976 978.000
1402_ _Essex County, N. J
1928-1976 391,000
4
1402__Essex County. N. J
5.000
1-20 years
5
1874_ _Eugene, Ore
1874_ _Fairmount, Minn
414 1932-1944 130.000
15.283
4.40
1555_ _Fairport, N. Y
35.000
1717_ _Fayetteville, Tex
51,275
1874_ _Findlay, 0.(2 issues)_..45( 1928-1937
1555_ _Flint Union S. D., Mich.
(3 issues)
444 1928-1947 9130.000
1555...Florence, S. C.(3 issues)-43( 1928-1957 250.000
2022_Flushing Twp. S. D.
414 1930-1957 160.000
No. 2, Mich
16.000
1947
1874- _Fountain Spi. S.D., N. C.5
r200.000
1555-Franklin County, Ohio91.000
1927-1936
2022__Frostproof Fla.(4 issues)(1
27.000
1928-1937
1874- _Garfield, N. J
5
r30.000
1937
4
2022. Garrett Ind
1928
170.000
1555.-Genoa 8. D., Ohlo
11.000
2488- _George)own.Idaho
40.000
1928-1957
4
2022_ _Gloucester. Mass_..
18.500
414 1928-1932
1555-Gloversville, N. Y
40.000
1932-1961
5
2022-Graham, No. Caro2329.-Grand Rapids, Mich. (5
I3sues)1924-1942 1,550 nno
20.000
2175-Gray S. D. No.3,8.0-511947
1717-Grayson Co. Corn. S. D.
500
No. 69. Tex
6.500
1928-1937
1874__Grant County, Ind
17.855
1556_ _Grants Pass, Ore
1-20-years 0001100
.Green County, Tenn__-4
2022.
22.000
1-20-years
2022-Green County. Tenn ____fi
r180.000
1717.- Greenlee County, Arts -43i
50.000
1928.1952
6
1556...Green Springs, Ohio
45.000
1717_ _Greenville S. D.. MIcli-4 A 1928-1936
15.000
4 1928.1942
5
1874__Greenwood, Miss
4
1930-1949 100.000
.Hamden, Conn
2022.
41.300
1928-1937
5
20'12...Hamilton, Ohio
r21.000
5
2023--1-larlowton. Mont
1228-1947 320,000
5
2023-Harrietstown, N. Y
1928-1056 1.450.000
1874-Harris Couoty. Texas---5
4
1928-1957 1.274.400
202,3_ _Harrisburg, Pa
50,000
2023-Harrison, Ark
5
1874- _Hasti agS Ull. Fr. S. D.
15.000
No. 4. N. Y
414 1928-1942
100.000
2023-Henry County, Iowa
16,391
1927-1931
5
1874-Her,,imer, N. Y
1947
13.500
2176--Hickory Grove, S.
13.293
1927-1934
5
1874-1Tighland Co.. Ohio
50.000
2023-_Hildreth S. D., Nob
2023-_Holland, Mich
41(
1947
40,000
1874..Holly Hill. Fla. (2 iss.)_ _6
184 000
2023 Hood River. Oregon
J1616-18,700
6
1556_ _Horace, Kan
5
15.000
2023-Hornellsville Corn. S. D.
No. 12, N.Y.
414 1928-1957
35,000
2023-Houston,Miss
8.000
1927-1934
6
35.000
1556-Huutiogton S. D., Pa 4 X d1932-1949
1718- _Huntington Co., Ind__ _ _414 1928-1937
6.500
35.000
1R75_ _Hyrum. Utah
434
75.000
4
2023__Huntsville, Ala
75.000
2639„Indian River Co., Fla_ -6
1556_ -Indianapolis S. D., Ind_ _4
19321956 970.600
2023__Inman S. D. No. 26.
514 19384957
40,000
So. Caro
2329-Jackson County, Ill
434 1929-1946 375.000
1936-1946 140,000
5
2176__Jacksonville, Fla
374.000
1875-Jacksonville, Fla.(2 iss.)-5 1930-1936
43( 1932-1943 235.000
1718-Jamestown, N. Y
4
1943-1947 515.000
1718_ _Jamestown, N. Y
1956
1475_ _Jasper, Fla
6
55.000
1924-1937
2176_-Jasper County, Ind
5
33.200
1937
5
11.600
1556_ -Jasper Co., Ind
15,400
1475_ _Jasper Co., Ind
2023-Jasper Co. Sch. Distil..
7.000
Miss. (2 issues)
1928-1935
5
26.840
1556__Jefferson Co., Ohio
2176__Jefferson Co. S. D. No.
1930-1951
18.000
6
10, Ga
11.200
444 1928-1937
171R_Johnson Co., Ind
200.000
2023.-Johnson County, Ky..
6
19.000
2023_Jordan, Minn
1h75__Kane Co. S. D. No. 101,
1935-1944
4
70.000
Ill
36.000
1718__Katy Ind. S. D., Texas 5
1927-1931 133.816
1403_ _Keansburg, N. J
1929-1959
40.000
1875. _Kings Mountain. N. C._ 5
1927-1932
7.788
6
2330-Kingston, Mich
2023-Kirirwood S. D. No. 4,
1939-1948
8.000
5
1718-_La Crosse. Wis.(2 iss.) 4SS 1928-1947 220.000
1931-1937 250.000
5
1556 _ _Lafayette Co., Fla
2023__Lake City Sep. Rd. Dist..
17.500
544 1928-1947
Miss
1928-1937 151.000
1556--Lake Co.,Ind.(2 Issues)-5
101.88
100
100
101.14
1:it
100.57
100
:1
100
4.71
in
-4-.56
.7
602 0
13
103.88
.48
4
3 04
4.48
100
90
99
5.61
100.137 4.24
4.17
4.76
4.24
4.69
4.49
6.71
4.71
100.97
1)0.6.3
100.163
101.92
100.14
92
100.31
100
102.53
101.78
101.76
102.50
102.29
102.30
102.46
101.25
:aro
101.61
----
101.60
100.13
4.34
4.44
4.23
4.23
4.07
4.07
4.10
4.10
101.86 4.34
101.07 4.92
100
-90
103.35
100.03
4.08
5.48
101.26 3.88
100.438 4.31
101.82 4.82
101.551 3.98
101.38 5.36
101.74 4.17
101.75
102.350
102.88
4.40
5.02
4.04
4.42
100.44
101.50
104.29
103.01
100
105.66
100.87
101.42
4:29
4.92
3.87
100.29
4.45
100
100.37
102.56
IN
4.42
100.37
05
104.54
5Tai
-
102.01
4.32
102.48
zoo
4.22
98.08
-
99.57
4.03
101
104.82
104.82
104.05
100.003
5.44
4.19
4.58
4.38
4.07
95.33
104.26
103.78
103.62
6.36
4.04
4.25
-
102.33 4.49
104.088 5.61
101.77 4.15
101.65 ---103.31
4.15
180.068 5.24
101.87 5.07
....-100
101.56 4.85
101.89 4.25
7.07
go
100.20
104
5,48
4.20
APR. 30 1927.]
THE
CHRONTCLE
2633
Rate. Maturity. Amount. Price. Basis.
Name.
Rate. Maturity. Amount. Price. Basis. Page.
Name.
Page.
431 1930-1936 100.000 101.059 4.30
51i 1928-1937 410,000 99.58 5.55 1405__Portland. Ore
2023-Lakeland. Fla
1938-1957 1,000.000 99.0.19 4.069
4
2178- _Portland. Ore
Twp. S. D. No. 1.
1718__Lake
30.000 102.25 5.79
1942-1951
50,000 101.61 4.55 2025-Port of Port Orford. Ore-6
43( 1928-1947
Mich
90.000 100
1876--Port Tampa,Fla.(2 iss.)-6
1928-1937
-Lake Twp. Rur. S. D..
1875
9,000 102.77 4.81 2178.-Pough.eepsie, N. Y. (3
1928-1936
5X
Mich
issues)
431 1929-1938 230.000 100.599 4.11
2023-L'Anse Twp. Single S. D..
99.33 ---15.000
8
1928-1947 300.000 100.713 4.89 2025_ Prattville, Ala
5
Mich
200.000 100.39 4.12 1720-Prosperity S. D. No. 14.
431 19284332
1718-La1sing, Mich
Calif
20.000
59.000 103.85 5.24
1928-1937
5
1875-.La Porte Co., Ind
5
24.110J 105.27
1720. Quit...aii. Oa
1927-1950
13,000
1556_ _Las Vegas, N. Max
35.000 107.71 4.22
1940-1946
1876.-Redwood City 8.D.,Callf.5
2023__Lee Co. Special Tax S. D.
1558. Reidsville, No Caro
1930-1962 100.000 101.59 4.87
5
58.000
1929-1956
6
No. 3. Ina
34.500 102.777 4.15
1558__Rensselaer. N. Y
431 1927-1946
250.000
2176__Lenoir County, N.(3--- -4 K
1720. _Richmond.Calif
1951-1960 128.000
6
75.000
1929-1957
1875__Levelland, Tex.(2issues) 6
12.000 103.04 4.64
2178 Richmond, Ill
1928-1947
a
6,500 100
1927-1932
5
-Lewistown N. Y
2173
50.000 100
1720__Richwood. W. Va.(2 iss.) -25.000
1928-1952
1875__Lexingt0n h. D.,Tenn__ -6
25.000 100.76 4.84
5
1727-1935
1929-1953 200.000 104.07 4.58 1558 Riverside. N. J
5
1556__ Lima, Ohio
431
20 000 100.34
1876_ _Robesorda, Pa
40.000
2024_1Ancolnton. No.Caro
5
2.560 100.35 170
1928-1937
431 1928-1962 187,000 101.61 4.37 2026--Rocky River, Ohio
1875- _Linden, N. J
1877_ _Roc.cy ttlier. 0.(3 issues) 534 1928-1937 104.485 101.89 5.10
1875__Little Rock Sewer Dist.
80 000
1877_ _ Rossville, Ga
491 1928-1946 328.000
No. 104. Ark
53( 1930-1959
1720_ _Roxboro. No. Caro
40.000 101.53 5.12
25.000 101.02
6
2024-Lockney. Tex
2026-_Royal Oak Twp. B. D.
3.255 103.99
1404_ _Lockport. N. Y
No.6, Mich
4/4
150.000 101.87
23.309 101.53 4.65
N.Y
1928-1936
5
1556__Lockport,
1720-Royal Oak Twp.S.D.No.
33.000
15513__Lone-Wolf S. D., Okla_
4
1957
8. Mich
140.000 102.123 4.34
45.000 100
1404__Long Beach. Miss (2 iss.)5g . 1928-1937
1928-1937
8.400 101.74 4.16
4.94 2026-_Rush County. Ind
1928-1957 378.000 100.57
5
1718_ _Los Angeles, Calif
1559 _Rutherfora Co..No.Caro_4
1947-1956 300.000
12.000 102
1932-1947
2024-Mc01u5k1. No. Dak.-.6
1928-1957 500.000 100
241,000 95.17 5.35 1559. _Rutherfordton. No.Caro-5
1952
5
1871__Maclison CO., Fla
5
1946
400.000 98.56 5.11
35 000 100.11 4.485 1877 _St. Joh 118 Co., Fla
431 1932-1941
2024__Mahaska Co.. Iowa
43( 1932-1947 3.000.000 100.826 4.16
1940-1953 500.000 100.60 3.93 2178--St. Louis. Mo
4
2024-Maine (State of)
35.000
2026-St. Martins Parish, La 6
Co. Rd. Dist.
1404-McLennan
431 1928-1937
12.000 100.06 4.74
1720._Sabetha. Kan
10,000
. 1. Tea
1720-Sabine Par. S. D. No.34,
6 1 to 10 yrs. 100.000
-Manatee. Fla
1556
La
1928-1952
6
70.060
1951
15.000
534
1556-_Manatee, Fla
1928-1932 100.000 102.57 5.06 2179__Sailne Co. S. D. No. 44,
6
2024-Mansfield. Ohio
heb
414 1929-1952
78.000 101.56 5.815
4t 1932-1937 703.000 101.92 4.21
2024._Marathon Co., Wig
1928-1942 195,000 101.715 3.74
4
2026-Salem, Mass
1.200
1718- _Maribelle Ind.S. D..Tex-4Si
2179__San Benito, Tea
120.000 100.27 ---1657__Maricopa Co.S. D. No. 1.
200.000 107.27 4.45 1405_ _Sanderson Spl. Tax S. D.,
1947
5
Ariz
Fla
6---------25.000 94
2177- _Maricopa Co. Water Con.
2026- Sarasota, Fla
1947
5
373.000 90.33 Kl e
i
1,175.000
6
Dist. No. 1. Ariz
4.45 1877„Sault Ste. Marla S. D.,
Ohio__ _5
22,942 102.56
1928-1936
2177-Marion County,
Mich
431 1933-1951 190.000 102.69 4.01
2024-Marion Co. 8. D. No. 24,
1927
5 (.00 100
5
1721.- Scnuylerville, N.Y
130.000 102.68
5
Oregon
1877_ Seattle, Wash1929-1957 520 COO 100.25 4:22
33.600 100
1657__Marlin. Tex.(2 issues)1877_ Seattle, Wash
lli 1633-1947 500.000 97.13 4.54
200,000
1956
431
1719-Meivindale. Mich
1720_ _Sebastian County Line,
60.000 100.01
iss.)5
2177__Melvindale, Mich.(5
Tex
3.000
125,000 100.30
6
2177__Mercedes,Tex
72.000 105.14 4.54 1877-Sedgwick Co. S. D. No.
1929-1957
1667__Metuchen S. D..N.J_ _ _ _5
41( 1028-1957
40.000 100
46, Colo
101.84 4.11
28.600
4% 1928-1937
1871-Marlon Co.. End
4X 1928-1937
98.270
ing_Marlon Co.. So. Caro_ _ _ _4 X 1929-1941 650.000 101.23 4.56 2171-Shaker Heights. Ohlo
20.000 Ibbi
6
51.000 100.96 4.36 1559 Shenandoah, Va
ign_Marshall. Mich
431 1928-1941
1477...Seward Co. S. D. No. 4,
52,800 101.90
2024-Marsha1l Co.. Ind.(3 las.)
Neb
65 000 _
11128 1957 135,000 100.23
2177_ _Mead Co, Ky
6
1.883 100
2026-Sharonville, Ohio
1928-1935
9,000 100
1928-1932
5
1719-Merrill. Wis
11 250 KO
1677_ _Sheffielt, Lake.0Mo----5
1928-1937
im__Mexico Un. Fr. S. D. No.
20 000 100
1928-1947
4
7. N. Y
414 1928-1963 175,000 102.13 4.35 1720_ Somers, N.Y
1559_ _Somerset, Mass
1028-1955 550.000 100.77 3.92
4
2024-Miami Co. Rural High
40 000 10?.57 4.65
1929-1944
5
1877- South Amboy. N. J
60.000
S. D. No. 3, Kan
431
4( 1937-1946 300.000 103.04 3.
2026-_So. Bend S. D., Ind
-Millersburg-11 ardy Village
2177
,So.0aro.4 Si 1028-1947 600 000 100.099
1401. _Sparta,.burg Co.
11.943 100.99 4.62
1927-1932
5
S. D., Ohio
414 19'3 1'47 855.000 100.17 4 23
2026- Spridgfield. Mo
6.000 100
1928-1937
5
1557__MIllersburg, Ohio
1952 19 2 275.000 106.83 4.515
14.000 100.47 4.65 2179-Stailly Co.. No. Caro---5
431 1929-1935
1871„Merchantville, N. J
434 1927-1956 250 000 101.33 4.13
300,000 100.58 4.40 1406_ -SteF4ton S. D.,Pa_.
1928
5
1871__Metuehen. N.J
11.000
500,000 101.60 4.38 1720_ _Stephens County. Tex_D.
d1947
434
2024.-Mississippi (State of)
1929-1047 644.000 103.27 4.12 2026_..Stonewal I Co.Corn. S.
1871__Monntouth Co.. N. J_...4
5
No. 31. Tex
8.030 100
24.000 103.39 4.14
1926-1952
1871__Monmou I h Co., N. J_ __ _4
36000
414 1931-11141
21.000 101.50 4.24 1721__Stroudsbur :, Pa
1929-1939
4
1871__Monmouth Co., N. J_
21.072 104.87 594 1928-1938
2026- Struthers, Ohio
4:87
115.000 101.63
431
1404__Monroe. Mich
431 1931-1936
48.000
2026-Sturgis, Mich
1875...Monroe Twp. Frac. S. D.
4% 1928-1957 378.000 105.59 - 8
3:935.000 100.44 4.71 1720. Suffolk Co., N.Y
No. 1. Mich
431 1928-1956
lf27-1036
6
P 103 100.91 4.79
Co.. Ind
50.000 164.65 4.46 1877..Sullivan Co., O.(2 Iss.) 5
1928-1947
.1404__Monrpark S. D., Calif.._5
1927-1941
84.400 103.17 ---2492-Sum/nit
gan & Wash. Cos. Jt.
1404__Mor
in:43-1052 360 Of 0 Inn
37,000
S. D. No. 10. Colo.
-5
50 01.0 100.50 ---• 176..Swighnr Co. Tex
514 1937 1966
15.000 106
4 X 193'3-1934
1875__Morrison. ill
594 1932 19.,2
75.000 103
2026__Talladma. Ala
'Kii
5% 1927-1956 250.000 103.20
'2024--Motley County. Tex
1936
5
250.000 95.64 5.57
1877_ Taylor County, Fla
32.000
1928
1404-Moit.italit Lakes, N. J---5
18.000 100.50 --434
2333-Teiford. Pa
-Mountain View II. 8. D..
1875
17.000 100.37 4.79
1928-1930
5
1559-The Danes. Oregon
80.000 104.37
1928-1947
Calif
5
431 1928-1940
15.000 100.02 4.74
15.59-The Dallas, Oregon
15.000
1957
2177__MountvIlle, Pa
414
11.500 100.28
5
1509_ The Dallas. Oregon
20.000
2024__Mulberry S. D.. Miss1721__Titus Co. Corn. S. D.
35.000
2177__Mnrnhv. NT. CI
1.500
No. 21, Tex
25.000 100
1927-1947
1657__Natchitoches Parish, La_6
1928-1937 249.000 95
6
_Titusville. Fla
7:0
7
1933-1952 102.000 104.79 1.85 1721--Toledo. Ohio (8 Issues).- _4
1875__National S. D.. Calif.__ _5
1929-1953 2.765.000 102.91 4.18
49.000 103.88 4.57 1721 2024-Neptune Twp. S. D.. -----1928-1962
22.000
1928-1937
4
1721_ Tooele, Utah
19'18 1944
50.000 101.85
2024__Nevada. Iowa
494
r20.000 100
1927-1956 450.000 100.326 3.98 1877__Torrington. Wyo
1557--New Britain, Conn.(21ss.)4
1928 1947
g
D.. Ohio
27.500 105.46 4:ili
1557_New Castle S. D.. Pa_ _ _ _4 si 1947-1957 600.000 102.507 4.09 2179...Toronto S. Co.,
Ohio (3
3.99 1721-_Trumbull
50.000 101.30
ism _New London. Conn__ _ _ _4 st 1928-1937
52.500
4 X 1928-1937
issues)
---2177__New Pluladelphia, Ohio
20.000 100
514
36.000 102.28 4.54 1877- Trumbull Co.. Ohio
2 037
1029 )
.5
(2 Issues)
5
1559--Tulsa S. D.. Okla
1942-1952 750.000 106.35 1:86
1719__Newport Beach. Calif___5% 1928-1961 500.000
1877-Turlock Irrigation Dist.,
1719-_North Bench Drain. Dist..
Calif
1932-1946 600.000 101.12 4.88
5
113.000 100
Wyo
414 1928-1952 2,450.000 102.05 4.04
1.000.000 104.279 4.01 2027-Union County. N. J
1957
2331-Northampton Co., Pa___4 X
1928-1945 400.000 100.10 5.99 1877-Upfer Bern Twp. S. D.
1405-_North Wildwood. N.J...._6
434 1932-1951
30.000 103.19 4.22
414 1929-1967 646.000 100.65 4.45
1558„Nutley S. D.. N.J
---4% 1929-1957 567.000 100.56 4.44 1406- Upper Darby Twp., Pa 431 1930-1957 250.000
1558- _Nutley S. D.. N. J
2027__Vanderburg Co., Ind----434
34.000 101.90 - -1876-Oakland Co., Mich. (12
5, 1928-1935
16.000 103.42 4:72
451 1929-1938 2.140.000 100.528 4.65 1721- Wadsworth. Ohio
Issues)
6
1938-1957
d1947
r165.000 100.59 3.96 1878- Warsaw. No. Caro
20.000 104.25 5.64
4
1876--Ogden 8. D., Utah
41( 1928-1957 1.50.000 102.18 4.04 1721_Washington Sub. San.
2025_-Ogdensburg, N. Y
Dist., Md
414
d1977
300.000 102.44 4.36
1-10 years
14.945 100.41 4.17
1558-Ohio Co., Ind.(2 Issues)_4
1928-1937
5
34.000 104.18 4.15
2027-Washington Co., Ind
494 1928-1939 180.000
1558-Omaha. Neb
10.000 101.41
414 1928-1933
491 1928-1939 541,0001 100.01 4.305 1878_ Waverly. Iowa
4.11
1558- _Omaha. Neb
2027_ Waynesville, N. 0
1947
5
1930-1946
4
00
85.000 101.35 4.84
72.0
1558-Omaha. Neb
1937
514 1927-1956 300.000
e
1876__Oregon City. Ore
29.917 104.32 5A5 2027- Webb County,Tex
1928-1937 731.0(10 99.58 - - 2179...Web:ter t nro •cs S. D.,Mo.4X 1929-1947 100.000 103.52 1:10
1876--Orlando, Fla.(3 (Ismae)_ _5
•2025--Orleans Levee Dist.. La- _4 q 1931-1965 2.000,000 100.25 4:73 1559-Weehawken Twp. S. D..
N J
-Ossining, N. Y100.000 104.18 4.14
4.42
431 1929-1956 407.000 100.81
1405
48,167 100
---- 1721-Weld Co. S. D. No. 12,
'1876--Ottawa, Kan.(3 issues)--1g
Colo
434
34.500
'1558--Oyster Bay Water Dist.,
N Y
4.20 1930-1944 180,000 100.33 4.17 1721-Weld Co. S. D. No. 64,
Colo
24.000
414
2025-Painesville Rural S. D.,
5
1927-1947
Ohio
19.319 100.18 5.21
82.449 104.302 4.47 1878__West Point, Miss
534 1928-1937
60,000 100
"1719__Palmyra, N.J
431 1929-1957 102,000 101.41 4.62 1406- White Deer, Tex
11378-West Reading,Pa
434 1937-1956 100.000 104.64 T.i§
2025-Paramus S. D., N. J.
58 000
1928-1945
(2 issues)
5
50.000 102.50 4.61 2180 Wic1.11ffe. Ohio
594 1928-1937
,1
4 7
1928-1966 145,000 103.99 -771
5
_
1876- _Parsons. Kan.(2issues)10.986
49.000 102.76 4.69
N
2027_ _Wildwood: .J
1928-1952
5
2178-Pasadena City High S. ).,
43( 1927-1950
14.000 100.67 5.37
Calif
9,000 104.12 4.28 1722_ _Wildwood Crest, N. J...634 1928-1937
49.500 102.81
2178__Pasadona City S. D.,Cal _4 X 1927-1955 150.000 103.58 4.07 1722_ _Wildwood Crest. N. J.
5.28
.534 1928-1967
.Williamsport, Pa
2027.
4.10 1931-1952 300,000 102.29 3.91.
2178-_Pasco Co. Spl. R. & B.
1928-1942 200.000
26.000
Dist. No. 1. Fla
6
1560__Winamac S. n.,Ind
414 1928-1943
1929-1937
60.000 95.02 7.18 1560--Yakima Co. Corn. S. D.
6
2025-Perry. Fla
20,000 100.37 4.70
1929-1953
No. 113. Wash
30,000 108.93 4.24
1876 _ _Perth Amboy,N.J
5
491 1929-1947
1929-1949
21.000 107.25 4.22 1560-Yakima Co. Corn. 8. D.
1876...Perth Amboy,N.J
5
35.000 100
No. 115, Wash
-Pinellas Co. S. D. No. 1.
491 1929-1947
1405
10,000
1928-1947 341,000 104.39 4:11
Fla
1722-Youngstown,0.(10 iss.)_5
20.000 100
d1929
2180_ _Ziebach Co., So. Dak__ --4X
1405-Pinellas Co. S. D. No. 5,
35.000
Fla
We have also learned of the following additional sales for
1405-Pinellas Co. S. D. No. 7,
185.000
Fla
previous months:
1405-Pinellas Co. S.D.No.12,
Pane.
Rate. Maturity. Amount. Price. Basis.
200,000
Name.
Fla
24.500 102.48 4.63
89.225
2173- _Ashland Co., Ohio
1558....Pltman, N.J.(18 issues)-5
534 1928-1932
250,000
6
2019--Banta - Carbona !nig.
2025-Plainfield, N. J
86.840 100.11
50.000 101.41 :4.21
Dist., Calif. (Jan ) _6
414 1928-1937
2025-Plattsburg, N. V
2019__Bs-0. - c-.0-,oria Irma,
2025--P01k Co. Special Tax S. I).
33.400 100.29 _ _
20.000 98.50 6.17
1928-1951
19304949
Mt., Calif
6
5
No. 6, Fla
1872__Belli .ghani, Wasu.(ruu
2025-1'0lk Co.Special Tax S. D.
165.000 100
1930-1942
13.000 96.50 6.55
5
1926)
6
No. 9. Fla
15.000
48,000 102.13 4.23 1716Bridgeport, _Conn. (Sept.141( 1931-1945
1930
5
1876-Port Chester, N.Y
20.000 10 :15- -_.:-_-_
1927-1942
-0
36.200
1716--Brockton, Maas.(Feb.126)4
100
2025--Port Huron, Mich.(5 iss.)43( 1928-1937
4.ra
2634
THE CHRONICLE
Page.
Name.
Rate.
1716Brockton, Mass. (Apr.
1926,3 issues)
4
1554--Boynton. Fla
6
1716-_Cambridge, Mass (Mar.
1926)
2174- _Camden, N.J. (Oct.)----4
2174_ _ChickasawCo•Jowa(Nov.)
2020__Clay County, Ind
4%
1873-Corpus Christi, Texas,
(2issues)
5
2175-Dayton, Ohio (Mar.'26)_434
2175-Dayton, Ohio (Aug.'26)-434
Ohio (Dec. '26)_5
2175-Dayton,
1873_Eagle River, Wis
53
2023- _Hamilton County.Ind _ _ _434
1717__Hammond,Ind.(Sept.)_ _434
1717- _ Hartford, Conn.(June)_ _4
1718- _Holyoke, Mass. (May)_ _4
1718-Holyoke, Mass. (May,
4issues)
4
1718__Kent Co. Del. (July)__ _4%
1718__Kokomo, Ind. (Mar. '26)43
'
1718--La Ferra Ind. S. D., Tex.
(Dec.)
1718_ _Malden, Mass
4
1718_ _Malden, Mass
4
2024__Montverde,Fla
6
1719__New Britain, Conn
4
2024.._ Niles, Ohio
5%
1876- _Pensacola, Fla
6
1876__Pensacola, Fla.(Sept.'26)6
2178-Perth Amboy, N. J.
(Feb. 1926)
5
2178-Pontiac Twp.S. D.No.5,
Maturity. Amount. Price. Basis.
1927-1931
1927-1936
219,000 100.267
35.000 100
1927-1956
1956
55,000 -----248,000
34,000
4
98,400 102.32"- -.21
1937
1929-1948
1927-1936
1928-1939
1928-1937
1928-1947
1947
1936
1931-1960
1927-1951
140,000
50,000
25,000
31.500
53,000
100,000
38,000
300,000
400,000
166---100
100
100
103.20
4.25
100.31
101.484
1927-1946 345,000 100.672
,
1943-1952
1941
-----R113,500 -----1927-1931
1927-1946
1957
1927-1955
1937
1927-1935
1927-1935
10,000
20,000
60,000
40,000
150,000
13,000
18,000
22,500
3.000 100
1927-1928
1928-1957
1929-1938
1928-1937
1928-1952
1928-1932
1928-1932
1929-1932
1928-1937
1931-1955
1956
1927-1946
1939
2025_ _Portsmouth, Ohio
5
2025_.Portsmouth, Ohio
5
2025_ _Portsmouth, Ohio
5
2025_ _Portsmouth, Ohio
5
2025__Portsmouth, Ohio
5
2025_ _Portsmouth, Ohio
5
2025__Portsmouth, Ohio
5
1876_ _Portsmouth, Va
434
1877-St. Paul, Minn.r.1
.'26)4
1877__ St. Paul, Minn.
(Oct. '26)414
2179_ _Seattle, Wash.( issues)_6
2026__Seattle, Wash. (17 issues
6
1939
January)
2026__Swatara Twp. S. D., Pa.
434 1926-1955
(May)
2026__Swoyerville S. D., Pa.
534 1932-1936
(Aug.)
1721__Tacoma, Wash.(61 issues
Apr. to Dec. 1926)_ _ --6
1933-1938
1877__Waco, Texas
434 1927-1956
1722__Wilmington, Del. (Sept.
2issues)
434 1958-1963
1722_ _Worcester, Mass.(June,
2 issues)
4
1927-1946
2180_.Zanesville, Ohio (14 issues,
May-Oct. 1926)
5-534 1927-1937
-----100
101
95
98.35
104.67
100.11
100.06
121,175
175,000
80,000
25,000
7.739
7,144
3,430
2,278
R65.000
300,000
150,000
182,626
105.75
103.06
102.69
105.03
100.80
101.46
100.08
101.10
100
100
100
4.39
4.47
4.73
4.74
4.95
4.72
100,000
150,000
385,000
100I --------- --
175,000
100.91
138,145
124.
unanimously and only 11 votes against it were polled in the House. A
number of members declared the action nothing short of an illegal attempt
at repudiation of the terms on whit'? Statehood had been granted and one
Representative called it "welshing.'
It is pointed out that it would permit taxation of the Roosevelt reclamation project, stili in the hands of the Government. Yet most of the Salt
River Democrats voted for the bill. There appeared only one view of the
matter, that it would assist in negotiations with the Government and with
California in settlement of the Colorado River problem and give Arizona
some rights she might have abandoned in the enabling Act. Attorneys
doubt the legality or force of the bill even though ratified by the voters.
The Governor's special pet bill, one appropriating $625,000 for payment
of a highway debt shortage, failed, as did a bill that would have paid Cochise County $120,000 advanced to a previous Republican State Highway
Department.
Argentine (Republic of).
-$21,200,000 External Loan
Successfully Floated.
-J. P. Morgan & Co. and the National
City Company, both of New York, offered and quickly sold
on Thursday, April 28, $21,200,000 6% external sinking
fund gold bonds of the Argentine Republic at 99 and accrued
interest, to yield 6.05%. Dated May 1 1927. Coupon
---- bonds in denominations of $1,000 and $500, registerable as to
---principal only. Due May 1 1961. Prin. and int.(M. Sr N.)
6.39 payable in United States gold•coin of the present standard
Yori of weight and fineness in New York City, either at the office
of J. P. Morgan & Co. or at the National City Bank of New
York, fiscal agents, without deduction for any Argentine
taxes, present or future. With regard to the sinking fund
provision of the loan the official offering circular says:
Yia
A cumulative sinking fund of 1% per annum, calculated to be sufficient
687,667
471,817
225,000
[Vol_
100
-
-
All of the above sales (except as indicated) are for February. These additional February issues will make the total
sales (not including temporary loans) for that month $75,283,10.
The following items included in our totals for previous
months should be eliminated from the same. We give the
page number of the issue of our paper in which reasons for
these eliminations may be found.
Name.
Rate. Maturity. Amount. Price. Basis.
Page.
1715Adams Co. S. D. No. 9.
Golo.(Jan.)
39.500
(Jan.)
24,000 101.811715__Agricola S.D., Calif.
--1030-1938
25,000
2019_ _Batesville, Ark.(Jan.)_ _ _5
1932-1934
52.000
1555_ _De Land, Fla. (Jan.)_.--6
1931
1555__Edgar, Neb.(Feb.)
5
5.500
(Jan. 2 iss.)6
1929-1965
37,000 100
---1717_ _ Haskell, Tex.
1933
4,706 -----1875_ _Muscatine, Ia. (Feb.)... _5
225,000 -----1720_ _Provo, Utah (Feb.)
2026__5t. Francisville, Ill. (Jan5
1928-1946
60.000
uary)
CANADIAN BOND SALES IN MARCH 1927.
Rate. Maturity. Amount. Price. Basis.
Nant
c
Page.
e
_Bagotville,
534 30 years
$35.000 101.34 5.41
1560_
1722__Burnaby Dist., B. C.
5 15-20 years 286,500 99.04 5.08
(4 issues)
(3
1560--Carleton Co.,Ont. iss.)_5 5-10-20 years 147,540 100.16 4.96
20 years
5,200 102
1878_ _Georgetown, Ont
10 years
700 101.50
1878. Georgetown, Ont
30
-install. 175.636 100.43
5
2028_ _Humberstone. Ont
534 30 years
15,000 103.05 5.26
1878-La Salle, Quo
5
25 years
69,700 98.08
5.11
2028. La Tuque, Quo
5
15-install.
70,7501 98.86
2028__New Toronto, Ont
5.17
-install.
7.650J
5 20
2028_ New Toronto, Ont
..h34
261,267 104.383
1722__North York Twp., Out.
.
20 inst.
255,000 100.361 1 §1
1560_ _Ontario County, Ont____5
0
5.000 98.23
2028_ _Port Moody,B.
99.84 165
1722__Regina, Sask.(5 issues)__5
15-30 yrs. 227.675
1878__St. Fulgence, Quo
534 1-30 years
25,000 102.15
256,500
99.41
5.06
2028_ _ Saskatoon, Sask.(16 iss.) 5 (10, 15.20.1
1 30 Years I
5 5,10,15 yrs. 222,672 99.47 5.06
1722_ _Walkerville, Out
33,392 100
2028..Waterloo, Ont.(3 issues).5 1937-'42-'47
Total amount of debentures sold during Mar. $2,100,182.
NEWS ITEMS
to retire the bonds of this issue at par not later than May 1 1961. is to be
applied to the purchase of bonds below par through tenders, or, if not so
obtainable, to the redemption of bonds, called by lot, at par and accrued
interest. Sinking fund payments may be increased by the executive power
if considered advisable.
Further information regarding this loan may be found in
our Department of "Current Events and Discussions" on
a preceding page.
Buenos Aires (Province of).
-$10,613,500 External Loan
Sold.
-A syndicate composed of the First National Corp.,
Boston; White, Weld & Co. Hallgarten & Co., Kissel, Kmnicutt & Co., Halsey, Stuart & Co., Lehman Bros. Graham,
'
Parsons & Co. the William R. Compton Co.and Ifornblower
& Weeks, all of New York; Ernesto Tornquist & Co., Ltda.,
Buenos Aires, and Cassatt & Co. of Philadelphia, offered and
quickly sold on Friday, April 29, $10,613,500 7% external
sinking fund gold bonds of the Province of Buenos Aires,
Argentine Republic, at 95 and accrued interest, to yield over
7.40%. Dated May 1 1927. Coupon bonds in denominations of $1,000 and $500, registerable as to principal only.
Due May 1 1958. Principal and interest(M.& N.) payable
at the office of either Hallgarten & Co. or of Kissel, Kinnicutt
& Co., fiscal agents, New York City, in United States gold
coin of the present standard of weight and fineness; or, at
the option of the holder, in London at the office of Erlangers,
sub-fiscal agents,at the exchange rate of $4.8665 to the pound
sterling, without deduction for any Argentine national,
provincial or other taxes, present or future. Redeemable
only through the sinking fund, either (a) by purchase on
tender at less than par and accrued interest, or (b) by call on
any interest date at par on not less than 15 days' notice.
A substantial amount of these bonds has been placed in Europe, including bonds which are being offered in Amsterdam
by Pierson & Co., Nederlandsche Handel-Maatschappij,
Mendelssohn & Co., Amsterdam, Proehl & Gutmann and
Vermeer & Co. Further information regarding this loan may
be found in our "Department of Current Events and Discussions," on a preceding page.
California (State of).
-Legislation to Protect State Reve-A legislative program designed
-Tax on Bonds Enacted.
nues
to protect the State from heavy loss of revenues as a result
of adverse court rulings on suits arising from attempts of
national banks to have their investments in corporations
foreign to California listed under the 7% solvent credits
assessment law of 1925 became law with the signing of four
bills by Governor Young. The San Francisco "Chronicle"
of April 20 carried the following relative to the legislation:
The final chapter of the Administration's fight to protect $12,000,000 in
biennial revenues threatened by adverse court decisions was written this
afternoon, when Governor C. C.Young approved four Assembly measures
introduced immediately after the threatened loss was discovered.
One of these measures repeals the corporation license tax; another returns to the political code provisions under which foreign corporations
may file and do business in California; the third repeals the 7% solvent
credits law of 1925 and returns these intangible securities to the old 100%
assessment, subjecting them, however, to a fee of $1.45 per hundred in
lieu of county taxes, and the fourth raised the general corporation franchise
taxes from 1.6 to 1.8%.
The effect that the new tax on foreign securities will have
-The State on the California bond market is discussed in the New York
-Legislature Adjourns.
Arizona (State of).
die on April 20. Considerable "Herald Tribune" of April 27, as follows:
Legislature adjourned sine
A new and important complication has entered into the California market
interest has been aroused by a bill calling a special election
that
May 31 to vote on a proposed constitutional amendment for municipal bonds. Last Saturday the Governor ofwhichState signed a
bill, regarded
as an emergency measure,
places
under which the State surrendered to tremely heavyuniversally securities of corporations foreign to that an exrepealing provisions
tax on all
State.
This
to $1.45 per $100 actual
a
the nation authority over public lands and waters and re- bond tax will amount generally actual value of $1,000 the value. Onto
paying $45 a year
net return
upon taxation of national property in the the California holder willwith an
linquished claim
be $30.50.
The new law is
circumstances with which
State. The following Phoenix dispatch of April 20 appeared only Californians the product of a long train oflocal taxing authorities in
are familiar. Formerly the
that State were authorized to place an assessed valuation on securities which
in the Los Angeles "Daily Times":
The regular session of the Sixth Arizona Legislature adjourned sine die
members own expense in an attempt
to-night after Vine days spent at thebill.
of
to put through some sortbillhighway oy Gov. Hunt as an infringement upon
vetoed
,
The majority highway
attempt was
of passage
his executive privilege, failed other form. over his veto and nobe done at a
Unless something
made to put the measure in
special session expected to be called by the Governor, the State will enter
Highway
specific appropriations for
into its next fiscal year without most politically effective of the executive
the
Department, which has been the
departments. Gov. Hunt was not here to receive word of the Legislature's
demise. He had gone to a town carnival in Globe.
The most remarkable feature of the session was passage of an Act that
Constitution,
calls a special election May 31 for amendment of the State
State surrendered to the naseeking repeal of provisions under which the and relinquished claim upon
authority over public lands and waters
tion
Senate
taxation of national property within the State. This passed the
would be in accord with the assessment ratio in their jurisdiction. In
general, the application of the property tax to intangibles in California was
on the same footing as everywhere else. Many taxpayers failed to declare
their intangible possessions; those who did declare them were acting either
out of honesty or out of fear of a three-year levy on their intangible estate
in case of death.
Two years ago, partly in response to the efforts of investment bankers.
California enacted a law which provided that all foreign securities should
be assessed at 7% of their actual value and then required to pay on that
valuation the property tax prevailing in the county in question. California's national banks immediately sought the protection of this law to
the surprise of its backers and in the courts won a suit which held them
to be foreign corporations subject only to taxation on 7% of their actual
value. This unanticipated outcome deprived the State of many millions
of revenue and brought it face to face with a deficit. The result has been
the law signed last week which is regarded by every one as a makeshift
APR. 30 1927.]
THE CHRONICLE
to be replaced in a few years by a comprehensvie revision of the whole
State taxing system..
Meanwhile, the new law is particularly unjust, because, under the measure adopted two years ago, many citizens had been induced to declare their
security holdings. They were willing to pay the tax based on a 7% valuation, regarding it as reasonable. Those who so declared their holdings are
now virtually at the mercy of the tax collector. They have the choice.
of course, of transferring their residence to another State or of selling their
securities. But they feel that the State has played tricks with their good
faith.
The new law does not take effect until next year. So far as municipal
bonds go, its effect will be to hinder the distribution of foreign municipals
in California, and to stimulate the market for domestic issues. It will also
place a premium on the bonds of territories and insular possessions for
California investors, as they are totally tax exempt.
Florida (State of).—Everglades District Bond Law Passed.
—A law designed to re-arrange the financial structure of the
Everglades Reclamation District so as to facilitate the work
of completing the drainage of the area, has been passed by
the Legislature. R. Gordon Wasson, in the "Herald
Tribune" of April 25, summarized the law as follows:
The first section of the bill authorizes the issuance of $20.000,000 Everglades District bonds in addition to those now outstanding, these bonds to
be issued as the District Board prescribes, bearing not more than 6% interest, and maturing in not more than forty years. They will be serial in
form. Section 2 appropriates the proceeds of acreage taxes in the district
to the service of these bonds, insofar as they are not already required for
service on bonds now outstanding. It further authorizes, beginning with
this year, an ad valorem tax on all real property in the district, in such
amounts as "shall be necessary" for the payment of the bonds. The assessments and levies are to be made by the Everglades Drainage District
commissioners. The property is to be assessed at its "full and just value";
this will require a wholly new appraisal of Everglades property, as existing
appraisals, made by the counties involved, is merely nominal in the case
of unused land.
Section 2 contains this sentence: "The lands within such district held by
the trustees of the Internal Improvement Fund shall be subject to the taxes
hereby imposed, and the said trustees shall pay such taxes out of funds in
hand, or to be appropriated by the State for such purposes." These truswhich belong to
tees are the custodians of those portions of the Everglades another, equally
the State. This significant provision is supplemented by
important, in Section 4, which instructs the trustees to "buy in any lands
sold for" taxes, in the absence of other satisfactory bidders,"paying immediately the amount thereof, using any fund in hand, or to be appropriated by
the State for such purposes." The Internal Improvement Fund is normally
,
recruited from the sale of State-owned property in the Everglades. 25% of
the proceeds from which sales going to the State School Fund, and the
balance to the Internal Improvement Fund. Under the new bill the latter
is dedicated exclusively to service on the district debt. Should it not
suffice, the taxes on the State-owned lands in the Everglades would be met
out of funds "to be appropriated." Does the latter phrase indicate a moral
obligation to appropriate funds, if need be, or is it merely permissive?
Section 3 arranges for a new appraisal en all Everglades property. Section 4, besides imposing upon the State Improvement Fund Commissioners
the duty of buying in all Everglades property sold tor taxes, states that the
district tax will be "on a parity with State and county taxes." It continues:
"The sale ot property for State or county or other taxes shall not discharge
the lien of the tax authorized by this Act. . . . Such taxes from date
of assessment shall have the force and effect of a judgment and execution
at law against the owner of such property."
Section 5 limits ultimate indebtedness of the district to 25% of the
assessed valuation of the district. Section 6 gives the Commissioners
authority to create sinking funds. Section 7 defines the benefits accruing
to the territory in the district as exceeding the cost of completion to be
financed by the issuance of bonds. It sets forth that "the tax authorized
by this Act . . . is in proportion to the benefits from such works to
the several parcels of real estate within the district, including lands held
by the trustees." Section 8 states that the tax levies "may, if necessary.
be made by or under the order of any court having Jurisdiction to enforce
the payment of said bonds," and authorized proceedings against any members of the district commission to make them comply with their duties in
connection with the bonds.
Section 9 makes obligatory additional legislation, if it be found necessary,
to assure bondholders of the sufficiency of the taxing power and complete
security of the bonds, and forbids any legislation impairing their security.
Section 10 makes the new bonds eligible for trust funds in Florida and makes
them qualify as security for State deposits. Sections 11 through 16 contain nothing of special moment.
Section 17 is significant. It requires the Everglades District Commissioners to draw up rules and regulations for all their proceedings, which must
be approved in writing by the Attorney-General. It would appear that this
clause bears a vital relation to the whole bill, as it offers an opportunity for
quickly testing the constitutionality of the whole Act. If the Attorney
Cteneral declined to approve the rules and regulations and a writ of mandamus were sought to force him to do so, he might bring the Act to a test
immediately by defending himself on the ground that it was unconstitutional. There appears to be reason to think that this is, in fact, the purpose
of Section 17.
The entire Act is extremely ingenious. Governor Martin's disclaimer of
State responsibility for the financing seems somewhat overstated. If the
drainage operations be successful, the State will not have to bear any
burdens, as a State. Competent engineers are said to have found the
engineering problem capable of solution at considerably less cost than is
contemplated by the present financing. If, on the other hand, the difficulties prove bigger than are now anticipated, it is conceivable that the Internal
Improvement Fund Commissioners would find themselves obligated to buy
in land sold for taxes to such an extent that "funds on hand" would become
exhausted. The acreage and ad 'Valorem taxes on these lands would then
be payable out of funds "to be appropriated." The question can be asked
how the Legislature would feel about such appropriations, especially after
the chief executive of the State has declared emphatically that the drainage
work was to cost the State "not a penny." The bondholders would feel
they had a moral claim, but the people of Florida might think differently.
Massachusetts (State of).—Governor Vetoes Gasoline Tax.
—It is reported that Governor Fuller has vetoed a bill providing for a levy of 2 cents a gallon on gasoline sales, and that
the House has failed to override the veto.
Minnesota (State of).—Legislature Adjourns.—Minnesota's forty-fifth Legislature adjourned sine die on April 21.
One of the Legislature's accomplishments was the enactment
of laws imposing tighter restrictions on the borrowing
powers of municipalities in the State. The Minneapolis
"Journal" of April 21 referred to the new bond legislation
as follows:
Local bond issues are brought under closer regulation in one of the
important bills of the session. It is 11. F. 68,sponsored by Otto C. Neuman, Mabeth Hurd Paige, J. 0. Haugland and John B. Hompe. The
main purpose of the bill is to prevent "pyramiding" of municipal debts,
and it imposes regulations more strict than those in many city charters.
The measure was urged two years ago and again this time by Governor
Christianson, and it overcame all objections this year. It provides that
bonds shall be issued serially and mature within given periods, not exceeding
30 years, so taxpayers will not pay for an improvement hereafter when it
has been worn out. Limits also are imposed on the amount of bond issues
outstanding, but these do not change the more rigid limitations in some
home rule charters. Another bill on this subject enacted into law, by
J. E. Odegard and R. P. Morton, requires all local units to file annually
statements of their bonded indebtedness, which must be forwarded by
county auditors to the State Tax Commission. Heretofore there has
been no official record covering the State.
2635
of particular interest as it shows the effect of the new law
on the borrowing powers of the city of Minneapolis:
Minneapolis will be affected beneficially by the municipal bond bill
which has passed the House and now is before the Senate for action, according to George M. Link, Secretary of the Board of Estimate and Taxation.
The measure will not change the debt limit of Minneapolis, but changes the
legal rules for figuring the net indebtedness. Under provisions of this
general Act. Minneapolis would:
"Deduct from its gross debt the full amount of Elwell bonds, issued to
finance improvements assessed to property owners.
'
"Include the auditorium bonds.
These two changes would about offset each other at this time, Mr. Link
says but later on the new rule would be to the city's advantage in permitting improvements. As the auditorium bonds are paid off the net
debt will be reduced, while Elwell bonds are always outstanding in large
amounts.
Under the present charter rule, there has been some uncertainty as to
charging off the Elwell bonds, and in practice the city only has deducted
the amount of the assessments against private property, usually about
two-thirds of the cost of a project.
10% Limit Unchanged.
The new law,if passed, will clearly authorize deducting the entire amount
of bond issues under the Elwell law,for it would allow deduction of"obligations issued for improvements which are payable wholly or partly from
collections of special assessments levied on property benefited thereby,
Including those which are the general obligations of the municipality issuing
the same. if the municipality is entitled to reimbursement, in whole or in
part,from the proceeds ofspecial assessments levied upon property especially
benefited by such improvement.
The pending bill makes a uniform rule for debt limits in all governmental
subdivisions of the State, but does not change the Minneapolis limit of
10%. including school bonds. One provision of the bill is that "this Act
shall not be construed as increasing the limit of debt, if any, prescribed by
the special law or home rule charter under which any municipality is
organized."
To Prevent Pyramiding Debts.
The bill has been amended somewhat in its progress through the Legislature, but still applies in some measure to all municipalities in the State.
It requires all bond issues to be submitted to popular vote, except in cases
where home rule charters allow bonds to be issued without an election.
In Minneapolis they are issued by the Board of Estimate and Taxation.
The main purpose of the bill is to protect taxpayers and posterity against
the "pyramiding" of local indebtedness. It was before the Legislature
two years ago, but failed to get final action, and was urged in the biennial
message of Governor Theodore Christianson this year. The measure is
House File 68, by Representatives 0.C. Neuman,J. 0. Haugland, Mabeth
Hurd Paige and John B. Hompe. It passed the House after thorough
consideration several days ago, and has been approved by the Senate
Judiciary Committee, so it seems certain to reach a final vote.
Retirement Taxes Provided.
The general provisions limit municipalities to a net debt of 10% of their
valuation, and school districts to 20%. It requires all bond issues
assessed
to be serial, and fixes a time limit within which they must be retired. The
limit is 30 years for bonds issued to finance school and other public buildings,
sewer and water systems, bridges, garbage disposal plants, subways, and
-year limit.
for park improvements. Refunding and other bonds have a 20
The bill carries stringent provisions for levying taxes to meet the principal
and interest of bonds. The governing body must levy the tax before the
bonds are issued, and it then is to be "Irrepealable," annual levies being
continued until the indebtedness is paid.
The law would take effect Sept. 1 of this year. In cases where a city
has bond issues exceeding the limit provided in the Act, they are allowed to
issue refunding bonds as the others come due, but they must be in serial
form as the law provides.
The bill has the backing of the Minnesota League of Municipalities, and
is considered one of the important constructive measures likely to come out
of the present session.
The Journal in its April 21 issue reviewed the work of
the Legislature as follows:
Big Bills Passed.
New highway traffic code drawn by
Bureau of criminal identification.
Hoover commission.
Modified Baumes law for habitual
Constitutions, amendment to divert
offenders.
one-third of gasoline tax to State
Other measures in crime prevention
aid roads.
series,
Program for regulation of State banks Universal fishing license witn 50 cent
fee for residents.
"Basic sciencas" bill for common test
Regulating hairdressers and creating
of all practitioners of healing.
a State board.
Four forestry measures, including
Creating a board of examiners for
forest taxation bill.
massage operators.
tax law,
New delinquent
Anti-discrimination bill covering sale
Teachers' tenure Act.
of farm products.
Limiting township tax levies,
Regulation of municipal bond issues. Creating interim committee to study
bank taxation.
Stockholders' liability constitutional
Creating an "agriculture, equality"
amendment.
commission.
Strengthening "blue sky" law.
Bills that Failed.
Prohibiting Sunday dances.
Anti-evolution measure.
County assessor plan.
Prohibition referendum.
"Minnesota plan" for State control
Loan shark legislation.
over local tax levies.
Party designation for the Legislature.
Repeal of street railway regulation Regulating hours of labor for women.
State printing plant.
Act.
Taxation of mineral reservations.
Bank guaranty bills.
Parimutuel racing bill.
Increased ore taxation.
"Head tax" of ;2 on non-taxpayers.
Taxation of mineral reservations.
Livestock grading measure.
Abolishing common law marriage.
Waiting period for marriage licenses. Raising gasoline tax to 3 cents.
Abolishing compulsory military train- Whipping post bill.
State-wide boxing.
ing.
Shorter election hours, and central State office building.
counting p.ans.
Local Bit s Passed.
Providing for annexation of part of Authorizing Hennepin County to
issue 6335.600 in bonds for building
Richfield village by Minneapolis.
Forest Lake cut-off road.
Authorizing an increase in park
playgrcund tax levy from one- Repealing Layman's cemetery vacs
tion Act of 1925.
fourth to one-half a mill.
Authorizing the Hennepin County Authorizing city to condemn easesheriff to employ 12 motorcycle
ments over public utility property
for highways.
deputies for patroling roads,
Empowering Minneapolis Park Board Providing an additional municipal
to acquire a municipal flying field,
judge for Minneapolis.
Creating a metropolitan drainage Adjusting salaries in Hennepin
commission to study sewage dCounty offices.
posal.
Permitting District Court trials in
civil cases with 6 jurors.
NewJersey (State of).—Legislature Adjourns.—The
special session of the State Legislature which convened
April 14—V. 124, p. 2326—terminated April 21. The
date of the special election for submission of the constitutional amendments was changed from Sept. 27 to Sept. 20,
North Carolina (State of).—Bond Recording Act Passed.
—A law requiring that all bonds or notes issued by counties,
townships, school districts, municipalities, and taxing
districts must be recorded in the office of the State Auditor
has been enacted by the 1927 State Legislature.
--Senate Bill
Oklahoma (State of).—School Bond Laws.
The following comment, taken from the "Journal" of
March 18, at which time the new municipal bond law had No. 88, regulating the issuance of bonds of school districts
been approved by the House and was before the Senate is located in first class cities, was signed by the Governor on
2636
THE CHRONICLIS
(VOL. 124.
ARAPAHOE COUNTY SCHOOL DISTRICT NO. 22 (P. 0. Petersburg), Colo.
-PRE
-ELECTION SALE.
-The United States Bond Co. of
of Denver, recently purchased an issue of $12,000 4% school bonds subject
10423. Whenever it shall become necessary for the Board of to the result of an election to be held on May 2.
Section
Education of any school district, in which is included in whole or In part,
ASTORIA, Clatsop County, Ore.
-BONDS OFFERED.
-Sealed bids
a city of the first clam, to raise sufficient funds for the purchase of school were received by 0. A. Kratz, City Manager on April 29 for $170,198
site or sites, or to erect or purchase and equip a suitable school building not exceeding 6°:. city improvement bonds. Dated pril 1 1927. Due
7
or buildings, or both, or for the purpose of making repairs of such school not exceeding 6% city improvement bonds. Dated April 1 1927. Due
building or buildings, or purchasing a school site or sites, for such building serially, 1928 to 1937, incl., optional after 1928.
or buildings, either or both. It shall be lawful for such Board of Education
AVERA SCHOOL DISTRICT, Jefferson County, Ga.-BOND SALE.
of such city to borrow money for which they are hereby authorized and -The
(banner Securities Co. of Chicago recently purchased an Issue of
empowered to issue bonds bearing a rate of interest not exceeding 5%
per annum, payable semi-annually, at such place as may be shown on the $18,000 school bonds at 104.50.
face of such bonds, which bonds shall be payable in nor more than 25 years
AZUSA, Los Angeles County, Calif.
-INTEREST RATE
from date and the Board of Education is hereby authorized and empowered P 41 n -The $75.000 City Bali bonds purchased by the William -PRICE
R. Staats
to sell such bonds at not less than their par value: Provided, that before Co of Los Angeles--V. 124. p. 2486
-bear interest at the rate
any bonds shall be issued. the Mayor of the city composing In whole or bonds were sold at a premium of 34,711. equal to 106.28. of 5%. The
in part such school district, shall cause an election to be held In such disBALTIMORE (City of), Md.-BOND ELECTION.
trict as herein provided: Provided, further, that bonds may be voted
-On May 3 the
In 'one Matte and at the same election for any or all of the purposes voters will be called on to approve or reject the issuance of the following
nods totalling $47,500.000:
herein b,fore enumerated.
110.000.000 school bonds.
The emergency clause is added:
10.000.000 water bonds.
It being immediately necessary for the preservation of the public peace, 10.090 sewer bonds.
health and safety, an emergency is hereby declared to exist, by reason
8.000.000 paving bonds.
whereof this Act shall take effect and be in full force from and after its
4.000.000 public building bonds.
passage and approval.
3.000.000 public library bonds.
1.500.000 air-port bonds.
Texas (State of).
-Legislature Called in Special Session.
I.n05,000 conduit bonds.
Governor Moody on April 18 issued a proclamation calling
BEATRICE, Neb.-BOND ELECTION.
-An election will be held on
May 2 for the purpose of voting on the question of issuing $30,000 water
the fortieth legislature into special session on May 9.
bonds.
-$2,750,000 External
Trondhjem (City of) Norway.
BARBERTON, Summit County, 0.
-BOND OFFERINO.-Ployd S.
-White, Weld & Co., Brown Bros. & Co.. Dun, City Auditor, will receive sealed bids until 12 m. (eastern standard
Loan Floated.
time). May 6 for 117.950 5% street impt. city's portion bonds. Dated
and Blair & Co., Inc., all of New York, offered and quickly Ai di 1 1927. Denom. $1.000 except one for $950. Due Oct. 1 1928 to
external 1936 Incl. A certified check for 2% of the amount bid for payable to the
sold on Wednesday, April 27, $2,750,000 5
sinking fund gold bonds of the City of Trondhjem (Norway) City 7reasurer. Is reauired.
-BOND OFFERING.
-Jesse
at 973 and accrued interest to yield 5.65%. Date May 1 L.BAY VILLAGE, Cuyahoga County, 0.
4
Saddler, Village Clerk, will receive sealed bids until 12 m.. May
1927. Coupon bonds in interchangeable denoms. of $1,000 134.00938 43% s,reet !mot., property owners' porti,n. water 10, for
bonds.
and $500, registerable as to principal only. Due May 1 Dated April 1 1927. Denom. 31.000 except one for 31.009 38. Due Oct.
1 $3,000 1928 and 1929. $4.000 1910: 13,000. 1931: e4.000. 1932;33,000,
1957. Prin. and int. (M. & N.) payable at the principal 1933 and 1934: 14,000. 1935: 33.000, 1936 and $4.009 38. 1937. Prin.
office of the Chase National Bank in New York City, fiscal and int. (A. & 0.). payable at the Guardian Trust Co., Rocky River. A
agents for the loan, in United States gold coin, without certified check for 5% of the amount of the bid payable to the village Treasurer, Is required.
deduction for any Norwegian taxes present or future.
BEAUFORT DRAINAGE
,
Redeemable as a whole, at the option of the City on any fort County, No, Caro. DTSTRTCT NO. 11 (P. 0, Per tego), Beau-BOND OFFFRINO.-.1. P. Clark, Secretary
Commissionre, will receive sealed bids until 1 p. m.
interest payment date (except through operation of the Board of Draftmee 6"i
for $45,e00
drainage
Demon. to suit purchaser. Date
sinking fund) after 60 days' notice, at 100 and accrued May 12 1926. Due $4,5C0 Nov.bends. to 1938. Inclusive.
Nov. 1
1 1929
interest. A sinking fund operating semi-annually commencBEDFORD, Bedford County, Va.-BOND OFFER1VO.-C. A
ing Aug. 1 1932,is provided, calculated to retire all bonds of Moore, CI,,rk-Treasurer. will reveler eetilerf bids unt I Mev 5 for $i10,000
.
May 1 1027 Due
this loan at or before maturity through purchase in the 5% school bonds. Dated 34 non 1941 to 1945.May 1 as follows:
2,000. 1932 to 1940 incl..
Incl., 15.000. 1946 to 1951.
market at not exceeding 100 and accrued interest or through Ind!. and $7.000 1952 to 1957, inn.
call by a lot at 100 and accrued interest after 30 days' notice.
BEECHWOOD, Cuyahoga County, 0.
-BOND SALE.-Tho $242,079.84 5% special tr smt. Street Impt. oonds offered on April 12-V. 124,
Further information regarding this loan may be found in P. 1715-were awarded to the
Trust
at a
our "Department of Current Events and Discussions" on of $4.697. e pial to 101.94. aGuardian abouten. of Cleveland Anrilpremium
,
basis of
4.60%. Dated
1 1927.
Denom. $1.000, excent one for 31.07914. Due Oct. 1 324,000, 1928 to
a preceding page.
1935 incl.: 125.000. 1936. and 125.079.84. 1937.
BELOIT UNION HIGH SCHOOL DISTRICT NO. 1, Rock County,
Wis.-PRICE P411)-The price paid for the 185.000 414.% school bond.
awarded to the Illinois Merehar ts Trust Co. of Chiener-V 124 P. 2486
was a premium of *1.335. mud to 1(11 .57. a basis of about 4.190/,., Date
()et. 11926. Due Feb. 1 as renews: 110.000, 1929 to 1933. incl., $15,000.
ABINGTON, Mass.
-TEMPORARY LOAN.
-The Old Colony Corp of 1934. and $10.000. 1936 and 1937
Boston, has purchased a $60.000 temporary loan on a 3.66% discount
BENNINGTON SCHOOL DISTRICT NO. 1 (P.O. Attica), Wyoming
County. N. Y.
-BOND OFFERING.
basis. Due Nov. 25 1927.
-Joseph F. Jones, School Trustee,
will receive sealed
-BOND SALE.
ADAMS, Berkshire County, Mass.
-The Old Colony Date May 2 1927.bids until 3 n. m. May 2 for $3,500 57, school bonds.
Denem. $200. except one for $100. Due May 1 as
Corp. of Boston has been awarded $53,000 4% Bridge, street and echool follows: $100. 1930. and 1200, 1991 to 1947, inclusive.
Principal and semibonds at I01.79
-a basis of about 3.76%. Date May 1 1927. Due serially annual interest payable at the Citizens' Bank. Attica, In New York exchange
1928 to 1945, Inclusive.
A certified check for 10% of the amount of the bonds is required.
-BOND SALE.
ADAMS COUNTY (P. 0. Decatur). Ind.
-The followBENTON COUNTY (P. 0. Vinton), lowa.-BOND SALE.
-The
ing two issues or 4 1 % bonds aggregating 313.300 offered on April 18-V. 3600.000 4%
4
.% road bonds offered
a
-were awarded to the Fletcher Sayings & Trust Co. of Indian- awardml to a syndicate composed of on April 21 (V. 124. p. 2326) were
124, p. 2326
Geo. M. Bechtel & Co., Davenport:
of about
equal
Mississippi Valley Trust Co.. and Kauffman, Smith & Co., both of St.
anti Nov.1 v 15blag ro
3.
9
ati l
.4 3 °*
1iFc1
c
VO7a2(3.
4 at
1 0 ro:,.Fr
1
Louis, at a premium of 46.101. eoual to 101.0168. Coupon bonds in
6.960 road bonds: Due $348; hilly and Nov. 15 1928 to 1937, incl.
denom. of 31.000. Date May 1 1927. Due serially May 1 1930 to 1941,
Date April 15. 1927.
inclush e. Interest payable M. & N.
ADAMS COUNTY SCHOOL DISTRICT NO. 9 (P. 0. Westminster),
Financial Statement.
Colo.
-PRE
-Boettcher & Co. of Denver, recently Assessed valuation of all taxable property, 1926
-ELECTION SALE.
$53, 80 34
828 0
6 :0 0
9
purchased an issue of $18,000 school bonds subject to the result of an Total bonded debt, including these bonds
election to be held on May 2.
Lees sinking fund
$19,334
ALABAMA (State of).
-BOND SALE.
-The 11.000.000 6th series Net bonded debt
808.666
Population, 1920 Census, 24.080.
harbor improvement gold bonds offered on April 23-V. 214. p. 2326
were awarded to the First National Bank of Montgomery as 43s at a
BIRMINGHAM, Jefferson
-BOND OFFERING.
-C.E.
premium of 332.200 equal to 103.22. a basis of about 4.06%. Dated Armstrong, City Comptroller, County, Ala.
will receive sealed bids until 12 m. May 17
May! 1927. Due $25,000 May 1. 1937 to 1976, inclusive.
for $300.000 4l%.4
4 , % or 5"i- public improvement bonds. Date
4
Financial statement
June 11927. Denom.$1,000. Due $30,000 June 1 1928 to 1937,incluslve.
Actual valuation of taxable property estimated)
$3,500,000,000 Principal and interest payable in gold at the Hanover National Bank,
Assessed Valuation, Inn
1,109,725,000 N.Y.e.. A certified check for 1% of the bid payable to the city is required.
Total Bonded Debt (i cll.:ling this issue)
34.758.000 Legality to be approved by Thomson, Wood & Hoffman. or N. C.
Ratio of bonded debt to assessed valuation approximately 3%%. PopuBLOOM,
NGTON SCHOOL DISTRICT, Monroe County, Ind.
lation, 1920 (U. S. Census). 2.347,295.
BOND OFFERING.
-Roy 0. Pike, Treasurer Board of School Trustees,
ALABAMA CITY, Etowah County, Ala.
-W.H. will receive sealed bids until 1 p. m. May 19 for $13,500 05% school
-BOND OFFERING.
Morton, City Clerk, will receive sealed bids until May 2 for $20.000 6% bonds. Date April 11927. Due annually in 2 to 14 years.
Principal and
assessment 'min. bus.
interest payable (J. & J.) at the Citizens' Loan & Trust Co., Bloomington.
ALACHUA COUNTY SPECIAL ROAD AND BRIDGE DISTRICT A certified check for 3500, payable to the Treasurer Board of School TrusNO.1(P. 0. Gainesville) Fla.
-BOND OFFERINO.-Robert C. Bowers. tees, is required.
Clerk Board of Bond Trustees, w,11 recenve sealed b,ds unt.1 10 a. m. May
BLUFFTON, Allen County, 0.
-BOND OFFERING.
-0. A. Stauffer,
23 for 1300.000 5%,511%. 5 %. 514% and 6% coupon road and bridge Village Clerk, wid receive sealed bids until 12 m. (eastern standard
time),
bonds. Dated Jan. 1, 1927. Denom. $1.000. Due Jan. 1 as follows: May 6, for $6,500 5% Main St. Imnt., village's portion
bonds.
$10.000 1941 to 1952. Incl., $80.000 1953 and 11.000 1954. Principal April 11927. Denom. $650. Due $650. Sept. 1 1928 to 1937 incl. Dated
Prin.
Interest (J. & J.) payable in gold in New York City. The bonds will and int., payable M.& S. at the Sinking Fund Trustees' office.
and
be prepared under the supervision of the United States Mortgage & Trust cheek for 10% of the bonds bid for payable to the Village A certified
Treasurer Is
Co.. N. Y. City, which will certify as to the genuineness of the signatures required.
of the County officials and the seal Impressed thereon. A certified check
BOSTON,Suffolk County, Mass.
for 3% of the bid payable to the above-named official required. Legality
-TEMPORARY LOAN.
-The Shawmut Corp. of Boston has been awarded a $2,500,030 temporary loan
to be approved by Thomson Wood & Hoffman. New York City.
on a
3.53% discount basis.
ALAMANCE COUNTY (P. 0. Graham) No. Caro.
-BOND OFFERBRENTWOOD SCHOOL DISTRICT (P. 0. St. Louis), Buchanan
INO.-13. M. Rogers. Clerk Board of County Commissioners, will receive
-The Mississippi Valley Trust Co. of
sealed bide until 210 p. m. May 2 for $250,000 not exceeding 5% coupon County, Mo.-BOND SALE.
funding bonds. Dated May 15, 1927. Denom. 31.000. Due May 15 St. Louis on April 20 was awarded an issue of $50,000 6% coupon schoot
as follows: 36.000. 1932 to 1940, incl.. 18.000, 1941 to 1952, incl. and bonds at 113.51-a basis of about 4.94%. Date May 1 1927. Denom.
$10.000 1953 to 1962, incl. Bidders to name the rate of interest in a $1,000. Due May 1 1947. Principal and interest (M. & N.) payable at
of 1% and must be the same for all bonds. Prin. and int. the above-named bank.
multiple of
(M.& N.)payable at the National Park Bank,New York City. A cert ified
BRIARCLIFF
Westchester County, N. Y.
-BOND OFFERcheck for 2% of the amount of bonds bid for payable to the Board of Com- ING.-Altred H.MANOR, Village Clerk, will
Pearson,
receive sealed bids until
missioners is required. Legality approved by Reed, Dougherty, Hoyt & 4 p. m. (daylight saving
time), May 11 for the following 2 issues of 43
,
5%
Washburn. New York City.
coupon or registered bonds aggregating $17,500:
-BOND OFFERING.
ALBANY COUNTY (P. 0. Albany), N. Y.
- $10,000 park bonds. Denom. $1,000. Due $1,000, April 1 1928 to 1937.
incl.
John E. Lavin, County Treasurer, will receive sealed bids until 12 m.
7.500 water bonds. Denom.$500. Due $500, April 1 1932 to 1946,incl.
(daylight saving time) May 10 for $80.000 4% coupon or registered refundDate April 11927. Prin. and int. payable A. & 0. in gold at the Guaring highway bonds. Date May 15 1927. Denom. $1,000. Due $4,000
May 15 1928 to 1947, inclusive. Principal and interest payable (M. & N.) anty Trust Co.. 5th Ave. branch, New York City. Legality will be approved by Clay. Dillon & Vandewater of New
certified
at the National City Bauk, New York City.
check for $500 patable to the village is required.York City. A
-BOND ELECTION.
AMARILLO, Potter County, Tex.
-An election
BRIDGEPORT, Fairfield County, Conn.
-BOND OFFERING.
will be held on May 28 for the purpose of voting on the question of issuing
Walter W. Garrity, City Comptroller, will receive sealed bids until 10 a. m.
various bonds aggregating 31,500.000.
May 4 for the following 3 issues of 4Y,% coupon or registered bond's aggreSCHOOL DISTRICT (P. 0. Anaconda) Deer Lodge gating $650,000:
ANACONDA
-An election will be held today $250.000 sewer construction, series D, bonds. Duo
-BOND ELECTION.
County Mont.
$8,000 1928 to 1947,
incl., and $9,000 1948 to 1957, incl.
(April 30) for the purpose of voting on the question of issuing $200,000
300,000 pavement, series F. bonds. Due $30,000 1928 to 1937, inel,
school bonds.
April 6. The law amends Section 10423,Compiled Statutes
o(1921, to read as follows:
BOND PROPOSALS AND NEGOTIATIONS
this week have been as follows:
APR. 30 1927.]
THE CHRONICLE
100,000 park. series A, bonds. Due $3,000 1928 to 1947, incl., and
$4,000 1918 to 1951. incl.
Date June 11927. Denom. $1.000. Principal and semi-annual interest,
payable in gold at the City Treasurer's office. Legalitywill be approved
by Ropes, Gray, Boyden & Peffiins. Boston. A certified check for 2%
of the face value of the bonds bid for, payable to the City Treasurer, is
required.
-BOND SALE.
-E. H
BRIDGEWATER, Plymouth County, Mass.
Rollins & Sons, Inc., of Boston. purchased on April 29, an issue of $75,000
311% coupon water bonds at 100.65 a basis of about 3.67%. Dated May
1928 to 1952 incl. Prin.
1 1927. Denom. $1,000. Due $3,000, May 1Bank of Boston.
Legality
and int.(M•& 8•), payable at the First National
to be approved by Ropes. Gray, Boyden & Perkins of Boston.
Financial Statement April 20 1927.
$5,342.860.53
Net valuation for year 1926
158362.20
Debt limit
599,750.00
Total gross debt including this issue
Exempted Debt:
$476.000
Water bonds
72,000 548,000.00
School bonds
$51.750 00
Net debt
BROOKHAVEN COMMON SCHOOL DISTRICT NO. 29 (P. 0.
-BOND AND CERTIFICATE
Suffolk County, N. Y.
Brookhaven),
-Campbell Forbes, District Clerk, will receive sealed bids
OFFERING.
until 12 no. April 30 (to-day) for the following two Issues of bonds and
certificates not exceeding 6%. aggregating $41,000:
$40,000 school building bonds. Denom. $500. Due $2,000 Feb. 1 1928
to 1947, inclusive.
1.000 certific.ates of indebtedness. Due March 1 1928.
Date Jun 1 1927. Principal and interest payable at the Bellport National Bank. Tieliport. in New York exchange.
-NOTE SALE.
-The $300,000
BROOKLINE, Norfolk County, Mass.
-were awarded to the H. C.
notes offered on April 25-V. 124, p. 2486
Co. of Boston on a 3.53% discount basis. Due Nov. 2 1927.
Grafton
-BOND OFFERING.
BROOKVILLE. Montgomery County, 0.
Frank Borden. Village Clerk, will receive sealed bids until 12 no.. May 7.
$20.000 5% water bonds. Dated April 1 1927. Denom. $1.000.
for
Due $1,000. Oct. 1 1928 to 1947 incl. A certified check for 5% of the
amount of bonds bid for payable to the Viliage Treasurer is required.
-BOND
BRUNSWICK COUNTY (P. 0. Southport), No. Caro.
-The following three issues of 51.1% bonds aggregating $445.000,
SALE.
-were awarded to a syndicate cornoffered on April 21-V. 124, p. 2327
ed of C. w. McNear & Co.. Chicago: Bray Bros. &Co.. Greensboro.
and A. T. Bell & Co. of Toledo:
$325.000 funding bonds. Due $13000 April 1 1943 to 1967. incl.
100,000 school bonds. Due $4.000 April 1 1933 to 1957, im 1.
. 20.000 road and bridge bonds. Due $1,000 April 1 1930 to 1949, Incl.
Date April 1 1927.
BUFFALO, Johnson County, Wyo.-BOND SALE.-Benwell & Co.
of Denver recently purchased an Issue of $29,000 411% refunding bonds at
par. Date Feb. 1 1927. Due Feb. 1 1957. Legality approved by Pershing, Nye. Tailmadge & Bosworth, of Denver.
BUTLER TOWNSHIP (P. 0. Zelienople) Butler County, N. Y.
-The Clerk Board of Supervisors will receive sealed
BOND OFFERING.
bids until 7 p. m. May 9 for $20.000 435% coupon road bonds. Denom.
$1.000. Due $I ,000 May 1 1930 to 1949. Incl. Prin. and semi-annual Int,
payable at the People's National Bank, Zellenople.
CALIFORNIA (State of).
-BOND OFFERING.
-Sealed bids will br
received by Charles G. Johnson, State Treasurer. until 2 p in. May 12 foe
$1,250.000 411% State buildings and State University buildings. Date
Jan. 2 1927. Delurn. $1,000. Due $250,000 Jan. 1 1932 to 1936, inclusive. Principal and interest payable in gold at the State Trea.surer's office.
A certified check for 1-10 of the amount of the par value of the bonds bid
for is required.
CAMERON COUNTY (P. 0. Brownsville), Tex.
-BOND SALE.
The $25.000 5% school bonds registered on April 8-V. 124, p. 2327
were awarded on April 20 to the State of Texas at par.
CAMBRIDGE, Middlesex County, Mass.
-LOAN OFFERING.
Henry F. Lohan, City Treasurer, will receive sealed bids urtil 12 in. May 2
for the purchase on a discount basis of a $500,000 tempoary loan. Date
May 3 1927.
CANON CITY, Fremont County, Colo.
-BOND SALE.
-Donald F.
Brown & Co. of Denver recently purchased an issue of $60,000 434%
municipal building bonds at par.
CAPE MAY,Cape May County, N. J-BOND SALE.
-M M.Freeman
& Co. of Philadelphia have purchased an issue of $40,000 51.4% tax title
bonds. Date Dec. 31 1026. Denora. $1.000 Due Dec. 31 1931. Principal and Interest payable J. & D. at the City Treasurer's office. Legality
approved by Calowell & Raymond, of New York City.
CAPE MAY, Cape May County, N. J.
-BOND OFFERING.
-T. Lee
Lemmon, Municipal Clerk, will receive sealed bids until 11 a. m. (daylight
saying time). May 10,for an Is.sue of434% water bonds not exceeding $120,000.
no more bonds to be awarded than will produce a premium of $1.0G0 over
$120,000. Dated June 1 1927. Denom. $500. Due $4.000, June 1 1928
to 1957, incl. A certified check for 2% of the amount of the bid payable
to the Municipal Treasurer is required.
CASS COUNTY (P. 0. Cassopolis), Mich.
-BOND DESCRIPTION.
The $74,970 6% road bonds reported sold to the Detroit Trust Co. of
Detroit at 101.38. V. 124, p. 2327, are described as follows: Dated
May 1 1927. Due May 1 1929 to 1937 incl.
CHARLOTTE, Mecklenburg County, No. Caro.
-BOND SALE.
The following 434% bonds, aggregating $600,000 offered on April 22V. 124, p. 2327-were awarded to a syndicate composed of the William R.
ourapton Co. and Curtis & Sanger, both of New York City and the Peoples
National Bank, Rock 11111, at a premium of $23,880, equal to 103.98, a
basis of about 4.144%:
$360.000 sewer bonds. Due May I as follows: $5.000, 1930 to 1935. Incl.,
$8.000. 1936 to 1945, incl.. $10.000. 1946 to 1957, incl., and
$12,000. 1958 to 1967, incl.
90,000 street widening and improvement bonds. Due May 1 as follows:
$20,000. 1929 and 1930; $25,000. 1930 and 1931: and $30.000.
1933 to 1937, Incl.
10.000 grade crossing eliminatIn bonds. D ue $1,000 May 1 1930 to
1939, incl.
Date May 1 1927.
Following is a complete list of bids:
BidderPremium.
Federal Commerce & Trust Co.,and W.F. Shaffner & Co
$21,639.20
Howe, Snow, Beetles, Inc
20,473.90
Stone and Webster & Biodget, Inc., and Guardian-Detroit Co.,
Inc
,058.87
Rutter & Co., and R. W. Pressprich & Co
19,699.00
Harris, Forbes & Co., and Wachovia Bank & Trust Co
18,714.00
National City Co
18.594.00
American Trust CO
18.540.06
Guaranty Co. of New York
18,528.00
First National Co. of Detroit
18,360.00
phew', Fenn & Co. and Eastman, Dillon & Co
17,634.00
Stephens Ss Co
17,374.00
Independence Trust Co
17,251.70
Stuart & Co., Inc., and Barr Bros. & Co.. Inc
Halsey,
16,602.00
Durfey & Marr, Bankers Trust Co., and E. H. Rollins & Sons_ 15.359.40
14,094.00
The Detroit Co., R. M. Schmidt & Co., and Russell P.
Lehman Bros.,and Merchants
Equitable Trust Co.of New York,
13,105.00
& Farmers National Bank
Eldredge & Co
11,348.00
10,030.00
Union National Bank
Financial Statement (As Officially Reported).
estimated
$164,000,000
Actual value,
123,070,295
Assessed valuation, /926
8,143,213
Net bonded debt
Population, present estimate. 76.030.
CHAPMANS (P. 0. Easton), Northampton County, Pa.
-BOND
-Joe George, Borough Secretary, will receive sealed bids
OFFERING.
until 7 p. m. May 16 for S10.525 434% coupon borough bonds. Denom.
19513; optional after Oct. 1 1936.
$100 except one for $25. Due Oct. 1
637
Prin. and int. (A. & 0.) payable at the First National Bank, Bath. A
certified check for 10% of the amount of the bid is required.
CHESTER COUNTY (P. 0. Henderson), Tenn.
-BOND BALD.An issue of $24.000 5% county road bonds was recently sold.
-BOND ELECTION.
CHICAGO, Cook County, Ill.
-On April 5 the
voters authorized the following 13 issues of 4% bonds, aggregating $20,490,000. The following table shows the votes for and against each issue.
Votes
Purpose.
For.
AmountAgainst.
486.895 140,635
$5,000,000 Chicago River Straightening
1.625,000 General bridge construction
472.138 141,163
3,700,000 Bridge at N. Wabash Ave
462.161 152,858
1,600,000 Widening of Twenty-second St
446.521 151,533
2.500,000 Widening of N. and S. Ashland Ave
452,390 144,441
250,000 Widening of Kimball Ave
439.793 147,022
2,000.000 Widening of N. and S. Western Ave
451,818 136,051
1,700,000 Extension and rehabilitation of street
Lighting
449,979 133,965
1.000,000 Playgrounds, parks and bathing beaches 464.098 129,520
500.000 Nurses' home
463.851 127,648
100.000 Widening of E. 103d Street
430.914 149,294
200,000 Street traffic control lights
451.1132 133,880
315,000 Widening of E.71st Street
427.328 145,674
CHILLICOTHE, Ross County, Ohio.
-BOND SALE.
-The $14,000
5% street improvement, city's portion bonds, offered on April 8 (V. 124.
p. 2021) were purchased by the Sinking Fund. Date March 1 1927. Due
Sept. 15 as follows: $4.000 1929 to 1930. incl., and $21000 1931.
-BOND ELECTION-An election will be held on
CHINOOK, Mont.
May 2 for the purpose of voting on the question of issuing $7,500 water
main bonds.
CHIPPEWA COUNTY(P.O.Chippewa Falls), Wis.-BOND SALE.
The $487.000 434% highway bonds offered on April 21-V. 124. p. 2020
were awarded to the Continental & Commercial Trust & Savings Bank,
Chicago. at a premium of $6.286 equal to 101.29, a basis of about 4.19%.
Due April I, as follows: $97.000. 1930: $105.000. 1931: $115.000. 1932:
$125.000, 1933 and 145,000. 1934.
CLAIRTON SCHOOL DISTRICT, Allegheny County, Pa.
-BOND
SALE.
-The $130,000 4 1
4% school bonds offered on April 25 (V. 124.
Freeman & Co. of Philadelphia at 103.15.
p.2174) were awarded to M. M.
CLALLAM COUNTY SCHOOL DISTRICT NO. 304 (P. 0. Port
Angeles) Wash.
-BOND SALE.
-The $30.000 school bonds offered on
April 21 (V. 124. p. 2486) were awarded to the First National Bank of
Port Angeles as 434s at a premium of $10. equal to 100.03.
CLAY TOWNSHIP SCHOOL DISTRICT (P. 0. South Bend), St.
Joseph County, Ind.
-BONDS NOT SOLO.
-We are now Informed
by Leo Van Ness, School Township Trustee, that the $17,850 434% school
building bonds offered on March 31-V. 124, p. 1716-were not sold.
The bonds will be reoffered on May 9.
CLEARWATER COUNTY (P.O. Bagley), Minn.
-BOND OFFERING.
-H. IC. Rude, County Auditor, will receive sealed bids untli 2 p. m. May
3 for $30,000 drainage bonds. A certified check for 2% of the bid required.
CLERMONT COUNTY (P. 0. Batavia) 0.-BOND OFFERING.B. L. Ketchum, County Auditor, will receive sealed bids until 12 m.
May 7 for $30,000 534% bridge bonds. Date May 11927. Denom. 21,000.
Due $3.000 Nov. 1 1927 to 1936, incl. ('rin. and int. payable (M. & N.)
at the County Treasurer's office. Legality will be approved by Peck,
Shaffer & Williams of Cincinnati. A certified check for 2% of the amount
of the bid, payable to the County is required.
CLIMAX AND CHARLESTON TOWNSHIPS FRACTIONAL
SCHOOL DISTRICT NO. 1 (P. 0. Climax) Kalamazoo County Mich.
-George W. Sinclair. Secretary. Board of Educa-BOND OFFERING.
tion. will receive sealed bids until 7 p. m. (Centro) stondorc; time) May 2
for $40000 434% school bonds. Dated May 15 1927. Denom. $1.000
and $500. Due $1.500 1928 to 1937 incl. and $2 500 1938 to 1947 incl.
Prin. and int. payable M. & N. at the District Treasurer's office. A certified check for $400 is required. Purchaser to furnish blank bonds and
legal opinion.
COLUMBUS, Franklin County, Ohio.
-NOTE OFFF,RTNO.-Harry
H. Turner, City Clerk, will receive sealed bids until 7 p. m. (Eastern
standard time) May 2 for $433.400 promissory notes. Date May 15 1827.
Denom. 13,400. Due Nov . 15 1928. Irtorest payable on Nov. 15 1927,
May 15 1928 and Nov. 15 1929. A certified check, payable to the City
Treasurer. for 1% of the amount offered, required. Bids tray be submitted subject to the approval of notes by bond atterneyS. Payment of
the notes to be made within 20 days from date of award.
CONNELLSV1LLE TOWNSHIP SCHOOL DISTRICT, Fayette
County. Pa.
-BOND OFFERING.
-F. W. Jones, Secretary. School District. will receive sealed bids until 7 p. m. May 16 for $15,000 5% coupon
school bonds. Dated June 11927. ...A. certified chock for $500 is required.
COOK COUNTY RIVER PARK DISTRICT (P. 0. Chicego) Cook
County, III.
-BOND SALE.
-The Northern Trust Co. of Chicago has
been awarded $100,000 4 Ji(% park bonds at 102.14.
COUNCIL BLUFFS, Pottawattamie County, Iowa.
-flown OFFER
ING.-Bertha C. Smith, City Treasurer, will receive smiled bids until 10
a. m. May 18 for $70,0004 %Coupon funding bonds. Dated March 1, 1927.
Denom. $1.000. Due March I, as follows: $5.000 1930 and 1931. $4,000
1932 to 1943 incl. and $3.000 1944 to 1947. incl. Prin. and Int. payable
at the City Treasurer's office. A certified cheek for $1,400 payable to the
above-named official is required. Legality approved by Chapman, Cutler
& Parker of Chicago.
COWLITZ COUNTY (P. 0. Kelso), Wash.
-WARRANT SALE.
The $150.000 7% Sewerage Impt. District No. 16 warrants offered on
April 19-V. 124, p. 2478
-were awarded to M.P. Pratt of Seattle at 93.
CRAWFORD COUNTY (P. 0. English), Ind.
-BOND OFFERING.
W. 0. Beals, County Treasurer, will receive sealed bids until 2 p. m. May
16 for $17,280 5% road bonds. Due semi-annually in 1 to 10 years.
CRAWFORD COUNTY (P. 0. Prairie du Chien), Wis.-BOND
.
OFFERING.
-Samuel Sletmark, County Clerk, will receive sealed bide
until May 17 for $93,000 5% highway improvement bonds. Date May 1
1927. Denom.$1,000. Due May 1 as follows: 140.000 1931 and $53,000
1932. Bids will be received for all or any part of the bonds and will be
opened 2 p. m. May 18. Principal and interest payable at the County
Treasurer's office. A certified cheek for 2% of the bonds offered, payable
to the County Treasurer, is required.
CROSS PLAINS, Callahan County, Tex.
-At an
-BONDS VOTED.
election held on April 18 the voters authorized the issuance of $30,000 street
improvement bonds by an approximate vote of 2 to 1.
CUYAHOGA COUNTY (P.O. Cleveland), Ohio.
-BOND OFFERING.
-Louis Simon, Clerk Board of County Commissioners. will receive sealed
bids until 11 a. m.(Eastern standard time) May 11 for the following 2 issues
of 434% sewer and water bonds aggregating $1.089.000:
$344.000 County Sewer District, sewerage Improvement bonds. Due
Oct. 1: $22.000 1928 and $23.000 1929 to 1942. incl.
744,000 County Sewer District, water supply improvement bonds. Due
Oct. 1: $74.000 1928 and 1929. $75.000 1930. $74,000 1931.
$75.000 1932, $74,000 1933 and 1934, $75,000 1935. $74,000 1936
and $75,000 1937.
Date May 1 1927. Denom. $1,000. A certified check for 1% of the
amount of bonds bid for, payable to the County Treasurer, Is required.
DALLAS COUNTY (P. 0. Dallas), Texas.
-WARRANT OFFERING.
-Charles E. Gross, County Auditor, will receive sealed bids until 10 a. m.
May 5 for $700,000 5% permanent inapt., hall of records warrants. Donom.
$1,000. Due serially, 1928 to 1947 incl. The warrants will be delivered
to the purchaser as construction progresses. A cashier's check, payable
to the County Auditor, is required.
-The United
-WARRANT SALE.
DALHART, Dallam County, Tex.
States Bond Co. of Denver recently purchased an issue of $75,000 511%
sewer extension warrants.
DECATUR COUNTY (P. 0. Greenburg), Ind.-130ND SALE.
The 19.000434%_ road bonds offered on April 26 (V. 124, p. 2487) were
awarded to J. F. Wild & Co. of Indianapolis at a premium of $227. equal
to 102.52, a basis of about 3.995%. Date May 15 1927. Due $450 May
and Nov. 15 1928 to 1937, incl.
2638
THE CHRONICLE
DELMAR(P.O. Delmar,Sussex County, Del.), Md.-BOND SALE.
The $100,000 5% coupon sewer bonds offered on April 20(V. 124, p. 2021)
were awarded to Walter, Woody & Heimerdinger of Cincinnati at a
premium of $500. equal to 100.50. a basis of about 4.96%. Date May 1
1927. Due May 1: $1,000 1931 to 1935. Incl.: $2.000 1936 to 1939, incl.:
$3.000 1940 to 1943, incl.; $4,000 1944 to 1047, incl.: $5.000 1948 to 1951,
incl.: 16.000 1952 to 1955, incl.: 37.000 1956. and $8,000 1957.
DEL MAR UNION SCHOOL DISTRICT (P. 0. Santa Barbara),
Santa Barbara County, Calif.
-The Elmer J. Kennedy
-BOND SALE.
Co. of Los Angeles purchased on April 18 an issue of $19,000 534% school
bonds at 103.17.
-Walter
DENTON, Caroline County, Md.-BOND OFFERING.
Sparklin, Clerk Board of Commissioners, will receive sealed bids until
May 2 for 112.000 4 % street and public improvement bonds. Denom.
$1.000.
-BOND OFFERING.
DENTON, Davidson County, No. Caro.
Sealed bids will be received by the Town Clerk until May 3 for $15,000
6% street improvement bonds.
-An election
DENVER, Denver County, Colo.
-BOND ELECTION.
will be held May 17 for the purpose of voting on the question of issuing
113,924.000 refunding bonds.
-BOND
DES PLAINES PARK DISTRICT, Cook County, Ill.
DESCRIPTION.
-The $29,000 5% park bonds reported sold to T. A.
-are described as
Worley & Co. of Chicago, at 101.52-V. 124. p. 2328
follows: Denom. $1,000. Due serially. 1929 to 1939 incl. Int. payable
J. & J. The bonds are coupon bonds.
-FINANCIAL STATE JENT.
DILLON, Dillon County, So. Caro.
-The following financial statement is of interest in connection with the
Issuance of the $100.000 5%% street impt. and storm sewer bonds awarded
to the South Carolina National Bank at 100.925. a basis of about 5.41%
( • 124. p. 1717).
Financial Statement.
$7,000,000
Actual values
895,000
Assessed values. 1925
310.000
Total bonded debt (including this issue)
J0,200
Less sinking fund, $16,200; waterworks bonds, $74,000
[VOL. 124.
-The
-BOND SALE.
ERIE COUNTY r(P.50. Sandusky), Ohio.
1
-were
$17,000 5% road impt. bonds offered on Apri 21-V. 124. p. 2175
awarded to the Herrick Co. of Cleveland at a premium of 3403, equal to
102.37, a basis of about 4.44%. Date May 12 1926. Due May 12 as
follows: $2,000, 1928 to 1934 incl., and $1.000. 1935 to 1937 incl.
Other bidders were:
Price Bid.
Btdders$1177:430883
e
The Guardian Trust Co
The Herrick Co
17,367
Goetz & Moerlein
17,357
Provident Savings Bank & Trust Co
a
17,308
Se songood & Mayer
(11.7:3060
A. E. Aub & Co
ERIN AND LAKE TOWNSHIPS SCHOOL DISTRICT NO. It
-BOND OFFERING.
Detroit, Sub Station 111), Wayne County, Mich.
-0. A. Hindelang, Secretary Board of Education, will receive sealed bids
until 8 p. in. (Eastern standard time). May 6 for $225.000 not exceeding
43% school bonds. Date May 1 1927. Denom. $1,000. Due May 1
as follows: $5.000, 1928 to 1934. incl.: $7.000, 1935 to 1939, incl. ;$8,000,
1940 to 1946, incl. and $9,000, 1947 to 1957, incl. A certified check for
$3,000 is required. Purchaser to furnish blank bonds and legal opinion.
ESSEX COUNTY (P. 0. Salem), Mass.
-NOTE OFFERINO.-The
County Treasurer will receive sealed bids until 11 a. in. May 3 for the following 2 issues of notes. aggregating $62,000:
$12.000 East Saugus bridge notes. Due Feb. 1 1928.
50,000 tuberculosis hospital maintenance notes. Due April 15 1928.
FAIRVIEW (P. 0. North Olmstead), Cuyahoga County, Ohio.
-The following 13 issues of 5% coupon special assessment
BOND SALE.
bonds aggregating $79,675 were awarded to Geo. W. York & Co. of Cleveland on April 25 at a premium of $1,012, equal to 101.2%:
$14,150 West 196th St. sewer bonds. Denom. $1,000, $500 and one for
$150. Due Oct. 1: $1.150. 1928; $1.500. 1929 to 1936, inct. and
$1.000. 1937.
10.475 Wooster Ave. sewer bonds. Denom. $1.000. $275 and one for
$200. Due Oct. 1: $1.275. 1928; $1.000. 1929 to 1936, incl. and
$1,200. 1937.
9,100 West 212th St. sewer bonds. Denom.$900, except one for $1.000.
Due Oct. 1. $900, 1928 to 1936. incl. and $1.000. 1937.
7.550 Elmore Road sewer bonds. Denom. $750, except one for $800.
$219,800
Net debt
Due Oct. 1: $800, 1928 and $750, 1929 to 1937, incl.
Estimated population, 2,600.
5,050 Belvidere Ave. sidewalk bonds. Denom. $1,000, except one for
-W. B. Rae,
-BOND OFFERING.
$50. Due Oct. 1: $1,050. 1928 and $1,000, 1929 to 1932, incl.
DILWOTH, Clay County, Minn.
3,725 West 223d St. sidewalk bonds. Denom.$750, except one for $725.
Village Clerk, will receive sealed bids until 11 a. in. May 4 for $12.000 not
Due Oct. 1: $725. 1928 and $750. 1929 to 1932, incl.
exceeding 6% funding bonds. Denom. $1,000.
3.700 Clifford Ave. sewer bonds. Denom. $400 and $300. Due Oct. 1:
DUANESBURG CENTRAL RURAL SCHOOL DISTRICT NO. 4
$400. 1928; $300. 1929: $400. 1930 to 1932, incl.: $300. 1933;
-BOND OFFERING.
(P. 0. Mariaville) Schenectady County, N. Y.
3400, 1934 and 1935: $300. 1936 and $400, 1937.
Arthur Potterson, President Board of Education, will receive sealed bids
3,125 West 220th St. sidewalk bonds. Denom. 3600. $700 and one for
until 1 p. in. May 5 for $30.050 434% school bonds. Date June 11927.
$625. Due Oct. 1: 3625. 1928:1600. 1929 to 1931, incl., and $700
Nov. 1 1929 to 1958. incl. Prin. and semiDenom. $1,000. Due $1,000
1932.
annual int, payable at the Schenectady Trust Co., Schenectady, in New
2,950 West 217th St. sidewalk bonds. Denom. $700. $500 and one for
York exchange. A certified check for 10% is required.
$450. Due Oct. 1* 3450. 1928;$700, 1929; 3500, 1930;$700, 1931.
and $500. 1932.
DU PAGE SCHOOL DISTRICT NO. 99 (P. 0. Downers Grove),
2,525 West 21gth St. sidewalk bonds. Denom. MO. except one for
-The
-PURCHASER.
Du Page County, III.
-BOND DESCRIPTION.
3525. Due 0.1. 1: 3525, 1928 and 3500. 1929 to 1932, incl.
bonds referred to in V. 124, p. 1717. was
purchaser of the $150.000 school
1.850 Eastwood Ai- . water main bonds. Denom. $200, $150 and one
the H. C. Spier Co. of Chicago. The bonds bear interest at the rate of
$100. Du. ct. 1: $150, 1920; 3200, 1929 to 1936. incl. and
• % and were sold at 101. Dated March 15 1927. Coupon bonds in
1933 to 1946 incl. Interest
denomination of $1,000. Due serially Sept. 1
>iort
1,700 $1 OOliri,
Ave. sidewalk bonds.Denom. $400 and $300. Due
payable M. & S.
Oct. 1: 3300, 1928; 5400. 1929; $300, 1930; $400. 1931 and $300.
-Little, Wooten
1932.
-BOND SALE.
DYERSBURG, Dyer County, Tenn.
13,775 improvement bonds.
& Co. of Jackson have purchased an issue of $25.000 public schools gymDate April 1 1927.
nasium bonds at a premium of $2,500, equal to 110.
-The MetacoFALL RIVER, Bristol County, Mass.
-BOND SALE.
EAST BAY MUNICIPAL UTILITY DISTRICT (P. 0. Oakland),
-John H. Kimball, Sec. inept National Bank of Fall River purchased on April 29 the following four
Alameda County, Calif.
-BOND OFFERING.
Board of Directors, will receive sealed bids until 5:30 p. in. May 19 for issues of 47 registered bonds, aggregating 3600.000. at 101.20, a basis of
$2,000.000 water bonds. Denom. $1.000. Due $50.000 Jan. 1 1935 to about 3.81
1974 Incl. The validity of the bonds has been established by final judgment $200,000 h ghway bonds. Due $40,000, 1928 to 1932 hid.
200,000 public improvement bonds. Due $20,000, 1928 to 1937 Ind.
of the State Supreme Court.
100.000 sewer bonds. Due May 1 as follows: $4,000, 1928 to 1947 incl..
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
and $2.000, 1948 to 1957 incl.
-The $55,000
-BOND SALE.
Tuckahoe), Westchester County, N. Y.
100,000 water simply bonds. Due May 1 as follows: 54.000. 1928 to
awarded to the
-were
school bonds offered on April 20-V. 124. p. 2328
1947 incl., and 32,000, 1948 to 1957 incl.
First National Bank & Trust Co. of Tuckahoe as 44s at 101.18, a basis
Dated May 1 1927. Purchaser agreed to furnish legal opinion as to
of about 4.15%. Date April 1 1927. Denom. 31,000. Due April 1 as legality,
follows: $2,000. 1932 to 1951 Inc,.; $3.000, 1952 to 1956 inc
-The
-BONDS OFFERED.
FALMOUTH, Barnstable County, Mass.
EAST CLEVELAND SCHOOL DISTRICT, Cuyahoga County, Ohio. Town Treasurer received sealed bids on April 29 for $135.000 4% water
-BOND SALE.
-The 3125,000 4%% coupon school bonds offered on bonds. Date May 1 1927. Due serially 1928 to 1946. inclusive.
April 18(V. 124. p. 1873) were awarded to W. L. Slayton dz Co. of Toledo
-The
-BOND SALE.
FAYETTE COUNTY (P. 0. Uniontown), Pa.
at a premium of $5,735 equal to 104.58. a basis of about 4.21%. Date $500,000 4%% highway bonds offered on April 22-V. 124. p. 2328
April 1 1926. Due Oct. 1 as follows: 35.000. 1927 to 1939 incl., and $6,000, were awarded to the Union Trust Co.of Pittsburgh a'; a premium of $22,935.
1940 to 1949 incl. Other bidders were:
Price Bid. equal co 104.58, a basis of about 3.85%. Date April 1 1927. Due April
Bidders$130,707.00 1 1942.
Guardian Trust Co
130,528.00
-BOND SALE.
FAYETTE COUNTY (P. 0. Somerville), Tenn.
Braun, Bosworth & Co
130,526.00 An issue of $60,000 county bonds was recently sold.
Detroit Trust Co
130,508.34
A. B. Leach & Co
FLOYD COUNTY (P. 0. Prestonburg) Ky.-BOND SALE.
-The
130,415.00
Stranahan, liarris & Oatis
130,389.00 Provident Savings Bank & Trust Co. of Cincinnati recently purchased an
The Herrick Company
130,357.50 Issue of 3118.0005% road and bridge bonds. Date April 11927. Denom.
Stevenson, Perry. Stacy Co
$1,000. Due April 1 as follows: $5.000 1941, 310.000 1943 and 1945,
-BOND OFFER- $15,000 1947, 1949 and 1951. 317,000 1953, $18,000 1955 and 513,000 1957.
EAST LIVERPOOL, Columbiana County, Ohio.
-W. M. McGraw, City Auditor, will receive sealed bids until 12 m. Principal and interest (A. dz 0.) payable at the Hanover National Bank,
ING.
(Eastc,m standard time) May 6 for $10,725 5% coupon street improvement N. Y. City. Legality approved by Chapman, Cutler & Parker of Chicago.
city's portion bonds. Dated May 15 1927. Denom.$1,000 except one for
-BOND SALE.
-The following two issues of bonds
FORDSON, Mich.
$1,725. Due Sept. 1 as follows: $1,725, 1928, and $1.000. 1929 to 1937
offered
incl. A certified check for 2% of the amount of bonds bid for, payable to aggregating $390,000, & Oatison April 12 (V. 124. p. 2175) were awarded
of Detroit at a premium of $4,380, equal
to Stranahan, Harris
the City Treasurer, is required.
to 101.12:
- $145,000 sewer bonds.
EAST PATERSON SCHOOL DISTRICT, Bergen County, N. J.
BOND OFFERING.
-Peter Halsted, District Clerk, will receive sealed
245,000 grade separation bonds.
issue of 5% coupon
bids until 8 p. m.(daylight saving time) May 12 for an
FORSYTH COUNTY (P. 0. Winston-Salem), No. Caro.
-BOND
or registerea school bonds not exceeding $72.000, no more bonds to be
-J. M. Lentz, Clerk Board of County Commissioners, will
awarded than will produce a premum of $1,000 over 172.000. Dated OFFERING.
receive sealed bids until 10:30 a. in. June 6 for 3370.000 not exceeding 6%
May 1 1927. Denom. $1,000 and $500. Due May 1 as follows: 33.000,
and bridge bonds. Dated May 1 1927. Denom. 51.000.
1928 to 1942 incl.: $2,000, 1943 to 1954 incl., and 33.000. 1955. Prin. and coupon road as
follows: 310.000.
int. payable M.& N. at the Second National Bank,Paterson. A certified Due May 1, Prin. and int.(M.& 1928 to 1947 incl., and 317.000, 1948
N.). payable In gold in New York City.
to 1957,incl.
check for 2% of the amount of bonds bid for. payab.e to the Board of EduInterest rate to be in multiples of % of 1% and must be the same for all
cation, Is required.
bonds. A certified check for 2% of the bid, payable to the County, is
EBENEZER RURAL SCHOOL DISTRICT (P. 0. Dayton, R. F. D. required. Legality approved by Reed, Dougherty, Hoyt & Washburn of
-The $22,500 534% New York City.
No. 5), Montgomery County, Ohio.
-BOND SALE.
coupon school 'ponds offered on April 20(V. 124, p 2328) were awarded to
-BONDS VOTED-At a recent election
FORT ATKINSON, Iowa.
the Herrick Co. of Cleveland at a premium of 4;1,189. equal to 100.84.
a basis of about 5.37%. Dated April 11926. Denom.$500. Due $1,500 the voters authorized the issuance of $5,000 town hall addition bonds.
t. 1 1927 to 1941 incl. Other bidders were:
FRAMINGHAM, Middlesex County, Mass.
-LOAN
Price Bid. John P. Dunn,Town Treasurer, will receive sealed bids until OFFERING. 3
idders11 a. m. May
$23,651.00 for the purchase on a discount basis of a 5300,000 temporary loan. Denom.
Well. Roth & Irving
23,593.00 *50.000. Due 3150,000 Nov. 15 and Dec. 9 1927.
Seasongood & Mayer
23,584.00
Ryan, Sutherland St Co
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
-BOND SALE.
23,659.00
W. L. Slayton St Co
23,667.75 The following seven issues of 4%% bonds aggregating $176.760 offered on
Stranahan, Harris & Oatis
-were awarded to W. L. Slayton & Co. of Toledo,
23.640.00 April 27-V. 124, p. 2328
A. E. Aub & Co
23,493.00 on their total premium bid of $4,400, equal to 102.47,a basis of about 0.00%:
Otis & Co
Minerva Lake Road bonds. Denom.
$590.
EL DORADO IRRIGATION DISTRICT (P. 0. Placerville), El $71.590 Due $3,590. May 1 1928; 34,000, Nov. $1,000 and one for 1 and
1-928: $3,000, May
-BOND SALE.
-Alvin H. Frank St Co. of Los
Dorado County, Calif.
$4,000 Nov. 1 1929 to 1936, inclusive. and $4,000 May 1 and
Angeles and J. It. Mason & Co. of San Francisco, jointly, purchased an
Nov. 11937.
Issue of $1,000000 6% irrigation bonds. Date March 1 1927. Denom.
34.680 Cooke Ave. Road bonds. Denom. $1,000 and one for $680. Due
11.000. Due Jan. 1 as follows: $20,000, 1948 and 1949: ;30.000, 1950
$1,680 May 1 1928. 32.000 Nov. 11928. 31.000 May 1 and 32,000
$40.000, 1952 to 1955. incl.; 350.000, 1956 to 1959,Incl.: $60,000,
and 1951;
Nov. 1 1929 to 1933, inclusive. and $2,000 May 1 and Nov. 1 1934
1960 to 1963, incl.; $70,000. 1964 and 1695, and 380.000. 1966 and 1967.
to 1937, Inclusive.
Principal and interest (J. & J.), payable at the District Treasurer's office.
23.850 Olentangy Boulevard No. 2 Road bonds. Denom. $1,000 and
Goodfellow, Eel's & Orrick of San Francisco.
Legality approved by
one for $850. Due $1,000 May.and Nov. 1-1928 to 1933. inclusive;
Financial Statement, Officially Reported.
11,000 May 1 and $2,000 Nov. 1 1934 to 1936. inclusive; $1,000
$3.310,613
May 11937 and $1,850 Nev. 1-1937.
As▪ sessed value of all property in the district
7.000,000
17.040 Harding Road No. 2 bonds. Denom. $850 and one for $890.
in the district
Estimated value of all property
Due Nov. 1 as follows: $850, 1928 to 1936, inclusive, and $890.
1,000,000
Total bonds outstanding
$50.00
1937.
Average debt per irrigable acre
13,420 Edgewood Ave. Road bonds. Denom. $1,000 and one for $420.
9.00
Average annual charge per acre
Due Nov. 1 as follows:$1,420. 1928;$I.000, 1929 to 1934.inclusive.
950
number of landowners
Total
and 32,000, 1935 to 1937, inclusive
450
Total number offarms
9,950 Virginialle Road bonds. Denom. $1,000 and one for $950 Due
4,000
Population
Nov. 1 as follows: 3950. 1928, and 1.000. 1929 to 1937. Inclusive.
acres; irrigable area, 20,000 acres.
Total area of district. 30,000
APR. 30 1927.]
THE CHRONICLE
6,230 Denver Ave. Road bonds. Denom.$350 and one for $280. Due
as follows: $280 May 1 1928. $350 Nov. 1 1928, and $350 May 1
and Nov. 1 1929 to 1936, inclusive.
Date May 1 1927. The successful bid was on an "all or none" basis.
The following table shows the individual premiums offered for each issue:
Premiums.
Premiums.I
$1,933 Harding No. 2 Road
Minerva Lake Road
1.071
7 ooke Ave. Road
Denver Ave. Road
422101engangy Boulevard No. 2__ 648
Edgewood Road
2711
Virginialle Road
-BOND SALE.
FREEBORN COUNTY (P. 0. Albert Lea), Minn.
The 522.500 public drainage ditch bonds offered on April6(V. 124, p. 1874)
were awarded to the First National Bank of Albert Lea as 4 Ms.
-The following
-BOND SALE.
FREEPORT, Nassau County, N. Y.
3issues of coupon bonds, aggregating $320,000, offered on April 25(V. 124.
p. 2329), were awarded to H. L. Allen & Co. and Stephens. & Co., both of
New York,jointly, as 44s. at 101.36. a basis of about 104%:
$10,000 incinerator bonds. Due $5,000 May 1 1928 to 1947 incl.
20,000 water main bonds. Due $1,000 May 1 1932 to 1951 incl.
200,000 street 'rapt. bonds. Due $10,000 May 1 1928 to 1947 incl.
dated May 1 1927.
Financial Statement.
$15,345,940.40
Assessed valuation (1926)
1,338,650.00
Total bonded debt (including this issue)
$123,000.00
Less: Water bonds
1,215,650.00
Net bonded debt
Population (1920 Census), 8.599; 1927 (estimated), 15,000.
FRESNO HIGH SCHOOL DISTRICT (P. 0. Fresno),FresnoCounty
-The $500,000 5% school bonds offered on April
-BOND SALE.
Calif.
-were awarded to the Anglo Californian Trust Co.
22-V. 124. p. 2329
Dean Witter & Co. both of San Francisco, Jointly, at 101.537. Due
and
serially 1940 to 1952 incl.
FULTON TOWNSHIP CENTRALIZED SCHOOL DISTRICT (P. 0.
-The $73,500 5%
-BOND SALE.
Swanton), Fulton County, Ohio.
coupon school bonds offered on April 22 (V. 124. p. 2488) were awarded
to Braun, Bosworth & Co. of Toledo. Date Feb. 15 1927.
-BOND SALE.
GARVIN COUNTY (P. 0. Paula Valley), Okla.
M. E. Trapp of Oklahoma City recently purchased an issue of $720,000
K
county road bonds as 4, s at a premium of $350, equal to 100.04.
-BOND
GEORGETOWN COUNTY (P. 0. Georgetown), So. Caro.
-The Peoples Securities Co. of Charleston recently purchased an
SALE.
% funding bonds.
issue of $75.000
-BOND SALE.
-The
GIBSON COUNTY (P. 0. Princeton), Ind.
% coupon road bonds offreed on April 26 (V. 124. p. 2488)
$17.200
-American National Bank of Princeton at a
were awarded to the Peoples
premium of $435. equal to 102.46. a basis of about 4.00%. Dated April 15
1927. Due $860 May and Nov. 1, 1928 to 1937 incl.
-BOND SALE.
-The $7,100
GIRARD, Trumbull County, Ohio.
01% West Wilson Ave. improvement special assessment bonds, offered
on April 4 (V. 124, p. 1717) were awarded to the Providence Savings Bank
& Trust Co. of Cincinnati. Date Jan. 1 1927. Due Oct. 1 as follows:
$1,250 1928 and $650 1929 to 1937, inclusive.
-The Guardian
GIRARD, Trumbull County, Ohio.
-BOND SALE.
Trust Co. of Cleveland has been awarded the following 2 issues of 5%%
aggregating $12,000, at 102.67:
bonds,
$7,000 city building improvement bonds.
5,000 water works improvement bonds.
-BOND OFFERGLOUCESTER COUNTY (P. 0. Woodbury), N. J.
-Chester N. Steelman, Clerk Board of Chosen Freeholders, will reING.
ceive sealed bids utnil 9 a. m.(Eastern standard time) May 17 for an issue
of 43(% coupon or registered road bonds nto exceeding $308.000. no more
bonds to be awarded than will produce a premium of $1,000 over $308,000.
Dated June 25 1927. Denom. $1,000. Due June 25 as follows: $21,000,
1928 to 1941 incl., and $14.000, 1942. Prin. and int. payable J. & D.at the
First National Bank & Trust Co., Woodbury. A certified check for 2%
of the amount bid, payable to the county, is required.
2639
-BOND
HENNESSEY SCHOOL NO. 10,Kingfisher County, Okla.
OFFERING.
-Charles K. Stotler. President Board of Education, will receive sealed bids until 7:30 p. m.May 3 for $50.000 not exceeding 5% school
bonds. Due as follows: $3,000, 1930 to 1945
and 82.000. 1.946. A
certified check for 2% of the bid is required.
HERKIMER COMMON SCHOOL DISTRICT NO. 2, Herkimer
County, N. Y.
-BOND SALE.
-The First National Bank of Herkimer
has been awarded $30,000 4'A% school bonds, at 103.70.
HIDALGO COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 6 (P. 0. Missiom). Tex.
-BOND OFFERING.
-Sealed
bids will be received by the President Board of Directors until 2 la• m•
May 7 for $50,000 6% coupon water bonds. Date April 1 1927. Denom.
$500. Due $12,500, April 1 in each of the years 1930. 1932. 1934 and
1937. Principal and interest payable at the Seaboard National Bank,
New York City. A certified check for 2% of the bid is required. Although
the District will not agree to obtain and furnish or pay for a legal opinion,
the attorneys for the proposed purchaser will be extended all co-operation
to examine the record of this bond issue.
HIGHLANDS, Macon County, No. Caro.
-BOND SALE.
-Bruce
Craven of Trinity purchased on April 21 an issue of$15,0006% water bonds
at a premium of $325, equal to 102.16, a basis of about 5.76%. Date
April 1 1927. Denom. $500. Due $500. 1930 to 1939. incl., and $1.000.
1940 to 1949, incl. Principal and interest payable in N. Y. City.
HILLSBOROUGH COUNTY (P. 0. Manchester), N. H.
-TEM-The Merch- nts National Bank,has purchased a $200,000
PORARY LOAN.
temporary loan due Dec. 12 1927, on a 3.79% discount basis.
HOLYOKE, Hampden County, Mass.
-BONDS OFFERED.
-Pierre
Bouvouloir, received sealed bids until April 29 for $220,000 35f% coupon
or registered highway bonds. Date April 1 1927. Denom, 451,000. Eine
$22,000 April 1 1928 to 1937, incl. Prin. and int. payable (A. & 0.) in
gold at the Merchants' National Bank, Boston. Legality to be approved
by Storey, Thorndike, Palmer & Dodge of Boston,
Financial Statement April 1 1927.
Net valuation 1926
$116,924,510
Debt limit
2,882,818
Total gross debt
4.273.000
Exempted Debt
$170,000
Hampden County Memorial Bridge
105,000
School and police building
75,000
Playgrounds
183.000
Holyoke and Westfield RR
593,000
Water debt
1,149,000
Gas and Electric light debt
2.284.000
Net debt
$1,989.000
HUBBARD SCHOOL DISTRICT, Trumbull County, Ohio.
BOND SALE.
-The $160 000 4U% school bonds offered on April 23
-were awarded to Stevenson Perry. Stacy & CO. Of
-V. 124 p. 2329
Chicago at a premium of $5,104, equal to 103.19, a basis of about 4.38%•
Date Jan. 1 1927. Due $3.000 Auril and Oct. I 1928 to 1931 incl., and
$4,000 April and Oct. 1 1932 to 1948 incl.
HUDSON TOWNSHIP RURAL SCHOOL DISTRICT, Summit
-BOND OFFERING.
-B. S. Sanford, Clerk Board of EducaCounty, 0.
tion, will receive sealed bids until 12 m.(eastern standard time), May 10,
for $200,000 5% fireproof high school building bonds. Date April 1 1927.
Denom.$4.000. Due $4,000 April and Oct. 1 1928 to 1952 incl. Prin. and
int. payable A.& 0.at the National Bank of Hudson,Hudson. A certified
check for 5% of the bid payable to the Board of Education is required.
The above supersedes the report given in V. 124. p. 2488.
-BOND SALE.
-The $6.000,000 4% coupon
ILLINOIS (State of).
a
;k4iseys
highway bonds offered on April 20=V:. 124. p 2329wreawad1
Halsey. Stuart
First
3o
Co.. rzt
tatioRedmond
t Kinnicua
t,
.:
rarn ng141e
sl
ln iTreZ
& Co., A. G. Becker & Co.. R. W.Pressprich & Co., Phelps, Fenn & Co.,
Salomon Bros. & Hutzler and Gibson, Leefe & Co., all of New York; the
Bankers' Trust Co.,the Equitable Trust Co.,Estabrook & Co.and Remick,
Hodges & Co., all of New York: R.L. Day & Co. of Boston, Ames, Emerich
GOODMAN CONSOLIDATED SCHOOL DISTRICT, McDonald & Co., Eldredge & Co. and the Detroit Co., all of New York, the First
-Stern Bros. & Co. of Kansas City recently National Co. of Detroit, the Northern Trust Co. of Chicago, the Guardian
County, Mo.-BOND SALE.
Detroit Co., and Hannahs, Bain & Lee, both of New York, the Union
purchased an issue of $6,0005% school bonds.
Trust Co. of Chicago, the Mississippi Valley Trust Co. and the Federal
GRANT COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Silver City), Commerce Trust Co., both of St. Louis and Minton, and Lampert & Co.
-Robert H. Boulware. County Treasurer, of Chicago, at 101.611, a basis of about 3.90%. Date May 1 1927. Due
N. Mex.-BOND OFFERING.
will receive sealed bids until 2 p. m. June 3 for $60,000 not exceeding 6% 8500,000 May 1 1945 to 1956 incl. The syndicate is now offering the bonds
school bonds. Date June 15 1927. Denom.$1,000. Due $4,000, June 15 to the public at 102.50, to yield about 3.85%•
1932 to 1946, incl. Prin. and int. payable at the State Treasurer's office
Financial Statement (As Officially Reported).
or at the Hanover National Bank, N. Y. City. A certified check for 5% Assessed valuation as fixed by State Tax Commission, 1925-88.389.538.834
of the bid, payable to the above-named official, is required. These are Assessed valuation equalized for purpose of taxation, 1925- 4.194.769.417
137,212.500
the bonds mentioned in V. 124. p. 2488, wherein the amuont offered was Total bonded debt, including this issue
erroneously reported to be $50,000. 81
Population, 1920 Census, 6,485,280.
-BOND SALE.
INDIAN RIVER COUNTY (P. 0. Vero Beach), Fla.
GREEN COUNTY (P. 0. Bloomfield), Ind.
-BONDS OFFERED.
Henry uoilison County Treasurer received sealed hies until A rril 29 -The $75,000 6% bridge bonds offered on March 19-V.124. p.1251
have since been sold.
for $6 500 5% road bonds.pi Due semi-annually in 1 to 10 years.
State
IOWA (State of).
-WARRANT SALE.
GREENLEAF SCHOOL DISTRICT (P. 0. San Bernardino), San sinking fund anticipating warrants offered -The 83.500.000 4% 2489)
on April 25 (V. 124. P•
Bernardino County, Calif.
-BOND OFFERING.
-Harry L. Allison.
Clerk Board of Supervisors, will receive sealed bids until 11 a. m. May 2 for were awarded to various banks, bankers and trust companies throughout
4,000 555% school bonds. Date Jan. 1 1927. Denom. $1,000. Due the State.
1,000, June 1 1928 to 1941, incl. Prin. and int. (J. & D.) payable at the
IRON RIVER TOWNSHIP SCHOOL DISTRICT (P. 0. Iron River,
County Treasurer's office. A certified check for 5% of the par value of Box 396) Iron County, Mich.
-BOND SALE.
-The 9250.000 school
the bonds bid for is required.
bonds offered on April 25 (V. 124, p. 2489) were awarded to the First
of Iron River,
a premium of 84.515, equal
GREEN RURAL SCHOOL DISTRICT (P. 0. Greenford), Mahon- Miner's State Bank about 4.51%. as 4UB, at 11927. Denom. El.000 and
Date May
big County., Ohio.
-BOND SALE.
-The 270.000 4X % school bonds to 101.80. a basis of
offered on April 16 (V. 124. p. 2329) were awarded to the Guardian Trust $500. Due May 1 as follows: $15,000. 1929 to 1944. incl.. and $10,000.
Co. of Cleveland at a premium of $896, equal to 101.28. a basis of about 1945.
-CERTIFICATES
4.54%. Dated May 1 1927. Due $2,500 April and Oct. 1, 1928 to 1941
JACKSON COUNTY (P. 0. Jackson), Minn.
inclusive.
OFFERED.
-Sealed bids were received on April 29 by J. A. Strand. City
Clerk, for $40,000 5% certificates of indebtedness.
HADDONFIELD SCHOOL DISTRICT, Camden County, N. J.JACKSON COUNTY (P.O. Pascagoula), Miss.
-BOND OFFERING.
-The $60,000
BOND SALE.
% school bonds offered on April 21-were awarded to Rufus Waples & Co. of Philadelphia at a -Sealed bids will be received by the Clerk Board of Supervisiors until
V. 124. p. 2175
premium of $696, equal to 101.16. a basis of about 4.50%. Due $6,000. May 2 for 5100.000 bridge bonds. Due serially.
Feb. 15 1928 to 1937, incl.
-NO BIDS.
-There were no bids
JASPER, Hamilton County, Fla.
HAMILTON COUNTY (P.O. Noblesville), Ind.
-BOND OFFERING. received for the $26,000 local improvement bonds offered on April 25-T. E. Setters. County Treasurer, will receive sealed bids until 10 a. m. V. 124, p. 2023.
May 10 for $5,000 43.5% road bonds. Due semi-annually in 1 to 10 years.
-The
JASPER COUNTY (P. 0. Newton), Iowa.
-BOND SALE.
HAMPTON COUNTY (P. 0. Hampton), So. Caro.
-BOND SALE.
- 8135,000 434% primary road bonds offered on April 26-V. 124, p. 2330
The Peoples Securities Co. of Charleston recently purchased an issue of were awarded to Geo. M. Bechtel & Co. of Davenport at a premium of
% impt. bonds at 100.40, a basis of about 5.36%. Due $295. equal to 100.218, a basis of about 4.47%. Date May 1 1927. Due
$26,000
May 1 as follows: 810,000, 1930 to 1935, incl. and 815.000, 1936 to 1040.
$5,000, 1928 to 1931, incl., and 26,000, 1932.
incl.
FIAZELTON, Luzerne County, Pa.
-BOND SALE.
-The $170,000
JEFFERSONVILLE TOWNSHIP SCHOOL TOWNSHIP, Clark
4 ki% coupon city bonds offered on April 19-V.124.'p.2176
-were awarded
-BOND OFFERING.
P.
to A B. Leach & Co. of Philadelphia at 101 86. Due serially from 20 to County, Ind. receive sealed bids-Edward m. Nachand, School Townuntil 10 a.
May 5 for $51.000 434%
ship Trustee, will
30 years.
school building construction and site bonds. Dated April 2 1927. Denom.
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 9 (P. 0. $500. Due 81.500 July 1 1928, $2,000 Jan. and July 1 1929 to 1939.
Freeport), Nassau County, N. Y.
-BOND SALE.
-The following 3 issues $1,500 Jan. 1 1940 and $4,000 Jan. 1 1942.
of bonds, aggregating $112,500, offered on April 25 (V. 124. P. 2176) were
JOHNSTOWN,Fulton County, N. Y.
-BOND OFFERING.
-Webster
awarded to Harris, Forbes & Co. of New York as 4.20s at 100.599, a basis
J. Eldredge, City Chamberlain, will receive sealed bids until 1 ri• m.
of about 4.12%:
(daylight saving time) May 19 for the following four issues of not exceeding
$35,000 school bonds. Denom. $1,000. Due Jan. 1, $2,000 1928 to 1944 502 coupon or registered bonds, aggregating $243,500:
.
incl. and $1,000. 1945.
$151.000 city hall building bonds. Date June 1 1926. Denom. $1,000.
40.000 school bonds. Denom. $1,000. Due $2,000 Jan. 1 1928 to 1947
Due June 1 as follows: $8.000, 1928 to 1945 incl.. and 87.000,
incl.
1946. These bonds are part of an authorized issue of $159,000.
37,500 school bonds. Denom. $1,000 except one for $500. Due Jan. 1.
6.500 city hall site bonds. Date June 1 1926. Denom. $1.000 except
$3,500 1945.
$2,000, 1928 to 1944, incl., and
one for 81.500. Due June 1 as follows: $1.000, 1928 to 1932
Dated May 1 1927. Other bidders were:
inci.. and 81.500. 1933. These bonds are part of an authorized
issue of $7,500.
H. L. Allen & Co
$112,950.00
30,000 lighting bonds. Date June 1 1927. Denom. 81.500. Due
Geo. B. Gibbons & Co
112,770.00
31.500 June 1 1928 to 1947 incl.
Estmor Corp
112,501.00
56,000 paving bonds. Date June 1 1927. Denom. $1.000. Due
Pulleyn & Co
112,641.74
$14.000 June 1 1928 to 1931 incl.
Batchelder, Wack & Co
112,690.12
Prin. and semi-ann. int. payable at the Hanover National Bank, N. Y.
HENDERSON COUNTY (P. 0. Henderson), Ky.-BOND SALE.
- City. A certified check for 2% of the par value of bonds bid for, payable
C. Wilson of Louisville, recently purchased an issue of $200,000 4I4% to the City Chamberlain, required. Legality approved by Caldwell &
3.
Raymond of N. Y. City.
oad bonds, at a premium of $3,155, equal to 101.57.
2640
THE CHRONICLE
JOHNSTOWN-MONROE RURAL SCHOOL DISTRICT (P. 0.
Johnstown), Licking County, Ohio.
-BOND OFFERING.
-W. A.
Whissen, Clerk of Board of Education, will receive sealed bids until 12 m.
(Eastern standard time) May 6 for $125,000 5% school building construcsite bonds. Date Jan. 1 1927. Denom. $500. Due March and
tion and
Sept. 1 as follows: $5,000 and $6,000. 1928 to 1947, incl., and $5,000,
1948 to 1950, incl. Int, payable at the Clerk of Board of Education's
office. A certified check for $1,000, payable to the Board of Education,
is required.
KANSAS CITY SCHOOL DISTRICT, Jackson County, Mo.-The $2.000.000 coupon school bonds offered on April 26
BOND SALE.
-V. 124, p. 2489
-were awarded to a syndicate composed of the First
Trust & Savings Bank, Chicago; Prescott, Wright, Snider Sc Co., Kansas
City: Estabrook & Co., New York City: the Illinois Merchants Trust Co.,
Chicago and Kauffman, Smith & Co., St. Louis. as 4s, at a premium of
$1,826.50, equal to 100.091, a basis of about 3.99%. Date Jan. 1 1927.
Due Jan. 1 1947.
Following is a complete list of bids:
Amount Interest
Price
BidderBid.
Bid.
Rate.
Binh-Witter Co., Chicago, Wells-Dickey
Co., Minneapolis. and Stir & Co. and $1,000.000 4
$993,330
Liberty Central Trust Co., St. Louis_ _ _ _ 1,000,000 4
1,060.650
Howe, Snow & Betties ChicagoBarr Bros 2.000.000 43.
2,119.380
& Co., New York, Federal Commerce 1,000,000 43
1,059.690
Trust Co., St. Louis, and Rutter & Co.. 1.000,000 4
993,890
New York
1.987,780
2,000,000 4
1.000.000 4 1. 2.053.780
1.000,000 4 I
Commerce Trust Co., Kansas City
2.111,380
2,000,000 4U
1,000,000 4
1,057,300
1,800,000 4 1. 2,051,000
200,000 4341
Fidelity Nat. Bank & Trust Co., Kansas City- 1.000,000 4
1.000,550
Halsey, Stuart & Co., St. Louis, and A. G. 1,000,000 434
1,056,000
Becker & Co. and 11. W.Pressprich & Co., 1.000.000 4
992,090
New York
2,000.000 4
1,984.180
Harris Trust & Savings Co., Chicago, and
875,000 4
1,000,762.62
First National Co., St. Louis
125.000 430
Continental & Commercial Co. Chicago,and 1,000,000 4
2.051.180
the National City Co., New York
1.000.000 4
'
2.000.000 4
1.991.780
First Trust & Savings Bank, Chicago, Pres- 1,000.000 4 1,000.813.75
cott-Wright-Snider Co., K. C., Estabrook 2.000.000 4 2,001.826.50
& Co., N.Y.. Illinois Merch.Tr.Co.,Clhi., 1.000,000 44 1,057,813.75
2,000,000
and Kauffman, Smith & Co., St. Louis_
The above also bid minimum of $1,000,00111 and maximum of $2,1100,60.
any part of them bearing 4% interest and the balance 434% interest, a bid of
$1,000.91 for each $1,000 42, and a bid of $1,057.71 for each $1,000 of
414% bonds.
Stern Bros.& Co., K.C.. Bankers Trust Co., 32,000,000 4
$1,096,188
Wm. R. Compton Co. and Old Colony 2,000,000 434
2.108,998
Boston, W.A. Harrima& Co.,I nc., 1,000,000 4 1
N. ., and Smith, Moore & Co.and G.H. 2,000.000 4 f 2.047,598
Walker & Co., St. Louis
KARNS CITY SCHOOL DISTRICT, Butler County, Pa.
-BOND
SAUL-An Issue of $18.000 school bonds has been disposed of.
ICAUFMAN County (P. 0. Kaufman),Tex.-BOND SALE.
-John B.
Oldham of Dallas purchased on April 8 an issue of $46,000 6% levee improvement bonds at 90. Date Feb. 10 1927. Denom. $1,000 and one for
1500. Due serially, April 10 1928 to 1948, Incl. Interest payable A. dc 0.
KINGSTON SCHOOL DISTRICT, Luzern." County Pa.-BOND
SALB.-The 3800,000 434% coupon school bonds offered on April 25'
Y.124,p. 2176
-were awarded to the Kingston Bank & Trust Co.,Kingston,
at 102.37, a basis of about 4.17%. Date Jan. 11927. Due Jan. 1 $10,000,
1928: $20,000, 1929: $40,000, 1930: $50,000. 1931 to 1936, incl.. 380,000.
1937 to 1939. incl.. and $95.000, 1940 and 1941.
KINNEY COUNTY (P. 0. Brackettville), Tex.
-BOND SALE.
-The
$150.000 5% road bonds offered on April 11-V. 124, p. 2023
-were
awarded to J. L. Arlitt of Austin. Date Oct. 1 1926.
KIT CARSON COUNTY SCHOOL DISTRICT NO. 61 (P. 0. Burlington), Colo.
-BOND SALE.
-An issue of $15.000 school bonds were
recently sold.
1CLICKITAT COUNTY CONSOLIDATED SCHOOL DISTRICT
NO. 214 (P. 0. Goldendale), Wash.
-BOND OFFERING.
-Helena McGuire, County Treasurer, will receive sealed bids until 1 p. an. May 2 for
$4,000 not exceeding 6% school bonds.
KOOCHICHING COUNTY (P. 0. International Falls), Minn.
-The two issues of bonds aggregating $109,794 65 offered
BOND SALE.
on April 5-V. 124. p. 2023
-were awarded as follows:
$100.000 refunding bonds to John Nuveen & Co., Chicago. as 5345 at par.
Date June 1 1927. Denom. $1,000. Due June 1 as follows:
$9,000, 1932 to 1941, incl.. and $10,000. 1942.
9.794 65 highway bonds to Kalman & Co. of St. Paul as 434s at a
premium of $151 equal to 101.54, a basis of about 4.36%. Dated
April 1 1927. Denom. $1,000, except one for $794 65. Due
April 1 1942.
LACONIA, Bellnap County, N. H.
-TEMPORARY LOAN.
-The
'First National Bank of Boston. has purchased a $40.000 temporary loan.
due Dec. 3 1927, on a 3.81% discount basis.
LAKE CHARLES, Calcasieu Parish, La.
-CERTIFICATE SALE.
The Calcasieu National Bank of Southwest Louisiana, Lake Charles,
recently purchased an issue of $335,000 paving certificates, at 95.01.
LAKE COUNTY (P. 0. Crown Point), Ind.
-The
-BOND SALE'.
followinr two Issues of 434% coupon bonds, aggregating $290,000 offered
-were awarded to the Fletcher Savings &
on April 18-Y. 124 p. 2023
Co. and the Union Trust Co.of Indianapolis, at a premium of $7,642.
Trust
( gnrls 0
6
j 1
!'
00
01
1711 )(qtn .4t bbgdire a i' 73%; $8,750 July 1 1928. $8,7503an.
and July 11929 to 1937 incl. and $8.750 Jan 11938.
115.000 bridge bonds. Due $5,750 July 1 1928. $5.750 Jan and July 1
1929 to 1937 incl. and $5.750 Jan. 1 1938.
Date Jan. 1 1927. Other bidders were:
BidderPremium.
Peoples State Bank, Crown Point
$7,430
Meyer-Kiser Bank
5,422
City Securities Corp
6.535
5,032
Harris-Trust & bavings Bank
Continental & Commercial Co
5,174
LAKE TOWNSHIP SCHOOL DISTRICT NO.2(P.O. Mt. Clemens,
-BOND SALE.
-The $369,000
R. F. D. No. 4), Macomb County, Mich.
•school bonds offered on April 14 (V. 124. P. 2176) were awarded to the
First National Bank of St. Claire Shores as 434s at 102.28, a basis of about
4.30. Date March 1 1927. Denom. $1,000. Due Sept. 1, $8,000,
1928 to 1930. Incl.. $10,000. 1931 to 1942, incl.: $15.000. 1943 to 1953,
incl., and $20.000, 1964 to 1956, incl.
LANE COUNTY SCHOOL DISTRICT NO.79 (P. 0. Marcola), Ore.
-Audrey May, District Clerk, will receive sealed
-BOND OFFERING.
bids until 7:30 p. m. May 3 for $10,000 531% school bonds. Dated April
1 1927. Due April 1. as follows: $500. 1929 to 1940 incl. and $1,000 1941
to 1944, incl. A. certified check for $500 is required. Legality approved
by Teal, Winfree, McCulloch & Shuler of Portland.
-BOND ELECTION.
LA SALLE COUNTY (P. 0. Cotulla), Tex.
An election will be held on May 2for the purpose of voting on the question
of issuing $600,000 road bonds.
LEAF RIVER CONSOLIDATED SCHOOL DISTRICT (P. 0.
-BOND SALE.
-The $35,000
Hattiesburg) Forrest County, Miss.
-were awarded to
school bonds offered on April 19-V. 124, p. 2330
Sutherlin, Barry & Co. of New Orleans, as 53(s, at a premium of $285.
equal to 100.81, a basis of about 4.15%. Date June 1 1297. Due serially,
1028 to 1947, incl.
LEET TOWNSHIP SCHOOL DISTRICT(P.O. Fairoaks) Allegheny
-The $45.000 44% school bonds offered on
-BOND SALE.
County, Pa.
B. Leach &
April 25 (V. 124. p. 2176) were awarded to A. a basis of Co. of Philaabout 4.08%.
premium of $2,376. equal to 105.28,
delphia at a
Date April 1 1927. Denom. $1,000. Due April 1 as follows: 81,000. 1928
incl., and $2.000. 1943 to 1957 incl.
to 1942,
[VOL. 124.
LEWISBURG, Denton County, Tex.
-BOND SALE.
-The 262.000
534% water works bonds offered on Jan. 24-V. 124, p. 542
-were
to the Brown-Crununer Co. of Wichita at a premium of $1,085, awarded
equal to
101.75. Due serially, 1932 to 1940, inclusive.
LINCOLN COUNTY (P. 0. Lincoln), Neb.-BOND SALE.
-The
Lincoln Trust Co. of Lincoln recently purchased an issue of $60,000 paving
bonds.
LINCOLN COUNTY (P. 0. Merrill), Wis.-BOND SALE NOT COMPLETED -We are now informed that the reported sale of $72.000
bridge bonds to the Citizens National Bank (V. 124. p. 262) was not434%
completed. A. S. Frazier, County Clerk.
LINN County (P. O. Cedar Rapids), Iowa.
-BOND SALE.
-The
William R. Compton Co. and the Continental & Commercial Trust &
Savings Bank, both of Chicago,jointly, have purchased an issue of$400,000
431% road bonds at 101.
LOS ANGELES IMPROVEMENT DISTRICT NO. 47 (P. 0. Los
Angeles), Los Angeles County, Calif.
-BOND SALE.
-The First
Securities Co. of Los Angeles recently purchased an !mane of $278,000
4W:7i, park bonds. Date April 1 1927. Denom. 31.000. ,Due April 1
as follows: $7 000 1928 to 1965 incl., and $12.000 1956. Principal and
interest (A. & 0) payable at the City Treasurer's office or at. Kountze
Bros., New York City. Legality approved by O'Melveny, Milliken &
Tuller of Los Angeles.
Financial Statement.
Assessed valuation
$30,000,000
Actual value (estimated)
60,000,000
Bonded debt
278,000
Population (est.)
20,000
LOWELL, Middlesex County, Mass.
-BOND OFFERING.
-Fred H.
Rourke, City Treasurer, will receive sealed bids until 11 a. in. (Daylight
saving time) May 3 for the following two Issues of 334% coupon bonds.
aggregating $255.000:
$235,000 macadam pavement loan of 1927 bonds. Due $47,000 May 1
1928 to 1932 inclusive.
20,000 permanent paving loan of 1927 bonds. Due $2,000 May 1 1923
to 1937 inclusive.
Dated May 1 1927. Denom. $1,000 prin. and int.(M.& N.) payable at
the First National Bank of Boston. Boston. The First National Bank of
Boston supervised the preparation of the bonds and will certify as to their
genuineness. Legality to be approved by Ropes. Gray, Boyden & Perkins.
of Boston.
McMINNVILLE, Yamhill County, Ore.
-BOND SALE.
-The $25,000
5% water & light bonds offered on April 20-V.124. p.2320
-were awarded
to A. B. I.each & Co. of Chicago at a premium of 31.230 equal to 104.92.
a basis of about 4.46%. Due $5,000. Jan. 1, 1937 to 1941. inclusive.
MACOMB COUNTY (P. 0. Mt. Clemens), Mich.
-BOND OFFERING.
-The Clerk Board of County Road Commissioners will receive sealed
bids until 2 p. M.(eastern standard time), May 6 for $2,292.000 road asmt.
districts bonds. A certified check for $1,000 is required.
MAINE (State of).
-BOND SALE.
-The 5500,0004% coupon highway
and bridge bonds offered on April 29-V. 124, p. 2489
-were awarded to
Estabrook & Co. at 101.26, a basis of about 3.85%. Date May 2 1927.
Due May 1,320.000, 1928 to 1940,incl.: $10.000,1941, and $230.000. 1942.
MANCHESTER, Hillsborough County, N. H.
-TEMPORARY LOAN.
-The Amoskeag Trust Co. of Manchester has been awarded a 3300.000
temporary loan on a 3.72% discount basis. Dated April 12 1927. Due
Dec. 12 1927.
MANLY SCHOOL DISTRICT, Worth County, lows.
-BOND SALE.
-Tao issues of 434% school bonds, aggregating $8,200, were recently sold
as follows:
$4,200 school bonds to Schanke & Co.of Mason City at a premium of $11.
equal to 100.26.
4.000 school bonds to the First National Bank, Northwood. at a premium
of $11, equal to 100.27.
MANY, Sabine Parish, La.
-BOND OFFERING.
-Sealed bids will be
received by the Mayor until May 10 for $50,000 6% water works bonds.
MARCUS HOOK SCHOOL DISTRICT, Delaware County, Pa.
BOND OFFERING.-Plorie Bartow, Secretary Board of Directors, will
receive sealed bids until 8 p. in. May 11 for 385.000 4 V% coupon school
bonds. Date May 1 1927. Denom. $1.000. Due May 1 as follows:
$5,000 1932. 310.000 1937. $15.000 1942. $25.000 1947 and 830,000 1952.
Legality to be approved by Townsend, Elliott & Munson, of Philadelphia.
A certified check for 2% of the par value of the amount of bonds bid for,
payable to the District Treasurer, is required.
MARION COUNTY(P.O. Ocala), Fla.
-BOND SALE.
-The $500,000
highway bonds offered on April 21-V. 124, p. 1718
-were awarded to the
Provident Savings Bank & Trust Co., Cincinnati, and the Barnett National
Bank of Jacksonville, jointly. as 53,45, at 99.311. a basis of about 5.32%.
Due Feb. 1 as follows: 533,000. 1937 to 1950, incl., and $38,000, 1951.
MARLBORO, Middlesex County, Mass.
-TEMPORARY LOAN.
The Merchants National Bank has purchased a $100.000 temporary loan
on a 3.60% discount bash. Due $50,000 Nov. 7 and Nov. 24 1927.
MARLOW SCHOOL DISTRICT, Stephen County, Okla.
-BOND
OFFERING.
-Sealed bids will be received by the Clerk Board of Education
until May 2 for $50,000 not exceedhag 434% school bonds.
MARSHALL, Calhoun County, Mich.
-MATURITY.
-The $22,000
A
434 ° paving bonds reported sold to the Harris Trust & Savings Bank
of Chicago
-V. 124. p. 2331-are due as follows: $1,000, 1928 to 1933
incl., and $2,000, 1934 to 1941 incl.
MARSHALL, Madison County, No. Caro.
-BOND SALE.
-The
$25.000 street bonds offered on April 22-V. 124 p. 2024
-were awarded
to W.L. Slayton & Co. of Toledo as 534s at 101.40, a basis of about 5.33%
Due serially to 1947.
MARSHALI. COUNTY (P. 0. Plymouth), Ind.-110NDS OFFERED.
-Otto H. Weber, County Auditor, received sealed bids until April 29 for
the following 2 issues of 6% bonds, aggregating $8.148.04:
25,036.77 ditch Impt bonds.
$3,111.27 ditch impt. bonds.
MARTIN COUNTY (P. 0. Stuart), Fla.
-BOND SALE-C W
McNear & Co of Chicago. recently purchased an issue of $1.000.000 6%
coupon impt bonds Date Dec 1 1925. Denim 51.000 Due Dec 1
as foilows: $25.000. 1931 to 1935,inci .535.000. 1936 to 1940,Incl ,$40,000,
1941 to 1945. Incl., and $50.000. 1946 to 1955. incl. Prin. and Int.(J.& D.)
payable at the Chase National Bank, N. Y. City. Legality approved by
Chapman, Cutler & Parker of Chicago. The bonds are being offered at
100 and interest, yielding 6%.
Financial Statement (As Officially Reported).
Actual value, estimated
$50,000,000
*Assessed valuation, 1926
2$
Assumed Palm Beach County debt
$134.385
Assumed St. Lucie County debt
22.032
General bonded debt (this issue)
1,000.000
Sinking fund
17,120
Net bonded debt
1,139.297
Population (officially certified), 12.000.
*According to an established custom throughout the State, as the assessed
valuation for County purposes is used as a basis for State taxation, and in
order to keep the proportion of State tax at a low figure as compared to
other counties, assessors of each County assess property at only a small
portion of its actual value. The extremely low assessment of Martin
County is evidenced by the fact that the assessed valuation of the City of
Stuart, the county seat, for 1926 was over 59.000.000.
MAUMEE,Lucas County,Ohio.
-BOND OFFERING
.-E. W.Masters.
Village Clerk, will receive sealed bids until 6 pi m. May 20 for $14.300
5% Gibbs St. improvement, village's portion, bonds. Date JUDO 1 1927.
Denom, $1.000. $500, and one for $300. Due Sept. 1 as follows: $1,300
1928. 31,500 1929 to 1936, incl., and $1.000 1937. Principal and interest
(M. & S.) payable at the Sinking Fund Trustees' office. A certified check
for 1% of the amount of bonds bid for, payable to the Village Treasurer.
Is required.
MIAMI COUNTY (P. 0. Peru), Ind.
-BOND OFFERING.
-Chas. E.
King, County Treasurer, will receive sealed bids until 10 a. m. May 6 for
514,400 434% road bonds. Due semi-annually in 1 to 10 years.
MIDDLETOWN, Orange County, N. Y.
-BOND SALE-The following three issues of 434% coupon bonds„ aggregating $490,000 offered on
APR. 30
1927.]
TM: CHRONICLE
2641
-were awarded to Harris, Forbes & Co. of New ster and Blodget, Inc., Phelps, Fenn & Co, Taylor, Ewart & Co.. Curtis &
April 27-V. 124, p. 2024
banger, Geo. B. Gibbons & Co., Eastman. Dillon & Co., St. Louis ComYork City, at 104.30, a basis of about 3.94%:
Inc.,
bonds. Due May 1, $1,000 1928 to 1933 incl. $3.000 merceNew York Salomon Bros. & Hutzler, and the National Park Bank.
3160.700 school
City; the Illinois Merchants Trust Co. of Chicago; Wacho'
1934 to 1941 incl., $4,000 1942 to 1946 incl., $5,000 1947 to 1950 all of Co., Trust Co.,
via Bank &
lad., 56,000 1951 to 1954 incl.. $7,000 1955 and 1956.$8,000 1957 apolis, and the Citizens Winston-Salem; the Minneapolis Trust Co., MinneNational Bank & Trust Co.of Raleigh, were awardincl., and $9,700 1962.
and 1958. $9,000 1959 to 1961
bonds and
286,300 school bonds. Due May 1, $3.000 1928 to 1932 incl. $4,000 ed the following p. 2331): notes aggregating 320.000,000. offered on
124,
'
1933 to 1937 incl., $6,000 1938 to 1942 Ind., $8.000 1943 to 1947 April 25 (V. highway bonds as 4s at
par. Date Jan. 1 1927. Due July 1
Incl., $9.000 1948 to 1950 incl., $10.000 1951 to 1954 inch,$12.000 $10,000.000as follows:
$1,500.000, 1929: 51,000,000, 1930 to 1937, Inclus1955 to 1957 incl., $14.000 1958 and 1959.$18.000 1960 and 1961.
ive, and $500,000, 1938.
and $14,300 1962.
10.000.000 highway notes as 4s at par. Due Dec. 31 1927. The pur43.000 school bonds. 'Due May I. $1,000 11128 to 1954 ine.l. and $2,000
chaser has the privilege of exchanging the $10,000,000 notes
1955 to 1962 incl.
for.bonds maturing 1939 to 1948, inclusive, by calling upon the
will be approved by Thomson, Wood &
Dated May 1 1927. Legality
State any time prior to the maturity of the notes.
Hoffman of New York City. A. certified check for 5% of the amount of
The bonds are being offered by the syndicate to investors as follows:
bonds bid for, payable to the City Treasurer. is required.
Amount.
Maturities.
Price Yield.
-BOND SALE.
-The ProviMIDDLETOWN, Butler County Ohio.
$1.500,000
July 1 1929
100)1
dent Savings Bank & Trust Co. of Cincinnati has been awarded $20,000
1,000.000
July 1 1930
100%
4;4% park inept. bonds at a premium of $152, equal to 100.76.
1,000,000
July 1 1931-1937
100%
500.000
July 1 1938
100%
MIDLAND SCHOOL DISTRICT(P.O. Riverside), Riverside County
Accrued interest to be added.
-BOND OFFERING.
-Sealed blds will bereceived bythe Clerk Board
Calif.
Financial Statement.
of Education until May 2 for *24,000 5% school bonds. Due serially,
Assessed valuation, 1926
82.798,293.601
1932 to 1946, inclusive.
Total debt (including this issue)
8163.392,600
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-FINANCIAL Less sinking funds
5,193,109
STATEMENT.
-We are now in receipt of the following financial statement Net debt
158,19J.491
-with regard to the sale of the $1,270,000 metropolitan sewerage bonds
Population (1920 census). 2,559,123.
awarded as 414s to a syndicate composed of Stevenson, Perry, Stacy &
NORTH TARRYTOWN, Westchester County, N. Y.
-BOND
Co.. Chicago; W. A. Harriman & Co.. N. Y. City, and Marshall Field,
-Thomas A. Quinn, Village Clerk, will receive sealed bids
Glore, Ward & Co.,of Chicago, at 101.73, a basis of about 4.18% (V. 124, OFFERING.
until 8 p. m.(daylight saving time) May 9 for $37.000 5% coupon village
p. 2490):
bonds. Date May 1 1927. Denom. $1.000. Due May 1 as follows:
Financial 'Statement.
$1,381,566,496 $1,000, 1928 and $2,000, 1929 to 1946, incl. Prin. and semi-annual int,
Assessed valuation of Milwaukee County
1,046,981,374 payable at the First National Bank, North Tarrytown, in New York exAssessed valuation of Metropolitan sewerage area
change. A certified check for 2% is required.
-Milwaukee County (inc.. $17,883,000 sewerage
Total debt
19.311,400
bonds)
NORTH WILDWOOD (P.O. Wildwood), Cape May County, N. J.
$240.542
Less sinking funds
OFFERING.
-William C. Epler, City Clerk, will receive sealed
19,070.858 BOND
Net debt
bidsfuntil 7:30 p. m. May 3 for the following two issues of 6% coupon
527,287 registered bonds, aggregating $184,000:
Population of county. 539,469: Metropolitan sewerage area
MOBILE COUNTY (P. 0. Mobile), Ala.
-BOND SALE -The Mer- $114,000 school bonds. Due April 15 as follows: $5,000, 1928 to 1933
incl., and 86.000, 1934 to 1947 incl.
chants Bank and the First National Bank, both of Mobile.jointly purchased
70,000 paving bonds. Due $5,000 April 15 1928 to 1941 incl.
an issue of $250,000 school bonds at 96.
Date April 15 1927. Denom. 31.000. No more bonds to be awarded
-BOND SALE.
-The than will produce a premium of 81.000 over each of the above issues.
MONROE COUNTY (P. 0. Monroe), Mich.
3154.300 Road District No. 40 bonds offered on April 20 (V. 124, p. 2331) Prin. and int. (A. & 0.) payable in gold at the Marine National Bank,
were awarded to the First National Bank of Monroe as 4%s at a premium Wildwood. Legality will be approved by Caldwell & Raymond of N. Y.
of $129. equal to 100.08.
City. A certified check for 2% of the par value of the bonds bid for is
- required.
MONROE SCHOOL DISTRICT NO. 1, Monroe County, Mich.
-R. H. Sprague, Secretary Board of Education, will
BOND OFFERING.
OAK HILL, Jackson County, Ohio.
-BOND OFFERING.
-Edmund
receive sealed bids until 7 p. m. May 10 for $750,000 not exceeding 5% Schwinke, Village Clerk, will receive bids until 12 m. May 9 for $2,240
school bonds. Date July 1 1927. Denom. $1.000. Due $25,000 July 1 6% Madison St. improvement bonds. Denom. $280. Date May 1 1927.
1928 to 1957, incl. A certified check for $5,000, payable to the Board of Interest A. & 0. Due $280 yearly on Oct. 1 from 1928 to 1935, inclusive.
Education Is required.
Bonds will not be sold for less than par and accrued interest. Certified
MONTGOMERY COUNTY (P. 0. Independence), Kan.
-BOND check for 5%, payable to the Village Treasurer, required. Bonds to be
OFFERING.
-The Clerk Board of County Commissioners, will receive delivered and paid for within ten days after award.
sealed bids until May 2for $250,873 4 W.% funding bonds. Denom.$1,000.
ORANGE COUNTY (P. 0. Orlando), Fla.
-BOND OFFERING.
Date May 2 1927. Due serially in 1 to 10 years. A certified check for 2% Sealed bids will be received by L. L. Payne. Chairman Board of County
of the bid is required.
Commissioners, until May 16 for 31.200.000 5% road bonds. Date July 1
MONTGOMERY COUNTY (P. 0. Conroe), Texas.
--BOND OFFER- 1926. Denom. $1,000. Due July las follows: $250.000. 945; 8280,000.
ING.
-W. H. Lee, County Judge, will receive sealed bids until 2 p. m. 1946', 5320,000, 1947, and 8350,000 in 1948. Principal and interest (J. &J.)
May 17 for $50.000 5%% special road bonds. A certified check for 5% payable at the Hanover National Bank, New York City. A certified check
for 1% of the amount of bonds bid for, payable to the Clerk of the Circuit
of the bid is required.
Court, is required. Legality approved by Thomson, Wood & Hoffman,
MONTGOMERY COUNTY COMMON SCHOOL DISTRICT NO. 1 New York City. These are the bonds originally offered on May 6.-V. 124.
(P. 0. Conroe), Texas.
-BOND OFFERING.
-W. H. Lee, County p. 2490.
Judge, will receive sealed bids until 2 p. m. May 17 for $2,000 5% school
ORANGE COUNTY(P.O. Hillsboro), No.Caro.
-BOND OFFERING.
bonds. A certified check for 5% of the bid is required.
-C. H. Jones, Clerk Board of County Commissioners, will receive sealed
MONTGOMERY COUNTY COMMON SCHOOL DISTRICT NO. 6 bids until 12 in. May 2 for the following 4)4% bonds, aggregating $215,009:
(P. 0. Conroe), Texas.
-BOND OFFERING.
-W. H. Lee, County $166.000 road and bridge bonds. Due April 1 as follows: $5,000, 1932 to
Judge, will receive sealed bids until 2 p. in. May 17 for $5,000 5% school
1951 incl., and 86,000. 1952 to 1962 incl.
bonds. A certified check for 5% of the bid is required.
49.000 funding bonds. Due April 1 as follows: $2,000, 1932 to 1951 incl..
and $3,000 1952 to 1954 incl.
MONTICELLO, Jefferson County, Fla.
-BOND OFFERING.
-0. K.
Dated April 1 1927. Denom. $1,000. Prin, and int.(A. & 0.) payable
Murdock, Town Clerk, will receive sealed bids until 3 p. in. May 10 for
310.5006% special assessment impt. bonds. Date April 15 1927. Denom. at the National City Bank, N. Y. City. The bonds will be prepared under
$500. Due April 1 as follows: $1,000, 1928 to 1936 incl., and $1,500. the supervision of 1%. S. Dickson & Co. of Gastonia. A certified check for
2% of the bid is required. Legality approved by Reed, Dougherty, Hoyt &
1937. Prin. and int. (A. & 0.) payable at the Town Treasurers' office
A certified check for $500, payable to the above-named official, Is required. Washburn of N. Y. City.
-BOND OFFERING.
-Thomas B. Kay, State
OREGON (State of).
MOUNT PLEASANT TOWNSHIP SCHOOL DISTRICT (P. 0.
11 a. In. May 20 for
district
Hickory) Washington County,Pa.
-BOND SALE.
-The $28.000 4%% Treasurer, will receive sealed bids untilDenom. 31.000 and 334.050 Due as
coupon school bonds offered on April 21-V. 124, p. 2177
-were awarded interest bonds. Date June 1 1927. 1 1944. 53.000 July 1$500.
1946, $12.000
to A. B. Leech & Co. of Philadelphia, at a premium of 81,688.40. equal to follows: 5900 Jan. 1 1937, 3900 July Jan. 11952. and $3.000 Jan.
812,000
1
106.03, a basis of about 4.07%. Date April 1 1927. Due $14,000 April 1 July 1 1947.82.250 Jan. 1 1948.in gold at the State Treasurer's office 1953.
Principal and interest payable
or at
11146 and 1951.
the agency of the State of Oregon in New York City. Bidder to state the
MUSCATINE INDEPENDENT SCHOOL DISTRICT, Muscatine rate of interest payable semi-annually, at which the bidder is willing to take
County, lowa.-BOND OFFERING.
-The Clerk Board of Education will the bonds at par. A certified check for 5% of the amount bid, payable to
receive sealed bids until 1 p. m. May 6 for 876,000 4%% school bonds. the above-named official, is required. Legality approved by Teal, Winfree.
Date Aug. 1 1926. Due Aug. 1 as follows:$11.000, 1938 and 1939:812.000, McCulloch & Shuler, of Portland.
1940:813,000, 1943, and $14,000, 1944 and 1945. Interest payable F.& A.
-The
ORLEANS COUNTY (P. 0. Albion), N. Y.
-BOND SALE.
NASHUA, Hillsborough County, N. H.
-LOAN OFFERED.
-The 8145.000 4%% coupon or registered highway'bonds offered on April 28
'City Treasurer received sealed bids until April 29 for the purchase on a (V. 124, p. 2490) were awarded to Batchelder, Wack & Co., of New York,
1927
discount basis of a $50,000 temporary loan. Due Dec. 14
.
for 8146,473.78, equal to 101.641, a basis of about 4.02%. Date April 1
NEKOOSA, Wood County, Wis.-BOND OFFERING.
-Sealed bids 1927. Due Oct. 1 as follows: 550,000, 1934 and 1935, and 845.000, 1936.
will be received by S. Brooks, City Clerk, until May 5 for $35.000 5% Other bidders were:
Price Bid.
Bidderssewer bonds. Due as follows: 51.000. 1928 to 1934 ind.; $3.500. 1935;
$146,735.65
$5.000, 1936 to 1939 incl.. and $4,500. 1940. Prin. and int. (M. & N.) Rutter & Co
Graham, Parsons & Co
147,372.20
payable at the Nekoosa State Bank, Nekoosa.
Guaranty Co. of New York
147.304.05
NEW BEDFORD, Bristol County, Mass.
-TEMPORARY WAN.- Pulleyn & Co
147,059.00
The National Rockland Bank of Boston purchased on April 26 a $750,000 Philipson & Co., Utica
146,160.00
temporary loan on a 3.66% discount basis. Dated April 26 and maturing M.& T. Trust Co., Buffalo
146,693.60
Nov. 111927. Offering appeared in V. 124, p. 2490.
Harris, Forbes & Co
146,924.15
146,855.00
A. B. Leach & Co
-BOND OFFERING.
NEW YORK, N. Y.
-Charles W. Beerry. City
Comptroller, will receive sealed bids until 12 in. May 11 for the following Geo. H. Burr & Co
five Issues of 4% gold corporate stock and serial bonds, aggregating $60.ORONOCO SCHOOL DISTRICT, Olmstead County,14
Minn.70
.000,000:
-The $16,500 offered on
124, p.
$29,000,000 of Corporate stock for the construction ofrapid transit railways. BOND SALE. Northwestern Trust Co.ofApril 22 (V.as 434s at2490) were
awarded to the
a premium
Minneapolis
7,400.000 of Corporate stock for "various" municipal purposes.
of $110. equal to 100.66, a basis of about 4.43%. Coupon bonds in denom.
4,500,000 of Corporate stock for dock improvements.
of $500. Due serially to 1940. Interest payable J. & J.
1,500.000 of Corporate stock for water supply.
OTTAWA COUNTY (P. 0. Grand Haven) Mich.
The above stock is issued in coupon form and interchangeable.
-BOND SALE.,
0oupon7bonds in denom. of 31,000; registered bonds, in any The $90,000 Assessment District Road No. l3 bonds offered on April 21
multiple of $10. Duo May 1 1977. Principal and interest -V. 124, p. 2331-were awarded to the Grand Haven State Bank of Grand
(M.& N.) payable in gold in New York City.
Haven. as 4)45, at a premium of $72. equal to 100.08%, a basis of about
17.600.000 school construction bonds. Due $440.000 May 1 1928 to 1967, 4.475%. Due $9,000 May 1 1928 to 1937, incl.
inclusive. Coupon or registered bonds will be issued in
OXFORD COMMON SCHOOL DISTRICT NO, 5, Chenango
denom. of $1,000. Principal and interest (M. & N.) payable
County. N.Y.
-BOND OFFERING.
-Everett J. Shapley, School Trustee,
in gold in New York City.
will receive sealed bids until 4 p. in. May 12 for $1,600 6% school bonds.
Date May 1 1927. Separate bids must be submitted for corporate stock
Date Oct. 1 1926. Denom. $160. Due $160 Oct. 1 1927 to 1936, incl.
And serial bonds. A certified check, payable to the City Comptroller,
drawn upon a trust company, State or national bank, incorporated and Payable at the First National Bank, Oxford, in New York exchange.
doing business under the laws of New York State. for 2% of the bonds
PARKMAN, Wyo.-BONDS VOTED.
-At an election held on April 9
bid for, is required. The purpose of this financing is to take up an equal the voters authorized the Issuance of $7.000 school building bonds.
amount of notes outstanding.
-John H.
-BOND OFFERING.
PARMA, Cuyahoga County. Ohio.
NOBLE TOWNSHIP(P.O. New Salem), Rush County,Ind.
-BOND Thompson, Village C.erk, will receive blds until 12 m.May9for $394,241.24
OFFERING.
-Walter Norris, Township Trustee, will receive sealed bids 5% special assessment street improvement bonds. Denom. I for $24.24
until 1 p. m. May 31 for $42.000 434% school bonds. Date April 11927. and 394 for 51.000. Date June 1 1927. Interest semi-annually. Due
Denom.$500. Due as follows:$1,500, JUIY 1 1928,$1,500 Jan. 1 1929, and yearly Oct. 1 as follows: 839.241 1928. $39,000 1929 to 1933, incl., and
$1,500 Jan. and July 1 1930 to 1955. inclusive.
$40.000 1934 to 1937, Incl. Bonds will not be sold at tees than par and
10% of amount of bonds bid for.
accrued
NORFOLK COUNTY (P. 0. Dedham), Mass,
-NOTE SALE.
-The Payable interest. Certified check for
to Village Treasurer. required. Bonds to be delivered and paid
Atlantic-Merrill Oldham Corp. of Boston has purchased $40.000 tubercufor within 10 days after award.
losis hospital maintenance notes on a 3.55% discount basis.
-BOND SALE.
PASQUOTANK (P. 0. Elizabeth City), No. Caro.
NORTHAMPTON,Hampshire County, Mass.
-TEMPORARY LOAN.
23-V. 124. D.
-The First National Bank of Boston. bas been awarded a $250,000 tempor- The $46,000 coupon county bonds offered on AprilToledo, as 4)(s.2178
at par.
were awarded to Stranahan, Harris & Oatis, Inc. of
ary loan on a 3.74% discount basis.
NORTH CAROLINA (State of).-BOND AND NOTE SALE.
DRAINAGE DISTRICT (P. 0. Charleston),
-A synPATERSON BAYOU
-The Union & Planters
dicate headed by the First National Bank, the National City Co. and the Tallahatchie County, Miss.
-BOND SALE.
Bankers Trust Co., and including Eidredge & Co., B. J. Van Ingen & Co., Bank & Trust Co. of Memphis recently purchased an issue of $17,000 6%
R. Compton Co., Hornblower & Weeks, Kissel, Kniincutt & drainage bonds at par. Dated Mar. 1 1927. Legality approved by Benjathe William
Co., the Detroit Co.. Redmond & Co., E.,FI. Rollinsi& Sons, Stone & Web- min H. Charles of St. Louis.
2642
THE CHRONICLE
[Voi.. 124.
PAWHUSKA,Osage County, Okla.
-BOND OFFERING.
-Sealed bids
1RANDOLPH COUNTY (P.O.Asheboro), No. Caro.
-BOND SALE.
will be received by the City Clerk until 8 p. in. May 2 for $40,000 park A syndicate composed of the Continental & Commercial Trust & Savings
bonds.
Bank and the Wm. R. Compton Co.. both of Chicago, and the Bankers
Securities Corporation. Durham, recently purchased an issue of $645,000
PEABODY, Essex County, Mass.
-TEMPORARY LOAN.
-The 434%
improvement bonds at 100.829
-equal to a basis of about 4.44%.
Central National Bank of Lynn, has been awarded a $65,00 temporary
Date Feb. 11927. Denom. $1,000. Due Feb. 1 as follows: $20,000, 1932
loan on a 3.58% discount basis.
to 1942, inclusive. and $25,000, 9143 to 1959, Inclusive.
BOND SALE NOT COMPLETED.
-The sale of a $250,000 temporary
loan to the Central National Bank of Lynn,reported in V. 124, p.2331, on a
READING, Middlesex County, Mass.
-BOND SALE.
-Redmond &
3.55% discount basis was not consummated owing to a technicality in the Co. of Boston have been awarded 5330,000 4% school bonds at 101.48.
advertising.
Date Nov. 1 1926.
PELHAM MANOR, Westchester County, N. Y.
RED RIVER PARISH CONSOLIDATED ROAD DISTRICT A (P.O.
-BOND OFFERING.
-The Village Clerk will receive sealed bids until June 13 for $70,000 drain Coushatta), La.
-BOND OFFERING.
-J. W. Woodard, President Police
bonds.
Jury, will receive sealed bids until June 2 for $259,500 5% road bonds.
Dated June 1, 1927. Due serially. 1928 to 1947. incl A certified check
PENFIELD COMMON SCHOOL DISTRICT NO. 5 (P. 0. Brighton) for
58.000, payable to the above-named official is required. Legality
Station R.F. D.3, Rochester), Monroe County, N.Y.
-BOND SALE.
The $31,000 school bonds offered on April 26(V. 124, p. 2496) were awarded approved by B. A. Campbell of New Orleans.
to Pulleyn & Co. of New York as 434s at 100.43, a basis of about 4.46%.
RED RIVER PARISH SUB-ROAD DISTRICT NO. 3 OF ROAD
Date April 1 1927. Due Dec. 1 as follows: $500,1927;$1,500, 1928;$1,000, DISTRICT NO. 1 (P. 0. Coushatta), La.
-BOND OFFERING.
-J. W.
1929 to 1955 incl., and $2,000, 1956.
Woodard, President Police Jury, will receive sealed bids until June 2 for
$55.000 6% road bonds. Dated June 11927.
PENN YAN, Yates County, N. Y.
-NOTE OFFERING.
-Wm. B. incl. A certified check for $2.000, payable to Due serially, 1928 to 1947,
the above-named official,
Manley, Village Clerk, will receive sealed bids until 7:30 p. m. May 2 for is required.
Legality approved by B. A. Campbell of New Orleans.
$3,000 5% fire truck promissory notes. Date June 1 1927. Denom.
REEDY CREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Lexing$1.000. Due $1,000 Aug. 1 1928 to 1930, incl. Prin. and semi-annual
int. payable at the Village Treasurer's office. A certified check for $100, ton) Davidson County, No. Caro.
-BOND SALE.
-E. A. Gessler &
payable to the Village Treasurer is required.
Sons of St. Louis,recently purchased an issue of515,000 5. 4% school bonds,
.
3
at a premium of $250, equal to 101.66.
PERU, Miami County, Ind.
-The $13,000 434% fire
-BOND SALE.
equipment bonds offered on April 18 (V. 124. p. 2178) were awarded to the
RICHMOND TOWNSHIP (P. 0. St. Clairsville) Belmont County,
Fletcher Savings & Trust Co.of Indianapolis at a premium of $383.60, equal 0.
-BOND OFFERING.
-A. M. Brown, Township Clerk, will receive
to 102.95-a basis of about 4.01%. Due $1,000 May and Nov. 1 1928 to sealed bids until 12 m. April 30 (to-day) for $23,795.60 5% coupon road
impt. bonds. Date April 1 1927. Denom. $500, except one for $795.60.
1940, inclusive.
Due $1,000 April and Oct. 1 1928 to 1932, incl., $1,500 April and $1,000
PLATTE COUNTY (P. 0. Wheatland); Wyo.-BOND OFFERING.
- Oct. 1 1933 to 1935, incl., $1,500 April and Oct. 1 1936, 51.500 April 1
R,L. Ferguson, County Clerk will receive sealed bids until 10 a. m. May 31 1937 and
51.795.60 Oct. 11937. Prin.
for $115,000 5% school bonds. Date June 1 1927. Due $5,000 June 1 Second National Bank, St. Clairsville.and semi-annual int. payable at the
A certified check for 5% of the
1930 to 1952, incl. A certified check for 10% of the bid is required.
amount of bonds bid for, payable to the Township is required.
PONTIAC, Oakland County, Mich.
-BOND SALE.
-On April 6
RITENOUR CONSOLIDATED
the Fidelity Trust Co. of Detroit purchased $120,000 4j coupon water St. Louis County, Mo.-BOND SCHOOL DISTRICT(P.O.Clayton)
%
DESCRIPTION.
-The $58,000 434%
bonds at 100.96. a basis of about 4.16%. Denom. $1.000. Date Feb. 1 school bonds awarded
to the Mississippi Valley Trust Co. of St. Louis
1927. Interest F. & A. Due $44,000 yearly 1928 to 1957, incl.
V. 124, p. 2332
-at 101.55, a basis of about 4.36%. are described as follows:
PORTAGE COUNTY (P.O.Stevens Point), Wis.-BOND OFFERING Date March 15 1927. Coupon bonds in denom. of $1,000. Due serially,
-Ruth McCallum, County Clerk, will receive sealed bids until 11 a. m. March 15 1936 to 1946.1ncl. Interest payable M.& S. 15.
May 16 for $420,000 434% highway bonds. Date April 1 1927. Denom.
ROME, Oneida County,
-BOND OFFERING.
-Lynn C. Butts,
31.000. Due serially June 1 1933 to 1937, inclusive. A certified check City Treasurer, will receive N. Y. bids until
sealed
11 a. an. (eastern standard
for 1% of the bid, payable to the above-named official, is required.
time) May 10 for $30.000, not exceeding 6% coupon !mt. bonds. Date
PORTAGE TOWNSHIP(P.O.Port Clinton), Ottawa County, Ohio. May 1 1927. Denom. $1,000. Due 56.000 May 1 1928 to 1932, incl.
-BOND OFFERING.
-Wm. H. Williamsen, Township Clerk, will receive Prin. and int. payable(M. & N.) in gold at the National Park Bank, New
sealed bids until 12 m. May 10 for $335,000 5% road improvement bonds. York City. Legality will be approved by Clay, Dillon & Vanderwater of
Denom. 51,000. Due $1,000 Mar. 1 1928, 52,006 Sept. 1 1928. and $2,000 New York City. A certified check for $600, payable to the City is required.
Mar. and Sept. 1 1929 to 1936, inclusive. Legality will be approved by
ROYAL OAK,Oakland County, Mich.
-BOND SALE.
-The following
Squires, Sanders & Dempsey, of Cleveland. A certified check for 5% of
three issues of coupon bonds aggregating 5500.000 offered on April 25the amount of bonds bid for, payable to the township, is required.
V. 124. p. 2491-were awarded to Joel Stockard & Co. of Detroit, as 434s.
PORT OF PORTLAND (P. 0. Portland), Multnomah County, at a premium of 510.400. equal to 102.08, a basis of about 4.31%:
Oregon.-BIDS.-Foltowing is a complete list of the bids for the $600.000 $85.000 paving bonds. Due April 1 as follows: $5.000. 1929 and 1930;
37,000, 1931 and 1932; $9.000, 1933 and 1934: $10,000. 1935 and
4%.series port improvement bonds awarded to a syndicate headed by
the Security Savings & Trust Co. of Portland at 102.403, a basis of about
1936:511000, 1937, and $12.000. 1938.
100,000 water main extensions bonds. Due April 1 as follows: $2,000.
4.20% (V. 124. p. 2491):
1930 to 1940, incl.; $4,000, 1941 to 1947, incl., and $5,000, 1948
BidderRate Bid.
A. B. Leach & Co., Inc.. Second Ward Securities Co. and Peirce,
to 1957, incl.
Fair & Co
102.1568 315,000 storm sewer bonds. Due April 1 as follows: 56,000, 1929 and
1930: 57.000. 1931 to 1933. Incl.: moon, 1934 to 1936, incl.;
Geo. H. Burr, Conrad & Broom, Inc., Geo. H. Burr & Co. and
B. J. Van Ingen & Co
39.000. 1937 and 1938; 510.000, 1939 to 1941, incl.; $11,000, 1942
102.136
to 1944, incl.; 312,000, 1945 to 1947, incl.: 513,000. 1948 to 1950.
A. G. Becker & Co. and Continental & Commercial Co,
102.0568
John E.Price & Co ,Bankers Trust Co.and Hannahs, Bailin & Lee.101.7399
incl.: 514,000. 1951 to 1953,incl.. and 515,000. 1954 to 1957,incl.
.
Date April 11927.
Freeman,
& Camp Co., Illinois Merchants Trust Co..
and the William R.Compton Co
101.80
ROYAL OAK, Oakland County, Mich.
-BOND SALE.
First National Bank of Now York,Eldredge & Co.. Anglo-London-The following 13 issues of coupon special assessment bonds, aggregating $176,000,
Paris Co. and the A.11. Wakeman Co
101.71
offered on April 25(V. 124. p. 2332), were awarded to Joel Stockard & Co.,
Detroit Trust Co.. Northern Trust Co., Wells-Dickey Co. and
4.4 roit,as 434s. at a premium of $193.20, equal to 100.109, a basis of about
Det %
8 :
Ralph Schneeloch Co
101.671
Clark Kendall & Co., Inc., and C. W. McNear & Co
101.30
The National City Co
$33,000 Sanitary Lateral No.64 bonds. Due April 1: $3,000 1928 to 1934,
100.909
incl., and $4,000 1935 to 1937, incl.
PORTSMOUTH, Scioto County, Ohio.
-BOND OFFERING.-Tat9,500 Sanitary Lateral No.66 bonds. Due April 1:55001928 and $1,000
mage Edwards, City Auditor, will receive bids until 12 m. May 9 for the
1929 to 1937, incl.
following 5% coupon bonds:
14,000 Sanitary Lateral No.61 bonds. Due April 1: 51.000 1928 to 1933.
$21.000.00 city's portion hospital bonds. Denom. $1,000. Date Jan. 1
incl.. and $2,000 1934 to 1937, incl.
1927. Int. J. & J. Due $1,000 yearly Jan. 1 from 1929 to
Salitary Lateral No.62 bonds. Due $1,000 April I 1928 to 1937
10.000 iac
1949. incl.
12,525.37 city's portion improvement bonds. Denom. 1 for $525.37 and
2,500 House Connection Contract No. 11 bonds. Due April 1: $500
12 for $1,000. Date March 15 1927. Int. M. & S. 15. Due
1931 and $1,000 1934 and 1935.
yearly March 15 as follows: $525.37, 1929 and 51,000, 1930
14.500 Sidewalk Contract No. 3 bonds. Due April 1: $2,500 1928 and
to 1941, incl.
$3,000 1929 to 1932,incl.
Bonds will not be sold for less than par and interest. Certified check on
2.000 Sidewalk Contract No.4 bonds. Due si.00n April 1 1930 and 1932.
a solvent bank for 2% of amount of bonds bid for, payable to C,ty Auditor,
32.500 Sidewalk Contract No. 5 bonds. Due April 1: 56,000 1928 and
required.
1929, $6,500 1930 and 57,000 1931 and 1932.
POSEY COUNTY (P. 0. Mt. Vernon), Ind.
-BOND SALE.
-The
2,000 aaater 31ervice Program No. 5 bonds. Due ELM) April 1 1929
Wd l9 9
$9,700 434% road bonds offered on April 21-V. 124, p. 2332
-were
awarded to the Fletcher-American Co. of Indinapolis at a premium of
2,000 W 931 ervice Program No. 6 bonds. Due $1.000 April 1 1929
aadater .
S
$236.50. equal to 102.43, a basis of about 4.00%. Dated May 2, 1927.
Due $970 May 15, 1928 to 1937 incl.
5,500 Pingree Boulevard Opening bonds. Due April 1: $500 1928 and
PRESCOTT,Linn County, Kan.
51,000 1930. 1932, 1934, 1936 and 1937.
-The $10,000 434%
-BOND SALE.
13,500 Park Ave. Paving bonds. Due April 1: $1,000 1928 to 1933. incL:
street impt. bonds offered on April 25-V. 124, p. 2332
-were awarded to
the Prescott State Bank,Prescott, at par. Date May 1 1927. Due May 1
31.500 1934 and $2.000 1935 to 1937, Incl.
35,000 Paving Northwood Boulevard, South Side, bonds. Due April 1:
1947, optional 1932.
53.000 1928 to 1932. Incl.. and $4,000 1933 to 1937, incl.
PRINCE GEORGES COUNTY (P. 0. Upper Marboro), Md.-BOND
Date April 1 1927.
OFFERING.
-Nicholas Orem, County Superintendent, will receive sealed
BOND SALE.
-The following two issues of coupon bonds, aggregating
bids until 12 m. June 7 for $275.000 434% coupon school bonds. Date
July 11927. Due July 1 as follows: $5,000, 1929 and 1930: $7.000, 1931: $525,000. offered on April 25 (see above reference), vere awarded as follows:
$500,000 mortgage bonds to Lewis & Co.. Detroit, as 4Ns. at a premium of
$8.000. 1932 and $10,000, 1933 to 1957, Inc . A certified check for $1,000
$500, equal to 100.10, a basis of about 4.74%. Due Aprilol 1957.
is required.
25,600 market bonds to Joel Stockard & Co. of Detroit as 434s at a preThese are the bonds originally scheduled for sale on May 10 (V. 124, p.
mium of 583.50, equal to 100.33, a basis of about 4.44%. Due
2491.)
April 1 as follows: $2,000, 1928 at 1932 Incl., and 53.600, 1933 to
PROVIDENCE TOWNSHIP (P. 0. Lancaster), Lancaster County,
1937 incl.
-BOND OFFERING.
Pa.
-Francis M. Kreider, member Board of TownDated April 1 1927,
ship Supervisors, will receive sealed bids until 12 m.. May 9, for 535,000
RULE INDEPENDENT SCHOOL DISTRICT, Haskell County'
434% coupon bonds. Date April 1 1927. Denom. $1,000. Due April 1
-BOND SALE.
-An issue of $20,000 school bonds was
as follows: $20,000, 1939 and $15,000, 1957. A certified check payable Tex.
Date Dec. 11926. Denom. $500. Due $500 Dec. 1 1927 torecently sold
to the township supervisors. for 2% of the bid, required.
1966. Indus.
lye.
and interest (J.
PUEBLO COUNTY SCHOOL DISTRICT NO. 12 (P. 0. Pueblo), ThesePrincipalbonds registered& D.) payable in Austin and New York City..
are the
on Jan. 29 (V. 124, 13. 956).
-ELECTION SALE.
Col.
-PRE
-The International Trust Co. of Denver,
RUTLAND SCHOOL DISTRICT,Mei.gs County,0.
has purchased an issue of $40,000 school bonds subject to the result of a
-BOND OFFERING.-Mayme J. Heiner, Clerk Board of Education will receive sealed bids
future election.
until 12 in. May 20 for $16,000 534% school bonds. Date March 1 1927.
PULASKI COUNTY (r. 0. Winamac), Ind.
-BOND OFFERING.
- Denom. $500. Due $500 March and $1,000 Sept. 1 1928
to 1931. incl. and
L. E. Campbell, County Treasurer. will receive sealed bids until 10 a. in. $500 March and Sept. 1 1932 1941,incl.
Prin.and int. payable(M.& S.)
to
May 14 for $12.000 4;4% road bonds. Due semi-annually in 1 to 10 years. at the Clerk Board of Education's office. A certified check
for $500, Payable to the Board of Education is required.
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-BOND SALE.
-The
-were awarded
$3,800 5% road bonds offered on April 1-V. 124, p. 1876
ST. AUGUSTINE, St. Johns County, Fla-.BOND OFFERING.
to the First National Bank of Greencastle, at a premium of $160.50, equal O, G. Oldfather, City Auditor, will receive sealed bids until 12 m. June 6
to 104.34, a basis of about 4.14%. Due semi-annually in 1 to 10 years.
for $807.000 6% second series 1926 improvement bonds. Date Feb. 1
- 1927. Due Feb. 1 as follows:$80,000, 1928 to 1936,inclusive, and $87,000.
PUTNAM SCHOOL DISTRICT NO. 8 (P. 0. Arlington), Iowa.
-The voters authorized the issuance of 52,000 school 1937. Principal and interest (F. & A.) payable in gold in St. Augustine or
BONDS VOTED.
New York City. A certified check for 5% of the bid, payable to the City
bonds, at a recent election.
Treasurer,is required. Legality approved by Thomson, Wood & Hoffman
-PRICE PAID.
-The of New York City.
QUAKER CITY, Guernsey County, 0.
590.000 5% school bonds reported sold to Blanchet, Bowman & Wood of
ST. CLAIR, St. Clair County, Mich.
-BOND ELECTION.
-On May
Toledo in V. 124, p. 2491, were awarded at par.
9 the voters will have submitted to them a 5425.000 bond issue.
-BOND SALE.
-The Old Colony
QUINCY, Norfolk County, Mass.
ST.CROIX COUNTY (P.O. Hudson), Wis.-BONDS VOTED.
-At a
% bonds,
Boston, has been awarded the following two Issues of
Corp. of
recent election the voters authorized the issuance of $135,000 highway
aggregating $135,000 at 100.315:
bonds.
570,000 sewer bonds.
$65,000 water bonds.
-BONDS NOT SOLD.
-The $24,000
ST. MARYS, Auglaize County, Ohio,
-BOND OFFERING.
RAMSEY,Bergen County N. J.
-Law5%coupon or registered municipal site bonds originally scheduled for sale rence McMillin, City Auditor, will receive sealed bids until 12 an. May 9
for 514,000 534% bonds. Dated Mar. 1 1927. Denom. 51.000. Due
on March 29 have not been sold as yet.
-BOND OFFERING.
- $1.000 Oct. 1 1927 to 1940 incl. Int. payable A. St 0.
RAMSEY COUNTY (P. 0. St. Paul), Minn.
SAFETY HARBOR, Pinellas County, Fla.
-BOND OFFERING.
G. J. Ries, County Auditor, will receive sealed bids until 10 a. m. May 9
for $140,000 hospital and almshouse bonds. A certified check for 2% of the E. C. M. Adams, City Manager, will receive sealed bids until July 1 for
the following 6% bonds, aggregating $133,000:
bid. is required.
APR. 30 1927.]
THE CHRONICLE
2643
Int. Rate. Due. Date Reg.
Name.
Amount.
$33,000 water works ext. bonds.
$100,000 improvement bonds.
4 % Serially Apr. 19
int. 11.450.000 Harris County,special road
Date July 1 1927. Denom. $1,000. Due July 1 1947. Prin. and
4 % Serially Apr. 22
850.000 Wilbarger, road, series D
at the Chase National Bank, New York City.
(J. & J.), payable
65,000 Miami Independent School Dist_ _ _ _5 % Seri ally Apr. 19
5 % Serially Apr. 20
-Whitaker & Co. of St.
56,000 Crowell, funding
SALEM, Dent County, Mo.-BOND SALE.
Serially Apr. 22
40,000 Santa Cruz Indep. Sch. Dist
i% street impt. bonds at
Louis, recently purchased an issue of $10.000 5S
Serially Apr. 22
6d
35,000 Alamo,street improvement
Legallty approved by B. R. Charles
Par. Due serially, 1932 to 1942, incl.
-year Apr. 18
40
5
10.000 Wells Com. S. D. No.8
of St. Louis.
-year Apr. 16
20
5e
8,000 Upshur Co. Corn. S. D. No.36
-An election will be held on June 28
-BOND ELECTION.
-year Apr. 20
20
5
SALEM, Ore.
2,000 Cass Co. Sch. Dist. No. 16
Serially Apr. 20
5
for the purpose of voting on the question of issuing the following bonds,
1.000 Hood Corn. S. D. No. 24
-year Apr. 20
20
5%
aggregating $540,000:
800 Lamar Corn. S. D. No. 77
$500.000 sewer bonds.
-The Central
-BOND SALE.
TOPEKA, Shawnee County, Kan.
40,000 incinerator bonds.
purchased as Issue of $87,076 4%% fire
Trust Co. of Topeka recently
SALISBURY, Wisconsin Coun5y, Md.-BOND SALE.-Strother, station bonds at a premium of $1,087.50, equal to 101.23. Due serially.
Broaden & Co. of Baltimore have been awarded $35,000 43.% coupon fire 1928 to 1937. incl.
engine house,site and equipment bonds at 103.16-a basis of about 4.14%.
-BOND
TOPEKA SCHOOL DISTRICT, Shawnee County, Kan.
Due June 1 as follows: $2,000, 1935; $4,000. 9136 and 1937 :16,000, 1938 to OFFERINO.-H. L. Armstrong, Secretary of Board of Education will
1940, inclusive, and 17.000, 1941.
receive sealed bids until 4 p. m. May 19 for $250.000 4S4% coupon school
SAN MIGUEL COUNTY SCHOOL DISTRICT NO. 97 (P. 0. Las bonds. Date March 1 1926. Denom. $1.000. Due March 1 as follows:
-The $4,800 6% school bonds offered on $22,000, 1928: $12,000, 1929 to 1945, incl., and $24,000, 1946. Principal
Vegas), N. Mex.-BOND SALE.
and interest payable M.& S. A certified check for 2% of the bid, payable
Mar.28(V. 124, p. 1977) were awarded to Benwell & Co. of Denver at 95.
is required.
-BOND SALE.
-The $204.000 to the Board of Education,
SARASOTA, Sarasota County, Fla.
-BOND OFFERING.
-were awarded to
p. 2332
TRUMBULL COUNTY (P. 0. Warren), 0.
6% impt. bonds offered on April 25-V. 124.
Stranahan, Harris & Oatis, Inc.. of Toledo at 96.11, a basis of about 6.79%. H. Thomas, Clerk Board of Commissioners, will receive sealed bids until
Denom. $1,000. Due April 1. as follows: $10,000, 1 p. 331., May 6, for $16,900 4%% road bonds. Dated Mar. 1 1927.
Dated April 1 1927.
Due $900 April
1928 and 1929: $15.000. 1930: $20.000, 1931; $24.000. 1932, and $25.000. Denom.$1.000 except one for $900.to 1935 incl., and1 1928. 11.000, Oct 1
Oct. 1 1929
$1,000 April 11936.
1933 to 1937. inclusive. Legality approved by Caldwell •Sz Raymond of 1928. $1,000 April and A.& 0., at the County Treasurer's office. A certiand int., payable
Prin.
New York City.
payable to the County Treasurer, is required.
D SCHOOL DISTRICT, Harrison fied check for $1,000
SAUCIER CONSOLIDATE
-BOND OFFERING.
-BOND OFFERINO.-H. P. Hooper, Secretary Board of
UNION COUNTY (P. 0. Elizabeth), N. J.
County, Miss.
N. R. Leavitt. County Treasurer, will receive sealed bids until 12 m.
Trustees, will receive sealed bids until May 3 for $35,000 school bonds.
for an issue of 4 or 4%% coupon or registered park bonds not exSCHOOL DISTRICT (P.O.Loysville, R. D.), May 11 $500.000, no more bonds to be awarded than will produce a preSAVILLE TOWNSHIP
-BOND SALE.
-The 919,000% coupon school ceeding $1.000 over 5500,000. Date May 1 1927. Denom. 31,000.
Perry County, Pa.
mium of
l. and $12.000, 1973 to
bonds offered on April 23 (V. 124, p. 2491) were awarded to the First Due May 1 as follows: $10,000. 1929 to 1972.
gold
National Bank of Loysville at 100.87.
1977, incl. Prin. and int. payable M. & N. ininc.at the Central Home
- Trust Co., Elizabeth. Legality will be approved by Reed. Da•ugherty.
SAYREVILLE SCHOOL DISTRICT, Middlesex County, N. J.
-Fred S. Davis, District Clerk, will receive sealed Hoyt & Washburn of New York City. A certified check for 2% of the
BOND OFFERING.
bid for is required.
bids until 8 p. m.(daylight saving time) May 3for an issue of 4)i% coupon face amount of the bonds
-NOTES OFFERED.or registered bonds not exceeding $50.000. no more bonds to be awarded
UNION COUNTY (P. 0. Union), So. Caro.
produce a premium of $1,000 over $50,000. Date May 1 1927. D. V. Askew, Clerk Board of Supervisors, received sealed bids April 29
than will
1948, incl. and
Denom. $1,000. Due May 1 as follows: $2.000, 1929 toN.) at the South for $145.000 bridge notes.
$1.000. 1949 to 1958. incl. Prin. and int. payable(M.&
-BOND SALE.
-The
Co..
VENANGO COUNTY (P. 0. Franklin), Pa.
River Trust Co., South River. The United States Mtge. & Trust as to
bonds, and
1160.000 4)4% coupon road bonds offered on April 27 (V. 124, p. 2333)
N. Y. City, will supervise the preparation of the Legality willcertify
be approved were awarded to M. M. Freeman & Co. of Philadelphia at 102.53, a basis
genuineness,and the seal impressed thereon.
their
Due May 1 as follows: $5,000
by Caldwell & Raymond of New York City. A certified check for 2% of the of about 4.00%. Date May 1 1927. 1949. incl. Other bidderRate reid.
s we B
:
1928 to 1939. incl., and $10,000 1940 to
amount of bonds bid for is required.
. Bidder
Rate
BidderFinancial Statement.
102.32 W.H. Newbold's Sons & Co--101.90
$6.068,837 E. H. Rollins & Sons
Assessed valuation (1927)
102.21
102.08 The National City Co
165,000 R.M.Snyder & Co
Bonded Debt of School District (incl. this issue)
102.09
102.30 S. M. Vockel & Co
-The Harris, Forbes & Co
SCOTTSBLUFF, Scotts Bluff County, Neb.-BOND SALE.
102.05
102.34 A. B. Leach & Co., Inc
on April 26 (V. 124, p. 2491) Mellon National Bank
following bonds. aggregating $54,000, offered
-BOND OFFERING.
VIGO COUNTY (P. 0. Terre Haute), Ind.
were awarded to the United States Trust Co.of Omaha as 4 s at a premium
of 9295. equal to 100.54-a basis of about 4.62% to optional date and a J.0. Leek, County Treasurer, will receive sealed bids urtil 10 a. m. May 3
for the following two issues of 434% bonds. aggregating $6,000:
basis of about 4.69% if allowed to run full term of years:
13.000 road bonds.
$19,000 refunding bonds.
$3.000 road bonds.
$35.000 swimming pool bonds.
Due semi-annually in one to ten years.
Due in 20 years, optional in 5 years.
-NOTE OFFERING.
J.
WAKE COUNTY (P. 0. Raleigh), No. Caro.
SEASIDE HEIGHTS, Ocean County, N. -BOND OFFERING.
Mary A. Tindall, Borough Clerk, will receive sealed bids until 8 p. m. Edgar D. Peebles, Chairman Board of County Commissioners, will receivi,
an issue of 5Si% coupon general impt. sealed bids until 12 as. May 2 for $50,000 bridge construction notes. Due
(daylight saving time) May 9 for
bonds, not exceeding $73,000, no more bonds to be awarded than will pro- May 4 1927.
duce a premium of $1.000 over 973,000. Denom. $1.000. Due March 1
WALTON COUNTY. SCHOOL DISTRICTS (P. 0. De Funiak
as follows: $4,000. 1928, and $3,000, 1929 to 1951, incl. The bonds are Springs), Fla.
-J. J. Kennedy, Superintendent of
-BOND OFFERING.
registerable as to principal only. Prin. and int. payable (M. & S.) at the Public Instruction, will receive sealed bids until 2 p. m. May 11 for the
River. Legality will be approved by Caldwell
First National Bank, Toms
following 6% bonds, aggregating $33,000:
& Raymond of New York City. A certified check for 27, of the amount 910,000 Special Tax School District No. 9 bonds. Date April 1 1927.
of the bonds bid for, payable to the Borough Treasurer, is required.
Denom. $500. Due April 1 as follows: $500. 1930 to 1945, incl.,
-The $150.000 6% sani-BOND SALE.
and $1,000, 1946 and 1947. Interest payable A. & 0. A certified
SELMA, Dallas County, Ala.
2179) were awarded to
check for $300 is required.
tary sewer bonds offered on April 27 (V. 124, p.of
about 4.73%. Date
Birmingham at 103.25-a basis
23,000 Consolidated Special Tax School District No. 2 bonds. Date
Marx & Co. of
Jan. 1 1927. Denom. $1,000. Due $1,000 Jan. 1 1929 to 1951.
April 1 1927. Due April 1 as follows: $3,000. 1930 to 1934, inclusive:
incl. Int. payable J. & J. A certified check for $500 is required.
$4,000. 1935 to 1939. inclusive; $6.000. 1940 to 1950,inclusive; and $7,000
Principal and interest payable in gold at the Chase National Bank, N. Y.
1951 to 1957, inclusive.
of New York City.
- City. Legality approved by Clay, Dillon & Vandewater
SHADY POINT SCHOOL DISTRICT, Le Flora County, Okla.
-BOND SALE.
WARRICK COUNTY (P. 0. Bonneville), Ind.
-An issue of $9,000 school bonds has been awarded to a
BOND SALE.
The $22,000 434% Greer Twp. road bonds offered on April 27-V. 124.
local purchaser at 102.50.
awarded to the City Securities Corp. of Indianapolis for
-were
p. 2333
-BOND $22,357.76, equal to 102.535, a basis of about 4.02%. Date April 5 1927.
SHEFFIELD LAKE (P. 0. Lorain), Lorain County, Ohio.
-Frank F. Field, Village Clerk, will receive sealed bids until Int. M.& N. Due $1,000 each six months from May 15 1928 to Nov. 15
OFFERING.
% coupon special assessment water works 1938, incl.
12 as. May 16 for $81,152
$1,152.
impt. bonds. Date June 1 1927. Denom. 31.000. except one for $8,000,
-The
-BOND SALE.
WATERBURY, New Haven County, Conn.
Due Oct. 1 as follows: $8.000, 1928 to 1930, incl.; $9.000, 1931; of the
following three issues of 434% bonds aggregating $975,000 offered on April
$8,152, 1937. A certified check for 1%
1932 to 1936, incl., and
awarded to H. L. Allen & Co. and Gibson,
-were
7-V. 124. p. 1878
-amount ef bonds bid for, payable to the Village Treasurer, is required.
Leefe & Co., Inc., both of New York City, and G. L. Austin & Co. of
SINTON INDEPENDENT SCHOOL DISTRICT, San Pa tricio Hartford.
-The $100,000 school bonds offered on $75,000 fire dept. bonds. Due $3,000 Jan. 15 1928 to 1952. incl.
-BOND SALE.
County, Tex.
April 20 (V. 124, p. 2492) were awarded at a premium of $3,230, equal to 200,000 bridge bonds. Due $6,000 Jan. 15 1932 to 1964,incl., and $2,000.
103.23.
-BOND SALE.
-The $4.000,000 rural 700,000 s9 erage bonds. Due Jan. 15 $30.000. 1932 to 1954, incl., and
6
iew
SOUTH DAKOTA (State al.
$10.000, 1955.
• credit refunding series A 1927 bonds offered on April 26 (V. 124. pl• 2492)
composed of Lehman Bros., E. H. Rollins &
Date Jan. 15 1927.
were awarded to a syndictae
-The $23.000
Sons, Redmond & Co., W. A. Harriman & Co., Inc., Rean__, Taylor & Co..
-BOND SALE.
WATERLOO, Seneca County, N. Y.
B. J. Van Ingen & Co., and Phelps, Fenn & Co., all of N. Y. City, and the street improvement bonds offered on April 25 (V. 124, P. 2333) were
Northern Trust Co., Chicago, as 4O at par. Dated June 1 192). Due awarded to the First National Bank of Waterloo as 4.30s at 100.03-a basis
June 11947,optional June 11932. The bonds are being offered to investors of about 4.29%. Date April 1 1927. Due April 1 as follows: $2.000.
.at 100.75 and interest, yielding about 4.10% to optional date and 4.25% 1928 to 1931, inclusive, and $1,000, 1932 to 1946, inclusive.
thereafter.
-BOND
WATERTOWN FIRE DISTRICT,Litchfield County,Conn.
Financial Statement (as Officially Reported).
11.805,466,033 SALE.
-The $150,000 411% coupon sewer bonds offered on April 25
Assessed valuation, 1926
58,700,000 (V. 124, p. 2333) were awarded to Tripp & Andrews of New York City at
Total bonded debt
April 11927. Due Oct.1 as follows:
$3,033,826
103.91-a basis ofabout 3.98%. DateLess sinking fund
55.666.174 93,000. 1928 to 1953,inclusive, and $4,000, 1934 to 1966,inclusive. Other
Net bonded debt
Ratio of net bonded debt to assessed valuation, about 3%. Population bidders were.
bi
Rate Bid.
Rate Bid.
BidderBidder
(1925 Census), 681,260.
102.212
103.135 R. F. Griggs & Co
M. Grant & Co
SPRINGFIELD RURAL SCHOOL DISTRICT (P.O. Poland R. DO, R. L. Day & Co
102.090
102.789 H. L. Allen & Co
R.
-J. H. Withers Clerk
-BOND OFFERING.
Mahoning County, Ohio.
103.140
Estabrook & Co
of Education, will receive sealed bids until 12 m. April 30 (to-day)
Board
WAUCONDA TOWNSHIP SCHOOL DISTRICT, Lake County,
% school bonds. Dated May 1 1927. Denom. $500.
for $95,000
-An issue of $135,000 high school gymnasium bonds
-BOND SALE.
Due April and Oct. 1 as follows: $3.000 and $3,500. 1928 to 1933 Incl., and III.
1941 incl. Prin. and int. (A. & 0.) payable at the Central has been disposed of.
$3.500, 1934 to
Bank, Youngstown. A certified check for $500, payable to the Rural
-The $11.700 534%
-BOND SALE.
WAUSEON, Fulton County, 0.
School District Clerk, is required.
-were awarded to
street impt. bonds offered on April 8-V. 124, p. 1878
-BOND SALE.
-The $300.000 A. E. Ann & Co. of Cincinnati, at a premium of $517. equal to 104.41, a
Fairfield County,Conn.
STAMFORD,
April 22-V. 124.p. 2492
-were basis of about 4.72%. Date March 1 1927. Denom. $1,000. $500 and one
4% coupon public impt, bonds offered onat
101.03, a basis otbout 3.90%. for $200. Due Sept. 1 11.200, 1928; 11.000, 1929 to 1934, incl., and
. awarded to E.H. Rollins & Sons. Boston, 1928
to 1957, incl.
$1,500, 1935 to 1937, incl.
Date Jan. 15 1927. Due $10,000 Jan. 15
Rate Bid.
Rate Bid.I BidderBidderWAYNE TOWNSHIP SCHOOL DISTRICT (P. 0. Fort Wayne),
lEstabrook & Co
100.33 Allen County, Ind.
100.57
-BOND OFFERING.
-Vestal C. Davis, Township
R.L. Day & Co
Co.,Boston__ _ _100.27 Trustee, will receive sealed bids until 2:30 p. m. May 9 for $69.000 5%
The Shawmut Corporation---100.45 National City &
Co
100.39 R. M. Grant
100.27 coupon school bonds. Date May 16 1927. Denom. $1.000. Due $3,000
H.L. Allen & Co
-BOND OFFERING.
- July 1 1928: $3.000 Jan. and July 1 1929 to 1931. inclusive, and $4,000
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
July 1 1932 to 1937, inclusive.
Charles W.Coffman,County Treasurer, will receive sealed bids until 2 p. m. Jan. and
-BOND
4%% road bonds. Dated May 1 1927. Denom.
WEA SCHOOL TOWNSHIP, Tippecanoe County, Ind.
May 3, for $22,500
1928 to 1937 incl.
OFFERING.
-Edward B. Williams. Trustee of School District, will receive
$1,125. Due $1,125 May and Nov. 15
sealed bids until 10 a. in. May 17 for $45.000 434% ponds. Date May 17
-The $300.000
TAMA COUNTY(P.O.Toledo), Iowa -BOND SALE.
-were awarded 1927. Due $3,000, May 1 1928 to 1942, incl. Principal and interest
primary road bonds offered on April 25-V. 124. p. 2492
Bank, Davenport; A. B. payable M.& S. 17.
to a syndicate composed of the Iowa National & Trust Co., Minneapolis
-Sealed
-BONDS OFFERED.
WELDON, Halifax County, No. Caro.
Leach & Co., Chicago and the Minnesota Loan $30,000, May 1
Due
1930 to bids were received until April 29 by N.M.Shearin, Town Clerk for $44.000
as 4)s at 100.842, a basis of about 4.13%.
refunding bonds. Denom. $1.000.
1939, inclusive.
-At an election held on
-R. S.
-BONDS VOTED.
-BOND OFFERING.
WELLINGTON, Lorain County, 0.
TENNESSEE (State 0f).
April 21 the voters authorized the issuance of 11.500.000 park bonds by a Coates, Village Clerk, will receive sealed bids until 12 m., May 16, for
$12,000 6% coupon North Main St. impt. special assmt. bonds. Dated
count of 23 for to 8 against.
-The State Comptroller Aug. 1 1927. Denom.$1,000. Due $1,000 Feb. and Aug. 1 1932 to 1937.
-BONDS REGISTERED.
TEXAS (State of).
$2,517,800, for the Ind. A certified check for 5% of the amount of bonds bid for, payable to
registered the following 11 issues of bonds, aggregating
.the village Treasurer is required.
week ending April 23 1927:
2644
THE,CHRONICLE
WELLSVILLE, Columbiana County, Ohio.
-BOND OFFERING.
F. H. Eckflel& City Auditor, will receive sealed bids until 12 m. May 18
for $6,300 5% coupon sewer bonds. Date April 1 1927. Denom. $1,000,
for $1,300. Due April 1 as foliows: $1,300, 1929, and $1,000,
except one
1930 to 1934,Inc naive. A certified check for 10% of the amount of bonds
bid for, payable to the City Treasurer, is required.
WESLACO, Hidalgo County, Tex.
-BOND OFFERING.
-M.
Armstrong, Jr., City Attorney, will receive sealed bids until 8 p. m. MayF.
2,
for $35.000 6% city hall bonds. Dated April 1 1927. Denom. $1,000.
Due $1.000, 1933 to 1967, incl. Prin. and int.(A. & O.), payable in New
York City. A certified check for $1,750 is required. Legality to be approved by reputable bond attorneys.
WESTERN PORT, Allegany County, Md.-PRICE PAID.
-The
$200,000 4%% water-works bonds reported sold to a syndicate composed
of Nelson, Cook & Co., Watts & Co., and Townsend, Scott & Co., all of
Baltimore. in V. 124. p. 2493, were awarded at a premium of $6,140, equal
to 103.07.
WESTERVILLE, Franklin County, O.
-BOND SALE.
-The following six issues of 5% coupon special assmt. bonds, aggregating $72,702
offered on April 23-V. 124, p. 2027
-were awarded to Benjamin Dansard
& Co. of Detroit. at a premium of $1,639. equal to 102.36. a basis of about
4.55%:
$21,365 Hiawatha Ave. paving bonds. Denom. $1,000, $500 and one for
$365. Due Oct. 1: $2,000, 1928 and 1929; $2.365, 1930; $2,000,
1931 to 1933, incl.: $2,500, 1934; $2,000. 1935 and 1936, and
52.500. 1937.
27.125 Parkview Ave. water and sewer bonds. Denom.$1,000. $500 and
one for $125. Due Oct. 1: $2.625, 1928: $2,500. 1929: $3,000.
1930 to 1932, incl.• $2,500, 1933 and 1934. $3,000. 1935: $2,5.
00
1936, and $3,000. '
1937.
2.940 University St. water main bonds. Denom. $300, except one for
$240. Due Oct. 1: $240. 1928 and $300, 1929 to 1937,incl.
8,136 University St. paving bonds. Denom $1,000..500 and one for
$136. Due Oct. 1: $136, 1928: $1,000. 1929; $500, 1930: $1,000,
1931 and 1932: $500, 1933; $1,000, 1934 and 1935; $500. 1936,
and $1,000, 1937.
8.910 Mossman Ave. water main and paving bonds. Denom. $1,000,
one for $500 and one for $410. Due Oct. 1: $410, 1928; $1,000,
1929 to 1932, incl.: $500, 1933 and $1,000, 1934 to 1937, incl.
4,226 Logan Ave. paving bonds. Denom. $500. $400, and one for $26.
Due Oct. 1: $426. 1928; $400. 1929 to 1931. incl.; $500. 1932;
$400, 1t33 to 1936. incl.. and $500, 1937.
Date Aprll 11927.
Other bidders were:
BiddersPremium.
Otis & Co., Cleveland
$1,544 00
Stranahan, Harris & Oatis. Toledo
1,38422
Seasongood & Mayer, Cincinnati
1.335 00
A. E. Aub & Co. Cincinnati
1,30400
Well, Roth & Irving Co., Cincinnati
1,23900
W.L. Slayton & Co., Toledo
1,174 05
Ansel, Goetz & Moerlein, Inc.. Cincinnati
1,16500
First Citizens Corporation, Columbus
986 00
N. S. Hill & Co., Cincinnati
712 30
WESTMORELAND COUNTY (P. 0. Greenburg), Pa.
-BOND SALE
-The $500,000 4% road bonds offered on April 22-V. 124. p. 2180
were awarded to M. M.
Freeman & Co. of Philadelphia at 100.619, a basis
of about 3.95%.
Date April 11927. Due April 1. $100,000, 1937 and $200.000 1942 and
1947.
Other bidders were:
Bidders
Rate Bid.
National City Company. New York City
$100.419
Guarantee Company of New York. Pittsburgh, Pa
100.3731
Graham-Parsons & Company of Philadelphia_
100.507
Mellon National Bank of Pittsburgh
100.3607
Union Trust Company of Pittsburgh
100.5357
Peoples Savings & Trust Company of Pittsburgh
100.36
WHITE SULPHUR SPRINGS, Meagher County,•Mont.-BONDS
NOT SOLD.
-The $10,000 5% water bonds offered on April 11-V. 124,
-have not been sold.
p. 1560
WILLIAMSTON,Anderson County,So,Caro.
-BOND OFFER INC;
.W. If. Sullivan. Town Clerk will receive sealed bids until 8 p.lm. May 2
for $10.000 5% impt. bonds. Dated July 1 1927.
WINONA SEPARATE SCHOOL DISTRICT, Montgomery County,
Miss.
-BOND OFFERING.
-W. F. Blackston, City Clerk, will receive
sealed bids until 8 p. m. May 3for $8,000 5)% school bonds. A certified
check for $200 Is required.
WINTER PARK,Orange County, Fla.
-BOND SALE.
-The $210.000
6% improvement bonds offered on April 25(V. 124, p.2027) were awarded
to Wright, Warlow & Co.. of Orlando. at 101.23-a basis of about 5.74%.
Date Jan. 11927. Due $21,000 July 1 1928 to 1937, inclusive.
WOODHULL, Henry County, 111.
-D. D. De-BOND OFFERING.
Forest, Village Clerk, will receive sealed bids until June 1 for $2,500 5%
drainage bonds. Due serially 1928 to 1932 incl.
WOOD TOWNSHIP (P. 0. Huntingdon), Huntingdon County,
Pa.
-BOND OFFERING.
-Samuel I. Spyker. Attorney for Supervisors.
will receive sealed bids until 12 m. May 7 for *14.0005% road Improvement
bonds. Denom.$1,000. Due $2,000 April 1 1936 to 1942,incl.
WORTH COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Danville),
Iowa.
-BOND SALE.
-The First National Bank of Northwood has purchased an issue of $4,000 4%% school bonds.
WORTH COUNTY SCHOOL DISTRICT No. 6 (P. 0. Danville),
Iowa,
-BOND SALE.
-A. M. Schanke & Co. of Mason City recently
purchased an issue of $4,200 4%% school bonds.
CLASSIFIED
BOND BUYER
WYANDOTTE COUNTY (P. 0.Kansas City), Mo.-BOND
TIM-William Beggs, County Clerk, will receive sealed bids untilOFFER-2 p. m.
May 9 for the following three issues of 4j% road bonds
aggregating
$114,092 96:
$65,000 Ridge-view Road bonds. Denom. $1,000. Due 34,000 Jan.
1.
1928 to 1937, Incl. and $5,000 Jan. 1 1929 to
34,800 Smith Road bonds. Denom. $1,000. Due 1942, incl. follows:.
Jan. 1 as
$1.800, 1928; $3,000. 1929 to 1933, incl. and $2,000. 1934 to 1942.
incl.
14,292 96 Gibbs Road bonds. Denom. $1,000 and one for $292
96.
Due. $292.96 Jan. 1 1928 and $1,000 Jan. 1 1929
Dated Jan. 1. 1927. Principal and interest (J.& J.), to 1942, incl.
Treasurer's office. A certified check for 2% of the payable at the State
bid payable to
Chairman, Board of County Commissioners, is required. Legality the
approved by Bowersock. Fizzell & Rhodes.
YOUNGSTOWN, Mahoning County, Ohio.
-BOND OFFERING.
A. H. Williams. Director of Finance, will receive sealed bids until
May 16 for $190,961.82 5% special assessment street improvement 12 m.
Date May 101927. Due Oct. 1 as follows: $38.961.82. 1928, and bonds.
$38000,
1929 to 1932, incl. A certified check, payable to the above-mentioned
official, for 2% of the bid required.
CANADA, its Provinces and Municipalities.
ALBERTA (Province of).
-BOND SALE.
-Dillon, Read
York have been awarded $3,875.000 4%% Provincial & Co. of New
bonds. Date
Juno 1 1927. Denom. *1.000. Due June 1 1967. Principal and interest
payable J. & D.in gold in New York and Canada. Legality to be approved
by E. G. Long, Toronto.
EAST YORK TOWNSHIP,Ont.-BONDS APPROVED.
-The Council
has passed several by-laws totalling $642,631 for local improvements.
FOREST HILL, Qua,
-BONDS APPROVED.
-The Council has
passed a $134,000 sewer by-law and a $96,000 pumping station by-law.
MAIDSTONE TOWNSHIP, Ont.-BOND SALE.
-Carruthers & Sons
of Windsor, have purchased $75,000 5% 30
-installment bonds.
NANAIMO, B. C.
-BOND ELECTION.
-The ratepayers will be asked
to vote on a $25.000 5% 20
-year hospital debenture by-law.
POINT GREY DISTRICT, B. C.
-BOND ELECTION.
-On April 23.
the ratepayers will vote on two by-laws totalling $19,200.
• PRESTON, Ont.-BOND OFFERING.-Geo. Wurster, Town Clerk,
will receive sealed bids until 12 m., May 3, for the following two issues of
bonds aggregating *60,112 07:
$33.580 45 5% impt. bonds.
27.231 62 531% Mapt. bonds.
Due in 10 equal annual instalments.
QUEBEC, Que.-BOND ELECTION.
-On April 25, 26 and 27 the
ratepayers will be asked to vote on several by-laws totalling $878,000.
RICHMOND DISTRICT, B. C.
-BONDS VOTED.
-The ratepayers
have approved the $21,000 by-law.
ST. JOHN, N. B.
-BOND SALE.
-Johnston & Ward and J. M. Bel
& Co., have been awarded $70.000 5% 30 and 40
-year bonds, at 101.87
and 102.27, respectively.
SASKATCHEWAN (Prov. of).
-BONDS AUTHORIZED.
-The following is a list of authorizations granted by the Local Government Board
from April 2 to 9: School Districts, Tyner. $1,500, not exceeding 6% 10years; Slavanka, $38,200, not exceeding 6% 15
-years; St. Elmo.$3,600, not
exceeding 7% 15
-years; Delightsome Valley, $500. not exceeding 8%
5
-years; McNight, $2,000, not exceeding 7% 10
-years; Flora, $3,700, not
exceeding 7% 10
-instalments; Major, $10,000, not exceeding 6% 20
-yearsRural Telephones: Argo, $2.000, not exceeding 8% 10-years; Gladstone,
$100,not exceeding 8% 4
-years.
VANCOUVER, B. C.
-BOND SALE.
-The following seven Issues of
5% coupon bonds aggregating $2,025,000 offered on April 21-V. 124, p.
2493
-were awarded to a syndicate composed of Pemberton & Son of
Vancouver, the Royal Bank of Canada and Wood, Gundy At Co., both of
Toronto, at 101.80, a basis of about 4.88%:
$750,000 hospital bonds. Due Feb. 119
400,000 school bonds. Due Feb. 1 1967.
350,000 sewer bonds. Due Feb. 11967.
250,000 street bonds. Due Feb. 1 1942.
200,000 street bonds. Due Feb. 1 1942.
50,000 school sites bonds. Due Feb. 1 1967.
25,000 Twelfth Ave. extension bonds. Due Feb. 1 1967.
Date Feb. 1 1927. The bonds are payable in Canada. The syndicate
is now offering the bonds to the public as follows:
Maturities.
Prices. Yields.
1942
101.50 4.85%
1967
103.50 4.80%
The following is a complete list of bids received:
Payable Payable
Canada U. S. eo
Only. Canada.
Bidders-Rate Bid
Wood. Gundy 8z Co., Ltd.; Royal Bank of Canada;Pemberton & Son, Ltd., Vancouver
*101.80
102.641
A. E. Ames & Co., Ltd.; Bank of Nova Scotia
101.29
102.02
Fry, Mills, Spence & Co.: Cochran, Hay & Co.; Gillespie,
Hart & Todd; Odium & Co
101.077 101.681
Canadian Bank of Commerce; Royal Securities Corporation: Guardian Co. of Detroit
102.019
Dominion Securities Corporation
102.29
Bell, Gouinlock & Co.; McLeod, Young, Weir & Co____
100.88
•Successful bid.
VICTORIA, B. C.
-BOND ELECTION.
-The
to vote on a $500,000 grain elevator bond Issue. ratepayers will be asked
FINANCIAL
We Specialize in
City of Philadelphia
Nine years experience in Municipal Bonds. Keen judge of municipalities-seeks connection with
Municipal House as Traveling
Buyer. Highest references. Address Box W 18, Care of Chronicle, 138 Front St., New York.
3s
328
/
1
4s
41 4s
/
41 28
/
58
51/
48
51/
28
Biddle & Henry
STOCK TRANSFER CLERK.
General and window experience, connected
with large financial institution, desires
change, stock brokerage or investment
house. Box A 30, Financial Chronicle, 138
Front Street, New York.
r
[VOL. 124.
FINANCIAL
!BONDS'
MUNICIPAL
and
CORPORATION
THE DETROIT COMPANY
Incorporated
NEW YORK
CHICAGO
BOSTON SAN FRANCISCO
Correspondent of
DETROIT TRUS'T COMPANY
DETROIT, MICH.
1522 Locust Street
Philadelphia
WHITTLESEY.
McLEAN &CO. ,
Private Wire to New York
,
Call Canal 8437
MUNICIPAL BONDS
PENOBSCOT BLDG., DETROIT
@FedFRASER